{"annotation_id":"335e210c-e1bb-4b11-84be-6c22ce163612","file_hash":"24f2e4241566a9c530ef0b020202c83598a66c8150f636b2f252b39bfd4a4fca","schema_id":"open/document-extraction","schema_version":"0.5.0","record":{"extraction_type":"boxes","producer":"pdf-extractor-v0.5.0","blocks":[{"id":"599721ec-dd2d-4060-9400-d5bed7b18189","block_type":"box","text":"iShares, Inc. and iShares Trust","page_number":1,"box":{"x":386,"y":69,"width":231,"height":12}},{"id":"5bbfe74e-cdff-45d2-979f-5be13d8007bb","block_type":"box","text":"Supplement dated October 15, 2026","page_number":1,"box":{"x":367,"y":92,"width":269,"height":13}},{"id":"6a9de738-0ef7-49c3-995a-2e21383b325f","block_type":"box","text":"to the currently effective Prospectus and Statement of Additional Information","page_number":1,"box":{"x":218,"y":108,"width":567,"height":13}},{"id":"debc147f-2d66-4d86-8935-5786b40919b9","block_type":"box","text":"(the “SAI”) for the Funds listed in Appendix A (each, a “Fund”)","page_number":1,"box":{"x":274,"y":123,"width":456,"height":13}},{"id":"a6029870-e17d-433c-9352-b87c928f8053","block_type":"box","text":"Effective October 14, 2026, each Fund was added as a borrower to the syndicated line of credit for which","page_number":1,"box":{"x":117,"y":147,"width":764,"height":12}},{"id":"aa2167de-e36a-4e05-b476-aa9702ad855d","block_type":"box","text":"the Bank of New York Mellon serves as administrative agent for itself and the other banks.","page_number":1,"box":{"x":116,"y":162,"width":656,"height":13}},{"id":"1ef288ce-84e6-4d19-ba75-35f97df9ae6e","block_type":"box","text":"Effective immediately, the following changes are made:","page_number":1,"box":{"x":117,"y":185,"width":404,"height":13}},{"id":"9a67cac4-0193-40e5-bc50-83b8d66bc3d5","block_type":"box","text":"1) Each Fund is added to the “Borrowing” section of its Prospectus, and ”Borrowing Risk” is marked as","page_number":1,"box":{"x":118,"y":209,"width":759,"height":12}},{"id":"15176c90-496c-4fed-a7ac-898ac13a6f14","block_type":"box","text":"an “Other Risk” for each Fund in the chart included in the “Additional Information About the Funds’","page_number":1,"box":{"x":150,"y":224,"width":726,"height":10}},{"id":"75fddacb-eff0-4cbb-92cc-e93600ff39e9","block_type":"box","text":"Risks” section of its Prospectus.","page_number":1,"box":{"x":151,"y":240,"width":233,"height":12}},{"id":"95768b17-c8f9-4775-812a-220bc8a7f56e","block_type":"box","text":"2) As applicable, the following language is either added to the “Borrowing” section of each Fund’s SAI","page_number":1,"box":{"x":117,"y":263,"width":755,"height":13}},{"id":"c97ef6ed-5277-4d74-a8df-e590d7acaa86","block_type":"box","text":"or updated to include a reference to the particular Fund:","page_number":1,"box":{"x":150,"y":278,"width":411,"height":13}},{"id":"eb2321cf-4cdb-4320-a03f-759f946c43c7","block_type":"box","text":"The Fund may borrow for temporary or emergency purposes, including to meet payments due from","page_number":1,"box":{"x":149,"y":302,"width":730,"height":12}},{"id":"97505f9f-3fdc-4028-a1f0-0f977063aacb","block_type":"box","text":"redemptions or to facilitate the settlement of securities or other transactions. The Fund, along with","page_number":1,"box":{"x":151,"y":317,"width":719,"height":13}},{"id":"1df2e07b-3f78-483c-b4f9-0628b0e29e76","block_type":"box","text":"certain other iShares funds, has entered into a syndicated line of credit with the Bank of New York","page_number":1,"box":{"x":150,"y":333,"width":713,"height":12}},{"id":"1df9763b-eec0-4778-9a29-26b4886bd3cd","block_type":"box","text":"Mellon (“BNY”), which serves as administrative agent for itself and the other banks. The syndicated","page_number":1,"box":{"x":150,"y":348,"width":723,"height":13}},{"id":"3b977177-7aeb-4d69-add6-18389518815e","block_type":"box","text":"line of credit may be used for temporary or emergency purposes, including redemption, settlement","page_number":1,"box":{"x":151,"y":364,"width":720,"height":12}},{"id":"51e4d55d-1dd6-465e-960e-c7771ecb1b6c","block_type":"box","text":"of trades and rebalancing of portfolio holdings.","page_number":1,"box":{"x":150,"y":379,"width":345,"height":13}},{"id":"69f3a86b-a7f3-4dd3-a651-4101161a15aa","block_type":"box","text":"Interest rates related to the syndicated line of credit are based on the Secured Overnight Financing","page_number":1,"box":{"x":151,"y":402,"width":717,"height":13}},{"id":"a94629c9-1c29-4f57-9e12-a6e0bb8b984d","block_type":"box","text":"Rate (“SOFR”) published by the Federal Reserve Bank of New York plus a spread. Pursuant to the","page_number":1,"box":{"x":151,"y":418,"width":704,"height":13}},{"id":"3fd40b78-c3f2-49c1-98f4-413e9929fe85","block_type":"box","text":"terms of the credit agreement, if SOFR were to cease being published or representative, it would be","page_number":1,"box":{"x":149,"y":433,"width":723,"height":13}},{"id":"3c9b4f74-467f-4278-96aa-ab1a5d3b3b65","block_type":"box","text":"replaced by a rate based on an alternate benchmark selected by BNY.","page_number":1,"box":{"x":151,"y":449,"width":504,"height":13}},{"id":"98af8819-cd3b-490c-98a2-8249c6adae69","block_type":"box","text":"Appendix A","page_number":1,"box":{"x":456,"y":472,"width":92,"height":13}},{"id":"a71bf0e7-665c-48e2-8eea-1e39230ac1fc","block_type":"box","text":"iShares Blockchain and Tech ETF","page_number":1,"box":{"x":117,"y":495,"width":242,"height":10}},{"id":"5a4afbc7-4d88-4834-8d2f-39d1708ea65e","block_type":"box","text":"iShares China Large-Cap ETF","page_number":1,"box":{"x":117,"y":511,"width":213,"height":13}},{"id":"c4a523e0-3b67-4e74-b76a-4724c6a101f3","block_type":"box","text":"iShares Core MSCI Pacific ETF","page_number":1,"box":{"x":117,"y":526,"width":220,"height":10}},{"id":"cbed626f-a30d-4b7b-b304-ea0603be2b63","block_type":"box","text":"iShares Currency Hedged MSCI ACWI ex U.S. ETF","page_number":1,"box":{"x":117,"y":542,"width":359,"height":13}},{"id":"97d7968e-fb44-474a-909d-a8e7212ef6de","block_type":"box","text":"iShares Global Healthcare ETF","page_number":1,"box":{"x":117,"y":557,"width":221,"height":10}},{"id":"b25eed3f-492c-426c-8488-b0a09ca45209","block_type":"box","text":"iShares International Developed Real Estate ETF","page_number":1,"box":{"x":511,"y":495,"width":349,"height":13}},{"id":"a8fd3f12-b611-4d59-aff6-7385a0b0d9e6","block_type":"box","text":"iShares MSCI Global Gold Miners ETF","page_number":1,"box":{"x":511,"y":511,"width":273,"height":10}},{"id":"26205370-7b78-4b3e-ad1b-0bf4dadf1b18","block_type":"box","text":"iShares MSCI Global Silver and Metals Miners ETF","page_number":1,"box":{"x":511,"y":526,"width":363,"height":10}},{"id":"154b9a99-9e08-44ea-b5ed-342eff56dbd8","block_type":"box","text":"iShares MSCI Pacific ex Japan ETF","page_number":1,"box":{"x":511,"y":542,"width":246,"height":13}},{"id":"7594f5e3-f0a1-4667-8de2-4fa23aa061db","block_type":"box","text":"iShares Neuroscience and Healthcare ETF","page_number":1,"box":{"x":511,"y":557,"width":304,"height":10}},{"id":"cb6b9ee4-8af5-4087-b802-3885a7d1154c","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":581,"width":521,"height":12}},{"id":"5b7966f3-b11c-4484-bb0a-d520b28a857d","block_type":"box","text":"iShares","page_number":1,"box":{"x":117,"y":869,"width":40,"height":8}},{"id":"10b2646c-9ece-4541-b1ec-7bf8b3d331c4","block_type":"box","text":"®","page_number":1,"box":{"x":158,"y":869,"width":8,"height":5}},{"id":"b87cdcab-30ca-4e36-8c31-6d31d14015f3","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":"aa7e2ff1-9841-4837-bbd7-8d5934a8e3f9","block_type":"box","text":"IS-A-LOC-1026","page_number":1,"box":{"x":794,"y":887,"width":89,"height":8}},{"id":"3e3e0c5b-a7f2-4e88-a218-12d92f31f602","block_type":"box","text":"PLEASE RETAIN THIS SUPPLEMENT","page_number":1,"box":{"x":368,"y":911,"width":265,"height":9}},{"id":"d632512e-59af-49cb-8baa-e3674ad9ae04","block_type":"box","text":"FOR FUTURE REFERENCE","page_number":1,"box":{"x":407,"y":926,"width":186,"height":10}},{"id":"b2fcf564-d1b4-4393-a5a5-82b476f86bbd","block_type":"box","text":"[THIS PAGE INTENTIONALLY LEFT BLANK]","page_number":2,"box":{"x":360,"y":333,"width":268,"height":10}},{"id":"d3687661-6c41-4f5b-8bf6-d06e1f173303","block_type":"box","text":"[THIS PAGE INTENTIONALLY LEFT BLANK]","page_number":3,"box":{"x":360,"y":333,"width":268,"height":10}},{"id":"8e2680fd-ec46-4f2a-a706-164b8b56946e","block_type":"box","text":"[THIS PAGE INTENTIONALLY LEFT BLANK]","page_number":4,"box":{"x":360,"y":333,"width":268,"height":10}},{"id":"201f6efd-a24a-465b-ac95-4ea341562d17","block_type":"box","text":"iShares","page_number":5,"box":{"x":423,"y":71,"width":128,"height":24}},{"id":"b0523a89-0c26-4902-8815-4c47b5abfe7c","block_type":"box","text":"®","page_number":5,"box":{"x":554,"y":70,"width":23,"height":17}},{"id":"2408a369-9f90-484f-8c7a-3bd470c7d01f","block_type":"box","text":"iShares, Inc.","page_number":5,"box":{"x":454,"y":108,"width":95,"height":12}},{"id":"479adb39-db9f-4ab0-850a-9d80f76b0d1b","block_type":"box","text":"iShares Trust","page_number":5,"box":{"x":450,"y":123,"width":103,"height":10}},{"id":"9286c730-f16c-407c-9505-49c0db10f0c7","block_type":"box","text":"Supplement dated February 13, 2026 to the","page_number":5,"box":{"x":335,"y":139,"width":333,"height":13}},{"id":"0b9f8408-179c-4753-8e60-07919ba72960","block_type":"box","text":"currently effective Prospectus and Statement of Additional Information (“SAI”)","page_number":5,"box":{"x":199,"y":154,"width":605,"height":13}},{"id":"1f3eab97-e2d5-4be4-8330-b2252c0e6bc6","block_type":"box","text":"for each of the funds listed in Appendix A (each, a “Fund”)","page_number":5,"box":{"x":278,"y":170,"width":447,"height":13}},{"id":"3d954595-fe91-4de1-8853-bcbfa1400bd5","block_type":"box","text":"On or around March 16, 2026, Citibank, N.A. (“Citibank”) will become the administrator, custodian and","page_number":5,"box":{"x":116,"y":193,"width":751,"height":13}},{"id":"c23a6147-3971-4dd9-a936-9060ec97aeab","block_type":"box","text":"transfer agent for each Fund. Effective upon this change, the following changes will be made:","page_number":5,"box":{"x":116,"y":209,"width":680,"height":12}},{"id":"af0d34b4-d632-4534-a8f2-cd2743f1468b","block_type":"box","text":"1) In the “Administrator, Custodian and Transfer Agent” table in each Fund’s Prospectus, Citibank","page_number":5,"box":{"x":151,"y":232,"width":726,"height":13}},{"id":"f547f0bb-07ed-4518-bfb8-9787010d96d2","block_type":"box","text":"is checked for the applicable Fund.","page_number":5,"box":{"x":184,"y":247,"width":255,"height":13}},{"id":"5ec6df9e-4780-4ce8-8c41-0fb807313714","block_type":"box","text":"2) In the “Administrator, Custodian and Transfer Agent” section of each Fund’s SAI, the following","page_number":5,"box":{"x":150,"y":271,"width":725,"height":12}},{"id":"0adca5c4-6f40-42da-bc9b-30007df9687c","block_type":"box","text":"language is included to apply to the applicable Fund:","page_number":5,"box":{"x":184,"y":286,"width":385,"height":13}},{"id":"0a9d3f23-0eb8-45aa-b488-0172bab8034d","block_type":"box","text":"Administrator, Custodian and Transfer Agent.","page_number":5,"box":{"x":183,"y":309,"width":353,"height":13}},{"id":"6179df7a-0b60-4765-8e35-17d555e93fe4","block_type":"box","text":"Citibank serves as administrator, custodian and","page_number":5,"box":{"x":536,"y":309,"width":348,"height":12}},{"id":"0b6a1871-b95d-4f60-834d-2b34199c1ddb","block_type":"box","text":"transfer agent for the Funds under the Master Services Agreement (the “Master Services","page_number":5,"box":{"x":183,"y":325,"width":646,"height":13}},{"id":"a0a6f2df-1e6f-40e7-a52b-355caa324015","block_type":"box","text":"Agreement”). Citibank’s principal address is 388 Greenwich Street, New York, NY 10013.","page_number":5,"box":{"x":183,"y":340,"width":646,"height":13}},{"id":"64914b6c-7f55-471d-ad22-025b88dc0a21","block_type":"box","text":"Pursuant to the Master Services Agreement with the Trust, Citibank provides necessary","page_number":5,"box":{"x":184,"y":356,"width":637,"height":13}},{"id":"c51bebcc-f38a-4b25-a305-24f8d45b30de","block_type":"box","text":"administrative, tax and accounting and financial reporting services for the maintenance and","page_number":5,"box":{"x":184,"y":371,"width":669,"height":13}},{"id":"691f3c5e-65ef-4fe4-bea8-004a9af10411","block_type":"box","text":"operations of the Trust and each Fund. In addition, Citibank makes available the office space,","page_number":5,"box":{"x":184,"y":387,"width":677,"height":13}},{"id":"fa46f816-60e6-4ef4-a4ff-3fa8f43f26b4","block_type":"box","text":"equipment, personnel and facilities required to provide such services. Pursuant to the Master","page_number":5,"box":{"x":184,"y":402,"width":676,"height":13}},{"id":"2e0d76ed-b6b2-42dd-ae07-71b90cbf1ecb","block_type":"box","text":"Services Agreement with the Trust, Citibank maintains, in separate accounts, cash, securities","page_number":5,"box":{"x":184,"y":418,"width":676,"height":13}},{"id":"09a817ce-a47c-4e53-8d31-f616dd9012b1","block_type":"box","text":"and other assets of the Trust and each Fund, keeps all necessary accounts and records and","page_number":5,"box":{"x":184,"y":433,"width":664,"height":13}},{"id":"722efb55-43bc-417c-9394-1dcc7babd7b4","block_type":"box","text":"provides other services. Citibank is required, upon the order of the Trust, to deliver securities","page_number":5,"box":{"x":184,"y":449,"width":673,"height":13}},{"id":"c4b54010-afb3-45a7-9c67-3a7e23af0877","block_type":"box","text":"held by Citibank and to make payments for securities purchased by the Trust for each Fund.","page_number":5,"box":{"x":184,"y":464,"width":670,"height":13}},{"id":"acd9bf43-24f6-4f1a-82bc-c6fdcdf29f02","block_type":"box","text":"Citibank is authorized to appoint certain foreign custodians or foreign custody managers for","page_number":5,"box":{"x":184,"y":480,"width":671,"height":13}},{"id":"ec372dec-1669-42c7-8ee7-6d0127c231be","block_type":"box","text":"Fund investments outside the U.S. Pursuant to the Master Services Agreement with the Trust,","page_number":5,"box":{"x":184,"y":495,"width":682,"height":13}},{"id":"2565ab1e-3814-4c33-92d8-0839a9fa678b","block_type":"box","text":"Citibank acts as a transfer agent for each Fund’s authorized and issued shares of beneficial","page_number":5,"box":{"x":184,"y":511,"width":660,"height":13}},{"id":"d077ac0e-2cf3-41af-9f8a-856f96991c78","block_type":"box","text":"interest, and as dividend disbursing agent of the Trust. As compensation for these services,","page_number":5,"box":{"x":184,"y":526,"width":664,"height":13}},{"id":"6e786645-c967-4ef8-87c8-0965340a5f4b","block_type":"box","text":"Citibank receives certain out-of-pocket costs, transaction fees and asset-based fees which are","page_number":5,"box":{"x":184,"y":542,"width":685,"height":13}},{"id":"320e4a3a-e1f1-418b-ad67-afb9e1872279","block_type":"box","text":"accrued daily and paid monthly by BFA. BFA pays the compensation because it has agreed to","page_number":5,"box":{"x":184,"y":557,"width":679,"height":13}},{"id":"fcda4bd0-d983-4b08-9648-9e207bc3591f","block_type":"box","text":"pay these operating expenses under the Investment Advisory Agreement as described therein.","page_number":5,"box":{"x":184,"y":573,"width":687,"height":13}},{"id":"661030ef-06ff-4bc5-918c-c51bcf9c231d","block_type":"box","text":"Prior to March 16, 2026, State Street Bank and Trust Company (“State Street”) served as","page_number":5,"box":{"x":184,"y":596,"width":645,"height":13}},{"id":"76ed240b-e59e-4f7a-8c59-e6746afd1d7b","block_type":"box","text":"administrator, custodian and transfer agent for each Fund.","page_number":5,"box":{"x":184,"y":612,"width":428,"height":12}},{"id":"4778c972-569e-425f-bc0d-6c246ffee615","block_type":"box","text":"3) For each Fund, references to “State Street” are replaced with references to “Citibank” in the","page_number":5,"box":{"x":150,"y":635,"width":700,"height":13}},{"id":"dedfb75b-b614-4c21-a1c9-d21159d172e8","block_type":"box","text":"sections of the SAI entitled “Placement of Creation Orders,” “Acceptance of Orders for Creation","page_number":5,"box":{"x":184,"y":651,"width":695,"height":12}},{"id":"2d567ecd-051d-40ce-a63b-ecc37b188701","block_type":"box","text":"Units” and “Placement of Redemption Orders.”","page_number":5,"box":{"x":184,"y":666,"width":339,"height":13}},{"id":"7ab19d98-cb8d-4f43-80f8-d463690331b6","block_type":"box","text":"4) For each Fund, the section of the SAI entitled “Costs Associated with Creation Transactions” is","page_number":5,"box":{"x":150,"y":689,"width":717,"height":13}},{"id":"3f8e7cea-47e8-43a5-9ec3-f09c3153bf16","block_type":"box","text":"deleted in its entirety and replaced with the following, although each SAI will include a","page_number":5,"box":{"x":184,"y":705,"width":623,"height":12}},{"id":"50644bcd-98a8-412f-8732-d2a86a97eb0e","block_type":"box","text":"“Standard Creation Transaction Fee” table only for applicable Funds","page_number":5,"box":{"x":184,"y":720,"width":491,"height":13}},{"id":"ded19063-0713-4d62-b7c4-089a559000db","block_type":"box","text":":","page_number":5,"box":{"x":677,"y":724,"width":2,"height":6}},{"id":"1a0ceba5-3ca8-4c6c-a08a-7af72c9533a9","block_type":"box","text":"Costs Associated with Creation Transactions.","page_number":5,"box":{"x":184,"y":744,"width":342,"height":10}},{"id":"9efb00f9-a3b8-4f3e-b01f-ab78695db7b5","block_type":"box","text":"A standard creation transaction fee is imposed to offset the transfer and other transaction costs","page_number":5,"box":{"x":183,"y":767,"width":695,"height":12}},{"id":"216b95c1-3cc2-416a-a29a-a6a00603a734","block_type":"box","text":"associated with the issuance of Creation Units. Under an ETF Services Agreement, the Funds","page_number":5,"box":{"x":184,"y":782,"width":668,"height":13}},{"id":"018baceb-01a6-49f4-aa11-67e89da6f69f","block_type":"box","text":"have retained BRIL, an affiliate of BFA, to perform the ETF Services. BRIL will receive from an","page_number":5,"box":{"x":184,"y":798,"width":664,"height":12}},{"id":"50bbf8ed-a10f-4cd8-acce-335c930c2205","block_type":"box","text":"Authorized Participant a standard transaction fee on each creation order, which consists of (1) a","page_number":5,"box":{"x":183,"y":813,"width":698,"height":13}},{"id":"76b8ae3a-ffd8-4432-88fb-5a6d7c887273","block_type":"box","text":"fee for providing the ETF Services (the “ETF Servicing Fee”) and (2) transfer, processing and","page_number":5,"box":{"x":183,"y":829,"width":670,"height":12}},{"id":"7ef80b32-526f-4011-84a2-a0bacc482f00","block_type":"box","text":"other transaction costs charged by a Fund custodian in connection with the issuance of","page_number":5,"box":{"x":184,"y":844,"width":639,"height":13}},{"id":"d323307c-6f60-41a8-9733-cca6cf3eb1e4","block_type":"box","text":"Creation Units for such creation order (“Custody Transaction Costs”). BRIL is entitled to retain","page_number":5,"box":{"x":184,"y":860,"width":684,"height":12}},{"id":"5f7e5964-4ec4-44ed-82db-4299e2ca5b30","block_type":"box","text":"the ETF Servicing Fee pursuant to the ETF Services Agreement, but BRIL will reimburse any","page_number":5,"box":{"x":183,"y":875,"width":662,"height":13}},{"id":"93cf3a30-c10a-4d95-bb1d-963a8110b457","block_type":"box","text":"Custody Transaction Costs to the applicable Fund custodian according to the amounts invoiced","page_number":5,"box":{"x":184,"y":891,"width":698,"height":12}},{"id":"edc159a7-f405-4d56-9f54-93050dd8f7d5","block_type":"box","text":"by such custodian.","page_number":5,"box":{"x":184,"y":906,"width":139,"height":13}},{"id":"ed137844-4367-4c93-8e82-0077919cc1eb","block_type":"box","text":"The ETF Servicing Fee is a flat fee per order regardless of the number of Creation Units being","page_number":6,"box":{"x":183,"y":69,"width":674,"height":13}},{"id":"c13aae4f-23ad-45b1-a36a-f3f9e183788c","block_type":"box","text":"purchased, which amount will vary among different Funds based on a number of factors,","page_number":6,"box":{"x":184,"y":85,"width":649,"height":12}},{"id":"895cbdd0-c5f4-454c-871d-8d37b4341965","block_type":"box","text":"including the complexity of the order and the types of securities or instruments included in a","page_number":6,"box":{"x":184,"y":100,"width":674,"height":13}},{"id":"cc4ee5b9-7127-4e01-9c91-99e74ec21d72","block_type":"box","text":"Fund’s Creation Basket, among other variables. The ETF Servicing Fee may be equal to zero in","page_number":6,"box":{"x":184,"y":116,"width":681,"height":12}},{"id":"fea939ba-6bbd-45f1-ae68-6c3cb4d35eb4","block_type":"box","text":"certain instances, such as for creation transactions that consist solely of cash. The actual","page_number":6,"box":{"x":184,"y":131,"width":648,"height":13}},{"id":"ff2672f7-7936-43aa-b65b-b9e8092c1986","block_type":"box","text":"Custody Transaction Costs vary per order based on the number of trades, underlying markets","page_number":6,"box":{"x":184,"y":147,"width":682,"height":12}},{"id":"6cd434bc-7b4e-45c2-b915-ae5c66590a34","block_type":"box","text":"and settlement locations associated with the issuance of a Creation Unit. The following table","page_number":6,"box":{"x":184,"y":162,"width":675,"height":13}},{"id":"2b553648-ab87-4bda-ab72-f1077b9bc29d","block_type":"box","text":"sets forth, for each Fund, an estimate of the creation transaction fee for a Creation Unit based","page_number":6,"box":{"x":184,"y":178,"width":682,"height":11}},{"id":"97742ce1-ee91-40ba-b35b-c94df3b9f853","block_type":"box","text":"on data as of February 2, 2026. The actual fee charged to an Authorized Participant in","page_number":6,"box":{"x":184,"y":193,"width":625,"height":13}},{"id":"36b5bd58-38e2-4aec-8fe3-0ac142890e6f","block_type":"box","text":"connection with a creation order will vary over time depending on the factors discussed above,","page_number":6,"box":{"x":184,"y":209,"width":692,"height":12}},{"id":"8d2a79ef-578e-423d-af8f-d53832baacc5","block_type":"box","text":"and may be higher than the fee set forth below.","page_number":6,"box":{"x":184,"y":224,"width":348,"height":13}},{"id":"eb2b29d2-b149-43dc-aab9-3395ffdccad2","block_type":"box","text":"In order to defray transaction expenses for a Fund and protect against possible shareholder","page_number":6,"box":{"x":184,"y":247,"width":666,"height":13}},{"id":"7e203d22-ef9d-47e8-98e3-86a9edca1511","block_type":"box","text":"dilution, if a creation transaction consists solely or partially of cash, the Authorized Participant","page_number":6,"box":{"x":184,"y":263,"width":684,"height":13}},{"id":"399b0873-6d15-413b-8709-cdea13b112ec","block_type":"box","text":"may also be required to cover (up to the maximum amount shown below) certain brokerage,","page_number":6,"box":{"x":184,"y":278,"width":678,"height":13}},{"id":"07f7f0b5-4bc9-4977-a57b-4af72e2e9c1a","block_type":"box","text":"tax, foreign exchange, execution and other costs and expenses related to the execution of","page_number":6,"box":{"x":183,"y":294,"width":656,"height":13}},{"id":"87760fc2-bce2-4f6d-9690-662d727a0242","block_type":"box","text":"trades resulting from such transaction (which may, in certain instances, be based on a good","page_number":6,"box":{"x":183,"y":309,"width":672,"height":13}},{"id":"620c23ad-4c04-44f1-8fbb-f9aaea1b432c","block_type":"box","text":"faith estimate of transaction costs based on historical data or other inputs, at BlackRock’s","page_number":6,"box":{"x":183,"y":325,"width":654,"height":13}},{"id":"791a3868-5c04-47dd-b9de-910ad20d2cb2","block_type":"box","text":"discretion, and may include part or all of the spread between the expected bid and offer side of","page_number":6,"box":{"x":184,"y":340,"width":691,"height":13}},{"id":"a331609a-787b-435c-b157-37494bab7260","block_type":"box","text":"the market and anticipated market impact). However, a Fund is not obligated to trade identical","page_number":6,"box":{"x":183,"y":356,"width":691,"height":13}},{"id":"1c822565-e44a-4d1b-acb2-d019f34591e3","block_type":"box","text":"securities to the securities identified by BlackRock in estimating these transaction and other","page_number":6,"box":{"x":184,"y":371,"width":668,"height":13}},{"id":"c77cfbe6-47d9-400b-acfe-b5f54e79ec0b","block_type":"box","text":"costs and expenses. In certain cases, BlackRock or an affiliate may determine in its discretion to","page_number":6,"box":{"x":184,"y":387,"width":695,"height":13}},{"id":"2a5149cd-5dcd-4959-9c36-2e5d64102270","block_type":"box","text":"deviate from the regular charge, subject to the maximum amounts shown below.","page_number":6,"box":{"x":184,"y":402,"width":593,"height":13}},{"id":"d6e714c9-137c-41eb-9898-0722ad426ab5","block_type":"box","text":"Authorized Participants will also bear the costs of transferring the Deposit Securities to the","page_number":6,"box":{"x":183,"y":426,"width":661,"height":12}},{"id":"fc767ff0-8dc1-4402-9e1b-a2f1e35c3185","block_type":"box","text":"Funds. Certain fees/costs associated with creation transactions may be waived in certain","page_number":6,"box":{"x":184,"y":441,"width":649,"height":13}},{"id":"a6ae651d-5d22-4050-bcdc-4f1b9ef7bbef","block_type":"box","text":"circumstances. Investors who use the services of a broker or other financial intermediary to","page_number":6,"box":{"x":184,"y":457,"width":666,"height":12}},{"id":"1279eb56-ff66-4326-8162-03cc4cbe9788","block_type":"box","text":"acquire Fund shares may be charged a fee for such services.","page_number":6,"box":{"x":184,"y":472,"width":439,"height":13}},{"id":"b570ee54-00d9-4d56-a5d2-cac71db92fc5","block_type":"box","text":"The following table sets forth each Fund’s estimated creation transaction fee based on data as","page_number":6,"box":{"x":183,"y":495,"width":688,"height":13}},{"id":"04e3600e-bbd5-4c97-8593-657a2b052720","block_type":"box","text":"of February 2, 2026 and maximum additional charge (as described above):","page_number":6,"box":{"x":184,"y":511,"width":545,"height":13}},{"id":"8af0cdca-07c9-42a0-a9c1-f5b85d76c9cd","block_type":"box","text":"Fund","page_number":6,"box":{"x":184,"y":541,"width":29,"height":8}},{"id":"29d1f075-004d-42f2-8a01-dfc1ff478bb3","block_type":"box","text":"Standard Creation","page_number":6,"box":{"x":608,"y":531,"width":109,"height":8}},{"id":"b0a00454-bcfa-4a13-94af-2380b67798c7","block_type":"box","text":"Transaction Fee","page_number":6,"box":{"x":614,"y":542,"width":97,"height":7}},{"id":"4e26f43e-4b24-48da-8ee7-3b8523f0f915","block_type":"box","text":"Maximum Additional","page_number":6,"box":{"x":756,"y":531,"width":127,"height":8}},{"id":"23a8e358-9c2f-420e-88cc-bad838d40606","block_type":"box","text":"Charge*","page_number":6,"box":{"x":794,"y":541,"width":51,"height":11}},{"id":"b66c8e73-7629-4589-b35c-288cc6ea40e2","block_type":"box","text":"iShares Core MSCI Pacific ETF $4,700 7.0%","page_number":6,"box":{"x":184,"y":564,"width":668,"height":12}},{"id":"cd433d78-f816-41d3-8262-748f4038fca7","block_type":"box","text":"iShares ESG Advanced MSCI EAFE ETF $1,950 3.0%","page_number":6,"box":{"x":184,"y":583,"width":668,"height":12}},{"id":"45ad4678-8351-4ce6-9b44-4d1c2ee40f7e","block_type":"box","text":"iShares ESG Advanced MSCI EM ETF $6,720 7.0%","page_number":6,"box":{"x":184,"y":603,"width":668,"height":11}},{"id":"fe6d04cc-1bb5-425b-bfe1-f6aff97b45f0","block_type":"box","text":"iShares ESG Aware MSCI EAFE ETF $1,970 3.0%","page_number":6,"box":{"x":184,"y":622,"width":668,"height":12}},{"id":"e9cb158a-3e4e-49ce-b000-be58edcd44a7","block_type":"box","text":"iShares ESG Aware MSCI EM ETF $3,600 3.0%","page_number":6,"box":{"x":184,"y":641,"width":668,"height":12}},{"id":"f958ae18-4c0b-41fe-841b-21ad674b18a4","block_type":"box","text":"iShares ESG MSCI EM Leaders ETF $5,540 7.0%","page_number":6,"box":{"x":184,"y":661,"width":663,"height":11}},{"id":"17f8d169-6923-4710-8f72-5718b2268880","block_type":"box","text":"iShares JPX-Nikkei 400 ETF $1,270 3.0%","page_number":6,"box":{"x":184,"y":680,"width":663,"height":12}},{"id":"6c39b9c0-8249-45d9-b12d-43499ff22d80","block_type":"box","text":"iShares Low Carbon Optimized MSCI ACWI ETF $6,160 7.0%","page_number":6,"box":{"x":184,"y":700,"width":663,"height":12}},{"id":"e35248eb-4244-41f2-9ab7-5fa68177f4c6","block_type":"box","text":"iShares MSCI ACWI ETF $14,710 7.0%","page_number":6,"box":{"x":184,"y":719,"width":663,"height":12}},{"id":"3cc88f49-28ae-4040-b8c9-ed909ccc1b0c","block_type":"box","text":"iShares MSCI ACWI ex U.S. ETF $14,320 7.0%","page_number":6,"box":{"x":184,"y":738,"width":663,"height":12}},{"id":"a461d29b-da35-4512-9533-1ad4938eedde","block_type":"box","text":"iShares MSCI Agriculture Producers ETF $1,640 7.0%","page_number":6,"box":{"x":184,"y":758,"width":663,"height":12}},{"id":"fc3116df-6a3d-4577-a2fb-b6debc2ab154","block_type":"box","text":"iShares MSCI Belgium ETF $450 3.0%","page_number":6,"box":{"x":184,"y":777,"width":663,"height":13}},{"id":"c1c5b051-0c4a-4286-b61f-7c5d5be2abc3","block_type":"box","text":"iShares MSCI BIC ETF $8,630 7.0%","page_number":6,"box":{"x":184,"y":797,"width":663,"height":11}},{"id":"27fd9e3d-e364-4547-b359-2fb48c431b93","block_type":"box","text":"iShares MSCI Brazil ETF $860 7.0%","page_number":6,"box":{"x":184,"y":816,"width":663,"height":11}},{"id":"5e00b3d0-5502-47f9-bc7a-52390140638c","block_type":"box","text":"iShares MSCI Brazil Small-Cap ETF $1,020 3.0%","page_number":6,"box":{"x":184,"y":835,"width":668,"height":13}},{"id":"24a04e98-ce15-4f2f-85f0-645b0a7cf865","block_type":"box","text":"iShares MSCI Canada ETF $630 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7.0%","page_number":7,"box":{"x":184,"y":254,"width":668,"height":13}},{"id":"a193c03a-fa48-4c5c-a7d8-96b42af99f1e","block_type":"box","text":"iShares MSCI France ETF $500 3.0%","page_number":7,"box":{"x":184,"y":273,"width":668,"height":11}},{"id":"752a53b3-9df7-4cc6-9917-b701b5fd2f66","block_type":"box","text":"iShares MSCI Germany ETF $460 3.0%","page_number":7,"box":{"x":184,"y":293,"width":668,"height":12}},{"id":"a35f9382-8661-48f2-8aea-73c53e4a248c","block_type":"box","text":"iShares MSCI Global Gold Miners ETF $820 7.0%","page_number":7,"box":{"x":184,"y":312,"width":668,"height":11}},{"id":"2d7f8bf4-57db-48dd-bb50-a2d2811f3c60","block_type":"box","text":"iShares MSCI Global Min Vol Factor ETF $3,220 7.0%","page_number":7,"box":{"x":184,"y":331,"width":668,"height":12}},{"id":"6f454c2a-8580-4dd3-8599-c700a6777557","block_type":"box","text":"iShares MSCI Global Quality Factor ETF $2,500 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3.0%","page_number":7,"box":{"x":184,"y":444,"width":668,"height":11}},{"id":"feb0fbcd-aad4-4472-82fa-baa3414a7581","block_type":"box","text":"iShares MSCI India Small-Cap ETF $2,700 3.0%","page_number":7,"box":{"x":184,"y":463,"width":668,"height":13}},{"id":"c539209a-a2c2-418f-90fd-1892ea55a957","block_type":"box","text":"iShares MSCI Indonesia ETF $1,070 3.0%","page_number":7,"box":{"x":184,"y":483,"width":668,"height":11}},{"id":"2bbb043b-7c63-45e1-9977-d1428d6a674a","block_type":"box","text":"iShares MSCI Intl Momentum Factor ETF $1,500 7.0%","page_number":7,"box":{"x":184,"y":502,"width":668,"height":12}},{"id":"87adf6c6-62af-45dc-a027-c7d8c71b2ed6","block_type":"box","text":"iShares MSCI Intl Quality Factor ETF $1,350 7.0%","page_number":7,"box":{"x":184,"y":521,"width":668,"height":13}},{"id":"29115685-3ddf-4eb1-bd64-4ea611f5f4ba","block_type":"box","text":"iShares MSCI Intl Value Factor ETF $1,570 7.0%","page_number":7,"box":{"x":184,"y":541,"width":668,"height":11}},{"id":"0f8e0436-d368-4369-a3b4-c5b35f57f766","block_type":"box","text":"iShares MSCI Japan Small-Cap ETF $2,590 3.0%","page_number":7,"box":{"x":184,"y":560,"width":668,"height":13}},{"id":"4414a9be-c844-4c5a-9117-2de44a5668f5","block_type":"box","text":"iShares MSCI Japan Value ETF $580 3.0%","page_number":7,"box":{"x":184,"y":579,"width":668,"height":13}},{"id":"79950042-41e1-43ae-b9ae-fdc716b3b66e","block_type":"box","text":"iShares MSCI Kokusai ETF $4,020 7.0%","page_number":7,"box":{"x":184,"y":599,"width":668,"height":11}},{"id":"430bf421-0253-4174-85e1-b25c6948c5bb","block_type":"box","text":"iShares MSCI Kuwait ETF $2,040 7.0%","page_number":7,"box":{"x":184,"y":618,"width":668,"height":12}},{"id":"6406fcaa-b8bc-4c7c-8335-40028704aedb","block_type":"box","text":"iShares MSCI Malaysia ETF $900 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3.0%","page_number":7,"box":{"x":184,"y":734,"width":663,"height":13}},{"id":"dd372c77-155d-46be-8921-abc9fbe7b64a","block_type":"box","text":"iShares MSCI Poland ETF $530 3.0%","page_number":7,"box":{"x":184,"y":754,"width":663,"height":11}},{"id":"c09d366b-8ca4-40b7-8333-9a42bfb371c5","block_type":"box","text":"iShares MSCI Qatar ETF $2,250 3.0%","page_number":7,"box":{"x":184,"y":773,"width":663,"height":12}},{"id":"a1030b9f-bd02-4bef-9218-b7dc9ee9e571","block_type":"box","text":"iShares MSCI Singapore ETF $480 3.0%","page_number":7,"box":{"x":184,"y":793,"width":663,"height":12}},{"id":"fd4a69c3-3da1-4cf3-8d77-ac375ef5c1be","block_type":"box","text":"iShares MSCI South Africa ETF $550 3.0%","page_number":7,"box":{"x":184,"y":812,"width":663,"height":11}},{"id":"a5dd26c2-ab69-4cb9-8177-73eba2f14baa","block_type":"box","text":"iShares MSCI South Korea ETF $850 3.0%","page_number":7,"box":{"x":184,"y":831,"width":668,"height":11}},{"id":"efbb31f8-18f8-40d4-b3d3-1a9d4be77c29","block_type":"box","text":"iShares MSCI Spain ETF $360 3.0%","page_number":7,"box":{"x":184,"y":851,"width":668,"height":12}},{"id":"970839cf-0d0e-492c-a692-bf8f4cee7f0e","block_type":"box","text":"iShares MSCI Sweden ETF $480 3.0%","page_number":7,"box":{"x":184,"y":870,"width":668,"height":11}},{"id":"993e37a6-49a9-411b-baac-0b4c228cfba7","block_type":"box","text":"iShares MSCI Thailand ETF $1,200 3.0%","page_number":7,"box":{"x":184,"y":890,"width":668,"height":11}},{"id":"33913632-c274-46f0-9fbb-65cedcefdfb9","block_type":"box","text":"iShares MSCI United Kingdom ETF $420 3.0%","page_number":7,"box":{"x":184,"y":909,"width":663,"height":13}},{"id":"1522041d-cdee-46f9-aa28-d69ec3548e26","block_type":"box","text":"Fund","page_number":8,"box":{"x":184,"y":76,"width":29,"height":8}},{"id":"fd41ba6d-ad51-4329-acbd-a78258ffa3a4","block_type":"box","text":"Standard Creation","page_number":8,"box":{"x":608,"y":66,"width":109,"height":8}},{"id":"ff481c10-4919-427e-b54a-1fb8694cff36","block_type":"box","text":"Transaction Fee","page_number":8,"box":{"x":614,"y":77,"width":97,"height":7}},{"id":"a0d241fe-6516-4fa3-b7fa-ae71c157ed74","block_type":"box","text":"Maximum Additional","page_number":8,"box":{"x":756,"y":66,"width":127,"height":8}},{"id":"af794e3f-37d9-4759-a789-133be6f43260","block_type":"box","text":"Charge*","page_number":8,"box":{"x":794,"y":76,"width":51,"height":10}},{"id":"4c6ee4cd-5e23-4545-b902-3cadd6e13eed","block_type":"box","text":"iShares MSCI World ETF $4,480 7.0%","page_number":8,"box":{"x":184,"y":99,"width":668,"height":11}},{"id":"6a87601f-3b58-4fae-b38b-12a5775403b9","block_type":"box","text":"iShares MSCI World Small-Cap ETF $10,090 7.0%","page_number":8,"box":{"x":184,"y":118,"width":668,"height":13}},{"id":"aabb35c4-b4ca-46ff-a748-44a67bcd9276","block_type":"box","text":"iShares Paris-Aligned Climate Optimized MSCI World ex","page_number":8,"box":{"x":184,"y":138,"width":408,"height":12}},{"id":"67286575-10f7-4a49-8b48-1df8ac62ec78","block_type":"box","text":"USA ETF $2,140 3.0%","page_number":8,"box":{"x":201,"y":153,"width":651,"height":12}},{"id":"ec1e187e-2fab-4e32-98c7-7e77664495e5","block_type":"box","text":"iShares U.S. Power Infrastructure ETF $240 3.0%","page_number":8,"box":{"x":184,"y":172,"width":668,"height":11}},{"id":"8eead852-dbe6-4711-ae64-0c18986cbf88","block_type":"box","text":"* As a percentage of the net asset value per Creation Unit.","page_number":8,"box":{"x":184,"y":201,"width":445,"height":13}},{"id":"2515b4e0-4203-46ef-b16e-dfdbbc2d87c7","block_type":"box","text":"5) For each Fund, the section of the SAI entitled “Costs Associated with Redemption Transactions”","page_number":8,"box":{"x":150,"y":224,"width":734,"height":13}},{"id":"c51a78d5-3ed5-43d4-937e-1d7419bd3361","block_type":"box","text":"is deleted in its entirety and replaced with the following, although each SAI will include a","page_number":8,"box":{"x":184,"y":240,"width":644,"height":12}},{"id":"5c2fdd4e-46a2-457f-9ac5-0305ab4fa388","block_type":"box","text":"“Standard Redemption Transaction Fee” table only for applicable Funds","page_number":8,"box":{"x":184,"y":255,"width":519,"height":13}},{"id":"df8dd252-b531-444a-9abc-71d71cbd98ff","block_type":"box","text":":","page_number":8,"box":{"x":704,"y":259,"width":7,"height":6}},{"id":"3d6d9265-a63f-4afd-af88-c9cdd6a38c9b","block_type":"box","text":"Costs Associated with Redemption Transactions.","page_number":8,"box":{"x":184,"y":278,"width":374,"height":13}},{"id":"b98e3a32-9a87-4ca0-b608-60f6034ff124","block_type":"box","text":"A standard redemption transaction fee is imposed to offset transfer and other transaction costs","page_number":8,"box":{"x":183,"y":302,"width":697,"height":12}},{"id":"56c8c18b-bf8d-427a-83c8-aa07cddd3158","block_type":"box","text":"that may be incurred by the relevant Fund. As described above, under an ETF Services","page_number":8,"box":{"x":183,"y":317,"width":626,"height":13}},{"id":"8049f1e4-3795-40dd-b66e-5fec93110890","block_type":"box","text":"Agreement, the Funds have retained BRIL, an affiliate of BFA, to perform certain ETF Services.","page_number":8,"box":{"x":183,"y":333,"width":680,"height":12}},{"id":"caa4e8e8-8df9-4343-af13-826b7f522341","block_type":"box","text":"BRIL will receive from an Authorized Participant a standard transaction fee on each redemption","page_number":8,"box":{"x":184,"y":348,"width":694,"height":13}},{"id":"361e2b70-96e1-479e-9088-00e1dfcc8462","block_type":"box","text":"order, which consists of (1) the ETF Servicing Fee and (2) Custody Transaction Costs. BRIL is","page_number":8,"box":{"x":184,"y":364,"width":675,"height":12}},{"id":"9c9df800-49c5-422f-ae03-b2485e4f6a2e","block_type":"box","text":"entitled to retain the ETF Servicing Fee pursuant to the ETF Services Agreement, but BRIL will","page_number":8,"box":{"x":184,"y":379,"width":677,"height":13}},{"id":"9f74805d-7f53-4c49-a65d-5d356b9fdadd","block_type":"box","text":"reimburse any Custody Transaction Costs to the applicable Fund custodian according to the","page_number":8,"box":{"x":184,"y":395,"width":672,"height":12}},{"id":"f1d20287-96b7-4465-af20-80643d9428e6","block_type":"box","text":"amounts invoiced by such custodian.","page_number":8,"box":{"x":184,"y":410,"width":273,"height":13}},{"id":"89e00458-08e4-4e76-b3bc-014f7e028bea","block_type":"box","text":"The ETF Servicing Fee is a flat fee per order regardless of the number of Creation Units being","page_number":8,"box":{"x":183,"y":433,"width":674,"height":13}},{"id":"f8324b7b-f8e8-4133-bd31-3865f927001b","block_type":"box","text":"redeemed, which amount will vary among different Funds based on a number of factors,","page_number":8,"box":{"x":184,"y":449,"width":646,"height":13}},{"id":"48e3d412-9629-4730-8ace-2486b683c806","block_type":"box","text":"including the complexity of the order and the types of securities or instruments included in a","page_number":8,"box":{"x":184,"y":464,"width":674,"height":13}},{"id":"0c9413e8-f6ff-49a7-af37-8f3251fa6984","block_type":"box","text":"Fund’s Redemption Basket, among other variables. The ETF Servicing Fee may be equal to zero","page_number":8,"box":{"x":184,"y":480,"width":690,"height":13}},{"id":"0f384776-5567-4389-93da-d87a070c8613","block_type":"box","text":"in certain instances, such as for redemption transactions that consist solely of cash. The actual","page_number":8,"box":{"x":184,"y":495,"width":690,"height":13}},{"id":"bfd1ff20-eea3-42ac-b133-f24ae359ae92","block_type":"box","text":"Custody Transaction Costs vary per order based on the number of trades, underlying markets,","page_number":8,"box":{"x":184,"y":511,"width":686,"height":13}},{"id":"080519a7-0310-4f7f-ad6d-b53434214330","block_type":"box","text":"and settlement locations associated with the redemption of a Creation Unit. The following table","page_number":8,"box":{"x":184,"y":526,"width":696,"height":13}},{"id":"1aad781c-a4e3-4204-9c6f-ee3ba76da3a7","block_type":"box","text":"sets forth, for each Fund, an estimate of the redemption transaction fee for a Creation Unit","page_number":8,"box":{"x":184,"y":542,"width":660,"height":13}},{"id":"ffb3b534-f3d9-43c1-85a2-11a7bc8425ba","block_type":"box","text":"based on data as of February 2, 2026. The actual fee charged to an Authorized Participant in","page_number":8,"box":{"x":184,"y":557,"width":672,"height":13}},{"id":"63fb8b40-9839-40b9-b683-79eea59a04ab","block_type":"box","text":"connection with a redemption order will vary over time depending on the factors discussed","page_number":8,"box":{"x":184,"y":573,"width":665,"height":13}},{"id":"ca178669-f821-42e9-afda-3b9ebca21519","block_type":"box","text":"above, and may be higher than the fee set forth below.","page_number":8,"box":{"x":184,"y":589,"width":400,"height":12}},{"id":"257030ee-5e55-432b-b96f-75fb4a28a527","block_type":"box","text":"In order to defray transaction expenses for a Fund and protect against possible shareholder","page_number":8,"box":{"x":184,"y":612,"width":666,"height":12}},{"id":"00c8a991-bf4f-457a-9076-1074bba6da68","block_type":"box","text":"dilution, if a redemption transaction consists solely or partially of cash, the Authorized","page_number":8,"box":{"x":184,"y":627,"width":626,"height":13}},{"id":"071e9a7d-70a9-447a-a7ef-d11151bf3c3d","block_type":"box","text":"Participant may also be required to cover (up to the maximum amount shown below) certain","page_number":8,"box":{"x":184,"y":643,"width":679,"height":12}},{"id":"f5ea453b-b4de-470f-9fdd-bcf50133ee90","block_type":"box","text":"brokerage, tax, foreign exchange, execution and other costs and expenses related to the","page_number":8,"box":{"x":184,"y":658,"width":642,"height":13}},{"id":"7a18ee63-4de7-4431-8efd-fbbad6b0f52f","block_type":"box","text":"execution of trades resulting from such transaction (which may, in certain instances, be based","page_number":8,"box":{"x":184,"y":674,"width":682,"height":12}},{"id":"71e6fe4f-82e7-4f2c-bef3-4670c26fbd28","block_type":"box","text":"on a good faith estimate of transaction costs based on historical data or other inputs, at","page_number":8,"box":{"x":184,"y":689,"width":636,"height":13}},{"id":"ba538116-3ddd-41bb-8bd0-75769d65b0e7","block_type":"box","text":"BlackRock’s discretion, and may include part or all of the spread between the expected bid and","page_number":8,"box":{"x":184,"y":705,"width":686,"height":12}},{"id":"fe74bfa6-2022-433b-8e42-b65c13da05a3","block_type":"box","text":"offer side of the market and anticipated market impact). However, a Fund is not obligated to","page_number":8,"box":{"x":184,"y":720,"width":668,"height":13}},{"id":"bb31920a-4410-4123-b57b-14031ebcef6a","block_type":"box","text":"trade identical securities to the securities identified by BlackRock in estimating these transaction","page_number":8,"box":{"x":183,"y":736,"width":697,"height":12}},{"id":"99784c01-06af-4861-89af-ca74f4e2f1f9","block_type":"box","text":"and other costs and expenses. In certain cases, BlackRock or an affiliate may determine in its","page_number":8,"box":{"x":184,"y":751,"width":670,"height":13}},{"id":"6d1d1a37-0800-4f58-9a13-c9ca34b7eeea","block_type":"box","text":"discretion to deviate from the regular charge, subject to the maximum amounts shown below.","page_number":8,"box":{"x":184,"y":767,"width":683,"height":12}},{"id":"c1939645-66a1-45c1-a7a7-19bfc53f7363","block_type":"box","text":"Authorized Participants will also bear the costs of transferring the Fund Securities from a Fund","page_number":8,"box":{"x":183,"y":790,"width":683,"height":13}},{"id":"0341d05e-4e0f-4ad7-961d-a5a637dc0c49","block_type":"box","text":"to their account on their order. Certain fees/costs associated with redemption transactions may","page_number":8,"box":{"x":183,"y":806,"width":696,"height":12}},{"id":"bcb5d406-20e8-4cad-a0f4-048b44ce8c36","block_type":"box","text":"be waived in certain circumstances. Investors who use the services of a broker or other financial","page_number":8,"box":{"x":184,"y":821,"width":694,"height":10}},{"id":"d296117b-2101-49e1-89a9-74c08fd0da0e","block_type":"box","text":"intermediary to dispose of Fund shares may be charged a fee for such services.","page_number":8,"box":{"x":184,"y":837,"width":575,"height":12}},{"id":"c1ca86c8-f57e-4cdb-ad63-e76d283b4d58","block_type":"box","text":"The following table sets forth each Fund’s estimated redemption transaction fee based on data","page_number":9,"box":{"x":183,"y":69,"width":693,"height":13}},{"id":"24c95caa-e5b5-4a8b-90a1-53ba64bf8bc3","block_type":"box","text":"as of February 2, 2026 and maximum additional charge (as described above):","page_number":9,"box":{"x":184,"y":85,"width":565,"height":12}},{"id":"e088c833-904f-471a-a454-22b32f96dd46","block_type":"box","text":"Fund","page_number":9,"box":{"x":184,"y":115,"width":29,"height":8}},{"id":"cfc112eb-1f6f-4f70-b9e7-2a41c11c0639","block_type":"box","text":"Standard Redemption","page_number":9,"box":{"x":586,"y":105,"width":131,"height":10}},{"id":"84e972a0-31b4-4888-89b3-5f5cd7f6060b","block_type":"box","text":"Transaction Fee","page_number":9,"box":{"x":603,"y":115,"width":97,"height":8}},{"id":"c0bf2491-9381-45cd-bd49-7e0c910ac60e","block_type":"box","text":"Maximum Additional","page_number":9,"box":{"x":756,"y":105,"width":127,"height":8}},{"id":"33a24c70-e95f-4cfb-bd78-95438fb180ce","block_type":"box","text":"Charge*","page_number":9,"box":{"x":794,"y":115,"width":51,"height":10}},{"id":"0e79d179-e1a6-4bac-992e-8db0b94d7126","block_type":"box","text":"iShares Core MSCI Pacific ETF $4,700 2.0%","page_number":9,"box":{"x":184,"y":137,"width":668,"height":12}},{"id":"9cd0d51b-c8f3-4946-8dc4-856030bee143","block_type":"box","text":"iShares ESG Advanced MSCI EAFE ETF $1,950 2.0%","page_number":9,"box":{"x":184,"y":157,"width":668,"height":11}},{"id":"51386595-5068-4c4e-bee9-b08ad2188d98","block_type":"box","text":"iShares ESG Advanced MSCI EM ETF $6,720 2.0%","page_number":9,"box":{"x":184,"y":176,"width":668,"height":11}},{"id":"5d67098d-09c6-4392-b23f-61f0c1a34f58","block_type":"box","text":"iShares ESG Aware MSCI EAFE ETF $1,970 2.0%","page_number":9,"box":{"x":184,"y":195,"width":668,"height":12}},{"id":"f17a9b83-7637-42cf-9b70-b3b445393f5d","block_type":"box","text":"iShares ESG Aware MSCI EM ETF $3,600 2.0%","page_number":9,"box":{"x":184,"y":214,"width":668,"height":12}},{"id":"3e97b009-697f-4c88-886b-d7ce409d552c","block_type":"box","text":"iShares ESG MSCI EM Leaders ETF $5,540 2.0%","page_number":9,"box":{"x":184,"y":233,"width":668,"height":12}},{"id":"7cc973ca-0cc3-4852-9d4f-b7f106304358","block_type":"box","text":"iShares JPX-Nikkei 400 ETF $1,270 2.0%","page_number":9,"box":{"x":184,"y":253,"width":668,"height":11}},{"id":"64d5120e-a711-496f-ab22-ba8bcdd6b344","block_type":"box","text":"iShares Low Carbon Optimized MSCI ACWI ETF $6,160 2.0%","page_number":9,"box":{"x":184,"y":272,"width":668,"height":12}},{"id":"7029aedf-e9c9-4e03-b83d-c5d17749ab50","block_type":"box","text":"iShares MSCI ACWI ETF $14,710 2.0%","page_number":9,"box":{"x":184,"y":291,"width":668,"height":12}},{"id":"c24f3386-bd26-4fa4-b664-fac7e6927921","block_type":"box","text":"iShares MSCI ACWI ex U.S. ETF $14,320 2.0%","page_number":9,"box":{"x":184,"y":310,"width":668,"height":12}},{"id":"2bcdab2e-5f9a-45f1-a233-8b40f189bf4f","block_type":"box","text":"iShares MSCI Agriculture Producers ETF $1,640 2.0%","page_number":9,"box":{"x":184,"y":329,"width":668,"height":13}},{"id":"a2cf9086-b48a-4396-8e02-f0423d47c383","block_type":"box","text":"iShares MSCI Belgium ETF $450 2.0%","page_number":9,"box":{"x":184,"y":348,"width":668,"height":13}},{"id":"8fee7b6e-7cea-4a18-a1e8-8d747cb67b51","block_type":"box","text":"iShares MSCI BIC ETF $8,630 2.0%","page_number":9,"box":{"x":184,"y":368,"width":668,"height":11}},{"id":"6c3678d8-af12-4ecb-baca-c5f581b6a244","block_type":"box","text":"iShares MSCI Brazil ETF $860 2.0%","page_number":9,"box":{"x":184,"y":387,"width":668,"height":11}},{"id":"ae135f64-326c-4724-a6d3-557fdddd178b","block_type":"box","text":"iShares MSCI Brazil Small-Cap ETF $1,020 2.0%","page_number":9,"box":{"x":184,"y":406,"width":668,"height":13}},{"id":"e4e9ebc9-64f9-4e78-a3f0-04c0c9308199","block_type":"box","text":"iShares MSCI Canada ETF $630 2.0%","page_number":9,"box":{"x":184,"y":425,"width":668,"height":11}},{"id":"7df9c55f-668e-4a25-bdbc-b7bce2bd8a15","block_type":"box","text":"iShares MSCI Chile ETF $960 2.0%","page_number":9,"box":{"x":184,"y":444,"width":668,"height":11}},{"id":"db8eb821-1b10-439e-88f0-5e257cf9eb84","block_type":"box","text":"iShares MSCI China A ETF $7,080 2.0%","page_number":9,"box":{"x":184,"y":464,"width":668,"height":11}},{"id":"7cd02b1f-f9c7-4baf-9c58-8ae76499eed6","block_type":"box","text":"iShares MSCI China ETF $9,190 2.0%","page_number":9,"box":{"x":184,"y":483,"width":668,"height":11}},{"id":"25a32daf-eeb6-42ba-8eb2-4cf69427ac73","block_type":"box","text":"iShares MSCI China Multisector Tech ETF $3,080 2.0%","page_number":9,"box":{"x":184,"y":502,"width":668,"height":12}},{"id":"b521e0e1-d396-489c-a36f-ea7f33698f07","block_type":"box","text":"iShares MSCI China Small-Cap ETF $3,640 2.0%","page_number":9,"box":{"x":184,"y":521,"width":668,"height":13}},{"id":"a1c699c4-5ced-4d36-bc37-8fe759fd198e","block_type":"box","text":"iShares MSCI Denmark ETF $470 2.0%","page_number":9,"box":{"x":184,"y":540,"width":668,"height":11}},{"id":"4ae0b201-8885-441a-b013-a25c9d9b937a","block_type":"box","text":"iShares MSCI EAFE Small-Cap ETF $8,440 2.0%","page_number":9,"box":{"x":184,"y":560,"width":668,"height":12}},{"id":"ab3cf0c2-ce1e-4cfc-9a5a-44c5cc888c37","block_type":"box","text":"iShares MSCI Emerging Markets Asia ETF $10,090 2.0%","page_number":9,"box":{"x":184,"y":579,"width":668,"height":12}},{"id":"bd48072f-e689-46e8-9af6-92bf1604bbd7","block_type":"box","text":"iShares MSCI Emerging Markets Min Vol Factor ETF $5,150 2.0%","page_number":9,"box":{"x":184,"y":598,"width":668,"height":13}},{"id":"89dbfb77-d675-4d7e-bd40-63dd2c1fe3b3","block_type":"box","text":"iShares MSCI Emerging Markets Quality Factor ETF $3,970 2.0%","page_number":9,"box":{"x":184,"y":617,"width":668,"height":13}},{"id":"18f79143-e4d0-49dc-bfef-3bb0a239f7d3","block_type":"box","text":"iShares MSCI Emerging Markets Small-Cap ETF $14,990 2.0%","page_number":9,"box":{"x":184,"y":636,"width":668,"height":13}},{"id":"6a54e7e6-24b3-4f29-89b7-b9d12ee13ab5","block_type":"box","text":"iShares MSCI Emerging Markets Value Factor ETF $3,500 2.0%","page_number":9,"box":{"x":184,"y":655,"width":668,"height":13}},{"id":"1f953c46-e5e4-4098-8275-a208eb8ba664","block_type":"box","text":"iShares MSCI France ETF $500 2.0%","page_number":9,"box":{"x":184,"y":675,"width":663,"height":10}},{"id":"0ebc6875-c442-43bb-a5ba-d0f523177e78","block_type":"box","text":"iShares MSCI Germany ETF $460 2.0%","page_number":9,"box":{"x":184,"y":694,"width":663,"height":12}},{"id":"41b17444-869b-4a52-a04d-b5c962954c88","block_type":"box","text":"iShares MSCI Global Gold Miners ETF $820 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The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the","page_number":16,"box":{"x":83,"y":483,"width":862,"height":11}},{"id":"0bc103e1-9715-48ef-8705-81d33ff6106b","block_type":"box","text":"same. 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The value of securities or other assets may","page_number":18,"box":{"x":550,"y":240,"width":402,"height":11}},{"id":"4a1f23f5-e42d-44d0-b011-2ae44151b4fe","block_type":"box","text":"decline, or perform differently from the market as a whole, due to","page_number":18,"box":{"x":549,"y":254,"width":418,"height":11}},{"id":"d9eb3f9f-c511-4b08-a618-704c05fe6d9b","block_type":"box","text":"changes in the financial condition or credit rating of the issuer or","page_number":18,"box":{"x":549,"y":268,"width":414,"height":11}},{"id":"793daf2a-1710-433d-8e39-fda65c79f03e","block_type":"box","text":"counterparty.","page_number":18,"box":{"x":549,"y":283,"width":84,"height":10}},{"id":"f950a463-2439-4794-9af2-885fc8b06d46","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":18,"box":{"x":549,"y":305,"width":252,"height":11}},{"id":"ff11f5fd-4498-4a63-89d6-0761682918f8","block_type":"box","text":"Large-capitalization","page_number":18,"box":{"x":808,"y":305,"width":124,"height":11}},{"id":"c97d07ad-2232-4351-ab8d-bd475765952f","block_type":"box","text":"companies may be less able than smaller-capitalization","page_number":18,"box":{"x":549,"y":320,"width":352,"height":10}},{"id":"1dd546f8-48f8-44ef-a415-7ead17cb10ce","block_type":"box","text":"companies to adapt to changing market conditions and","page_number":18,"box":{"x":549,"y":334,"width":352,"height":11}},{"id":"98d446cb-6a64-462d-bd49-a0903afcaa2d","block_type":"box","text":"competitive challenges. Large-capitalization companies may be","page_number":18,"box":{"x":549,"y":348,"width":405,"height":11}},{"id":"85f277d8-54a5-48b7-8a5a-df0c45e2f558","block_type":"box","text":"more mature and subject to more limited growth potential","page_number":18,"box":{"x":549,"y":362,"width":371,"height":11}},{"id":"f123122b-a799-49f2-985d-232d4dd19b9d","block_type":"box","text":"compared with smaller-capitalization companies. The","page_number":18,"box":{"x":549,"y":376,"width":340,"height":11}},{"id":"4aa518af-7830-4cad-a5f1-aa48ae58a189","block_type":"box","text":"performance of large-capitalization companies could trail the","page_number":18,"box":{"x":549,"y":391,"width":390,"height":10}},{"id":"f81007a8-0416-4ba4-919b-57238bee7095","block_type":"box","text":"overall performance of the broader securities markets.","page_number":18,"box":{"x":549,"y":405,"width":349,"height":10}},{"id":"706b4a5a-a407-411f-a1a5-cda4048e86b4","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk.","page_number":18,"box":{"x":549,"y":428,"width":360,"height":11}},{"id":"fa26e20c-f16d-426e-840d-638fe8a41d91","block_type":"box","text":"Certain","page_number":18,"box":{"x":915,"y":428,"width":45,"height":8}},{"id":"3c5be03e-c84f-4f0d-8192-8747f900e36d","block_type":"box","text":"shareholders of the Fund, including an Authorized Participant, a","page_number":18,"box":{"x":549,"y":442,"width":405,"height":11}},{"id":"64c8a1f0-91ba-4e9e-bb42-3a83b9c9976e","block_type":"box","text":"third-party investor, the Fund’s adviser, an affiliate of the Fund’s","page_number":18,"box":{"x":549,"y":456,"width":409,"height":11}},{"id":"267ec50a-ba95-42fb-ab18-a6e5db63eeee","block_type":"box","text":"adviser, a market maker, or another entity, may from time to time","page_number":18,"box":{"x":549,"y":470,"width":419,"height":11}},{"id":"b05de794-589d-4a6b-8543-b1475878b725","block_type":"box","text":"own or manage a substantial amount of Fund shares, or may hold","page_number":18,"box":{"x":549,"y":485,"width":417,"height":10}},{"id":"c51fc661-d40c-495b-9896-fc1e41040a73","block_type":"box","text":"their investment in the Fund for a limited period of time. 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Redemptions of","page_number":18,"box":{"x":549,"y":527,"width":421,"height":11}},{"id":"ebde9174-ffbc-40ac-9130-75ce418bc00c","block_type":"box","text":"a large number of Fund shares could require the Fund to dispose","page_number":18,"box":{"x":549,"y":541,"width":413,"height":11}},{"id":"8ce3312c-0a6b-425f-8189-cf9e18ab2d2a","block_type":"box","text":"of assets to meet the redemption requests, which can accelerate","page_number":18,"box":{"x":549,"y":556,"width":416,"height":10}},{"id":"719623b6-e271-4d6e-8601-603bffef5440","block_type":"box","text":"the realization of taxable income and/or capital gains and cause","page_number":18,"box":{"x":549,"y":570,"width":411,"height":11}},{"id":"a22bd30a-d525-4daf-8d9b-e9a4caaf2ba8","block_type":"box","text":"the Fund to make taxable distributions to its shareholders earlier","page_number":18,"box":{"x":549,"y":584,"width":415,"height":8}},{"id":"9e526be7-50aa-46cd-8fd9-9e110f600ec3","block_type":"box","text":"than the Fund otherwise would have. In addition, under certain","page_number":18,"box":{"x":549,"y":598,"width":400,"height":10}},{"id":"d9cbc535-8c96-48ed-b5f8-2dab1fa29385","block_type":"box","text":"circumstances, non-redeeming shareholders may be treated as","page_number":18,"box":{"x":549,"y":612,"width":404,"height":11}},{"id":"76b331db-ea09-4b9b-9dbd-1957b2f9c67c","block_type":"box","text":"receiving a disproportionately large taxable distribution during or","page_number":18,"box":{"x":549,"y":626,"width":415,"height":11}},{"id":"136f02d4-f55f-4826-96b4-7d3f3f5e2e9f","block_type":"box","text":"with respect to such year. 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Any reduction in this trading may have an","page_number":19,"box":{"x":82,"y":617,"width":383,"height":11}},{"id":"7063768d-3692-4fa3-9689-31b782befd85","block_type":"box","text":"adverse impact on the Fund’s investments. 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Internal","page_number":19,"box":{"x":83,"y":868,"width":416,"height":10}},{"id":"66362d9a-af43-41d8-9245-f6cd1a71b316","block_type":"box","text":"social unrest or confrontations with other countries, including","page_number":19,"box":{"x":549,"y":23,"width":395,"height":11}},{"id":"a1667b82-2386-462d-ad11-2681fa59f7c9","block_type":"box","text":"military conflicts in response to such events, may disrupt China’s","page_number":19,"box":{"x":549,"y":37,"width":415,"height":11}},{"id":"319a0057-60e6-4ac2-bfcd-82ba80413a57","block_type":"box","text":"economy and markets and result in a greater risk of currency","page_number":19,"box":{"x":549,"y":51,"width":391,"height":11}},{"id":"88d7e31c-9ae9-4a22-a81a-264dd8f15bfa","block_type":"box","text":"fluctuations, currency non-convertibility, interest rate fluctuations","page_number":19,"box":{"x":549,"y":66,"width":421,"height":10}},{"id":"940f3021-0eb0-441c-ae5d-4615264dd157","block_type":"box","text":"and higher inflation.","page_number":19,"box":{"x":549,"y":80,"width":126,"height":11}},{"id":"2a1797fe-ada3-4abd-8688-447680b876e6","block_type":"box","text":"China has experienced security concerns, such as terrorism and","page_number":19,"box":{"x":549,"y":103,"width":409,"height":11}},{"id":"43776189-9860-4b5f-a91c-5bbf60786f53","block_type":"box","text":"strained international relations. 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There may be significant obstacles to obtaining","page_number":19,"box":{"x":549,"y":617,"width":413,"height":11}},{"id":"81053208-1558-4d7b-a8b5-6437cd0e2ac3","block_type":"box","text":"information necessary for investigations into or litigation against","page_number":19,"box":{"x":549,"y":632,"width":412,"height":10}},{"id":"cbd004de-d8c5-4da5-89fc-e37186316a00","block_type":"box","text":"Chinese companies, and shareholders may have limited legal","page_number":19,"box":{"x":549,"y":646,"width":389,"height":11}},{"id":"147e8b68-e516-4d6c-b1ef-8cbdf04c4142","block_type":"box","text":"remedies.","page_number":19,"box":{"x":549,"y":660,"width":62,"height":8}},{"id":"b1e77605-adc3-4898-b6ac-2b26c26cb345","block_type":"box","text":"Many Chinese companies listed on U.S. exchanges use variable","page_number":19,"box":{"x":550,"y":683,"width":404,"height":11}},{"id":"6eb0f058-0118-43ad-8c92-c738ca5afaa1","block_type":"box","text":"interest entities or “VIEs” in their structure as a result of foreign","page_number":19,"box":{"x":549,"y":697,"width":408,"height":11}},{"id":"611cb7d7-1369-4367-8647-d34f1bd21705","block_type":"box","text":"ownership restrictions. 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The Fund does not select investments based on","page_number":19,"box":{"x":548,"y":768,"width":383,"height":9}},{"id":"861cccb4-08c7-41cc-b394-9114dd1eef20","block_type":"box","text":"investor protection considerations.","page_number":19,"box":{"x":549,"y":782,"width":223,"height":11}},{"id":"c1eb8ced-5e94-499b-a276-2961f4554e1f","block_type":"box","text":"Risk of Investing in Japan","page_number":19,"box":{"x":549,"y":806,"width":170,"height":10}},{"id":"423d882d-f711-4b70-ae78-b18351f2a767","block_type":"box","text":".","page_number":19,"box":{"x":721,"y":812,"width":2,"height":2}},{"id":"b429b59b-c6cb-45c8-bd5a-6d977f6dc88a","block_type":"box","text":"Investing in Japanese issuers subjects","page_number":19,"box":{"x":729,"y":806,"width":242,"height":10}},{"id":"ee12510a-6c18-4077-bc94-8bd27a5d0f66","block_type":"box","text":"the Fund to legal, regulatory, political, economic, currency,","page_number":19,"box":{"x":549,"y":820,"width":375,"height":11}},{"id":"08278b41-a6bb-4c07-b2c4-a725d372054d","block_type":"box","text":"geographic and security risks that are specific to Japan. Japan’s","page_number":19,"box":{"x":549,"y":834,"width":405,"height":11}},{"id":"1556a9cf-e301-4e8c-95cb-b5cf1f3119aa","block_type":"box","text":"economy depends heavily on international trade, oil and other","page_number":19,"box":{"x":549,"y":848,"width":396,"height":11}},{"id":"ccd11f39-c1c5-4599-836a-3c426c941c8f","block_type":"box","text":"commodity imports, and government policy supporting its","page_number":19,"box":{"x":549,"y":862,"width":369,"height":11}},{"id":"ed4244af-a224-4fdc-b6e9-921fde7dd21d","block_type":"box","text":"exports. Other risks facing the Japanese economy include","page_number":19,"box":{"x":549,"y":877,"width":368,"height":10}},{"id":"40095920-81cf-422f-8342-61f38ce06fbb","block_type":"box","text":"S-4","page_number":19,"box":{"x":525,"y":920,"width":21,"height":9}},{"id":"f06bdae3-270a-453c-847a-c9b02393fb8f","block_type":"box","text":"significant public debt and deficits, currency fluctuations, and","page_number":20,"box":{"x":83,"y":23,"width":393,"height":11}},{"id":"99bada47-3a05-48b7-b69d-e7b8c856e110","block_type":"box","text":"labor shortages due to an aging and declining population. Japan’s","page_number":20,"box":{"x":83,"y":37,"width":416,"height":11}},{"id":"876ab035-bae1-4a4f-8ab3-0f284140492e","block_type":"box","text":"relations with its neighbors have been strained at times, which","page_number":20,"box":{"x":83,"y":52,"width":399,"height":10}},{"id":"bd6f9b40-e56f-4758-98ba-9cef72578380","block_type":"box","text":"could adversely affect its markets and economy. Japan is also","page_number":20,"box":{"x":83,"y":66,"width":393,"height":10}},{"id":"f9889ac6-2a13-4384-a8d1-4f52cd321dea","block_type":"box","text":"vulnerable to natural disasters.","page_number":20,"box":{"x":82,"y":80,"width":198,"height":8}},{"id":"58ace239-e029-453c-9be4-e0b328a6887f","block_type":"box","text":"Securities Lending Risk.","page_number":20,"box":{"x":82,"y":103,"width":162,"height":11}},{"id":"a3a25b8c-7f47-4a27-b137-98d4a7825302","block_type":"box","text":"The Fund may engage in securities","page_number":20,"box":{"x":249,"y":103,"width":221,"height":11}},{"id":"93099887-683e-46b6-8d34-74f0f972078c","block_type":"box","text":"lending. Securities lending involves the risk that the Fund may","page_number":20,"box":{"x":83,"y":116,"width":396,"height":11}},{"id":"d962e95c-ed11-4e72-b140-5b2809808a2b","block_type":"box","text":"lose money because the borrower of the loaned securities fails to","page_number":20,"box":{"x":83,"y":129,"width":418,"height":11}},{"id":"06a37518-498a-4ffa-a0f0-e0d76eb460f8","block_type":"box","text":"return the securities in a timely manner or at all. The Fund could","page_number":20,"box":{"x":83,"y":142,"width":408,"height":11}},{"id":"a56c4b02-d725-4ce4-804a-18cdf955693f","block_type":"box","text":"also lose money in the event of a decline in the value of collateral","page_number":20,"box":{"x":83,"y":155,"width":416,"height":10}},{"id":"d3facc1f-6803-49b3-999f-a251da1f72ae","block_type":"box","text":"provided for loaned securities or a decline in the value of any","page_number":20,"box":{"x":83,"y":168,"width":389,"height":10}},{"id":"ff1d7f70-d9de-498b-a7b9-edeb4d41a368","block_type":"box","text":"investments made with cash collateral. These events could also","page_number":20,"box":{"x":83,"y":180,"width":406,"height":9}},{"id":"2a7bfd95-fc7a-4039-a9d6-46e2eb80ec6c","block_type":"box","text":"trigger adverse tax consequences for the Fund.","page_number":20,"box":{"x":83,"y":193,"width":301,"height":11}},{"id":"26b01ddf-29ff-4d77-9af9-790638196d80","block_type":"box","text":"Tracking Error Risk","page_number":20,"box":{"x":84,"y":215,"width":128,"height":11}},{"id":"4567ee81-6998-4850-a89f-bc8380513e8e","block_type":"box","text":".","page_number":20,"box":{"x":212,"y":222,"width":2,"height":2}},{"id":"3162ee2c-beac-4962-88b6-8f3d3cb5c7bd","block_type":"box","text":"The Fund may be subject to “tracking error,”","page_number":20,"box":{"x":219,"y":215,"width":284,"height":11}},{"id":"d86239dc-ed23-40d7-9430-effe7e4c295e","block_type":"box","text":"which is the divergence of the Fund’s performance from that of","page_number":20,"box":{"x":82,"y":228,"width":405,"height":11}},{"id":"a03f4250-c7d0-4ddc-8d27-071f5881b718","block_type":"box","text":"the Underlying Index. Tracking error may occur due to a number of","page_number":20,"box":{"x":83,"y":241,"width":425,"height":11}},{"id":"c77d5a5a-5632-462d-8b70-7098ca21c4f2","block_type":"box","text":"factors, including differences between the securities and other","page_number":20,"box":{"x":82,"y":254,"width":402,"height":11}},{"id":"e62e3f32-ef91-48af-8bad-247e6cff7add","block_type":"box","text":"assets held in the Fund’s portfolio and those included in the","page_number":20,"box":{"x":83,"y":267,"width":381,"height":11}},{"id":"691ab8c2-a675-4266-baec-b7041b223981","block_type":"box","text":"Underlying Index; differences in the timing and methodologies","page_number":20,"box":{"x":83,"y":280,"width":396,"height":11}},{"id":"05fd7f85-1ac5-4d8f-ad26-d84fa76e9457","block_type":"box","text":"used to value securities and other assets; transaction costs and","page_number":20,"box":{"x":83,"y":293,"width":407,"height":10}},{"id":"40bef7ca-e1a2-4b9d-99cb-b95dbb6b8221","block_type":"box","text":"other expenses incurred by the Fund that the Underlying Index","page_number":20,"box":{"x":83,"y":305,"width":400,"height":11}},{"id":"cf7e024f-45b6-4ce1-b2f1-b47a9c161e92","block_type":"box","text":"does not incur; the Fund’s holding of uninvested cash; differences","page_number":20,"box":{"x":83,"y":318,"width":421,"height":11}},{"id":"c0f18598-85d9-4234-b40e-3d967fd8e0b5","block_type":"box","text":"in the timing of the accrual or the valuation of dividends or","page_number":20,"box":{"x":83,"y":331,"width":373,"height":11}},{"id":"54757049-41c5-4a7a-886b-e70b11e59c2a","block_type":"box","text":"interest received by the Fund or distributions paid to Fund","page_number":20,"box":{"x":83,"y":344,"width":370,"height":11}},{"id":"6ba196c3-5629-4a4e-a403-c9bb9cd567a8","block_type":"box","text":"shareholders; tax gains or losses; differences between the","page_number":20,"box":{"x":83,"y":357,"width":372,"height":11}},{"id":"744b0f51-d408-48fa-845d-ff9f6a606ffc","block_type":"box","text":"amount and/or timing of withholding taxes on dividends reflected","page_number":20,"box":{"x":83,"y":370,"width":420,"height":11}},{"id":"511f0d52-9cb7-48bc-885a-2f145344d6a8","block_type":"box","text":"in the Underlying Index from the Fund’s obligation, if any, for","page_number":20,"box":{"x":83,"y":383,"width":386,"height":11}},{"id":"87e9afa0-b682-402c-a484-21533191c582","block_type":"box","text":"foreign withholding taxes; the requirements for the Fund to","page_number":20,"box":{"x":549,"y":23,"width":377,"height":11}},{"id":"53497e92-e115-4157-ad9e-5fde010a5cfd","block_type":"box","text":"maintain pass-through tax treatment; portfolio transactions","page_number":20,"box":{"x":549,"y":36,"width":380,"height":11}},{"id":"c86f8e1e-5b7e-4d0e-936c-31031b0864de","block_type":"box","text":"carried out to minimize the distribution of capital gains to","page_number":20,"box":{"x":549,"y":49,"width":366,"height":11}},{"id":"37d3ccc4-31c5-42da-a51d-d5f294d3133e","block_type":"box","text":"shareholders; the acceptance of custom baskets; changes to the","page_number":20,"box":{"x":549,"y":62,"width":414,"height":11}},{"id":"885eeb1c-e847-4e78-bf66-bc3faa3a91aa","block_type":"box","text":"Underlying Index; and impacts to the Fund of complying with","page_number":20,"box":{"x":550,"y":75,"width":386,"height":11}},{"id":"b6e9d806-d7df-4d03-98ab-c3a9e77bdc61","block_type":"box","text":"certain regulatory requirements or limits. Tracking error risk may","page_number":20,"box":{"x":549,"y":88,"width":414,"height":10}},{"id":"d74eae8f-90e6-4acf-ae97-8d6287a1c956","block_type":"box","text":"be heightened during times of increased market volatility or other","page_number":20,"box":{"x":549,"y":100,"width":420,"height":11}},{"id":"9c7d185b-994a-48de-b50a-29bc4f5619dd","block_type":"box","text":"unusual market conditions. A Fund that tracks an index with","page_number":20,"box":{"x":549,"y":113,"width":383,"height":9}},{"id":"bb8c528a-dbbc-45b3-8974-536747fc6a7f","block_type":"box","text":"exposure to non-U.S. issuers may experience higher tracking","page_number":20,"box":{"x":549,"y":126,"width":390,"height":11}},{"id":"e4549d09-d97f-4a83-85e3-043117ef5e54","block_type":"box","text":"error than ETFs that do not track such indexes.","page_number":20,"box":{"x":549,"y":139,"width":299,"height":9}},{"id":"c247fa16-097b-411a-827a-721bf234881d","block_type":"box","text":"Valuation Risk","page_number":20,"box":{"x":550,"y":161,"width":96,"height":9}},{"id":"15fb07ad-e1f7-4a4d-99e4-838a5ff68a81","block_type":"box","text":".","page_number":20,"box":{"x":646,"y":168,"width":2,"height":1}},{"id":"52ba44f8-b23c-4343-9194-7febffde2c55","block_type":"box","text":"The price that the Fund could receive upon the","page_number":20,"box":{"x":653,"y":161,"width":298,"height":11}},{"id":"5d8c7d0c-480d-4923-ab30-c697172701d0","block_type":"box","text":"sale (or other disposition) of a security or other asset may differ","page_number":20,"box":{"x":549,"y":174,"width":408,"height":11}},{"id":"b568f61b-5608-4b8b-a189-9e66e7c6e1a2","block_type":"box","text":"from the Fund’s valuation of the security or other asset,","page_number":20,"box":{"x":549,"y":187,"width":355,"height":11}},{"id":"12ea73a2-83e1-4d28-95d0-45eb01c488f2","block_type":"box","text":"particularly for securities or other assets that trade in low volume","page_number":20,"box":{"x":549,"y":200,"width":418,"height":11}},{"id":"2e8d616c-dabb-40dc-9c25-0d6dd216427f","block_type":"box","text":"or volatile markets or that are valued using a fair value","page_number":20,"box":{"x":549,"y":213,"width":347,"height":10}},{"id":"c7328279-8ab8-400a-9b7c-6995163e3b57","block_type":"box","text":"methodology. 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Actual after-tax returns depend on an investor’s tax situation and may differ from those shown,","page_number":21,"box":{"x":83,"y":660,"width":871,"height":11}},{"id":"a9f0c4ef-25b1-4c59-91ae-8273c832ab99","block_type":"box","text":"and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements,","page_number":21,"box":{"x":83,"y":674,"width":860,"height":11}},{"id":"f5ba0d4c-6058-4d3f-8eb7-b599c90662c6","block_type":"box","text":"such as 401(k) plans or individual retirement accounts (“IRAs”). 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These","page_number":22,"box":{"x":549,"y":246,"width":420,"height":11}},{"id":"408f46bc-9d01-44af-a83b-f830e4583a85","block_type":"box","text":"payments may create a conflict of interest by influencing the","page_number":22,"box":{"x":549,"y":260,"width":387,"height":11}},{"id":"d9d61e62-dbfe-412b-b453-ee4f7fe46a62","block_type":"box","text":"broker-dealer or other intermediary and your salesperson to","page_number":22,"box":{"x":549,"y":275,"width":384,"height":10}},{"id":"98d91003-5517-4eb4-b395-841f9f5f5bce","block_type":"box","text":"recommend the Fund over another investment. Ask your","page_number":22,"box":{"x":549,"y":289,"width":361,"height":11}},{"id":"89d023a7-94c5-4241-bf11-119fb307bd31","block_type":"box","text":"salesperson or visit your financial intermediary’s website for more","page_number":22,"box":{"x":549,"y":303,"width":421,"height":11}},{"id":"95905224-c4c5-44b6-92fc-3081fc1940d0","block_type":"box","text":"information.","page_number":22,"box":{"x":549,"y":317,"width":76,"height":9}},{"id":"1f2c0c41-bced-4c9d-a74c-f4fa448f55d0","block_type":"box","text":"S-7","page_number":22,"box":{"x":525,"y":920,"width":21,"height":9}},{"id":"87e0cbe2-db0e-4dc6-8438-8f3fce88e51d","block_type":"box","text":"iSHARES","page_number":23,"box":{"x":285,"y":24,"width":119,"height":15}},{"id":"2dd5c046-05f1-42c8-bd72-f064ae9f37f3","block_type":"box","text":"®","page_number":23,"box":{"x":407,"y":17,"width":11,"height":8}},{"id":"33a541c8-278a-4478-b5e2-eb20d530a69e","block_type":"box","text":"CORE MSCI EUROPE ETF","page_number":23,"box":{"x":428,"y":24,"width":345,"height":15}},{"id":"bbd341e5-e2c4-4d98-9c9a-a09c45d5fcc0","block_type":"box","text":"Ticker: IEUR Stock Exchange: NYSE Arca","page_number":23,"box":{"x":283,"y":53,"width":486,"height":12}},{"id":"9bef3e60-9bcb-4a06-8757-6a886e0ba492","block_type":"box","text":"Investment Objective","page_number":23,"box":{"x":84,"y":91,"width":181,"height":13}},{"id":"b90ef0d8-b334-4568-a902-8146f9ad0634","block_type":"box","text":"The iShares Core MSCI Europe ETF (the “Fund”) seeks to track the investment results of an index composed of large-, mid- and small","page_number":23,"box":{"x":82,"y":116,"width":857,"height":11}},{"id":"0e3202fd-0fe1-42f4-842d-1f0780772070","block_type":"box","text":"capitalization European equities.","page_number":23,"box":{"x":83,"y":130,"width":207,"height":11}},{"id":"4cb2eccb-4e19-459e-a2cc-f725fcc75c7b","block_type":"box","text":"Fees and Expenses","page_number":23,"box":{"x":84,"y":159,"width":160,"height":13}},{"id":"875bb9a3-f06b-4bb7-8d88-330dd113f842","block_type":"box","text":"The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. 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portfolio securities and the execution of portfolio transactions, including brokerage commissions, (v)","page_number":23,"box":{"x":83,"y":241,"width":833,"height":11}},{"id":"e5d82aa3-7c84-4ff4-830e-e9f8ccf2dc0c","block_type":"box","text":"distribution fees or expenses, and (vi) litigation expenses and any extraordinary expenses.","page_number":23,"box":{"x":83,"y":255,"width":575,"height":11}},{"id":"dfedddb8-365f-45d7-a328-fe250b370011","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in","page_number":23,"box":{"x":82,"y":278,"width":883,"height":12}},{"id":"ab0dd072-f36e-4310-88d6-57c16e5b6565","block_type":"box","text":"the tables and examples below.","page_number":23,"box":{"x":83,"y":293,"width":220,"height":10}},{"id":"a78ecef6-e747-44f3-86f7-4f9fe55c4d34","block_type":"box","text":"Annual Fund Operating 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The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the","page_number":23,"box":{"x":83,"y":483,"width":862,"height":11}},{"id":"b441006d-208f-4234-9a89-cbe6197bc15a","block_type":"box","text":"same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:","page_number":23,"box":{"x":83,"y":498,"width":694,"height":10}},{"id":"2cbe07f3-75ab-4d96-bf1b-30ded08aff13","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":23,"box":{"x":195,"y":528,"width":668,"height":8}},{"id":"d6139a7b-0312-4a74-9456-0b1b35cfbcb1","block_type":"box","text":"$10 $32 $56 $128","page_number":23,"box":{"x":203,"y":548,"width":647,"height":9}},{"id":"1a32c769-9776-4bfe-b0b4-a89d6f15f802","block_type":"box","text":"Portfolio Turnover.","page_number":23,"box":{"x":83,"y":588,"width":129,"height":8}},{"id":"3227e273-fed9-40c7-b9cf-3c355e9eea4a","block_type":"box","text":"The Fund may pay transaction costs, such as","page_number":23,"box":{"x":216,"y":588,"width":287,"height":11}},{"id":"8bee4bb5-487a-4041-b0cc-0d2323b23155","block_type":"box","text":"commissions, when it buys and sells securities (or “turns over” its","page_number":23,"box":{"x":83,"y":602,"width":420,"height":11}},{"id":"2625fc3d-0690-41ad-9772-5662c07cf605","block_type":"box","text":"portfolio). A higher portfolio turnover rate may indicate higher","page_number":23,"box":{"x":83,"y":616,"width":395,"height":11}},{"id":"cfd75726-9118-4171-a9a2-91dbc6955bd5","block_type":"box","text":"transaction costs and may result in higher taxes when Fund","page_number":23,"box":{"x":83,"y":630,"width":380,"height":11}},{"id":"067c8d51-aec4-43aa-aaeb-e5cc582fcb2b","block_type":"box","text":"shares are held in a taxable account. These costs, which are not","page_number":23,"box":{"x":83,"y":645,"width":409,"height":10}},{"id":"caa9f355-37aa-4435-a874-0244844581cc","block_type":"box","text":"reflected in the Annual Fund Operating Expenses or in the","page_number":23,"box":{"x":83,"y":659,"width":368,"height":11}},{"id":"798dc38c-d531-47be-bd0d-f7a9e36ff2bc","block_type":"box","text":"Example, affect the Fund’s performance. During the most recent","page_number":23,"box":{"x":84,"y":673,"width":411,"height":11}},{"id":"cc043d8b-383e-409a-bc34-962e68b43521","block_type":"box","text":"fiscal year, the Fund’s portfolio turnover rate was 4% of the","page_number":23,"box":{"x":82,"y":687,"width":377,"height":11}},{"id":"c828754b-e8b5-4da6-85ef-25f906c46a90","block_type":"box","text":"average value of its portfolio.","page_number":23,"box":{"x":83,"y":701,"width":184,"height":11}},{"id":"e012452e-ad29-4faf-8203-c3e00f570e7e","block_type":"box","text":"Principal Investment Strategies","page_number":23,"box":{"x":84,"y":730,"width":268,"height":14}},{"id":"687c4505-6817-4690-ac60-5b5f31da47be","block_type":"box","text":"The Fund seeks to track the investment results of the MSCI","page_number":23,"box":{"x":82,"y":755,"width":380,"height":9}},{"id":"a6394f02-0c6d-4a62-9052-8a0745efab62","block_type":"box","text":"Europe IMI (the “Underlying Index”), a free float-adjusted market","page_number":23,"box":{"x":84,"y":770,"width":412,"height":10}},{"id":"1d01eb24-21fc-4352-86a3-5920dfa86fac","block_type":"box","text":"capitalization-weighted index which consists of securities from","page_number":23,"box":{"x":83,"y":784,"width":400,"height":11}},{"id":"a2e4d1fb-d099-4e14-96c3-d7ef33ae73bc","block_type":"box","text":"the following 15 developed market countries or regions: Austria,","page_number":23,"box":{"x":83,"y":798,"width":409,"height":11}},{"id":"29e159a1-c367-45d5-9aa1-6aee2cdd3bb3","block_type":"box","text":"Belgium, Denmark, Finland, France, Germany, Ireland, Italy, the","page_number":23,"box":{"x":84,"y":812,"width":402,"height":11}},{"id":"48ef6a41-6c44-4680-84fc-ed2acf29f88d","block_type":"box","text":"Netherlands, Norway, Portugal, Spain, Sweden, Switzerland and","page_number":23,"box":{"x":84,"y":826,"width":406,"height":11}},{"id":"c9214ce6-5d24-424b-9a0f-e6fcde5f09ce","block_type":"box","text":"the United Kingdom (the “U.K.”). 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Errors in index data, index computations or the","page_number":24,"box":{"x":549,"y":768,"width":366,"height":11}},{"id":"02196e26-4405-4160-b184-fd31926e2759","block_type":"box","text":"construction of the Underlying Index in accordance with its","page_number":24,"box":{"x":549,"y":782,"width":377,"height":11}},{"id":"e1a00ec9-b1a7-4dcc-87fd-3013e3dd4d04","block_type":"box","text":"methodology may occur, and the Index Provider may not identify","page_number":24,"box":{"x":549,"y":797,"width":413,"height":10}},{"id":"f54175df-b6ab-464f-8d5f-4f2c53005ce9","block_type":"box","text":"or correct them promptly or at all, which may have an adverse","page_number":24,"box":{"x":549,"y":811,"width":396,"height":11}},{"id":"bfcaa846-b401-439b-891e-26b26bd6ee6d","block_type":"box","text":"impact on the Fund and its shareholders. 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No Authorized","page_number":25,"box":{"x":83,"y":254,"width":378,"height":11}},{"id":"b2c023c1-fb86-4ad2-940a-f970f0ada2ff","block_type":"box","text":"Participant is obligated to engage in creation or redemption","page_number":25,"box":{"x":84,"y":268,"width":379,"height":11}},{"id":"0289cda6-c235-4b18-a1a3-4f7cef468e19","block_type":"box","text":"transactions. To the extent that Authorized Participants exit the","page_number":25,"box":{"x":83,"y":282,"width":404,"height":11}},{"id":"36da45ce-5db4-49fe-9f7c-d0377bb9fdee","block_type":"box","text":"business or do not place creation or redemption orders for the","page_number":25,"box":{"x":83,"y":296,"width":399,"height":11}},{"id":"39e08341-1e31-401d-99b8-3575720187b5","block_type":"box","text":"Fund and no other Authorized Participant places orders, Fund","page_number":25,"box":{"x":84,"y":311,"width":391,"height":10}},{"id":"de505230-0391-4427-9e75-d6fe0304c4ce","block_type":"box","text":"shares are more likely to trade at a premium or discount to NAV","page_number":25,"box":{"x":83,"y":325,"width":408,"height":11}},{"id":"2981e6a3-b907-4dc4-9433-5ca12010cd13","block_type":"box","text":"and possibly face trading halts or delisting.","page_number":25,"box":{"x":83,"y":339,"width":273,"height":11}},{"id":"1172b71b-27cc-4328-856f-83039ea86d29","block_type":"box","text":"Concentration 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in","page_number":25,"box":{"x":83,"y":485,"width":399,"height":10}},{"id":"0ffc998c-19d7-46ad-9529-2bedfdd3b8ef","block_type":"box","text":"consumer preferences and disposable income, commodity prices,","page_number":25,"box":{"x":83,"y":499,"width":420,"height":11}},{"id":"349f4d41-4c33-4cf3-823d-0f8ddaa87140","block_type":"box","text":"government regulation, supply chain disruptions, damage to brand","page_number":25,"box":{"x":83,"y":513,"width":423,"height":11}},{"id":"50da9d29-14d7-4e3a-8622-8c0e3b3eab69","block_type":"box","text":"or reputation, economic slowdown and labor shortages, among","page_number":25,"box":{"x":83,"y":527,"width":403,"height":11}},{"id":"8a76296f-6610-4755-b6d5-3ef014479ff3","block_type":"box","text":"other things.","page_number":25,"box":{"x":83,"y":541,"width":79,"height":11}},{"id":"68706f0b-776d-43b8-b3f7-9f8200d83b3e","block_type":"box","text":"Currency 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While the Fund’s service","page_number":26,"box":{"x":83,"y":308,"width":376,"height":11}},{"id":"ac217bd1-2235-4699-8f2a-b0e3cd9a225b","block_type":"box","text":"providers are required to have appropriate operational,","page_number":26,"box":{"x":83,"y":321,"width":350,"height":11}},{"id":"963b7895-e175-4287-a26e-e3c4ee8d5c80","block_type":"box","text":"information security and cybersecurity risk management policies","page_number":26,"box":{"x":83,"y":334,"width":414,"height":11}},{"id":"bc20705e-e037-4c4c-9e1d-6805973a4fe6","block_type":"box","text":"and procedures, their methods of risk management may differ","page_number":26,"box":{"x":83,"y":347,"width":397,"height":11}},{"id":"12cbd092-1531-4a46-b6a4-e660964900d1","block_type":"box","text":"from those of the Fund. Operational and technology risks for the","page_number":26,"box":{"x":82,"y":360,"width":411,"height":10}},{"id":"18994d41-391f-4195-a97d-f19be59131cd","block_type":"box","text":"issuers in which the Fund invests could also result in material","page_number":26,"box":{"x":83,"y":373,"width":391,"height":8}},{"id":"d7fbe193-bb04-418a-b7d8-9ff296b8608b","block_type":"box","text":"adverse consequences for such issuers and may cause the Fund’s","page_number":26,"box":{"x":83,"y":385,"width":421,"height":11}},{"id":"f80cbc24-6062-496b-aaa4-a9c25ee1bb30","block_type":"box","text":"investments in such issuers to lose value.","page_number":26,"box":{"x":83,"y":398,"width":264,"height":9}},{"id":"d91505f1-c348-4225-88c7-164e15d894b3","block_type":"box","text":"Reliance on Trading Partners Risk","page_number":26,"box":{"x":83,"y":420,"width":228,"height":11}},{"id":"1bd70280-2fc0-43b5-9165-230202f4ffb8","block_type":"box","text":".","page_number":26,"box":{"x":311,"y":427,"width":3,"height":2}},{"id":"02187269-4732-450d-8174-fe12b2cc0db4","block_type":"box","text":"The Fund invests in countries","page_number":26,"box":{"x":319,"y":420,"width":186,"height":9}},{"id":"2e2c859c-014a-4ddc-941e-d3ed71c8c481","block_type":"box","text":"or regions whose economies are heavily dependent upon trading","page_number":26,"box":{"x":83,"y":433,"width":413,"height":11}},{"id":"6042ac34-0672-4c22-8984-f69705dfe705","block_type":"box","text":"with key partners. Any reduction in this trading may have an","page_number":26,"box":{"x":82,"y":446,"width":383,"height":11}},{"id":"ad604217-d747-405d-8fa8-5a9b7a284139","block_type":"box","text":"adverse impact on the Fund’s investments. Through its holdings of","page_number":26,"box":{"x":83,"y":459,"width":424,"height":11}},{"id":"6ae3c42b-c18d-42c8-b37c-526bb4cc7994","block_type":"box","text":"securities of certain issuers, the Fund is specifically exposed to","page_number":26,"box":{"x":83,"y":472,"width":403,"height":11}},{"id":"69669992-9a09-40d6-8155-86099f184584","block_type":"box","text":"Asian Economic Risk, European Economic Risk","page_number":26,"box":{"x":82,"y":485,"width":326,"height":11}},{"id":"94f2ea4c-93a2-4393-a75d-59b26f772c4c","block_type":"box","text":"and","page_number":26,"box":{"x":414,"y":485,"width":22,"height":8}},{"id":"342b26d9-f394-4c0a-abb4-8ebb143e77fc","block_type":"box","text":"U.S.","page_number":26,"box":{"x":442,"y":485,"width":26,"height":8}},{"id":"49062d03-b2b3-4377-abd7-9d1a54d524d6","block_type":"box","text":"Economic Risk.","page_number":26,"box":{"x":83,"y":498,"width":105,"height":8}},{"id":"9df70bc7-95c4-4eea-aa72-c5c43e0445dd","block_type":"box","text":"Risk of Investing in the U.K.","page_number":26,"box":{"x":83,"y":519,"width":186,"height":11}},{"id":"5fcc8e7b-1b50-43ce-b6a9-df62b60bfe52","block_type":"box","text":"Investing in U.K. issuers subjects","page_number":26,"box":{"x":276,"y":519,"width":210,"height":11}},{"id":"6f5bd8c1-502b-411f-bf4e-89b37966a9cc","block_type":"box","text":"the Fund to legal, regulatory, political, economic, currency,","page_number":26,"box":{"x":83,"y":532,"width":375,"height":11}},{"id":"e3a71527-3aff-4c59-8499-1f4bb1d74e6c","block_type":"box","text":"geographic and security risks that are specific to the U.K.","page_number":26,"box":{"x":83,"y":545,"width":366,"height":11}},{"id":"bdab3f0b-0cfe-442b-8209-7d9bf34b9049","block_type":"box","text":"Economic downturns or political instability in its key trading","page_number":26,"box":{"x":84,"y":558,"width":380,"height":11}},{"id":"f2fa2a71-5bff-453a-aacb-6efc9ab13a3e","block_type":"box","text":"partners, which include the United States and other European","page_number":26,"box":{"x":83,"y":571,"width":394,"height":11}},{"id":"1b8c95a1-916a-4b78-85dc-d27a0083aafc","block_type":"box","text":"countries, could have an adverse effect on the U.K. economy.","page_number":26,"box":{"x":83,"y":584,"width":392,"height":11}},{"id":"664a1860-fabd-4847-9240-cdb9d1fc60fe","block_type":"box","text":"Following Brexit, certain trading matters between the U.K. and the","page_number":26,"box":{"x":84,"y":597,"width":422,"height":11}},{"id":"f4944711-3cf3-4878-a125-fa38d9017419","block_type":"box","text":"European Union (the “EU”) remain unresolved, including with","page_number":26,"box":{"x":84,"y":610,"width":387,"height":11}},{"id":"2ff8efce-2c49-49a5-b4db-127d43fddc28","block_type":"box","text":"respect to financial services. The continuing uncertainty could","page_number":26,"box":{"x":83,"y":623,"width":396,"height":10}},{"id":"01b4fa66-952c-45ff-9019-fc4aea7bb9ad","block_type":"box","text":"have an adverse impact on the U.K. economy and currency.","page_number":26,"box":{"x":83,"y":636,"width":380,"height":10}},{"id":"f9a9a0c5-955b-464b-89ab-444cdb0668b9","block_type":"box","text":"Securities Lending Risk.","page_number":26,"box":{"x":82,"y":657,"width":162,"height":11}},{"id":"b186924a-7c92-4ff4-b4c5-9a865bb7100e","block_type":"box","text":"The Fund may engage in securities","page_number":26,"box":{"x":249,"y":657,"width":221,"height":11}},{"id":"a1be289a-8baf-4c6e-9b87-5508f6389cc8","block_type":"box","text":"lending. Securities lending involves the risk that the Fund may","page_number":26,"box":{"x":83,"y":670,"width":396,"height":11}},{"id":"d685ae44-12ac-4cbd-b6c6-8e84f8d638eb","block_type":"box","text":"lose money because the borrower of the loaned securities fails to","page_number":26,"box":{"x":549,"y":23,"width":418,"height":11}},{"id":"06efbb35-1dbc-476e-8355-1d7743859e41","block_type":"box","text":"return the securities in a timely manner or at all. The Fund could","page_number":26,"box":{"x":549,"y":36,"width":409,"height":11}},{"id":"b735029b-d562-4dfa-bc16-af5955178de3","block_type":"box","text":"also lose money in the event of a decline in the value of collateral","page_number":26,"box":{"x":549,"y":49,"width":416,"height":11}},{"id":"c74b32f0-c591-4807-8f87-dfc826f82dd8","block_type":"box","text":"provided for loaned securities or a decline in the value of any","page_number":26,"box":{"x":549,"y":62,"width":389,"height":11}},{"id":"a2a78abc-8ff4-415d-9ee0-c1e41396145b","block_type":"box","text":"investments made with cash collateral. These events could also","page_number":26,"box":{"x":549,"y":75,"width":406,"height":8}},{"id":"feae11ab-d45a-49f1-beec-f9a8f4fa7c23","block_type":"box","text":"trigger adverse tax consequences for the Fund.","page_number":26,"box":{"x":549,"y":88,"width":301,"height":10}},{"id":"67201d36-bbb1-4e20-92e4-d588e3ab6c56","block_type":"box","text":"Tracking Error Risk","page_number":26,"box":{"x":550,"y":109,"width":128,"height":11}},{"id":"1147d393-23bc-4a60-af8e-1ca66819000e","block_type":"box","text":".","page_number":26,"box":{"x":678,"y":116,"width":3,"height":2}},{"id":"72bb6f68-aef6-433e-8830-2f3d9ef10e3b","block_type":"box","text":"The Fund may be subject to “tracking error,”","page_number":26,"box":{"x":686,"y":110,"width":284,"height":10}},{"id":"33f6b4cd-39b7-4537-9b22-1450e0da336d","block_type":"box","text":"which is the divergence of the Fund’s performance from that of","page_number":26,"box":{"x":549,"y":122,"width":404,"height":11}},{"id":"139c2249-e78b-4c5c-a870-787f865d456d","block_type":"box","text":"the Underlying Index. Tracking error may occur due to a number of","page_number":26,"box":{"x":549,"y":135,"width":425,"height":11}},{"id":"431cacd3-5525-48e1-95a2-c2405730a087","block_type":"box","text":"factors, including differences between the securities and other","page_number":26,"box":{"x":549,"y":148,"width":401,"height":11}},{"id":"def6bd61-af22-496c-b300-b024b5732185","block_type":"box","text":"assets held in the Fund’s portfolio and those included in the","page_number":26,"box":{"x":549,"y":161,"width":381,"height":11}},{"id":"c312b2fd-5c4b-4ef8-8835-5a6859979221","block_type":"box","text":"Underlying Index; differences in the timing and methodologies","page_number":26,"box":{"x":550,"y":174,"width":396,"height":11}},{"id":"bcdaef26-d5df-42f6-9023-ffec406c290f","block_type":"box","text":"used to value securities and other assets; transaction costs and","page_number":26,"box":{"x":549,"y":187,"width":407,"height":10}},{"id":"0d4ac155-a1f1-4d51-b679-2894f25eac93","block_type":"box","text":"other expenses incurred by the Fund that the Underlying Index","page_number":26,"box":{"x":549,"y":200,"width":400,"height":11}},{"id":"2ffd2dcd-bcf0-467e-a47b-5f74cb1763f0","block_type":"box","text":"does not incur; the Fund’s holding of uninvested cash; differences","page_number":26,"box":{"x":549,"y":213,"width":421,"height":10}},{"id":"dbbd14fc-1016-4e20-8eae-c30138351651","block_type":"box","text":"in the timing of the accrual or the valuation of dividends or","page_number":26,"box":{"x":549,"y":226,"width":374,"height":10}},{"id":"1363552b-3710-41db-ba22-48118ba3c4ab","block_type":"box","text":"interest received by the Fund or distributions paid to Fund","page_number":26,"box":{"x":549,"y":238,"width":370,"height":11}},{"id":"d1762eae-284a-4ed1-9ec5-e828b88b9f79","block_type":"box","text":"shareholders; tax gains or losses; differences between the","page_number":26,"box":{"x":549,"y":251,"width":372,"height":11}},{"id":"fea45f5c-2dcc-4e45-aa69-eae1324608cf","block_type":"box","text":"amount and/or timing of withholding taxes on dividends reflected","page_number":26,"box":{"x":549,"y":264,"width":420,"height":11}},{"id":"9f6c81a9-cb5e-4774-90eb-bc695fa37c84","block_type":"box","text":"in the Underlying Index from the Fund’s obligation, if any, for","page_number":26,"box":{"x":549,"y":277,"width":387,"height":11}},{"id":"bdbb4a6a-2072-4933-ad84-c4eddf34e900","block_type":"box","text":"foreign withholding taxes; the requirements for the Fund to","page_number":26,"box":{"x":549,"y":290,"width":377,"height":11}},{"id":"9f424e21-1408-4d9e-be59-c0db59e06d6e","block_type":"box","text":"maintain pass-through tax treatment; portfolio transactions","page_number":26,"box":{"x":549,"y":303,"width":380,"height":11}},{"id":"699443d7-c292-4284-9145-1e827edf0428","block_type":"box","text":"carried out to minimize the distribution of capital gains to","page_number":26,"box":{"x":549,"y":316,"width":366,"height":11}},{"id":"9c8609de-90d2-4d7e-8822-8cdbaa35999d","block_type":"box","text":"shareholders; the acceptance of custom baskets; changes to the","page_number":26,"box":{"x":549,"y":329,"width":414,"height":10}},{"id":"809bf49e-e583-48b6-967b-cd6743aa70fa","block_type":"box","text":"Underlying Index; and impacts to the Fund of complying with","page_number":26,"box":{"x":550,"y":342,"width":386,"height":10}},{"id":"64f5bd64-39d7-4817-a64a-256c984e0d05","block_type":"box","text":"certain regulatory requirements or limits. Tracking error risk may","page_number":26,"box":{"x":549,"y":354,"width":414,"height":11}},{"id":"6ba4ce3c-dbc0-4ed4-a0a8-fda0089b1e69","block_type":"box","text":"be heightened during times of increased market volatility or other","page_number":26,"box":{"x":549,"y":367,"width":420,"height":11}},{"id":"fc8db03f-2d27-48ca-b561-d3b1256e1fe4","block_type":"box","text":"unusual market conditions. A Fund that tracks an index with","page_number":26,"box":{"x":549,"y":380,"width":383,"height":9}},{"id":"2b37aebb-fe24-421f-b703-18a6712273f9","block_type":"box","text":"exposure to non-U.S. issuers may experience higher tracking","page_number":26,"box":{"x":549,"y":393,"width":390,"height":11}},{"id":"bb377937-8fb4-4e4f-9d6f-8e0692acc2ab","block_type":"box","text":"error than ETFs that do not track such indexes.","page_number":26,"box":{"x":549,"y":406,"width":299,"height":8}},{"id":"5e30df66-785b-41b4-9369-14e2db829eaf","block_type":"box","text":"Valuation Risk","page_number":26,"box":{"x":550,"y":428,"width":96,"height":8}},{"id":"2d3da271-b015-478c-b406-2de2a9895825","block_type":"box","text":".","page_number":26,"box":{"x":646,"y":434,"width":2,"height":2}},{"id":"7e29e274-c733-4124-9702-636f1fbf8a33","block_type":"box","text":"The price that the Fund could receive upon the","page_number":26,"box":{"x":653,"y":428,"width":298,"height":11}},{"id":"6a444a79-c929-41cd-9050-3cdb867ba50b","block_type":"box","text":"sale (or other disposition) of a security or other asset may differ","page_number":26,"box":{"x":549,"y":441,"width":408,"height":11}},{"id":"608d0538-4b8a-49db-b300-2b11312370f8","block_type":"box","text":"from the Fund’s valuation of the security or other asset,","page_number":26,"box":{"x":549,"y":454,"width":355,"height":11}},{"id":"9cb531b9-2d42-4971-b493-42c73abc0f36","block_type":"box","text":"particularly for securities or other assets that trade in low volume","page_number":26,"box":{"x":549,"y":467,"width":418,"height":10}},{"id":"c98d2f35-9f21-4dfb-83af-0e7d319638e7","block_type":"box","text":"or volatile markets or that are valued using a fair value","page_number":26,"box":{"x":549,"y":479,"width":347,"height":11}},{"id":"9e141dda-c1ff-43ce-a0dd-ab137d08f45c","block_type":"box","text":"methodology. The price received by the Fund also may differ from","page_number":26,"box":{"x":549,"y":492,"width":418,"height":11}},{"id":"a875628b-3cdd-4733-b6cf-6dd881bb2175","block_type":"box","text":"the value used by the Underlying Index. In addition, the value of","page_number":26,"box":{"x":549,"y":505,"width":406,"height":11}},{"id":"db5cf377-ff8e-416b-8a33-5675cc60db19","block_type":"box","text":"the securities or other assets in the Fund’s portfolio may change","page_number":26,"box":{"x":549,"y":518,"width":411,"height":11}},{"id":"87f33551-7549-4e44-90c2-b51325d2769d","block_type":"box","text":"on days or during time periods when investors are not able to","page_number":26,"box":{"x":549,"y":531,"width":392,"height":11}},{"id":"467be7f1-125c-4b8c-bdc7-59ef0bebadc4","block_type":"box","text":"purchase or sell Fund shares. Authorized Participants that create","page_number":26,"box":{"x":549,"y":544,"width":414,"height":11}},{"id":"ce9bb191-e8ae-44f1-bb51-8b79814f694b","block_type":"box","text":"or redeem Fund shares on days when the Fund is holding fair","page_number":26,"box":{"x":549,"y":557,"width":394,"height":11}},{"id":"3e1d91c3-c446-4edb-bb3c-41b9e89f8d3c","block_type":"box","text":"valued securities or other assets may receive fewer or more","page_number":26,"box":{"x":548,"y":570,"width":383,"height":11}},{"id":"235b45a9-7c4e-42be-a533-35691ee162b2","block_type":"box","text":"shares, or lower or higher redemption proceeds, than they would","page_number":26,"box":{"x":549,"y":583,"width":414,"height":10}},{"id":"8d60ec77-c588-46e8-892d-0e49493663c1","block_type":"box","text":"have received had the securities or other assets not been fair","page_number":26,"box":{"x":549,"y":595,"width":392,"height":9}},{"id":"de007ac7-b5c9-4ebf-80ac-564c7ab9f506","block_type":"box","text":"valued or been valued using a different methodology. The ability to","page_number":26,"box":{"x":548,"y":608,"width":425,"height":11}},{"id":"bb8c151c-5079-4e7e-b348-b317fa8879fb","block_type":"box","text":"value investments may be impacted by technological issues or","page_number":26,"box":{"x":548,"y":621,"width":400,"height":11}},{"id":"1b66d765-b2e2-4a2b-8ab2-f6eb32d34514","block_type":"box","text":"errors by pricing services or other third-party service providers.","page_number":26,"box":{"x":549,"y":634,"width":405,"height":11}},{"id":"b035c0cd-2b2b-46a2-8699-1ddbaa326d26","block_type":"box","text":"S-11","page_number":26,"box":{"x":522,"y":920,"width":25,"height":9}},{"id":"655e1654-6b7a-4764-afd4-1a5760512ae0","block_type":"box","text":"Performance Information","page_number":27,"box":{"x":84,"y":22,"width":213,"height":11}},{"id":"733039ab-20fb-4ba1-913c-dba7f52c1f20","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication","page_number":27,"box":{"x":82,"y":48,"width":887,"height":10}},{"id":"8b578102-9a8c-4790-97c7-fb5830c271d6","block_type":"box","text":"of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another","page_number":27,"box":{"x":83,"y":61,"width":872,"height":10}},{"id":"8a6528a2-5d76-4b5c-8ed1-97d11cb39b5a","block_type":"box","text":"over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index and","page_number":27,"box":{"x":83,"y":73,"width":867,"height":11}},{"id":"1c0cc968-ed6a-4672-b0a7-60857be929bf","block_type":"box","text":"the Underlying Index. Returns assume the reinvestment of any dividends and distributions. The Fund’s returns reflect the impact of any","page_number":27,"box":{"x":83,"y":86,"width":863,"height":11}},{"id":"68671255-6fc4-41f7-b937-2ac2ca0d0c04","block_type":"box","text":"agreements to waive or reimburse expenses, which would reduce performance if not in effect. 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Actual after-tax returns depend on an investor’s tax situation and may differ from those shown,","page_number":27,"box":{"x":83,"y":650,"width":871,"height":10}},{"id":"608d443a-e8f0-4f66-82fb-e84c55896dd9","block_type":"box","text":"and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements,","page_number":27,"box":{"x":83,"y":663,"width":860,"height":10}},{"id":"70affe9d-c251-42bf-af08-b107941a49e3","block_type":"box","text":"such as 401(k) plans or individual retirement accounts (“IRAs”). 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Individual shares of the Fund may only be","page_number":28,"box":{"x":82,"y":210,"width":391,"height":11}},{"id":"7c109ce2-788e-4454-9913-c7e0160df4b6","block_type":"box","text":"bought and sold in the secondary market through a broker-dealer.","page_number":28,"box":{"x":83,"y":224,"width":420,"height":11}},{"id":"d28203a1-2d81-49ad-98f0-5a214c3694fa","block_type":"box","text":"Because ETF shares trade at market prices rather than at NAV,","page_number":28,"box":{"x":84,"y":238,"width":399,"height":11}},{"id":"0370557b-c229-4958-818c-f438ac9776e0","block_type":"box","text":"shares may trade at a price greater than NAV (a premium) or less","page_number":28,"box":{"x":83,"y":253,"width":416,"height":10}},{"id":"f09bde67-87c7-491e-91c5-99c4bc2f1b9b","block_type":"box","text":"than NAV (a discount). 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These","page_number":28,"box":{"x":549,"y":246,"width":420,"height":11}},{"id":"7129dc8a-09fc-44fd-aa86-95154ea208e8","block_type":"box","text":"payments may create a conflict of interest by influencing the","page_number":28,"box":{"x":549,"y":260,"width":387,"height":11}},{"id":"a20140ef-90c8-4077-aaa2-8fab2888416a","block_type":"box","text":"broker-dealer or other intermediary and your salesperson to","page_number":28,"box":{"x":549,"y":275,"width":384,"height":10}},{"id":"558f9dfb-39f9-4aa4-b41b-81d6e2f1db1f","block_type":"box","text":"recommend the Fund over another investment. Ask your","page_number":28,"box":{"x":549,"y":289,"width":361,"height":11}},{"id":"495651e9-2cf9-4645-bdf9-aa3745ad3241","block_type":"box","text":"salesperson or visit your financial intermediary’s website for more","page_number":28,"box":{"x":549,"y":303,"width":421,"height":11}},{"id":"1ff7067a-43cd-46e4-a284-8fff5f1fdc0c","block_type":"box","text":"information.","page_number":28,"box":{"x":549,"y":317,"width":76,"height":9}},{"id":"7804331b-7af2-4e1d-9bb3-8dd1c51a1863","block_type":"box","text":"S-13","page_number":28,"box":{"x":522,"y":920,"width":27,"height":9}},{"id":"063f5de8-24e4-40ad-8703-ee6b2d5ffdb3","block_type":"box","text":"iSHARES","page_number":29,"box":{"x":97,"y":24,"width":119,"height":15}},{"id":"b96c51bf-07e1-4742-8858-4830ace8ee9d","block_type":"box","text":"®","page_number":29,"box":{"x":219,"y":17,"width":10,"height":8}},{"id":"f3c98f2e-28ed-4ef1-a33a-07e5c1a93a04","block_type":"box","text":"CORE MSCI INTERNATIONAL DEVELOPED MARKETS","page_number":29,"box":{"x":240,"y":24,"width":720,"height":15}},{"id":"6a4ebbd2-952c-46a7-9f51-a8e8ac7954cd","block_type":"box","text":"ETF","page_number":29,"box":{"x":505,"y":46,"width":49,"height":15}},{"id":"1b54d046-8b21-4c52-901e-39964a444d36","block_type":"box","text":"Ticker: IDEV Stock Exchange: NYSE ARCA","page_number":29,"box":{"x":280,"y":75,"width":492,"height":12}},{"id":"b359529b-3a4a-4de6-a27a-18cf23dfeb3c","block_type":"box","text":"Investment Objective","page_number":29,"box":{"x":84,"y":113,"width":181,"height":13}},{"id":"2b770259-1f7e-4eaf-b92e-1ab5705024d4","block_type":"box","text":"The iShares Core MSCI International Developed Markets ETF (the “Fund”) seeks to track the investment results of an index composed of","page_number":29,"box":{"x":82,"y":138,"width":875,"height":11}},{"id":"2b5eb472-2e81-4478-8266-5cbb8e78c756","block_type":"box","text":"large-, mid- and small-capitalization developed market equities, excluding the United States.","page_number":29,"box":{"x":83,"y":152,"width":589,"height":11}},{"id":"a11ff8a4-9eb6-4129-8fc8-3fb5196014d2","block_type":"box","text":"Fees and Expenses","page_number":29,"box":{"x":84,"y":181,"width":160,"height":13}},{"id":"7949cc3c-d6b5-48d4-a1d2-9d0b127ea72e","block_type":"box","text":"The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. 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portfolio securities and the execution of portfolio transactions, including brokerage commissions, (v)","page_number":29,"box":{"x":83,"y":263,"width":833,"height":11}},{"id":"427799b5-dc78-49e2-bfaa-69d11f3ad2ba","block_type":"box","text":"distribution fees or expenses, and (vi) litigation expenses and any extraordinary expenses.","page_number":29,"box":{"x":83,"y":277,"width":575,"height":11}},{"id":"9752b483-069c-43da-b217-fba1be5a1fe5","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in","page_number":29,"box":{"x":82,"y":300,"width":883,"height":11}},{"id":"93c29c78-4764-464f-903d-0e2e3e1008d3","block_type":"box","text":"the tables and examples below.","page_number":29,"box":{"x":83,"y":315,"width":220,"height":10}},{"id":"9ab6ec78-3c15-4ae4-b0bc-62d80d01030b","block_type":"box","text":"Annual Fund Operating 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Fees","page_number":29,"box":{"x":393,"y":406,"width":73,"height":9}},{"id":"f39de0a3-0dc6-4e8e-a2f1-a2a1fe12f7bc","block_type":"box","text":"Other","page_number":29,"box":{"x":621,"y":395,"width":35,"height":8}},{"id":"75b790ef-9634-4ab0-98be-8a6828c61e65","block_type":"box","text":"Expenses","page_number":29,"box":{"x":610,"y":406,"width":57,"height":9}},{"id":"67762616-4c82-4747-87a8-dc7e22a0a812","block_type":"box","text":"Total Annual","page_number":29,"box":{"x":810,"y":375,"width":76,"height":7}},{"id":"378b465b-58dc-482b-8f63-836035140fef","block_type":"box","text":"Fund","page_number":29,"box":{"x":834,"y":385,"width":29,"height":8}},{"id":"8744606a-0631-4b45-a8a3-730ec7ea6941","block_type":"box","text":"Operating","page_number":29,"box":{"x":818,"y":395,"width":61,"height":10}},{"id":"8ab44591-4dfc-483c-97ad-46d55c62b3ca","block_type":"box","text":"Expenses","page_number":29,"box":{"x":820,"y":406,"width":58,"height":9}},{"id":"9cf8261f-dec3-4bb9-95e6-55750374d5f2","block_type":"box","text":"0.04% None 0.00% 0.04%","page_number":29,"box":{"x":193,"y":425,"width":673,"height":8}},{"id":"a62ebf67-c2fa-4135-9053-d6cf83a081ab","block_type":"box","text":"1","page_number":29,"box":{"x":112,"y":456,"width":2,"height":4}},{"id":"f1dcf5f6-78c4-4144-a137-f0a30fc70c0c","block_type":"box","text":"Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if 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The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the","page_number":29,"box":{"x":83,"y":505,"width":862,"height":11}},{"id":"fb16b9ba-8d58-41c1-9c07-85ca63d1f069","block_type":"box","text":"same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:","page_number":29,"box":{"x":83,"y":519,"width":694,"height":11}},{"id":"6e4332e3-b692-49d6-a62e-3f9734b70cef","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":29,"box":{"x":195,"y":550,"width":668,"height":8}},{"id":"c9be403a-f549-44b0-9ee3-98cb4c87d8c8","block_type":"box","text":"$4 $13 $23 $51","page_number":29,"box":{"x":206,"y":570,"width":639,"height":9}},{"id":"0e776bb2-cebb-48b7-8af3-d032b2c70727","block_type":"box","text":"Portfolio Turnover.","page_number":29,"box":{"x":83,"y":610,"width":129,"height":8}},{"id":"0dcd7031-20c4-4f6d-81d7-8c1e0eb1ed5c","block_type":"box","text":"The Fund may pay transaction costs, such as","page_number":29,"box":{"x":216,"y":610,"width":287,"height":11}},{"id":"f98df5c4-3b54-4f7c-9446-6a4f12f03df6","block_type":"box","text":"commissions, when it buys and sells securities (or “turns over” its","page_number":29,"box":{"x":83,"y":624,"width":420,"height":11}},{"id":"505be0dd-7210-4560-85c6-9efe76d7bb0f","block_type":"box","text":"portfolio). 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During the most recent","page_number":29,"box":{"x":84,"y":695,"width":411,"height":11}},{"id":"cc5efcb8-84cd-4c06-91dc-3f1f7b3cef90","block_type":"box","text":"fiscal year, the Fund’s portfolio turnover rate was 3% of the","page_number":29,"box":{"x":82,"y":709,"width":377,"height":11}},{"id":"bd2bc9f2-9145-47ff-b123-81d6acec2bbf","block_type":"box","text":"average value of its portfolio.","page_number":29,"box":{"x":83,"y":723,"width":184,"height":11}},{"id":"483aee5e-9c5c-440a-bef5-990c01b278ed","block_type":"box","text":"Principal Investment Strategies","page_number":29,"box":{"x":84,"y":752,"width":268,"height":13}},{"id":"6667513e-127f-4224-ba5f-0785e481f1b6","block_type":"box","text":"The Fund seeks to track the investment results of the MSCI World","page_number":29,"box":{"x":82,"y":777,"width":421,"height":9}},{"id":"35831d77-4688-4af7-a49c-b8cbd4a8dfc1","block_type":"box","text":"ex USA Investable Market Index (the “Underlying Index”), which","page_number":29,"box":{"x":83,"y":791,"width":405,"height":11}},{"id":"e542f2a9-a6fe-432a-92dc-c5b9aa592e6c","block_type":"box","text":"has been developed by MSCI Inc. (the “Index Provider” or “MSCI”)","page_number":29,"box":{"x":83,"y":806,"width":422,"height":10}},{"id":"415a8c87-8477-4303-af58-c78371947486","block_type":"box","text":"as an equity benchmark for international stock performance in","page_number":29,"box":{"x":83,"y":820,"width":403,"height":11}},{"id":"1c39005c-4c08-40f5-9c8e-cbd7b48b53cb","block_type":"box","text":"non-U.S. developed markets. The Underlying Index is free float","page_number":29,"box":{"x":83,"y":834,"width":405,"height":11}},{"id":"69b390a1-0a17-4220-adf9-a49674506bf8","block_type":"box","text":"adjusted, market cap-weighted and is designed to measure large-,","page_number":29,"box":{"x":83,"y":848,"width":422,"height":11}},{"id":"82cffcf9-4c63-484c-9a8c-f9c1dbd32ac3","block_type":"box","text":"mid- and small-capitalization equity market performance. 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The Fund is subject to certain risks,","page_number":30,"box":{"x":83,"y":831,"width":396,"height":11}},{"id":"0b947e31-ca00-4d53-860b-444beebb7a43","block_type":"box","text":"including the principal risks noted below, any of which may","page_number":30,"box":{"x":83,"y":846,"width":376,"height":10}},{"id":"e963b18e-a70b-4bf8-a5cd-fcf4ac056f1e","block_type":"box","text":"adversely affect the Fund’s net asset value per share (“NAV”),","page_number":30,"box":{"x":83,"y":860,"width":392,"height":11}},{"id":"346aa1cb-ed15-43d0-8e6d-350fa1470a21","block_type":"box","text":"trading price, yield, total return and ability to meet its investment","page_number":30,"box":{"x":83,"y":874,"width":416,"height":11}},{"id":"dbe9656d-e014-4c59-9511-67998451eb6b","block_type":"box","text":"objective. 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The performance of such companies may also be","page_number":31,"box":{"x":549,"y":135,"width":388,"height":11}},{"id":"c9cb0a1a-6283-41e2-94ec-39f1c1b7500d","block_type":"box","text":"affected by technological developments, labor relations,","page_number":31,"box":{"x":549,"y":148,"width":358,"height":11}},{"id":"9fc7bbfb-e95c-4afb-a6cf-56a33f46d5ca","block_type":"box","text":"legislative and regulatory changes, government spending policies,","page_number":31,"box":{"x":549,"y":161,"width":420,"height":11}},{"id":"3f9c6015-bbbb-4748-8009-ecd1feb22c35","block_type":"box","text":"and changes in domestic and international economies.","page_number":31,"box":{"x":549,"y":174,"width":348,"height":11}},{"id":"2e6645d4-34a4-4951-a418-6ad9de7e6a60","block_type":"box","text":"Issuer Risk","page_number":31,"box":{"x":549,"y":196,"width":75,"height":8}},{"id":"03a71dfc-3ce4-470e-aac5-dc26bb27b978","block_type":"box","text":".","page_number":31,"box":{"x":624,"y":202,"width":3,"height":2}},{"id":"5885426d-5c41-4511-87e7-0b0e9ea22026","block_type":"box","text":"The performance of the Fund depends on the","page_number":31,"box":{"x":632,"y":196,"width":288,"height":11}},{"id":"a3e4b935-9c62-440c-802e-78924289a214","block_type":"box","text":"performance of individual securities or other assets to which the","page_number":31,"box":{"x":549,"y":209,"width":412,"height":11}},{"id":"ee69280c-8682-409a-907e-525b09a470b2","block_type":"box","text":"Fund has exposure. The value of securities or other assets may","page_number":31,"box":{"x":550,"y":222,"width":402,"height":10}},{"id":"79327dd4-fe98-49ca-8894-fdf0beeb8270","block_type":"box","text":"decline, or perform differently from the market as a whole, due to","page_number":31,"box":{"x":549,"y":235,"width":418,"height":10}},{"id":"fcb83113-e190-431e-aa03-6e21a4c71c70","block_type":"box","text":"changes in the financial condition or credit rating of the issuer or","page_number":31,"box":{"x":549,"y":247,"width":414,"height":11}},{"id":"c990981c-2b40-43ea-a148-87ba1648c5a1","block_type":"box","text":"counterparty.","page_number":31,"box":{"x":549,"y":261,"width":84,"height":10}},{"id":"3ee22728-4db2-4d95-be94-942b00b640d8","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":31,"box":{"x":549,"y":282,"width":252,"height":11}},{"id":"6fe24801-cb76-4567-9e31-7c631a31e3a9","block_type":"box","text":"Large-capitalization","page_number":31,"box":{"x":808,"y":282,"width":124,"height":11}},{"id":"08c2ca6d-4863-4961-9c2d-51f2b1da02d6","block_type":"box","text":"companies may be less able than smaller-capitalization","page_number":31,"box":{"x":549,"y":295,"width":352,"height":11}},{"id":"671af145-b8be-44ce-a457-1dbe9e316d1d","block_type":"box","text":"companies to adapt to changing market conditions and","page_number":31,"box":{"x":549,"y":308,"width":352,"height":11}},{"id":"6ae6ac4a-eda5-44dd-9d8c-49274c304da6","block_type":"box","text":"competitive challenges. Large-capitalization companies may be","page_number":31,"box":{"x":549,"y":321,"width":405,"height":11}},{"id":"264387ac-5ca6-49ee-9bbb-fec5f7d1b0e7","block_type":"box","text":"more mature and subject to more limited growth potential","page_number":31,"box":{"x":549,"y":334,"width":371,"height":11}},{"id":"4ae16c79-5a7c-43c3-9c20-04b33a4c5558","block_type":"box","text":"compared with smaller-capitalization companies. The","page_number":31,"box":{"x":549,"y":347,"width":340,"height":10}},{"id":"b3905eda-857b-45bc-934b-4e8a2124f329","block_type":"box","text":"performance of large-capitalization companies could trail the","page_number":31,"box":{"x":549,"y":360,"width":390,"height":10}},{"id":"dd9cc5ff-80bc-4397-b22f-be17061abc90","block_type":"box","text":"overall performance of the broader securities markets.","page_number":31,"box":{"x":549,"y":372,"width":349,"height":11}},{"id":"3bfd4617-613a-4d98-90d0-f3fcbd0c627b","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk.","page_number":31,"box":{"x":549,"y":394,"width":360,"height":11}},{"id":"7f4efb18-177a-4a61-9c2a-51a0d34918fa","block_type":"box","text":"Certain","page_number":31,"box":{"x":915,"y":394,"width":45,"height":9}},{"id":"5a7c1d34-c883-40ef-bcb5-d485e9b9085a","block_type":"box","text":"shareholders of the Fund, including an Authorized Participant, a","page_number":31,"box":{"x":549,"y":407,"width":405,"height":11}},{"id":"efc49598-4ec6-47a2-89a1-2fbe8c0796f0","block_type":"box","text":"third-party investor, the Fund’s adviser, an affiliate of the Fund’s","page_number":31,"box":{"x":549,"y":420,"width":409,"height":11}},{"id":"04004934-5004-48e6-8966-0497ee7aba01","block_type":"box","text":"adviser, a market maker, or another entity, may from time to time","page_number":31,"box":{"x":549,"y":433,"width":419,"height":11}},{"id":"d24052af-4fd6-42d6-9977-0b32658d8476","block_type":"box","text":"own or manage a substantial amount of Fund shares, or may hold","page_number":31,"box":{"x":549,"y":446,"width":417,"height":11}},{"id":"3cd220d2-dbf4-4a5e-a79b-120a36be7b20","block_type":"box","text":"their investment in the Fund for a limited period of time. There can","page_number":31,"box":{"x":549,"y":459,"width":424,"height":11}},{"id":"0e14bf8e-974a-412b-88e8-885126b629e1","block_type":"box","text":"be no assurance that any large shareholder or large group of","page_number":31,"box":{"x":549,"y":472,"width":387,"height":11}},{"id":"d9aacf3e-88bf-4bc6-8669-803a4ff1692f","block_type":"box","text":"shareholders would not redeem their investment. Redemptions of","page_number":31,"box":{"x":549,"y":485,"width":421,"height":10}},{"id":"723a90c6-e7e5-4504-8785-6cc53f5915be","block_type":"box","text":"a large number of Fund shares could require the Fund to dispose","page_number":31,"box":{"x":549,"y":498,"width":413,"height":10}},{"id":"bf4f4867-375d-49c0-a16c-ff5595606bb1","block_type":"box","text":"of assets to meet the redemption requests, which can accelerate","page_number":31,"box":{"x":549,"y":510,"width":416,"height":11}},{"id":"83564426-6a0c-4423-8509-11a515610afc","block_type":"box","text":"the realization of taxable income and/or capital gains and cause","page_number":31,"box":{"x":549,"y":523,"width":411,"height":11}},{"id":"44dcae24-8da6-4195-bc0c-3d5333a17fb0","block_type":"box","text":"the Fund to make taxable distributions to its shareholders earlier","page_number":31,"box":{"x":549,"y":536,"width":415,"height":9}},{"id":"fc928d2a-22a3-483e-a28d-9870620fd3a8","block_type":"box","text":"than the Fund otherwise would have. In addition, under certain","page_number":31,"box":{"x":549,"y":549,"width":400,"height":10}},{"id":"5e85a05e-f334-469d-8524-d875039bb557","block_type":"box","text":"circumstances, non-redeeming shareholders may be treated as","page_number":31,"box":{"x":549,"y":562,"width":404,"height":11}},{"id":"89037b8e-e1a6-4256-a9a1-8cd9ce72f886","block_type":"box","text":"receiving a disproportionately large taxable distribution during or","page_number":31,"box":{"x":549,"y":575,"width":415,"height":11}},{"id":"ed7a55f8-74a6-42b0-a76e-210b9102e14d","block_type":"box","text":"with respect to such year. 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As the Fund will not fully replicate the","page_number":31,"box":{"x":549,"y":726,"width":362,"height":11}},{"id":"798e6615-2d90-4126-98f5-c12d9ce9285e","block_type":"box","text":"Underlying Index and may hold securities or other assets not","page_number":31,"box":{"x":550,"y":739,"width":387,"height":10}},{"id":"e742c42b-73ec-4492-bec7-bed2d105f1ab","block_type":"box","text":"included in the Underlying Index, it is subject to the risk that the","page_number":31,"box":{"x":549,"y":752,"width":409,"height":10}},{"id":"4d42446f-4677-408e-991e-b301adbe603c","block_type":"box","text":"investment strategy of BFA may not produce the intended results.","page_number":31,"box":{"x":549,"y":764,"width":419,"height":11}},{"id":"f7cfacfd-44e7-415e-85cf-1c432dc2d0dd","block_type":"box","text":"There is no guarantee that the Fund’s investment results will have","page_number":31,"box":{"x":549,"y":777,"width":420,"height":11}},{"id":"3cd8ac7a-0b91-4efc-afcc-83cad4936e61","block_type":"box","text":"a high degree of correlation to those of the Underlying Index or","page_number":31,"box":{"x":549,"y":790,"width":403,"height":11}},{"id":"c3c6f4a2-a415-4b91-8d87-effdecb2c6b4","block_type":"box","text":"that the Fund will achieve its investment objective.","page_number":31,"box":{"x":549,"y":803,"width":323,"height":11}},{"id":"013ab966-cb80-475f-9e82-1587331fe12e","block_type":"box","text":"Market Trading Risk","page_number":31,"box":{"x":549,"y":825,"width":136,"height":11}},{"id":"fcffac0a-076d-48d6-809b-fe9355842aec","block_type":"box","text":".","page_number":31,"box":{"x":685,"y":832,"width":2,"height":1}},{"id":"65212152-cca1-4019-a97d-768f73fe1586","block_type":"box","text":"The Fund faces numerous market trading","page_number":31,"box":{"x":692,"y":825,"width":264,"height":11}},{"id":"bf88cd7e-25ed-42aa-8ea8-984cea01189b","block_type":"box","text":"risks, including the potential lack of an active market for Fund","page_number":31,"box":{"x":549,"y":838,"width":394,"height":11}},{"id":"080fdc34-2447-4c7a-9737-541f2923d9eb","block_type":"box","text":"shares (including through a trading halt), losses from trading in","page_number":31,"box":{"x":549,"y":851,"width":401,"height":11}},{"id":"5f2d7548-8c32-4596-8554-bd5958dae75b","block_type":"box","text":"secondary markets, periods of high volatility, and disruptions in","page_number":31,"box":{"x":549,"y":864,"width":404,"height":10}},{"id":"767a8208-ae8a-4d12-b442-c767992aa2e1","block_type":"box","text":"the process of creating and redeeming Fund shares. Any of these","page_number":31,"box":{"x":549,"y":877,"width":416,"height":10}},{"id":"436be1c5-6f1f-4029-9127-05f7c91cf973","block_type":"box","text":"S-16","page_number":31,"box":{"x":522,"y":920,"width":27,"height":9}},{"id":"147c5345-fa37-403e-9cfd-b59794ac7ead","block_type":"box","text":"factors, among others, may lead to the Fund’s shares trading in","page_number":32,"box":{"x":82,"y":23,"width":405,"height":11}},{"id":"413ff4af-99e4-4740-b5b3-bc450f220682","block_type":"box","text":"the secondary market at a premium or discount to NAV or to the","page_number":32,"box":{"x":83,"y":36,"width":411,"height":11}},{"id":"6655b141-7387-44dd-aa0f-d0efd7ce5b0c","block_type":"box","text":"intraday value of the Fund’s portfolio holdings. 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Chinese companies with securities listed on U.S.","page_number":32,"box":{"x":549,"y":363,"width":378,"height":11}},{"id":"90b3c2f2-35ec-4d38-ada3-ff2bbca30666","block_type":"box","text":"exchanges may be delisted if they do not meet U.S. accounting","page_number":32,"box":{"x":549,"y":376,"width":403,"height":11}},{"id":"81c24c38-c17d-4f10-8c85-931474758360","block_type":"box","text":"standards and auditor oversight requirements, or for other","page_number":32,"box":{"x":549,"y":389,"width":374,"height":11}},{"id":"72f4be9a-e9f6-4f4d-83ed-a5cebd15a085","block_type":"box","text":"reasons, which would significantly decrease the liquidity and value","page_number":32,"box":{"x":549,"y":402,"width":424,"height":11}},{"id":"8df31ce6-30c3-49fa-9e10-045b8ded6b3d","block_type":"box","text":"of the securities. 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portfolio securities and the execution of portfolio transactions, including brokerage commissions, (v)","page_number":36,"box":{"x":83,"y":241,"width":833,"height":11}},{"id":"ac3af84c-2966-4e31-a8a1-a39fd79226a2","block_type":"box","text":"distribution fees or expenses, and (vi) litigation expenses and any extraordinary expenses.","page_number":36,"box":{"x":83,"y":255,"width":575,"height":11}},{"id":"852fe556-d331-4969-9bb1-a5ffd5f0a8dc","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in","page_number":36,"box":{"x":82,"y":278,"width":883,"height":12}},{"id":"67b24cd5-db8a-42d5-8400-43da7369d1ac","block_type":"box","text":"the tables and examples below.","page_number":36,"box":{"x":83,"y":293,"width":220,"height":10}},{"id":"625bc739-f632-4ec2-a337-9ac4f126339e","block_type":"box","text":"Annual Fund Operating 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The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the","page_number":36,"box":{"x":83,"y":483,"width":862,"height":11}},{"id":"c2a0ea54-b457-4f80-8a26-9c9e3f13b3e2","block_type":"box","text":"same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:","page_number":36,"box":{"x":83,"y":498,"width":694,"height":10}},{"id":"e42da6e3-4ab4-4b58-b1c9-41da6f250af3","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":36,"box":{"x":195,"y":528,"width":668,"height":8}},{"id":"a5e53943-b1da-4b81-bc9a-be1fc4f9bb0b","block_type":"box","text":"$9 $29 $51 $115","page_number":36,"box":{"x":206,"y":548,"width":643,"height":9}},{"id":"8b2a35d4-f6c9-49f8-8012-57dc2d399a2e","block_type":"box","text":"Portfolio Turnover.","page_number":36,"box":{"x":83,"y":588,"width":129,"height":8}},{"id":"c18be568-1bc2-489e-93be-293dc7842f74","block_type":"box","text":"The Fund may pay transaction costs, such as","page_number":36,"box":{"x":216,"y":588,"width":287,"height":11}},{"id":"a65eb04c-7983-41cb-bbcd-585a7a541841","block_type":"box","text":"commissions, when it buys and sells securities (or “turns over” its","page_number":36,"box":{"x":83,"y":602,"width":420,"height":11}},{"id":"d71741d5-2176-4757-9f08-bccf9c0e966e","block_type":"box","text":"portfolio). 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There may be significant obstacles to obtaining","page_number":39,"box":{"x":549,"y":410,"width":413,"height":11}},{"id":"141e5a8e-29d5-48be-aa74-025a07dfad9f","block_type":"box","text":"information necessary for investigations into or litigation against","page_number":39,"box":{"x":549,"y":424,"width":412,"height":11}},{"id":"6f38c64b-03ff-4c05-9a5e-eff131d30ebb","block_type":"box","text":"Chinese companies, and shareholders may have limited legal","page_number":39,"box":{"x":549,"y":438,"width":389,"height":11}},{"id":"89f54831-c731-4b8d-8665-b1b3f69c7b9c","block_type":"box","text":"remedies.","page_number":39,"box":{"x":549,"y":452,"width":62,"height":9}},{"id":"4801d3a9-9ca8-44f7-ab02-34c4d9800fa3","block_type":"box","text":"Many Chinese companies listed on U.S. exchanges use variable","page_number":39,"box":{"x":550,"y":476,"width":404,"height":10}},{"id":"4eecbca6-2924-46e0-aef1-ea52d28e93f2","block_type":"box","text":"interest entities or “VIEs” in their structure as a result of foreign","page_number":39,"box":{"x":549,"y":490,"width":408,"height":11}},{"id":"0fad7aec-cadb-4a61-8f8b-5ee0e8bdfc7b","block_type":"box","text":"ownership restrictions. 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Errors in index data, index computations or the","page_number":44,"box":{"x":549,"y":794,"width":366,"height":11}},{"id":"be3b5a19-f567-4b45-9419-f31230f1de02","block_type":"box","text":"construction of the Underlying Index in accordance with its","page_number":44,"box":{"x":549,"y":807,"width":377,"height":11}},{"id":"a14b8d28-d811-48db-a06a-232e214ee4f2","block_type":"box","text":"methodology may occur, and the Index Provider may not identify","page_number":44,"box":{"x":549,"y":820,"width":413,"height":11}},{"id":"dac006ab-36ee-459c-a463-ec25aa973ee1","block_type":"box","text":"or correct them promptly or at all, which may have an adverse","page_number":44,"box":{"x":549,"y":833,"width":396,"height":11}},{"id":"ab58c702-5ff3-4bf2-8c8c-0e143e56f969","block_type":"box","text":"impact on the Fund and its shareholders. Unusual market","page_number":44,"box":{"x":549,"y":846,"width":367,"height":10}},{"id":"e0f0ad34-818e-4864-861b-258c01fec3b4","block_type":"box","text":"conditions or other unforeseen circumstances (such as natural","page_number":44,"box":{"x":549,"y":858,"width":400,"height":11}},{"id":"645545f0-c478-4a14-873b-7988cdf5d937","block_type":"box","text":"disasters, political unrest or war) may impact the Index Provider","page_number":44,"box":{"x":549,"y":871,"width":409,"height":11}},{"id":"3eb12346-ae4a-4775-9b71-922b2ddfd6cd","block_type":"box","text":"S-29","page_number":44,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"9f59bccc-4857-4104-b8a1-ba42b3a4648c","block_type":"box","text":"or a third-party data provider and could cause the Index Provider","page_number":45,"box":{"x":83,"y":23,"width":414,"height":11}},{"id":"4383007e-b29c-4655-8116-3a2752e82b6d","block_type":"box","text":"to postpone a scheduled rebalance. 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The performance of such companies may also be","page_number":45,"box":{"x":549,"y":174,"width":388,"height":11}},{"id":"13568e64-cf13-40f1-9eb6-82c27581aa83","block_type":"box","text":"affected by technological developments, labor relations,","page_number":45,"box":{"x":549,"y":188,"width":358,"height":11}},{"id":"6b2b881e-864d-4ee8-baf9-6632a27c4491","block_type":"box","text":"legislative and regulatory changes, government spending policies,","page_number":45,"box":{"x":549,"y":202,"width":420,"height":11}},{"id":"83d0864c-7bd8-4295-98f7-8e1b4dfaf82c","block_type":"box","text":"and changes in domestic and international economies.","page_number":45,"box":{"x":549,"y":217,"width":348,"height":10}},{"id":"0f3a4b31-d380-44dd-9012-1990e93958e1","block_type":"box","text":"Issuer Risk","page_number":45,"box":{"x":549,"y":240,"width":75,"height":8}},{"id":"bbf5bc96-ba45-4f1c-a47c-97c8c61a6aa9","block_type":"box","text":".","page_number":45,"box":{"x":624,"y":246,"width":3,"height":2}},{"id":"143fae39-077a-486f-9f3b-5184d62479a2","block_type":"box","text":"The performance of the Fund depends on the","page_number":45,"box":{"x":632,"y":240,"width":288,"height":10}},{"id":"39139b89-060f-4e6e-9a3d-975f6ce15b81","block_type":"box","text":"performance of individual securities or other assets to which the","page_number":45,"box":{"x":549,"y":254,"width":412,"height":11}},{"id":"009d0a56-63f0-459c-9a8e-44da7e95ed46","block_type":"box","text":"Fund has exposure. The value of securities or other assets may","page_number":45,"box":{"x":550,"y":268,"width":402,"height":11}},{"id":"8007b811-e9c1-4e64-9330-ea5ccece3815","block_type":"box","text":"decline, or perform differently from the market as a whole, due to","page_number":45,"box":{"x":549,"y":282,"width":418,"height":11}},{"id":"206cae58-f15d-49d8-8a27-fdfdeeaced17","block_type":"box","text":"changes in the financial condition or credit rating of the issuer or","page_number":45,"box":{"x":549,"y":296,"width":414,"height":11}},{"id":"b2148d75-4dbb-483d-8e2c-06eccd0ecac0","block_type":"box","text":"counterparty.","page_number":45,"box":{"x":549,"y":311,"width":84,"height":10}},{"id":"4bbb3a9e-547a-480b-84b3-b10b93430444","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":45,"box":{"x":549,"y":334,"width":252,"height":11}},{"id":"5adea09a-308a-4481-af2e-f26701e09bde","block_type":"box","text":"Large-capitalization","page_number":45,"box":{"x":808,"y":334,"width":124,"height":11}},{"id":"1c49352e-1332-4650-aa9e-a8af33dac0bc","block_type":"box","text":"companies may be less able than smaller-capitalization","page_number":45,"box":{"x":549,"y":348,"width":352,"height":11}},{"id":"d3b9f026-8711-4899-8f63-fdb5664adcac","block_type":"box","text":"companies to adapt to changing market conditions and","page_number":45,"box":{"x":549,"y":362,"width":352,"height":11}},{"id":"3699905a-2a30-4d5f-b39b-4faebda855e0","block_type":"box","text":"competitive challenges. Large-capitalization companies may be","page_number":45,"box":{"x":549,"y":376,"width":405,"height":11}},{"id":"67f120d0-5b27-4a1f-a9f2-7e8a65e5cd33","block_type":"box","text":"more mature and subject to more limited growth potential","page_number":45,"box":{"x":549,"y":391,"width":371,"height":10}},{"id":"98c7f90d-4fc6-436b-aa98-f9cff905b561","block_type":"box","text":"compared with smaller-capitalization companies. The","page_number":45,"box":{"x":549,"y":405,"width":340,"height":10}},{"id":"e6de09fc-a7e4-4b0f-85f3-932454862b9b","block_type":"box","text":"performance of large-capitalization companies could trail the","page_number":45,"box":{"x":549,"y":419,"width":390,"height":11}},{"id":"08074ef8-701c-4310-8200-8e15f1af5412","block_type":"box","text":"overall performance of the broader securities markets.","page_number":45,"box":{"x":549,"y":433,"width":349,"height":11}},{"id":"1aca78e9-4492-4dd7-a9e2-d4c3bc8397ae","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk.","page_number":45,"box":{"x":549,"y":456,"width":360,"height":11}},{"id":"08e1fec8-6751-4f6e-bd2c-86d3d19e56ba","block_type":"box","text":"Certain","page_number":45,"box":{"x":915,"y":456,"width":45,"height":9}},{"id":"b1a58436-f899-4871-9592-0d4c03a96da3","block_type":"box","text":"shareholders of the Fund, including an Authorized Participant, a","page_number":45,"box":{"x":549,"y":470,"width":405,"height":11}},{"id":"a88e2266-1cfd-41e2-ad3e-fa867b23a763","block_type":"box","text":"third-party investor, the Fund’s adviser, an affiliate of the Fund’s","page_number":45,"box":{"x":549,"y":485,"width":409,"height":10}},{"id":"0bcbe274-f456-494e-a381-2ce593579ce2","block_type":"box","text":"adviser, a market maker, or another entity, may from time to time","page_number":45,"box":{"x":549,"y":499,"width":419,"height":11}},{"id":"3267313f-bb86-4f5f-8556-127b91c9a8f7","block_type":"box","text":"own or manage a substantial amount of Fund shares, or may hold","page_number":45,"box":{"x":549,"y":513,"width":417,"height":11}},{"id":"2ee37362-b556-4b5e-bbc1-3d6be19313b3","block_type":"box","text":"their investment in the Fund for a limited period of time. 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Redemptions of","page_number":45,"box":{"x":549,"y":556,"width":421,"height":10}},{"id":"c44ff40d-443f-4cc2-a6ae-f1a5ab85dacb","block_type":"box","text":"a large number of Fund shares could require the Fund to dispose","page_number":45,"box":{"x":549,"y":570,"width":413,"height":11}},{"id":"c5a92b0e-aa64-459c-8d0e-0f73741df512","block_type":"box","text":"of assets to meet the redemption requests, which can accelerate","page_number":45,"box":{"x":549,"y":584,"width":416,"height":11}},{"id":"7daca248-a357-4e84-843f-fc279faeb407","block_type":"box","text":"the realization of taxable income and/or capital gains and cause","page_number":45,"box":{"x":549,"y":598,"width":411,"height":11}},{"id":"93fa41a5-f7d2-4b8a-87c8-9284db1eb6aa","block_type":"box","text":"the Fund to make taxable distributions to its shareholders earlier","page_number":45,"box":{"x":549,"y":612,"width":415,"height":9}},{"id":"8d171193-a3d2-4ff3-8b70-bac9ee577b35","block_type":"box","text":"than the Fund otherwise would have. In addition, under certain","page_number":45,"box":{"x":549,"y":626,"width":400,"height":11}},{"id":"61055151-aff1-4f01-aded-8412bd4927a4","block_type":"box","text":"circumstances, non-redeeming shareholders may be treated as","page_number":45,"box":{"x":549,"y":641,"width":404,"height":10}},{"id":"77148df9-f8ff-49ee-9da2-0abc99eb2058","block_type":"box","text":"receiving a disproportionately large taxable distribution during or","page_number":45,"box":{"x":549,"y":655,"width":415,"height":11}},{"id":"5367f151-8b40-4a90-b51d-4a3e7a9e4794","block_type":"box","text":"with respect to such year. In some circumstances, the Fund may","page_number":45,"box":{"x":549,"y":669,"width":412,"height":11}},{"id":"33618cf0-9382-409c-b904-60308a94017b","block_type":"box","text":"hold a relatively large proportion of its assets in cash in","page_number":45,"box":{"x":549,"y":683,"width":352,"height":11}},{"id":"f7e88334-68d7-4853-9787-e32feb6236ae","block_type":"box","text":"anticipation of large redemptions, diluting its investment returns.","page_number":45,"box":{"x":549,"y":697,"width":415,"height":11}},{"id":"9b37c99b-4f81-4f03-b307-075ac4e36467","block_type":"box","text":"These large redemptions may also force the Fund to sell portfolio","page_number":45,"box":{"x":549,"y":712,"width":416,"height":10}},{"id":"d460cdcb-35d3-418a-9215-70ee5d9ba3be","block_type":"box","text":"securities or other assets when it might not otherwise do so,","page_number":45,"box":{"x":549,"y":726,"width":387,"height":11}},{"id":"bca61a26-2533-48d5-ab93-a5e3360b4a0c","block_type":"box","text":"which may negatively impact the Fund’s NAV, increase the Fund’s","page_number":45,"box":{"x":549,"y":740,"width":419,"height":11}},{"id":"84e206c9-abdc-4f7e-8f04-8a0f96fb7c64","block_type":"box","text":"brokerage costs and/or have a material effect on the market","page_number":45,"box":{"x":549,"y":754,"width":389,"height":11}},{"id":"d41aa23a-ee73-4bf8-9378-34419845432b","block_type":"box","text":"price of Fund shares.","page_number":45,"box":{"x":549,"y":768,"width":133,"height":11}},{"id":"e1d63568-3b74-46b7-8898-f194689dc57f","block_type":"box","text":"Management Risk","page_number":45,"box":{"x":549,"y":791,"width":123,"height":11}},{"id":"d2304db1-6ca1-446f-8cd8-f6af868d3b43","block_type":"box","text":".","page_number":45,"box":{"x":672,"y":798,"width":2,"height":2}},{"id":"39dded69-d90f-404c-bc19-998da47deca6","block_type":"box","text":"The Fund generally does not attempt to take","page_number":45,"box":{"x":679,"y":792,"width":283,"height":10}},{"id":"442d1f85-c43a-4173-a21a-92a6843217ef","block_type":"box","text":"defensive positions under any market conditions, including","page_number":45,"box":{"x":549,"y":806,"width":376,"height":10}},{"id":"993b6f52-d49c-47f6-8cba-b7ce7311e818","block_type":"box","text":"declining markets. As the Fund will not fully replicate the","page_number":45,"box":{"x":549,"y":820,"width":362,"height":11}},{"id":"bd1ec52e-d5ba-40ac-a807-7ffe12ad560f","block_type":"box","text":"Underlying Index and may hold securities or other assets not","page_number":45,"box":{"x":550,"y":834,"width":387,"height":11}},{"id":"ee115238-3602-4533-a741-78073ec8c284","block_type":"box","text":"included in the Underlying Index, it is subject to the risk that the","page_number":45,"box":{"x":549,"y":848,"width":409,"height":11}},{"id":"1580d012-e97b-47f5-bf77-bcecdafef2cf","block_type":"box","text":"investment strategy of BFA may not produce the intended results.","page_number":45,"box":{"x":549,"y":862,"width":419,"height":11}},{"id":"3b2e946b-e98c-475d-8644-f4649b6c5deb","block_type":"box","text":"There is no guarantee that the Fund’s investment results will have","page_number":45,"box":{"x":549,"y":877,"width":420,"height":10}},{"id":"bf8b0e5e-eb40-42ba-a06e-af65af2908ae","block_type":"box","text":"S-30","page_number":45,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"528bdd7d-cc98-4fb2-b956-210d3f73b60c","block_type":"box","text":"a high degree of correlation to those of the Underlying Index or","page_number":46,"box":{"x":83,"y":23,"width":402,"height":11}},{"id":"d4510802-1553-4731-83da-1ac434f9b3a4","block_type":"box","text":"that the Fund will achieve its investment objective.","page_number":46,"box":{"x":83,"y":37,"width":323,"height":11}},{"id":"a743be8e-798c-4693-9e87-b58778d8dd47","block_type":"box","text":"Market Trading Risk","page_number":46,"box":{"x":83,"y":60,"width":136,"height":11}},{"id":"6dc6aea7-e8ab-4f4b-a862-e8291f6a3c2d","block_type":"box","text":".","page_number":46,"box":{"x":219,"y":67,"width":2,"height":2}},{"id":"ecec3a99-9f25-4df8-b501-203bdb364779","block_type":"box","text":"The Fund faces numerous market trading","page_number":46,"box":{"x":226,"y":61,"width":263,"height":10}},{"id":"3c54cc48-59e1-4cf5-b539-8ffa85a56636","block_type":"box","text":"risks, including the potential lack of an active market for Fund","page_number":46,"box":{"x":83,"y":75,"width":394,"height":11}},{"id":"3bd89bc2-9800-433d-8dbb-d620588fa14d","block_type":"box","text":"shares (including through a trading halt), losses from trading in","page_number":46,"box":{"x":83,"y":89,"width":401,"height":11}},{"id":"d77d941f-365e-4744-8e69-3c3cb2012b57","block_type":"box","text":"secondary markets, periods of high volatility, and disruptions in","page_number":46,"box":{"x":83,"y":103,"width":404,"height":11}},{"id":"dd55a44c-2d20-4193-a4e5-7a827b2e84f2","block_type":"box","text":"the process of creating and redeeming Fund shares. Any of these","page_number":46,"box":{"x":83,"y":117,"width":416,"height":11}},{"id":"98b70183-320c-438a-8711-51625b021863","block_type":"box","text":"factors, among others, may lead to the Fund’s shares trading in","page_number":46,"box":{"x":82,"y":131,"width":405,"height":11}},{"id":"87cc032b-22f8-4835-bf8d-4cfc0a1ea4f5","block_type":"box","text":"the secondary market at a premium or discount to NAV or to the","page_number":46,"box":{"x":83,"y":146,"width":411,"height":10}},{"id":"fa5037ec-415d-42e7-88fa-b1e2acfabd97","block_type":"box","text":"intraday value of the Fund’s portfolio holdings. 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Russian companies may be unable to","page_number":47,"box":{"x":83,"y":731,"width":398,"height":11}},{"id":"078842a3-196d-47f2-98c6-1cddba9a2d66","block_type":"box","text":"pay dividends and, if they pay dividends, the Fund may be unable","page_number":47,"box":{"x":83,"y":745,"width":414,"height":11}},{"id":"db65ff80-80d2-4f03-a4f4-4cf4de4da82b","block_type":"box","text":"to receive them. As a result of sanctions, the Fund is currently","page_number":47,"box":{"x":83,"y":759,"width":397,"height":11}},{"id":"5f041440-c640-4740-82e0-e4a88e04c13c","block_type":"box","text":"restricted from trading in Russian securities, including those in its","page_number":47,"box":{"x":83,"y":773,"width":419,"height":11}},{"id":"eabd65fb-f695-4d57-82dc-91f34bedbdef","block_type":"box","text":"portfolio, and the Underlying Index has removed Russian","page_number":47,"box":{"x":83,"y":788,"width":360,"height":10}},{"id":"da190f1a-1b64-4a3b-a234-515aa82b3cf3","block_type":"box","text":"securities. 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The","page_number":47,"box":{"x":83,"y":868,"width":421,"height":10}},{"id":"167501c0-69c3-469c-a368-fceef85c2315","block_type":"box","text":"economy of Saudi Arabia is dominated by petroleum exports. A","page_number":47,"box":{"x":549,"y":23,"width":403,"height":11}},{"id":"5a458a73-eef9-4112-9c8b-07b2b5e83ed6","block_type":"box","text":"sustained decrease in petroleum prices could have a negative","page_number":47,"box":{"x":549,"y":37,"width":394,"height":11}},{"id":"5cf2e384-2322-493d-b79b-6c071c7183c1","block_type":"box","text":"impact on all aspects of the economy. 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Such heightened risks may include, among","page_number":47,"box":{"x":550,"y":108,"width":405,"height":11}},{"id":"d9bb7251-e16f-4d06-bb4a-e757ccc12b7e","block_type":"box","text":"others, the expropriation and/or nationalization of assets,","page_number":47,"box":{"x":549,"y":122,"width":371,"height":11}},{"id":"d2790451-0592-4a84-973e-c62503ccef2a","block_type":"box","text":"restrictions on and government intervention in international trade,","page_number":47,"box":{"x":549,"y":137,"width":423,"height":10}},{"id":"cbeed42f-da60-4368-9492-ec7b2883d0e2","block_type":"box","text":"confiscatory taxation, political instability, including authoritarian","page_number":47,"box":{"x":549,"y":151,"width":410,"height":11}},{"id":"66a7eb97-1fbe-4273-9fd9-79f7fbf7d3f7","block_type":"box","text":"and/or military involvement in governmental decision-making,","page_number":47,"box":{"x":549,"y":165,"width":399,"height":11}},{"id":"e09b1ef4-a560-47ce-89b6-5dd672cfab0a","block_type":"box","text":"armed conflict, crime and instability as a result of religious, ethnic","page_number":47,"box":{"x":549,"y":179,"width":421,"height":11}},{"id":"45a1e9d6-b615-43f3-a584-96885114ee67","block_type":"box","text":"and/or socioeconomic unrest. Instability in the Middle East region","page_number":47,"box":{"x":549,"y":193,"width":423,"height":11}},{"id":"84f8e5ea-1e05-496a-a71a-784161f6a53a","block_type":"box","text":"could adversely impact the economy of Saudi Arabia, and there is","page_number":47,"box":{"x":549,"y":207,"width":418,"height":11}},{"id":"cde15483-b8d3-4cb1-935e-91022de437be","block_type":"box","text":"no assurance of political stability in Saudi Arabia.","page_number":47,"box":{"x":549,"y":222,"width":313,"height":10}},{"id":"ef9fafcb-c6b8-4462-9bc7-5201cb20ff16","block_type":"box","text":"The ability of foreign investors to invest in the securities of Saudi","page_number":47,"box":{"x":549,"y":245,"width":413,"height":11}},{"id":"af88da44-c315-4280-b8f8-0427291857f5","block_type":"box","text":"Arabian companies could be restricted by the Saudi Arabian","page_number":47,"box":{"x":549,"y":259,"width":382,"height":11}},{"id":"5e70290a-7983-4b03-be15-6eb4525132da","block_type":"box","text":"government at any time, and unforeseen risks could materialize","page_number":47,"box":{"x":549,"y":273,"width":406,"height":11}},{"id":"f8ca2fab-f354-49ce-b4ff-7aa19eddd071","block_type":"box","text":"with respect to foreign ownership of such securities. 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The price received by the Fund also may differ from","page_number":48,"box":{"x":83,"y":94,"width":418,"height":11}},{"id":"6f70bf2a-7386-4a68-91c4-494cc7606a4e","block_type":"box","text":"the value used by the Underlying Index. In addition, the value of","page_number":48,"box":{"x":83,"y":108,"width":406,"height":11}},{"id":"4f38d6ab-4f5c-47ac-ba67-c8b20b14fc43","block_type":"box","text":"the securities or other assets in the Fund’s portfolio may change","page_number":48,"box":{"x":83,"y":122,"width":411,"height":11}},{"id":"01548a4e-1877-4635-8395-61e810032798","block_type":"box","text":"on days or during time periods when investors are not able to","page_number":48,"box":{"x":83,"y":137,"width":392,"height":10}},{"id":"a87173b9-8c57-484d-98ae-c44127828f4c","block_type":"box","text":"purchase or sell Fund shares. 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Errors in index data, index computations or the","page_number":53,"box":{"x":549,"y":94,"width":366,"height":11}},{"id":"478693dd-819f-4782-93a6-6d9f7b4a6c8d","block_type":"box","text":"construction of the Underlying Index in accordance with its","page_number":53,"box":{"x":549,"y":108,"width":377,"height":11}},{"id":"45d8ef0f-c8ba-43b1-97fd-6128b1852b61","block_type":"box","text":"methodology may occur, and the Index Provider may not identify","page_number":53,"box":{"x":549,"y":122,"width":413,"height":11}},{"id":"4cd71c4a-d600-47f6-a2d8-563cbf87b88b","block_type":"box","text":"or correct them promptly or at all, which may have an adverse","page_number":53,"box":{"x":549,"y":137,"width":396,"height":10}},{"id":"424a3fcf-cae1-4ee2-b13f-40f9cd05b041","block_type":"box","text":"impact on the Fund and its shareholders. 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No Authorized","page_number":53,"box":{"x":549,"y":438,"width":378,"height":11}},{"id":"e8f4e030-7aef-4e72-8a6d-7dbb2b0c5634","block_type":"box","text":"Participant is obligated to engage in creation or redemption","page_number":53,"box":{"x":550,"y":452,"width":379,"height":11}},{"id":"ebd4c201-81f9-4b6a-9f18-f0be29971230","block_type":"box","text":"transactions. 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As a result, the Fund’s NAV may","page_number":53,"box":{"x":549,"y":726,"width":375,"height":11}},{"id":"6492734c-1166-403f-8547-88539f7ee550","block_type":"box","text":"change quickly and without warning. In addition, the Fund may","page_number":53,"box":{"x":549,"y":740,"width":399,"height":11}},{"id":"2d758031-c478-488b-a85c-701bbca4c171","block_type":"box","text":"incur costs in connection with conversions between U.S. dollars","page_number":53,"box":{"x":549,"y":754,"width":409,"height":9}},{"id":"75afc9a4-7702-4662-8f8a-e8bfb0a67ec5","block_type":"box","text":"and foreign currencies.","page_number":53,"box":{"x":549,"y":768,"width":146,"height":11}},{"id":"f8ca9c90-0937-40a7-994d-0eda3767e330","block_type":"box","text":"Financial Companies Risk","page_number":53,"box":{"x":549,"y":791,"width":175,"height":11}},{"id":"a42d881d-30c6-485a-9672-0d17b4798ab2","block_type":"box","text":".","page_number":53,"box":{"x":724,"y":798,"width":2,"height":2}},{"id":"8a042d7c-d254-473e-9859-5a91088f21f3","block_type":"box","text":"Financial services companies are","page_number":53,"box":{"x":732,"y":791,"width":211,"height":11}},{"id":"657b35c3-84a1-4840-80e2-1482cebd57a5","block_type":"box","text":"subject to extensive governmental regulation and intervention,","page_number":53,"box":{"x":549,"y":806,"width":400,"height":10}},{"id":"d44615bf-f133-4781-ad5c-9a5cfaf2b1ec","block_type":"box","text":"which may adversely affect their profitability, the scope of their","page_number":53,"box":{"x":549,"y":820,"width":404,"height":11}},{"id":"460a0080-49ca-474f-8a37-d42abf5e80ab","block_type":"box","text":"activities, the prices they can charge, the amount of capital and","page_number":53,"box":{"x":549,"y":834,"width":405,"height":11}},{"id":"a49ca0ec-65e2-471e-ab5b-ab77e8dfe8f1","block_type":"box","text":"liquid assets they must maintain and their size, among other","page_number":53,"box":{"x":549,"y":848,"width":385,"height":11}},{"id":"a74129e4-8ee3-4331-b071-a9abae8c1322","block_type":"box","text":"things. Financial services companies also may be significantly","page_number":53,"box":{"x":549,"y":862,"width":395,"height":11}},{"id":"97e3727c-b216-4fef-8cd1-cbad3a3709aa","block_type":"box","text":"affected by, among other things, interest rates, economic","page_number":53,"box":{"x":549,"y":877,"width":367,"height":10}},{"id":"40ebc361-7184-44b4-ba1c-7152b5e09590","block_type":"box","text":"S-38","page_number":53,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"5723a8ae-db80-4fa0-8407-1ec36d84bbaf","block_type":"box","text":"conditions, volatility in financial markets, credit rating","page_number":54,"box":{"x":83,"y":23,"width":343,"height":11}},{"id":"ef87b704-5dc8-4c5d-8988-516412cebd43","block_type":"box","text":"downgrades, adverse public perception, exposure concentration","page_number":54,"box":{"x":83,"y":37,"width":410,"height":11}},{"id":"e2c6c88b-9909-4779-8ab4-bda84d33c050","block_type":"box","text":"and counterparty risk.","page_number":54,"box":{"x":83,"y":52,"width":140,"height":10}},{"id":"ea35e878-4054-4f9b-83d1-8c3ad17fc540","block_type":"box","text":"Issuer Risk","page_number":54,"box":{"x":83,"y":75,"width":75,"height":8}},{"id":"b4bd09a2-3af7-4a92-9cb0-db833c56e01d","block_type":"box","text":".","page_number":54,"box":{"x":158,"y":81,"width":3,"height":2}},{"id":"0bcadfd8-6932-4e44-8b62-acc59bcce0d8","block_type":"box","text":"The performance of the Fund depends on the","page_number":54,"box":{"x":166,"y":75,"width":288,"height":10}},{"id":"bd030419-9a32-4aa1-93ef-681cb05e06eb","block_type":"box","text":"performance of individual securities or other assets to which the","page_number":54,"box":{"x":83,"y":89,"width":412,"height":11}},{"id":"d728828f-a3ae-462c-a9eb-4605508994ec","block_type":"box","text":"Fund has exposure. The value of securities or other assets may","page_number":54,"box":{"x":84,"y":103,"width":401,"height":11}},{"id":"bcd61053-ec1b-4553-a2a7-212b9b5ea696","block_type":"box","text":"decline, or perform differently from the market as a whole, due to","page_number":54,"box":{"x":83,"y":117,"width":418,"height":11}},{"id":"e7724736-4d9c-4988-a0cf-882b9d357f5e","block_type":"box","text":"changes in the financial condition or credit rating of the issuer or","page_number":54,"box":{"x":83,"y":131,"width":414,"height":11}},{"id":"14b1c7ac-b859-4e89-a840-5f32512914b5","block_type":"box","text":"counterparty.","page_number":54,"box":{"x":83,"y":146,"width":84,"height":10}},{"id":"59091b0b-6421-4fa0-8ad3-de9d9662be81","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":54,"box":{"x":83,"y":169,"width":252,"height":11}},{"id":"3a95423a-eaf6-44dd-a736-e710ed756100","block_type":"box","text":"Large-capitalization","page_number":54,"box":{"x":342,"y":169,"width":124,"height":11}},{"id":"18dfcbd7-34a6-401a-9adf-9b9c79b52805","block_type":"box","text":"companies may be less able than smaller-capitalization","page_number":54,"box":{"x":83,"y":183,"width":352,"height":11}},{"id":"d747c60f-fd96-44fb-89f4-273170abe8d4","block_type":"box","text":"companies to adapt to changing market conditions and","page_number":54,"box":{"x":83,"y":197,"width":352,"height":11}},{"id":"bdc96161-9cbf-4dc7-b825-6c3687ce81c9","block_type":"box","text":"competitive challenges. 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The","page_number":54,"box":{"x":83,"y":240,"width":339,"height":10}},{"id":"d3b0faf0-ee8c-44b4-b218-5b930832b9ef","block_type":"box","text":"performance of large-capitalization companies could trail the","page_number":54,"box":{"x":83,"y":254,"width":390,"height":11}},{"id":"5df2c65d-fe99-4f28-95c7-aae983da8cc0","block_type":"box","text":"overall performance of the broader securities markets.","page_number":54,"box":{"x":83,"y":268,"width":349,"height":11}},{"id":"b31f5a6a-1e3e-4476-bdc9-a2fd5b3fd7a1","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk.","page_number":54,"box":{"x":83,"y":291,"width":360,"height":11}},{"id":"ee3b1827-4428-4d55-8dbc-c937d9be56af","block_type":"box","text":"Certain","page_number":54,"box":{"x":449,"y":291,"width":45,"height":9}},{"id":"559e923a-c3b5-4e52-bb2a-bd22ee278568","block_type":"box","text":"shareholders of the Fund, including an Authorized Participant, a","page_number":54,"box":{"x":83,"y":305,"width":405,"height":11}},{"id":"ef3ed181-56bf-4ab8-8f27-0bad3f7a6528","block_type":"box","text":"third-party investor, the Fund’s adviser, an affiliate of the Fund’s","page_number":54,"box":{"x":83,"y":320,"width":409,"height":10}},{"id":"524a927c-d2f3-4ab5-8824-44b5665871d0","block_type":"box","text":"adviser, a market maker, or another entity, may from time to time","page_number":54,"box":{"x":83,"y":334,"width":419,"height":11}},{"id":"b63bc6f0-9b2d-49b8-b064-705b0c786b13","block_type":"box","text":"own or manage a substantial amount of Fund shares, or may hold","page_number":54,"box":{"x":83,"y":348,"width":417,"height":11}},{"id":"0cf74378-d864-4784-b49c-de0339c6fb94","block_type":"box","text":"their investment in the Fund for a limited period of time. 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Russian companies may be unable to","page_number":55,"box":{"x":549,"y":429,"width":399,"height":11}},{"id":"6f1229b2-49ad-4cb4-b4eb-c088a274df7b","block_type":"box","text":"pay dividends and, if they pay dividends, the Fund may be unable","page_number":55,"box":{"x":549,"y":443,"width":414,"height":11}},{"id":"6e5bb0a2-b16f-4c5f-bb8a-6e235a48cafe","block_type":"box","text":"to receive them. As a result of sanctions, the Fund is currently","page_number":55,"box":{"x":549,"y":458,"width":397,"height":10}},{"id":"51a4575f-3c5c-41e7-b663-0863de2e94c9","block_type":"box","text":"restricted from trading in Russian securities, including those in its","page_number":55,"box":{"x":549,"y":472,"width":420,"height":11}},{"id":"a014e6ce-7e0c-4f1b-84fc-85d1695fabf1","block_type":"box","text":"portfolio, and the Underlying Index has removed Russian","page_number":55,"box":{"x":549,"y":486,"width":361,"height":11}},{"id":"2055bb02-1f42-4d41-8b20-be12f0ce7f15","block_type":"box","text":"securities. 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The","page_number":55,"box":{"x":549,"y":563,"width":422,"height":11}},{"id":"81362d50-fce7-45ed-a6c9-7ab875f8a1f0","block_type":"box","text":"economy of Saudi Arabia is dominated by petroleum exports. A","page_number":55,"box":{"x":549,"y":576,"width":403,"height":11}},{"id":"10d9db10-ee22-4c58-9107-efd44ea58018","block_type":"box","text":"sustained decrease in petroleum prices could have a negative","page_number":55,"box":{"x":549,"y":589,"width":394,"height":11}},{"id":"1b477532-4619-4b4b-859b-f91be701d29b","block_type":"box","text":"impact on all aspects of the economy. 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Instability in the Middle East region","page_number":55,"box":{"x":549,"y":731,"width":423,"height":11}},{"id":"74ce4ee4-f516-4a19-8232-b8d723218b02","block_type":"box","text":"could adversely impact the economy of Saudi Arabia, and there is","page_number":55,"box":{"x":549,"y":744,"width":418,"height":11}},{"id":"4c25fddf-e4f2-46fd-bc3d-07c3b4bd180d","block_type":"box","text":"no assurance of political stability in Saudi Arabia.","page_number":55,"box":{"x":549,"y":757,"width":313,"height":10}},{"id":"1cb5e141-6d4e-479b-942a-a1e7419c3034","block_type":"box","text":"The ability of foreign investors to invest in the securities of Saudi","page_number":55,"box":{"x":549,"y":779,"width":413,"height":10}},{"id":"676e3343-d654-473a-bcc1-545e16767f76","block_type":"box","text":"Arabian companies could be restricted by the Saudi Arabian","page_number":55,"box":{"x":549,"y":791,"width":382,"height":11}},{"id":"ca13f578-2995-4460-9fd4-3c5a81ced3eb","block_type":"box","text":"government at any time, and unforeseen risks could materialize","page_number":55,"box":{"x":549,"y":804,"width":406,"height":11}},{"id":"e033aefb-a435-42b9-8c2b-13ae308d69b4","block_type":"box","text":"with respect to foreign ownership of such securities. 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The Fund could","page_number":56,"box":{"x":83,"y":180,"width":408,"height":11}},{"id":"53395243-3944-43d9-b711-91e724cb578d","block_type":"box","text":"also lose money in the event of a decline in the value of collateral","page_number":56,"box":{"x":83,"y":195,"width":416,"height":10}},{"id":"26403044-9460-4e69-9225-0ed6a184bb1d","block_type":"box","text":"provided for loaned securities or a decline in the value of any","page_number":56,"box":{"x":83,"y":209,"width":389,"height":11}},{"id":"0fe83c52-2302-4114-94cd-11164948b13d","block_type":"box","text":"investments made with cash collateral. These events could also","page_number":56,"box":{"x":83,"y":223,"width":406,"height":8}},{"id":"e2d5a14d-9c02-45e2-afb7-f2f8fbe677fc","block_type":"box","text":"trigger adverse tax consequences for the Fund.","page_number":56,"box":{"x":83,"y":237,"width":301,"height":11}},{"id":"2c6f1ff3-12e2-4c55-9bc8-773a294db597","block_type":"box","text":"Technology Companies Risk","page_number":56,"box":{"x":84,"y":260,"width":190,"height":11}},{"id":"f08b8b79-c280-4bf8-8d05-49ed19eea9c0","block_type":"box","text":".","page_number":56,"box":{"x":274,"y":267,"width":2,"height":2}},{"id":"6b4b4258-ade8-4222-80cf-0dc7811730c9","block_type":"box","text":"Technology companies and","page_number":56,"box":{"x":281,"y":260,"width":172,"height":11}},{"id":"0051d45b-c949-4e04-b76c-b67ba93bb100","block_type":"box","text":"companies that rely heavily on technological advances may have","page_number":56,"box":{"x":83,"y":275,"width":412,"height":10}},{"id":"9add7433-56b7-4e0f-967e-50a6fd5d28f6","block_type":"box","text":"limited product lines, markets, financial resources, supply chains","page_number":56,"box":{"x":83,"y":289,"width":414,"height":11}},{"id":"e33d2475-cb70-4ac9-b1d4-107244995405","block_type":"box","text":"and personnel. These companies typically face intense","page_number":56,"box":{"x":83,"y":303,"width":348,"height":11}},{"id":"db3c1215-5547-40d4-979c-df5381ae1a4e","block_type":"box","text":"competition, potentially rapid product obsolescence and changes","page_number":56,"box":{"x":83,"y":317,"width":418,"height":11}},{"id":"92b6529f-47b4-4682-85b6-d6d295f3c703","block_type":"box","text":"in product cycles and customer preferences. They may face","page_number":56,"box":{"x":83,"y":331,"width":381,"height":11}},{"id":"68fc2f6e-2b78-433c-9c69-2f2758ff5fb9","block_type":"box","text":"unexpected risks and costs associated with technological","page_number":56,"box":{"x":83,"y":345,"width":367,"height":11}},{"id":"32b1846d-8022-40d9-840a-080beaad79ab","block_type":"box","text":"developments, such as artificial intelligence and machine learning.","page_number":56,"box":{"x":83,"y":360,"width":423,"height":10}},{"id":"78f82a8e-9576-4519-83bf-13dfce5accb3","block_type":"box","text":"Technology companies also depend heavily on intellectual","page_number":56,"box":{"x":82,"y":374,"width":369,"height":11}},{"id":"04e535cc-72b0-4efa-a2b1-2fdec5cc31a2","block_type":"box","text":"property rights and may be adversely affected by the loss or","page_number":56,"box":{"x":83,"y":388,"width":384,"height":11}},{"id":"33e3cdb7-3a52-46ea-976f-990793fde651","block_type":"box","text":"impairment of those rights. Technology companies may face","page_number":56,"box":{"x":83,"y":402,"width":384,"height":11}},{"id":"d1663037-4b58-4f3e-888d-2a1675639ef1","block_type":"box","text":"increased government scrutiny and may be subject to adverse","page_number":56,"box":{"x":83,"y":416,"width":397,"height":11}},{"id":"32cb3f4e-7799-4a9c-9b6b-ddca77599786","block_type":"box","text":"government or legal action.","page_number":56,"box":{"x":83,"y":431,"width":174,"height":10}},{"id":"4629c711-3c64-4d16-ac8c-b48733500b78","block_type":"box","text":"Tracking Error Risk","page_number":56,"box":{"x":84,"y":454,"width":128,"height":10}},{"id":"066cee9d-704c-4492-bb34-c1cf68d3014e","block_type":"box","text":".","page_number":56,"box":{"x":212,"y":460,"width":2,"height":2}},{"id":"599cff1b-6349-4493-82ed-685ff699a951","block_type":"box","text":"The Fund may be subject to “tracking error,”","page_number":56,"box":{"x":219,"y":454,"width":284,"height":11}},{"id":"fb900f85-a7a8-4b18-85a3-8c6bbef959a1","block_type":"box","text":"which is the divergence of the Fund’s performance from that of","page_number":56,"box":{"x":82,"y":468,"width":405,"height":11}},{"id":"3804751b-2dd1-4549-8a21-2a4f28f27685","block_type":"box","text":"the Underlying Index. 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9.33%","page_number":57,"box":{"x":137,"y":556,"width":783,"height":10}},{"id":"585e9ebd-c4fd-491b-a6fe-ee1b9439789f","block_type":"box","text":"1","page_number":57,"box":{"x":112,"y":585,"width":2,"height":4}},{"id":"aab4506b-abaa-4f90-b92b-35afad29bff6","block_type":"box","text":"Returns for net indices generally assume the reinvestment of dividends after the deduction of the maximum withholding tax in each country","page_number":57,"box":{"x":124,"y":586,"width":793,"height":10}},{"id":"51f08e4c-a1c8-4128-8b82-b5f1b644640f","block_type":"box","text":"applicable to non-residents of the country as determined by the index provider. 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No Authorized","page_number":61,"box":{"x":83,"y":518,"width":378,"height":11}},{"id":"df95c676-e844-4374-a5dc-c3dd2d96bacd","block_type":"box","text":"Participant is obligated to engage in creation or redemption","page_number":61,"box":{"x":84,"y":532,"width":379,"height":11}},{"id":"8b8a6602-f0f0-4219-8096-af8b6fefc72a","block_type":"box","text":"transactions. 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As a result, the Fund’s NAV may","page_number":61,"box":{"x":549,"y":37,"width":375,"height":11}},{"id":"51fef3e4-eeb3-4922-a034-115f4aaaa623","block_type":"box","text":"change quickly and without warning. In addition, the Fund may","page_number":61,"box":{"x":549,"y":52,"width":399,"height":10}},{"id":"0fd63de1-9755-4b03-b9c4-f0d6a85d3e76","block_type":"box","text":"incur costs in connection with conversions between U.S. dollars","page_number":61,"box":{"x":549,"y":66,"width":409,"height":8}},{"id":"a6a37820-159f-44d4-b68d-fba8132c7019","block_type":"box","text":"and foreign currencies.","page_number":61,"box":{"x":549,"y":80,"width":146,"height":11}},{"id":"fe2c392c-e67f-41a7-b1d4-0cead29b950d","block_type":"box","text":"Financial Companies Risk","page_number":61,"box":{"x":549,"y":103,"width":175,"height":11}},{"id":"a55472ec-80a8-4ede-934d-8f12482b2cf7","block_type":"box","text":".","page_number":61,"box":{"x":724,"y":110,"width":2,"height":1}},{"id":"d13a4c01-f2e7-4b0f-8695-7c5ab2142b42","block_type":"box","text":"Financial services companies are","page_number":61,"box":{"x":732,"y":103,"width":211,"height":11}},{"id":"25542bb8-fe35-4aec-86b0-34b1caf06209","block_type":"box","text":"subject to extensive governmental regulation and intervention,","page_number":61,"box":{"x":549,"y":117,"width":400,"height":11}},{"id":"3af5cd50-f028-48ef-a447-c22bcd97ec56","block_type":"box","text":"which may adversely affect their profitability, the scope of their","page_number":61,"box":{"x":549,"y":131,"width":404,"height":11}},{"id":"fea136f3-a9ea-4b63-813e-884848e160b2","block_type":"box","text":"activities, the prices they can charge, the amount of capital and","page_number":61,"box":{"x":549,"y":146,"width":405,"height":10}},{"id":"4942424a-8a48-42e7-b1e3-b3dfbe2d2d1c","block_type":"box","text":"liquid assets they must maintain and their size, among other","page_number":61,"box":{"x":549,"y":160,"width":385,"height":11}},{"id":"4dcedbf4-2baf-45c5-9c49-2264e32d7feb","block_type":"box","text":"things. Financial services companies also may be significantly","page_number":61,"box":{"x":549,"y":174,"width":395,"height":11}},{"id":"7dd0a12f-c7bf-4b59-a379-cd039989aace","block_type":"box","text":"affected by, among other things, interest rates, economic","page_number":61,"box":{"x":549,"y":188,"width":367,"height":11}},{"id":"49c4487b-2007-4aa6-a67b-e032f404e055","block_type":"box","text":"conditions, volatility in financial markets, credit rating","page_number":61,"box":{"x":549,"y":202,"width":343,"height":11}},{"id":"127db7a5-ddda-4902-8be7-724c0d7c316d","block_type":"box","text":"downgrades, adverse public perception, exposure concentration","page_number":61,"box":{"x":549,"y":217,"width":410,"height":10}},{"id":"15138a2a-5c99-405a-923c-1fdc04a1c854","block_type":"box","text":"and counterparty risk.","page_number":61,"box":{"x":549,"y":231,"width":140,"height":10}},{"id":"4592fa80-42ff-4bb1-b693-2d4eeb6894c5","block_type":"box","text":"Issuer Risk","page_number":61,"box":{"x":549,"y":254,"width":75,"height":8}},{"id":"06d03e89-7f48-484a-a66b-004bc4ed5642","block_type":"box","text":".","page_number":61,"box":{"x":624,"y":260,"width":3,"height":2}},{"id":"94dbb232-dc16-4d4b-a4cc-27d5ab97cb37","block_type":"box","text":"The performance of the Fund depends on the","page_number":61,"box":{"x":632,"y":254,"width":288,"height":11}},{"id":"b31c5c4d-b968-431a-8f94-14b2a068c756","block_type":"box","text":"performance of individual securities or other assets to which the","page_number":61,"box":{"x":549,"y":268,"width":412,"height":11}},{"id":"fd0bb451-62a4-4643-b070-77beb922dc6a","block_type":"box","text":"Fund has exposure. The value of securities or other assets may","page_number":61,"box":{"x":550,"y":282,"width":402,"height":11}},{"id":"b3d4bd17-2da2-42d0-9582-5adbc665f3a7","block_type":"box","text":"decline, or perform differently from the market as a whole, due to","page_number":61,"box":{"x":549,"y":296,"width":418,"height":11}},{"id":"4df2ee41-b3f2-40de-bdd2-edb2512d2a5a","block_type":"box","text":"changes in the financial condition or credit rating of the issuer or","page_number":61,"box":{"x":549,"y":311,"width":414,"height":10}},{"id":"f5905ac0-b9f4-4da8-92e5-d40d14a99829","block_type":"box","text":"counterparty.","page_number":61,"box":{"x":549,"y":326,"width":84,"height":10}},{"id":"8a009d6c-8ec7-44a0-85ab-62f308c1c413","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":61,"box":{"x":549,"y":348,"width":252,"height":11}},{"id":"565e34df-ea69-4f7c-899a-ffd5882cc316","block_type":"box","text":"Large-capitalization","page_number":61,"box":{"x":808,"y":348,"width":124,"height":11}},{"id":"c33470dc-986e-4c8a-9c66-ca431dc86957","block_type":"box","text":"companies may be less able than smaller-capitalization","page_number":61,"box":{"x":549,"y":362,"width":352,"height":11}},{"id":"37cc2bbc-7c12-4576-970d-d6d9059609cc","block_type":"box","text":"companies to adapt to changing market conditions and","page_number":61,"box":{"x":549,"y":376,"width":352,"height":11}},{"id":"ce8beb95-b90e-41de-baf6-5a5c0db3627b","block_type":"box","text":"competitive challenges. Large-capitalization companies may be","page_number":61,"box":{"x":549,"y":391,"width":405,"height":10}},{"id":"7ecb10d4-078b-4a99-bb8f-93322698424b","block_type":"box","text":"more mature and subject to more limited growth potential","page_number":61,"box":{"x":549,"y":405,"width":371,"height":11}},{"id":"e1c4ff66-eb91-4957-a63d-f6c45cb0204b","block_type":"box","text":"compared with smaller-capitalization companies. The","page_number":61,"box":{"x":549,"y":419,"width":340,"height":11}},{"id":"0703f08d-571e-4702-be00-0af6c64d1b5e","block_type":"box","text":"performance of large-capitalization companies could trail the","page_number":61,"box":{"x":549,"y":433,"width":390,"height":11}},{"id":"0a738dd4-4743-4158-8eb9-286071536c3d","block_type":"box","text":"overall performance of the broader securities markets.","page_number":61,"box":{"x":549,"y":447,"width":349,"height":11}},{"id":"534602e9-c3bf-431c-b11d-ce1a8b95c0df","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk.","page_number":61,"box":{"x":549,"y":470,"width":360,"height":11}},{"id":"6f7e4a35-518f-4aca-b128-3853aac6c76f","block_type":"box","text":"Certain","page_number":61,"box":{"x":915,"y":470,"width":45,"height":9}},{"id":"5a7a8f57-5564-4fdc-9be5-cabe078332fe","block_type":"box","text":"shareholders of the Fund, including an Authorized Participant, a","page_number":61,"box":{"x":549,"y":485,"width":405,"height":10}},{"id":"66ddbffb-115a-4536-b80d-d3311adb49b2","block_type":"box","text":"third-party investor, the Fund’s adviser, an affiliate of the Fund’s","page_number":61,"box":{"x":549,"y":499,"width":409,"height":11}},{"id":"e0d2687e-be75-4c16-8e76-209b71f80470","block_type":"box","text":"adviser, a market maker, or another entity, may from time to time","page_number":61,"box":{"x":549,"y":513,"width":419,"height":11}},{"id":"6528c7fb-096c-4c88-a41b-7bfa426ea0c9","block_type":"box","text":"own or manage a substantial amount of Fund shares, or may hold","page_number":61,"box":{"x":549,"y":527,"width":417,"height":11}},{"id":"7b76f969-e3d4-48b3-a37f-993ed644e399","block_type":"box","text":"their investment in the Fund for a limited period of time. There can","page_number":61,"box":{"x":549,"y":541,"width":424,"height":11}},{"id":"a5f8d507-a955-476c-a809-df6765f19f94","block_type":"box","text":"be no assurance that any large shareholder or large group of","page_number":61,"box":{"x":549,"y":556,"width":387,"height":10}},{"id":"08486ba1-60a4-4e53-b869-caf9fa72916c","block_type":"box","text":"shareholders would not redeem their investment. 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Any reduction in this trading may have an","page_number":62,"box":{"x":82,"y":669,"width":383,"height":11}},{"id":"adfddbcd-b4d3-4bfb-88bb-a0cad9545810","block_type":"box","text":"adverse impact on the Fund’s investments. 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Internal","page_number":62,"box":{"x":549,"y":51,"width":416,"height":11}},{"id":"13f0851d-0857-4cbf-adeb-2e6b37a14c89","block_type":"box","text":"social unrest or confrontations with other countries, including","page_number":62,"box":{"x":549,"y":66,"width":395,"height":11}},{"id":"1fddac36-d2dc-46b0-a2cd-ade43657261e","block_type":"box","text":"military conflicts in response to such events, may disrupt China’s","page_number":62,"box":{"x":549,"y":80,"width":415,"height":11}},{"id":"36ec0b14-b89d-4327-b92b-c83e3d192d21","block_type":"box","text":"economy and markets and result in a greater risk of currency","page_number":62,"box":{"x":549,"y":94,"width":391,"height":11}},{"id":"122ee5ad-bd94-4f65-bcbe-acafb35684aa","block_type":"box","text":"fluctuations, currency non-convertibility, interest rate fluctuations","page_number":62,"box":{"x":549,"y":108,"width":421,"height":11}},{"id":"2aa0d6f0-669f-4311-ad62-b52fff573643","block_type":"box","text":"and higher inflation.","page_number":62,"box":{"x":549,"y":122,"width":126,"height":11}},{"id":"7232293b-1927-4d9f-9ae3-939d5550fd92","block_type":"box","text":"China has experienced security concerns, such as terrorism and","page_number":62,"box":{"x":549,"y":146,"width":409,"height":10}},{"id":"5206b96d-a501-4db4-b577-1212629865f0","block_type":"box","text":"strained international relations. 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Such heightened risks may include, among","page_number":63,"box":{"x":84,"y":708,"width":404,"height":10}},{"id":"18fd95c5-ec82-4139-8208-9e56ed5bb490","block_type":"box","text":"others, the expropriation and/or nationalization of assets,","page_number":63,"box":{"x":83,"y":722,"width":371,"height":11}},{"id":"ad701c01-72d7-4239-961c-66e537e52d9e","block_type":"box","text":"restrictions on and government intervention in international trade,","page_number":63,"box":{"x":83,"y":736,"width":423,"height":11}},{"id":"7e78ceaf-96e5-4401-84b8-b738d96e1dae","block_type":"box","text":"confiscatory taxation, political instability, including authoritarian","page_number":63,"box":{"x":83,"y":750,"width":409,"height":11}},{"id":"3b92db24-2089-48f8-ba2f-81c6a0847073","block_type":"box","text":"and/or military involvement in governmental decision-making,","page_number":63,"box":{"x":83,"y":764,"width":399,"height":11}},{"id":"32f80f99-8014-416c-b7d4-c2e5567e0a98","block_type":"box","text":"armed conflict, crime and instability as a result of religious, ethnic","page_number":63,"box":{"x":83,"y":779,"width":421,"height":10}},{"id":"53929f89-8749-4e2c-a497-fdc77e84a84f","block_type":"box","text":"and/or socioeconomic unrest. Instability in the Middle East region","page_number":63,"box":{"x":83,"y":793,"width":423,"height":11}},{"id":"abb479c1-236f-464c-974a-4c81ebf15492","block_type":"box","text":"could adversely impact the economy of Saudi Arabia, and there is","page_number":63,"box":{"x":83,"y":807,"width":418,"height":11}},{"id":"85262411-057f-4084-baed-ca1f0a5e7c90","block_type":"box","text":"no assurance of political stability in Saudi Arabia.","page_number":63,"box":{"x":83,"y":821,"width":313,"height":11}},{"id":"3af14be0-5c26-4ff5-ac7b-38b60e5b2c9b","block_type":"box","text":"The ability of foreign investors to invest in the securities of Saudi","page_number":63,"box":{"x":82,"y":844,"width":413,"height":11}},{"id":"154c1c34-9e4f-4dd1-92bd-2a9eb0a438f9","block_type":"box","text":"Arabian companies could be restricted by the Saudi Arabian","page_number":63,"box":{"x":82,"y":859,"width":383,"height":10}},{"id":"20f852ea-95bc-4ca9-ba1c-fce201d73fed","block_type":"box","text":"government at any time, and unforeseen risks could materialize","page_number":63,"box":{"x":83,"y":873,"width":406,"height":11}},{"id":"245dddae-2cd8-4d8c-8fd9-9ddeaef25e29","block_type":"box","text":"with respect to foreign ownership of such securities. There are a","page_number":63,"box":{"x":549,"y":23,"width":410,"height":11}},{"id":"e20d6ff3-ba03-45c5-86d4-c1d6ceb44df3","block_type":"box","text":"number of ways to conduct transactions in equity securities in the","page_number":63,"box":{"x":549,"y":37,"width":422,"height":11}},{"id":"f47ff94d-c83b-45e7-bc5b-a5cc85d4d18c","block_type":"box","text":"Saudi Arabian market. The Fund generally expects to transact in a","page_number":63,"box":{"x":549,"y":51,"width":420,"height":11}},{"id":"555db467-228d-4c75-9f1b-bb585fadce14","block_type":"box","text":"manner so that it is not limited by Saudi Arabian regulations to a","page_number":63,"box":{"x":549,"y":66,"width":410,"height":11}},{"id":"c5f426bc-7397-4c42-a341-32600760e556","block_type":"box","text":"single broker. However, there may be a limited number of brokers","page_number":63,"box":{"x":549,"y":80,"width":419,"height":11}},{"id":"f8610627-8de2-496f-a4dd-2164c14f6258","block_type":"box","text":"who can provide services to the Fund, which may have an adverse","page_number":63,"box":{"x":549,"y":94,"width":422,"height":11}},{"id":"400b73c6-6412-4c63-b488-42fffb1d2b90","block_type":"box","text":"impact on the prices, quantity or timing of Fund transactions.","page_number":63,"box":{"x":549,"y":108,"width":391,"height":11}},{"id":"17d37d6d-5b65-442c-80ee-c6b2fe9a2eb9","block_type":"box","text":"Risk of Investing in the U.S","page_number":63,"box":{"x":549,"y":131,"width":182,"height":11}},{"id":"03674984-c9c3-47ed-abbd-005d8bc2176c","block_type":"box","text":".","page_number":63,"box":{"x":732,"y":138,"width":2,"height":2}},{"id":"1cd130fd-da84-4c6f-8770-b34295256922","block_type":"box","text":"Investing in U.S. issuers subjects","page_number":63,"box":{"x":740,"y":131,"width":210,"height":11}},{"id":"327d9186-090a-4ff7-b6ea-a811cfa7f135","block_type":"box","text":"the Fund to legal, regulatory, political, currency, security, and","page_number":63,"box":{"x":549,"y":146,"width":391,"height":10}},{"id":"c2169aa3-360f-4ac9-8336-1f80edfb5d11","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the","page_number":63,"box":{"x":549,"y":160,"width":423,"height":11}},{"id":"df970f3d-a4f2-4189-a42f-7d866df3c2f8","block_type":"box","text":"U.S., such as a weakening of the U.S. economy or a decline in its","page_number":63,"box":{"x":550,"y":174,"width":412,"height":11}},{"id":"06349dae-16ee-433b-af70-b9dd9de6f5e1","block_type":"box","text":"financial markets, may have an adverse effect on U.S. issuers.","page_number":63,"box":{"x":549,"y":188,"width":396,"height":11}},{"id":"72425127-8567-40af-a87b-1f9893e4b844","block_type":"box","text":"Securities Lending Risk.","page_number":63,"box":{"x":548,"y":211,"width":162,"height":11}},{"id":"abbad104-d9cd-40dc-b167-e7335e450572","block_type":"box","text":"The Fund may engage in securities","page_number":63,"box":{"x":716,"y":211,"width":221,"height":11}},{"id":"a6e1deca-2077-4ce2-ae30-9b6d98460967","block_type":"box","text":"lending. Securities lending involves the risk that the Fund may","page_number":63,"box":{"x":549,"y":226,"width":397,"height":10}},{"id":"f13c0f2d-600a-42d7-abf5-85940011c465","block_type":"box","text":"lose money because the borrower of the loaned securities fails to","page_number":63,"box":{"x":549,"y":240,"width":418,"height":11}},{"id":"3899b0cf-4ba5-4e79-ae77-4ac435cbae91","block_type":"box","text":"return the securities in a timely manner or at all. The Fund could","page_number":63,"box":{"x":549,"y":254,"width":409,"height":11}},{"id":"4238a6d5-4d8a-4621-a4bf-0a45e1c55a2f","block_type":"box","text":"also lose money in the event of a decline in the value of collateral","page_number":63,"box":{"x":549,"y":268,"width":416,"height":11}},{"id":"a13612ff-0b84-4487-bd14-ea78aa998d25","block_type":"box","text":"provided for loaned securities or a decline in the value of any","page_number":63,"box":{"x":549,"y":282,"width":389,"height":11}},{"id":"8fe26f1d-bb8a-47e8-a836-79147a31f87b","block_type":"box","text":"investments made with cash collateral. These events could also","page_number":63,"box":{"x":549,"y":296,"width":406,"height":9}},{"id":"e2aca39f-4686-4b2b-87fd-479e70ae7052","block_type":"box","text":"trigger adverse tax consequences for the Fund.","page_number":63,"box":{"x":549,"y":311,"width":301,"height":10}},{"id":"1257109c-645d-4bf8-8e5f-f39f8c13f2ef","block_type":"box","text":"Technology Companies Risk","page_number":63,"box":{"x":550,"y":334,"width":190,"height":11}},{"id":"4e207071-98f5-4e6e-97c9-bc1fdfcd2654","block_type":"box","text":".","page_number":63,"box":{"x":740,"y":340,"width":3,"height":2}},{"id":"9b108163-35c6-46c2-b750-d78461176e6d","block_type":"box","text":"Technology companies and","page_number":63,"box":{"x":748,"y":334,"width":172,"height":11}},{"id":"38999e4b-d9a2-470f-a755-d1e85a2f653e","block_type":"box","text":"companies that rely heavily on technological advances may have","page_number":63,"box":{"x":549,"y":348,"width":413,"height":11}},{"id":"842ef089-7abb-423b-8205-b8540f8ed04b","block_type":"box","text":"limited product lines, markets, financial resources, supply chains","page_number":63,"box":{"x":549,"y":362,"width":414,"height":11}},{"id":"32a8e669-361a-4eb1-bda8-59c496351170","block_type":"box","text":"and personnel. These companies typically face intense","page_number":63,"box":{"x":549,"y":376,"width":348,"height":11}},{"id":"63edb9c3-6728-481e-a055-4cf16c2b5c20","block_type":"box","text":"competition, potentially rapid product obsolescence and changes","page_number":63,"box":{"x":549,"y":391,"width":418,"height":10}},{"id":"60e68089-209e-48f3-8ab8-7521321c3e86","block_type":"box","text":"in product cycles and customer preferences. They may face","page_number":63,"box":{"x":549,"y":405,"width":381,"height":11}},{"id":"186ad761-8e53-4f69-8ca3-49dbb87298ea","block_type":"box","text":"unexpected risks and costs associated with technological","page_number":63,"box":{"x":549,"y":419,"width":367,"height":11}},{"id":"be63237b-0167-4561-8798-3e35795411ff","block_type":"box","text":"developments, such as artificial intelligence and machine learning.","page_number":63,"box":{"x":549,"y":433,"width":424,"height":11}},{"id":"52b93fc8-c19e-4d96-b3fc-3d804d796f2f","block_type":"box","text":"Technology companies also depend heavily on intellectual","page_number":63,"box":{"x":549,"y":447,"width":368,"height":11}},{"id":"fb8a9208-6ec8-452e-b1a3-3c68258bc053","block_type":"box","text":"property rights and may be adversely affected by the loss or","page_number":63,"box":{"x":549,"y":461,"width":384,"height":11}},{"id":"c552d7bf-dffd-4454-9e92-f0181f8a720d","block_type":"box","text":"impairment of those rights. Technology companies may face","page_number":63,"box":{"x":549,"y":476,"width":384,"height":10}},{"id":"0c8e0f78-7efc-4466-876e-abe793b6ce74","block_type":"box","text":"increased government scrutiny and may be subject to adverse","page_number":63,"box":{"x":549,"y":490,"width":397,"height":11}},{"id":"cd70c0ff-590a-4243-a5a5-c2c7aafbcf29","block_type":"box","text":"government or legal action.","page_number":63,"box":{"x":549,"y":504,"width":174,"height":11}},{"id":"8cf03a84-28ee-4fb4-9231-242cdfb58d2b","block_type":"box","text":"Tracking Error Risk","page_number":63,"box":{"x":550,"y":527,"width":128,"height":11}},{"id":"a87341fe-c651-4126-acf3-4489d88e1195","block_type":"box","text":".","page_number":63,"box":{"x":678,"y":534,"width":3,"height":2}},{"id":"c3f21368-0569-4600-b639-1b83187ba10b","block_type":"box","text":"The Fund may be subject to “tracking error,”","page_number":63,"box":{"x":686,"y":527,"width":284,"height":11}},{"id":"3d393d78-47e0-45dc-a112-455ddb2c3a3f","block_type":"box","text":"which is the divergence of the Fund’s performance from that of","page_number":63,"box":{"x":549,"y":541,"width":404,"height":11}},{"id":"d4dac112-d307-49ed-962c-4ad8189cbb1d","block_type":"box","text":"the Underlying Index. Tracking error may occur due to a number of","page_number":63,"box":{"x":549,"y":556,"width":425,"height":10}},{"id":"18ed20b2-ce4f-4eaf-97cb-6fb717fc0326","block_type":"box","text":"factors, including differences between the securities and other","page_number":63,"box":{"x":549,"y":570,"width":401,"height":11}},{"id":"40057e92-4270-4f3d-8173-921daab841d1","block_type":"box","text":"assets held in the Fund’s portfolio and those included in the","page_number":63,"box":{"x":549,"y":584,"width":381,"height":11}},{"id":"5f9389f0-db96-44a1-adcc-3c7f6b9b1b80","block_type":"box","text":"Underlying Index; differences in the timing and methodologies","page_number":63,"box":{"x":550,"y":598,"width":396,"height":11}},{"id":"c1c5fafd-b8cd-4180-a9c2-6cdb38a4146e","block_type":"box","text":"used to value securities and other assets; transaction costs and","page_number":63,"box":{"x":549,"y":612,"width":407,"height":10}},{"id":"9f961a8f-29e5-4e79-a506-d7cd7089cd6b","block_type":"box","text":"other expenses incurred by the Fund that the Underlying Index","page_number":63,"box":{"x":549,"y":626,"width":400,"height":11}},{"id":"53c6e98e-2279-41a1-9dd1-f831b97f82a2","block_type":"box","text":"does not incur; the Fund’s holding of uninvested cash; differences","page_number":63,"box":{"x":549,"y":641,"width":421,"height":10}},{"id":"a132bfa6-7f61-4b92-a55c-0b396f5ddd0c","block_type":"box","text":"in the timing of the accrual or the valuation of dividends or","page_number":63,"box":{"x":549,"y":655,"width":374,"height":11}},{"id":"a4f1c0e4-d732-4e48-b9f7-ee0214a9b494","block_type":"box","text":"interest received by the Fund or distributions paid to Fund","page_number":63,"box":{"x":549,"y":669,"width":370,"height":11}},{"id":"3f7ce8c9-145c-4553-bd3e-5fdb0b6aaa96","block_type":"box","text":"shareholders; tax gains or losses; differences between the","page_number":63,"box":{"x":549,"y":683,"width":372,"height":11}},{"id":"ced3d03a-8e76-4f8f-83ae-1884e94f2aa1","block_type":"box","text":"amount and/or timing of withholding taxes on dividends reflected","page_number":63,"box":{"x":549,"y":697,"width":420,"height":11}},{"id":"a42b446f-b077-4881-8086-4c6670637d71","block_type":"box","text":"in the Underlying Index from the Fund’s obligation, if any, for","page_number":63,"box":{"x":549,"y":712,"width":387,"height":10}},{"id":"06fb3e07-2042-479f-9d4e-99544267fd99","block_type":"box","text":"foreign withholding taxes; the requirements for the Fund to","page_number":63,"box":{"x":549,"y":726,"width":377,"height":11}},{"id":"26e77a40-beb5-4d31-b6cc-94cdd44e810e","block_type":"box","text":"maintain pass-through tax treatment; portfolio transactions","page_number":63,"box":{"x":549,"y":740,"width":380,"height":11}},{"id":"e5b7dab4-2d4c-48d3-9535-caccbddeb9e7","block_type":"box","text":"carried out to minimize the distribution of capital gains to","page_number":63,"box":{"x":549,"y":754,"width":366,"height":11}},{"id":"00d96220-0d1a-4d1f-bbd3-2bcd76af8fd3","block_type":"box","text":"shareholders; the acceptance of custom baskets; changes to the","page_number":63,"box":{"x":549,"y":768,"width":414,"height":11}},{"id":"03db911f-1292-4324-9731-e3551e75094e","block_type":"box","text":"Underlying Index; and impacts to the Fund of complying with","page_number":63,"box":{"x":550,"y":782,"width":386,"height":11}},{"id":"0891125b-27c2-405b-8747-57926a569792","block_type":"box","text":"certain regulatory requirements or limits. Tracking error risk may","page_number":63,"box":{"x":549,"y":797,"width":414,"height":10}},{"id":"7807d571-eb7d-404a-a48c-5f241259aa58","block_type":"box","text":"be heightened during times of increased market volatility or other","page_number":63,"box":{"x":549,"y":811,"width":420,"height":11}},{"id":"d36d8d49-f1bf-436f-816e-1f7ac0607087","block_type":"box","text":"unusual market conditions. A Fund that tracks an index with","page_number":63,"box":{"x":549,"y":825,"width":383,"height":8}},{"id":"354af455-3dd9-48ce-a580-8f1315fc2f32","block_type":"box","text":"exposure to non-U.S. issuers may experience higher tracking","page_number":63,"box":{"x":549,"y":839,"width":390,"height":11}},{"id":"7e574a5b-c6d3-4ac0-a3a7-479c10b09673","block_type":"box","text":"error than ETFs that do not track such indexes.","page_number":63,"box":{"x":549,"y":853,"width":299,"height":9}},{"id":"7082b0be-7bac-4956-bbb7-2a709f4cb612","block_type":"box","text":"S-48","page_number":63,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"2084e39b-4e6d-4db5-bebb-6484ca18b493","block_type":"box","text":"Valuation Risk","page_number":64,"box":{"x":84,"y":23,"width":96,"height":9}},{"id":"6a59df21-b896-413a-8f2a-80372b2712b8","block_type":"box","text":".","page_number":64,"box":{"x":180,"y":30,"width":2,"height":2}},{"id":"4ab6dd90-7a44-434b-9ca3-b060ff28e2c8","block_type":"box","text":"The price that the Fund could receive upon the","page_number":64,"box":{"x":187,"y":23,"width":298,"height":11}},{"id":"beb51b68-94f6-49aa-9b12-715da8339d59","block_type":"box","text":"sale (or other disposition) of a security or other asset may differ","page_number":64,"box":{"x":83,"y":37,"width":408,"height":11}},{"id":"f4bcd009-1fcf-4985-8935-d8be7d6288b6","block_type":"box","text":"from the Fund’s valuation of the security or other asset,","page_number":64,"box":{"x":82,"y":51,"width":356,"height":11}},{"id":"f9f1114c-4437-4f8a-9686-f6ea290e4fc7","block_type":"box","text":"particularly for securities or other assets that trade in low volume","page_number":64,"box":{"x":83,"y":66,"width":418,"height":10}},{"id":"13e60e51-9889-4f83-8df9-e041f97027e9","block_type":"box","text":"or volatile markets or that are valued using a fair value","page_number":64,"box":{"x":83,"y":80,"width":347,"height":11}},{"id":"dd99ec27-c018-412b-8c7f-4c7268a947ec","block_type":"box","text":"methodology. The price received by the Fund also may differ from","page_number":64,"box":{"x":83,"y":94,"width":418,"height":11}},{"id":"9e524ad0-618a-46a6-9890-255bdc66acdb","block_type":"box","text":"the value used by the Underlying Index. In addition, the value of","page_number":64,"box":{"x":83,"y":108,"width":406,"height":11}},{"id":"08c1e00c-0cd4-4b65-b6d7-a2b650233c86","block_type":"box","text":"the securities or other assets in the Fund’s portfolio may change","page_number":64,"box":{"x":83,"y":122,"width":411,"height":11}},{"id":"7354359d-a0c4-4ffb-9e04-bd7fca16ba26","block_type":"box","text":"on days or during time periods when investors are not able to","page_number":64,"box":{"x":83,"y":137,"width":392,"height":10}},{"id":"67a808a2-65fa-4ab2-80ec-72b4fba16ef9","block_type":"box","text":"purchase or sell Fund shares. Authorized Participants that create","page_number":64,"box":{"x":549,"y":23,"width":414,"height":11}},{"id":"1148ee22-1d4e-4546-b7a7-f47dd6a0143a","block_type":"box","text":"or redeem Fund shares on days when the Fund is holding fair","page_number":64,"box":{"x":549,"y":37,"width":394,"height":11}},{"id":"4526f8fb-d100-44e6-a44f-8ba5805edc9a","block_type":"box","text":"valued securities or other assets may receive fewer or more","page_number":64,"box":{"x":548,"y":51,"width":383,"height":11}},{"id":"4afec49b-d597-4ffe-819e-147465eaa9bd","block_type":"box","text":"shares, or lower or higher redemption proceeds, than they would","page_number":64,"box":{"x":549,"y":66,"width":414,"height":11}},{"id":"25c9c3c0-0f95-4125-a14f-bfeb9ec8a734","block_type":"box","text":"have received had the securities or other assets not been fair","page_number":64,"box":{"x":549,"y":80,"width":392,"height":8}},{"id":"23cf27e2-a7d6-4ec5-9d49-e75144002704","block_type":"box","text":"valued or been valued using a different methodology. The ability to","page_number":64,"box":{"x":548,"y":94,"width":425,"height":11}},{"id":"6fe89b79-c141-4d03-9223-eef4ddb922b1","block_type":"box","text":"value investments may be impacted by technological issues or","page_number":64,"box":{"x":548,"y":108,"width":400,"height":11}},{"id":"09dfbe75-5193-41d4-a3cb-8e73e95fbc65","block_type":"box","text":"errors by pricing services or other third-party service providers.","page_number":64,"box":{"x":549,"y":122,"width":405,"height":11}},{"id":"61264033-1960-42be-b1da-b4eb23030ac3","block_type":"box","text":"S-49","page_number":64,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"cb4b7155-eb30-421f-b94c-6cf50ec9f588","block_type":"box","text":"Performance Information","page_number":65,"box":{"x":84,"y":22,"width":213,"height":11}},{"id":"05205d3d-4f15-49d3-b8a4-502994356832","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication","page_number":65,"box":{"x":82,"y":48,"width":887,"height":10}},{"id":"9e9aafb5-b434-47bb-aa40-ec71711bc5bb","block_type":"box","text":"of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another","page_number":65,"box":{"x":83,"y":61,"width":872,"height":10}},{"id":"ababff0a-3105-4dcb-b53b-aef3c7ac560c","block_type":"box","text":"over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index, which","page_number":65,"box":{"x":83,"y":73,"width":884,"height":11}},{"id":"9c3eb0ed-a6d6-4af3-9874-1fb95f3047cc","block_type":"box","text":"is also the Fund’s Underlying Index. Returns assume the reinvestment of any dividends and distributions. The Fund’s returns reflect the","page_number":65,"box":{"x":83,"y":86,"width":862,"height":11}},{"id":"2e1c7220-7f49-4a62-98d8-34aa3a9ae6a2","block_type":"box","text":"impact of any agreements to waive or reimburse expenses, which would reduce performance if not in effect. 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Although your actual costs may be higher or lower, based on these assumptions, your costs would be:","page_number":67,"box":{"x":83,"y":622,"width":694,"height":11}},{"id":"b85e030a-75c4-4f17-bfae-27f7dccefbb3","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":67,"box":{"x":195,"y":653,"width":668,"height":7}},{"id":"3acf58bd-5acc-42b7-bae4-0eab25c0bfff","block_type":"box","text":"$33 $103 $180 $406","page_number":67,"box":{"x":202,"y":673,"width":649,"height":9}},{"id":"e1784064-c789-4856-bfb9-29cca39cfeea","block_type":"box","text":"Portfolio Turnover.","page_number":67,"box":{"x":83,"y":712,"width":129,"height":9}},{"id":"33bfd1ae-33bd-4079-977e-a11724d4345d","block_type":"box","text":"The Fund may pay transaction costs, such as","page_number":67,"box":{"x":216,"y":713,"width":287,"height":10}},{"id":"6dc55e82-39d7-4d63-9601-a9142e84f863","block_type":"box","text":"commissions, when it buys and sells securities (or “turns over” its","page_number":67,"box":{"x":83,"y":727,"width":420,"height":11}},{"id":"84f0daf0-039a-459b-ae47-e34b26acd48e","block_type":"box","text":"portfolio). 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Such heightened risks may include, among","page_number":71,"box":{"x":550,"y":358,"width":405,"height":11}},{"id":"8751ab16-520d-4708-8d6a-8c209e7333ab","block_type":"box","text":"others, the expropriation and/or nationalization of assets,","page_number":71,"box":{"x":549,"y":372,"width":371,"height":11}},{"id":"6f5a074e-e3f9-439a-8b0b-ec52f2f4bef4","block_type":"box","text":"restrictions on and government intervention in international trade,","page_number":71,"box":{"x":549,"y":387,"width":423,"height":10}},{"id":"ccee055d-bf13-4e63-9879-64ebcb4bdfc1","block_type":"box","text":"confiscatory taxation, political instability, including authoritarian","page_number":71,"box":{"x":549,"y":401,"width":410,"height":11}},{"id":"18c3c40c-076b-4ca8-95bb-df88707ff452","block_type":"box","text":"and/or military involvement in governmental decision-making,","page_number":71,"box":{"x":549,"y":415,"width":399,"height":11}},{"id":"220b9e95-3fd2-4126-ad06-67f27a02c3ef","block_type":"box","text":"armed conflict, crime and instability as a result of religious, ethnic","page_number":71,"box":{"x":549,"y":429,"width":421,"height":11}},{"id":"80999fe7-f2e5-4486-90f7-311db6f5884e","block_type":"box","text":"and/or socioeconomic unrest. Instability in the Middle East region","page_number":71,"box":{"x":549,"y":443,"width":423,"height":11}},{"id":"f4c1e7a4-5e8e-411e-a1fd-5229d96339aa","block_type":"box","text":"could adversely impact the economy of Saudi Arabia, and there is","page_number":71,"box":{"x":549,"y":458,"width":418,"height":10}},{"id":"3fd323b4-04ec-4f18-9ec2-1584d7dfae1a","block_type":"box","text":"no assurance of political stability in Saudi Arabia.","page_number":71,"box":{"x":549,"y":472,"width":313,"height":11}},{"id":"acaee7d9-c1ee-4043-91a0-48842fbe11d8","block_type":"box","text":"The ability of foreign investors to invest in the securities of Saudi","page_number":71,"box":{"x":549,"y":495,"width":413,"height":11}},{"id":"266a1390-5e93-41fa-8906-854f25533951","block_type":"box","text":"Arabian companies could be restricted by the Saudi Arabian","page_number":71,"box":{"x":549,"y":509,"width":382,"height":11}},{"id":"f3b10b29-a75d-4af9-9268-2725a159ca29","block_type":"box","text":"government at any time, and unforeseen risks could materialize","page_number":71,"box":{"x":549,"y":523,"width":406,"height":11}},{"id":"a1d0af20-b8a1-4035-8742-3bd649b244cf","block_type":"box","text":"with respect to foreign ownership of such securities. 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The price received by the Fund also may differ from","page_number":72,"box":{"x":549,"y":66,"width":418,"height":11}},{"id":"d3369d27-bebf-4c73-a34e-bc772a34f92e","block_type":"box","text":"the value used by the Underlying Index. In addition, the value of","page_number":72,"box":{"x":549,"y":80,"width":406,"height":11}},{"id":"8abba4f7-2136-424b-8d94-83975be9aa72","block_type":"box","text":"the securities or other assets in the Fund’s portfolio may change","page_number":72,"box":{"x":549,"y":94,"width":411,"height":11}},{"id":"538cee2d-cc3b-49f2-aca1-d87ec94c15ba","block_type":"box","text":"on days or during time periods when investors are not able to","page_number":72,"box":{"x":549,"y":108,"width":392,"height":11}},{"id":"5c43d640-a56c-4fc8-9b26-6147e19b1729","block_type":"box","text":"purchase or sell Fund shares. Authorized Participants that create","page_number":72,"box":{"x":549,"y":122,"width":414,"height":11}},{"id":"27223067-7003-471b-a04c-9798fd81fca3","block_type":"box","text":"or redeem Fund shares on days when the Fund is holding fair","page_number":72,"box":{"x":549,"y":137,"width":394,"height":10}},{"id":"ae6cd897-3f9b-4f65-b652-e2620d08216d","block_type":"box","text":"valued securities or other assets may receive fewer or more","page_number":72,"box":{"x":548,"y":151,"width":383,"height":11}},{"id":"8c537e0c-7bba-4a99-944d-ee43e32f3003","block_type":"box","text":"shares, or lower or higher redemption proceeds, than they would","page_number":72,"box":{"x":549,"y":165,"width":414,"height":11}},{"id":"c88a8c22-711e-4d37-9bf4-f76f7cc93213","block_type":"box","text":"have received had the securities or other assets not been fair","page_number":72,"box":{"x":549,"y":179,"width":392,"height":9}},{"id":"4e0ff0df-45c6-4505-842f-0eacba28f7a6","block_type":"box","text":"valued or been valued using a different methodology. 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The Fund may become “non-diversified,” as defined in","page_number":76,"box":{"x":549,"y":51,"width":417,"height":11}},{"id":"0a34e812-7ba6-4143-b6b5-69a13d2db198","block_type":"box","text":"the Investment Company Act of 1940, as amended (the “1940","page_number":76,"box":{"x":549,"y":66,"width":395,"height":10}},{"id":"e7c06520-1d2b-44ce-bd84-18454022ce59","block_type":"box","text":"Act”), solely as a result of a change in relative market","page_number":76,"box":{"x":549,"y":80,"width":340,"height":11}},{"id":"f2c65283-20ec-4c9c-8f06-9cd45b80fc1b","block_type":"box","text":"capitalization or index weighting of one or more constituents of","page_number":76,"box":{"x":549,"y":94,"width":405,"height":11}},{"id":"b810494a-270d-44f1-9329-aab98ad14f75","block_type":"box","text":"the Underlying Index. Shareholder approval will not be sought if","page_number":76,"box":{"x":549,"y":108,"width":406,"height":11}},{"id":"29908c91-802a-4707-a940-c94ae98cd588","block_type":"box","text":"the Fund becomes “non-diversified” due solely to a change in the","page_number":76,"box":{"x":549,"y":122,"width":415,"height":11}},{"id":"2da676d1-a40d-42a9-851f-97c9c0fa5dd6","block_type":"box","text":"relative market capitalization or index weighting of one or more","page_number":76,"box":{"x":549,"y":137,"width":404,"height":10}},{"id":"01db7850-b1d2-4b32-a6fc-2220a977ba36","block_type":"box","text":"constituents of the Underlying Index. The Fund discloses its","page_number":76,"box":{"x":549,"y":151,"width":380,"height":11}},{"id":"142b422d-ef24-4a1a-bf61-ca1f9e0ea432","block_type":"box","text":"portfolio holdings and weightings at www.iShares.com.","page_number":76,"box":{"x":549,"y":165,"width":350,"height":11}},{"id":"1f519bdb-2533-455f-9795-64dff0a61bb7","block_type":"box","text":"Summary of Principal Risks","page_number":76,"box":{"x":549,"y":194,"width":235,"height":13}},{"id":"1af6e2ad-9f43-4ba4-a8f8-94e359880869","block_type":"box","text":"As with any investment, you could lose all or part of your","page_number":76,"box":{"x":549,"y":219,"width":362,"height":11}},{"id":"b751e5ca-54a3-4f21-9d12-d568c4f1a7e7","block_type":"box","text":"investment in the Fund, and the Fund’s performance could trail","page_number":76,"box":{"x":549,"y":233,"width":402,"height":11}},{"id":"f1e2aa7c-d5c9-4c4a-b05a-812d107fce14","block_type":"box","text":"that of other investments. The Fund is subject to certain risks,","page_number":76,"box":{"x":549,"y":247,"width":396,"height":11}},{"id":"7bca9c9c-5e9a-43bd-acae-5ae47cb00110","block_type":"box","text":"including the principal risks noted below, any of which may","page_number":76,"box":{"x":549,"y":262,"width":376,"height":10}},{"id":"79d6af4d-faef-462d-9439-deae5f5f0be2","block_type":"box","text":"adversely affect the Fund’s net asset value per share (“NAV”),","page_number":76,"box":{"x":549,"y":276,"width":392,"height":11}},{"id":"44832dac-75de-4d39-a4f8-89d0bc543460","block_type":"box","text":"trading price, yield, total return and ability to meet its investment","page_number":76,"box":{"x":549,"y":290,"width":416,"height":11}},{"id":"ff93a6bd-66ca-4639-a3f1-d872e04c6c31","block_type":"box","text":"objective. Certain key risks are prioritized below (with others","page_number":76,"box":{"x":549,"y":304,"width":388,"height":11}},{"id":"d5bf2a65-feb2-4359-9cbd-7d6a03c9f054","block_type":"box","text":"following in alphabetical order), but the relative significance of any","page_number":76,"box":{"x":549,"y":318,"width":425,"height":11}},{"id":"22773cf3-1573-4efc-9f67-e812ac434090","block_type":"box","text":"risk is difficult to predict and may change over time. You should","page_number":76,"box":{"x":549,"y":333,"width":405,"height":10}},{"id":"f5948d13-eb6a-40e7-a5a8-3484531aa107","block_type":"box","text":"review each risk factor carefully.","page_number":76,"box":{"x":549,"y":347,"width":206,"height":11}},{"id":"6c0ecade-992f-45a0-9d6d-a6e6703bf046","block_type":"box","text":"Risk of Investing in Asia.","page_number":76,"box":{"x":549,"y":370,"width":164,"height":11}},{"id":"88f9aaf9-7878-4ec3-8005-c3d5610318da","block_type":"box","text":"Investments in Asian issuers subject","page_number":76,"box":{"x":720,"y":370,"width":233,"height":11}},{"id":"81b9dac9-68a2-4f21-acad-69df93c3739b","block_type":"box","text":"the Fund to legal, regulatory, political, economic, currency,","page_number":76,"box":{"x":549,"y":384,"width":375,"height":11}},{"id":"bf1353e0-0d34-4ab1-8c84-d8bf816113a4","block_type":"box","text":"geographic and security risks that are specific to Asia. 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Certain Asian countries","page_number":76,"box":{"x":549,"y":427,"width":399,"height":8}},{"id":"b681e50a-c050-48ee-aaaf-e227d54700fd","block_type":"box","text":"have experienced expropriation and/or nationalization of assets,","page_number":76,"box":{"x":549,"y":441,"width":414,"height":11}},{"id":"0f4eacbb-e232-4c4b-b525-cc0092bb2832","block_type":"box","text":"confiscatory taxation, currency devaluations and restrictions,","page_number":76,"box":{"x":549,"y":455,"width":391,"height":11}},{"id":"228b9e46-2e90-4060-b8e0-85a8113c68fa","block_type":"box","text":"political or social instability, and armed conflict. 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The value of securities or other assets may","page_number":77,"box":{"x":550,"y":593,"width":402,"height":11}},{"id":"5022c48c-c202-4dcf-b9a7-dfccd001279b","block_type":"box","text":"decline, or perform differently from the market as a whole, due to","page_number":77,"box":{"x":549,"y":607,"width":418,"height":11}},{"id":"6dd6c665-ee69-44f9-a6d2-de72013bee40","block_type":"box","text":"changes in the financial condition or credit rating of the issuer or","page_number":77,"box":{"x":549,"y":621,"width":414,"height":11}},{"id":"1e9a2144-8654-423d-a4f2-21c81fc78ccb","block_type":"box","text":"counterparty.","page_number":77,"box":{"x":549,"y":636,"width":84,"height":10}},{"id":"02ca2cf0-b66b-4952-9e85-4db109775c5e","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":77,"box":{"x":549,"y":659,"width":252,"height":10}},{"id":"827781fc-5dc4-4620-9541-af0a763b12db","block_type":"box","text":"Large-capitalization","page_number":77,"box":{"x":808,"y":659,"width":124,"height":11}},{"id":"ea160255-9517-4d24-84c2-5344879e7cbc","block_type":"box","text":"companies may be less able than smaller-capitalization","page_number":77,"box":{"x":549,"y":673,"width":352,"height":11}},{"id":"50d2156a-a8e8-45c0-a155-dd5e800c5dc9","block_type":"box","text":"companies to adapt to changing market conditions and","page_number":77,"box":{"x":549,"y":687,"width":352,"height":11}},{"id":"0a97d6ce-5f57-485a-be9e-74e46a10ff0c","block_type":"box","text":"competitive challenges. 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As the Fund will not fully replicate the","page_number":78,"box":{"x":83,"y":273,"width":362,"height":11}},{"id":"1669b7c6-3ab2-4e3f-ad51-b785aed746c8","block_type":"box","text":"Underlying Index and may hold securities or other assets not","page_number":78,"box":{"x":83,"y":287,"width":388,"height":11}},{"id":"96c5b582-2001-46f7-80d9-726c32a841bb","block_type":"box","text":"included in the Underlying Index, it is subject to the risk that the","page_number":78,"box":{"x":83,"y":302,"width":409,"height":10}},{"id":"6222acd9-098d-487e-87db-7361fdbe18dc","block_type":"box","text":"investment strategy of BFA may not produce the intended results.","page_number":78,"box":{"x":83,"y":316,"width":419,"height":11}},{"id":"26d003ed-0722-4c28-96cf-402fa2434259","block_type":"box","text":"There is no guarantee that the Fund’s investment results will have","page_number":78,"box":{"x":82,"y":330,"width":420,"height":11}},{"id":"ea84c65e-87b9-45bf-8778-7361aebf5283","block_type":"box","text":"a high degree of correlation to those of the Underlying Index or","page_number":78,"box":{"x":83,"y":344,"width":402,"height":11}},{"id":"9309f1a9-6714-4bb5-bad2-2333194f8085","block_type":"box","text":"that the Fund will achieve its investment objective.","page_number":78,"box":{"x":83,"y":358,"width":323,"height":11}},{"id":"2f8e6067-690c-4496-adc5-ad95d1cc48ab","block_type":"box","text":"Market Trading Risk","page_number":78,"box":{"x":83,"y":381,"width":136,"height":11}},{"id":"d5ca3ae2-8cc9-46f4-be2d-a0c1bed60417","block_type":"box","text":".","page_number":78,"box":{"x":219,"y":388,"width":2,"height":2}},{"id":"cd800534-3d4a-452b-8709-feb3dbb12ddf","block_type":"box","text":"The Fund faces numerous market trading","page_number":78,"box":{"x":226,"y":382,"width":263,"height":10}},{"id":"d7d48c24-353f-467b-b400-88922f7cb8e2","block_type":"box","text":"risks, including the potential lack of an active market for Fund","page_number":78,"box":{"x":83,"y":396,"width":394,"height":11}},{"id":"1fe46fb6-bbc5-4d5d-bc4d-59fc3fbd964b","block_type":"box","text":"shares (including through a trading halt), losses from trading in","page_number":78,"box":{"x":83,"y":410,"width":401,"height":11}},{"id":"9391dd53-6354-4cc3-95dd-36f3507afe76","block_type":"box","text":"secondary markets, periods of high volatility, and disruptions in","page_number":78,"box":{"x":83,"y":424,"width":404,"height":11}},{"id":"bdfdf530-90db-4336-8c68-3de251325fe0","block_type":"box","text":"the process of creating and redeeming Fund shares. 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An investor may incur costs attributable to","page_number":82,"box":{"x":83,"y":267,"width":419,"height":11}},{"id":"f1e0704e-5a62-4d2b-9633-474650070038","block_type":"box","text":"the difference between the highest price a buyer is willing to pay","page_number":82,"box":{"x":83,"y":281,"width":412,"height":11}},{"id":"12b92ba7-7c18-4bce-8280-2f5520bf9eac","block_type":"box","text":"to purchase shares of the Fund (bid) and the lowest price a seller","page_number":82,"box":{"x":83,"y":295,"width":416,"height":11}},{"id":"3eba96f5-8584-4752-8b71-942bd11c900f","block_type":"box","text":"is willing to accept for shares of the Fund (ask) when buying or","page_number":82,"box":{"x":83,"y":309,"width":400,"height":11}},{"id":"3d5a6949-335f-49df-b75c-5feca6578d26","block_type":"box","text":"selling shares in the secondary market (the “bid-ask spread”).","page_number":82,"box":{"x":83,"y":324,"width":394,"height":10}},{"id":"906dc858-b118-40db-887a-bf6d94e2f7b6","block_type":"box","text":"Tax Information","page_number":82,"box":{"x":548,"y":22,"width":133,"height":11}},{"id":"23eaa823-1e9a-4e14-92f8-4618c9dd367a","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you","page_number":82,"box":{"x":549,"y":48,"width":422,"height":10}},{"id":"48662484-7a98-4995-9884-1a9e9979bac6","block_type":"box","text":"as ordinary income or capital gains, unless you are investing","page_number":82,"box":{"x":549,"y":62,"width":385,"height":11}},{"id":"f6f75a66-74f0-4afc-95cd-6df4e7f67062","block_type":"box","text":"through a tax-deferred arrangement such as a 401(k) plan or an","page_number":82,"box":{"x":549,"y":76,"width":406,"height":11}},{"id":"c596a744-d510-4a4d-8e35-a99f02ea787b","block_type":"box","text":"IRA, in which case, your distributions generally will be taxed when","page_number":82,"box":{"x":550,"y":90,"width":418,"height":11}},{"id":"0b6ca7c8-921a-401d-9131-3dd8ace1025d","block_type":"box","text":"withdrawn.","page_number":82,"box":{"x":549,"y":104,"width":69,"height":9}},{"id":"4ebaf8b8-096b-4ac6-be0e-b8d3d0397de5","block_type":"box","text":"Payments to Broker-Dealers and Other Financial","page_number":82,"box":{"x":550,"y":133,"width":410,"height":14}},{"id":"a9ca569f-9091-45a2-be4d-d0c720cde469","block_type":"box","text":"Intermediaries","page_number":82,"box":{"x":550,"y":150,"width":123,"height":11}},{"id":"0c6f97da-582e-480a-be51-3f79600729fd","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or","page_number":82,"box":{"x":550,"y":175,"width":393,"height":11}},{"id":"e26e7bcf-0886-4c45-8f48-1bce3baf6b4b","block_type":"box","text":"other financial intermediary (such as a bank), BFA or other related","page_number":82,"box":{"x":549,"y":189,"width":421,"height":11}},{"id":"a4aa55e0-319e-48da-9a1f-1bfd1ae527ab","block_type":"box","text":"companies may pay the intermediary for marketing activities and","page_number":82,"box":{"x":549,"y":204,"width":415,"height":10}},{"id":"a617227c-5b0e-455f-972e-515912c5ab8b","block_type":"box","text":"presentations, educational training programs, conferences, the","page_number":82,"box":{"x":549,"y":218,"width":403,"height":11}},{"id":"7975b22c-e37d-497c-8440-fdaa751decbf","block_type":"box","text":"development of technology platforms and reporting systems or","page_number":82,"box":{"x":549,"y":232,"width":403,"height":11}},{"id":"cd55e8b6-7387-4895-b9dc-289dd6ccfb1a","block_type":"box","text":"other services related to the sale or promotion of the Fund. These","page_number":82,"box":{"x":549,"y":246,"width":420,"height":11}},{"id":"a91b4fdb-7df7-4b09-a571-2dd95ea26e3b","block_type":"box","text":"payments may create a conflict of interest by influencing the","page_number":82,"box":{"x":549,"y":260,"width":387,"height":11}},{"id":"99e31d61-8f59-41c4-a530-e1ea699b9906","block_type":"box","text":"broker-dealer or other intermediary and your salesperson to","page_number":82,"box":{"x":549,"y":275,"width":384,"height":10}},{"id":"f5719bef-8609-4340-8fc4-1008ac8dfa94","block_type":"box","text":"recommend the Fund over another investment. 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portfolio securities and the execution of portfolio transactions, including brokerage commissions, (v)","page_number":83,"box":{"x":83,"y":241,"width":833,"height":11}},{"id":"a36878a8-3e5d-407b-ab46-a51ace57edc2","block_type":"box","text":"distribution fees or expenses, and (vi) litigation expenses and any extraordinary expenses.","page_number":83,"box":{"x":83,"y":255,"width":575,"height":11}},{"id":"d511805c-91b1-4901-ba23-462dc71d8e8a","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in","page_number":83,"box":{"x":82,"y":278,"width":883,"height":12}},{"id":"9d12ba6f-c0c2-4192-a55e-e335af18340b","block_type":"box","text":"the tables and examples below.","page_number":83,"box":{"x":83,"y":293,"width":220,"height":10}},{"id":"af910a25-d816-42d1-8eba-f2f3ad43314b","block_type":"box","text":"Annual Fund Operating 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any.","page_number":83,"box":{"x":123,"y":435,"width":706,"height":10}},{"id":"85c4785d-090c-46bc-93c8-e69b40ff32f4","block_type":"box","text":"Example.","page_number":83,"box":{"x":83,"y":455,"width":62,"height":11}},{"id":"ea26c1fe-4d04-4701-bcfe-cf485c9726a6","block_type":"box","text":"This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds.","page_number":83,"box":{"x":150,"y":455,"width":800,"height":11}},{"id":"651c1927-2a79-461d-b7b5-4e3374070545","block_type":"box","text":"The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those","page_number":83,"box":{"x":82,"y":468,"width":891,"height":12}},{"id":"6baca81a-be43-4968-bf11-9a44ddaa08e5","block_type":"box","text":"periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the","page_number":83,"box":{"x":83,"y":483,"width":862,"height":11}},{"id":"80642672-c618-4476-afa6-b24e4b111f01","block_type":"box","text":"same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:","page_number":83,"box":{"x":83,"y":498,"width":694,"height":10}},{"id":"59f3c2ad-542c-4244-ad3c-7383672f2de1","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":83,"box":{"x":195,"y":528,"width":668,"height":8}},{"id":"40cde07b-edf4-4d46-b903-1ac495daaeaf","block_type":"box","text":"$61 $192 $335 $750","page_number":83,"box":{"x":203,"y":548,"width":648,"height":9}},{"id":"bc24488b-2d31-4fbd-8684-d36640209e21","block_type":"box","text":"Portfolio Turnover.","page_number":83,"box":{"x":83,"y":588,"width":129,"height":8}},{"id":"3af65fda-4f61-400b-a9be-f260ced25336","block_type":"box","text":"The Fund may pay transaction costs, such as","page_number":83,"box":{"x":216,"y":588,"width":287,"height":11}},{"id":"c5971b35-dd7c-40f1-9f5b-7628b527aed5","block_type":"box","text":"commissions, when it buys and sells securities (or “turns over” its","page_number":83,"box":{"x":83,"y":602,"width":420,"height":11}},{"id":"5e61ffa4-a6ac-493b-b12a-91fcaceb566e","block_type":"box","text":"portfolio). A higher portfolio turnover rate may indicate higher","page_number":83,"box":{"x":83,"y":616,"width":395,"height":11}},{"id":"5dbefa3c-f61d-472d-88e1-e2b634aab349","block_type":"box","text":"transaction costs and may result in higher taxes when Fund","page_number":83,"box":{"x":83,"y":630,"width":380,"height":11}},{"id":"27d8a2d8-0278-4544-8b27-8e54dcb70ca4","block_type":"box","text":"shares are held in a taxable account. These costs, which are not","page_number":83,"box":{"x":83,"y":645,"width":409,"height":10}},{"id":"dc8927d4-157c-471a-9b67-2b3a7072ba80","block_type":"box","text":"reflected in the Annual Fund Operating Expenses or in the","page_number":83,"box":{"x":83,"y":659,"width":368,"height":11}},{"id":"aa8efab4-3605-422e-9848-828fa03d1d0d","block_type":"box","text":"Example, affect the Fund’s performance. During the most recent","page_number":83,"box":{"x":84,"y":673,"width":411,"height":11}},{"id":"aa51b300-3eff-4935-98e2-2819c9fa8635","block_type":"box","text":"fiscal year, the Fund’s portfolio turnover rate was 48% of the","page_number":83,"box":{"x":82,"y":687,"width":385,"height":11}},{"id":"9fcb49ae-7d4f-4309-965b-ca1f3947ea30","block_type":"box","text":"average value of its portfolio.","page_number":83,"box":{"x":83,"y":701,"width":184,"height":11}},{"id":"dd73b011-8aa9-436e-afd8-1cdd0ec5ddbb","block_type":"box","text":"Principal Investment Strategies","page_number":83,"box":{"x":84,"y":730,"width":268,"height":14}},{"id":"048e72a4-92e4-4ef0-81bd-a32ab7dc3cec","block_type":"box","text":"The Fund seeks to track the investment results of the MSCI China","page_number":83,"box":{"x":82,"y":755,"width":421,"height":9}},{"id":"c307ea3e-5518-484b-8bcd-cde34f03f765","block_type":"box","text":"A Inclusion Index (the “Underlying Index”), which is designed to","page_number":83,"box":{"x":82,"y":770,"width":405,"height":10}},{"id":"7688eeaa-c77f-4a26-963a-2098d6500c5d","block_type":"box","text":"measure the equity market performance in the People’s Republic","page_number":83,"box":{"x":83,"y":784,"width":415,"height":11}},{"id":"55c2bb6d-7a7f-4267-88ea-a77a3b0be9c4","block_type":"box","text":"of China (“China” or the “PRC”), as represented by “A-shares” (as","page_number":83,"box":{"x":83,"y":798,"width":416,"height":11}},{"id":"389c2c7d-5d79-4ac5-86d7-96cda0484057","block_type":"box","text":"defined below) that are accessible through the Shanghai-Hong","page_number":83,"box":{"x":83,"y":812,"width":399,"height":11}},{"id":"b55a4f59-5469-4843-9f45-75403db96166","block_type":"box","text":"Kong Stock Connect program (“Shanghai Connect”) or the","page_number":83,"box":{"x":84,"y":826,"width":371,"height":11}},{"id":"7d183919-68ea-4028-925d-f5e3cec73bc5","block_type":"box","text":"Shenzhen-Hong Kong Stock Connect program (“Shenzhen","page_number":83,"box":{"x":83,"y":840,"width":370,"height":11}},{"id":"d9797db4-c337-4a9a-9e94-95631921400b","block_type":"box","text":"Connect,” and together with Shanghai Connect, “Stock Connect”).","page_number":83,"box":{"x":83,"y":855,"width":423,"height":10}},{"id":"dd075a1b-20e0-4d62-9bd9-9b958fa064a2","block_type":"box","text":"“A-shares” are equity securities of companies based in China that","page_number":83,"box":{"x":83,"y":869,"width":418,"height":11}},{"id":"be7d3379-fa1e-4820-a614-ae52f937330b","block_type":"box","text":"trade on the Shanghai Stock Exchange (“SSE”) and the Shenzhen","page_number":83,"box":{"x":549,"y":580,"width":416,"height":11}},{"id":"e43618d5-d4b4-47a9-a66c-bd7bb0386a9e","block_type":"box","text":"Stock Exchange (“SZSE”).","page_number":83,"box":{"x":549,"y":594,"width":163,"height":11}},{"id":"76b530d8-f310-4b30-99f7-1dc4cab2f721","block_type":"box","text":"The Underlying Index is designed to track the inclusion of A","page_number":83,"box":{"x":549,"y":616,"width":383,"height":11}},{"id":"05191636-89f8-48c8-ac4c-9c4612c30350","block_type":"box","text":"shares in the MSCI Emerging Markets Index over time and is","page_number":83,"box":{"x":549,"y":630,"width":386,"height":11}},{"id":"2ced940b-0a5b-4742-983c-7d7e438c9ac9","block_type":"box","text":"constructed by MSCI, Inc. (the “Index Provider” or “MSCI”) by","page_number":83,"box":{"x":549,"y":645,"width":395,"height":10}},{"id":"20649027-871d-4a8b-a099-1e126c6410af","block_type":"box","text":"applying eligibility criteria for the MSCI Global Investable Market","page_number":83,"box":{"x":549,"y":659,"width":412,"height":11}},{"id":"ef2643d1-ae55-4a8a-a08a-525a7c592895","block_type":"box","text":"Indexes (“GIMI”), and then excluding A-shares suspended for","page_number":83,"box":{"x":550,"y":673,"width":389,"height":11}},{"id":"80d2a7fb-0176-4763-83ab-b936462758ab","block_type":"box","text":"trading for more than 50 days in the past 12 months and A-shares","page_number":83,"box":{"x":549,"y":687,"width":421,"height":11}},{"id":"9bb0db46-6c93-429c-ad93-ebd2a1de799c","block_type":"box","text":"that are not accessible through Stock Connect. The Underlying","page_number":83,"box":{"x":549,"y":701,"width":401,"height":11}},{"id":"bf21c08a-2dc2-41f4-b8d8-8cf287318661","block_type":"box","text":"Index is weighted by each issuer’s free float-adjusted market","page_number":83,"box":{"x":550,"y":715,"width":388,"height":11}},{"id":"36990fd5-64a4-4f7c-9c0b-4eeb3ae5a147","block_type":"box","text":"capitalization available to foreign investors. As of July 31, 2025, a","page_number":83,"box":{"x":549,"y":730,"width":415,"height":10}},{"id":"275a0701-7532-4f9e-af93-53e637848995","block_type":"box","text":"significant portion of the Underlying Index is represented by","page_number":83,"box":{"x":549,"y":744,"width":383,"height":11}},{"id":"fef16d5f-5dc5-4c02-9bf2-ac04c6a14690","block_type":"box","text":"securities of companies in the consumer goods and services,","page_number":83,"box":{"x":549,"y":758,"width":390,"height":11}},{"id":"f49c8b8d-64c8-407c-9a62-c67d9c8480d4","block_type":"box","text":"financials and technology industries or sectors. The components","page_number":83,"box":{"x":549,"y":772,"width":412,"height":11}},{"id":"fe6f8af4-daa6-4612-a679-d454207c61d4","block_type":"box","text":"of the Underlying Index are likely to change over time.","page_number":83,"box":{"x":549,"y":786,"width":344,"height":11}},{"id":"f8ebf986-d481-475a-9cf2-9d339d066dc1","block_type":"box","text":"The Fund intends to invest in A-shares included in the Underlying","page_number":83,"box":{"x":549,"y":808,"width":415,"height":11}},{"id":"7668bdad-b2cc-4145-b661-c37a912e42ed","block_type":"box","text":"Index primarily through Stock Connect. Stock Connect is a","page_number":83,"box":{"x":550,"y":822,"width":373,"height":11}},{"id":"c215d1c0-c041-4d60-8d9c-ae628c9e2da7","block_type":"box","text":"securities trading and clearing program with an aim to achieve","page_number":83,"box":{"x":549,"y":837,"width":398,"height":10}},{"id":"17ab3ed9-8e9d-42a8-8f42-65fbf7d1c960","block_type":"box","text":"mutual stock market access between the PRC and Hong Kong.","page_number":83,"box":{"x":549,"y":851,"width":400,"height":11}},{"id":"03e48a55-6164-4531-8bdd-d29e5c54086f","block_type":"box","text":"Stock Connect was developed by Hong Kong Exchanges and","page_number":83,"box":{"x":549,"y":865,"width":385,"height":11}},{"id":"c5d73c97-0388-4bb4-a6b1-dbae03fe4a97","block_type":"box","text":"Clearing Limited, the SSE (in the case of Shanghai Connect) or the","page_number":83,"box":{"x":549,"y":879,"width":424,"height":11}},{"id":"b0a26bf0-4b33-467a-b410-22eeb3a719ba","block_type":"box","text":"S-68","page_number":83,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"07d1e237-5dcd-4220-8a21-e1782d269102","block_type":"box","text":"SZSE (in the case of Shenzhen Connect), and China Securities","page_number":84,"box":{"x":83,"y":23,"width":396,"height":11}},{"id":"19b02dae-55d7-4462-9402-44d87fac5f21","block_type":"box","text":"Depository and Clearing Corporation Limited (“CSDCC”). Under","page_number":84,"box":{"x":83,"y":37,"width":406,"height":11}},{"id":"ecb9f27e-f489-4595-bb75-8afa66a2d421","block_type":"box","text":"Stock Connect, the Fund’s trading of eligible A-shares listed on","page_number":84,"box":{"x":83,"y":51,"width":401,"height":11}},{"id":"fb25216a-b3d5-41ff-9a02-763a2a90c353","block_type":"box","text":"the SSE or the SZSE, as applicable, would be effectuated through","page_number":84,"box":{"x":83,"y":66,"width":417,"height":11}},{"id":"546ec82b-1336-4202-a2d2-ccd417e1a71d","block_type":"box","text":"its Hong Kong brokers. Trading through Stock Connect is subject","page_number":84,"box":{"x":83,"y":80,"width":414,"height":11}},{"id":"99497436-11cc-4165-a21f-2f98ef704a35","block_type":"box","text":"to a daily quota (the “Daily Quota”), which limits the maximum net","page_number":84,"box":{"x":83,"y":94,"width":422,"height":11}},{"id":"a1f81996-78a5-4777-9410-d857858449be","block_type":"box","text":"purchases under Stock Connect each day, and as such, buy","page_number":84,"box":{"x":83,"y":108,"width":380,"height":11}},{"id":"b9d2b9cb-bbd6-4640-a11f-ef4579668898","block_type":"box","text":"orders for A-shares would be rejected once the Daily Quota is","page_number":84,"box":{"x":83,"y":122,"width":394,"height":11}},{"id":"b3bced81-56ad-477d-9d9d-367ef188b219","block_type":"box","text":"exceeded (although the Fund will be permitted to sell A-shares","page_number":84,"box":{"x":83,"y":137,"width":400,"height":10}},{"id":"ba6c02d9-7172-4f11-a423-f84bca263049","block_type":"box","text":"regardless of the Daily Quota balance). The Daily Quota is not","page_number":84,"box":{"x":83,"y":151,"width":393,"height":11}},{"id":"cb926c2e-6e22-49c1-9811-bac7067f141a","block_type":"box","text":"specific to the Fund. 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The Index Provider determines the","page_number":84,"box":{"x":83,"y":870,"width":356,"height":9}},{"id":"2e8391fc-45d8-434b-858f-0192a07f58cc","block_type":"box","text":"composition and relative weightings of the securities in the","page_number":84,"box":{"x":549,"y":23,"width":377,"height":11}},{"id":"1f95c15c-771e-4a29-8464-60d1ce1445fe","block_type":"box","text":"Underlying Index and publishes information regarding the market","page_number":84,"box":{"x":550,"y":37,"width":415,"height":11}},{"id":"7917422e-1b50-4505-bbd0-149f7fc6d777","block_type":"box","text":"value of the Underlying Index.","page_number":84,"box":{"x":548,"y":51,"width":190,"height":11}},{"id":"f485a6a8-31a7-48a5-b8d1-4f1d3dbe7e9f","block_type":"box","text":"Industry Concentration Policy.","page_number":84,"box":{"x":550,"y":75,"width":209,"height":10}},{"id":"53378d5d-e65c-428a-a3d4-e4606d05368f","block_type":"box","text":"The Fund will concentrate its","page_number":84,"box":{"x":764,"y":75,"width":184,"height":8}},{"id":"0a88ed8a-612c-4705-a863-9d3e203c8ea8","block_type":"box","text":"investments (","page_number":84,"box":{"x":549,"y":89,"width":86,"height":11}},{"id":"fe2dbcaf-71cd-4e85-9579-29e218c318cf","block_type":"box","text":"i.e.","page_number":84,"box":{"x":635,"y":89,"width":17,"height":8}},{"id":"0e39b661-3a83-4b13-bd9e-5142a377410c","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":84,"box":{"x":655,"y":89,"width":264,"height":11}},{"id":"fc45e11e-6aa3-4f2d-a255-a6b589a0053f","block_type":"box","text":"particular industry or group of industries to approximately the","page_number":84,"box":{"x":549,"y":103,"width":394,"height":11}},{"id":"bdae668e-9d73-4ae4-a8db-df2aec47a354","block_type":"box","text":"same extent that the Underlying Index is concentrated. 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There may be significant obstacles to obtaining","page_number":85,"box":{"x":83,"y":287,"width":412,"height":11}},{"id":"450c24f9-629b-477b-b6f4-afcf6e8858e8","block_type":"box","text":"information necessary for investigations into or litigation against","page_number":85,"box":{"x":83,"y":302,"width":412,"height":10}},{"id":"8cc422ee-5263-4e1f-ad0f-816d55e3a8f2","block_type":"box","text":"Chinese companies, and shareholders may have limited legal","page_number":85,"box":{"x":83,"y":316,"width":389,"height":11}},{"id":"6e3a548a-1600-437f-a61a-189892c63ca4","block_type":"box","text":"remedies.","page_number":85,"box":{"x":83,"y":330,"width":62,"height":8}},{"id":"5c0cb8b9-84c4-4cbc-a29b-96945e104a06","block_type":"box","text":"Many Chinese companies listed on U.S. exchanges use variable","page_number":85,"box":{"x":83,"y":353,"width":405,"height":11}},{"id":"4e2f8ec9-8636-4d59-868e-8f44166b266e","block_type":"box","text":"interest entities or “VIEs” in their structure as a result of foreign","page_number":85,"box":{"x":83,"y":367,"width":408,"height":11}},{"id":"1aec6ce4-d939-46ec-a4c3-4e396b1dccb4","block_type":"box","text":"ownership restrictions. 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The Fund does not select investments based on","page_number":85,"box":{"x":82,"y":438,"width":383,"height":9}},{"id":"52e0a223-a02c-4bd7-8434-f6396ee970f4","block_type":"box","text":"investor protection considerations.","page_number":85,"box":{"x":83,"y":452,"width":223,"height":11}},{"id":"071ef1ae-1d21-460e-ad8f-cf7cb3fb6996","block_type":"box","text":"Risk of Investing through Stock Connect.","page_number":85,"box":{"x":83,"y":476,"width":276,"height":10}},{"id":"0441bf73-5286-4830-b0ac-ae21a07dbf3e","block_type":"box","text":"Investing in A-shares","page_number":85,"box":{"x":366,"y":476,"width":132,"height":10}},{"id":"83c65de6-8ae2-46e2-91fd-b0a37b5e81bc","block_type":"box","text":"through Stock Connect is subject to trading, clearance,","page_number":85,"box":{"x":83,"y":490,"width":353,"height":11}},{"id":"71a99616-48ce-47e5-8326-9a84e168fb99","block_type":"box","text":"settlement and other procedures, which could pose risks to the","page_number":85,"box":{"x":83,"y":504,"width":405,"height":11}},{"id":"6d088a60-df7a-4117-bc71-29c623fa070c","block_type":"box","text":"Fund. Trading through Stock Connect is subject to the Daily","page_number":85,"box":{"x":84,"y":518,"width":379,"height":11}},{"id":"b1558fad-600e-4213-9f91-42d403a1ca6e","block_type":"box","text":"Quota, which may restrict the Fund’s ability to invest in A-shares","page_number":85,"box":{"x":83,"y":532,"width":411,"height":11}},{"id":"ba13949b-fe84-4b6f-ade2-fdccf91dbddc","block_type":"box","text":"through Stock Connect on a timely basis and could affect the","page_number":85,"box":{"x":83,"y":547,"width":390,"height":10}},{"id":"a86e1fca-b9eb-46bf-bc51-28c2468df329","block_type":"box","text":"Fund’s ability to effectively pursue its investment strategy. 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Therefore, an investment in A-shares through","page_number":85,"box":{"x":83,"y":617,"width":399,"height":11}},{"id":"e7aaa152-2bf7-4c6f-a58b-1b9c1b7161a7","block_type":"box","text":"Stock Connect may subject the Fund to the risk of price","page_number":85,"box":{"x":83,"y":632,"width":357,"height":10}},{"id":"f56189fc-26b7-454e-9e75-c9be998b3de5","block_type":"box","text":"fluctuations on days when the Chinese markets are open, but","page_number":85,"box":{"x":82,"y":646,"width":393,"height":11}},{"id":"b2299298-9e4f-4ef8-84a0-61ca50d28cfe","block_type":"box","text":"Stock Connect is not trading.","page_number":85,"box":{"x":83,"y":660,"width":185,"height":11}},{"id":"0a3ea730-b0b9-4624-8bcf-e3086f549357","block_type":"box","text":"Equity Securities Risk","page_number":85,"box":{"x":83,"y":683,"width":147,"height":11}},{"id":"0bb79117-5410-4996-9a23-1d2b5b0c2e05","block_type":"box","text":".","page_number":85,"box":{"x":230,"y":690,"width":3,"height":2}},{"id":"c2dc0368-c78d-4406-9f3f-e0c80c4632a3","block_type":"box","text":"Equity securities are subject to changes","page_number":85,"box":{"x":239,"y":683,"width":254,"height":11}},{"id":"8e479897-2842-4ce0-b185-bcbee3f08b3b","block_type":"box","text":"in value, and their values may be more volatile than those of other","page_number":85,"box":{"x":83,"y":697,"width":422,"height":11}},{"id":"61bdc995-689b-4fb1-8e97-b4e2d88cb07e","block_type":"box","text":"asset classes. The value of a security may decline for a number of","page_number":85,"box":{"x":83,"y":712,"width":420,"height":10}},{"id":"57f649e1-6f28-4491-bdc9-f188438338e4","block_type":"box","text":"reasons that may directly relate to the issuer as well as due to","page_number":85,"box":{"x":83,"y":726,"width":396,"height":11}},{"id":"91e8ce0f-7ca3-413d-8a17-0989f77473f8","block_type":"box","text":"general industry or market conditions. Common stock is","page_number":85,"box":{"x":83,"y":740,"width":359,"height":11}},{"id":"d68eae08-8dfb-4e76-966f-0fc508ad5cae","block_type":"box","text":"subordinated to preferred securities and debt in a company’s","page_number":85,"box":{"x":83,"y":754,"width":390,"height":11}},{"id":"227a7538-91be-4fad-b8ef-807ff56366aa","block_type":"box","text":"capital structure. 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Errors in index data, index computations or the","page_number":85,"box":{"x":549,"y":188,"width":366,"height":11}},{"id":"1d14f316-a107-476f-a0bd-f2f334f8d8cf","block_type":"box","text":"construction of the Underlying Index in accordance with its","page_number":85,"box":{"x":549,"y":202,"width":377,"height":11}},{"id":"a920653f-6324-4a31-966f-d3272efe0245","block_type":"box","text":"methodology may occur, and the Index Provider may not identify","page_number":85,"box":{"x":549,"y":216,"width":413,"height":11}},{"id":"a910b85f-8f19-4b98-aed1-572bd2fe16b9","block_type":"box","text":"or correct them promptly or at all, which may have an adverse","page_number":85,"box":{"x":549,"y":231,"width":396,"height":10}},{"id":"85b38232-c8e1-4905-ba79-691706d94749","block_type":"box","text":"impact on the Fund and its shareholders. Unusual market","page_number":85,"box":{"x":549,"y":245,"width":367,"height":11}},{"id":"1f7439ef-eca3-4eb8-bbd1-b531e20031c5","block_type":"box","text":"conditions or other unforeseen circumstances (such as natural","page_number":85,"box":{"x":549,"y":259,"width":400,"height":11}},{"id":"04cf5aa4-fddb-4294-b4f6-0614a6c0a502","block_type":"box","text":"disasters, political unrest or war) may impact the Index Provider","page_number":85,"box":{"x":549,"y":273,"width":409,"height":11}},{"id":"fbebcc57-6306-4856-860f-3ed7ce4cc49f","block_type":"box","text":"or a third-party data provider and could cause the Index Provider","page_number":85,"box":{"x":549,"y":287,"width":414,"height":11}},{"id":"4975dd69-5ee1-49b9-8adf-cafe4315f05b","block_type":"box","text":"to postpone a scheduled rebalance. This could cause the","page_number":85,"box":{"x":549,"y":302,"width":362,"height":10}},{"id":"6c8bdf19-8faa-475e-8df1-82a29d5c3760","block_type":"box","text":"Underlying Index to vary from its normal or expected composition.","page_number":85,"box":{"x":550,"y":316,"width":422,"height":11}},{"id":"9313748a-e395-4488-b20e-c88448977000","block_type":"box","text":"A-Share Market Suspension Risk","page_number":85,"box":{"x":548,"y":339,"width":222,"height":11}},{"id":"007b6594-2eb1-4b0b-8d37-ffffcffdbcc8","block_type":"box","text":".","page_number":85,"box":{"x":770,"y":346,"width":3,"height":1}},{"id":"88336295-33b5-4934-8a45-082eee960553","block_type":"box","text":"The A-shares market can have","page_number":85,"box":{"x":778,"y":339,"width":193,"height":8}},{"id":"0e36e52d-30ba-4d3d-a0b2-9ed30479c7ae","block_type":"box","text":"a higher propensity for trading suspensions than many other","page_number":85,"box":{"x":549,"y":353,"width":386,"height":11}},{"id":"de7aa614-0740-4df2-9c83-b8005d5e10e5","block_type":"box","text":"global equity markets. Trading suspensions in certain stocks could","page_number":85,"box":{"x":549,"y":367,"width":423,"height":11}},{"id":"359123a4-e7ae-4eec-9942-6aa97ba1c063","block_type":"box","text":"lead to greater market execution risk, valuation risks, liquidity","page_number":85,"box":{"x":549,"y":382,"width":395,"height":10}},{"id":"2b816376-3562-45e3-8794-f0990f94d06d","block_type":"box","text":"risks and costs for the Fund, and the creation and redemption of","page_number":85,"box":{"x":549,"y":396,"width":412,"height":10}},{"id":"30260c90-69a4-4b47-87de-a0250f74c76f","block_type":"box","text":"Creation Units (as defined below) may also be disrupted.","page_number":85,"box":{"x":549,"y":410,"width":361,"height":11}},{"id":"7551ac8c-3b2a-437c-8f38-734363900dfd","block_type":"box","text":"Asset Class Risk.","page_number":85,"box":{"x":548,"y":433,"width":114,"height":9}},{"id":"20e4b683-f36a-42f7-8510-144eb9ccbabb","block_type":"box","text":"The securities and other assets in the","page_number":85,"box":{"x":668,"y":433,"width":239,"height":9}},{"id":"89e82b70-7c59-4c8d-a2e7-09f3bea3ed0c","block_type":"box","text":"Underlying Index or in the Fund’s portfolio may underperform in","page_number":85,"box":{"x":550,"y":447,"width":405,"height":11}},{"id":"b02d2c4e-5acb-4f5e-b139-16701acee3c6","block_type":"box","text":"comparison to financial markets generally, a particular financial","page_number":85,"box":{"x":549,"y":461,"width":405,"height":11}},{"id":"0e3696f9-09fd-4270-8ca4-ef40c748c7c0","block_type":"box","text":"market, another index, or other asset classes.","page_number":85,"box":{"x":549,"y":476,"width":292,"height":10}},{"id":"630bc84a-d685-4eb3-9b29-db930de4d69a","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":85,"box":{"x":548,"y":499,"width":290,"height":11}},{"id":"8420dbfd-371c-400c-9e9a-ed3b736e0b12","block_type":"box","text":"An “Authorized","page_number":85,"box":{"x":847,"y":499,"width":93,"height":8}},{"id":"cf2e9797-2479-4f36-939e-5458fa4ed649","block_type":"box","text":"Participant” is a member or participant of a clearing agency","page_number":85,"box":{"x":550,"y":513,"width":379,"height":11}},{"id":"11526f5f-5873-45d3-85dc-d6bd0d2773e0","block_type":"box","text":"registered with the SEC, which has a written agreement with the","page_number":85,"box":{"x":549,"y":527,"width":411,"height":11}},{"id":"a0c703ea-0625-462f-969b-d8e9e9e0e344","block_type":"box","text":"Fund or one of its service providers that allows the Authorized","page_number":85,"box":{"x":550,"y":541,"width":395,"height":11}},{"id":"a2a1a9d0-b87f-4ce7-94e7-95651ddf2c67","block_type":"box","text":"Participant to place orders for the purchase and redemption of","page_number":85,"box":{"x":550,"y":556,"width":399,"height":10}},{"id":"09d15dff-a23f-46bc-a142-eb292bc57a30","block_type":"box","text":"creation units (“Creation Units”). Only an Authorized Participant","page_number":85,"box":{"x":549,"y":570,"width":407,"height":11}},{"id":"92dbd1c9-2f44-419c-9a51-2e15b4cf5222","block_type":"box","text":"may engage in creation or redemption transactions directly with","page_number":85,"box":{"x":549,"y":584,"width":409,"height":11}},{"id":"79958b11-39f3-461e-a778-5ccd66aeed65","block_type":"box","text":"the Fund. There are a limited number of institutions that may act","page_number":85,"box":{"x":549,"y":598,"width":412,"height":11}},{"id":"8a0fae69-a606-4361-8b71-3a663ec8a4eb","block_type":"box","text":"as Authorized Participants for the Fund, including on an agency","page_number":85,"box":{"x":549,"y":612,"width":403,"height":11}},{"id":"70d18ef1-a601-4d21-83d7-2d53d6e87593","block_type":"box","text":"basis on behalf of other market participants. No Authorized","page_number":85,"box":{"x":549,"y":626,"width":378,"height":11}},{"id":"f23c5c9a-1f38-4346-bd1f-2f95f2532885","block_type":"box","text":"Participant is obligated to engage in creation or redemption","page_number":85,"box":{"x":550,"y":641,"width":379,"height":10}},{"id":"6b43b430-b266-48d0-95f0-3df83f928b60","block_type":"box","text":"transactions. To the extent that Authorized Participants exit the","page_number":85,"box":{"x":549,"y":655,"width":404,"height":11}},{"id":"eb6c03f8-5447-4d93-b24b-8484ec35893f","block_type":"box","text":"business or do not place creation or redemption orders for the","page_number":85,"box":{"x":549,"y":669,"width":399,"height":11}},{"id":"3d94b39b-2191-4499-9ebb-e8c430416804","block_type":"box","text":"Fund and no other Authorized Participant places orders, Fund","page_number":85,"box":{"x":550,"y":683,"width":391,"height":11}},{"id":"1b7ca529-56d6-49b6-ba5a-9a7ca2cc0ac8","block_type":"box","text":"shares are more likely to trade at a premium or discount to NAV","page_number":85,"box":{"x":549,"y":697,"width":408,"height":11}},{"id":"1e6cb4c6-aeeb-40d3-b252-70901498a85c","block_type":"box","text":"and possibly face trading halts or delisting.","page_number":85,"box":{"x":549,"y":712,"width":273,"height":10}},{"id":"47c931e3-90b6-4039-8ea0-7a8def3c7568","block_type":"box","text":"Cash Transactions Risk","page_number":85,"box":{"x":549,"y":735,"width":157,"height":8}},{"id":"5f4ea663-2072-4115-9c9f-94b4317f9418","block_type":"box","text":".","page_number":85,"box":{"x":706,"y":741,"width":3,"height":2}},{"id":"66412221-dccb-4d3b-ac62-77240833560d","block_type":"box","text":"The Fund expects to effect all of its","page_number":85,"box":{"x":714,"y":735,"width":225,"height":10}},{"id":"22dc8f87-b37d-4da4-b1f0-738fb3a291dd","block_type":"box","text":"creations and redemptions for cash, rather than in-kind securities.","page_number":85,"box":{"x":549,"y":749,"width":423,"height":11}},{"id":"83587e72-0ed7-475d-ae1f-1680485ca3e7","block_type":"box","text":"As a result, the Fund may have to sell portfolio securities at","page_number":85,"box":{"x":549,"y":763,"width":379,"height":11}},{"id":"46448873-088c-46b2-8925-085866f33b91","block_type":"box","text":"inopportune times in order to obtain the cash needed to meet","page_number":85,"box":{"x":549,"y":777,"width":395,"height":11}},{"id":"3b649b2d-bba6-48f1-bfd2-3fbc4a070712","block_type":"box","text":"redemption orders. This may cause the Fund to sell a security and","page_number":85,"box":{"x":549,"y":791,"width":420,"height":11}},{"id":"210f9e0f-0db3-4e1e-adcd-fe72f0bf18ac","block_type":"box","text":"recognize a capital gain or loss that might not have been incurred","page_number":85,"box":{"x":549,"y":806,"width":418,"height":10}},{"id":"c068675c-c632-4428-8140-a5f08c718a8f","block_type":"box","text":"if it had made a redemption in-kind. The use of cash creations and","page_number":85,"box":{"x":549,"y":820,"width":422,"height":11}},{"id":"f0728640-6afb-4e54-8abc-4436aed1be6d","block_type":"box","text":"redemptions may also cause the Fund’s shares to trade in the","page_number":85,"box":{"x":549,"y":834,"width":394,"height":11}},{"id":"6aa848ca-d56c-43c2-bfac-29e212ee06b4","block_type":"box","text":"market at wider bid-ask spreads or greater premiums or discounts","page_number":85,"box":{"x":549,"y":848,"width":424,"height":11}},{"id":"abfee70d-cd9e-4cf2-b9c2-98292794fc2d","block_type":"box","text":"to the Fund’s NAV.","page_number":85,"box":{"x":549,"y":862,"width":116,"height":9}},{"id":"cc542ca6-e8b3-4d1b-b795-a19f6b0664af","block_type":"box","text":"S-70","page_number":85,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"c9dc55d8-cc75-4ad4-ad6b-4009964b74af","block_type":"box","text":"Concentration Risk.","page_number":86,"box":{"x":83,"y":23,"width":132,"height":9}},{"id":"4517d982-9219-4d67-9c44-cf47968f0aa1","block_type":"box","text":"The Fund may be susceptible to an","page_number":86,"box":{"x":220,"y":23,"width":222,"height":11}},{"id":"8c13583d-e591-4eb7-af82-d81e46e87c08","block_type":"box","text":"increased risk of loss, including losses due to adverse events that","page_number":86,"box":{"x":83,"y":37,"width":419,"height":11}},{"id":"1b549e4e-23ba-44d4-b188-9a5bd7f165fb","block_type":"box","text":"affect the Fund’s investments more than the market as a whole,","page_number":86,"box":{"x":83,"y":51,"width":407,"height":11}},{"id":"6532f870-8d3e-4877-8da3-0e9baf587179","block_type":"box","text":"to the extent that the Fund’s investments are concentrated in the","page_number":86,"box":{"x":83,"y":66,"width":417,"height":8}},{"id":"ed0ee4f2-e228-4773-b995-c2454a92bee0","block_type":"box","text":"securities or other assets of one or more issuers, countries or","page_number":86,"box":{"x":83,"y":80,"width":395,"height":10}},{"id":"0886a19c-f5a0-4a15-8d9d-359f9d9dee26","block_type":"box","text":"other geographic units, markets, industries, project types, or","page_number":86,"box":{"x":83,"y":94,"width":388,"height":11}},{"id":"089e2df9-fc2b-4e17-a2c4-cd66097d283a","block_type":"box","text":"asset classes.","page_number":86,"box":{"x":83,"y":108,"width":88,"height":9}},{"id":"e8f5586a-943b-423f-8c7f-4666fef74b8b","block_type":"box","text":"Consumer Goods and Services Companies Risk.","page_number":86,"box":{"x":83,"y":131,"width":325,"height":11}},{"id":"d7664928-feab-4902-a170-d45a722cce07","block_type":"box","text":"Consumer","page_number":86,"box":{"x":414,"y":131,"width":65,"height":9}},{"id":"ee2a7109-12c4-450e-ba18-e352f32adc7d","block_type":"box","text":"goods and services companies face risks related to changes in","page_number":86,"box":{"x":83,"y":146,"width":399,"height":10}},{"id":"ca48954c-845c-4ec6-881b-255e5b556e30","block_type":"box","text":"consumer preferences and disposable income, commodity prices,","page_number":86,"box":{"x":83,"y":160,"width":420,"height":11}},{"id":"2c0eedf8-78bc-41e6-a5e5-c5d6f1ed2630","block_type":"box","text":"government regulation, supply chain disruptions, damage to brand","page_number":86,"box":{"x":83,"y":174,"width":423,"height":11}},{"id":"c15834fb-afbd-4867-ab06-49be8fdd6074","block_type":"box","text":"or reputation, economic slowdown and labor shortages, among","page_number":86,"box":{"x":83,"y":188,"width":403,"height":11}},{"id":"7e757b62-e3b2-466e-9f53-c25fd962ff0e","block_type":"box","text":"other things.","page_number":86,"box":{"x":83,"y":202,"width":79,"height":11}},{"id":"9ff929b5-9abf-492e-b1d2-706c54809cbb","block_type":"box","text":"Currency Risk","page_number":86,"box":{"x":83,"y":226,"width":95,"height":10}},{"id":"e474e9f1-8f49-475a-a6ac-59c4b4beed27","block_type":"box","text":". The Fund’s assets will be invested primarily in","page_number":86,"box":{"x":179,"y":226,"width":298,"height":10}},{"id":"2e32a0e7-ace0-4370-a6b5-c906a18adcf9","block_type":"box","text":"domestic Chinese equities and the income received by the Fund","page_number":86,"box":{"x":83,"y":240,"width":409,"height":11}},{"id":"8974695a-37d2-4fcc-84f6-b83a827c1ed5","block_type":"box","text":"will be primarily in renminbi (“RMB”). Because the Fund’s NAV is","page_number":86,"box":{"x":82,"y":254,"width":411,"height":11}},{"id":"43482d03-b8f9-465b-aa17-baec49e1c784","block_type":"box","text":"determined on the basis of the U.S. dollar, investors may lose","page_number":86,"box":{"x":83,"y":268,"width":393,"height":11}},{"id":"4dfe56cc-5b73-44de-a2f5-bba2d3576a1f","block_type":"box","text":"money if the RMB depreciates against the U.S. dollar, even if the","page_number":86,"box":{"x":83,"y":282,"width":412,"height":11}},{"id":"c335f92c-1516-42d7-b356-f9c473cdfb94","block_type":"box","text":"local currency values of the Fund’s holdings in Chinese securities","page_number":86,"box":{"x":83,"y":296,"width":416,"height":11}},{"id":"f6cf7329-3002-480d-a191-279b793a90ca","block_type":"box","text":"increase. Furthermore, the Fund may incur costs in connection","page_number":86,"box":{"x":83,"y":311,"width":401,"height":10}},{"id":"034c6398-cc25-428b-b6ec-c6aceb07fcc9","block_type":"box","text":"with conversions between U.S. dollars and RMB, as well as in","page_number":86,"box":{"x":82,"y":325,"width":391,"height":10}},{"id":"a7e5a19b-029a-4061-a654-70a53f27ac29","block_type":"box","text":"connection with conversions between the two separate types of","page_number":86,"box":{"x":83,"y":339,"width":409,"height":11}},{"id":"5b53be88-502e-4133-bc00-e41aae28d3d5","block_type":"box","text":"RMB, the onshore RMB (“CNY”) and the offshore RMB (“CNH”).","page_number":86,"box":{"x":83,"y":353,"width":405,"height":11}},{"id":"fd2acb2b-224a-4257-b930-4cfb12c22813","block_type":"box","text":"The Fund does not intend to hedge its currency exposure.","page_number":86,"box":{"x":82,"y":367,"width":368,"height":11}},{"id":"cd3fd9b9-5003-4dc6-9544-18bef4db3727","block_type":"box","text":"While transactions with Authorized Participants will be in U.S.","page_number":86,"box":{"x":82,"y":391,"width":392,"height":10}},{"id":"3a1bfed9-ed0a-431f-b33a-0ec3c3c7e31c","block_type":"box","text":"dollars, the Fund’s transactions in A-shares through Stock","page_number":86,"box":{"x":83,"y":405,"width":370,"height":11}},{"id":"bf8e72dc-d36c-4a56-8ea8-ea6f5c3a4d63","block_type":"box","text":"Connect not in connection with creation or redemption activity","page_number":86,"box":{"x":83,"y":419,"width":401,"height":11}},{"id":"595bc8db-2c50-4794-8dfd-73d7c49d5362","block_type":"box","text":"generally will be in CNH. The Underlying Index uses CNH to value","page_number":86,"box":{"x":83,"y":433,"width":415,"height":11}},{"id":"891e4932-c4c6-405f-ada8-755232a730d7","block_type":"box","text":"its component securities, and the CNH exchange rate will be used","page_number":86,"box":{"x":83,"y":447,"width":421,"height":11}},{"id":"6273e7e7-7db3-44be-9e9d-939b4aad09f7","block_type":"box","text":"for purposes of determining the Fund’s NAV. To the extent that","page_number":86,"box":{"x":82,"y":461,"width":400,"height":11}},{"id":"57aa8a06-02c2-48b5-b4f2-906fdb6a3d29","block_type":"box","text":"income received by the Fund is in CNY, and the CNY exchange","page_number":86,"box":{"x":83,"y":476,"width":398,"height":10}},{"id":"6f821167-9d0a-409d-8e62-16bfa10194f8","block_type":"box","text":"rate differs from the CNH exchange rate, the Fund’s NAV and its","page_number":86,"box":{"x":83,"y":490,"width":409,"height":11}},{"id":"0a31c5bb-c32c-4bf8-8e0e-e90c0b3d5b01","block_type":"box","text":"ability to track the Underlying Index may be adversely impacted.","page_number":86,"box":{"x":83,"y":504,"width":409,"height":11}},{"id":"18e12ae1-b5bb-4952-9210-311f8bb41369","block_type":"box","text":"In addition, there is no assurance that there will always be","page_number":86,"box":{"x":83,"y":527,"width":371,"height":11}},{"id":"d416077b-97a3-4103-b54c-1046a863b9cc","block_type":"box","text":"sufficient amounts of RMB available for the Fund to remain fully","page_number":86,"box":{"x":83,"y":541,"width":407,"height":11}},{"id":"1467b785-ad55-40a1-b909-60b776f896d4","block_type":"box","text":"invested in Chinese equities. 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Such indices use withholding tax rates that are often at a higher rate","page_number":89,"box":{"x":123,"y":618,"width":843,"height":10}},{"id":"f9172494-16f7-4abb-913f-2a113e491a79","block_type":"box","text":"than the rates to which the Fund is subject in each country, including for countries where the Fund is not subject to withholding taxes. 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portfolio securities and the execution of portfolio transactions, including brokerage commissions, (v)","page_number":91,"box":{"x":83,"y":241,"width":833,"height":11}},{"id":"4d217398-7aa2-4d63-a168-c2987752cda9","block_type":"box","text":"distribution fees or expenses, and (vi) litigation expenses and any extraordinary expenses.","page_number":91,"box":{"x":83,"y":255,"width":575,"height":11}},{"id":"a2ce7d9a-8617-4eae-ac68-8b6e0a4f23fe","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in","page_number":91,"box":{"x":82,"y":278,"width":883,"height":12}},{"id":"37ac18c4-9761-4158-b393-45ef46888d30","block_type":"box","text":"the tables and examples below.","page_number":91,"box":{"x":83,"y":293,"width":220,"height":10}},{"id":"0efeac4e-5685-44b5-8959-e971e28ae227","block_type":"box","text":"Annual Fund Operating 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Actual after-tax returns depend on an investor’s tax situation and may differ from those shown,","page_number":95,"box":{"x":83,"y":650,"width":871,"height":10}},{"id":"59bfddac-b8a1-40df-9dea-10bd6bf2fc01","block_type":"box","text":"and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements,","page_number":95,"box":{"x":83,"y":663,"width":860,"height":10}},{"id":"0fde7cf4-f0be-4427-8c56-e2cdb687c959","block_type":"box","text":"such as 401(k) plans or individual retirement accounts (“IRAs”). 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An investor may incur costs attributable to","page_number":96,"box":{"x":83,"y":251,"width":419,"height":11}},{"id":"c4762470-050e-4553-85de-e459b8514174","block_type":"box","text":"the difference between the highest price a buyer is willing to pay","page_number":96,"box":{"x":83,"y":264,"width":412,"height":11}},{"id":"6b52d8f0-00f8-4b6a-9f57-3a8ad451b9f4","block_type":"box","text":"to purchase shares of the Fund (bid) and the lowest price a seller","page_number":96,"box":{"x":83,"y":277,"width":416,"height":11}},{"id":"4548b850-3f42-4055-908d-f0c99e8c37ec","block_type":"box","text":"is willing to accept for shares of the Fund (ask) when buying or","page_number":96,"box":{"x":83,"y":290,"width":400,"height":11}},{"id":"781339d2-15cf-4d2b-b8be-544656b8052c","block_type":"box","text":"selling shares in the secondary market (the “bid-ask spread”).","page_number":96,"box":{"x":83,"y":303,"width":394,"height":11}},{"id":"323ef819-fd69-43f7-a70f-8bb361105ac2","block_type":"box","text":"Tax Information","page_number":96,"box":{"x":548,"y":22,"width":133,"height":11}},{"id":"09ffc06e-fb13-4ddf-887d-5062f9681343","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you","page_number":96,"box":{"x":549,"y":48,"width":422,"height":10}},{"id":"9147e13d-1555-43bb-9eef-058601d18d26","block_type":"box","text":"as ordinary income or capital gains, unless you are investing","page_number":96,"box":{"x":549,"y":61,"width":385,"height":10}},{"id":"182371eb-beb7-41f1-8fd3-6c50ffd9cccc","block_type":"box","text":"through a tax-deferred arrangement such as a 401(k) plan or an","page_number":96,"box":{"x":549,"y":73,"width":406,"height":11}},{"id":"16e26035-e3e1-4019-a199-ec89198c84be","block_type":"box","text":"IRA, in which case, your distributions generally will be taxed when","page_number":96,"box":{"x":550,"y":86,"width":418,"height":11}},{"id":"d0d0f005-d28d-4944-a878-e7ef7729b8ab","block_type":"box","text":"withdrawn.","page_number":96,"box":{"x":549,"y":99,"width":69,"height":9}},{"id":"ff7de532-15fc-4e9c-8b4c-4f16dce9bd0e","block_type":"box","text":"Payments to Broker-Dealers and Other Financial","page_number":96,"box":{"x":550,"y":127,"width":410,"height":13}},{"id":"2f361399-165b-4a86-8087-b705c5cae8d4","block_type":"box","text":"Intermediaries","page_number":96,"box":{"x":550,"y":144,"width":123,"height":10}},{"id":"912e9605-d91e-4084-8c95-31ebf70b4a32","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or","page_number":96,"box":{"x":550,"y":169,"width":393,"height":11}},{"id":"eddfa1e9-8f96-4f8b-8fa0-717ba7844dd0","block_type":"box","text":"other financial intermediary (such as a bank), BFA or other related","page_number":96,"box":{"x":549,"y":182,"width":421,"height":11}},{"id":"ecd337d5-19d3-400d-9c74-31964cbc4c5a","block_type":"box","text":"companies may pay the intermediary for marketing activities and","page_number":96,"box":{"x":549,"y":195,"width":415,"height":10}},{"id":"e65c53e4-f225-4477-9de2-dcb78ea2d1e9","block_type":"box","text":"presentations, educational training programs, conferences, the","page_number":96,"box":{"x":549,"y":207,"width":403,"height":11}},{"id":"b1a811c5-b0d6-4792-9a36-1cb369eed63e","block_type":"box","text":"development of technology platforms and reporting systems or","page_number":96,"box":{"x":549,"y":220,"width":403,"height":11}},{"id":"ed9e770c-0be8-476d-941b-6aeb68d38b16","block_type":"box","text":"other services related to the sale or promotion of the Fund. These","page_number":96,"box":{"x":549,"y":233,"width":420,"height":11}},{"id":"8691dced-cf33-4dc1-a625-f056c51a2fd4","block_type":"box","text":"payments may create a conflict of interest by influencing the","page_number":96,"box":{"x":549,"y":246,"width":387,"height":11}},{"id":"90713e48-7948-4d7a-b4f6-ae0649f430b8","block_type":"box","text":"broker-dealer or other intermediary and your salesperson to","page_number":96,"box":{"x":549,"y":259,"width":384,"height":11}},{"id":"6a2b63d7-09fe-4d7b-87bf-92673fcdb41d","block_type":"box","text":"recommend the Fund over another investment. 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portfolio securities and the execution of portfolio transactions, including brokerage commissions, (v)","page_number":97,"box":{"x":83,"y":241,"width":833,"height":11}},{"id":"3119accd-470d-4a75-9457-4c5db39ca447","block_type":"box","text":"distribution fees or expenses, and (vi) litigation expenses and any extraordinary expenses.","page_number":97,"box":{"x":83,"y":255,"width":575,"height":11}},{"id":"2451c0ab-784c-4f5e-8edd-473bcadf11dc","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in","page_number":97,"box":{"x":82,"y":278,"width":883,"height":12}},{"id":"fa96a8d8-c15e-4758-af48-f3a3ed6c1afd","block_type":"box","text":"the tables and examples below.","page_number":97,"box":{"x":83,"y":293,"width":220,"height":10}},{"id":"032fe8ab-682b-4edc-bf03-e94a1075a03d","block_type":"box","text":"Annual Fund Operating 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Although your actual costs may be higher or lower, based on these assumptions, your costs would be:","page_number":97,"box":{"x":83,"y":498,"width":694,"height":10}},{"id":"cac438ce-1288-4aa7-a53e-3694b48fbdb1","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":97,"box":{"x":195,"y":528,"width":668,"height":8}},{"id":"f7d22a0d-1596-430a-b048-98d6168bcbd0","block_type":"box","text":"$50 $157 $274 $616","page_number":97,"box":{"x":202,"y":548,"width":647,"height":9}},{"id":"9ef73044-e959-4f7c-a0cb-750885be89f2","block_type":"box","text":"Portfolio Turnover.","page_number":97,"box":{"x":83,"y":588,"width":129,"height":8}},{"id":"9d4dc009-ce12-445e-8312-59dfc901b8ce","block_type":"box","text":"The Fund may pay transaction costs, such as","page_number":97,"box":{"x":216,"y":588,"width":287,"height":11}},{"id":"69185d21-4d0d-45af-89c9-718cb46d9ae3","block_type":"box","text":"commissions, when it buys and sells securities (or “turns over” its","page_number":97,"box":{"x":83,"y":602,"width":420,"height":11}},{"id":"1b3150f7-1f2c-4fa5-9175-4a742a7d1175","block_type":"box","text":"portfolio). A higher portfolio turnover rate may indicate higher","page_number":97,"box":{"x":83,"y":616,"width":395,"height":11}},{"id":"6847aebd-733a-405e-b44b-0c2744f8472b","block_type":"box","text":"transaction costs and may result in higher taxes when Fund","page_number":97,"box":{"x":83,"y":630,"width":380,"height":11}},{"id":"41b2d4c7-bb05-4326-be70-8f80732b6f48","block_type":"box","text":"shares are held in a taxable account. These costs, which are not","page_number":97,"box":{"x":83,"y":645,"width":409,"height":10}},{"id":"703a8c7b-14c3-4923-aa94-9107d862dacd","block_type":"box","text":"reflected in the Annual Fund Operating Expenses or in the","page_number":97,"box":{"x":83,"y":659,"width":368,"height":11}},{"id":"4bca24b6-3987-4c3b-afbf-114867a0bfed","block_type":"box","text":"Example, affect the Fund’s performance. 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The","page_number":97,"box":{"x":83,"y":826,"width":373,"height":11}},{"id":"f25c26bb-4f0e-4870-aed2-4b7fc59bb6cb","block_type":"box","text":"Underlying Index includes large- and mid-capitalization companies","page_number":97,"box":{"x":83,"y":840,"width":423,"height":11}},{"id":"4003eef3-3d62-4319-9426-464a50b13901","block_type":"box","text":"and may change over time.","page_number":97,"box":{"x":83,"y":855,"width":171,"height":10}},{"id":"d9503978-988d-44fd-ab13-6668d8711839","block_type":"box","text":"As of July 31, 2025, the Underlying Index consisted of securities","page_number":97,"box":{"x":549,"y":580,"width":407,"height":11}},{"id":"a9549d34-a57a-49d8-b90a-134b81180512","block_type":"box","text":"from the following countries or regions: Austria, Belgium,","page_number":97,"box":{"x":549,"y":594,"width":364,"height":11}},{"id":"01cb0f53-1f93-4c5f-95f4-503f76b3f910","block_type":"box","text":"Denmark, Finland, France, Germany, Ireland, Italy, the","page_number":97,"box":{"x":550,"y":608,"width":343,"height":11}},{"id":"85fb9a90-7806-42ea-87fa-b7c1981d3298","block_type":"box","text":"Netherlands, Norway, Spain, Sweden, Switzerland and the United","page_number":97,"box":{"x":550,"y":623,"width":416,"height":10}},{"id":"f1355d0d-e7b9-40e3-8dbb-1e5fe686f5af","block_type":"box","text":"Kingdom (the “U.K.”). As of July 31, 2025, a significant portion of","page_number":97,"box":{"x":550,"y":637,"width":412,"height":11}},{"id":"9e661aa6-a1e4-4747-812e-cce84bbf9958","block_type":"box","text":"the Underlying Index is represented by securities of companies in","page_number":97,"box":{"x":549,"y":651,"width":417,"height":11}},{"id":"672decd3-b575-4664-9ae1-d1506b69b1b9","block_type":"box","text":"the financials industry or sector. The components of the","page_number":97,"box":{"x":549,"y":665,"width":357,"height":11}},{"id":"0af38a98-d97f-4db1-85ef-f501b45e7eb2","block_type":"box","text":"Underlying Index are likely to change over time.","page_number":97,"box":{"x":550,"y":679,"width":302,"height":11}},{"id":"4a83403a-9586-43bc-b948-460efb8dee23","block_type":"box","text":"BFA uses an indexing approach to try to achieve the Fund’s","page_number":97,"box":{"x":550,"y":703,"width":376,"height":10}},{"id":"362baf42-7ace-4e42-8a21-b2bb1bbc7579","block_type":"box","text":"investment objective. 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The instruments selected","page_number":98,"box":{"x":83,"y":51,"width":408,"height":11}},{"id":"c7ce831b-5365-47aa-bb40-c4ea8830f521","block_type":"box","text":"are expected to have, in the aggregate, investment characteristics","page_number":98,"box":{"x":83,"y":66,"width":423,"height":11}},{"id":"c3109e1b-f014-4027-a943-ff8534d0f114","block_type":"box","text":"(based on factors such as market capitalization and industry","page_number":98,"box":{"x":83,"y":80,"width":386,"height":11}},{"id":"9f2815ce-ebed-47c0-b442-4db000acee89","block_type":"box","text":"weightings), fundamental characteristics (such as return","page_number":98,"box":{"x":82,"y":94,"width":360,"height":11}},{"id":"517a8881-05e7-4d6d-ae49-0545840e94bc","block_type":"box","text":"variability and yield) and liquidity measures similar to those of an","page_number":98,"box":{"x":82,"y":108,"width":414,"height":11}},{"id":"745fecb4-b5c2-42f9-bb6b-ec3660ada029","block_type":"box","text":"applicable underlying index. 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The value of a security may decline for a number of","page_number":98,"box":{"x":549,"y":396,"width":420,"height":11}},{"id":"5960ee24-017c-4ae0-8f1a-4409d4fa6818","block_type":"box","text":"reasons that may directly relate to the issuer as well as due to","page_number":98,"box":{"x":549,"y":410,"width":397,"height":11}},{"id":"0b228ac8-5e0c-4090-a084-0628082295b7","block_type":"box","text":"general industry or market conditions. Common stock is","page_number":98,"box":{"x":549,"y":424,"width":359,"height":11}},{"id":"ed042b08-5f7f-4ae0-8af9-694007ea25e2","block_type":"box","text":"subordinated to preferred securities and debt in a company’s","page_number":98,"box":{"x":549,"y":438,"width":390,"height":11}},{"id":"3b1acf40-5c6d-4091-b5fc-c2d0706d79cc","block_type":"box","text":"capital structure. Common stock has the lowest priority, and the","page_number":98,"box":{"x":549,"y":452,"width":412,"height":11}},{"id":"c89f1599-797c-4199-bc1e-5c6dfb8f6989","block_type":"box","text":"greatest risk, with respect to dividends and any liquidation","page_number":98,"box":{"x":549,"y":467,"width":373,"height":10}},{"id":"f39cccd6-d93c-4fbd-bd75-b348b79c0283","block_type":"box","text":"payments in the event of an issuer’s bankruptcy.","page_number":98,"box":{"x":549,"y":481,"width":309,"height":11}},{"id":"fa5907f4-4041-47b1-aa4f-18e39fac841f","block_type":"box","text":"Market Risk","page_number":98,"box":{"x":549,"y":504,"width":82,"height":8}},{"id":"0f31ff1d-6734-472a-8ede-7b5d6c788c84","block_type":"box","text":".","page_number":98,"box":{"x":631,"y":511,"width":3,"height":1}},{"id":"35f653bd-e5ba-4b61-80d0-37f6bde45e7b","block_type":"box","text":"The Fund could lose money over short periods due","page_number":98,"box":{"x":639,"y":504,"width":322,"height":11}},{"id":"aa65d56b-286e-4a1b-8f96-0c1c4a49e275","block_type":"box","text":"to short-term market movements and over longer periods during","page_number":98,"box":{"x":549,"y":518,"width":413,"height":11}},{"id":"b62cc9a4-963f-42da-ae49-b604ab04c789","block_type":"box","text":"more prolonged market downturns. 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The value of securities or other assets may","page_number":99,"box":{"x":84,"y":598,"width":401,"height":11}},{"id":"d7acc688-8de1-4bfb-99f3-6e729f2ac86b","block_type":"box","text":"decline, or perform differently from the market as a whole, due to","page_number":99,"box":{"x":83,"y":612,"width":418,"height":11}},{"id":"ea374517-0be1-461c-ae3b-bc9e457a3edd","block_type":"box","text":"changes in the financial condition or credit rating of the issuer or","page_number":99,"box":{"x":83,"y":626,"width":414,"height":11}},{"id":"6c015715-a34f-4ab2-ada7-cb8451e92d8e","block_type":"box","text":"counterparty.","page_number":99,"box":{"x":83,"y":641,"width":84,"height":10}},{"id":"876cf27c-1f62-4138-ba67-53cdee946be0","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":99,"box":{"x":83,"y":664,"width":252,"height":11}},{"id":"3d8d0ee2-bd3b-427a-b89c-1630a1f5a217","block_type":"box","text":"Large-capitalization","page_number":99,"box":{"x":342,"y":664,"width":124,"height":11}},{"id":"8c7738e9-5d39-497a-b027-26b195232d1a","block_type":"box","text":"companies may be less able than smaller-capitalization","page_number":99,"box":{"x":83,"y":678,"width":352,"height":11}},{"id":"9d44be01-25e7-46f9-9ca5-5210966c196b","block_type":"box","text":"companies to adapt to changing market conditions and","page_number":99,"box":{"x":83,"y":692,"width":352,"height":11}},{"id":"564367fa-9f7f-4d34-98fc-5d214f90f436","block_type":"box","text":"competitive challenges. Large-capitalization companies may be","page_number":99,"box":{"x":83,"y":706,"width":405,"height":11}},{"id":"e0c68c0e-7af7-4654-beab-69f2e6e62b95","block_type":"box","text":"more mature and subject to more limited growth potential","page_number":99,"box":{"x":83,"y":721,"width":371,"height":10}},{"id":"1324f94e-2f68-481b-957f-d8e6a4d2ce73","block_type":"box","text":"compared with smaller-capitalization companies. The","page_number":99,"box":{"x":83,"y":735,"width":339,"height":10}},{"id":"db86be11-0221-4d94-93db-185a2ed89bb0","block_type":"box","text":"performance of large-capitalization companies could trail the","page_number":99,"box":{"x":83,"y":749,"width":390,"height":11}},{"id":"564f0e89-c8ff-40d5-b1cf-a91accf643ae","block_type":"box","text":"overall performance of the broader securities markets.","page_number":99,"box":{"x":83,"y":763,"width":349,"height":11}},{"id":"36cce393-36eb-4f36-a0f2-199aecb383dc","block_type":"box","text":"Management Risk","page_number":99,"box":{"x":83,"y":786,"width":123,"height":11}},{"id":"f7687d38-8d94-40a0-8869-fa51125418ef","block_type":"box","text":".","page_number":99,"box":{"x":206,"y":793,"width":2,"height":2}},{"id":"5d42cf73-b306-4228-ad6c-c2e76c84846d","block_type":"box","text":"The Fund generally does not attempt to take","page_number":99,"box":{"x":213,"y":786,"width":283,"height":11}},{"id":"7676bc0a-ed98-495b-bfc0-225614675bae","block_type":"box","text":"defensive positions under any market conditions, including","page_number":99,"box":{"x":83,"y":800,"width":376,"height":11}},{"id":"40ccb409-7068-41ee-999c-16c2817928f0","block_type":"box","text":"declining markets. 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Although your actual costs may be higher or lower, based on these assumptions, your costs would be:","page_number":103,"box":{"x":83,"y":498,"width":694,"height":10}},{"id":"fb60ed4c-81a8-4965-8be3-28c353e06fa8","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":103,"box":{"x":195,"y":528,"width":668,"height":8}},{"id":"e64cb10e-336e-4b71-92f9-6397fff77845","block_type":"box","text":"$26 $80 $141 $318","page_number":103,"box":{"x":202,"y":548,"width":647,"height":9}},{"id":"777a01e7-5cb3-4376-91a5-81d3411e2429","block_type":"box","text":"Portfolio Turnover.","page_number":103,"box":{"x":83,"y":588,"width":129,"height":8}},{"id":"c4fc0bb2-6fce-4d18-a749-355a6cc558ca","block_type":"box","text":"The Fund may pay transaction costs, such as","page_number":103,"box":{"x":216,"y":588,"width":287,"height":11}},{"id":"29ececbb-997a-439e-998a-05ff9abea862","block_type":"box","text":"commissions, when it buys and sells securities (or “turns over” its","page_number":103,"box":{"x":83,"y":602,"width":420,"height":11}},{"id":"724da9db-9d40-4798-9223-a97c9f056d1b","block_type":"box","text":"portfolio). 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Given that the A-share market is","page_number":116,"box":{"x":76,"y":346,"width":863,"height":11}},{"id":"3a3eb413-8f38-42a3-874e-b4383cb6e969","block_type":"box","text":"considered volatile and unstable (with the risk of widespread trading suspensions or government intervention), the creation and redemption","page_number":116,"box":{"x":76,"y":360,"width":894,"height":11}},{"id":"dc8ab118-1ded-49a8-b4a7-709ce2b164c0","block_type":"box","text":"of Creation Units may also be disrupted.","page_number":116,"box":{"x":76,"y":374,"width":256,"height":11}},{"id":"5a16bed2-c636-4954-a562-d438800f905c","block_type":"box","text":"Asian Economic Risk.","page_number":116,"box":{"x":76,"y":397,"width":147,"height":9}},{"id":"b1f4adf2-0870-4814-9a2a-b10a95dbc659","block_type":"box","text":"Certain Asian economies have experienced rapid growth and industrialization in recent years, but there is no","page_number":116,"box":{"x":228,"y":397,"width":694,"height":11}},{"id":"826882e8-6263-4a01-a5c2-04db6eb71794","block_type":"box","text":"assurance that this growth rate will be maintained. Other Asian economies have experienced high inflation, high unemployment, currency","page_number":116,"box":{"x":76,"y":411,"width":880,"height":11}},{"id":"1d48bb62-8f69-4c98-bc9d-891a23e7a5e4","block_type":"box","text":"devaluations and restrictions, and over-extension of credit. Geopolitical hostility, political instability, and economic or environmental even","page_number":116,"box":{"x":76,"y":426,"width":880,"height":10}},{"id":"5870a905-d053-4fcf-bfe3-75f065c1da2c","block_type":"box","text":"ts","page_number":116,"box":{"x":958,"y":427,"width":10,"height":7}},{"id":"ecb76b01-3a26-44ef-a75c-5d69446f8a57","block_type":"box","text":"in any one Asian country may have a significant economic effect on the entire Asian region, as well as on major trading partners outside Asia.","page_number":116,"box":{"x":76,"y":440,"width":903,"height":11}},{"id":"5215ce67-0816-46d1-b302-a0dca70493b1","block_type":"box","text":"An adverse event in the Asian markets may have a significant adverse effect on some or all of the economies of the countries in which a Fund","page_number":116,"box":{"x":76,"y":454,"width":904,"height":11}},{"id":"2044a0b4-e35c-4363-8c9a-b4a9f978b774","block_type":"box","text":"invests. Because many Asian countries depend significantly on international trade, shifts in relationships with key trading partners, such as","page_number":116,"box":{"x":76,"y":468,"width":888,"height":11}},{"id":"acd48276-b2c1-45ba-95b8-f237f43befc6","block_type":"box","text":"China and the U.S., may have a region-wide economic impact. Strains in these relations could adversely affect Asian issuers that rely on the","page_number":116,"box":{"x":76,"y":482,"width":894,"height":11}},{"id":"fa6c3e4f-4c42-46dc-b1f6-8c2a3e306989","block_type":"box","text":"U.S. or China for trade and the region as a whole. A shift towards protectionist policies by these countries or other key trading partners could","page_number":116,"box":{"x":77,"y":497,"width":902,"height":10}},{"id":"442b2493-ab82-423d-a957-4671d7a3c2bd","block_type":"box","text":"suppress Asia’s exports and reduce foreign investment in the region.","page_number":116,"box":{"x":76,"y":511,"width":438,"height":11}},{"id":"455f058b-9936-4cde-8c49-10086ba4af98","block_type":"box","text":"Many Asian countries are subject to political risk, including political instability, corruption and regional conflicts. North Korea and South","page_number":116,"box":{"x":77,"y":534,"width":866,"height":11}},{"id":"2a7d9aa1-4f46-4dc8-bd3b-b39aa44c16aa","block_type":"box","text":"Korea each have substantial military capabilities, and historical tensions between the two countries present the risk of war. China has a","page_number":116,"box":{"x":77,"y":548,"width":865,"height":11}},{"id":"dc605399-06c7-4441-8b50-311e89a7b96e","block_type":"box","text":"complex territorial dispute regarding the sovereignty of Taiwan and has pledged to take control of Taiwan, including by force if necessary.","page_number":116,"box":{"x":76,"y":562,"width":876,"height":11}},{"id":"93146d70-b107-4320-a5f5-9b01f623613e","block_type":"box","text":"Continuing hostility between China and Taiwan may have an adverse impact on economies throughout the region and on the value of a Fund’s","page_number":116,"box":{"x":76,"y":576,"width":905,"height":11}},{"id":"f2c3b8c9-b0ca-4501-a91c-8c109233ccf6","block_type":"box","text":"investments, may cause a suspension in a Fund’s ability to trade in certain securities or other assets, or may otherwise make such","page_number":116,"box":{"x":76,"y":591,"width":833,"height":10}},{"id":"aab7b1bb-3bd8-4a20-8574-2c3ca989374a","block_type":"box","text":"investments impracticable or impossible. Frictions between China and the Philippines in the South China Sea pose a risk of escalation","page_number":116,"box":{"x":76,"y":605,"width":856,"height":11}},{"id":"92f23c37-0355-4c29-b3ad-3d093e7c23d1","block_type":"box","text":"potentially leading to military conflict. In addition, many Asian countries are subject to social and labor risks associated with demands for","page_number":116,"box":{"x":76,"y":619,"width":879,"height":11}},{"id":"dfda3245-cacd-4843-bae9-38fdb505e446","block_type":"box","text":"improved political, economic and social conditions. These risks, among others, may adversely affect the value of a Fund’s investments with","page_number":116,"box":{"x":76,"y":633,"width":889,"height":11}},{"id":"729f1979-f6fc-4714-bada-77b144923080","block_type":"box","text":"exposure to Asia.","page_number":116,"box":{"x":76,"y":647,"width":109,"height":11}},{"id":"db694215-0d6b-4880-bbc7-c93dd62b0ef6","block_type":"box","text":"Asset Class Risk.","page_number":116,"box":{"x":76,"y":671,"width":117,"height":8}},{"id":"62065e80-e260-4148-9664-9ebc77494c40","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":116,"box":{"x":198,"y":671,"width":706,"height":10}},{"id":"754c5b8e-be49-4859-8fb3-3a7688e998e7","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":116,"box":{"x":76,"y":685,"width":878,"height":11}},{"id":"b3112fc8-b03b-43ed-986b-3a0750470a46","block_type":"box","text":"asset classes. Various types of securities, other assets and indexes may experience cycles of outperformance and underperformance in","page_number":116,"box":{"x":76,"y":699,"width":869,"height":11}},{"id":"fb001f08-547b-482a-9d95-bc77cec11239","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":116,"box":{"x":76,"y":713,"width":857,"height":11}},{"id":"5cf159c5-fbdc-4e3d-be7f-1c214844962e","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":116,"box":{"x":76,"y":727,"width":900,"height":11}},{"id":"1a345ef8-4b3b-4930-9d6a-1aa31a12ef86","block_type":"box","text":"to underperform other investment vehicles that invest in different asset classes.","page_number":116,"box":{"x":76,"y":741,"width":512,"height":11}},{"id":"eb0dd34d-e856-4513-9605-c29bfa0285ef","block_type":"box","text":"Australasian Economic Risk.","page_number":116,"box":{"x":76,"y":765,"width":196,"height":8}},{"id":"99c3a64c-7ad1-4691-b1d3-76324ba6f244","block_type":"box","text":"The economies of Australasia, which include Australia and New Zealand, depend on exports from the energy,","page_number":116,"box":{"x":277,"y":765,"width":696,"height":11}},{"id":"0faa5f37-b240-4a87-9546-35ab7e762507","block_type":"box","text":"agricultural and mining sectors and, as a result, are susceptible to fluctuations in the commodity markets. These economies also increasingly","page_number":116,"box":{"x":76,"y":779,"width":903,"height":11}},{"id":"9047067a-0b28-4818-85de-bf24c2333adf","block_type":"box","text":"depend on their growing service industries. The Australasian economies depend on the economies of their key trading partners, which","page_number":116,"box":{"x":76,"y":793,"width":857,"height":11}},{"id":"a2145de9-d07a-407f-9496-73d7ade163cb","block_type":"box","text":"include China, Japan, South Korea, the U.S. and certain European countries. Reduced spending by any of these trading partners on","page_number":116,"box":{"x":76,"y":807,"width":834,"height":11}},{"id":"82e5ee3f-2183-4ea6-bb02-37c6da7a3e40","block_type":"box","text":"Australasian products and services, or negative changes in any of these economies, may have an adverse impact on some or all of the","page_number":116,"box":{"x":76,"y":821,"width":858,"height":11}},{"id":"4aab4323-6a8d-421a-b69d-77c1a4cfa1db","block_type":"box","text":"Australasian economies. Economic events in key trading countries can have a significant effect on the Australasian economies.","page_number":116,"box":{"x":76,"y":836,"width":813,"height":10}},{"id":"a31415a4-c403-4322-a22b-2ffbaa1355d3","block_type":"box","text":"Other risks to Australasian countries include natural disasters that may occur in the region (e.g., droughts, earthquakes, fires, tsunamis) and","page_number":116,"box":{"x":76,"y":859,"width":898,"height":11}},{"id":"2c8459b3-2fa6-40ec-afb8-f8101fc9b5d4","block_type":"box","text":"national or regional security concerns (e.g., terrorism, war, strained international relations). Any such event may adversely affect the","page_number":116,"box":{"x":76,"y":873,"width":847,"height":11}},{"id":"65680b4a-54d5-486a-93e5-9a0b413ff5f6","block_type":"box","text":"Australasian economies, financial markets or issuers of securities, causing an adverse impact on the value of a Fund’s investments.","page_number":116,"box":{"x":76,"y":887,"width":840,"height":11}},{"id":"3a540b1e-e4aa-42e1-9be2-7ed423ddd17c","block_type":"box","text":"8","page_number":116,"box":{"x":526,"y":921,"width":6,"height":8}},{"id":"72c98612-e92c-44ea-be64-e3b096340ab5","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":117,"box":{"x":76,"y":23,"width":296,"height":11}},{"id":"04896ff7-30eb-47bd-afd4-7c4e4a356e5d","block_type":"box","text":"Only an Authorized Participant may engage in creation or redemption transactions directly","page_number":117,"box":{"x":378,"y":23,"width":578,"height":11}},{"id":"5dd92e06-17ce-4a01-81fc-8b7e3b6890d5","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":117,"box":{"x":76,"y":37,"width":894,"height":11}},{"id":"10de598e-308e-46a8-b736-d93b2b6a61cc","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":117,"box":{"x":76,"y":51,"width":882,"height":11}},{"id":"7568a2e6-338e-475c-8c5a-dc169acf7b94","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":117,"box":{"x":76,"y":66,"width":888,"height":10}},{"id":"b6cad556-05f4-4d84-a72b-354d37abd70c","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":117,"box":{"x":76,"y":80,"width":889,"height":11}},{"id":"e2ba11e5-40e5-419c-97fa-2f791fc5e764","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":117,"box":{"x":77,"y":94,"width":885,"height":11}},{"id":"7f120f15-dfc4-4f37-b389-821bbd902cc1","block_type":"box","text":"trading volume. Such assets often entail greater settlement and operational complexity and higher capital costs for Authorized Participants,","page_number":117,"box":{"x":76,"y":108,"width":893,"height":11}},{"id":"230cbc07-e6ea-4f0b-9ae8-852635f66610","block_type":"box","text":"which may limit the number of Authorized Participants that engage with the Fund.","page_number":117,"box":{"x":76,"y":122,"width":521,"height":11}},{"id":"cde6c167-33f1-4c98-a56b-0f1e5a48ede2","block_type":"box","text":"Borrowing Risk.","page_number":117,"box":{"x":77,"y":146,"width":108,"height":10}},{"id":"12d44f8e-9741-4e1b-99a5-40c3eec9844c","block_type":"box","text":"Borrowing may exaggerate changes in a Fund’s NAV and in the return on its portfolio. A Fund that borrows will incur","page_number":117,"box":{"x":191,"y":146,"width":739,"height":10}},{"id":"25883d57-b80c-4e4e-83c9-5e23eaece6b4","block_type":"box","text":"interest expenses and other fees, which may reduce the Fund’s return. Borrowing may also cause a Fund to liquidate positions when it may","page_number":117,"box":{"x":76,"y":160,"width":890,"height":11}},{"id":"8104464d-c9ab-4c09-a9d6-497492f60875","block_type":"box","text":"not be advantageous to do so to satisfy its obligations.","page_number":117,"box":{"x":76,"y":174,"width":348,"height":11}},{"id":"4db36e4d-49c1-4f8d-932f-c7b49c33c1a8","block_type":"box","text":"Cash Transactions Risk.","page_number":117,"box":{"x":76,"y":197,"width":164,"height":9}},{"id":"b09032ef-d760-4b76-9a64-60130ca2e4d1","block_type":"box","text":"Unlike most other ETFs, the Fund expects to effect all of its creations and redemptions for cash, rather than in","page_number":117,"box":{"x":245,"y":197,"width":711,"height":11}},{"id":"9d1175ea-1e00-4197-b1b2-696ad2211b37","block_type":"box","text":"kind securities. Paying redemption proceeds in cash rather than through in-kind delivery of portfolio securities may require the Fund to","page_number":117,"box":{"x":77,"y":211,"width":861,"height":11}},{"id":"2371a582-62c3-418e-9033-f52aac3789d0","block_type":"box","text":"dispose of or sell portfolio securities or other assets at an inopportune time to obtain the cash needed to meet redemption orders. This may","page_number":117,"box":{"x":76,"y":226,"width":895,"height":10}},{"id":"81cb6558-7089-4f45-896b-ee52915424ae","block_type":"box","text":"cause the Fund to sell a security and recognize a capital gain or loss that might not have been incurred if it had made a redemption in-kind.","page_number":117,"box":{"x":76,"y":240,"width":888,"height":11}},{"id":"e17632bc-3f3a-46d7-bc0f-72b359722a32","block_type":"box","text":"As a result, the Fund may pay out higher or lower annual capital gains distributions than ETFs that redeem in-kind. The use of cash creations","page_number":117,"box":{"x":76,"y":254,"width":897,"height":11}},{"id":"5d9b708d-017d-41ca-81b3-6f0b3bee6bed","block_type":"box","text":"and redemptions may also cause the Fund’s shares to trade in the market at greater bid-ask spreads or greater premiums or discounts to the","page_number":117,"box":{"x":76,"y":268,"width":904,"height":11}},{"id":"cf175cc8-d8b1-4ac3-8e70-56d93376587e","block_type":"box","text":"Fund’s NAV.","page_number":117,"box":{"x":77,"y":282,"width":74,"height":9}},{"id":"5df732f1-5a09-4a70-ad6f-3be56ff9cdda","block_type":"box","text":"Close-Out Risk for Qualified Financial Contracts.","page_number":117,"box":{"x":76,"y":305,"width":336,"height":9}},{"id":"65017a23-60dc-42b3-b065-44e9cae8e8e1","block_type":"box","text":"Regulations adopted by global prudential regulators require counterparties that are part","page_number":117,"box":{"x":418,"y":305,"width":562,"height":11}},{"id":"69809f33-badd-41c6-b32a-fbb3d7638de0","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":117,"box":{"x":76,"y":320,"width":880,"height":10}},{"id":"48fee337-9241-46bc-9638-50efbebb7f33","block_type":"box","text":"agreements relating to qualified financial contracts. Qualified financial contracts include agreements relating to swaps, currency forwards","page_number":117,"box":{"x":76,"y":334,"width":881,"height":11}},{"id":"a8a8a1df-db14-48bf-aca9-2b1bf0d3c65f","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":117,"box":{"x":76,"y":348,"width":896,"height":11}},{"id":"f0cf6988-25ad-4b68-80f0-2e84da8e1273","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":117,"box":{"x":76,"y":362,"width":889,"height":11}},{"id":"9dce1224-f3cd-4a99-94b3-1ea57391bde2","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":117,"box":{"x":76,"y":376,"width":903,"height":11}},{"id":"385df4db-0769-47ca-b500-3033ad6c102c","block_type":"box","text":"credit risk and other risks to a Fund.","page_number":117,"box":{"x":76,"y":391,"width":231,"height":8}},{"id":"d790039c-6c44-49ea-80c0-28449c3822a7","block_type":"box","text":"Communications Companies Risk.","page_number":117,"box":{"x":76,"y":414,"width":236,"height":10}},{"id":"02db312b-9521-42e3-8336-709b34c7d746","block_type":"box","text":"Communications companies may face rapid product obsolescence as well as unexpected risks and","page_number":117,"box":{"x":317,"y":414,"width":633,"height":11}},{"id":"77384f9b-ff71-4ab2-a48c-31453d006c2e","block_type":"box","text":"costs related to product compatibility and standardization, new product introduction and technological developments, such as artificial","page_number":117,"box":{"x":76,"y":428,"width":863,"height":11}},{"id":"4771d85f-17f9-404f-b0d0-bfc67ea71756","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":117,"box":{"x":76,"y":442,"width":897,"height":11}},{"id":"c62f3a00-72c6-4f05-b948-ff9f1422fbee","block_type":"box","text":"products and services. Demographic shifts and changes in consumer preferences and expectations may have negative impacts on their","page_number":117,"box":{"x":76,"y":456,"width":868,"height":11}},{"id":"f60e9ac3-237c-403b-932d-8f95f79086a2","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":117,"box":{"x":76,"y":470,"width":881,"height":11}},{"id":"19ba5099-a155-44b0-b580-fc1e1d51a521","block_type":"box","text":"information or disruptions in service could have a material adverse effect on their operations and reputation.","page_number":117,"box":{"x":76,"y":485,"width":694,"height":10}},{"id":"b0bd48e3-5787-4f28-a99d-d94c26884de8","block_type":"box","text":"Communications companies are subject to extensive government regulation, including licensing and franchise requirements. The costs of","page_number":117,"box":{"x":76,"y":508,"width":880,"height":11}},{"id":"30476439-ddbb-4560-890d-21d2d449963d","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":117,"box":{"x":76,"y":522,"width":897,"height":11}},{"id":"185531d5-de00-4266-9d18-064188658553","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":117,"box":{"x":76,"y":536,"width":898,"height":11}},{"id":"109fa491-4295-4c56-89ef-49fbbea6109b","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":117,"box":{"x":76,"y":550,"width":805,"height":11}},{"id":"529d8b11-590e-4e58-a3cf-4db8b68bd14f","block_type":"box","text":"Concentration Risk.","page_number":117,"box":{"x":76,"y":574,"width":136,"height":8}},{"id":"5cbdaf21-a395-4194-b629-7cda1b1cec5e","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":117,"box":{"x":217,"y":574,"width":744,"height":10}},{"id":"a25559fb-872c-4fa9-b866-8a1921466614","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":117,"box":{"x":76,"y":588,"width":903,"height":10}},{"id":"c95109b9-86af-4194-80a8-7761bce2c775","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":117,"box":{"x":76,"y":602,"width":853,"height":11}},{"id":"bd556a34-082c-4558-b284-32f14e1829e7","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":117,"box":{"x":76,"y":616,"width":897,"height":11}},{"id":"29f576dc-29b9-4753-afb0-b0e10d8abc9a","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":117,"box":{"x":76,"y":630,"width":905,"height":11}},{"id":"f8ea4289-1b02-43c5-9892-a0f01f212791","block_type":"box","text":"its investments.","page_number":117,"box":{"x":76,"y":645,"width":100,"height":8}},{"id":"c95a3b87-d60e-4ccb-89c1-f05a1ddf0998","block_type":"box","text":"Consumer Goods and Services Com","page_number":117,"box":{"x":76,"y":668,"width":247,"height":8}},{"id":"80f2c064-9a21-4dbd-82d2-f27258514d75","block_type":"box","text":"panies Risk.","page_number":117,"box":{"x":325,"y":668,"width":83,"height":10}},{"id":"22129511-c135-4853-93b8-b59ac529c2d3","block_type":"box","text":"Many consumer goods and services companies (“consumer companies”) rely heavily on","page_number":117,"box":{"x":414,"y":668,"width":561,"height":11}},{"id":"f8c2fa29-b2c8-4565-8d15-e559da762002","block_type":"box","text":"disposable household income and consumer spending and may be impacted by social trends, marketing campaigns, demographic shifts and","page_number":117,"box":{"x":76,"y":682,"width":897,"height":11}},{"id":"24f15c50-93a8-426e-afe2-44a743d29f68","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":117,"box":{"x":76,"y":696,"width":860,"height":11}},{"id":"55b106e2-77eb-461a-855b-34b059616d65","block_type":"box","text":"adverse impact on consumer companies.","page_number":117,"box":{"x":76,"y":710,"width":262,"height":11}},{"id":"c019e9ee-5a4e-40b5-8421-149c6f264f2d","block_type":"box","text":"Certain consumer companies, such as those providing discretionary goods or services, may depend more on business cycles, overall","page_number":117,"box":{"x":76,"y":733,"width":849,"height":11}},{"id":"fac98d49-3102-46ae-ac0a-f41dd0987467","block_type":"box","text":"economic conditions and consumer confidence. Many consumer goods and services are subject to government regulation and the related","page_number":117,"box":{"x":76,"y":748,"width":883,"height":10}},{"id":"0100e324-6b28-4f0b-998a-2c7c56311507","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":117,"box":{"x":76,"y":762,"width":856,"height":11}},{"id":"ada6278f-23c1-4f56-a50f-0361e6b1b032","block_type":"box","text":"affected by volatility in commodity prices, supply chain disruptions and labor shortages.","page_number":117,"box":{"x":76,"y":776,"width":561,"height":11}},{"id":"953dcea6-e5aa-4b9c-9f23-021018ca8ca1","block_type":"box","text":"Currency Risk.","page_number":117,"box":{"x":76,"y":799,"width":100,"height":11}},{"id":"ab6edc2d-00f8-4bf8-be0c-bce00c869f34","block_type":"box","text":"Because each Fund’s NAV is determined on the basis of the U.S. dollar, investors may lose money if the currency of a non","page_number":117,"box":{"x":182,"y":799,"width":782,"height":11}},{"id":"ba42c851-0a3f-4dd3-8147-db7235fd7792","block_type":"box","text":"U.S. market in which a Fund invests depreciates against the U.S. dollar or if there are delays or limits on repatriation of foreign currency,","page_number":117,"box":{"x":77,"y":813,"width":871,"height":11}},{"id":"430ed048-b3ee-44a8-8331-36eb23e164cd","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":117,"box":{"x":76,"y":828,"width":867,"height":10}},{"id":"b13114b7-912e-4206-bbf0-a77273891720","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":117,"box":{"x":76,"y":842,"width":892,"height":11}},{"id":"9bb923fc-8923-478f-a357-c1458037fad2","block_type":"box","text":"connection with conversions between U.S. dollars and foreign currencies.","page_number":117,"box":{"x":76,"y":856,"width":470,"height":11}},{"id":"21fceaf6-6002-4c8e-a324-3108ade3dca8","block_type":"box","text":"9","page_number":117,"box":{"x":526,"y":921,"width":6,"height":8}},{"id":"1f059088-5d82-4333-ae30-c963da879389","block_type":"box","text":"Custody Risk.","page_number":118,"box":{"x":76,"y":23,"width":94,"height":11}},{"id":"9f5879e5-48aa-4457-b22e-003ad113ea88","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":118,"box":{"x":175,"y":23,"width":780,"height":11}},{"id":"ee7b985c-5bb3-47be-bc9d-b3b193bb61f9","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":118,"box":{"x":76,"y":37,"width":853,"height":11}},{"id":"0e7caf99-adcf-4d40-a6a4-09444cfe32e2","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":118,"box":{"x":76,"y":51,"width":893,"height":11}},{"id":"680d68ef-eca4-48d6-88ac-1154e264328a","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":118,"box":{"x":76,"y":66,"width":822,"height":11}},{"id":"e19aaa17-08ab-48c2-abd0-83ec49f9f299","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":118,"box":{"x":76,"y":80,"width":905,"height":11}},{"id":"d7ede5f3-bb09-488b-aaff-b09d2713f9f9","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":118,"box":{"x":76,"y":94,"width":850,"height":11}},{"id":"4bd0e738-3892-4e1f-be3b-a0cb27a6de28","block_type":"box","text":"country’s securities markets are, the higher the degree of custody risk.","page_number":118,"box":{"x":76,"y":108,"width":453,"height":11}},{"id":"8efac7bd-757f-4882-8e09-3172b3336944","block_type":"box","text":"Equity Securities Risk.","page_number":118,"box":{"x":77,"y":131,"width":154,"height":11}},{"id":"2feeef9e-2430-407b-b4a4-e1711784d352","block_type":"box","text":"Equity securities are subject to changes in value due to general market or economic conditions, perceptions about","page_number":118,"box":{"x":237,"y":131,"width":732,"height":11}},{"id":"086acd19-4a85-4c0c-9707-83763daf3bc4","block_type":"box","text":"the markets in which issuers participate or a number of factors relating to a specific issuer. Investments in equity securities may be more","page_number":118,"box":{"x":76,"y":146,"width":877,"height":10}},{"id":"b58fdc15-dcc5-49c2-9905-1e5c4b13a6cf","block_type":"box","text":"volatile than investments in other asset classes. Equity securities (both common and preferred stock) are subordinated to debt securities in a","page_number":118,"box":{"x":76,"y":160,"width":905,"height":11}},{"id":"09f37b3d-9475-4f6d-9397-1face73a273c","block_type":"box","text":"company’s capital structure, and so equity holders are generally subject to more risks, particularly in the event of an issuer’s bankruptcy.","page_number":118,"box":{"x":76,"y":174,"width":875,"height":11}},{"id":"b876b08c-53f5-43a0-96e6-5a2fd2e2f6cc","block_type":"box","text":"Common stock has the lowest priority and the greatest risks, including with respect to dividends and any liquidation payments.","page_number":118,"box":{"x":76,"y":188,"width":812,"height":11}},{"id":"232f050f-6c75-4aca-8ff4-89164126957f","block_type":"box","text":"ESG Risk.","page_number":118,"box":{"x":77,"y":211,"width":64,"height":9}},{"id":"56162f83-a5a5-4fd0-b0c4-66bd5cc1fe82","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":118,"box":{"x":146,"y":211,"width":836,"height":11}},{"id":"38caa4ff-803f-459c-9445-ad3d2e0c661d","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":118,"box":{"x":76,"y":226,"width":888,"height":10}},{"id":"e0fd0c28-be9b-417c-a78c-6c452d657df1","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":118,"box":{"x":76,"y":240,"width":846,"height":11}},{"id":"20315965-5c2c-4786-8f95-15569c171371","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":118,"box":{"x":76,"y":254,"width":901,"height":11}},{"id":"1c1723bc-3922-43c8-af58-e02a51bce313","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":118,"box":{"x":76,"y":268,"width":869,"height":11}},{"id":"e01645d5-7c63-47bc-8a70-ffc14c57f5b6","block_type":"box","text":"Index.","page_number":118,"box":{"x":77,"y":282,"width":36,"height":9}},{"id":"94d55339-8e48-45b6-97b9-e253b107ef55","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":118,"box":{"x":76,"y":305,"width":903,"height":11}},{"id":"2979a426-cc5a-495d-a492-01d47d2045e9","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":118,"box":{"x":76,"y":320,"width":869,"height":10}},{"id":"4c68d645-da26-49c4-bc40-0d7807524a17","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":118,"box":{"x":76,"y":334,"width":857,"height":11}},{"id":"41a63aac-15c3-4392-b51c-3498cd57bacc","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":118,"box":{"x":77,"y":348,"width":867,"height":11}},{"id":"fb6d8db8-a0b4-4538-b1a5-fa6304db0042","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":118,"box":{"x":77,"y":362,"width":898,"height":11}},{"id":"61e9984e-496e-48b7-8b1d-c8b8dacd99b1","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":118,"box":{"x":76,"y":376,"width":875,"height":11}},{"id":"8fc079b8-5b12-4217-9907-36aa47fd9a07","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":118,"box":{"x":77,"y":391,"width":871,"height":10}},{"id":"cd4f66db-4fe2-4abc-9b7a-e8ff51465e5c","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":118,"box":{"x":76,"y":405,"width":903,"height":11}},{"id":"a642eebc-a8d7-4cd4-9a2f-412fcc025dd2","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":118,"box":{"x":76,"y":419,"width":872,"height":11}},{"id":"d9a0c954-2eee-4118-8568-26b003897551","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":118,"box":{"x":76,"y":433,"width":868,"height":11}},{"id":"a6d9bfae-095f-4f8f-8bf2-de9ca17342b3","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":118,"box":{"x":76,"y":447,"width":900,"height":11}},{"id":"49fedb01-7a03-44f4-bbe2-1ce63177000f","block_type":"box","text":"the criteria and data used in such evaluation.","page_number":118,"box":{"x":76,"y":461,"width":286,"height":9}},{"id":"15c1bee7-2e11-4505-aafb-41b7d971ca12","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":118,"box":{"x":76,"y":485,"width":844,"height":10}},{"id":"b87248ab-a511-4b23-9815-e72521998bdf","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":118,"box":{"x":76,"y":499,"width":895,"height":11}},{"id":"7074a070-2a14-41d0-8ce7-1c446ddf673d","block_type":"box","text":"ESG methodology applied by an Index Provider may change over time.","page_number":118,"box":{"x":77,"y":513,"width":446,"height":11}},{"id":"f68b297a-edf6-4700-899d-220dda260aa6","block_type":"box","text":"European Economic Risk.","page_number":118,"box":{"x":77,"y":536,"width":174,"height":11}},{"id":"e5777c02-c9b2-416c-b93d-cc8304f6b061","block_type":"box","text":"The Economic and Monetary Union (the “eurozone”) of the European Union (the “EU”) requires compliance by","page_number":118,"box":{"x":256,"y":536,"width":702,"height":11}},{"id":"5457f074-7884-4b99-946f-81ef3022981e","block_type":"box","text":"member states that are members of the eurozone with restrictions on inflation rates, deficits, interest rates and debt levels, as well as fiscal","page_number":118,"box":{"x":76,"y":550,"width":894,"height":11}},{"id":"d2f08e59-7778-4beb-adaf-1cb610649a68","block_type":"box","text":"and monetary controls, each of which may significantly affect every country in Europe, including those countries that are not members of the","page_number":118,"box":{"x":76,"y":565,"width":902,"height":10}},{"id":"2388d0aa-1d14-4187-b712-b6deddc41786","block_type":"box","text":"eurozone. Additionally, European countries outside of the eurozone may present economic risks that are independent of the indirect effects","page_number":118,"box":{"x":76,"y":579,"width":894,"height":11}},{"id":"43a3b50a-0be9-44f3-aa2d-09dc69793d2d","block_type":"box","text":"that eurozone policies have on them. In particular, the United Kingdom’s (the “U.K.”) economy may be affected by global economic, industrial","page_number":118,"box":{"x":76,"y":593,"width":904,"height":11}},{"id":"328bae2b-b274-4da3-8b53-5c4afb1514c8","block_type":"box","text":"and financial shifts. Changes in imports or exports, changes in governmental or EU regulations on trade, changes in the exchange rate of the","page_number":118,"box":{"x":76,"y":607,"width":898,"height":11}},{"id":"fdeed761-7c78-4aed-90c9-ab2dcf2c638c","block_type":"box","text":"euro (the common currency of eurozone countries), the default or threat of default by an EU member state on its sovereign debt and/or an","page_number":118,"box":{"x":76,"y":621,"width":889,"height":11}},{"id":"96246342-ce55-4563-804d-43b9f8ceb4d6","block_type":"box","text":"economic recession in an EU member state may have a significant adverse effect on the economies of other EU member states and their","page_number":118,"box":{"x":76,"y":635,"width":877,"height":11}},{"id":"8a838671-d277-4358-b4e3-dfe321044429","block_type":"box","text":"trading partners. The European financial markets have historically experienced volatility and adverse trends due to concerns about economic","page_number":118,"box":{"x":76,"y":650,"width":901,"height":10}},{"id":"00b75dab-23dd-4e4b-958c-17313c9f741a","block_type":"box","text":"downturns or government debt levels in several European countries, including, but not limited to, Austria, Belgium, Cyprus, France, Greece,","page_number":118,"box":{"x":76,"y":664,"width":889,"height":11}},{"id":"c94cb608-8366-4a38-a099-d7c363907f95","block_type":"box","text":"Ireland, Italy, Portugal, Spain and Ukraine. These events have affected and may in the future adversely affect the exchange rate of the euro","page_number":118,"box":{"x":77,"y":678,"width":886,"height":11}},{"id":"a7e52002-00d5-4f39-a3fb-ef99097ef602","block_type":"box","text":"and may significantly affect European countries.","page_number":118,"box":{"x":76,"y":692,"width":307,"height":11}},{"id":"3bda8b25-85f3-405d-b465-1bda95c478b0","block_type":"box","text":"Responses to financial problems by European governments, central banks and others, including austerity measures and reforms, may not","page_number":118,"box":{"x":77,"y":715,"width":878,"height":11}},{"id":"63760305-1fc1-49ab-b067-0b07c5e665f1","block_type":"box","text":"produce the desired results, may result in social unrest, may limit future growth and economic recovery or may have other unintended","page_number":118,"box":{"x":76,"y":730,"width":858,"height":10}},{"id":"e8c323bf-f794-47a5-87b5-d4c4a0f06f15","block_type":"box","text":"consequences. Further defaults or restructurings by governments and other entities of their debt could have additional adverse effects on","page_number":118,"box":{"x":76,"y":744,"width":882,"height":11}},{"id":"aa314b96-b0d7-4048-98e9-e0705a9855ab","block_type":"box","text":"economies, financial markets and asset valuations around the world. In addition, one or more countries may abandon the euro and/or","page_number":118,"box":{"x":76,"y":758,"width":859,"height":11}},{"id":"c6fd8eb0-9d00-4e03-a796-f1e65a9796fe","block_type":"box","text":"withdraw from the EU. The U.K. left the EU (“Brexit”) on January 31, 2020. Brexit could adversely affect European or worldwide political,","page_number":118,"box":{"x":76,"y":772,"width":866,"height":11}},{"id":"fb41c8f6-dda3-43c7-bb19-f498222583f1","block_type":"box","text":"regulatory, economic or market conditions and could contribute to instability in global political institutions, regulatory agencies and financia","page_number":118,"box":{"x":77,"y":786,"width":894,"height":11}},{"id":"9fedd3dc-9fc6-4b4c-9f29-37b76047cef3","block_type":"box","text":"l","page_number":118,"box":{"x":973,"y":786,"width":1,"height":9}},{"id":"39930f54-b439-4bac-b3df-f6fa10ef8130","block_type":"box","text":"markets.","page_number":118,"box":{"x":76,"y":801,"width":55,"height":8}},{"id":"6189fbd3-b1da-4b6a-aed8-300e992612a7","block_type":"box","text":"The national politics of countries in Europe have been unpredictable and subject to influence by disruptive political groups and ideologies,","page_number":118,"box":{"x":76,"y":824,"width":880,"height":11}},{"id":"ac795cf7-2ef8-40dd-8a3e-b340f76ed8f6","block_type":"box","text":"including, for example, secessionist movements. The governments of European countries may be subject to change and such countries may","page_number":118,"box":{"x":76,"y":838,"width":896,"height":11}},{"id":"10520b42-ee77-48dc-aaac-d0e52750387d","block_type":"box","text":"experience social and political unrest. Unanticipated or sudden political or social developments may result in sudden and significant","page_number":118,"box":{"x":76,"y":852,"width":845,"height":11}},{"id":"3e3c635c-96ef-4764-ab6b-814a1acbf998","block_type":"box","text":"10","page_number":118,"box":{"x":524,"y":921,"width":12,"height":8}},{"id":"16aec659-13df-472f-ba66-7da1a98675f6","block_type":"box","text":"investment losses. The occurrence of terrorist incidents throughout Europe or war in the region could also impact financial markets. The","page_number":119,"box":{"x":76,"y":23,"width":879,"height":11}},{"id":"3722d6ad-ade7-47d9-994a-435bb6c81504","block_type":"box","text":"impact of these events is not clear but could be significant and far-reaching and could adversely affect the value and liquidity of a Fund’s","page_number":119,"box":{"x":76,"y":37,"width":872,"height":11}},{"id":"4f7ac8b7-c24c-4198-91a3-8c01e5962bbd","block_type":"box","text":"investments.","page_number":119,"box":{"x":76,"y":52,"width":81,"height":8}},{"id":"991d4db6-e4db-4c06-8adb-7c4ea9e9261a","block_type":"box","text":"Russian Invasion of Ukraine","page_number":119,"box":{"x":76,"y":75,"width":172,"height":8}},{"id":"7f13c486-fbdb-4190-a2b7-6e6ca7c918d6","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":119,"box":{"x":250,"y":75,"width":720,"height":11}},{"id":"36270e74-16ef-4871-8462-e65460067715","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":119,"box":{"x":76,"y":89,"width":893,"height":11}},{"id":"95930aca-c1d0-4d20-96c9-ded7ff2e62d8","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":119,"box":{"x":76,"y":103,"width":887,"height":11}},{"id":"21f26837-29ae-439a-8bcc-9d8d3e52dd78","block_type":"box","text":"cyberattacks and espionage) or resulting actual and threatened responses to such activity, including purchasing and financing restrictions,","page_number":119,"box":{"x":76,"y":117,"width":886,"height":11}},{"id":"3c62ebca-4e68-47b6-9ec1-438268d876c4","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":119,"box":{"x":76,"y":131,"width":894,"height":11}},{"id":"1346ac26-21e8-437c-a944-f0f0457e4ae2","block_type":"box","text":"government, Russian companies or Russian individuals, including politicians, may impact Russia’s economy, Russian issuers of securities in","page_number":119,"box":{"x":76,"y":146,"width":891,"height":10}},{"id":"bc20abfd-b245-468c-84c2-d09f4b5a9131","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":119,"box":{"x":76,"y":160,"width":885,"height":11}},{"id":"d950d379-fc8b-4552-9b17-67037822ad0e","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":119,"box":{"x":76,"y":174,"width":892,"height":11}},{"id":"20ae5477-4309-47fb-b7b6-2210c6da1c9f","block_type":"box","text":"have collateral impacts on such sectors across Europe and globally.","page_number":119,"box":{"x":77,"y":188,"width":431,"height":11}},{"id":"8755b485-2d85-45ce-a861-856d23df5b43","block_type":"box","text":"Financial Companies Risk.","page_number":119,"box":{"x":77,"y":211,"width":180,"height":11}},{"id":"393e5e42-aae5-47f5-bc72-ac294080e5ef","block_type":"box","text":"Financial services companies are subject to extensive governmental regulation and intervention, which may","page_number":119,"box":{"x":263,"y":211,"width":689,"height":11}},{"id":"cf045362-9023-4573-af10-5de88af03a82","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":119,"box":{"x":76,"y":226,"width":892,"height":10}},{"id":"0e4eeca8-007b-48fb-921a-0e6b9ed924aa","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":119,"box":{"x":76,"y":240,"width":891,"height":11}},{"id":"20c4aea0-4b85-425a-b070-a4de850f369b","block_type":"box","text":"among other things, interest rates, economic conditions, credit rating downgrades, adverse public perception and exposure concentration.","page_number":119,"box":{"x":76,"y":254,"width":888,"height":11}},{"id":"7531f433-fca8-49bf-99d9-d501dc4ef395","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":119,"box":{"x":77,"y":268,"width":870,"height":11}},{"id":"ddcbabfb-6cf0-4bda-aa64-29efc2e9cd26","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":119,"box":{"x":77,"y":282,"width":766,"height":11}},{"id":"085fc232-fc4e-4459-b2b4-50476525a265","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":119,"box":{"x":77,"y":305,"width":890,"height":11}},{"id":"064a92c0-2788-4bf8-b8ca-2ba4967f4e7d","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":119,"box":{"x":76,"y":320,"width":848,"height":10}},{"id":"cbe474fb-e9cf-49f6-8be1-5ba535ea923d","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":119,"box":{"x":76,"y":334,"width":884,"height":11}},{"id":"b30e016a-a2a7-4241-bf07-05f69bd1aa5f","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":119,"box":{"x":76,"y":348,"width":889,"height":11}},{"id":"a6906fb1-5a69-43e7-ab78-24e0e7ec1a01","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":119,"box":{"x":76,"y":362,"width":856,"height":11}},{"id":"c035ef23-4f46-4d84-99c7-06ccb8950616","block_type":"box","text":"financial sector generally.","page_number":119,"box":{"x":76,"y":376,"width":162,"height":11}},{"id":"01030174-4d60-40a0-a5ca-9bba2d3d4b3e","block_type":"box","text":"Geographic and Security Risks.","page_number":119,"box":{"x":76,"y":400,"width":216,"height":10}},{"id":"f43c3aa4-e1ac-452c-a74b-03b3a6fefe01","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":119,"box":{"x":298,"y":400,"width":668,"height":10}},{"id":"ee28c20b-7495-4879-affb-2f53cc6fb4c7","block_type":"box","text":"natural disasters, such as severe heat, earthquakes, tornadoes, volcanic eruptions, wildfires, droughts, floods, hurricanes and tsunamis. In","page_number":119,"box":{"x":76,"y":414,"width":885,"height":11}},{"id":"aa024fb1-e8c5-4b11-86b7-1d3d5caaac0f","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":119,"box":{"x":76,"y":428,"width":840,"height":11}},{"id":"1d73742d-2d9d-4c76-83d9-086f0d3d1dbf","block_type":"box","text":"terrorism, strained international relations and territorial disputes. Any of these events may adversely affect the issuers, markets and","page_number":119,"box":{"x":76,"y":442,"width":845,"height":11}},{"id":"7eaad34e-05fd-4b2d-9fb4-78a64e1292e3","block_type":"box","text":"economies to which a Fund is exposed, which may adversely affect the value of the Fund.","page_number":119,"box":{"x":76,"y":456,"width":570,"height":11}},{"id":"475d5096-9e7f-4512-872b-502de03d8023","block_type":"box","text":"Healthcare Companies Risk.","page_number":119,"box":{"x":77,"y":479,"width":194,"height":11}},{"id":"40c17faf-b840-439a-b012-b7623e165fa8","block_type":"box","text":"The profitability of healthcare companies may be adversely affected by the following factors, among others:","page_number":119,"box":{"x":276,"y":479,"width":688,"height":11}},{"id":"17c0cde2-2431-4945-837d-7590aa52264d","block_type":"box","text":"extensive government regulations, restrictions on government reimbursement for medical expenses, rising costs of medical products and","page_number":119,"box":{"x":76,"y":494,"width":879,"height":11}},{"id":"70c876ad-f264-42ff-b1f7-7bea9f710764","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":119,"box":{"x":76,"y":508,"width":899,"height":11}},{"id":"dcf48f67-07c2-49b1-b7d0-d8b061d1fa45","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":119,"box":{"x":76,"y":522,"width":888,"height":11}},{"id":"fa448827-ea08-4ec7-a470-89b4751144d3","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":119,"box":{"x":76,"y":536,"width":891,"height":11}},{"id":"1420c27e-0701-4596-b5bd-9515d5e88e3a","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":119,"box":{"x":76,"y":550,"width":882,"height":11}},{"id":"9dbb8282-922c-40fd-9e00-6e45c9c71f54","block_type":"box","text":"product liability and similar claims.","page_number":119,"box":{"x":76,"y":565,"width":221,"height":10}},{"id":"aa9bd385-03cc-40d9-8378-05d15e1f5985","block_type":"box","text":"Illiquid Investments Risk.","page_number":119,"box":{"x":77,"y":588,"width":174,"height":11}},{"id":"5b47c082-459d-449b-bf7e-d4f472326051","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":119,"box":{"x":256,"y":588,"width":719,"height":11}},{"id":"a2e0b74c-f2a9-4e5c-85eb-e01d7979455d","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":119,"box":{"x":76,"y":602,"width":883,"height":11}},{"id":"bc69c471-f367-4578-aa0c-0908eaa391bc","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":119,"box":{"x":76,"y":616,"width":885,"height":11}},{"id":"e7025f80-9a80-40a5-9b6e-9155469cc7a0","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":119,"box":{"x":76,"y":630,"width":902,"height":11}},{"id":"2960df0f-4f37-4d16-bad6-e949c0ac0bb0","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":119,"box":{"x":76,"y":645,"width":890,"height":10}},{"id":"26ca28dc-219b-4bc5-99e2-45e5e35852d7","block_type":"box","text":"risks associated with illiquid investments. Illiquid investments may be harder to value, especially in changing markets.","page_number":119,"box":{"x":77,"y":659,"width":751,"height":11}},{"id":"24ee7112-8b0e-4884-9603-f9f6d80991ff","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":119,"box":{"x":77,"y":682,"width":884,"height":11}},{"id":"6626d49c-d978-4370-aeec-0d319b72517a","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":119,"box":{"x":76,"y":696,"width":900,"height":11}},{"id":"3458654b-b5f0-46d8-a86c-73e6519360f3","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":119,"box":{"x":76,"y":710,"width":867,"height":11}},{"id":"9b793da6-bc5e-478e-a62c-cb07fb1ff839","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":119,"box":{"x":77,"y":733,"width":900,"height":11}},{"id":"10670d2f-8809-4d4d-a9e9-cb95eecad235","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":119,"box":{"x":76,"y":748,"width":890,"height":10}},{"id":"bf925dd6-ab57-4a03-b2d5-6c403ca591d9","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":119,"box":{"x":76,"y":762,"width":828,"height":11}},{"id":"c87912bb-e140-4fd3-9213-319c0ca10a43","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":119,"box":{"x":77,"y":776,"width":873,"height":11}},{"id":"ced0960a-0f79-4f5d-b50a-b8d871667a3f","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":119,"box":{"x":77,"y":790,"width":887,"height":11}},{"id":"5b867bb9-4bd0-4d13-96b8-9bb348ce6ca0","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":119,"box":{"x":77,"y":804,"width":896,"height":11}},{"id":"9176d211-f12f-406d-a830-ab536e0645b8","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":119,"box":{"x":76,"y":819,"width":869,"height":10}},{"id":"bfcca963-50e3-4037-8729-f88bcc7110c1","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":119,"box":{"x":77,"y":833,"width":886,"height":11}},{"id":"13faccc2-d82f-409b-ba14-f51286ee1110","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":119,"box":{"x":77,"y":847,"width":858,"height":11}},{"id":"c987e3e9-7a21-466f-bf8f-620485221115","block_type":"box","text":"premium or discount to the Fund’s NAV.","page_number":119,"box":{"x":76,"y":861,"width":254,"height":11}},{"id":"77ae9e30-8544-417a-aea8-8a52fbf6be37","block_type":"box","text":"11","page_number":119,"box":{"x":524,"y":921,"width":10,"height":8}},{"id":"9964b5de-7100-4550-a85b-86dd47d2da59","block_type":"box","text":"Index-Related Risk.","page_number":120,"box":{"x":77,"y":23,"width":132,"height":9}},{"id":"7f4a68ec-4251-4e74-a4b3-39c3ce70fe16","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":120,"box":{"x":214,"y":23,"width":728,"height":11}},{"id":"80600fa2-a37f-4d53-b3eb-536b276f5ca4","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":120,"box":{"x":76,"y":37,"width":869,"height":11}},{"id":"9daf3da8-197e-420b-971f-6894e83439b4","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":120,"box":{"x":77,"y":52,"width":872,"height":10}},{"id":"8926be17-1f16-43d0-9d01-9dbfe6fbb728","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":120,"box":{"x":77,"y":66,"width":862,"height":11}},{"id":"2e5c59ac-1612-4ceb-9a69-2e25e8c00d41","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":120,"box":{"x":76,"y":80,"width":897,"height":11}},{"id":"dfae9135-21a6-4ea5-bcb7-ad6571f04e91","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":120,"box":{"x":76,"y":94,"width":881,"height":11}},{"id":"5bfe3f35-6fb1-42a9-85dc-a19792eec5b2","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":120,"box":{"x":76,"y":117,"width":852,"height":11}},{"id":"ec6afba1-c12e-4455-a97b-9f85bbc7eee2","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":120,"box":{"x":76,"y":131,"width":850,"height":11}},{"id":"6ed2104f-0cd4-4417-9460-04776b937fe8","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":120,"box":{"x":76,"y":146,"width":877,"height":10}},{"id":"e4ef6c17-e27c-44d0-9647-a1a9ec3b40e7","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":120,"box":{"x":76,"y":160,"width":906,"height":11}},{"id":"9402549c-cf16-4b52-a69d-01fb2f924136","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":120,"box":{"x":76,"y":174,"width":904,"height":11}},{"id":"c839e193-b847-452e-a5a8-7a1ef7a7ba8d","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":120,"box":{"x":76,"y":188,"width":894,"height":11}},{"id":"b8025d50-47b3-474c-81e8-5ce461e753b6","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":120,"box":{"x":76,"y":202,"width":877,"height":11}},{"id":"940e330f-5333-4634-af0b-875485842fee","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":120,"box":{"x":76,"y":216,"width":881,"height":11}},{"id":"5709511c-5b5e-4f08-b94e-6a8824aebfe2","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":120,"box":{"x":76,"y":231,"width":844,"height":11}},{"id":"43c0b4dc-3f1f-46e7-8ceb-a365ba6145c2","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":120,"box":{"x":77,"y":245,"width":879,"height":11}},{"id":"35f340eb-f26d-4fc5-b710-74dfa398aed2","block_type":"box","text":"errors will be borne by the Fund and its shareholders.","page_number":120,"box":{"x":76,"y":259,"width":340,"height":11}},{"id":"357a5919-1bbd-4e0d-92ed-a1dbed4152c1","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":120,"box":{"x":77,"y":282,"width":857,"height":11}},{"id":"c908357c-95d1-4c55-a220-cee6b71fe6d1","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":120,"box":{"x":77,"y":296,"width":880,"height":11}},{"id":"ff1a4276-51d6-45c9-8c5a-83b08163253b","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":120,"box":{"x":76,"y":311,"width":902,"height":10}},{"id":"e72d6387-6d2d-42c1-bcb2-0e00479db858","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":120,"box":{"x":76,"y":325,"width":905,"height":11}},{"id":"21cb40c5-3787-431b-9db8-372b8ceb0a32","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":120,"box":{"x":76,"y":339,"width":889,"height":11}},{"id":"ed9d437a-24bc-4736-b528-a59e70129461","block_type":"box","text":"extent circumstances evolve between periodic index reviews and reconstitutions, an Underlying Index may include constituents that do not","page_number":120,"box":{"x":76,"y":353,"width":890,"height":11}},{"id":"4a29317c-9194-4d0d-b049-24b3ce1ae9e7","block_type":"box","text":"align with its objective or selection criteria, and the Fund tracking the Underlying Index may be similarly affected.","page_number":120,"box":{"x":76,"y":367,"width":723,"height":11}},{"id":"694a363e-19a7-4133-8ab2-9a5516e8ea5a","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":120,"box":{"x":77,"y":391,"width":899,"height":10}},{"id":"d5d3e80c-ac5a-4269-a782-109aa1306f12","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":120,"box":{"x":76,"y":405,"width":876,"height":10}},{"id":"b2a74614-7a00-4869-a579-c6e5261ef6ff","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":120,"box":{"x":76,"y":419,"width":865,"height":11}},{"id":"f598923c-e49e-4fa3-a4f9-5b380f5aa285","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":120,"box":{"x":76,"y":433,"width":897,"height":11}},{"id":"bdcc3bda-022f-4c1a-81c0-ed89c3586935","block_type":"box","text":"a Fund’s costs and tracking error.","page_number":120,"box":{"x":76,"y":447,"width":213,"height":11}},{"id":"70555386-ef32-4336-bc38-3e87f69a7748","block_type":"box","text":"Industrial Companies Risk.","page_number":120,"box":{"x":77,"y":470,"width":184,"height":11}},{"id":"e959e54d-50f2-47fe-be1e-9cdd3f0ea864","block_type":"box","text":"Industrial companies face a number of risks, including supply chain and distribution disruptions, business","page_number":120,"box":{"x":267,"y":470,"width":673,"height":11}},{"id":"bd7e00f7-d95b-4223-b7e3-a47e2f0a95af","block_type":"box","text":"interruptions, third-party vendor risks, cyber attacks, trade disputes, product recalls, liability and environmental damage claims, scarcity of","page_number":120,"box":{"x":76,"y":485,"width":889,"height":10}},{"id":"1e48f838-c4ce-4b74-b4a2-384b78c4618f","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":120,"box":{"x":76,"y":499,"width":878,"height":11}},{"id":"81e21715-b157-422f-9bcc-9df8079e9d44","block_type":"box","text":"industrial companies may face obsolescence due to technological developments and new product introduction. Furthermore, changes in","page_number":120,"box":{"x":76,"y":513,"width":873,"height":11}},{"id":"0d9becc8-682d-4ada-9709-43db385adfa9","block_type":"box","text":"trade restrictions and tariffs as well as broader geopolitical developments could adversely affect industrial companies. These companies also","page_number":120,"box":{"x":76,"y":527,"width":902,"height":11}},{"id":"6e19e522-9781-4d20-8ffd-d7d82409271a","block_type":"box","text":"may be significantly affected by domestic and international economic conditions, legislative and regulatory changes, and labor relations.","page_number":120,"box":{"x":76,"y":541,"width":872,"height":11}},{"id":"cc167f0a-49d2-45e2-981a-91727f63cd99","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":120,"box":{"x":77,"y":556,"width":881,"height":10}},{"id":"9867deef-fcca-40ac-887c-c98eac490770","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":120,"box":{"x":76,"y":570,"width":892,"height":11}},{"id":"da254f1e-cffc-42ee-a561-6bd867add2d4","block_type":"box","text":"infringing the intellectual property rights of others.","page_number":120,"box":{"x":76,"y":584,"width":322,"height":11}},{"id":"da6066e9-0339-43b4-87a1-5ee14847fadd","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":120,"box":{"x":77,"y":607,"width":899,"height":11}},{"id":"7ccf1c89-dac7-4377-8662-f0864a7f7280","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":120,"box":{"x":76,"y":621,"width":864,"height":11}},{"id":"5fb1e087-8ed0-47c3-92d7-0b251604f187","block_type":"box","text":"locations that are more susceptible to adverse physical events.","page_number":120,"box":{"x":77,"y":636,"width":402,"height":10}},{"id":"9ba98336-61b3-4c4a-b120-ae3fc765caf7","block_type":"box","text":"Issuer Risk.","page_number":120,"box":{"x":77,"y":659,"width":79,"height":8}},{"id":"5de3a00c-834a-4499-86f0-cec7fa16da09","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":120,"box":{"x":161,"y":659,"width":755,"height":10}},{"id":"7199c9c8-c16b-4130-99c4-93d011997b76","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":120,"box":{"x":76,"y":673,"width":861,"height":11}},{"id":"aaed2044-3350-4398-b0c1-b820b713745c","block_type":"box","text":"financial condition or credit rating of the issuer or counterparty.","page_number":120,"box":{"x":76,"y":687,"width":406,"height":11}},{"id":"927b365a-51ef-4a18-81a0-c3504e8e2ced","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":120,"box":{"x":77,"y":710,"width":256,"height":11}},{"id":"80e97333-98cd-4ea3-83b0-70c26fa3db87","block_type":"box","text":"Large-capitalization companies may be less able than smaller-capitalization companies to adapt to","page_number":120,"box":{"x":340,"y":710,"width":630,"height":11}},{"id":"57f96cb0-bbf4-4f20-82c5-fea6ef7f1fd3","block_type":"box","text":"changing market conditions and competitive challenges. Large-capitalization companies may be more mature and subject to more limited","page_number":120,"box":{"x":76,"y":724,"width":881,"height":11}},{"id":"90f82a18-895c-4501-9057-c3a2a3a04758","block_type":"box","text":"growth potential compared with smaller-capitalization companies. The performance of large-capitalization companies could trail the overall","page_number":120,"box":{"x":76,"y":739,"width":890,"height":10}},{"id":"5a80bbbd-2029-49ee-b957-68ee827cf9cc","block_type":"box","text":"performance of the broader securities markets.","page_number":120,"box":{"x":76,"y":753,"width":303,"height":11}},{"id":"fa282606-e110-4591-b18f-d198a5e72571","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk.","page_number":120,"box":{"x":77,"y":776,"width":368,"height":11}},{"id":"7c9c14ca-f502-4147-8d5b-0e77231d6c79","block_type":"box","text":"Certain shareholders of a Fund, including an Authorized Participant, a third-party","page_number":120,"box":{"x":450,"y":776,"width":518,"height":11}},{"id":"bc8a1ab5-70c0-4823-ae84-c64fe4e2d868","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":120,"box":{"x":76,"y":790,"width":875,"height":11}},{"id":"223afe60-ced3-4ccc-9f97-b9b2ee18f799","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":120,"box":{"x":76,"y":804,"width":899,"height":11}},{"id":"97960859-a192-467b-9a4b-3d7f6e2f24f9","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":120,"box":{"x":76,"y":819,"width":901,"height":10}},{"id":"e5612239-10d3-429d-b1ec-8fcf8352dbf2","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":120,"box":{"x":76,"y":833,"width":888,"height":11}},{"id":"24b5cbe3-e315-4ee8-8bcd-2a52836be427","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":120,"box":{"x":76,"y":847,"width":882,"height":11}},{"id":"4e2826d1-1fdf-4bc3-a860-f24cf876dc93","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":120,"box":{"x":76,"y":861,"width":889,"height":11}},{"id":"14701907-53f1-4537-a6a7-0168304c7bd9","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":120,"box":{"x":76,"y":875,"width":906,"height":11}},{"id":"5ca8efe9-34d9-4d2f-a0fc-38e21712499f","block_type":"box","text":"12","page_number":120,"box":{"x":524,"y":921,"width":11,"height":8}},{"id":"808b4407-3a7d-4fa4-aa7b-8507603b5a3c","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":121,"box":{"x":76,"y":23,"width":904,"height":11}},{"id":"49bfe733-bc8f-46d6-b6a5-2af27521d0f7","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":121,"box":{"x":76,"y":37,"width":855,"height":11}},{"id":"cf0baf01-4f8c-46df-9ba0-5bac0dfc4997","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":121,"box":{"x":77,"y":52,"width":892,"height":10}},{"id":"24ce7e87-64c1-4a64-9d9e-61fbabbba438","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":121,"box":{"x":77,"y":66,"width":901,"height":11}},{"id":"95aa8abe-bfa6-4df4-a161-4a601e501597","block_type":"box","text":"to price.","page_number":121,"box":{"x":76,"y":80,"width":52,"height":11}},{"id":"41e55428-f5a0-43ae-b3af-8ad2eca5b124","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":121,"box":{"x":76,"y":103,"width":840,"height":11}},{"id":"97d38fd3-39cd-4705-b9b5-cc7fa029f63b","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":121,"box":{"x":76,"y":117,"width":898,"height":11}},{"id":"513659f5-91d1-4f9d-97a5-660c36584a2c","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":121,"box":{"x":76,"y":131,"width":878,"height":11}},{"id":"c1b6796e-7d02-4a14-96ce-34481f505d09","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":121,"box":{"x":76,"y":146,"width":792,"height":10}},{"id":"c1c14bbd-9059-454e-8d93-af8ca21e4691","block_type":"box","text":"Low Carbon Exposure Investment Strategy Risk.","page_number":121,"box":{"x":77,"y":169,"width":335,"height":11}},{"id":"7b481cbf-6fdf-4a0c-8893-2c81b0c4c069","block_type":"box","text":"The Fund’s strategy of investing in securities of companies with low carbon exposure","page_number":121,"box":{"x":417,"y":169,"width":544,"height":11}},{"id":"73e40273-d0e0-452f-9c33-1484daacfbdc","block_type":"box","text":"limits the type and number of investment opportunities available to the Fund and, as a result, the Fund may underperform other funds that do","page_number":121,"box":{"x":77,"y":183,"width":904,"height":11}},{"id":"54ca94d8-049e-4db4-ae45-15d51aebeb61","block_type":"box","text":"not seek to minimize carbon exposure. The Fund’s low carbon exposure investment strategy may result in the Fund investing in securities or","page_number":121,"box":{"x":76,"y":197,"width":897,"height":11}},{"id":"1b3a25c2-36e6-47fa-b37c-c04561b230ff","block_type":"box","text":"industry sectors that underperform the market. Investing only in a portfolio of securities of companies with low carbon exposure may affect","page_number":121,"box":{"x":76,"y":211,"width":893,"height":11}},{"id":"de399330-4abf-41b3-a764-c2af33761b17","block_type":"box","text":"the Fund’s exposure to certain types of investments, particularly in the energy and transportation sectors or related industries, and may","page_number":121,"box":{"x":76,"y":226,"width":869,"height":10}},{"id":"f1951544-adea-4d8a-bdc5-554045d4a151","block_type":"box","text":"impact the Fund’s relative investment performance, depending on whether such investments are in or out of favor in the market. In addition,","page_number":121,"box":{"x":76,"y":240,"width":897,"height":11}},{"id":"d6239e57-692d-4a4b-ab5b-dc86baf37d30","block_type":"box","text":"the Fund’s focus on companies with low current carbon emissions and limited exposure to fossil fuel reserves might result in certain issuers","page_number":121,"box":{"x":76,"y":254,"width":896,"height":11}},{"id":"f72429a9-44fc-4d54-be31-f45b9d87c728","block_type":"box","text":"being excluded from the Fund’s portfolio.","page_number":121,"box":{"x":76,"y":268,"width":262,"height":11}},{"id":"bdddcf5f-57eb-49e3-a474-ef04e479b8b9","block_type":"box","text":"Management Risk.","page_number":121,"box":{"x":77,"y":291,"width":126,"height":11}},{"id":"f72bfe4b-1998-4f18-8cbd-2328874b03d3","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":121,"box":{"x":208,"y":291,"width":757,"height":11}},{"id":"0f5aa22e-88e2-4044-89b4-820e21ba35e7","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":121,"box":{"x":76,"y":305,"width":863,"height":11}},{"id":"c935ef6f-e7f4-4beb-9971-8846e1579afb","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":121,"box":{"x":76,"y":320,"width":864,"height":10}},{"id":"99d84d5e-623b-4e50-b07b-4b4c939dd8da","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":121,"box":{"x":77,"y":334,"width":898,"height":11}},{"id":"85b2663c-1f68-4721-8c74-59769aa0efa6","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":121,"box":{"x":76,"y":348,"width":837,"height":11}},{"id":"24ad4289-f4e5-4b96-8074-4680d0a91712","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":121,"box":{"x":77,"y":362,"width":888,"height":11}},{"id":"854bc64a-e3cc-41c0-a168-63803537b7d4","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":121,"box":{"x":77,"y":376,"width":883,"height":11}},{"id":"48a4d0b1-fd5e-4fe9-8c3d-ea6821e2adcb","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":121,"box":{"x":76,"y":391,"width":889,"height":10}},{"id":"6f9c28f6-1f56-4611-9d9c-fa173e4c7ca2","block_type":"box","text":"its investment objective.","page_number":121,"box":{"x":76,"y":405,"width":156,"height":10}},{"id":"29605432-145e-4eac-9f01-f4306998ee7c","block_type":"box","text":"Market Risk.","page_number":121,"box":{"x":77,"y":428,"width":85,"height":8}},{"id":"0043e9f4-64b2-492b-8e9f-9168177eceee","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":121,"box":{"x":167,"y":428,"width":764,"height":11}},{"id":"8b8f80aa-e1e0-48e0-8fa5-caaa5d340193","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":121,"box":{"x":76,"y":442,"width":879,"height":11}},{"id":"4151d615-beea-406d-99a1-e9e46b1ce9f6","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":121,"box":{"x":76,"y":456,"width":884,"height":11}},{"id":"2d00783e-42ea-484c-918a-cd6e5854917a","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":121,"box":{"x":76,"y":470,"width":904,"height":11}},{"id":"a91e3375-658e-4925-a02a-a3b0a649dcf8","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":121,"box":{"x":76,"y":485,"width":858,"height":10}},{"id":"8fdfe097-8ee3-42d9-acc9-9803df965e71","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":121,"box":{"x":76,"y":499,"width":869,"height":11}},{"id":"ebbbe013-079d-4bbe-8d23-10fec2f7c4f3","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":121,"box":{"x":76,"y":513,"width":885,"height":11}},{"id":"33478e22-d710-4913-a3f4-cdc4e2ede078","block_type":"box","text":"and assets.","page_number":121,"box":{"x":76,"y":527,"width":71,"height":9}},{"id":"37623742-3eb9-484a-b1e0-c87ce81c9050","block_type":"box","text":"Market Timing Risk.","page_number":121,"box":{"x":77,"y":550,"width":136,"height":11}},{"id":"9fca07cc-7806-407d-8c71-e8a15907e05a","block_type":"box","text":"The Fund is subject to the risk that an Authorized Participant may create or redeem shares of the Fund at a net asset","page_number":121,"box":{"x":218,"y":550,"width":748,"height":11}},{"id":"d8e7fb70-2f63-41e2-a87e-5bd41fb7f840","block_type":"box","text":"value that does not take into account events subsequent to the local China market close and therefore may not appropriately reflect the","page_number":121,"box":{"x":76,"y":565,"width":871,"height":10}},{"id":"46f96913-5147-43c4-a619-77e2885fdcb5","block_type":"box","text":"intrinsic value of the Fund’s assets. Chinese brokerage regulations require trading through a specific broker who may not provide a","page_number":121,"box":{"x":76,"y":579,"width":840,"height":11}},{"id":"2e534737-6a3d-4d1e-9b97-f88050ea9fb8","block_type":"box","text":"brokerage execution guarantee that the Fund will achieve execution of the basket in market transactions at a price equal to, or more","page_number":121,"box":{"x":76,"y":593,"width":847,"height":11}},{"id":"0480ad8f-4293-482f-88ad-3b5fba12fca6","block_type":"box","text":"favorable than, the Fund’s valuation of the securities in the basket at the time of the creation or redemption order that gave rise to the basket","page_number":121,"box":{"x":76,"y":607,"width":906,"height":11}},{"id":"05623b22-b8d1-49f0-963a-076dad0be80c","block_type":"box","text":"order. In such event, the Fund will not be able to rely on brokerage guarantees to eliminate market timing risk.","page_number":121,"box":{"x":76,"y":621,"width":707,"height":11}},{"id":"69a7129d-eaa6-42ea-bb14-842fb0276480","block_type":"box","text":"Market Trading Risk.","page_number":121,"box":{"x":77,"y":644,"width":140,"height":11}},{"id":"f8b20136-7b96-44fc-8c8e-6e4e693f6fc5","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":121,"box":{"x":222,"y":644,"width":753,"height":11}},{"id":"b85828c6-11a9-4b99-9264-f35f7875f044","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":121,"box":{"x":76,"y":659,"width":896,"height":11}},{"id":"65a559c3-3dba-4b29-9ed6-fbd58ffc236f","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":121,"box":{"x":76,"y":673,"width":877,"height":11}},{"id":"bc4cb555-2eae-407e-8dc4-2e657fe417b9","block_type":"box","text":"receive significantly less than the underlying value of the Fund shares.","page_number":121,"box":{"x":77,"y":687,"width":446,"height":11}},{"id":"0e0b60d3-7843-4e3e-ba92-9cb7367ee0d9","block_type":"box","text":"Absence of an Active Primary Market.","page_number":121,"box":{"x":75,"y":710,"width":236,"height":11}},{"id":"7b4980a6-dbcc-4bf2-b9f9-405b732c300d","block_type":"box","text":"Although Fund shares are listed for trading on one or more stock exchanges, there can be no assurance","page_number":121,"box":{"x":317,"y":710,"width":663,"height":11}},{"id":"98f4cc84-b931-4438-9c6b-d3a62be0aae3","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":121,"box":{"x":76,"y":724,"width":826,"height":11}},{"id":"4d0302e6-4b8e-4717-bcdb-be3f50ed4632","block_type":"box","text":"Secondary Listing Risks.","page_number":121,"box":{"x":76,"y":748,"width":151,"height":10}},{"id":"a6cd849b-19b4-4f69-80c9-e6354b3ad0bd","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":121,"box":{"x":233,"y":748,"width":732,"height":10}},{"id":"e837d4e1-9284-49cc-91b7-f799c1979ac9","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":121,"box":{"x":76,"y":762,"width":841,"height":11}},{"id":"3a2d1a36-7975-4a85-87f6-829546409021","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":121,"box":{"x":76,"y":776,"width":890,"height":11}},{"id":"54e5641a-50ea-4beb-89d5-5a81257c5e6c","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":121,"box":{"x":76,"y":790,"width":880,"height":11}},{"id":"7d5defc1-2923-41ce-bd70-9bea209df9ed","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":121,"box":{"x":76,"y":804,"width":872,"height":11}},{"id":"2739f1d5-ce1a-4042-b960-13a77b436a30","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":121,"box":{"x":76,"y":819,"width":897,"height":10}},{"id":"f319ea38-1a5b-4160-a53d-9393b725f351","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":121,"box":{"x":76,"y":833,"width":862,"height":11}},{"id":"1fcdab94-6a88-46fb-bef5-e7f9de8983b3","block_type":"box","text":"markets, which may result in secondary market prices in such markets being less efficient.","page_number":121,"box":{"x":76,"y":847,"width":579,"height":11}},{"id":"07cf0067-3125-4ef4-ae14-7b29020598ef","block_type":"box","text":"Secondary Market Trading Risk.","page_number":121,"box":{"x":76,"y":870,"width":196,"height":11}},{"id":"16863478-230e-4ad3-9eb9-5a5d6e8bb730","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":121,"box":{"x":279,"y":870,"width":703,"height":11}},{"id":"18126d58-c314-43e0-b7cc-942e63f526af","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":121,"box":{"x":76,"y":884,"width":896,"height":11}},{"id":"c5453ece-8769-47c4-9a83-b17220175edc","block_type":"box","text":"13","page_number":121,"box":{"x":524,"y":921,"width":12,"height":8}},{"id":"6fd54aba-f643-4195-8d4b-4dcb3f6b4f61","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":122,"box":{"x":76,"y":23,"width":880,"height":11}},{"id":"7fc48849-b09c-4db9-85e9-3ae8e435051c","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":122,"box":{"x":76,"y":37,"width":900,"height":11}},{"id":"f55769ab-7dca-4dd5-9960-ec7c77a6f7ab","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":122,"box":{"x":76,"y":51,"width":893,"height":11}},{"id":"4f0be691-4134-4e3c-9a5b-f7d51dd9358e","block_type":"box","text":"may be wider bid/ask spreads on the exchange and a greater premium or discount to NAV.","page_number":122,"box":{"x":76,"y":66,"width":581,"height":11}},{"id":"df10f05e-4b92-4a61-bd2c-fe368d7f4536","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":122,"box":{"x":77,"y":89,"width":900,"height":11}},{"id":"f7535c71-518b-425e-afb4-d9f3a80d76cd","block_type":"box","text":"the Fund’s portfolio holdings, and an investor may be unable to sell their Fund shares.","page_number":122,"box":{"x":76,"y":103,"width":547,"height":11}},{"id":"051be2d5-f8d1-4baf-aee8-5aff4cae24ac","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":122,"box":{"x":76,"y":126,"width":894,"height":11}},{"id":"cc7e6489-4338-4545-a4c3-a696396f4fd7","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":122,"box":{"x":76,"y":140,"width":905,"height":11}},{"id":"9c28e7e3-c0e7-4968-9f13-26f9ffa056ea","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":122,"box":{"x":77,"y":155,"width":874,"height":10}},{"id":"795caf41-3c67-4471-8e39-9605dc47684f","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":122,"box":{"x":76,"y":169,"width":890,"height":11}},{"id":"87ab47dd-3722-4082-8186-27eec5b8f51b","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":122,"box":{"x":76,"y":183,"width":857,"height":11}},{"id":"a300053b-87b9-4c32-a73c-3354e11f3021","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":122,"box":{"x":76,"y":197,"width":891,"height":11}},{"id":"0e2a2ef4-1f48-4241-ba86-51f2ae994d6f","block_type":"box","text":"substantial trading losses.","page_number":122,"box":{"x":76,"y":211,"width":166,"height":11}},{"id":"6e4408a5-d6c5-4c57-be7e-c72aff456997","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":122,"box":{"x":76,"y":235,"width":874,"height":10}},{"id":"68706f10-2c62-41f2-b463-a73cded420fe","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":122,"box":{"x":76,"y":249,"width":893,"height":11}},{"id":"7d0b3f06-5407-42eb-a798-19f74884ce6a","block_type":"box","text":"may lead to increased trading volume and volatility in the secondary market for the shares of the Fund.","page_number":122,"box":{"x":76,"y":263,"width":658,"height":11}},{"id":"9865b398-8c55-4723-93ef-830f9acec131","block_type":"box","text":"Fund Shares May Trade at Prices Other Than NAV.","page_number":122,"box":{"x":76,"y":286,"width":310,"height":11}},{"id":"4773e3a4-1bcd-4753-a8c5-bb4238d2f04b","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":122,"box":{"x":385,"y":286,"width":572,"height":11}},{"id":"faf4f9d9-2f4d-4a11-ac04-3c338c4cea3f","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":122,"box":{"x":77,"y":300,"width":852,"height":11}},{"id":"376f9865-4480-493a-804f-052fce401c08","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":122,"box":{"x":76,"y":314,"width":892,"height":11}},{"id":"808fe607-0fae-4138-a7a6-7b46e7e65a0e","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":122,"box":{"x":77,"y":329,"width":885,"height":10}},{"id":"ce14908d-68d9-41a2-9d9d-e279e2413a67","block_type":"box","text":"significantly from NAV during times of market volatility, significant redemption requests, or other unusual market conditions","page_number":122,"box":{"x":76,"y":343,"width":792,"height":11}},{"id":"8f3d8d91-85e9-4580-b15e-5d19ba18f7ce","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":122,"box":{"x":77,"y":366,"width":886,"height":11}},{"id":"f7410580-32b3-4ed4-848d-48e10be04886","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":122,"box":{"x":77,"y":380,"width":891,"height":11}},{"id":"e19ca4b1-dfef-49d6-896d-010d4d9d7fe8","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":122,"box":{"x":76,"y":394,"width":899,"height":11}},{"id":"c85b23d0-66e8-4070-a1a9-b5115e3154a6","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":122,"box":{"x":77,"y":409,"width":899,"height":10}},{"id":"af7e4f86-9fa3-4677-85e2-feaa1db5b051","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":122,"box":{"x":76,"y":423,"width":878,"height":11}},{"id":"162bf3bb-b1f3-4351-aa19-21d27dd89023","block_type":"box","text":"creations and redemptions, including disruptions at market makers, Authorized Participants, or other market participants, and during periods","page_number":122,"box":{"x":76,"y":437,"width":902,"height":11}},{"id":"2d804394-aabb-44ae-a0df-ecddc961c92d","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":122,"box":{"x":76,"y":451,"width":891,"height":11}},{"id":"728e17d1-0c90-4431-8dbd-be805f679aa6","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":122,"box":{"x":76,"y":465,"width":849,"height":11}},{"id":"a149db51-5fbf-496f-9c16-ef9b615e9000","block_type":"box","text":"investments, which may contribute to the Fund’s shares trading at a premium or discount to NAV.","page_number":122,"box":{"x":76,"y":480,"width":622,"height":10}},{"id":"529b1dc9-a601-4506-b7a0-689003113b91","block_type":"box","text":"Costs of Buying or Selling Fund Shares.","page_number":122,"box":{"x":76,"y":503,"width":245,"height":11}},{"id":"6ecf7db3-eb04-4611-a731-bdcbaeea5e37","block_type":"box","text":"Buying or selling Fund shares on an exchange involves two types of costs that apply to all securities","page_number":122,"box":{"x":328,"y":503,"width":636,"height":11}},{"id":"a606f496-8e77-4ace-bd2e-402d6c441ac0","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":122,"box":{"x":76,"y":517,"width":853,"height":11}},{"id":"8e41ae23-6874-4550-923e-319c073ccf86","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":122,"box":{"x":76,"y":531,"width":895,"height":11}},{"id":"39761b04-c7a4-4480-91dc-e740ad92bdfc","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":122,"box":{"x":76,"y":545,"width":865,"height":11}},{"id":"ef5aab52-a9d8-45d5-bda9-873c0478f9ed","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":122,"box":{"x":76,"y":559,"width":885,"height":11}},{"id":"9c232eb7-78a1-4458-9cd4-9f51fa55ce65","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":122,"box":{"x":77,"y":574,"width":891,"height":10}},{"id":"ff61fd9c-cf26-4e9f-873f-a027e62ad68a","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":122,"box":{"x":76,"y":588,"width":901,"height":11}},{"id":"68614a9d-a8c7-40d5-9589-14f9988c2fc6","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":122,"box":{"x":76,"y":602,"width":858,"height":11}},{"id":"78cb45dd-17e4-4a31-afdd-f4a7bca70287","block_type":"box","text":"regularly making small investments through a brokerage account.","page_number":122,"box":{"x":77,"y":616,"width":418,"height":11}},{"id":"f0953795-2481-40dd-aa9a-c99940039e88","block_type":"box","text":"Materials Companies Risk.","page_number":122,"box":{"x":77,"y":639,"width":182,"height":11}},{"id":"64c429cb-4e47-48ae-94cc-fbf8734cc37b","block_type":"box","text":"The materials sector tends to be closely tied to the economic cycle and can be significantly affected by supply","page_number":122,"box":{"x":264,"y":639,"width":710,"height":11}},{"id":"649ea93c-a00c-4a8f-88cc-fd730f40354b","block_type":"box","text":"demand dynamics. Materials companies may be adversely affected by commodity price volatility, exchange rate fluctuations, social and","page_number":122,"box":{"x":76,"y":654,"width":868,"height":10}},{"id":"6130cbb1-8ad8-4f7c-99fd-1e92dffa1ec8","block_type":"box","text":"political unrest, war, import and export controls, supply chain disruption, increased competition, depletion of resources, technical advances,","page_number":122,"box":{"x":76,"y":668,"width":897,"height":11}},{"id":"5f8c1761-62bc-4952-b41a-65dcf34d8cec","block_type":"box","text":"labor relations, litigation and government regulations, among other factors. Materials companies are at risk of liability for environmental","page_number":122,"box":{"x":77,"y":682,"width":868,"height":11}},{"id":"633aee83-503b-4b1a-8792-81e5218e4f21","block_type":"box","text":"damage and product liability claims and may incur significant costs in complying with environmental laws.","page_number":122,"box":{"x":76,"y":696,"width":676,"height":11}},{"id":"8588695c-19e8-4096-95c9-e6068aa079db","block_type":"box","text":"Mid-Capitalization Companies Risk.","page_number":122,"box":{"x":77,"y":719,"width":243,"height":11}},{"id":"f8d0ca1d-dd99-4337-b1ab-f885cd1e255b","block_type":"box","text":"Investments in mid-capitalization companies may be riskier, less liquid, more volatile and more","page_number":122,"box":{"x":326,"y":719,"width":607,"height":11}},{"id":"49a179b4-2786-4a97-a2ce-c17e3eb3376f","block_type":"box","text":"susceptible to economic, market and industry changes than investments in large-capitalization companies. Mid-capitalization companies","page_number":122,"box":{"x":76,"y":733,"width":875,"height":11}},{"id":"ba19a8a0-c2eb-4265-a2cd-df5d6612d1aa","block_type":"box","text":"may have more limited product lines, markets, financial resources and management experience. As a result, they generally are more","page_number":122,"box":{"x":76,"y":748,"width":847,"height":10}},{"id":"da3969af-af6f-4ff8-a7dd-d0c10383a42f","block_type":"box","text":"vulnerable than large-capitalization companies to adverse business and economic developments. Mid-capitalization companies may have a","page_number":122,"box":{"x":76,"y":762,"width":889,"height":11}},{"id":"64aa2514-a368-4823-8be7-0d5f819da7d3","block_type":"box","text":"shorter business track record, with relatively less information available to investors. The securities of mid-sized companies may trade less","page_number":122,"box":{"x":76,"y":776,"width":882,"height":11}},{"id":"a078949e-c8cd-4865-84b5-5872934449ab","block_type":"box","text":"frequently and in smaller volumes than the securities of larger companies.","page_number":122,"box":{"x":76,"y":790,"width":473,"height":11}},{"id":"4c1793a6-afe0-4021-b030-9df8b095f88a","block_type":"box","text":"National Closed Market Trading Risk.","page_number":122,"box":{"x":77,"y":813,"width":254,"height":11}},{"id":"f8bbf5f4-e00b-4b0d-83c3-68483c4da29e","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":122,"box":{"x":336,"y":813,"width":637,"height":11}},{"id":"cb0cc748-62a1-485f-8382-fbdd64d17364","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":122,"box":{"x":76,"y":828,"width":905,"height":10}},{"id":"7afaefa7-8b2c-421e-9a7f-dce3e8322bae","block_type":"box","text":"such asset’s current price and its last quoted price (","page_number":122,"box":{"x":76,"y":842,"width":332,"height":11}},{"id":"22639816-4fe1-4488-ba83-8df1d7315414","block_type":"box","text":"i.e","page_number":122,"box":{"x":408,"y":842,"width":15,"height":8}},{"id":"55b787b2-689c-4b9d-a5af-c585357d8c44","block_type":"box","text":"., the quote from the closed foreign market to the Fund). The impact of a closed","page_number":122,"box":{"x":425,"y":842,"width":508,"height":11}},{"id":"cc60ef4c-f82b-44cf-8a9e-3124f6b329d6","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":122,"box":{"x":76,"y":856,"width":863,"height":11}},{"id":"9b0c60a6-19d9-4f5f-87a7-de2cef62cbd7","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":122,"box":{"x":76,"y":870,"width":862,"height":11}},{"id":"db95dcf7-5333-4960-94a3-f9a39de5a534","block_type":"box","text":"greater than those experienced by other funds.","page_number":122,"box":{"x":76,"y":884,"width":300,"height":11}},{"id":"6937d870-8898-49cc-adb6-33add5dc31da","block_type":"box","text":"14","page_number":122,"box":{"x":524,"y":921,"width":12,"height":8}},{"id":"4e448eb4-983c-468d-8657-4732a8a12794","block_type":"box","text":"Non-Diversification Risk.","page_number":123,"box":{"x":77,"y":23,"width":170,"height":9}},{"id":"0c505da5-a78f-4886-a6e3-5500c6bc83ad","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":123,"box":{"x":252,"y":23,"width":711,"height":11}},{"id":"05160da0-d2c8-4d0f-afa2-45a7d012d6f4","block_type":"box","text":"instruments representing a small number of issuers or counterparties, compared with funds that are classified as “diversified.” A non","page_number":123,"box":{"x":76,"y":37,"width":855,"height":11}},{"id":"a181fb9d-553b-401a-bb8d-0a5f2ff08bc8","block_type":"box","text":"diversified Fund thus may be more susceptible to the risks associated with these particular issuers or counterparties. The gains and losses","page_number":123,"box":{"x":76,"y":51,"width":886,"height":11}},{"id":"1f826191-193d-44e3-9820-6c4bc9578d55","block_type":"box","text":"on such holdings may have a greater impact on a non-diversified Fund’s performance than they would on the performance of a diversified","page_number":123,"box":{"x":76,"y":66,"width":879,"height":11}},{"id":"e017f246-396f-45a1-9fcc-c9b2299a8d00","block_type":"box","text":"Fund, and a non-diversified Fund’s NAV may be more volatile.","page_number":123,"box":{"x":77,"y":80,"width":390,"height":11}},{"id":"2e0d63f7-af29-427f-8080-ff9a4bf59ec3","block_type":"box","text":"Non-U.S. Securities Risk.","page_number":123,"box":{"x":77,"y":103,"width":171,"height":9}},{"id":"f44f9826-4a09-4a4f-9866-b8d914b95be9","block_type":"box","text":"Securities issued by non-U.S. issuers (including depositary receipts) are subject to different legal, regulatory,","page_number":123,"box":{"x":253,"y":103,"width":698,"height":11}},{"id":"0908f62b-de1e-4e55-83fd-6f7f0ab61ca0","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":123,"box":{"x":76,"y":117,"width":889,"height":11}},{"id":"0d201813-aa34-4a4a-a2ff-227ceab115ab","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":123,"box":{"x":76,"y":131,"width":880,"height":11}},{"id":"d207a0f2-e9ae-42e4-85a0-e090e0c03671","block_type":"box","text":"following, any of which may have an adverse impact on a Fund:","page_number":123,"box":{"x":76,"y":146,"width":402,"height":10}},{"id":"b1304478-2111-4591-864d-1f2cd1cbbd5e","block_type":"box","text":"Less liquid markets, which may make valuing securities more difficult;","page_number":123,"box":{"x":114,"y":164,"width":445,"height":10}},{"id":"1550fb89-a42f-4919-b48a-e7389eb0df16","block_type":"box","text":"Greater market volatility;","page_number":123,"box":{"x":113,"y":182,"width":158,"height":11}},{"id":"a7534f96-aaad-4791-aad7-ee580d7462dc","block_type":"box","text":"Government intervention in issuers’ operations or structure;","page_number":123,"box":{"x":113,"y":200,"width":383,"height":11}},{"id":"c2f2b333-5d40-49b7-82e5-fe60073288e1","block_type":"box","text":"Government expropriation or nationalization of assets;","page_number":123,"box":{"x":113,"y":218,"width":348,"height":11}},{"id":"e8868d0d-4119-4297-b5c4-bc423d239b6b","block_type":"box","text":"Exchange rate fluctuations and currency controls;","page_number":123,"box":{"x":114,"y":236,"width":316,"height":11}},{"id":"9ed77a85-b178-42e6-8b74-fd8d1642fb41","block_type":"box","text":"Limitations on the foreign ownership of securities;","page_number":123,"box":{"x":114,"y":254,"width":319,"height":11}},{"id":"6c7a8316-3506-47dc-bd81-96fab290567b","block_type":"box","text":"Imposition of withholding or other taxes;","page_number":123,"box":{"x":114,"y":272,"width":257,"height":11}},{"id":"618fb324-7e26-42d8-9756-3f009d8a81b5","block_type":"box","text":"Restrictions on the repatriation of capital;","page_number":123,"box":{"x":114,"y":290,"width":265,"height":11}},{"id":"4e3bd5d7-2ba6-405f-af6f-061c3ba2c6b5","block_type":"box","text":"Higher transaction and custody costs;","page_number":123,"box":{"x":114,"y":308,"width":241,"height":11}},{"id":"65316128-955e-4e60-adaf-bdce75645374","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":123,"box":{"x":114,"y":326,"width":852,"height":11}},{"id":"8a2cf5ec-bfb8-49ce-8054-fd08cb57ec9b","block_type":"box","text":"engage in portfolio transactions;","page_number":123,"box":{"x":113,"y":340,"width":206,"height":11}},{"id":"c9bb2f39-97ff-4fc4-99a1-2b5e95cdb7a4","block_type":"box","text":"Less regulation of the securities and other financial markets;","page_number":123,"box":{"x":114,"y":358,"width":386,"height":11}},{"id":"55ec7461-a4bb-4a8b-b76b-2230c55434da","block_type":"box","text":"Less availability of public information about issuers;","page_number":123,"box":{"x":114,"y":376,"width":329,"height":11}},{"id":"86cb5db0-a8ac-444e-a50b-5a4f612e3e02","block_type":"box","text":"Weaker accounting, audit, disclosure and financial reporting requirements and the risk of being delisted from U.S. exchanges;","page_number":123,"box":{"x":113,"y":394,"width":803,"height":11}},{"id":"62296eb7-56c1-4d93-97ff-76705cdc23bc","block_type":"box","text":"Difficulties in enforcing contractual obligations; and","page_number":123,"box":{"x":114,"y":412,"width":328,"height":11}},{"id":"607feabb-dc75-41af-846c-9c17eea87094","block_type":"box","text":"Legal principles relating to corporate governance, directors’ fiduciary duties and liabilities, and shareholder rights that are less robust","page_number":123,"box":{"x":114,"y":430,"width":853,"height":11}},{"id":"85c3ca35-61b8-4c0b-82a7-763e8f87bb3a","block_type":"box","text":"than those that apply in the U.S.","page_number":123,"box":{"x":113,"y":445,"width":205,"height":10}},{"id":"c780202b-8063-4f4e-ba73-a7dc8599cf94","block_type":"box","text":"Withholding Tax Reclaims Risk","page_number":123,"box":{"x":77,"y":468,"width":188,"height":11}},{"id":"7ca6a0b6-839a-48e7-9ee3-d5be7afca79d","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":123,"box":{"x":265,"y":468,"width":674,"height":11}},{"id":"ef3d00ba-dc6e-47a6-8457-eae764808ed1","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":123,"box":{"x":76,"y":482,"width":905,"height":11}},{"id":"be4f658a-a947-4e8d-886a-81f6e3b9e409","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":123,"box":{"x":76,"y":496,"width":898,"height":11}},{"id":"fc72d217-db9c-49d2-91f8-ece455f3e6bc","block_type":"box","text":"on a continuous assessment of the probability of recovery, the Fund’s NAV generally includes accruals for such tax refunds. The Fund","page_number":123,"box":{"x":76,"y":510,"width":852,"height":11}},{"id":"c1a4af10-552b-49b9-8649-6d1f1d2b2893","block_type":"box","text":"continues to evaluate tax developments for potential impact to the probability of recovery. If the likelihood of receiving a tax refund materially","page_number":123,"box":{"x":76,"y":525,"width":906,"height":10}},{"id":"50a153d3-8fb6-4b64-a183-d8aa5a809944","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":123,"box":{"x":76,"y":539,"width":901,"height":11}},{"id":"f990a3d8-3154-48b7-a3aa-171199be7b35","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":123,"box":{"x":76,"y":553,"width":897,"height":11}},{"id":"7bcc067a-c555-46d9-92f2-850f10707849","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":123,"box":{"x":77,"y":567,"width":882,"height":11}},{"id":"11235b11-5ebf-4731-913a-b382b02800e4","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":123,"box":{"x":76,"y":581,"width":906,"height":11}},{"id":"c4803a1f-3c78-4033-9075-5a1f380f5e7b","block_type":"box","text":"NAV. Investors who sold their shares prior to such time will not benefit from any such NAV increase.","page_number":123,"box":{"x":77,"y":596,"width":636,"height":10}},{"id":"37728e72-fec3-4fde-a3e7-342ab78118ce","block_type":"box","text":"North American Economic Risk","page_number":123,"box":{"x":77,"y":619,"width":215,"height":8}},{"id":"b9c093d1-3db2-40a1-b2cc-4efdb063a295","block_type":"box","text":". A decrease in imports or exports, changes in trade regulations or an economic recession in any North","page_number":123,"box":{"x":293,"y":619,"width":657,"height":11}},{"id":"5788ad64-3d54-4d9f-81e9-d83bcc3a0af7","block_type":"box","text":"American country can have a significant economic effect on the entire North American region and on some or all of the North American","page_number":123,"box":{"x":76,"y":633,"width":866,"height":11}},{"id":"858dcccb-7f67-41dd-8932-daeb79f6fb18","block_type":"box","text":"countries in which a Fund invests.","page_number":123,"box":{"x":76,"y":647,"width":215,"height":9}},{"id":"42a5a254-247c-44bd-a154-199c9a4d9e9c","block_type":"box","text":"The U.S. is Canada’s and Mexico’s largest trading and investment partner. The Canadian and Mexican economies are significantly affected by","page_number":123,"box":{"x":76,"y":670,"width":903,"height":11}},{"id":"8a421935-fd30-46d7-9c51-7014636ccb7a","block_type":"box","text":"developments in the U.S. economy. Since the implementation of the North American Free Trade Agreement (“NAFTA”) in 1994 among","page_number":123,"box":{"x":76,"y":684,"width":852,"height":11}},{"id":"b1f829c2-cf2d-4505-b568-e06d4858768a","block_type":"box","text":"Canada, the U.S. and Mexico, total merchandise trade among the three countries has increased. However, political developments including","page_number":123,"box":{"x":76,"y":699,"width":891,"height":10}},{"id":"9bcb3bf5-41df-4c6a-940e-11f55800f0f1","block_type":"box","text":"the implementation of tariffs by the U.S. and the renegotiation of NAFTA in the form of the United States-Mexico-Canada Agreement","page_number":123,"box":{"x":76,"y":713,"width":847,"height":11}},{"id":"3ebb7847-53c6-43fb-b02a-df731884c467","block_type":"box","text":"(“USMCA”), which replaced NAFTA on July 1, 2020, could negatively affect North America’s economic outlook and, as a result, the value of","page_number":123,"box":{"x":77,"y":727,"width":883,"height":11}},{"id":"47eb95fe-a12f-4c9c-a948-46fca8c1acfc","block_type":"box","text":"securities held by a Fund. Policy and legislative changes in one country may have a significant effect on North American markets generally,","page_number":123,"box":{"x":76,"y":741,"width":888,"height":11}},{"id":"e0008fe0-9d4e-44b9-9485-d8d25f2bb555","block_type":"box","text":"as well as on the value of certain securities held by a Fund.","page_number":123,"box":{"x":76,"y":755,"width":375,"height":11}},{"id":"6d9d9506-594a-4ef0-a3e6-3036a8591db8","block_type":"box","text":"Operational and Technology Risks.","page_number":123,"box":{"x":76,"y":779,"width":239,"height":10}},{"id":"7e499c52-67b1-4ffb-b576-ed3452128f99","block_type":"box","text":"A Fund and the entities with which it interacts directly or indirectly are susceptible to operational and","page_number":123,"box":{"x":320,"y":779,"width":648,"height":10}},{"id":"812c57ac-0d36-40fc-b374-f378498d423b","block_type":"box","text":"technology risks, including those related to human errors, processing errors, communication errors, systems failures, cybersecurity","page_number":123,"box":{"x":76,"y":793,"width":842,"height":11}},{"id":"f9549bdf-d561-4b27-85b6-0872c14e6f92","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":123,"box":{"x":76,"y":807,"width":877,"height":11}},{"id":"dd92b96b-7705-429f-994c-932820227bde","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":123,"box":{"x":76,"y":821,"width":844,"height":11}},{"id":"9d7ce4b2-c434-448d-8b56-4f7a6be7e57a","block_type":"box","text":"providers (e.g., index and benchmark providers, accountants, custodians, and transfer agents), financial intermediaries, counterparties,","page_number":123,"box":{"x":76,"y":835,"width":866,"height":11}},{"id":"95f11f29-5dd1-470d-892e-99864ccde109","block_type":"box","text":"market makers, Authorized Participants, listing exchanges, other financial market operators, and governmental authorities. Operational and","page_number":123,"box":{"x":76,"y":849,"width":892,"height":11}},{"id":"f412f59f-5626-4019-b287-1835595a9214","block_type":"box","text":"15","page_number":123,"box":{"x":524,"y":921,"width":11,"height":8}},{"id":"60dbba32-b2b3-479d-8870-cdf34876b1e2","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":124,"box":{"x":76,"y":23,"width":889,"height":11}},{"id":"396c16e0-a101-4b50-8ba5-86a1146cbc2b","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":124,"box":{"x":76,"y":37,"width":870,"height":11}},{"id":"89c904b1-8ce8-4a6d-ad46-ed10c99e6e72","block_type":"box","text":"risks.","page_number":124,"box":{"x":77,"y":52,"width":32,"height":8}},{"id":"704d03d7-974a-443f-956e-89caf1cd3179","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":124,"box":{"x":76,"y":75,"width":895,"height":11}},{"id":"6f47080a-aed6-4365-bc7a-ee5266622d8b","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":124,"box":{"x":76,"y":89,"width":878,"height":11}},{"id":"21dbe5b4-f77c-4132-a3ea-52f8c160c5d2","block_type":"box","text":"information, corrupting or destroying data, and causing operational disruption. Geopolitical tension may increase the scale and sophistication","page_number":124,"box":{"x":76,"y":103,"width":905,"height":11}},{"id":"25ade4dd-5c0c-47d2-8df3-47b78b4ea471","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":124,"box":{"x":76,"y":117,"width":885,"height":11}},{"id":"86491b25-3d7e-4ed0-8cae-210d26e73779","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":124,"box":{"x":76,"y":131,"width":828,"height":11}},{"id":"8fe438cc-5ec6-4e86-a97e-49bc3a1a0435","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":124,"box":{"x":76,"y":146,"width":898,"height":10}},{"id":"09fb21f3-4c8c-4f14-963a-ad3d9d182531","block_type":"box","text":"its service providers to transact business; violations of applicable privacy and other laws; regulatory fines; penalties; reputational damage;","page_number":124,"box":{"x":76,"y":160,"width":884,"height":11}},{"id":"37482761-ec92-4b65-bae5-f8976eafec43","block_type":"box","text":"reimbursement or other compensation costs; and other legal and compliance expenses. Furthermore, cybersecurity incidents may render","page_number":124,"box":{"x":77,"y":174,"width":880,"height":11}},{"id":"3a15c356-ad59-4ea1-969a-49261ba38688","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":124,"box":{"x":77,"y":188,"width":898,"height":11}},{"id":"6af2afcf-4f8e-4f5e-b743-ee075676b4c5","block_type":"box","text":"a Fund’s functioning, inaccessible, inaccurate or incomplete. Power outages, natural disasters, equipment malfunctions and processing","page_number":124,"box":{"x":76,"y":202,"width":866,"height":11}},{"id":"d602c382-0731-42d5-add7-9b76c79d4748","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":124,"box":{"x":76,"y":216,"width":906,"height":11}},{"id":"044d375c-0fbb-4c37-a230-eac715347f5a","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":124,"box":{"x":76,"y":231,"width":904,"height":10}},{"id":"b65f82f2-16c6-4141-93fd-6205ad595460","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":124,"box":{"x":76,"y":245,"width":885,"height":11}},{"id":"a8ec69b2-cd4b-49ca-b69c-a2818e5cfd38","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":124,"box":{"x":77,"y":259,"width":872,"height":11}},{"id":"d954fc8a-45b3-4f41-92dd-4384f473f8d7","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":124,"box":{"x":76,"y":273,"width":855,"height":11}},{"id":"e8abf017-b3bf-4f5d-aec8-5a3e46a4cd3e","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":124,"box":{"x":76,"y":287,"width":857,"height":11}},{"id":"852eadb6-d54f-4c09-acf2-42e4cfb5b58b","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":124,"box":{"x":76,"y":302,"width":897,"height":10}},{"id":"09e03cd1-eba7-4ea0-b8f9-bae0ca2bb945","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":124,"box":{"x":76,"y":316,"width":886,"height":11}},{"id":"46da3524-1b8b-48f0-8426-97d626f60edf","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":124,"box":{"x":76,"y":330,"width":876,"height":11}},{"id":"c3db9872-782a-4620-8d69-aa9bb8c17be8","block_type":"box","text":"anticipate the full scope of future AI capabilities or rules and the associated risks to a Fund.","page_number":124,"box":{"x":76,"y":344,"width":585,"height":11}},{"id":"cdbadf2d-251a-4fa0-9ced-db41d5fb968e","block_type":"box","text":"While a Fund’s service providers are required to have appropriate operational, information security and cybersecurity risk management","page_number":124,"box":{"x":76,"y":367,"width":864,"height":11}},{"id":"c6090a73-504d-46b1-ab83-4a6a7372feb6","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":124,"box":{"x":76,"y":382,"width":889,"height":10}},{"id":"70816fc2-7691-4840-92ff-a1ed6beb21b1","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":124,"box":{"x":77,"y":396,"width":839,"height":11}},{"id":"b2abbe26-a41c-496a-b9ce-e1d8cbb4fcca","block_type":"box","text":"procedures and oversight, including establishing business continuity plans and risk management systems. However, there are inherent","page_number":124,"box":{"x":76,"y":410,"width":862,"height":11}},{"id":"85285556-ade8-484e-bb38-618329767465","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":124,"box":{"x":77,"y":424,"width":863,"height":11}},{"id":"59e4835e-e635-42af-ad64-72b201ae1494","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":124,"box":{"x":76,"y":438,"width":871,"height":11}},{"id":"8a11d519-978e-4a5d-b71f-30c6d6b93ad7","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":124,"box":{"x":76,"y":452,"width":895,"height":11}},{"id":"37515a74-c511-4dd9-9d13-cd95367fc64e","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":124,"box":{"x":76,"y":467,"width":882,"height":10}},{"id":"f47b9ef1-b39f-4d80-83b0-0f698375fa9b","block_type":"box","text":"invests or its service providers, counterparties, and other third parties whose activities affect the Fund.","page_number":124,"box":{"x":76,"y":481,"width":659,"height":11}},{"id":"fd82732b-0e84-41a2-a685-3a0cd8ef1a00","block_type":"box","text":"Lastly, the regulatory climate governing cybersecurity and data protection is developing quickly and may vary considerably across","page_number":124,"box":{"x":77,"y":504,"width":830,"height":11}},{"id":"55cb9e2f-cb59-4f89-a0a0-aa10294e77a9","block_type":"box","text":"jurisdictions. Regulators continue to develop new rules and standards related to cybersecurity and data protection. Compliance with evolving","page_number":124,"box":{"x":75,"y":518,"width":905,"height":11}},{"id":"f6ee7215-ab07-495e-8dfe-1ffaff7e0928","block_type":"box","text":"regulations can be demanding and costly, requiring substantial resources to monitor and implement required changes.","page_number":124,"box":{"x":77,"y":532,"width":756,"height":11}},{"id":"c93a9e45-afaa-447b-b51f-40117b543249","block_type":"box","text":"Ownership Limitations Risk.","page_number":124,"box":{"x":76,"y":556,"width":195,"height":10}},{"id":"2a0f540b-e795-4c06-acd2-4c4851548d54","block_type":"box","text":"If certain aggregate and/or fund-level ownership thresholds are reached through transactions undertaken by","page_number":124,"box":{"x":277,"y":556,"width":697,"height":10}},{"id":"004c4cb5-02a9-44ca-98fb-63d69ea698a0","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":124,"box":{"x":77,"y":570,"width":900,"height":11}},{"id":"35276528-0d15-442b-8d5c-f29e2a0b5a73","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":124,"box":{"x":76,"y":584,"width":851,"height":11}},{"id":"d1af9bc5-9b8d-4cad-b326-18739545e690","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":124,"box":{"x":77,"y":598,"width":866,"height":11}},{"id":"0c07e5dc-1079-4036-a1ac-e1e96dc6d1cb","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":124,"box":{"x":76,"y":612,"width":903,"height":11}},{"id":"344d67d3-21af-4f58-bb9c-c3616e353555","block_type":"box","text":"holdings.","page_number":124,"box":{"x":77,"y":626,"width":55,"height":11}},{"id":"ca0eb97d-aa70-4298-9f5a-5494d283cae0","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":124,"box":{"x":77,"y":650,"width":851,"height":10}},{"id":"c225c14c-024a-4362-b457-234018292a04","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":124,"box":{"x":76,"y":664,"width":890,"height":11}},{"id":"cd70725e-c8dd-4d40-9393-acd740480f54","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":124,"box":{"x":76,"y":678,"width":870,"height":11}},{"id":"3edb8af5-f522-4414-9e0b-f7dd850ca0a2","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":124,"box":{"x":76,"y":692,"width":884,"height":11}},{"id":"7d558185-8d41-478e-a1d9-058947200614","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":124,"box":{"x":76,"y":706,"width":906,"height":11}},{"id":"eb911d6c-fe47-4bdb-af09-3c539b571241","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":124,"box":{"x":76,"y":721,"width":886,"height":10}},{"id":"a3367765-f7e9-4ff2-9d37-4df14cdb58aa","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":124,"box":{"x":76,"y":735,"width":896,"height":11}},{"id":"a672a0ec-d185-410f-a9cd-f5a72d435674","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":124,"box":{"x":76,"y":758,"width":885,"height":11}},{"id":"53ab4b8b-85b3-49c8-9df9-40820890a0b7","block_type":"box","text":"ownership limitations, it may inadvertently breach a limit or violate the corporate or regulatory approval, order, consent, relief or non","page_number":124,"box":{"x":76,"y":772,"width":854,"height":11}},{"id":"4e7d47a8-1ed3-4ae9-8536-749e18fc2781","block_type":"box","text":"disapproval that was obtained.","page_number":124,"box":{"x":76,"y":786,"width":195,"height":11}},{"id":"933afe79-7954-42a2-9619-1f9bd0bfb28c","block_type":"box","text":"Real Estate Companies Risk.","page_number":124,"box":{"x":77,"y":809,"width":196,"height":11}},{"id":"ea4636ce-1917-4e85-ac7b-2ac6867e58cf","block_type":"box","text":"Real estate companies, which include real estate investment trusts, real estate holding and operating","page_number":124,"box":{"x":279,"y":810,"width":649,"height":10}},{"id":"5c07b8b1-1f33-46d4-b9fd-d063ee259f16","block_type":"box","text":"companies, and real estate management or development companies, expose investors to the risks of owning real estate directly as well as to","page_number":124,"box":{"x":76,"y":824,"width":903,"height":11}},{"id":"8b18b376-8e70-460f-a293-e7b5d6d3d983","block_type":"box","text":"the risks from the way that such companies operate. Real estate companies and property values may be adversely affected by regulations","page_number":124,"box":{"x":76,"y":838,"width":883,"height":11}},{"id":"27d709f8-bab8-47f2-a1d5-7816dadd5637","block_type":"box","text":"and other governmental actions, including tax increases, zoning changes and other usage restrictions, environmental regulations, regulatory","page_number":124,"box":{"x":76,"y":852,"width":897,"height":11}},{"id":"93672fe5-9a67-495d-88b9-1d09b0fbf297","block_type":"box","text":"limitations on rent or eviction, and eminent domain.","page_number":124,"box":{"x":77,"y":866,"width":329,"height":10}},{"id":"9dd11ade-0a88-4fac-b9ab-95a8846f0377","block_type":"box","text":"16","page_number":124,"box":{"x":524,"y":921,"width":11,"height":8}},{"id":"22db1d89-b92c-42b2-9c0f-8055cfb876a5","block_type":"box","text":"Real estate is highly sensitive to general and local economic conditions and can be subject to intense competition and periodic overbuilding.","page_number":125,"box":{"x":77,"y":23,"width":897,"height":11}},{"id":"8c2a99e2-76ec-4979-b909-27bd6bf3a36c","block_type":"box","text":"Real estate companies may own a limited number of properties and concentrate their investments in a particular geographic region, industry","page_number":125,"box":{"x":77,"y":37,"width":900,"height":11}},{"id":"2a704717-dbb3-435e-aa05-8a8ac413022e","block_type":"box","text":"or property type. Economic downturns or other adverse events (","page_number":125,"box":{"x":76,"y":52,"width":409,"height":10}},{"id":"51257a8d-d8c0-41af-bfcc-8442558b0c83","block_type":"box","text":"e.g.","page_number":125,"box":{"x":487,"y":54,"width":20,"height":8}},{"id":"e35fe3cf-1b7b-440e-bd68-9e55ebbfe7d5","block_type":"box","text":", natural disasters) that affect a particular region, industry or property","page_number":125,"box":{"x":510,"y":51,"width":446,"height":11}},{"id":"2e7ba7d1-91ab-4817-932d-6e2ab5ef2345","block_type":"box","text":"type may lead to decreases in property values, leasing declines and defaults by borrowers or tenants. In the event of a default, a real estate","page_number":125,"box":{"x":76,"y":66,"width":891,"height":11}},{"id":"2cadd1e8-878d-4057-bbb1-b2681aeab9a0","block_type":"box","text":"company may experience substantial delays and costs in enforcing its rights with respect to the property and protecting its investment. In","page_number":125,"box":{"x":76,"y":80,"width":882,"height":11}},{"id":"f336dad2-daee-44ff-97d1-4d8f15152ec7","block_type":"box","text":"addition, because real estate is relatively illiquid, a company may be constrained in its ability to diversify or liquidate its investments in","page_number":125,"box":{"x":76,"y":94,"width":858,"height":11}},{"id":"c9c27f43-ab6c-456f-94b5-a338c49c20cc","block_type":"box","text":"response to economic conditions or other events.","page_number":125,"box":{"x":77,"y":108,"width":316,"height":11}},{"id":"769d963e-35c9-4924-863d-93ccbf5b41d8","block_type":"box","text":"Real estate companies may depend on the management skills of a few key individuals and may have limited financial resources. They may be","page_number":125,"box":{"x":77,"y":131,"width":900,"height":11}},{"id":"656bdb76-dbaa-4feb-b11d-6f18c28963f4","block_type":"box","text":"highly leveraged, which can magnify losses, and interest rate increases can make it difficult for them, as well as borrowers and tenants, to","page_number":125,"box":{"x":77,"y":146,"width":881,"height":10}},{"id":"415eb540-e06c-4f96-91d8-246e7c891cd7","block_type":"box","text":"obtain debt financing and meet payment obligations. Declining interest rates could result in increased prepayment on loans and require","page_number":125,"box":{"x":76,"y":160,"width":867,"height":11}},{"id":"b671c8bf-0033-47ae-9121-6a8ae74fb3f8","block_type":"box","text":"redeployment of capital in less desirable investments.","page_number":125,"box":{"x":77,"y":174,"width":343,"height":11}},{"id":"bd3f6dcb-be8e-4b2d-b562-5e74a7b4cfc6","block_type":"box","text":"Certain real estate companies, such as REITs, could fail to qualify for favorable tax or regulatory treatment, which could produce adverse","page_number":125,"box":{"x":76,"y":197,"width":875,"height":11}},{"id":"7a148957-2bcc-4507-87c8-bd9e4f997b2c","block_type":"box","text":"economic consequences for the company and its investors, including a Fund.","page_number":125,"box":{"x":76,"y":211,"width":492,"height":11}},{"id":"b554bf7e-3003-47cf-b7d8-47de553e9796","block_type":"box","text":"Reliance on Trading Partners Risk.","page_number":125,"box":{"x":77,"y":235,"width":235,"height":10}},{"id":"9f5e6887-8a75-4d67-b8db-e797ec4af1d8","block_type":"box","text":"The economies of some countries or regions depend on trading with certain key trading partners. A","page_number":125,"box":{"x":317,"y":235,"width":636,"height":10}},{"id":"401338ae-e3e9-49bc-8001-34e16bc9537d","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":125,"box":{"x":77,"y":249,"width":873,"height":11}},{"id":"52ddf275-f0ba-4e0a-bb2e-26e75613b06c","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":125,"box":{"x":76,"y":263,"width":893,"height":11}},{"id":"2b807b1d-2d3f-4c05-b5cd-3a18a8952655","block_type":"box","text":"regions and may negatively impact the performance of a Fund with exposure to those countries or regions.","page_number":125,"box":{"x":77,"y":277,"width":681,"height":11}},{"id":"e69bbf41-d8dc-4737-8ebf-23d701da064a","block_type":"box","text":"Risk of Investing in Asia.","page_number":125,"box":{"x":77,"y":300,"width":168,"height":11}},{"id":"8bb68fad-03fb-4ca7-bab9-d4a82b3acc99","block_type":"box","text":"Investments in Asian issuers subject a Fund to legal, regulatory, political, economic, currency, geographic and","page_number":125,"box":{"x":252,"y":300,"width":703,"height":11}},{"id":"966d8f73-34e6-455d-b8e2-6428793980dc","block_type":"box","text":"security risks that are specific to Asia. Certain Asian countries have experienced economic growth and industrialization in recent years, but","page_number":125,"box":{"x":76,"y":314,"width":890,"height":11}},{"id":"ff150067-11d6-4d80-8cee-8e618556ed78","block_type":"box","text":"there is no assurance that this growth rate will be maintained. Some Asian countries have experienced expropriation and/or nationalization","page_number":125,"box":{"x":76,"y":329,"width":893,"height":10}},{"id":"0f0099fe-28f3-401b-a1f7-c84c53167f87","block_type":"box","text":"of assets, confiscatory taxation, high inflation, high unemployment, over-extension of credit, currency devaluations and restrictions, politic","page_number":125,"box":{"x":76,"y":343,"width":886,"height":11}},{"id":"b7dedff0-b3d9-41cc-84dd-f6b39242834c","block_type":"box","text":"al","page_number":125,"box":{"x":963,"y":343,"width":10,"height":8}},{"id":"84ab23bb-0cee-4ee8-8f5a-de6e5ad5f756","block_type":"box","text":"or social instability, and armed conflict. An adverse economic or political event in one Asian country may negatively affect countries","page_number":125,"box":{"x":76,"y":357,"width":843,"height":11}},{"id":"1063c605-c203-4748-9830-2de72e12ec7a","block_type":"box","text":"throughout the region. Because many Asian countries depend significantly on international trade, shifts in relationships with key trading","page_number":125,"box":{"x":76,"y":371,"width":869,"height":11}},{"id":"5f955e36-e835-4197-ae99-99d345680fe6","block_type":"box","text":"partners, such as China and the U.S., may have a region-wide economic impact. Certain Asian countries have developed increasingly strained","page_number":125,"box":{"x":76,"y":385,"width":905,"height":11}},{"id":"63fb0519-06a7-459f-8387-edc6624987fe","block_type":"box","text":"relationships with the U.S. or China; if these relations were to worsen, they could adversely affect Asian issuers that rely on the U.S. or China","page_number":125,"box":{"x":77,"y":400,"width":901,"height":10}},{"id":"0aa0d08c-27a2-43ca-9a4e-6d82b9dcc544","block_type":"box","text":"for trade and the region as a whole. A shift towards protectionist policies by these countries or other key trading partners could suppress","page_number":125,"box":{"x":76,"y":414,"width":877,"height":11}},{"id":"6218e551-19e3-49df-87d0-fefcb6ebb623","block_type":"box","text":"Asia’s exports and reduce foreign investment in the region.","page_number":125,"box":{"x":76,"y":428,"width":376,"height":11}},{"id":"ff7649c6-19f9-455e-b776-5f6dd9633ef3","block_type":"box","text":"Many Asian countries are also subject to political risk, including political instability, corruption and regional conflicts. North Korea and South","page_number":125,"box":{"x":77,"y":451,"width":897,"height":11}},{"id":"f67a7d73-f6d8-497c-80fb-808c80c4e18c","block_type":"box","text":"Korea each have substantial military capabilities, and historical tensions between the two countries present the risk of war. China has a","page_number":125,"box":{"x":77,"y":465,"width":865,"height":11}},{"id":"f23bdc68-08f2-427a-8697-5196ea68badc","block_type":"box","text":"complex territorial dispute regarding the sovereignty of Taiwan and has pledged to take control of Taiwan, including by force if necessary. The","page_number":125,"box":{"x":76,"y":479,"width":903,"height":11}},{"id":"680d4772-8f78-4500-a3f4-be7213bca52d","block_type":"box","text":"continuation or escalation of these or other hostilities may have an adverse impact throughout the region. In addition, many Asian countries","page_number":125,"box":{"x":76,"y":494,"width":895,"height":11}},{"id":"b778193b-6179-458b-bdd0-7f5d35327947","block_type":"box","text":"are subject to social and labor risks associated with demands for improved political, economic and social conditions. These risks, among","page_number":125,"box":{"x":76,"y":508,"width":875,"height":11}},{"id":"d47f4a3d-810d-4931-afdd-5dd0b0579b24","block_type":"box","text":"others, may adversely affect the value of a Fund’s investments with exposure to Asia.","page_number":125,"box":{"x":76,"y":522,"width":544,"height":11}},{"id":"663ae289-c34e-4103-b63e-c234e4ab0682","block_type":"box","text":"Risk of Investing in Australia.","page_number":125,"box":{"x":77,"y":545,"width":202,"height":11}},{"id":"08559876-5300-4228-b69f-b50936322cf9","block_type":"box","text":"Investing in Australian issuers involves legal, regulatory, political, currency, security, and economic risks that","page_number":125,"box":{"x":285,"y":545,"width":696,"height":11}},{"id":"b3539f08-78b9-4fe7-aede-adb505f64fff","block_type":"box","text":"are specific to Australia. The Australian economy depends heavily on exports from the energy, agricultural and mining sectors and, as a","page_number":125,"box":{"x":76,"y":559,"width":864,"height":11}},{"id":"cda6c009-4abd-4a75-8587-9b6b2b6d3999","block_type":"box","text":"result, is susceptible to fluctuations in the commodity markets. The Australian economy also increasingly depends on its growing services","page_number":125,"box":{"x":77,"y":574,"width":880,"height":10}},{"id":"1d54ffc6-5edd-4a2c-a06f-e8f5a704d58a","block_type":"box","text":"industry. Intensifying natural disasters in Australia, including drought and bushfires, could adversely impact the value of investments in","page_number":125,"box":{"x":76,"y":588,"width":861,"height":11}},{"id":"5336ed75-c5a4-4fc0-a4f2-a3966e9dca8b","block_type":"box","text":"Australian issuers. The Australian economy depends on trading with key trading partners, including China, Japan, South Korea, the U.S., and","page_number":125,"box":{"x":76,"y":602,"width":893,"height":11}},{"id":"74c7da2c-5b72-4032-bd5a-aa79f3cc82bf","block_type":"box","text":"certain European countries. Reduced spending by any of these trading partners on Australian products and services, or negative changes in","page_number":125,"box":{"x":76,"y":616,"width":892,"height":11}},{"id":"b9114c3a-12c5-4e83-9bfe-3d34099603e1","block_type":"box","text":"any of these economies, may have an adverse impact on the Australian economy. Economic events in key trading countries can have a","page_number":125,"box":{"x":76,"y":630,"width":861,"height":11}},{"id":"fe764a2d-950e-4ada-8431-40e9d93fe7f3","block_type":"box","text":"significant effect on the Australian economy.","page_number":125,"box":{"x":76,"y":644,"width":285,"height":11}},{"id":"35193f7b-788b-4a9c-902f-991e6d3faeb3","block_type":"box","text":"Risk of Investing in China.","page_number":125,"box":{"x":77,"y":668,"width":178,"height":11}},{"id":"080b2a59-c87f-4647-bf24-46b5ca318b07","block_type":"box","text":"Investments in Chinese securities, including certain Hong Kong-listed and U.S.-listed securities, subject a Fund","page_number":125,"box":{"x":261,"y":668,"width":711,"height":11}},{"id":"06878529-202b-40f5-804e-b83e2257badd","block_type":"box","text":"to risks specific to China. China is subject to a considerable degree of economic, political and social instability.","page_number":125,"box":{"x":76,"y":682,"width":708,"height":11}},{"id":"c5a904b4-3220-4051-958c-b0e0ed91e7d1","block_type":"box","text":"Political and Social Risk.","page_number":125,"box":{"x":76,"y":705,"width":151,"height":9}},{"id":"47227a6f-e850-4823-9366-f4db557e54e3","block_type":"box","text":"The Chinese government is authoritarian and has periodically used force to suppress civil dissent. Disparities of","page_number":125,"box":{"x":233,"y":705,"width":713,"height":11}},{"id":"2b6b98ba-15f0-4778-bef7-82ffdeb50f00","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":125,"box":{"x":76,"y":719,"width":839,"height":11}},{"id":"5ccadb61-e87e-481a-8ae0-d84762808051","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":125,"box":{"x":76,"y":733,"width":888,"height":11}},{"id":"225ead70-7e50-40ff-9247-24f2dd222012","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":125,"box":{"x":76,"y":748,"width":892,"height":10}},{"id":"08b59daf-5ff3-4a77-8789-158f9407bc80","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":125,"box":{"x":77,"y":762,"width":873,"height":11}},{"id":"bfbb2a1a-271b-45ca-97c0-238aaa49fab4","block_type":"box","text":"result in sudden and significant investment losses. China’s income inequality, rapidly aging population and significant environmental issues","page_number":125,"box":{"x":77,"y":776,"width":888,"height":11}},{"id":"5dec15df-8b7b-4cba-87f7-a01c2b8e1d12","block_type":"box","text":"also are factors that may affect the Chinese economy.","page_number":125,"box":{"x":76,"y":790,"width":345,"height":11}},{"id":"d38847be-799a-4943-9c94-f395e1e0ce04","block_type":"box","text":"Government Control and Regulations.","page_number":125,"box":{"x":76,"y":813,"width":234,"height":11}},{"id":"0558858f-5352-4639-8a34-bba39ce98b05","block_type":"box","text":"Despite the Chinese government’s implementation of economic and market reforms in recent decades,","page_number":125,"box":{"x":317,"y":813,"width":659,"height":11}},{"id":"ff308914-50a4-4e60-8bbd-7974e8756796","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":125,"box":{"x":76,"y":828,"width":889,"height":10}},{"id":"65c39ae4-79d1-48ee-8d7d-174e9e3b5741","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":125,"box":{"x":77,"y":842,"width":898,"height":11}},{"id":"1d84d315-86b5-414b-b052-d24c77dedf7f","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":125,"box":{"x":76,"y":856,"width":894,"height":11}},{"id":"7ce1ab8a-1404-4159-9c33-f5396c05e456","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":125,"box":{"x":76,"y":870,"width":855,"height":11}},{"id":"3c5ce2c9-a215-4f90-9f9c-1eca141fb73c","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":125,"box":{"x":76,"y":884,"width":880,"height":11}},{"id":"847f0681-885d-48c5-9d6a-f6adc8dd5899","block_type":"box","text":"17","page_number":125,"box":{"x":524,"y":921,"width":11,"height":8}},{"id":"308649ad-d3ff-41d5-a8dc-824ced13a381","block_type":"box","text":"Chinese economy and a Fund’s investments. Chinese markets generally continue to experience inefficiency, lack of publicly available","page_number":126,"box":{"x":76,"y":23,"width":850,"height":11}},{"id":"27c22b6d-72b1-47d6-a8c4-3c4598ff1a01","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":126,"box":{"x":76,"y":37,"width":893,"height":11}},{"id":"2e3dbed1-497c-4af4-87cc-5cd633298a49","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":126,"box":{"x":76,"y":51,"width":905,"height":11}},{"id":"20675502-f81f-4461-9ae9-d38779af846f","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":126,"box":{"x":76,"y":66,"width":778,"height":11}},{"id":"b395d2ee-9a68-483b-b380-9f70ff09a72f","block_type":"box","text":"Economic Risk.","page_number":126,"box":{"x":76,"y":89,"width":94,"height":8}},{"id":"c2b6136c-1c21-451a-b9b3-162ce8a6d113","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":126,"box":{"x":176,"y":89,"width":766,"height":11}},{"id":"164af94f-2d0c-4b8a-ab0a-8c34374b67fd","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":126,"box":{"x":76,"y":103,"width":887,"height":11}},{"id":"fe49d0ea-27ee-4334-a47e-f3ef7c3fd8ea","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":126,"box":{"x":76,"y":117,"width":869,"height":11}},{"id":"289866b2-01ef-4909-a97d-9b7d148bf290","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":126,"box":{"x":76,"y":131,"width":893,"height":11}},{"id":"37c7d084-1d97-423a-a098-564354dae8cb","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":126,"box":{"x":76,"y":146,"width":871,"height":10}},{"id":"405735d9-6ef3-4e1c-bd68-12fae46e107c","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":126,"box":{"x":76,"y":160,"width":881,"height":11}},{"id":"0dd322b5-2cdf-402b-aed5-413bfd491102","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":126,"box":{"x":76,"y":174,"width":876,"height":11}},{"id":"f1b81a76-4459-4e97-a5e4-8b4604cbcabd","block_type":"box","text":"may occur.","page_number":126,"box":{"x":76,"y":191,"width":69,"height":8}},{"id":"c6098ae7-04fe-4256-8fac-535297c28dd6","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":126,"box":{"x":77,"y":211,"width":840,"height":11}},{"id":"a9ed33f7-aa09-4e4f-bf32-bfe7a3bc02ef","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":126,"box":{"x":77,"y":226,"width":872,"height":10}},{"id":"886e4b20-cf77-4959-852d-855969e519b7","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":126,"box":{"x":76,"y":240,"width":848,"height":11}},{"id":"d95ae57c-16c1-408c-a128-890cc458ad24","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":126,"box":{"x":76,"y":254,"width":893,"height":11}},{"id":"454d55a1-0a2c-4702-bd65-003424976eb4","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":126,"box":{"x":76,"y":268,"width":898,"height":11}},{"id":"005d7fe8-d465-402a-808f-e07f38aa129c","block_type":"box","text":"Chinese financial markets or securities exchanges could interfere with orderly trading, delay settlement or cause market disruptions. A","page_number":126,"box":{"x":76,"y":282,"width":863,"height":11}},{"id":"9dd6cf12-90fd-468f-8424-36f348bc2d37","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":126,"box":{"x":77,"y":296,"width":897,"height":11}},{"id":"63e70374-4016-4742-aab5-47e0e561db1f","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":126,"box":{"x":76,"y":311,"width":884,"height":10}},{"id":"0b0daaa2-4889-471a-b2f9-2a69e21453fa","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":126,"box":{"x":76,"y":325,"width":905,"height":11}},{"id":"fa955870-0075-4980-b119-ca62eb71a544","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":126,"box":{"x":76,"y":339,"width":893,"height":11}},{"id":"36fc35b5-0271-45b1-b25c-8565713c7d90","block_type":"box","text":"exporting of its excess industrial capacity and overall approach to economic management.","page_number":126,"box":{"x":76,"y":353,"width":578,"height":11}},{"id":"48f0f757-a4ed-42ba-8788-f407320ca46b","block_type":"box","text":"Expropriation Risk.","page_number":126,"box":{"x":76,"y":376,"width":116,"height":11}},{"id":"be986e00-bb59-4992-90f0-436702cfef44","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":126,"box":{"x":198,"y":376,"width":781,"height":11}},{"id":"e67df481-9581-4b66-8ef8-92df9285f5bc","block_type":"box","text":"to expropriation, nationalization, confiscation of assets and property or the imposition of restrictions on foreign investments and on","page_number":126,"box":{"x":76,"y":391,"width":841,"height":10}},{"id":"f6edbe02-2705-4ab9-90be-ef6f2d13b788","block_type":"box","text":"repatriation of capital invested.","page_number":126,"box":{"x":77,"y":405,"width":198,"height":10}},{"id":"bcf72cc3-1471-4fba-ad06-d5962ab3ecc9","block_type":"box","text":"Security Risk.","page_number":126,"box":{"x":76,"y":428,"width":83,"height":11}},{"id":"173c1d20-a7c1-4f7f-b5f3-2b397f98fe44","block_type":"box","text":"China has strained international relations with Taiwan, Japan, the Philippines, India, and other neighbors due to territorial","page_number":126,"box":{"x":166,"y":428,"width":770,"height":11}},{"id":"8b69d42e-d7c5-46de-a32a-011691e97b2c","block_type":"box","text":"disputes, historical animosities, defense concerns and other security concerns. China has a complex territorial dispute regarding the","page_number":126,"box":{"x":76,"y":442,"width":848,"height":11}},{"id":"d4655050-887d-45d2-bd9e-522958e9813f","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":126,"box":{"x":76,"y":456,"width":898,"height":11}},{"id":"6cc131e1-9f78-4050-9152-ab6b86a721ab","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":126,"box":{"x":76,"y":470,"width":886,"height":11}},{"id":"e8ab8915-f1cf-4cee-a134-59081ce0f16e","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":126,"box":{"x":76,"y":485,"width":879,"height":10}},{"id":"fbf71d1b-4fd1-4bbd-ba05-ec5efd992c4f","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":126,"box":{"x":76,"y":499,"width":887,"height":11}},{"id":"75f65379-8d81-4131-8dbb-779d0b7156c6","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":126,"box":{"x":76,"y":513,"width":883,"height":11}},{"id":"80cf81a7-f187-41fd-b22b-a012f4b3795e","block_type":"box","text":"risk of escalation potentially leading to military conflict.","page_number":126,"box":{"x":77,"y":527,"width":353,"height":11}},{"id":"e9d5a366-67e6-4338-addb-c036f72b1ca8","block_type":"box","text":"Additionally, China is alleged to have participated in state-sponsored cyberattacks against foreign companies and foreign governments.","page_number":126,"box":{"x":76,"y":550,"width":866,"height":11}},{"id":"7f2d82b6-48c6-472e-b014-e32f0bb9cc4b","block_type":"box","text":"Actual and threatened responses to such activity and strained international relations, including purchasing restrictions, sanctions, export","page_number":126,"box":{"x":76,"y":565,"width":876,"height":10}},{"id":"8283b0d3-ab75-4084-be50-a57e289e77ca","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":126,"box":{"x":76,"y":579,"width":871,"height":11}},{"id":"3f3bd1ce-a7c4-4706-a67d-506c4381dbe4","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":126,"box":{"x":76,"y":593,"width":891,"height":11}},{"id":"7d02c4e6-c81f-4b97-ab46-2a8efa180f30","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":126,"box":{"x":76,"y":607,"width":863,"height":11}},{"id":"8acefa38-5b53-4f03-99dd-01bcfab74fad","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":126,"box":{"x":76,"y":621,"width":855,"height":11}},{"id":"df5d616d-3890-4d09-b70e-2bab841c70f2","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":126,"box":{"x":76,"y":635,"width":893,"height":11}},{"id":"6c92efbc-148c-4806-a0e9-d656c9453d97","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":126,"box":{"x":77,"y":650,"width":879,"height":10}},{"id":"f5e008da-8932-4fb2-ab85-ed0f4c508a6e","block_type":"box","text":"Chinese Equity Markets.","page_number":126,"box":{"x":76,"y":673,"width":151,"height":11}},{"id":"92aaba7d-24c1-4cb3-a019-1cf78fcf296d","block_type":"box","text":"There are several types of Chinese equity securities, including H-shares, A-shares, B-shares, Red-Chips and/or P","page_number":126,"box":{"x":233,"y":673,"width":726,"height":11}},{"id":"dec23ae9-12ee-47f9-9743-a842d0f2cf4f","block_type":"box","text":"Chips. The issuance of B-shares and H-shares by Chinese companies and the ability to obtain a “back-door listing” through Red-Chips or P","page_number":126,"box":{"x":76,"y":687,"width":889,"height":11}},{"id":"038ec08e-b08d-4b60-bd54-f7a293641b8e","block_type":"box","text":"Chips is still regarded by the Chinese authorities as an experiment in economic reform. “Back-door listing” is a means by which a mainland","page_number":126,"box":{"x":76,"y":701,"width":887,"height":11}},{"id":"40996a49-48f3-4c43-95e3-dd9a48acff8c","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":126,"box":{"x":76,"y":715,"width":834,"height":11}},{"id":"3ab83890-04d2-4ac8-ade8-f9672afc901a","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":126,"box":{"x":76,"y":730,"width":880,"height":10}},{"id":"ae42a773-1fd9-41f3-951b-bdfff8b2e171","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":126,"box":{"x":77,"y":744,"width":905,"height":11}},{"id":"ac5c73ae-4ae9-4a7c-a666-b7b00d8ac5e1","block_type":"box","text":"volume and price volatility.","page_number":126,"box":{"x":76,"y":758,"width":170,"height":11}},{"id":"8ceb88f0-ab18-456c-afa4-2721a2d40189","block_type":"box","text":"Hong Kong Political Risk.","page_number":126,"box":{"x":76,"y":781,"width":154,"height":11}},{"id":"eea6e5e7-e797-42e2-bb20-07a3e9938481","block_type":"box","text":"Hong Kong reverted to Chinese sovereignty on July 1, 1997 as a Special Administrative Region (“SAR”) of the","page_number":126,"box":{"x":237,"y":781,"width":692,"height":11}},{"id":"6b37f281-8e0a-4892-9c29-5ad196362b3e","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":126,"box":{"x":77,"y":795,"width":887,"height":11}},{"id":"ce8edb63-a1e0-42d0-86a6-f2d14e8a3a00","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":126,"box":{"x":76,"y":809,"width":861,"height":11}},{"id":"1982c75a-55bc-4ab8-853b-39216a1f5c75","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":126,"box":{"x":76,"y":824,"width":895,"height":11}},{"id":"cb382782-758f-4eb1-b1b9-45894c3dcef0","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":126,"box":{"x":76,"y":838,"width":881,"height":11}},{"id":"a73b89cc-b223-4f17-b631-42e661a9816c","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":126,"box":{"x":76,"y":852,"width":823,"height":11}},{"id":"b3d19330-6be5-4302-8024-af1c52b11cb1","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":126,"box":{"x":76,"y":866,"width":853,"height":11}},{"id":"6456e569-4af8-4edc-93a3-f9300d7399f9","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":126,"box":{"x":76,"y":880,"width":888,"height":11}},{"id":"542bd74b-e302-4c9e-b011-8ef5d550c1c5","block_type":"box","text":"18","page_number":126,"box":{"x":524,"y":921,"width":12,"height":8}},{"id":"4775ad91-6f0f-49a7-b158-4cb738c3fe8d","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":127,"box":{"x":76,"y":23,"width":838,"height":11}},{"id":"c6db9099-2bc7-4895-88e7-cd6c85dd4fde","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":127,"box":{"x":76,"y":37,"width":869,"height":11}},{"id":"61945da8-a6f6-48e0-9b80-a52fa95d8d9d","block_type":"box","text":"Fund’s NAV because the NAV is denominated in U.S. dollars.","page_number":127,"box":{"x":77,"y":52,"width":384,"height":8}},{"id":"d9f06d4d-f15e-4f69-865d-b978afd8ec74","block_type":"box","text":"Limited Information, Legal Remedies and VIE Structure Risk.","page_number":127,"box":{"x":76,"y":75,"width":376,"height":11}},{"id":"f796d8e8-bdb1-4569-91ef-c4ee3303c7ec","block_type":"box","text":"Chinese companies, including Chinese companies that are listed on U.S.","page_number":127,"box":{"x":459,"y":75,"width":462,"height":11}},{"id":"4d75db1a-e470-4d67-8cc6-3ab6309b66e9","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":127,"box":{"x":76,"y":89,"width":896,"height":11}},{"id":"249c0297-2aa0-4c3d-993b-4904fe38e4dc","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":127,"box":{"x":76,"y":103,"width":855,"height":11}},{"id":"b7cd3a7b-d0a8-4003-b7a4-4f683d76cc46","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":127,"box":{"x":76,"y":117,"width":864,"height":11}},{"id":"65bbb3c3-1929-41f9-8fda-8a3e75618c94","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":127,"box":{"x":76,"y":131,"width":859,"height":11}},{"id":"0b9dbda7-d7b4-40d9-bdc6-68fec45d4335","block_type":"box","text":"significant obstacles to obtaining information necessary for investigations into or litigation against Chinese companies, and shareholders","page_number":127,"box":{"x":76,"y":146,"width":876,"height":10}},{"id":"dff46215-4352-4926-b0b2-b9e7867b5084","block_type":"box","text":"may have limited legal remedies. The Funds do not select investments based on investor protection considerations.","page_number":127,"box":{"x":76,"y":160,"width":738,"height":11}},{"id":"3e9a296e-d3a1-4922-aa80-17341232673a","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":127,"box":{"x":77,"y":183,"width":888,"height":11}},{"id":"0d8b8081-0ee8-44bf-8484-5f89fcf36ad9","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":127,"box":{"x":77,"y":197,"width":869,"height":11}},{"id":"50533094-1c4f-4bc6-bd64-5525b6e827da","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":127,"box":{"x":76,"y":211,"width":888,"height":11}},{"id":"ccca7d20-85f8-42cf-9016-b3202947c887","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":127,"box":{"x":76,"y":226,"width":858,"height":10}},{"id":"46b8b8bc-1fe8-4a6a-bc6d-f67c6c87ebff","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":127,"box":{"x":76,"y":240,"width":852,"height":11}},{"id":"8562cbd3-ecd4-42c8-9b8e-2981dbf25387","block_type":"box","text":"represent equity ownership in the operating company.","page_number":127,"box":{"x":77,"y":254,"width":344,"height":11}},{"id":"c1afaf29-6b1d-46d8-a87b-b5924a682a7a","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":127,"box":{"x":76,"y":277,"width":888,"height":11}},{"id":"2ce466cf-5136-44aa-a0a0-90ecbd930ea1","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":127,"box":{"x":76,"y":291,"width":906,"height":11}},{"id":"ecaa9943-2a43-448e-9484-be08ce06b129","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":127,"box":{"x":76,"y":305,"width":849,"height":11}},{"id":"97d167d4-2558-4973-ad71-34f5110f02eb","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":127,"box":{"x":76,"y":320,"width":890,"height":10}},{"id":"2e28b3d0-146b-4d56-bdde-391f423719c7","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":127,"box":{"x":76,"y":334,"width":855,"height":11}},{"id":"747b3005-f2e5-4735-93ad-371432dff2aa","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":127,"box":{"x":76,"y":348,"width":898,"height":11}},{"id":"e6e6789a-fa38-48b4-828a-84af90b1354b","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":127,"box":{"x":76,"y":362,"width":892,"height":11}},{"id":"fc82e4a9-f06d-46c8-a540-58e0b222c53d","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":127,"box":{"x":77,"y":376,"width":879,"height":11}},{"id":"109705ee-a74b-49be-9f08-d4bd78e8ddfd","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":127,"box":{"x":76,"y":391,"width":904,"height":10}},{"id":"57e0565f-a7ad-4df5-b3e0-20915522f0c9","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":127,"box":{"x":76,"y":405,"width":894,"height":11}},{"id":"aa2fed84-e430-455b-8ec4-33e3c2d300fd","block_type":"box","text":"possibly permanent and/or total, losses to a Fund.","page_number":127,"box":{"x":76,"y":419,"width":324,"height":11}},{"id":"d747d32f-175b-4712-bea4-497f0bbea62a","block_type":"box","text":"Risk of Investing in Developed Countries.","page_number":127,"box":{"x":77,"y":442,"width":285,"height":11}},{"id":"be275699-33f9-4cfc-a893-c41828f76f2a","block_type":"box","text":"Investment in developed country issuers will subject a Fund to legal, regulatory, political,","page_number":127,"box":{"x":368,"y":442,"width":568,"height":11}},{"id":"464e97b4-f4c6-44f5-a5cc-9cd7e6a27a80","block_type":"box","text":"currency, security, economic and other risks associated with developed countries. Developed countries generally tend to rely on services","page_number":127,"box":{"x":76,"y":456,"width":878,"height":11}},{"id":"47bc9c10-7903-428c-b4d5-f979fe262dfb","block_type":"box","text":"sectors (","page_number":127,"box":{"x":76,"y":471,"width":55,"height":10}},{"id":"3fb6a8c9-71c4-4038-84ac-0c04da35cb49","block_type":"box","text":"e.g.,","page_number":127,"box":{"x":132,"y":473,"width":25,"height":8}},{"id":"3ff2fef4-b820-44c2-bb77-396a8a864f27","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":127,"box":{"x":163,"y":470,"width":817,"height":11}},{"id":"735cc2ef-9c63-44db-8249-89ca897a7f51","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":127,"box":{"x":76,"y":485,"width":887,"height":10}},{"id":"6b4b90be-df05-4267-806b-82aaa122659a","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":127,"box":{"x":76,"y":499,"width":884,"height":11}},{"id":"5b22b60b-e944-4312-9261-c613aedc0afc","block_type":"box","text":"areas in which a Fund invests have experienced strained international relations due to territorial disputes, historical animosities, defense","page_number":127,"box":{"x":76,"y":513,"width":874,"height":11}},{"id":"162d04a0-0d33-4709-9bfe-5042614733a4","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":127,"box":{"x":76,"y":527,"width":868,"height":11}},{"id":"9209a66b-5814-4bf3-a9d1-e6853f06b26e","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":127,"box":{"x":76,"y":541,"width":897,"height":11}},{"id":"6dd41202-4ee1-4e56-82ec-00460176d29e","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":127,"box":{"x":77,"y":556,"width":899,"height":10}},{"id":"15f66559-d38b-41a5-af58-53255d422e3d","block_type":"box","text":"prolonged periods of recession. Many developed countries are heavily indebted and face rising healthcare and retirement expenses. In","page_number":127,"box":{"x":76,"y":570,"width":860,"height":11}},{"id":"6134aff1-dcc7-4aae-9648-0f721f30b09a","block_type":"box","text":"addition, price fluctuations of certain commodities and regulations impacting the import of commodities may negatively affect developed","page_number":127,"box":{"x":76,"y":584,"width":877,"height":11}},{"id":"9e4148c0-5e22-487e-8556-19447f6c4f76","block_type":"box","text":"country economies.","page_number":127,"box":{"x":76,"y":598,"width":126,"height":11}},{"id":"862f33c4-91b9-4e14-9e01-175f7810bfbe","block_type":"box","text":"Risk of Investing in Emerging Markets.","page_number":127,"box":{"x":77,"y":621,"width":266,"height":11}},{"id":"85c5ec6a-6339-4416-a45a-08bc6fb8f88d","block_type":"box","text":"Investments in emerging market issuers may be subject to a greater risk of loss than investments","page_number":127,"box":{"x":349,"y":621,"width":625,"height":11}},{"id":"fb2f364f-cb24-412a-a4ed-9de71c26d23b","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":127,"box":{"x":76,"y":635,"width":869,"height":11}},{"id":"d3c7b427-3c69-488a-a47b-4215c5cc7e49","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":127,"box":{"x":77,"y":650,"width":836,"height":10}},{"id":"0eb61f1e-d0b9-4e3f-b463-9a8fb8cd97f7","block_type":"box","text":"governmental limitations on foreign investments in emerging market countries than are typically found in more developed markets.","page_number":127,"box":{"x":76,"y":664,"width":838,"height":11}},{"id":"e65f52cf-d57e-4412-8328-d616522bc394","block_type":"box","text":"Some emerging market countries may experience economic instability, including instability resulting from substantial rates of inflation or","page_number":127,"box":{"x":76,"y":687,"width":876,"height":11}},{"id":"70820bc1-4d70-47df-ab75-e7bebcf26842","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":127,"box":{"x":76,"y":701,"width":856,"height":11}},{"id":"790994b4-0339-4438-a692-f6d3ba3a2fa7","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":127,"box":{"x":76,"y":715,"width":879,"height":11}},{"id":"52baaee7-5609-4d23-b6be-556633265e38","block_type":"box","text":"exchange rates, and there may be a lack of available currency hedging instruments.","page_number":127,"box":{"x":76,"y":730,"width":533,"height":10}},{"id":"462fb363-b76d-4b34-89dd-ca0022c4cf2b","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":127,"box":{"x":77,"y":753,"width":852,"height":11}},{"id":"52314665-777a-4e66-a355-30690d0e72e2","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":127,"box":{"x":76,"y":767,"width":854,"height":11}},{"id":"e93dc3fd-45f5-46a3-9d0c-049c4b9841f5","block_type":"box","text":"significant investment losses.","page_number":127,"box":{"x":76,"y":781,"width":188,"height":11}},{"id":"46c352f0-0bc7-49ed-a66a-67d76b36c68b","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":127,"box":{"x":76,"y":804,"width":863,"height":11}},{"id":"609fc515-3b4e-4f96-b5a3-f80f3a0892ad","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":127,"box":{"x":76,"y":819,"width":884,"height":10}},{"id":"4bf7bd7a-56d9-42fa-aa35-673d9e8dbda6","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":127,"box":{"x":77,"y":833,"width":902,"height":11}},{"id":"727dc6a0-1a90-4d10-8b1e-b3653d7327d5","block_type":"box","text":"of securities than developed markets. There may be significant obstacles to obtaining information necessary for investigations into or","page_number":127,"box":{"x":76,"y":847,"width":854,"height":11}},{"id":"af2dfc5e-6519-4272-8955-b9dcdcb575a0","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":127,"box":{"x":77,"y":861,"width":878,"height":11}},{"id":"c925b216-f604-4826-a6b9-e4a575a6aa48","block_type":"box","text":"protection considerations.","page_number":127,"box":{"x":76,"y":875,"width":167,"height":11}},{"id":"6ede7eed-29cc-404e-9684-9e76ffbb487f","block_type":"box","text":"19","page_number":127,"box":{"x":524,"y":921,"width":11,"height":8}},{"id":"23a948e3-4437-4af9-b407-1a841689ff1d","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":128,"box":{"x":77,"y":23,"width":851,"height":11}},{"id":"8da44400-8ac6-44a4-b95b-b475938d7c7f","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":128,"box":{"x":76,"y":37,"width":892,"height":11}},{"id":"6e7a27ac-9a1e-42d6-833f-5c22f7eb641f","block_type":"box","text":"and investment. Chronic structural public sector deficits in some countries may adversely impact a Fund’s investments.","page_number":128,"box":{"x":76,"y":51,"width":765,"height":11}},{"id":"6ca5fe1e-af9f-4eff-b6bd-bea7cf39ec9f","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":128,"box":{"x":77,"y":75,"width":885,"height":11}},{"id":"3d1ef2d8-7811-42d1-8ea7-d23214aaa42d","block_type":"box","text":"changes in trading volume, potentially making prompt liquidation of holdings difficult or impossible at times. Settlement procedures in","page_number":128,"box":{"x":76,"y":89,"width":857,"height":11}},{"id":"b1f96e07-8bb4-4571-bf57-301ba48757e6","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":128,"box":{"x":76,"y":103,"width":875,"height":11}},{"id":"2e3eb356-ca57-4f8a-945c-c399e8b73791","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":128,"box":{"x":76,"y":117,"width":870,"height":11}},{"id":"f095b0a9-58e2-43d4-a268-45fabe5dc3c5","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":128,"box":{"x":76,"y":131,"width":867,"height":11}},{"id":"379f4b0a-1356-49cb-a80b-43bcc1487b5c","block_type":"box","text":"objective.","page_number":128,"box":{"x":76,"y":146,"width":61,"height":10}},{"id":"ba1eb1ca-c19b-4cb6-891a-3323a005c5d1","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":128,"box":{"x":76,"y":169,"width":858,"height":11}},{"id":"3238913d-dd15-4926-b0c4-af097d872060","block_type":"box","text":"changes, social issues and governance risk. Additionally, disclosures or third-party data coverage associated with sustainability risks is","page_number":128,"box":{"x":76,"y":183,"width":863,"height":11}},{"id":"e1f10591-dcce-4e3f-ba72-2f300e3a79fd","block_type":"box","text":"generally less available or transparent in these markets.","page_number":128,"box":{"x":76,"y":197,"width":357,"height":11}},{"id":"04e04043-e960-4f73-bdb0-703e26bf6477","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":128,"box":{"x":77,"y":220,"width":904,"height":11}},{"id":"8f4778cc-6d0a-4b2b-bb84-1fb36b0984cb","block_type":"box","text":"the imposition of restrictions on foreign investments and on repatriation of capital invested in such countries.","page_number":128,"box":{"x":76,"y":235,"width":700,"height":10}},{"id":"f00948a4-e3bf-4590-a475-5ba8c03a5445","block_type":"box","text":"Risk of Investing in Europe.","page_number":128,"box":{"x":77,"y":258,"width":188,"height":11}},{"id":"34e11083-68db-4dc6-8a0a-14cf69cbe221","block_type":"box","text":"A Fund may be more exposed to the economic and political risks of Europe and of the European countries in","page_number":128,"box":{"x":270,"y":258,"width":693,"height":11}},{"id":"5ed60d14-958b-41c9-91fa-71046e147013","block_type":"box","text":"which it invests than are funds whose investments are more geographically diversified. Adverse economic and political events in Europe may","page_number":128,"box":{"x":76,"y":272,"width":900,"height":11}},{"id":"6d6ba8e0-798d-44a1-865e-105c324c9020","block_type":"box","text":"cause the Fund’s investments to decline in value. The economies and markets of European countries are often closely connected and","page_number":128,"box":{"x":76,"y":286,"width":852,"height":11}},{"id":"707031ac-a438-4482-a9de-daf8f531c1df","block_type":"box","text":"interdependent, and events in one country in Europe can have an adverse impact on other European countries. A Fund makes investments in","page_number":128,"box":{"x":76,"y":300,"width":901,"height":11}},{"id":"1c00f8b1-8581-47f7-87c5-f588c2c6d36e","block_type":"box","text":"securities of issuers that are domiciled in, have significant operations in, or that are listed on at least one securities exchange within member","page_number":128,"box":{"x":76,"y":314,"width":903,"height":11}},{"id":"a114cda3-8270-48a9-8bbe-e3d78f5ee14c","block_type":"box","text":"states of the EU. The EU requires compliance by member states with restrictions on inflation rates, deficits, interest rates and debt levels, as","page_number":128,"box":{"x":76,"y":329,"width":900,"height":10}},{"id":"dfe57d2c-282d-4a9b-a43f-94385910d10c","block_type":"box","text":"well as fiscal and monetary controls, each of which may significantly affect every country in Europe, including those countries that are not","page_number":128,"box":{"x":76,"y":343,"width":882,"height":11}},{"id":"ef9b1083-f9dc-4a65-a1b8-c7d3970da935","block_type":"box","text":"members of the EU. Changes in imports or exports, changes in governmental or EU regulations on trade, changes in the exchange rate of the","page_number":128,"box":{"x":76,"y":357,"width":902,"height":11}},{"id":"5ffb44b5-0cbb-491b-bc01-fceb21263bb3","block_type":"box","text":"euro (the common currency of certain EU countries), the default or threat of default by an EU member state on its sovereign debt, or an","page_number":128,"box":{"x":76,"y":371,"width":867,"height":11}},{"id":"fed18b60-d12c-4ded-9661-c6359b7969a3","block_type":"box","text":"economic recession in an EU member state may have a significant adverse effect on the economies of other EU member states and their","page_number":128,"box":{"x":76,"y":385,"width":877,"height":11}},{"id":"9a2acfb3-fe93-4e9a-8a39-3e45a35f3d2e","block_type":"box","text":"trading partners. The European financial markets have experienced volatility and adverse trends in years past due to concerns about","page_number":128,"box":{"x":76,"y":400,"width":847,"height":10}},{"id":"d7d4bd5a-38bc-4b89-a704-1afadbaf5b3f","block_type":"box","text":"economic downturns or rising government debt levels in several European countries, including, but not limited to, Austria, Belgium, Cyprus,","page_number":128,"box":{"x":76,"y":414,"width":890,"height":11}},{"id":"49077ce9-723e-45ae-9eb7-b6c632ebc91e","block_type":"box","text":"France, Greece, Ireland, Italy, Portugal, Spain and Ukraine. These events have and may in the future adversely affect the exchange rate of the","page_number":128,"box":{"x":77,"y":428,"width":901,"height":11}},{"id":"54e5d0cb-213d-4174-98a9-68b379e2a172","block_type":"box","text":"euro and may significantly affect other European countries.","page_number":128,"box":{"x":76,"y":442,"width":378,"height":11}},{"id":"3c68e807-59a0-490f-9dfd-4aab71e54ff1","block_type":"box","text":"Responses to financial problems by European governments, central banks and others, including austerity measures and reforms, may not","page_number":128,"box":{"x":77,"y":465,"width":878,"height":11}},{"id":"1d3234fb-7c99-41f3-8e0a-c0c1e6d81848","block_type":"box","text":"produce the desired results, may result in social unrest, may limit future growth and economic recovery or may have other unintended","page_number":128,"box":{"x":76,"y":479,"width":858,"height":11}},{"id":"06abd612-247e-46b9-a41c-87d3854df77c","block_type":"box","text":"consequences. Further defaults or restructurings by governments and other entities of their debt could have additional adverse effects on","page_number":128,"box":{"x":76,"y":494,"width":882,"height":11}},{"id":"88cb119c-403b-4934-924d-459c5d977dda","block_type":"box","text":"economies, financial markets and asset valuations around the world. In addition, one or more countries may abandon the euro and/or","page_number":128,"box":{"x":76,"y":508,"width":859,"height":11}},{"id":"1933d863-0823-470f-9015-fba09bad1646","block_type":"box","text":"withdraw from the EU.","page_number":128,"box":{"x":76,"y":522,"width":142,"height":9}},{"id":"8092e4bf-bdd8-4a09-b71e-e08972dfa955","block_type":"box","text":"Certain European countries have also developed increasingly strained relationships with the U.S., and if these relations were to worsen, they","page_number":128,"box":{"x":76,"y":545,"width":899,"height":11}},{"id":"d5e80aa9-e3d9-4f76-b12f-6e629dcab83d","block_type":"box","text":"could adversely affect European issuers that rely on the U.S. for trade. Secessionist movements, such as the Catalan movement in Spain and","page_number":128,"box":{"x":76,"y":559,"width":902,"height":11}},{"id":"1c6f6630-e97a-4ff7-807a-0cf453cd358c","block_type":"box","text":"the independence movement in Scotland, as well as governmental or other responses to such movements, may also create instability and","page_number":128,"box":{"x":76,"y":574,"width":881,"height":10}},{"id":"c74ebe2f-8f7e-47c2-9c85-e6a3113c2366","block_type":"box","text":"uncertainty in the region. In addition, the national politics of countries in the EU have been unpredictable and subject to influence by varying","page_number":128,"box":{"x":77,"y":588,"width":896,"height":11}},{"id":"e6de5a89-91c8-4b3b-ad97-34f0cb4806d5","block_type":"box","text":"political groups and ideologies. The governments of EU countries may be subject to change and such countries may experience social and","page_number":128,"box":{"x":76,"y":602,"width":883,"height":11}},{"id":"5520dba6-376c-4e91-881c-2c56621f070b","block_type":"box","text":"political unrest. Unanticipated or sudden political or social developments may result in sudden and significant investment losses. The","page_number":128,"box":{"x":76,"y":616,"width":852,"height":11}},{"id":"1adc5975-b307-461b-8914-dc81ced33ba2","block_type":"box","text":"occurrence of terrorist incidents throughout Europe also could impact financial markets. The impact of these events is not clear but could be","page_number":128,"box":{"x":76,"y":630,"width":900,"height":11}},{"id":"57d09916-9385-4021-bcba-46969cf7a336","block_type":"box","text":"significant and far-reaching and could adversely affect the value of the Fund. A Fund’s investments could be negatively impacted by any","page_number":128,"box":{"x":76,"y":644,"width":867,"height":11}},{"id":"3f07e1f4-5fc0-4e3e-aa3e-ac6259936444","block_type":"box","text":"economic or political instability in any European country.","page_number":128,"box":{"x":76,"y":659,"width":361,"height":10}},{"id":"d076e5b7-ba89-4758-a1c4-745203608c27","block_type":"box","text":"Risk of Investing in Japan.","page_number":128,"box":{"x":77,"y":682,"width":178,"height":11}},{"id":"f454bed2-3ab7-4fa2-86ab-fded7f7d9c4e","block_type":"box","text":"Investing in Japanese issuers subjects a Fund to legal, regulatory, political, economic, currency, geographic and","page_number":128,"box":{"x":261,"y":682,"width":713,"height":11}},{"id":"46370781-0d1a-4bdc-8706-d6cec7f73810","block_type":"box","text":"security risks that are specific to Japan. Japan’s economic growth rate has generally remained low relative to other advanced economies, and","page_number":128,"box":{"x":76,"y":696,"width":903,"height":11}},{"id":"55b572db-3dc2-4139-9c00-ae93ba6ef683","block_type":"box","text":"it may continue to remain low. Its economy depends heavily on international trade and government policy supporting its export market.","page_number":128,"box":{"x":76,"y":710,"width":864,"height":11}},{"id":"ea107153-fd13-4d7b-bccc-5d53aa04475e","block_type":"box","text":"Economic downturns or political instability in its key trading partners, which include the United States and China, could have an adverse","page_number":128,"box":{"x":77,"y":724,"width":868,"height":11}},{"id":"c06a8dcb-8921-4a91-bf06-e16ba04803d6","block_type":"box","text":"effect on the Japanese economy. Currency fluctuations also could adversely impact Japan’s export market and its economy. If the Japanese","page_number":128,"box":{"x":76,"y":739,"width":890,"height":10}},{"id":"3e5ae889-be2e-40b8-b9b7-867ff5abb80c","block_type":"box","text":"government were to intervene in the currency market, as it has in the past, the yen’s value could fluctuate sharply and unpredictably, which","page_number":128,"box":{"x":76,"y":753,"width":891,"height":11}},{"id":"cd419de7-8056-470b-888d-68800d97a421","block_type":"box","text":"could cause losses to investors.","page_number":128,"box":{"x":76,"y":767,"width":203,"height":8}},{"id":"924ecb71-0b97-4a7c-b28d-db0e666af3c7","block_type":"box","text":"Other risks to Japan’s economic growth and competitiveness include significant public debt and deficits as well as labor shortages due to an","page_number":128,"box":{"x":76,"y":790,"width":896,"height":11}},{"id":"cf03bb33-99ca-4846-9539-eff6f345e0bc","block_type":"box","text":"aging and declining population. In addition, Japan lacks many natural resources and relies heavily on imports of oil and other commodities.","page_number":128,"box":{"x":76,"y":804,"width":885,"height":11}},{"id":"b11dee4a-3eb0-4b26-ac2a-b9851c3846f7","block_type":"box","text":"Price increases, shortages or volatility in commodities markets could have a negative effect on Japan’s economy. Other risks to the Japanese","page_number":128,"box":{"x":77,"y":819,"width":899,"height":10}},{"id":"82d58a5f-b024-4bde-9dca-ed0b3edadac4","block_type":"box","text":"economy and financial markets include natural disasters and Japan’s relations with neighboring countries, which at times have been strained.","page_number":128,"box":{"x":76,"y":833,"width":903,"height":11}},{"id":"e07ea60c-db49-4d24-82fa-f942fc23cf9a","block_type":"box","text":"Risk of Investing in Russia.","page_number":128,"box":{"x":77,"y":856,"width":185,"height":11}},{"id":"0d7ef8e0-ed15-4b66-9f40-e097384445cd","block_type":"box","text":"Investing in Russian securities involves significant risks, in addition to those described under “Risk of Investing","page_number":128,"box":{"x":268,"y":856,"width":708,"height":11}},{"id":"33e19760-3760-4fb0-998b-f4e147417829","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":128,"box":{"x":76,"y":870,"width":825,"height":11}},{"id":"b79bfe74-e754-43ef-b19d-6926aa3173dc","block_type":"box","text":"20","page_number":128,"box":{"x":522,"y":921,"width":15,"height":8}},{"id":"15d65cc8-451e-4020-9601-5ec6bbf8f8a7","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":129,"box":{"x":113,"y":23,"width":857,"height":11}},{"id":"ad53f9db-bdf9-4ceb-aa1d-0b695e1677f6","block_type":"box","text":"in Russia;","page_number":129,"box":{"x":113,"y":37,"width":60,"height":10}},{"id":"95d56fb5-934c-4f46-8543-28ba89802659","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":129,"box":{"x":114,"y":55,"width":800,"height":11}},{"id":"3b40debb-2778-4d14-aec8-1d35a80675c9","block_type":"box","text":"depositories, including the risk that appropriate sub-custody arrangements will not be available to a Fund;","page_number":129,"box":{"x":113,"y":70,"width":677,"height":10}},{"id":"f401f083-147c-47fe-83de-41b7b2861186","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":129,"box":{"x":113,"y":88,"width":861,"height":10}},{"id":"75764690-cd8b-4db0-8ecb-52b83010939f","block_type":"box","text":"Russian companies is recorded by the companies themselves and by registrars, rather than by a central registration system;","page_number":129,"box":{"x":114,"y":102,"width":793,"height":11}},{"id":"b9c233f7-200b-48f1-bb04-25f2c9974cbc","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":129,"box":{"x":113,"y":120,"width":838,"height":11}},{"id":"bb8bb0e0-75b1-4466-8821-72f8e351f32b","block_type":"box","text":"custody, and because Russian banking institutions and registrars are not guaranteed by the Russian government; and","page_number":129,"box":{"x":113,"y":134,"width":751,"height":11}},{"id":"3de42451-2258-423c-8992-409d5a8f1ad8","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":129,"box":{"x":113,"y":152,"width":827,"height":11}},{"id":"85c56a32-c086-47d3-ab1f-cae58c34e34c","block_type":"box","text":"issuers of securities in which a Fund invests.","page_number":129,"box":{"x":113,"y":166,"width":283,"height":9}},{"id":"cfba7502-a129-4b61-a967-848070718860","block_type":"box","text":"Russian invasion of Ukraine","page_number":129,"box":{"x":76,"y":189,"width":172,"height":9}},{"id":"a592e2f3-b798-428b-b165-8ed4826e3ae3","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":129,"box":{"x":249,"y":189,"width":720,"height":11}},{"id":"fba6fb69-2a11-4b10-9933-04d42c6889a7","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":129,"box":{"x":76,"y":204,"width":893,"height":10}},{"id":"9bf80529-53ca-4f52-8c75-64e4fc047092","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":129,"box":{"x":76,"y":218,"width":887,"height":11}},{"id":"2f7382ea-b9db-493e-a0cb-e66b33e41469","block_type":"box","text":"cyberattacks and espionage) or resulting actual and threatened responses to such activity, including purchasing and financing restrictions,","page_number":129,"box":{"x":76,"y":232,"width":886,"height":11}},{"id":"5679016f-7b77-4860-9081-f81953ecc851","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":129,"box":{"x":76,"y":246,"width":894,"height":11}},{"id":"30c5d3c5-9baf-46d7-a830-2eae53fa08b5","block_type":"box","text":"government, Russian companies or Russian individuals, including politicians, may impact Russia’s economy, Russian issuers of securities in","page_number":129,"box":{"x":76,"y":260,"width":891,"height":11}},{"id":"bb50d892-42e4-4ab0-ba35-b5e3153f991a","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":129,"box":{"x":76,"y":275,"width":885,"height":10}},{"id":"480da471-ca62-49b3-9ab2-b95cc0df54af","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":129,"box":{"x":76,"y":289,"width":892,"height":11}},{"id":"d7867645-795b-41ca-93bc-0f4c09d99ab6","block_type":"box","text":"have collateral impacts on such sectors across Europe and globally.","page_number":129,"box":{"x":77,"y":303,"width":431,"height":11}},{"id":"40d2d228-1b54-4768-afbe-84141e903616","block_type":"box","text":"Russia Sanctions.","page_number":129,"box":{"x":76,"y":326,"width":109,"height":9}},{"id":"23ad1d6e-7146-4d8a-b480-d0a9193904fb","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":129,"box":{"x":191,"y":326,"width":783,"height":11}},{"id":"6b137c34-e8f6-4b5f-9393-b4dfe07a8bbd","block_type":"box","text":"imposed economic sanctions on certain Russian individuals, including politicians, and Russian corporate and banking entities, including","page_number":129,"box":{"x":76,"y":340,"width":866,"height":11}},{"id":"010cd37f-270e-47c3-b2f5-fdce560fad2d","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":129,"box":{"x":76,"y":354,"width":891,"height":11}},{"id":"5c0a59b2-5526-4ba3-8a71-bd3e9364c67e","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":129,"box":{"x":76,"y":369,"width":869,"height":10}},{"id":"f2e37df2-ebf6-49a1-adf6-c78a18a9f06b","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":129,"box":{"x":76,"y":383,"width":904,"height":11}},{"id":"f5a5a3ff-b5d1-424c-a437-d3199c4918c6","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":129,"box":{"x":77,"y":397,"width":840,"height":11}},{"id":"686c3327-8ad6-47c8-8c1d-c5a918003f46","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":129,"box":{"x":76,"y":411,"width":884,"height":11}},{"id":"0fde2205-cc6d-4333-ae5f-cd150585aceb","block_type":"box","text":"assets.","page_number":129,"box":{"x":76,"y":426,"width":44,"height":8}},{"id":"843fc9dd-1f5d-4b6f-8b05-b1210adb251f","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":129,"box":{"x":76,"y":449,"width":866,"height":10}},{"id":"af60f030-ffa8-454c-9481-33e184def52a","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":129,"box":{"x":76,"y":463,"width":855,"height":11}},{"id":"4c57774b-2749-4341-ac63-0a3cbc6bcd5a","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":129,"box":{"x":76,"y":477,"width":898,"height":11}},{"id":"af65a993-7cab-473f-89ae-b7ced4d1edc6","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":129,"box":{"x":76,"y":491,"width":898,"height":11}},{"id":"31b92060-6d22-49bf-91b4-92941b3a2312","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":129,"box":{"x":76,"y":514,"width":861,"height":11}},{"id":"3019633d-2e55-4114-a103-40117e230683","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":129,"box":{"x":76,"y":528,"width":870,"height":11}},{"id":"4741d3f6-1363-416c-a449-642ef11cb88a","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":129,"box":{"x":76,"y":543,"width":850,"height":10}},{"id":"8d79a417-0d80-4f62-be21-f7bcf82972a0","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":129,"box":{"x":77,"y":557,"width":861,"height":11}},{"id":"f88974d4-9fbf-4571-b3ce-9b099719fe93","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":129,"box":{"x":76,"y":571,"width":894,"height":11}},{"id":"ae03d26e-a894-48fe-91d5-597ad9a73f62","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":129,"box":{"x":77,"y":585,"width":867,"height":11}},{"id":"975ee9ec-7222-4ab3-b155-7aba118cc3f4","block_type":"box","text":"liability companies (e.g., dividends), and prohibits Russian persons from entering into transactions with designated persons from “unfriendly","page_number":129,"box":{"x":77,"y":599,"width":895,"height":11}},{"id":"50e996ef-24e7-4dc4-a9f8-61e11f23f89c","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":129,"box":{"x":76,"y":614,"width":861,"height":10}},{"id":"52ec9168-923a-4915-9845-f3846fbb0f11","block_type":"box","text":"unable to pay dividends and, if they pay dividends, a Fund may be unable to receive them.","page_number":129,"box":{"x":77,"y":628,"width":572,"height":11}},{"id":"e5851069-c4a4-467b-ad5b-612307b16532","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":129,"box":{"x":76,"y":651,"width":860,"height":11}},{"id":"d1b5deb7-0bc7-48fd-8115-6a1ba4235341","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":129,"box":{"x":76,"y":665,"width":855,"height":11}},{"id":"085e536d-e2aa-43eb-b262-e62bc614e791","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":129,"box":{"x":77,"y":679,"width":855,"height":11}},{"id":"c3a7f474-7569-4d05-88ee-9d11e1c9990e","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":129,"box":{"x":76,"y":693,"width":896,"height":11}},{"id":"c4cd9e7d-4b32-4104-9990-0494edc584c4","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":129,"box":{"x":76,"y":708,"width":867,"height":10}},{"id":"1021a97d-d73b-4e2b-97ee-479638c42dcd","block_type":"box","text":"Russian securities will resume.","page_number":129,"box":{"x":77,"y":722,"width":195,"height":8}},{"id":"672506e1-2fb6-4455-b06d-17f16fbc27cf","block_type":"box","text":"Risk of Investing in Saudi Arabia.","page_number":129,"box":{"x":77,"y":745,"width":227,"height":11}},{"id":"f678be20-71f5-497b-8f12-ca2ae7e37c25","block_type":"box","text":"Investing in Saudi Arabian issuers involves legal, regulatory, political, currency, security, and economic","page_number":129,"box":{"x":310,"y":745,"width":657,"height":11}},{"id":"057480b4-6ed5-46d3-a7db-c1d61b2cedd2","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":129,"box":{"x":77,"y":759,"width":870,"height":11}},{"id":"71ba4b5d-b032-4d40-b131-eab03386550b","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":129,"box":{"x":76,"y":773,"width":901,"height":11}},{"id":"84c7b049-c9ed-4570-8fa3-885a7b259047","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":129,"box":{"x":76,"y":788,"width":875,"height":10}},{"id":"8296ec91-f066-431b-9cdc-eef44c43df75","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":129,"box":{"x":77,"y":802,"width":857,"height":11}},{"id":"b1833e62-b4d8-494e-97d2-5015383194cf","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":129,"box":{"x":77,"y":825,"width":892,"height":11}},{"id":"d4b25f2b-11be-4298-b5a9-c522ed59b1d5","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":129,"box":{"x":76,"y":839,"width":889,"height":11}},{"id":"07d13ef5-a86f-4522-ac2f-ea7e1bfb3399","block_type":"box","text":"expropriation and/or nationalization of assets, restrictions on and government intervention in international trade, confiscatory taxation,","page_number":129,"box":{"x":76,"y":853,"width":869,"height":11}},{"id":"ab14a23c-4a4e-4237-abe3-8848eda7d704","block_type":"box","text":"political instability, including authoritarian and/or military involvement in governmental decision-making, armed conflict, crime and instabi","page_number":129,"box":{"x":76,"y":868,"width":886,"height":10}},{"id":"e9247ad0-8d35-4d63-bf55-a0991c8b7e9b","block_type":"box","text":"lity","page_number":129,"box":{"x":964,"y":868,"width":18,"height":10}},{"id":"140c5be8-785c-4dac-9ef8-8a7fd351b587","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":129,"box":{"x":76,"y":882,"width":868,"height":11}},{"id":"31a458be-b701-4235-837f-7ee8e745bbc6","block_type":"box","text":"21","page_number":129,"box":{"x":522,"y":921,"width":12,"height":8}},{"id":"3617d0f6-b7f4-4fd0-924f-1dbacb7f48f2","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":130,"box":{"x":76,"y":23,"width":860,"height":11}},{"id":"5416f03b-838a-4be5-b24c-67b23bcaa37f","block_type":"box","text":"reforms (","page_number":130,"box":{"x":77,"y":37,"width":56,"height":11}},{"id":"3a5befdd-f93c-41d0-8481-dcb8967248d1","block_type":"box","text":"e.g.,","page_number":130,"box":{"x":135,"y":40,"width":24,"height":8}},{"id":"d07f9f40-635d-48a2-93f4-5b4aa903b1cb","block_type":"box","text":"privatization) are underway, restrictions on foreign ownership persist, and the government has an ownership stake in many key","page_number":130,"box":{"x":166,"y":37,"width":812,"height":11}},{"id":"c64a0fda-3cd3-4305-b578-a02dae10f582","block_type":"box","text":"industries. Saudi Arabia has experienced strained relations with economic partners worldwide, including other countries in the Middle East,","page_number":130,"box":{"x":76,"y":52,"width":891,"height":10}},{"id":"83c98321-0425-4ad3-815d-ab35b484e82e","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":130,"box":{"x":76,"y":66,"width":891,"height":11}},{"id":"a74fdc9d-78dc-4c9e-b9c6-256dd5981087","block_type":"box","text":"have an adverse impact on the Saudi Arabian economy and securities.","page_number":130,"box":{"x":77,"y":80,"width":447,"height":11}},{"id":"7520f52f-6adf-4e32-9fc4-cdb9ac235cd4","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":130,"box":{"x":76,"y":103,"width":901,"height":11}},{"id":"adc2c45c-e99e-4d2b-9017-124938c7c6b9","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":130,"box":{"x":76,"y":117,"width":896,"height":11}},{"id":"833f1b21-7d7f-4fd1-b7d9-6d058492b075","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":130,"box":{"x":76,"y":131,"width":895,"height":11}},{"id":"f23d174f-4332-431e-88e2-f7820d1e7f2e","block_type":"box","text":"in accordance with its strategy and result in tracking error for a Fund that tracks an index.","page_number":130,"box":{"x":76,"y":146,"width":574,"height":10}},{"id":"604f52f2-d5b9-479f-bf4e-3cd6bf5c7d7b","block_type":"box","text":"Saudi Arabia Broker Risk","page_number":130,"box":{"x":76,"y":169,"width":155,"height":8}},{"id":"fd3eef90-827a-4e1d-9331-4c218013d5b5","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":130,"box":{"x":231,"y":169,"width":699,"height":11}},{"id":"4f040991-0332-4b4c-aede-4467a8d6208f","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":130,"box":{"x":76,"y":183,"width":882,"height":11}},{"id":"424401c4-a265-4147-9842-82ff4be9766d","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":130,"box":{"x":77,"y":197,"width":886,"height":11}},{"id":"97d74df3-8076-47cc-838e-a249a992984e","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":130,"box":{"x":76,"y":211,"width":892,"height":11}},{"id":"3b837a30-8fbb-4af1-8c11-d852b81f3166","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":130,"box":{"x":76,"y":226,"width":899,"height":10}},{"id":"47e1263f-8327-4cc1-8bff-769c615a194c","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":130,"box":{"x":77,"y":240,"width":888,"height":11}},{"id":"1eb14a67-195e-41a9-b867-a15e4f69fa02","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":130,"box":{"x":77,"y":254,"width":885,"height":11}},{"id":"6a4ffb89-9cba-4530-b508-4f6176648930","block_type":"box","text":"brokers in the execution or settlement of transactions or in the transfer of funds or securities.","page_number":130,"box":{"x":76,"y":268,"width":599,"height":9}},{"id":"5dcc8c62-4971-4857-ab5a-e4a0bbbcddcc","block_type":"box","text":"Risk of Investing in Taiwan.","page_number":130,"box":{"x":77,"y":291,"width":187,"height":11}},{"id":"3cef99b1-769f-452b-87bf-84492ae883be","block_type":"box","text":"Investing in Taiwanese issuers subjects a Fund to legal, regulatory, political, economic, currency, geographic","page_number":130,"box":{"x":270,"y":291,"width":693,"height":11}},{"id":"7cd41e7b-e235-4f51-b5eb-2a1e242c9077","block_type":"box","text":"and security risks that are specific to Taiwan. Taiwan’s economy is export-oriented, so it depends on a free-trade regime. It may be adversely","page_number":130,"box":{"x":76,"y":305,"width":900,"height":11}},{"id":"c24caf27-19a6-4899-bec2-a59bd4264fe6","block_type":"box","text":"affected by trade conflicts, downturns in the world economy and reduced demand for its goods, particularly from key trading partners such","page_number":130,"box":{"x":76,"y":320,"width":888,"height":10}},{"id":"dad6df47-82f6-40d9-b376-60e7583acd30","block_type":"box","text":"as China. Taiwan has limited natural resources and relies on imports for its commodity needs, making it vulnerable to global fluctuations in","page_number":130,"box":{"x":76,"y":334,"width":886,"height":11}},{"id":"ff24019a-5639-417c-a7c6-b5fdeacd82ed","block_type":"box","text":"price and supply. This dependence is especially pronounced in the energy sector. Electricity and water shortages pose threats to Taiwan’s","page_number":130,"box":{"x":76,"y":348,"width":879,"height":11}},{"id":"0bc37967-bba4-477c-9c92-4e7e7b87d278","block_type":"box","text":"high-tech manufacturing sector. Other long-term challenges for Taiwan include an aging population, a shortage of skilled labor and increasing","page_number":130,"box":{"x":77,"y":362,"width":902,"height":11}},{"id":"1b2d4aa6-1243-4074-80ee-7fed5231dc27","block_type":"box","text":"competition from neighboring lower-cost countries.","page_number":130,"box":{"x":76,"y":376,"width":328,"height":11}},{"id":"d8afdab3-33cd-4449-b9b9-7906aa1adfe8","block_type":"box","text":"China has a complex territorial dispute regarding the sovereignty of Taiwan and has pledged to take control of Taiwan, including by force if","page_number":130,"box":{"x":76,"y":400,"width":883,"height":10}},{"id":"c4151009-2160-45e0-b228-55688d6e5e68","block_type":"box","text":"necessary. The Chinese military has conducted military drills around Taiwan in connection with China’s claim to Taiwan. Taiwan-based","page_number":130,"box":{"x":76,"y":414,"width":853,"height":11}},{"id":"ae29bbc7-cb6e-4b08-9525-3694b2456278","block_type":"box","text":"companies and individuals are significant investors in China. Continuing hostility between China and Taiwan may have an adverse impact on","page_number":130,"box":{"x":76,"y":428,"width":893,"height":11}},{"id":"28333850-9f10-4e61-81f3-8b281d07c3ba","block_type":"box","text":"their economies and markets and on the value of a Fund’s investments in China, Taiwan or the region, may cause a suspension in a Fund’s","page_number":130,"box":{"x":76,"y":442,"width":882,"height":11}},{"id":"24d8962d-d65d-4c2a-950e-6c5e71356708","block_type":"box","text":"ability to trade in certain securities or other assets, or may otherwise make such investments impracticable or impossible.","page_number":130,"box":{"x":76,"y":456,"width":781,"height":11}},{"id":"b2b27892-4e4d-48ac-bf7a-c4edbd9369bd","block_type":"box","text":"Risk of Investing in the U.K.","page_number":130,"box":{"x":77,"y":479,"width":191,"height":11}},{"id":"622a2f31-c77a-4fe2-9f54-3ff2b00b94b4","block_type":"box","text":"Investing in U.K. issuers subjects a Fund to legal, regulatory, political, economic, currency, geographic and","page_number":130,"box":{"x":274,"y":480,"width":682,"height":10}},{"id":"26f2819f-c475-45ea-b8b0-787eebd85e11","block_type":"box","text":"security risks that are specific to the U.K. Economic downturns or political instability in its key trading partners, which include the United","page_number":130,"box":{"x":76,"y":494,"width":874,"height":11}},{"id":"c48d2a2d-0323-48da-998f-2d8428836539","block_type":"box","text":"States and other European countries, could have an adverse effect on the U.K. economy. Following Brexit, certain trading matters between","page_number":130,"box":{"x":76,"y":508,"width":887,"height":11}},{"id":"621b37f0-c85f-4855-8ac4-cd3c9e6873dc","block_type":"box","text":"the U.K. and the EU remain unresolved, including with respect to financial services. Continuing uncertainty regarding the U.K.’s relationship","page_number":130,"box":{"x":76,"y":522,"width":893,"height":11}},{"id":"29c5ad4d-2df6-488b-9f92-ccace967d3f4","block_type":"box","text":"with the EU could have an adverse impact on the economy and currency of the United Kingdom. Other risks to the U.K.’s economic growth","page_number":130,"box":{"x":76,"y":536,"width":886,"height":11}},{"id":"243ee028-5473-4631-98ad-92962c33c1ce","block_type":"box","text":"and competitiveness include high public debt and relatively low productivity.","page_number":130,"box":{"x":76,"y":550,"width":487,"height":11}},{"id":"6f0b93b8-d295-46fa-87e2-4f089d0d2746","block_type":"box","text":"Risk of Investing in the U.S.","page_number":130,"box":{"x":77,"y":574,"width":190,"height":10}},{"id":"9175949a-2f80-4dd9-9a0c-dff39907fb94","block_type":"box","text":"Investing in U.S. issuers involves legal, regulatory, political, currency, security, and economic risks that are","page_number":130,"box":{"x":273,"y":574,"width":683,"height":10}},{"id":"ebd2db90-3434-4682-bd5c-c09bbd46c2b2","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":130,"box":{"x":76,"y":588,"width":897,"height":11}},{"id":"1900c43a-73fd-4437-8bc6-baa4b2794433","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":130,"box":{"x":76,"y":602,"width":902,"height":11}},{"id":"7e190f0a-1746-459f-9dab-a5c6e5811828","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":130,"box":{"x":76,"y":616,"width":887,"height":11}},{"id":"31a0cc72-4c3b-45fb-85e4-c2f46a7ec80c","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":130,"box":{"x":76,"y":630,"width":894,"height":11}},{"id":"0075f3a9-6f86-49eb-a661-62104865c2c6","block_type":"box","text":"financial markets or issuers.","page_number":130,"box":{"x":76,"y":644,"width":179,"height":9}},{"id":"3221a733-72a8-4454-94f3-fb9372d7b9ea","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":130,"box":{"x":76,"y":668,"width":868,"height":11}},{"id":"6ca9903b-35c9-4a97-ba0a-268eeb33eee7","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":130,"box":{"x":77,"y":682,"width":867,"height":11}},{"id":"36c03d26-8e2d-46ed-8c40-04cdb05acc74","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":130,"box":{"x":76,"y":696,"width":868,"height":11}},{"id":"a1482047-3eca-4413-82b3-8a1ae98c8eac","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":130,"box":{"x":77,"y":710,"width":899,"height":11}},{"id":"62872792-e53c-4a8a-bd49-9d045d5e0b5f","block_type":"box","text":"system.","page_number":130,"box":{"x":76,"y":725,"width":49,"height":10}},{"id":"855987cf-a8d9-4a1d-886a-650ec6ada299","block_type":"box","text":"Risk of Investing through Stock Connect.","page_number":130,"box":{"x":77,"y":748,"width":283,"height":10}},{"id":"658aa5e6-9828-4fc1-b91e-e8e424b433c2","block_type":"box","text":"Investing in A-shares through Stock Connect is subject to trading, clearance, settlement and","page_number":130,"box":{"x":366,"y":748,"width":592,"height":10}},{"id":"0a365ec3-2612-4a7b-ba98-029da039956d","block_type":"box","text":"other procedures, which could pose risks to the Fund.","page_number":130,"box":{"x":76,"y":762,"width":344,"height":11}},{"id":"ea32d16d-7279-4a38-9b2f-17615fa4a05a","block_type":"box","text":"Although no individual investment quotas or licensing requirements apply to investors in Stock Connect, trading through Stock Connect is","page_number":130,"box":{"x":76,"y":785,"width":882,"height":11}},{"id":"5bc56373-4bff-42bf-9c8b-00efc5cb4672","block_type":"box","text":"subject to the Daily Quota, which limits the maximum net purchases under Stock Connect each day. The Daily Quota does not belong to the","page_number":130,"box":{"x":76,"y":799,"width":894,"height":11}},{"id":"f9f42361-9a21-46df-ba69-0a6c19668394","block_type":"box","text":"Fund and is utilized on a first-come-first-serve basis. As such, buy orders for A-shares would be rejected once the Daily Quota is exceeded","page_number":130,"box":{"x":77,"y":813,"width":883,"height":11}},{"id":"634e033d-6cbb-415e-a009-9d7ca9b1c6b2","block_type":"box","text":"(although the Fund will be permitted to sell A-shares regardless of the Daily Quota balance). The Daily Quota may restrict the Fund’s ability to","page_number":130,"box":{"x":77,"y":828,"width":903,"height":10}},{"id":"52489acd-bee8-49b7-8ccc-c342c441ebb7","block_type":"box","text":"invest in A-shares through Stock Connect on a timely basis, which could affect the Fund’s ability to effectively pursue its investment strategy.","page_number":130,"box":{"x":76,"y":842,"width":903,"height":11}},{"id":"3087abae-af03-4bf1-a688-87438e74795d","block_type":"box","text":"The Daily Quota is also subject to change.","page_number":130,"box":{"x":76,"y":856,"width":267,"height":11}},{"id":"c330b55b-ae64-40eb-acf2-881a09fc2865","block_type":"box","text":"22","page_number":130,"box":{"x":522,"y":921,"width":14,"height":8}},{"id":"e764298b-4340-400b-a063-2917619033d2","block_type":"box","text":"A-shares purchased through Stock Connect generally may only be sold or otherwise transferred through Stock Connect and in accordance","page_number":131,"box":{"x":76,"y":23,"width":886,"height":11}},{"id":"b2f1280f-ed28-4ea1-91d5-cc7436420aaf","block_type":"box","text":"with applicable rules. In order to comply with applicable local market rules and to facilitate orderly operations of the Fund, including the","page_number":131,"box":{"x":76,"y":37,"width":867,"height":11}},{"id":"bdaa2657-eddc-455e-b39c-198d665b8a10","block_type":"box","text":"timely settlement of Stock Connect trades placed by or on behalf of the Fund, BFA utilizes an operating model that will only be used by","page_number":131,"box":{"x":76,"y":51,"width":861,"height":11}},{"id":"abf98136-84a0-4af2-8000-7e30adfc7e6a","block_type":"box","text":"iShares ETFs with investments in A-shares through Stock Connect. Such operating model may reduce the risks of trade failures; however, it","page_number":131,"box":{"x":76,"y":66,"width":893,"height":11}},{"id":"ac474f45-e657-4eb2-9598-ccec02e4fa56","block_type":"box","text":"will also allow Stock Connect trades to be settled without the prior verification by the Fund. Accordingly, this operating model may subject","page_number":131,"box":{"x":76,"y":80,"width":885,"height":11}},{"id":"c6cb7234-00b0-4977-9548-5fd8c5190bc7","block_type":"box","text":"the Fund to additional risks, including an increased risk of inadvertently exceeding certain trade or other restrictions or limits placed on the","page_number":131,"box":{"x":76,"y":94,"width":890,"height":11}},{"id":"3b337ca6-957b-4fcf-a997-ae9e0c9b5d1a","block_type":"box","text":"Fund and/or its affiliates, and a heightened risk of erroneous trades, which may negatively impact the Fund.","page_number":131,"box":{"x":77,"y":108,"width":690,"height":11}},{"id":"70afd5aa-cb6e-4dfa-aa19-7f40e0faceb4","block_type":"box","text":"While A-shares must be designated as eligible to be traded under Stock Connect (such eligible A-shares listed on the SSE, the “SSE","page_number":131,"box":{"x":76,"y":131,"width":840,"height":11}},{"id":"f4e1a9c6-8fda-452b-b9d2-4fd2bb16d3fe","block_type":"box","text":"Securities,” and such eligible A-shares listed on the SZSE, the “SZSE Securities”), those A-shares may also lose such designation, and if this","page_number":131,"box":{"x":76,"y":146,"width":894,"height":10}},{"id":"3ba8bd07-d34c-4cbd-8576-05021e1bdac4","block_type":"box","text":"occurs, such A-shares may be sold but could no longer be purchased through Stock Connect. With respect to sell orders under Stock","page_number":131,"box":{"x":76,"y":160,"width":851,"height":11}},{"id":"ac3ec79b-8d04-4372-8153-ad25c7288871","block_type":"box","text":"Connect, the SEHK carries out pre-trade checks to ensure an investor has sufficient A-shares in its account before the market opens on the","page_number":131,"box":{"x":76,"y":174,"width":894,"height":11}},{"id":"0ebc811f-9638-4e49-b80e-c5f74105f02a","block_type":"box","text":"trading day. Accordingly, if there are insufficient A-shares in an investor’s account before the market opens on the trading day, the sell order","page_number":131,"box":{"x":76,"y":188,"width":898,"height":11}},{"id":"ddce5121-e2d9-4b06-8271-716593d14a56","block_type":"box","text":"will be rejected, which may adversely impact the Fund’s performance.","page_number":131,"box":{"x":76,"y":202,"width":446,"height":11}},{"id":"bb87dae8-6041-4545-83dd-fd44e9ab45cb","block_type":"box","text":"In addition, Stock Connect will only operate on days when both the Chinese and Hong Kong markets are open for trading and when banking","page_number":131,"box":{"x":77,"y":226,"width":892,"height":10}},{"id":"f9131bc6-3ed7-4bfe-a72c-79f013c6b38b","block_type":"box","text":"services are available in both markets on the corresponding settlement days. Therefore, an investment in A-shares through Stock Connect","page_number":131,"box":{"x":76,"y":240,"width":885,"height":11}},{"id":"ea39cc28-a3e0-484d-9753-57aca19cc5d1","block_type":"box","text":"may subject the Fund to the risk of price fluctuations on days when the Chinese markets are open, but Stock Connect is not trading. Each of","page_number":131,"box":{"x":76,"y":254,"width":898,"height":11}},{"id":"daea7dbb-282d-45e0-ae5e-5af7f7835449","block_type":"box","text":"the SEHK, SSE and SZSE reserves the right to suspend trading under Stock Connect under certain circumstances. Where such a suspension","page_number":131,"box":{"x":76,"y":268,"width":897,"height":11}},{"id":"b3b44e24-1896-4dcf-a89b-6e52ab9b4429","block_type":"box","text":"of trading is effected, the Fund’s ability to access A-shares through Stock Connect will be adversely affected. In addition, if one or both of the","page_number":131,"box":{"x":76,"y":282,"width":903,"height":11}},{"id":"41200a5a-df84-4a56-992a-bc03ca8214a3","block_type":"box","text":"Chinese and Hong Kong markets are closed on a U.S. trading day, the Fund may not be able to acquire or dispose of A-shares through Stock","page_number":131,"box":{"x":76,"y":296,"width":897,"height":11}},{"id":"826ec7d1-c2d8-4175-befa-de0cb6f14292","block_type":"box","text":"Connect in a timely manner, which could adversely affect the Fund’s performance.","page_number":131,"box":{"x":76,"y":311,"width":526,"height":10}},{"id":"e72d4ea8-e41b-4eb1-add6-b9b030617e1f","block_type":"box","text":"The Fund’s investments in A-shares though Stock Connect are held by its custodian in accounts in Central Clearing and Settlement System","page_number":131,"box":{"x":76,"y":334,"width":888,"height":11}},{"id":"527ae464-a621-46cc-bde2-4abe9c507791","block_type":"box","text":"(“CCASS”) maintained by the Hong Kong Securities Clearing Company Limited (“H","page_number":131,"box":{"x":77,"y":348,"width":523,"height":11}},{"id":"933afde9-5d43-4bfb-8335-81b9ae5e8a2c","block_type":"box","text":"KSCC”), which in turn holds the A-sh","page_number":131,"box":{"x":603,"y":348,"width":232,"height":11}},{"id":"0939b363-8862-4f30-b10b-bcfddc5f5d04","block_type":"box","text":"ares, as the nominee","page_number":131,"box":{"x":837,"y":348,"width":133,"height":10}},{"id":"7961c051-d40b-4558-bea9-0d1675668d72","block_type":"box","text":"holder, through an omnibus securities account in its name registered with the CSDCC. The precise nature and rights of the Fund as the","page_number":131,"box":{"x":77,"y":362,"width":862,"height":11}},{"id":"0788d386-0c85-448a-8a0d-7a15876b921f","block_type":"box","text":"beneficial owner of the SSE Securities or SZSE Securities through H","page_number":131,"box":{"x":76,"y":376,"width":433,"height":11}},{"id":"2ff21afb-651b-481d-bcf8-e26e82ac65a7","block_type":"box","text":"KSCC as nominee is not well defined under PRC law. There is a lack of a","page_number":131,"box":{"x":512,"y":376,"width":458,"height":9}},{"id":"c84d68d3-4786-48e7-8369-231679b5c03c","block_type":"box","text":"clear definition of, and distinction between, legal ownership and beneficial ownership under PRC law and there have been few cases involving","page_number":131,"box":{"x":76,"y":391,"width":905,"height":10}},{"id":"7a02fc54-badd-417d-9c3f-482578254af6","block_type":"box","text":"a nominee account structure in the PRC courts. The exact nature and methods of enforcement of the rights and interests of the Fund under","page_number":131,"box":{"x":76,"y":405,"width":892,"height":11}},{"id":"7b06f19f-a557-4a70-bd47-b41f80b74f66","block_type":"box","text":"PRC law is also uncertain. In the unlikely event that H","page_number":131,"box":{"x":77,"y":419,"width":339,"height":11}},{"id":"ca9f7483-9f28-4c6e-a50b-9e632299ad41","block_type":"box","text":"KSCC","page_number":131,"box":{"x":419,"y":419,"width":35,"height":8}},{"id":"9afebd7b-cd4c-4a43-b2cf-f26fad797cc5","block_type":"box","text":"becomes subject to winding up proceedings in Hong Kong, there is a risk that the","page_number":131,"box":{"x":460,"y":419,"width":519,"height":11}},{"id":"116671ee-22a2-4ed7-a109-b463158aeb90","block_type":"box","text":"SSE Securities or SZSE Securities may not be regarded as held for the beneficial ownership of the Fund or as part of the general assets of","page_number":131,"box":{"x":76,"y":433,"width":882,"height":11}},{"id":"91334a15-fa01-4b5f-9573-74dd9d4c24ab","block_type":"box","text":"HKSCC available for","page_number":131,"box":{"x":77,"y":447,"width":128,"height":9}},{"id":"ad94ad3c-df0b-4451-9870-7ec18ca3250d","block_type":"box","text":"general distribution to its creditors.","page_number":131,"box":{"x":209,"y":447,"width":225,"height":11}},{"id":"68948047-a5c9-4135-8799-6b9e8dee939e","block_type":"box","text":"Notwithstanding the fact that H","page_number":131,"box":{"x":77,"y":470,"width":199,"height":11}},{"id":"1f95a048-d45a-4a8e-b4f0-39909b509039","block_type":"box","text":"KSCC","page_number":131,"box":{"x":279,"y":470,"width":36,"height":9}},{"id":"2c074c44-3106-4382-a8af-c569de48163a","block_type":"box","text":"does not claim proprietary interests in the SSE Securities or SZSE Securities held in its omnibus stock","page_number":131,"box":{"x":320,"y":470,"width":653,"height":11}},{"id":"e4847bc6-f4b8-4e23-9b62-cf9a3ad6b30d","block_type":"box","text":"account in the CSDCC, the CSDCC as the share registrar for SSE- or SZSE-listed companies will still treat H","page_number":131,"box":{"x":76,"y":485,"width":688,"height":10}},{"id":"708f2455-c9a4-4bbb-87f2-e8c3c38165a9","block_type":"box","text":"KSCC as one of the shareholders","page_number":131,"box":{"x":767,"y":485,"width":210,"height":8}},{"id":"bfd3ebc4-1e35-40a2-909c-ab249e8d7aa8","block_type":"box","text":"when it handles corporate actions in respect of such SSE Securities or SZSE Securities. H","page_number":131,"box":{"x":76,"y":499,"width":573,"height":11}},{"id":"d0bf40a7-c695-42f6-b4bf-3efdb278aa78","block_type":"box","text":"KSCC monitors the corporate actions affecting SSE","page_number":131,"box":{"x":652,"y":499,"width":328,"height":11}},{"id":"4bd33b81-7a8b-4efd-8e96-194fe4f627f6","block_type":"box","text":"Securities and SZSE Securities and keeps participants of CCASS informed of all such corporate actions that require CCASS participants to","page_number":131,"box":{"x":76,"y":513,"width":886,"height":11}},{"id":"abbd5a71-610f-47d1-ad65-a72e3b066025","block_type":"box","text":"take steps in order to participate in them. The Fund will therefore depend on H","page_number":131,"box":{"x":76,"y":527,"width":501,"height":11}},{"id":"b497a436-288d-4e38-8398-e1033fc737d3","block_type":"box","text":"KSCC for both settlement and no","page_number":131,"box":{"x":580,"y":527,"width":211,"height":9}},{"id":"52506a49-5e05-40b6-9309-6d457dce2b03","block_type":"box","text":"tification and implementation","page_number":131,"box":{"x":792,"y":527,"width":187,"height":11}},{"id":"332eac4c-c8cc-454a-955b-9f95d18837c4","block_type":"box","text":"of corporate actions.","page_number":131,"box":{"x":76,"y":541,"width":132,"height":11}},{"id":"4974a844-6134-4fde-b132-d645ea3d8e90","block_type":"box","text":"The HKSCC is res","page_number":131,"box":{"x":76,"y":565,"width":111,"height":8}},{"id":"6aeeee4b-a431-436e-80d5-9f6b650d661f","block_type":"box","text":"ponsible for the clearing, settlement and the provisions of depositary, nominee and other related services of the trades","page_number":131,"box":{"x":189,"y":565,"width":761,"height":10}},{"id":"90291ef6-bcfb-4e94-848d-2fcac4b20b8b","block_type":"box","text":"executed by Hong Kong market participants and investors. Accordingly, investors do not hold SSE Securities or SZSE Securities directly –","page_number":131,"box":{"x":76,"y":579,"width":880,"height":11}},{"id":"a72e46f4-1b58-40b6-a939-6c0697cbafc9","block_type":"box","text":"they are held through their brokers’ or custodians’ accounts with CCASS. The H","page_number":131,"box":{"x":76,"y":593,"width":508,"height":11}},{"id":"54269e87-09e2-48c1-b31f-a350e6fba232","block_type":"box","text":"KSCC and the CSDCC establish cl","page_number":131,"box":{"x":587,"y":593,"width":215,"height":8}},{"id":"09ff854e-3a9a-424a-96eb-42fcbec01f7a","block_type":"box","text":"earing links and each has","page_number":131,"box":{"x":804,"y":593,"width":160,"height":11}},{"id":"907fd686-c75f-4196-b0db-3019bfd3f542","block_type":"box","text":"become a participant of the other to facilitate clearing and settlement of cross-border trades. Should CSDCC default and the CSDCC be","page_number":131,"box":{"x":76,"y":607,"width":870,"height":11}},{"id":"6d4a70c3-bbdd-444b-b20e-b36454ef76e1","block_type":"box","text":"declared as a defaulter, H","page_number":131,"box":{"x":76,"y":621,"width":163,"height":10}},{"id":"745cde29-f0dd-46c3-8412-60cff48cfeb7","block_type":"box","text":"KSCC’s liab","page_number":131,"box":{"x":242,"y":621,"width":72,"height":9}},{"id":"7a1368d3-7879-4bf4-9bb7-d2a6a1ea549e","block_type":"box","text":"ilities in Stock Connect under its market contracts with clearing participants will be limited to assisting","page_number":131,"box":{"x":316,"y":621,"width":656,"height":11}},{"id":"3edaa255-4d3e-4fbf-bffd-11b8883aa50f","block_type":"box","text":"clearing participants in pursuing their claims against the CSDCC. In that event, the Fund may suffer delays in the recovery process or may","page_number":131,"box":{"x":76,"y":635,"width":882,"height":11}},{"id":"e8063f59-9d8c-487c-8e51-5454f7541f6d","block_type":"box","text":"not be able to fully recover its losses from the CSDCC.","page_number":131,"box":{"x":76,"y":650,"width":348,"height":10}},{"id":"c2fc1fd9-db9d-4c8d-a9c5-e557594b1173","block_type":"box","text":"Market participants are able to participate in Stock Connect subject to meeting certain information technology capability, risk management","page_number":131,"box":{"x":77,"y":673,"width":892,"height":11}},{"id":"d68069f9-11fa-4507-b742-cc5854ed1657","block_type":"box","text":"and other requirements as may be specified by the relevant exchange and/or clearing house. Further, the “connectivity” in Stock Connect","page_number":131,"box":{"x":76,"y":687,"width":884,"height":11}},{"id":"18390da8-4323-4159-b68d-0531a889f482","block_type":"box","text":"requires the routing of orders across the borders of Hong Kong and the PRC. This requires the development of new information technology","page_number":131,"box":{"x":77,"y":701,"width":886,"height":11}},{"id":"3bdddc30-9848-40fb-a6f2-259c0c35f458","block_type":"box","text":"systems on the part of the SEHK and exchange participants. There is no assurance that these systems will function properly or will continue","page_number":131,"box":{"x":76,"y":715,"width":895,"height":11}},{"id":"0cdd06e2-9714-4a79-89df-a91a184dd146","block_type":"box","text":"to be adapted to changes and developments in both markets. In the event that the relevant systems fail to function properly, trading in A","page_number":131,"box":{"x":76,"y":730,"width":879,"height":10}},{"id":"64c0ae6c-d69f-48a3-aaa8-acb2d82d41da","block_type":"box","text":"shares through Stock Connect could be disrupted, and the Fund’s ability to achieve its investment objective may be adversely affected.","page_number":131,"box":{"x":76,"y":744,"width":864,"height":11}},{"id":"9c2443f1-ce08-4da2-b564-f019375e446e","block_type":"box","text":"The Shanghai Connect program, launched in November 2014, and the Shenzhen Connect program, launched in December 2016, are both in","page_number":131,"box":{"x":76,"y":767,"width":889,"height":11}},{"id":"50c862dc-c16f-4887-8cb2-3026c2f78369","block_type":"box","text":"their initial stages and do not have an extensive operating history. Stock Connect is subject to regulations promulgated by regulatory","page_number":131,"box":{"x":76,"y":781,"width":851,"height":11}},{"id":"5c7a06a2-bc13-430e-9379-2adede3a3d53","block_type":"box","text":"authorities and implementation rules made by the stock exchanges in the PRC and Hong Kong. The current regulations are untested and","page_number":131,"box":{"x":76,"y":795,"width":871,"height":11}},{"id":"761f8e25-be4e-4f11-adcf-81cfdb821759","block_type":"box","text":"there is no certainty as to how they will be applied or interpreted going forward. In addition, the current regulations are subject to change","page_number":131,"box":{"x":76,"y":809,"width":878,"height":11}},{"id":"156b0417-e207-4d9c-a6a9-5f3af7f94173","block_type":"box","text":"and there can be no assurance that Stock Connect will not be discontinued or abolished. New regulations may be issued from time to time by","page_number":131,"box":{"x":76,"y":824,"width":906,"height":11}},{"id":"548b082c-3795-40fe-ac92-38afba35c4e5","block_type":"box","text":"the regulators and stock exchanges in China and Hong Kong in connection with operations, legal enforcement and cross-border trades under","page_number":131,"box":{"x":76,"y":838,"width":903,"height":11}},{"id":"463373b4-bb1f-4a8a-8ff3-a76655651654","block_type":"box","text":"Stock Connect. The Fund may be adversely affected as a result of such changes. Furthermore, the securities regimes and legal systems of","page_number":131,"box":{"x":76,"y":852,"width":884,"height":11}},{"id":"7a4c7d3e-f5d6-4576-ae8c-9a5b1b83c7c5","block_type":"box","text":"China and Hong Kong differ significantly and issues may arise based on these differences. Further, different fees, costs and taxes are","page_number":131,"box":{"x":76,"y":866,"width":851,"height":11}},{"id":"44f86db3-bfb2-4459-b10c-78b4fe58302f","block_type":"box","text":"23","page_number":131,"box":{"x":522,"y":921,"width":15,"height":8}},{"id":"b9c2220e-d611-4d96-9285-7f9416b6ba2e","block_type":"box","text":"imposed on foreign investors acquiring A-shares through Stock Connect, and these fees, costs and taxes may be higher than comparable","page_number":132,"box":{"x":76,"y":23,"width":877,"height":11}},{"id":"b8934385-5057-4cf2-90f5-0c8d034e9f55","block_type":"box","text":"fees, costs and taxes imposed on owners of other Chinese securities providing similar investment exposure.","page_number":132,"box":{"x":76,"y":37,"width":691,"height":11}},{"id":"a0769084-0dab-4368-beaa-fdcc01ba81f5","block_type":"box","text":"Securities Lending Risk.","page_number":132,"box":{"x":76,"y":61,"width":166,"height":10}},{"id":"c1a8f7e3-ff3e-4618-9cbd-4418e13149c1","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":132,"box":{"x":247,"y":61,"width":730,"height":10}},{"id":"f6cd29c5-ecea-4f5c-9d23-5e06fb442a1a","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":132,"box":{"x":76,"y":75,"width":898,"height":11}},{"id":"60c2f55d-6cd0-423c-a40d-ee1c66851183","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":132,"box":{"x":76,"y":89,"width":892,"height":11}},{"id":"8d2e01ae-7a93-4bd8-9169-1e1b87cfc7fb","block_type":"box","text":"events could also trigger adverse tax consequences for a Fund.","page_number":132,"box":{"x":76,"y":103,"width":403,"height":11}},{"id":"b1b973b8-3106-400c-a40b-2e4b415f7425","block_type":"box","text":"Share Disclosure Obligations and Short Swing Profit Rule Risk.","page_number":132,"box":{"x":76,"y":126,"width":436,"height":11}},{"id":"03269c1d-a5c2-427a-b397-a8914fe1a5b3","block_type":"box","text":"The Fund may be subject to shareholder disclosure of interest","page_number":132,"box":{"x":517,"y":126,"width":399,"height":11}},{"id":"4c3de5f8-889d-4262-93a3-6f980cd87de4","block_type":"box","text":"regulations promulgated by the CSRC. These regulations currently require the Fund to make certain public disclosures when the Fund and","page_number":132,"box":{"x":77,"y":140,"width":880,"height":11}},{"id":"0267c8cb-8d0c-4b3c-a41d-4a55a606c46f","block_type":"box","text":"parties acting in concert with the Fund acquire 5% or more of the issued securities of a listed company (which include A-shares of the listed","page_number":132,"box":{"x":76,"y":155,"width":891,"height":10}},{"id":"6dee07ae-a39c-4b97-b62d-71c0142a0ff5","block_type":"box","text":"company). If the reporting requirement is triggered, the Fund will be required to report information which includes, but is not limited to: (a)","page_number":132,"box":{"x":76,"y":169,"width":885,"height":11}},{"id":"1887efed-89db-4f5c-9a43-08284b0ceed0","block_type":"box","text":"information about the Fund (and parties acting in concert with the Fund) and the type and extent of its holdings in the company; (b) a","page_number":132,"box":{"x":76,"y":183,"width":851,"height":11}},{"id":"13254632-520e-41a9-960f-b61dfaf43394","block_type":"box","text":"statement of the Fund’s purposes for the investment and whether the Fund intends to increase its holdings over the following 12-month","page_number":132,"box":{"x":76,"y":197,"width":867,"height":11}},{"id":"6da76ad8-d8a4-4637-8132-c2ce9ca6a819","block_type":"box","text":"period; (c) a statement of the Fund’s historical investments in the company over the previous six months; (d) the time of, and other","page_number":132,"box":{"x":76,"y":211,"width":838,"height":11}},{"id":"ccfbd979-e560-4f1d-96fa-ae56d1bf9545","block_type":"box","text":"information relating to, the transaction that triggered the Fund’s holding in the listed company reaching the 5% reporting threshold; and (e)","page_number":132,"box":{"x":76,"y":226,"width":887,"height":10}},{"id":"22198ec0-59ed-4015-ae28-3bf6cbd292da","block_type":"box","text":"other information that may be required by the CSRC or the stock exchange. Additional information may be required if the Fund and its","page_number":132,"box":{"x":76,"y":240,"width":856,"height":11}},{"id":"528bdf9e-eb01-4241-b71a-07e0f2fd7414","block_type":"box","text":"concerted parties constitute the largest shareholder or actual controlling shareholder of the listed company. The report must be made to the","page_number":132,"box":{"x":76,"y":254,"width":899,"height":11}},{"id":"a8b50a0d-c888-433d-b5a3-99946bf25413","block_type":"box","text":"CSRC, the stock exchange, the invested company, and the CSRC local representative office where the listed company is located. The Fund","page_number":132,"box":{"x":76,"y":268,"width":886,"height":11}},{"id":"27db4270-97f4-48b8-8507-8714ea7083fb","block_type":"box","text":"would also be required to make a public announcement through a media outlet designated by the CSRC. The public announcement must","page_number":132,"box":{"x":76,"y":282,"width":872,"height":11}},{"id":"596b78e8-c2da-485e-be3a-5f0d08e6a524","block_type":"box","text":"contain the same content as the official report.","page_number":132,"box":{"x":76,"y":296,"width":300,"height":11}},{"id":"fe3ab6bf-a5e8-4324-82aa-2be99eaba0f5","block_type":"box","text":"The relevant PRC regulations presumptively treat all affiliated investors and investors under common control as parties acting in concert. The","page_number":132,"box":{"x":76,"y":320,"width":903,"height":10}},{"id":"d606168a-7a08-44db-9a10-a19bacfd623a","block_type":"box","text":"Fund may be deemed as a “concerted party” of other funds or accounts managed by BFA or its affiliates and therefore the Fund’s holdings","page_number":132,"box":{"x":77,"y":334,"width":882,"height":11}},{"id":"44b63d19-7470-4749-aaae-deecf413cff2","block_type":"box","text":"may be required to be reported in the aggregate with the holdings of such other funds or accounts should the aggregate holdings trigger the","page_number":132,"box":{"x":76,"y":348,"width":896,"height":11}},{"id":"c66377cc-1ca9-43d9-b386-b145484694b9","block_type":"box","text":"reporting threshold under PRC law.","page_number":132,"box":{"x":77,"y":362,"width":222,"height":11}},{"id":"9da0cbcd-d254-4cfe-91af-667417a626f3","block_type":"box","text":"If the 5% shareholding threshold is triggered by the Fund and parties acting in concert with the Fund, the Fund would be required to file its","page_number":132,"box":{"x":77,"y":385,"width":881,"height":11}},{"id":"14c8e10b-34a3-420b-9949-8318f73cec54","block_type":"box","text":"report within three days of the date the threshold is reached. During the time limit for filing the report, a trading freeze applies, and the Fund","page_number":132,"box":{"x":77,"y":400,"width":896,"height":10}},{"id":"e82b7273-5beb-46ba-b00d-9d6454f369f4","block_type":"box","text":"would not be permitted to make subsequent trades in the invested company’s securities. Any such trading freeze may undermine the Fund’s","page_number":132,"box":{"x":76,"y":414,"width":897,"height":11}},{"id":"72692a03-ec4b-4375-87d0-6af857bce020","block_type":"box","text":"performance, if the Fund would otherwise make trades during that period but is prevented from doing so by the regulation.","page_number":132,"box":{"x":76,"y":428,"width":784,"height":11}},{"id":"84f96273-33d0-406a-9768-193e060ebca8","block_type":"box","text":"Once the Fund and parties acting in concert reach the 5% trading threshold as to any listed company, any subsequent incremental increase","page_number":132,"box":{"x":76,"y":451,"width":890,"height":11}},{"id":"6c788313-e4e0-440e-af71-6aa01a475b91","block_type":"box","text":"or decrease of 5% or more will trigger a further reporting requirement and an additional three-day trading freeze, as well as an additional","page_number":132,"box":{"x":76,"y":465,"width":871,"height":11}},{"id":"fe198bc2-0b90-444b-b1dd-26ec1649331a","block_type":"box","text":"freeze on trading within two days of the Fund’s report and announcement of the incremental change. These trading freezes may undermine","page_number":132,"box":{"x":76,"y":479,"width":889,"height":11}},{"id":"494fa4a0-edbf-4ed5-95b5-886eee8581a4","block_type":"box","text":"the Fund’s performance as described above. Also, once the 5% threshold is breached, the Fund and parties acting in concert are required to","page_number":132,"box":{"x":76,"y":494,"width":894,"height":11}},{"id":"cbe9f059-3700-4952-afb6-13d879bd1a0f","block_type":"box","text":"disclose whenever their shareholding drops below this threshold (even as a result of trading which is less than the 5% incremental change","page_number":132,"box":{"x":76,"y":508,"width":881,"height":11}},{"id":"ac81c864-a0a6-4f6c-93b2-9b21278ff3b3","block_type":"box","text":"that would trigger a reporting requirement under the relevant CSRC regulation).","page_number":132,"box":{"x":76,"y":522,"width":508,"height":11}},{"id":"8999eb3f-d313-458f-8268-424d635e1f5c","block_type":"box","text":"CSRC regulations also contain additional disclosure (and tender offer) requirements that apply when an investor and parties acting in concert","page_number":132,"box":{"x":76,"y":545,"width":905,"height":11}},{"id":"aba23131-f81b-4c27-8240-678f91e0ca7d","block_type":"box","text":"reach thresholds of 20% and greater than 30% shareholding in a company.","page_number":132,"box":{"x":77,"y":559,"width":471,"height":11}},{"id":"c9a218a5-308c-46ba-947d-a69028d2ad42","block_type":"box","text":"Subject to the interpretation of PRC courts and PRC regulators, the operation of the PRC short swing profit rule may be applicable to the","page_number":132,"box":{"x":76,"y":583,"width":874,"height":10}},{"id":"44c50202-73ff-4b12-b408-927d8d821df3","block_type":"box","text":"trading of the Fund with the result that where the holdings of the Fund (possibly with the holdings of other investors deemed to act in concert","page_number":132,"box":{"x":76,"y":597,"width":905,"height":11}},{"id":"9a5179d9-ed5a-4b0d-94f2-56e3d50065d1","block_type":"box","text":"with the Fund) exceed 5% of the total issued shares of a listed company, the Fund may not reduce its holdings in the company within six","page_number":132,"box":{"x":76,"y":611,"width":870,"height":11}},{"id":"55122841-0000-429b-9bbb-116883917be6","block_type":"box","text":"months of the last purchase of shares of the company. If the Fund violates the rule, it may be required by the listed company to return any","page_number":132,"box":{"x":76,"y":625,"width":883,"height":11}},{"id":"b9c460ba-1ce3-46c2-89b1-15ae64a2782c","block_type":"box","text":"profits realized from such trading to the listed company. In addition, the rule limits the ability of the Fund to repurchase securities of the","page_number":132,"box":{"x":76,"y":639,"width":869,"height":11}},{"id":"ce2a1fdd-6849-4a84-8e07-88afe1890cce","block_type":"box","text":"listed company within six months of such sale. Moreover, under PRC civil procedures, the Fund’s assets may be frozen to the extent of the","page_number":132,"box":{"x":77,"y":654,"width":884,"height":10}},{"id":"1e230787-cba9-4e32-a166-631f62fbace6","block_type":"box","text":"claims made by the company in question. These risks may greatly impair the performance of the Fund.","page_number":132,"box":{"x":76,"y":668,"width":654,"height":11}},{"id":"22879520-b0a2-425a-8502-a165503bf996","block_type":"box","text":"Small-Capitalization Companies Risk.","page_number":132,"box":{"x":76,"y":691,"width":257,"height":11}},{"id":"afd5a083-3dba-41a2-aef9-37da2dbb57d7","block_type":"box","text":"Investments in small-capitalization companies may be riskier, less liquid, more volatile and more","page_number":132,"box":{"x":339,"y":691,"width":617,"height":11}},{"id":"20f79a2d-e4cb-46d3-9986-0d814ab12954","block_type":"box","text":"susceptible to economic, market and industry changes than investments in large- or mid-capitalization companies. Small-capitalization","page_number":132,"box":{"x":76,"y":705,"width":863,"height":11}},{"id":"d8cd91a2-abc8-439d-87f3-d21ec3268057","block_type":"box","text":"companies may have more limited product lines, markets, financial resources, personnel and management experience. As a result, they","page_number":132,"box":{"x":76,"y":719,"width":868,"height":11}},{"id":"9ba16eaa-def8-441d-9708-bf306c4e6c93","block_type":"box","text":"generally are more vulnerable than larger companies to adverse business and economic developments. Small-capitalization companies may","page_number":132,"box":{"x":76,"y":733,"width":895,"height":11}},{"id":"055cf2ab-d626-462f-aa42-e728b937da24","block_type":"box","text":"have a short business track record, with relatively less information available to investors. The securities of smaller companies may trade less","page_number":132,"box":{"x":77,"y":748,"width":898,"height":10}},{"id":"6aeb655c-c025-470a-a6f2-d459953eb4dd","block_type":"box","text":"frequently and in lower volumes than the securities of larger companies. Some securities of smaller issuers may be illiquid or restricted as to","page_number":132,"box":{"x":76,"y":762,"width":900,"height":11}},{"id":"a9703f03-3bc2-49dc-b0b0-79c50c4bcbd5","block_type":"box","text":"resale, and their values may have significant volatility. A Fund may be unable to liquidate its positions in such securities at any time, or at a","page_number":132,"box":{"x":77,"y":776,"width":885,"height":11}},{"id":"65f7df4a-26af-4285-838c-c3c2ee000b5b","block_type":"box","text":"favorable price, in order to meet the Fund’s obligations.","page_number":132,"box":{"x":76,"y":790,"width":354,"height":11}},{"id":"831a8e89-c5f0-49df-9fbb-709a9d36875c","block_type":"box","text":"Sustainability Risk.","page_number":132,"box":{"x":76,"y":813,"width":132,"height":11}},{"id":"863189d2-9c6b-4a6a-b4bb-e3a98ce35b2d","block_type":"box","text":"Sustainability risk is an inclusive term to designate investment risk (probability or uncertainty of occurrence of material","page_number":132,"box":{"x":214,"y":813,"width":762,"height":11}},{"id":"6df945aa-c15e-4611-8aca-ee827630e866","block_type":"box","text":"losses relative to the expected return of an investment) that relates to environmental, social or governance issues.","page_number":132,"box":{"x":77,"y":828,"width":732,"height":10}},{"id":"b015882c-ea28-4835-ad00-c69a91540a21","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":132,"box":{"x":76,"y":851,"width":874,"height":11}},{"id":"3e95efb3-58b9-4cb4-9d63-2441ce62ace0","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":132,"box":{"x":76,"y":865,"width":875,"height":11}},{"id":"04dd13c3-2c3c-4a47-b903-1ece92d65f2a","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":132,"box":{"x":76,"y":879,"width":901,"height":11}},{"id":"994a80a2-c8cc-43d9-b59b-2d14e14ad6d3","block_type":"box","text":"24","page_number":132,"box":{"x":522,"y":921,"width":15,"height":8}},{"id":"2d62ebd8-bd75-45f5-a595-bc6b8750e1ae","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":133,"box":{"x":76,"y":23,"width":883,"height":11}},{"id":"791fd63c-ff6a-4f38-8381-9a79fd443159","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":133,"box":{"x":76,"y":37,"width":863,"height":11}},{"id":"e5531776-ea47-448c-b72c-a5e192639cd1","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":133,"box":{"x":76,"y":51,"width":864,"height":11}},{"id":"ac9aa6ad-4603-4c30-ab13-1ec4df53073f","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":133,"box":{"x":76,"y":66,"width":886,"height":11}},{"id":"2ebb1bdf-aa77-4c03-b1be-72c0928cb55e","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":133,"box":{"x":76,"y":89,"width":905,"height":11}},{"id":"dcb69333-214b-42a3-b941-1424ab2a36bc","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":133,"box":{"x":76,"y":103,"width":851,"height":11}},{"id":"22b41d91-4fb6-4869-a792-dcf494c3f526","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":133,"box":{"x":76,"y":126,"width":875,"height":11}},{"id":"d4f16e8b-da85-4b5a-961f-f7ec397dba41","block_type":"box","text":"edit","page_number":133,"box":{"x":952,"y":126,"width":24,"height":9}},{"id":"e2b94ae3-84d1-48e0-a1c8-930cbb33adc7","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":133,"box":{"x":76,"y":140,"width":890,"height":11}},{"id":"69482f35-03ec-4509-88af-2faca728e0ad","block_type":"box","text":"or increased expenditures from physical climate risk (","page_number":133,"box":{"x":76,"y":155,"width":343,"height":10}},{"id":"0a662438-7106-483c-9fe8-c582d1484d04","block_type":"box","text":"e.g","page_number":133,"box":{"x":420,"y":157,"width":19,"height":8}},{"id":"460c31ba-334f-4cc7-a042-f1f010208784","block_type":"box","text":"., decreased production capacity due to supply chain perturbations, lower sales due","page_number":133,"box":{"x":440,"y":155,"width":534,"height":10}},{"id":"650e3072-4898-43f1-a9ae-a58e340fe683","block_type":"box","text":"to demand shocks or higher operating or capital costs) or transition risk (","page_number":133,"box":{"x":76,"y":169,"width":468,"height":11}},{"id":"c7e0933e-7d65-4004-bb4f-5017c77dd7e5","block_type":"box","text":"e.g","page_number":133,"box":{"x":545,"y":171,"width":19,"height":9}},{"id":"3ddb19cd-f234-4e2b-91fe-078deafcea3d","block_type":"box","text":"., decreased demand for carbon-intensive products and services","page_number":133,"box":{"x":565,"y":169,"width":410,"height":11}},{"id":"cccb3561-df2c-4d29-831d-e8fd9626e053","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":133,"box":{"x":76,"y":183,"width":845,"height":11}},{"id":"d5c90804-2f74-4832-9b1e-f7c5202ff490","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":133,"box":{"x":76,"y":197,"width":777,"height":11}},{"id":"e52cd56f-a93c-4d3c-9475-dabbd859ca31","block_type":"box","text":"The impact of those risks may be higher for Funds with particular sectoral or geographic concentrations. 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Under normal market conditions, such","page_number":133,"box":{"x":76,"y":300,"width":869,"height":11}},{"id":"b53170d3-0939-49b0-83be-ae642042e068","block_type":"box","text":"events could have a material impact on the value of shares of a Fund.","page_number":133,"box":{"x":76,"y":314,"width":443,"height":11}},{"id":"a1eb0ea8-df4b-4391-9363-a29b0adc8844","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":133,"box":{"x":76,"y":338,"width":850,"height":10}},{"id":"44f6bb42-960d-448c-868f-8fc354b1f58c","block_type":"box","text":"different data and tools to apply heightened scrutiny, assess materiality, and make meaningful differentiation among issuers and assets. 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These companies may face rapid product obsolescence as well as unexpected risks and","page_number":133,"box":{"x":77,"y":455,"width":882,"height":11}},{"id":"c36d2717-02d0-4022-a485-26836832823b","block_type":"box","text":"costs related to new product introduction and technological developments, such as artificial intelligence and machine learning. Technology","page_number":133,"box":{"x":76,"y":469,"width":888,"height":11}},{"id":"8ed39f05-602a-4bcc-a79d-e4a59c919cbb","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":133,"box":{"x":76,"y":483,"width":905,"height":11}},{"id":"33e12477-4f7a-48fe-82ef-90939021a5a1","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":133,"box":{"x":76,"y":498,"width":891,"height":10}},{"id":"b7279f94-0e20-491e-8244-88d390eafaab","block_type":"box","text":"profitability. Technology companies may face increased government scrutiny and may be subject to adverse government or legal action.","page_number":133,"box":{"x":76,"y":512,"width":868,"height":11}},{"id":"e454a0ae-fd4c-4987-b4d1-7b99d3a904ee","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":133,"box":{"x":76,"y":526,"width":898,"height":11}},{"id":"3f7d45c5-ad7a-4a3a-8abc-515cc9266ffc","block_type":"box","text":"products and services, which may result in lawsuits, government enforcement actions and other remediation costs.","page_number":133,"box":{"x":76,"y":540,"width":738,"height":11}},{"id":"96910b44-85f5-4397-b293-d81137ca94f6","block_type":"box","text":"Tracking Error Risk.","page_number":133,"box":{"x":76,"y":563,"width":135,"height":11}},{"id":"0435301e-875b-4c5d-8248-43bc115a0fc3","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":133,"box":{"x":216,"y":563,"width":749,"height":11}},{"id":"791d9c54-e102-4d5c-95b0-2094938b518b","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":133,"box":{"x":76,"y":577,"width":871,"height":11}},{"id":"4053cf08-cab1-49cd-98f1-b301f43aca79","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":133,"box":{"x":76,"y":592,"width":897,"height":10}},{"id":"d43dae5f-b422-4ed0-a394-9163e4f059f9","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":133,"box":{"x":76,"y":606,"width":868,"height":11}},{"id":"142750c2-f717-4fc8-b900-aa603c9f35d3","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":133,"box":{"x":77,"y":620,"width":823,"height":11}},{"id":"a5348782-5460-45a1-b39b-dde4c53ee6fd","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":133,"box":{"x":76,"y":634,"width":905,"height":11}},{"id":"d0e570fa-6ebe-4f6a-afbb-19d962e30389","block_type":"box","text":"reflected in the Underlying Index from a Fund’s obligation, if any, for foreign withholding taxes; the requirements for a Fund to maintain pass","page_number":133,"box":{"x":77,"y":648,"width":901,"height":11}},{"id":"da8d34a8-97fc-4525-805f-66ba30d137fd","block_type":"box","text":"through tax treatment; portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of","page_number":133,"box":{"x":76,"y":663,"width":869,"height":10}},{"id":"fc1cff38-6ab4-41c4-934f-eec98ed9c46b","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":133,"box":{"x":76,"y":677,"width":884,"height":11}},{"id":"3bf61f1a-a1a0-4f8a-88c8-9228e26cc6a4","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":133,"box":{"x":76,"y":691,"width":844,"height":11}},{"id":"35f7ebb0-20df-4daa-9e47-114a62f9e33c","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":133,"box":{"x":76,"y":705,"width":851,"height":11}},{"id":"de417814-8d43-45e6-9edb-510afd4bfe94","block_type":"box","text":"increased market volatility or other unusual market conditions.","page_number":133,"box":{"x":76,"y":719,"width":401,"height":11}},{"id":"c7cdd928-3c86-440f-a483-f84227682d4f","block_type":"box","text":"U.S. Economic Risk.","page_number":133,"box":{"x":77,"y":742,"width":135,"height":9}},{"id":"c32f962f-ee9c-4123-9c6e-37ffd5863bee","block_type":"box","text":"The U.S. is a significant trading partner of, or foreign investor in, a number of countries. As a result, the economic","page_number":133,"box":{"x":217,"y":742,"width":726,"height":11}},{"id":"749d7a9c-9321-4d00-bf2c-eac9ca7352b8","block_type":"box","text":"conditions of such countries may be particularly affected by changes in the U.S. economy, such as a decrease in U.S. imports or exports,","page_number":133,"box":{"x":76,"y":757,"width":875,"height":10}},{"id":"efc08c66-4468-49b1-8723-38e18ecee112","block_type":"box","text":"changes in trade regulations, changes in the U.S. dollar exchange rate or an economic slowdown in the U.S. Any such event may have an","page_number":133,"box":{"x":76,"y":771,"width":874,"height":11}},{"id":"94d20d84-9991-496d-b6ab-da5238e379a0","block_type":"box","text":"adverse effect on the economies of U.S. trading partners and the securities issuers in such countries, which in turn could negatively impact a","page_number":133,"box":{"x":76,"y":785,"width":902,"height":11}},{"id":"c53d75a8-28c6-4b30-babd-aa88e353c761","block_type":"box","text":"Fund’s investments. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such","page_number":133,"box":{"x":77,"y":799,"width":897,"height":11}},{"id":"a334b5af-4325-4b97-b448-6b4b2c9b1481","block_type":"box","text":"as reaching the legislative “debt ceiling.” Such non-payment would result in substantial negative consequences for the U.S. economy and the","page_number":133,"box":{"x":76,"y":813,"width":902,"height":11}},{"id":"443be45e-7c8d-4bff-be54-9d9d23344435","block_type":"box","text":"global financial system.","page_number":133,"box":{"x":76,"y":828,"width":149,"height":10}},{"id":"620c304e-a4b1-43d6-9398-44ea259c4559","block_type":"box","text":"Valuation Risk.","page_number":133,"box":{"x":76,"y":851,"width":102,"height":8}},{"id":"e39cfab4-676f-436f-965b-b35c0a5451cd","block_type":"box","text":"The price that a Fund could receive upon the sale (or other disposition) of a security or other asset may differ from the","page_number":133,"box":{"x":183,"y":851,"width":756,"height":11}},{"id":"b4caba2f-8c63-4a87-8c46-b4efcc061251","block_type":"box","text":"Fund’s valuation of the security or other asset, particularly for securities or other assets that trade in low volume or volatile markets or that","page_number":133,"box":{"x":77,"y":865,"width":889,"height":11}},{"id":"32644947-63c3-42b6-9b51-3d09e349b939","block_type":"box","text":"are valued using a fair value methodology. The price received by a Fund also may differ from the value used by the Underlying Index (if","page_number":133,"box":{"x":76,"y":879,"width":857,"height":11}},{"id":"d9f52182-0044-4225-976f-48401286ca1f","block_type":"box","text":"25","page_number":133,"box":{"x":522,"y":921,"width":14,"height":8}},{"id":"1d4031af-9e76-43fe-9958-cd6e0aacefd6","block_type":"box","text":"applicable). Because non-U.S. exchanges or markets may be open on days or during time periods when a Fund does not price its shares, the","page_number":134,"box":{"x":76,"y":23,"width":898,"height":11}},{"id":"7c1e409e-862b-42ba-93ad-b55a803346eb","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":134,"box":{"x":76,"y":37,"width":849,"height":11}},{"id":"47db6c2e-3477-42d3-9f83-9f6101978b9f","block_type":"box","text":"purchase or sell Fund shares.","page_number":134,"box":{"x":76,"y":52,"width":187,"height":10}},{"id":"edb89cfa-ad11-473d-946d-4835721833b8","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":134,"box":{"x":77,"y":75,"width":886,"height":11}},{"id":"772a0061-a94a-4316-a25a-b20e4a9f0d95","block_type":"box","text":"dollars at the prevailing market rates. For a Fund that tracks an Underlying Index, this may result in a difference between the prices used to","page_number":134,"box":{"x":76,"y":89,"width":890,"height":11}},{"id":"1ee29192-85a4-4d4e-abdb-05855e7814f7","block_type":"box","text":"calculate the Fund’s NAV and the prices used by the Underlying Index, which, in turn, could result in a difference between the Fund’s","page_number":134,"box":{"x":76,"y":103,"width":847,"height":11}},{"id":"5af87bca-8000-4a5a-837d-6ecd786d9b62","block_type":"box","text":"performance and the performance of the Underlying Index. Authorized Participants that create or redeem Fund shares on days when a Fund","page_number":134,"box":{"x":76,"y":117,"width":895,"height":11}},{"id":"8d983da9-b8b3-4503-ab91-f7ce33b796e2","block_type":"box","text":"is holding fair-valued securities or other assets may receive fewer or more shares, or lower or higher redemption proceeds, than they would","page_number":134,"box":{"x":76,"y":131,"width":892,"height":11}},{"id":"f40d1be9-53be-4148-81db-814cfa7335e9","block_type":"box","text":"have received had the securities or other assets not been fair valued or been valued using a different methodology. The ability to value","page_number":134,"box":{"x":77,"y":146,"width":857,"height":10}},{"id":"71f8287f-1e22-4e1d-a47a-e588782810df","block_type":"box","text":"investments may be impacted by technological issues or errors by pricing services or other third-party service providers.","page_number":134,"box":{"x":76,"y":160,"width":772,"height":11}},{"id":"0840b42a-27a3-42a8-bdbc-24e6b0b9d7e2","block_type":"box","text":"Portfolio Holdings Information","page_number":134,"box":{"x":78,"y":189,"width":296,"height":17}},{"id":"4357e625-2b78-4bf5-8634-6d81221ae5fa","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":134,"box":{"x":76,"y":218,"width":896,"height":11}},{"id":"08e6a1cd-58ec-4ec4-a7af-64138ce0b9fa","block_type":"box","text":"is available in the applicable Statement of Additional Information (“SAI”). Each Fund discloses its portfolio holdings daily at www.iShares.com.","page_number":134,"box":{"x":76,"y":232,"width":906,"height":11}},{"id":"00cbaf49-c9c7-48da-99fd-426088884d20","block_type":"box","text":"Fact sheets providing information about each Fund’s top holdings are posted on www.iShares.com when available and may be requested by","page_number":134,"box":{"x":77,"y":246,"width":893,"height":11}},{"id":"0118aa4f-6216-4eed-99d9-5e9df3ef4815","block_type":"box","text":"calling 1-800-iShares (1-800-474-2737).","page_number":134,"box":{"x":76,"y":260,"width":256,"height":11}},{"id":"8b899250-ae40-4db9-85ae-5583de34bdfd","block_type":"box","text":"Management of the Funds","page_number":134,"box":{"x":78,"y":289,"width":258,"height":17}},{"id":"8820d77d-bd3c-415a-8368-d639e236e79f","block_type":"box","text":"Investment Adviser","page_number":134,"box":{"x":77,"y":318,"width":135,"height":9}},{"id":"eb725856-bd94-428c-b3f4-0653615c5e1e","block_type":"box","text":"As investment adviser, BFA has overall responsibility for the general management and administration of the Funds. BFA provides an","page_number":134,"box":{"x":76,"y":342,"width":839,"height":10}},{"id":"7c17530f-350f-4039-9dc0-b7fa549a9fb1","block_type":"box","text":"investment program for the Funds and manages the investment of the Funds’ assets. In seeking to achieve the Funds’ respective investment","page_number":134,"box":{"x":76,"y":356,"width":899,"height":11}},{"id":"73601c8a-8ed3-47bf-895b-2a78fbe07eff","block_type":"box","text":"objectives, BFA uses teams of portfolio managers, investment strategists and other investment specialists and may draw upon the trading,","page_number":134,"box":{"x":76,"y":370,"width":886,"height":11}},{"id":"33ccf1f3-23df-4f2c-9746-2c9121ee0987","block_type":"box","text":"research and expertise of its affiliates. This team approach brings together many disciplines and leverages BFA’s extensive resources.","page_number":134,"box":{"x":77,"y":384,"width":852,"height":11}},{"id":"ee1756bb-b009-4ccf-bb15-75b326098e4e","block_type":"box","text":"BFA is an indirect majority-owned subsidiary of BlackRock, Inc. (“BlackRock”) and is located at 400 Howard Street, San Francisco, CA 94105.","page_number":134,"box":{"x":77,"y":407,"width":901,"height":11}},{"id":"af90ae6a-6f37-4a51-9f50-2adbc52bce09","block_type":"box","text":"As of September 30, 2025, BFA and its affiliates provided investment advisory services for assets of approximately $13.5 trillion.","page_number":134,"box":{"x":76,"y":421,"width":823,"height":11}},{"id":"4ce05b96-e219-4721-b9cf-7ffe5e55b2e8","block_type":"box","text":"From time to time, an employee of BlackRock may express views regarding a particular security or other instrument, asset class, company,","page_number":134,"box":{"x":77,"y":445,"width":887,"height":11}},{"id":"a51d7dbe-590a-4996-9238-cdf10ee49808","block_type":"box","text":"industry, or market sector. Such views are the views of only that individual as of the time expressed. They do not necessarily represent the","page_number":134,"box":{"x":76,"y":459,"width":885,"height":11}},{"id":"a8c7ef85-5184-435d-b92b-eef5d74658f6","block_type":"box","text":"views of BlackRock or any other person within the BlackRock organization. Such views may change at any time based upon market or other","page_number":134,"box":{"x":76,"y":473,"width":892,"height":11}},{"id":"da4ff4af-fbdf-40a7-8889-8150a5f9cd2b","block_type":"box","text":"conditions, and BlackRock has no responsibility to update such views. 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A Fund also may invest in securities of, or engage in other","page_number":136,"box":{"x":76,"y":291,"width":845,"height":11}},{"id":"37602386-06ad-4d89-8ba4-37c721493294","block_type":"box","text":"transactions with, entities for which an Affiliate provides or may provide research coverage or other analysis.","page_number":136,"box":{"x":76,"y":305,"width":695,"height":11}},{"id":"3219f6e3-c223-42d8-a908-c4b3590dd8ce","block_type":"box","text":"An Affiliate may have business relationships with, and receive compensation from, distributors, consultants or others who recommend a","page_number":136,"box":{"x":76,"y":329,"width":871,"height":10}},{"id":"05e40e92-d469-4f0d-ba8e-dd04f32365b0","block_type":"box","text":"Fund or who engage in transactions with or for a Fund.","page_number":136,"box":{"x":77,"y":343,"width":347,"height":11}},{"id":"eeef2e9a-547c-4311-9a6f-83bbf7b298a4","block_type":"box","text":"Neither BlackRock nor any Affiliate is under any obligation to share any investment opportunity, idea or strategy with a Fund. As a result, an","page_number":136,"box":{"x":77,"y":366,"width":891,"height":11}},{"id":"31c27f25-23b3-43c1-9815-4153dcd99408","block_type":"box","text":"Affiliate may compete with a Fund for appropriate investment opportunities. The results of a Fund’s investment activities, therefore, may","page_number":136,"box":{"x":76,"y":380,"width":873,"height":11}},{"id":"4853fc3c-104a-47bf-b20b-ca67a6d4f35f","block_type":"box","text":"differ from those of an Affiliate and of other accounts managed by an Affiliate. It is possible that a Fund could sustain losses during periods in","page_number":136,"box":{"x":76,"y":394,"width":903,"height":11}},{"id":"c6ed90ec-0c2f-4e93-adae-d91e79b92d51","block_type":"box","text":"which one or more Affiliates and other accounts achieve profits on their trading for proprietary or other accounts. The opposite result is also","page_number":136,"box":{"x":76,"y":409,"width":897,"height":10}},{"id":"2e8c26c0-5eb6-46a1-ba8e-c0fedddc6a28","block_type":"box","text":"possible.","page_number":136,"box":{"x":76,"y":423,"width":56,"height":11}},{"id":"5ccb3476-b094-43ac-b9f7-3e13b09c0060","block_type":"box","text":"In addition, a Fund may enter into transactions in which BFA or an Affiliate or their directors, officers, employees or clients have an adverse","page_number":136,"box":{"x":77,"y":446,"width":888,"height":11}},{"id":"7fb06565-5ce2-4b73-a617-1a3296027c7a","block_type":"box","text":"interest. A Fund may be adversely impacted by the effects of transactions undertaken by BFA or an Affiliate or their directors, officers,","page_number":136,"box":{"x":76,"y":460,"width":857,"height":11}},{"id":"c87c2cba-480d-49d5-a58c-00e4513e958b","block_type":"box","text":"employees or clients.","page_number":136,"box":{"x":76,"y":474,"width":135,"height":11}},{"id":"72465b32-d72c-4242-9516-7a604f11e7bb","block_type":"box","text":"From time to time, BlackRock or its advisory clients (including other funds and accounts) may, subject to compliance with applicable law,","page_number":136,"box":{"x":77,"y":498,"width":876,"height":10}},{"id":"12260351-7c19-4def-96a7-26bba816183d","block_type":"box","text":"purchase and hold shares of a Fund. The price, availability, liquidity, and (in some cases) expense ratio of a Fund may be impacted by","page_number":136,"box":{"x":76,"y":512,"width":851,"height":11}},{"id":"754d8414-d713-4e28-8fab-b3bbf3ec3267","block_type":"box","text":"purchases and sales of the Fund by BlackRock or its advisory clients.","page_number":136,"box":{"x":76,"y":526,"width":440,"height":11}},{"id":"f17aeb6d-8b36-4eb2-ac63-64cf480a03e1","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":136,"box":{"x":76,"y":549,"width":901,"height":11}},{"id":"f3dd02c9-4ce5-447d-93bd-a918e4275a0a","block_type":"box","text":"such restrictions.","page_number":136,"box":{"x":76,"y":563,"width":110,"height":9}},{"id":"e492c5bd-69fd-40cb-9a8a-5c3d25202d74","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":136,"box":{"x":77,"y":586,"width":863,"height":11}},{"id":"0ab5e611-cd37-4cc3-934f-269f042afc10","block_type":"box","text":"lending agent to the extent that they participate in the securities lending program. For these services, the securities lending agent will","page_number":136,"box":{"x":77,"y":601,"width":854,"height":11}},{"id":"331d170c-9479-4d2b-acfb-f8ff97a26b35","block_type":"box","text":"receive a fee from the participating Fund based on the returns earned on the Fund’s lending activities, including investment of the cash","page_number":136,"box":{"x":77,"y":615,"width":862,"height":11}},{"id":"a2cb9e26-d648-43c2-9f13-b50e002ef493","block_type":"box","text":"received as collateral for the loaned securities. In addition, one or more Affiliates may be among the entities to which a Fund may lend its","page_number":136,"box":{"x":77,"y":629,"width":876,"height":11}},{"id":"976c2605-433e-4e2d-9170-9534441a2477","block_type":"box","text":"portfolio securities under the securities lending program.","page_number":136,"box":{"x":76,"y":643,"width":363,"height":11}},{"id":"32544fd5-97ef-4166-ba08-5c3f94112c9f","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":136,"box":{"x":77,"y":666,"width":894,"height":11}},{"id":"0a6e9f39-a93f-4a4e-b083-6d656ce0476b","block_type":"box","text":"to perform certain order processing, Authorized Participant communications, and related services in connection with the issuance and","page_number":136,"box":{"x":76,"y":681,"width":860,"height":10}},{"id":"8079acb2-2009-4c3a-831b-0d0a02b9da3c","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":136,"box":{"x":77,"y":695,"width":854,"height":11}},{"id":"7f3531de-b517-4a29-842f-a8394983fe17","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":136,"box":{"x":76,"y":709,"width":894,"height":11}},{"id":"e77ddf78-47bb-4148-93d9-aefeb3e96e78","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":136,"box":{"x":76,"y":723,"width":871,"height":11}},{"id":"9a41549e-192a-40dc-8e2b-2d839108bc5f","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":136,"box":{"x":76,"y":737,"width":848,"height":11}},{"id":"ed539db3-04f5-4c7c-9e7d-08221e13cd3b","block_type":"box","text":"BlackRock or funds managed by BFA and its Affiliates.","page_number":136,"box":{"x":77,"y":751,"width":342,"height":11}},{"id":"4cb164c0-bae8-436d-b150-f188e354e59b","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":136,"box":{"x":77,"y":775,"width":893,"height":11}},{"id":"395f57c2-b146-410b-9cba-24097731a729","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":136,"box":{"x":76,"y":789,"width":885,"height":11}},{"id":"299ebc76-9a35-475e-9641-19052fe21c64","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":136,"box":{"x":76,"y":803,"width":897,"height":11}},{"id":"d1ba5afd-1edb-4510-afdb-6c7aa8cb176e","block_type":"box","text":"licensees.","page_number":136,"box":{"x":77,"y":817,"width":61,"height":9}},{"id":"2d57acce-3c01-452d-8a0e-9479095b6b36","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":136,"box":{"x":76,"y":840,"width":875,"height":11}},{"id":"4c28c0b0-1a23-4801-bce7-2620f1128616","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":136,"box":{"x":76,"y":855,"width":886,"height":10}},{"id":"036450a3-30a1-4568-99bd-d2b3e6593dd4","block_type":"box","text":"interest. Please see the SAI for further information.","page_number":136,"box":{"x":76,"y":869,"width":326,"height":8}},{"id":"17dc0b6e-ce86-4d63-b5e3-1c23cd5997fb","block_type":"box","text":"28","page_number":136,"box":{"x":522,"y":921,"width":14,"height":8}},{"id":"0d454529-5339-4b94-bc03-bd7005a83bb8","block_type":"box","text":"Shareholder Information","page_number":137,"box":{"x":77,"y":22,"width":240,"height":14}},{"id":"c9dd6904-4bd3-4fca-b029-6ba74c4ee28e","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":137,"box":{"x":75,"y":51,"width":821,"height":11}},{"id":"16c3bebd-8f24-49b7-8f30-6b1eb38c1cfa","block_type":"box","text":"1-800-iShares (1-800-474-2737) or visiting www.iShares.com.","page_number":137,"box":{"x":78,"y":66,"width":383,"height":11}},{"id":"757d790e-0476-4b60-a527-f8f44a4627d4","block_type":"box","text":"Buying and Selling Shares","page_number":137,"box":{"x":77,"y":89,"width":180,"height":11}},{"id":"a6b4b5c2-b627-49ee-b89d-d1efd2c76e2e","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":137,"box":{"x":76,"y":112,"width":839,"height":11}},{"id":"79f71ed4-3777-4895-ae5c-49b949b84e7d","block_type":"box","text":"“creations” and “redemptions,” occur only between the Funds and Authorized Participants (","page_number":137,"box":{"x":76,"y":126,"width":584,"height":11}},{"id":"77df5ac7-0388-47bb-bfd5-d30938027920","block_type":"box","text":"i.e","page_number":137,"box":{"x":661,"y":126,"width":14,"height":9}},{"id":"ba03d3f6-a688-43b3-9178-6d072ecc5ecb","block_type":"box","text":"., financial institutions that are authorized to","page_number":137,"box":{"x":677,"y":126,"width":282,"height":10}},{"id":"1a39bc49-7b90-41cc-98b7-1ae1942534a8","block_type":"box","text":"participate in such transactions), as described in the","page_number":137,"box":{"x":76,"y":140,"width":335,"height":11}},{"id":"354c36b4-4ef7-49c9-830e-d918df3806a3","block_type":"box","text":"Creations and Redemptions","page_number":137,"box":{"x":417,"y":140,"width":173,"height":11}},{"id":"421f8beb-c88c-40c6-b1d3-74c76fcc2228","block_type":"box","text":"section below.","page_number":137,"box":{"x":595,"y":140,"width":90,"height":9}},{"id":"13d7d186-7b39-447c-842c-76806f07cecf","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":137,"box":{"x":77,"y":164,"width":904,"height":10}},{"id":"1a209fb4-7b48-4f21-ab17-b665b8c084f9","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":137,"box":{"x":77,"y":178,"width":860,"height":11}},{"id":"927f627d-3bd6-4704-8f48-dc3ea311b6a4","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":137,"box":{"x":76,"y":192,"width":857,"height":11}},{"id":"a37a645d-d097-49f5-ab6c-e4bbc3f1ef68","block_type":"box","text":"investment for Fund shares purchased on an exchange or otherwise in the secondary market.","page_number":137,"box":{"x":76,"y":206,"width":598,"height":11}},{"id":"ebc8d0a4-ee28-4faa-80b9-8e27cc6a9ca5","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":137,"box":{"x":77,"y":229,"width":899,"height":11}},{"id":"d01379f3-7b42-4e92-9595-9dec48165edc","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":137,"box":{"x":76,"y":244,"width":869,"height":10}},{"id":"b0fdd5d3-9d63-4164-b27f-76febf5e3f65","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":137,"box":{"x":76,"y":258,"width":888,"height":11}},{"id":"3392fb61-00b4-4490-b395-4ded4504e228","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":137,"box":{"x":76,"y":272,"width":884,"height":11}},{"id":"4ba663a8-da52-4d8b-b05c-cb8685a2c0e3","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":137,"box":{"x":76,"y":286,"width":904,"height":11}},{"id":"c6afa944-32bf-48e9-895a-7cf7630a6eda","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":137,"box":{"x":76,"y":300,"width":897,"height":11}},{"id":"f9150df2-2a37-4eea-999d-51e50a43ad4f","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":137,"box":{"x":76,"y":314,"width":887,"height":11}},{"id":"c5e4e06f-454e-4b1b-84d7-71892851426a","block_type":"box","text":"particularly for newly launched or smaller funds, or by instances of significant volatility of the underlying assets.","page_number":137,"box":{"x":76,"y":329,"width":713,"height":10}},{"id":"8dca27de-0c1f-47d3-93e0-b4d589d0cf04","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":137,"box":{"x":76,"y":352,"width":902,"height":11}},{"id":"b420eff9-d3a7-4b4a-a1f4-f060733163a6","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":137,"box":{"x":76,"y":366,"width":856,"height":11}},{"id":"a51a2079-7054-4724-9fb7-e62092bb1e67","block_type":"box","text":"Memorial Day, Juneteenth, Independence Day, Labor Day, Thanksgiving Day and Christmas Day.","page_number":137,"box":{"x":77,"y":380,"width":612,"height":11}},{"id":"22439d4c-096a-48bc-98b3-711fd933bd7c","block_type":"box","text":"Investments in Investment Companies","page_number":137,"box":{"x":77,"y":403,"width":268,"height":11}},{"id":"345d6e04-02f9-414d-8e6a-b2ee59f0873b","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":137,"box":{"x":76,"y":427,"width":873,"height":10}},{"id":"61d78a0e-8eb7-42c3-9cd6-74b0e340f9ca","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":137,"box":{"x":76,"y":441,"width":889,"height":11}},{"id":"75ef3d9d-5c04-4c61-8669-2da9319a4964","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":137,"box":{"x":76,"y":455,"width":847,"height":11}},{"id":"85240c37-4b09-4d1b-b22c-402c8a7ddf4c","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":137,"box":{"x":76,"y":469,"width":897,"height":11}},{"id":"8b1383a9-09b9-45c4-adbb-4ff4540221af","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":137,"box":{"x":76,"y":483,"width":890,"height":11}},{"id":"60f09802-c6bd-4c12-8880-0a6bbdfcbb55","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":137,"box":{"x":76,"y":498,"width":904,"height":10}},{"id":"40cddb0e-722d-4f2b-bf4f-dab22ac58440","block_type":"box","text":"investment companies and companies controlled by them.","page_number":137,"box":{"x":76,"y":512,"width":374,"height":11}},{"id":"f8377bd9-f7f5-4d5b-a001-05935bf071dd","block_type":"box","text":"Notwithstanding the foregoing, registered investment companies are permitted to invest in a Fund beyond the limits set forth in Section","page_number":137,"box":{"x":77,"y":535,"width":867,"height":11}},{"id":"b51ee3f7-0495-4a05-b26c-ad4da48acbd3","block_type":"box","text":"12(d)(1), subject to certain terms and conditions set forth in Rule 12d1-4 under the 1940 Act. To make such an investment in an Acquired","page_number":137,"box":{"x":78,"y":549,"width":871,"height":11}},{"id":"e9887ec1-ae29-4643-84e6-58be65aedc98","block_type":"box","text":"Fund, a registered investment company must, among other things, enter into an agreement with the Trust. If an Acquired Fund invests","page_number":137,"box":{"x":77,"y":563,"width":855,"height":11}},{"id":"d12a5ca6-55ee-4a92-a535-db836540dd3f","block_type":"box","text":"significantly in other registered investment companies in reliance on Rule 12d1-4, an Acquiring Fund will not be permitted to rely on Rule","page_number":137,"box":{"x":76,"y":577,"width":874,"height":11}},{"id":"f6a8b5ca-e879-4308-b3c0-6f426b354f89","block_type":"box","text":"12d1-4 and invest in the Fund beyond the Section 12(d)(1) limits. Any investment company interested in purchasing shares of a Fund beyond","page_number":137,"box":{"x":78,"y":592,"width":894,"height":10}},{"id":"0b449665-84cb-4f14-8b40-46c1cb071f4d","block_type":"box","text":"the limits set forth in Section 12(d)(1) should contact BFA.","page_number":137,"box":{"x":76,"y":606,"width":367,"height":11}},{"id":"5bc167a5-480b-4fe0-9c87-8759b4ef4594","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":137,"box":{"x":77,"y":629,"width":883,"height":11}},{"id":"a2031d4f-e0d1-4b78-b6ca-89866be327a6","block_type":"box","text":"SEC no-action relief.","page_number":137,"box":{"x":76,"y":643,"width":130,"height":9}},{"id":"24ba147d-0ff1-4f39-b431-c19daf6d97a5","block_type":"box","text":"Book Entry","page_number":137,"box":{"x":77,"y":667,"width":76,"height":10}},{"id":"4c9f9de1-feac-48db-ac5d-987fe803d26f","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":137,"box":{"x":76,"y":690,"width":892,"height":10}},{"id":"851fe8e1-9ab2-43ea-8e89-a8be81403311","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":137,"box":{"x":76,"y":704,"width":832,"height":11}},{"id":"dc23d0b8-5b5a-40c1-bd2a-0454b4a77857","block_type":"box","text":"outstanding shares of the Funds.","page_number":137,"box":{"x":76,"y":718,"width":209,"height":11}},{"id":"805a44bc-2806-4c9f-a87b-dfd16f79a620","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":137,"box":{"x":77,"y":741,"width":885,"height":11}},{"id":"aba056cf-9fba-4908-8509-2887280f5291","block_type":"box","text":"brokers and dealers, banks, trust companies, clearing corporations and other institutions that directly or indirectly maintain a custodial","page_number":137,"box":{"x":76,"y":755,"width":863,"height":11}},{"id":"cdf825e0-4e8f-415f-83bb-8936dda13b9b","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":137,"box":{"x":77,"y":770,"width":888,"height":10}},{"id":"bf55bc8d-e3b6-41b4-a561-db7e3978d701","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":137,"box":{"x":76,"y":784,"width":874,"height":11}},{"id":"1ca4b624-c504-4217-860e-bcf9cf3215a7","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":137,"box":{"x":77,"y":798,"width":899,"height":11}},{"id":"52329290-321c-49f6-b9e9-ea770f7c28d6","block_type":"box","text":"securities held in book-entry or “street name” form.","page_number":137,"box":{"x":76,"y":812,"width":330,"height":11}},{"id":"d0d4e8c2-a6a8-4518-a233-70149fcee439","block_type":"box","text":"Share Prices","page_number":137,"box":{"x":76,"y":835,"width":87,"height":9}},{"id":"a97baecf-6b21-44a2-9fad-0e4e6087e3a6","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":137,"box":{"x":76,"y":858,"width":894,"height":11}},{"id":"dada2c3f-e56a-4dd5-bde3-47794a219669","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":137,"box":{"x":76,"y":873,"width":876,"height":10}},{"id":"f8f025e5-aced-44ca-ac1c-f150afea8b65","block_type":"box","text":"conditions.","page_number":137,"box":{"x":76,"y":887,"width":69,"height":8}},{"id":"b2b8948c-4378-4b2d-9b34-38fa16950d2a","block_type":"box","text":"29","page_number":137,"box":{"x":522,"y":921,"width":14,"height":8}},{"id":"47a5ae5b-10ff-47d6-84ca-53b23ce1ddc6","block_type":"box","text":"Determination of Net Asset Value","page_number":138,"box":{"x":77,"y":23,"width":233,"height":9}},{"id":"f9704c64-8dfe-472b-8581-9e074cc7704a","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":138,"box":{"x":76,"y":46,"width":872,"height":11}},{"id":"280b917f-b724-4292-9a5f-08163603c1d6","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":138,"box":{"x":76,"y":61,"width":904,"height":10}},{"id":"548a6519-9b66-434c-a7be-b3185e8e6b2f","block_type":"box","text":"on prices at the time of closing.","page_number":138,"box":{"x":76,"y":75,"width":201,"height":11}},{"id":"73119ec1-0f6b-43ce-aba9-f313a08ca46c","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":138,"box":{"x":76,"y":98,"width":883,"height":11}},{"id":"cbf834db-c3a4-4126-aac0-efb2ceb357fa","block_type":"box","text":"market rates on the date of valuation as quoted by one or more data service providers.","page_number":138,"box":{"x":76,"y":112,"width":554,"height":11}},{"id":"dbec41bf-983b-49bc-aefc-57ec0956e843","block_type":"box","text":"The NAV of a Fund is calculated by dividing the value of the Fund’s net assets (","page_number":138,"box":{"x":76,"y":135,"width":501,"height":11}},{"id":"0dc60ec8-e8e6-45c3-9e14-4fa5b8a38c28","block_type":"box","text":"i.e","page_number":138,"box":{"x":578,"y":135,"width":14,"height":9}},{"id":"16c428be-5111-4b79-a20c-2756a96dc303","block_type":"box","text":"., the value of its total assets, including the value of any","page_number":138,"box":{"x":594,"y":135,"width":353,"height":11}},{"id":"14138a41-791b-4974-8309-6e97bd19cd3a","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":138,"box":{"x":77,"y":149,"width":857,"height":11}},{"id":"5b73321d-6b4c-4792-aba3-eaf6848b083b","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":138,"box":{"x":77,"y":164,"width":883,"height":10}},{"id":"75732a19-74d8-45d4-bd4e-1bdae933f35c","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":138,"box":{"x":77,"y":178,"width":881,"height":11}},{"id":"9f9940ba-2a3a-4515-b332-5bfd17154a8f","block_type":"box","text":"Generally, trading in certain instruments (","page_number":138,"box":{"x":76,"y":403,"width":265,"height":11}},{"id":"595bdd8b-be44-4c36-a7e4-38bbc83730fd","block_type":"box","text":"e.g","page_number":138,"box":{"x":343,"y":406,"width":19,"height":8}},{"id":"bbf7a0fb-bd34-41fc-bcd5-5c44b8fa7752","block_type":"box","text":"., non-U.S. securities, money market instruments, etc.) is substantially completed each day at","page_number":138,"box":{"x":362,"y":403,"width":599,"height":11}},{"id":"a393508c-50c5-404d-b696-624328cc3b89","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":138,"box":{"x":76,"y":418,"width":869,"height":10}},{"id":"2fb9ad9c-003f-4422-8062-cd121baf5100","block_type":"box","text":"determined as of such times.","page_number":138,"box":{"x":76,"y":432,"width":185,"height":8}},{"id":"5c11615f-e24c-404a-8b8c-147d85ab99b5","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":138,"box":{"x":77,"y":455,"width":885,"height":11}},{"id":"22ba5010-9892-40e7-8685-88aafb77b883","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":138,"box":{"x":76,"y":469,"width":901,"height":11}},{"id":"5afa55c6-cd7b-4c23-a9fd-7f30e1da139b","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":138,"box":{"x":76,"y":483,"width":904,"height":11}},{"id":"605bb53f-6206-4329-9543-65ee4fa9bb20","block_type":"box","text":"a Fund’s pricing time.","page_number":138,"box":{"x":76,"y":498,"width":136,"height":10}},{"id":"d4c1f4f7-bc61-41de-b1d2-c3f9dd565397","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":138,"box":{"x":76,"y":558,"width":837,"height":11}},{"id":"a0602ef7-ec8d-4c84-b5ce-65248d939ed0","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":138,"box":{"x":76,"y":572,"width":874,"height":11}},{"id":"6fcf452c-a083-4703-ba58-3ea0e3439bcb","block_type":"box","text":"amount that the Fund might reasonably expect to receive from the current sale of an asset or the cost to extinguish a liability in an arm’s","page_number":138,"box":{"x":76,"y":586,"width":879,"height":11}},{"id":"82ca15ff-8a55-42d1-8149-073fa2390e52","block_type":"box","text":"length transaction.","page_number":138,"box":{"x":77,"y":601,"width":118,"height":11}},{"id":"63f3f4ea-2888-4532-9e94-1249c10c9b1b","block_type":"box","text":"BFA may conclude that a market quotation is not readily available or is unreliable if:","page_number":138,"box":{"x":77,"y":624,"width":531,"height":11}},{"id":"19178cbe-6955-4b29-b7fe-a1fad4bd6b90","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":138,"box":{"x":113,"y":642,"width":582,"height":11}},{"id":"c5866266-7450-44ac-af5a-983d74d20479","block_type":"box","text":"A market quotation differs significantly from recent price quotations or otherwise no longer appears to reflect fair value;","page_number":138,"box":{"x":113,"y":660,"width":767,"height":11}},{"id":"2325e129-9a1f-4d73-9789-d683ee71cdb1","block_type":"box","text":"An asset or liability is thinly traded;","page_number":138,"box":{"x":113,"y":678,"width":223,"height":11}},{"id":"8d56e32e-7938-4a81-aaf8-262128af4bf7","block_type":"box","text":"There is a significant event subsequent to the most recent market quotation; or","page_number":138,"box":{"x":113,"y":696,"width":508,"height":11}},{"id":"6b6cda10-ae82-4356-aa4a-e48880cfa78e","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":138,"box":{"x":113,"y":714,"width":853,"height":11}},{"id":"7e82434d-3009-4b9f-a0a0-4b535f02bf77","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":138,"box":{"x":76,"y":737,"width":874,"height":11}},{"id":"d9b6cf24-324e-4729-aba9-d234d61de019","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":138,"box":{"x":76,"y":751,"width":876,"height":11}},{"id":"d82ed7d8-6228-4236-b2a3-ee292752aa57","block_type":"box","text":"more of the Fund’s assets or liabilities.","page_number":138,"box":{"x":76,"y":766,"width":246,"height":8}},{"id":"c2fe619d-c90f-49fa-872e-fb6cf347b0e4","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":138,"box":{"x":76,"y":789,"width":890,"height":11}},{"id":"4b9ace16-dfc8-4800-a5e5-183bb72a6112","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":138,"box":{"x":76,"y":803,"width":888,"height":11}},{"id":"163264ff-3e4d-40b9-be3b-7b7fb29e4cdd","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":138,"box":{"x":76,"y":817,"width":896,"height":11}},{"id":"9af9ba2b-c277-48f1-8eaa-c302f809dda0","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":138,"box":{"x":77,"y":831,"width":870,"height":11}},{"id":"abbb680e-d6a1-408a-a083-5b3d5c8ee595","block_type":"box","text":"Fund’s performance and the performance of its underlying index.","page_number":138,"box":{"x":77,"y":846,"width":414,"height":10}},{"id":"da78080c-a69c-4589-ba59-3449df505199","block_type":"box","text":"30","page_number":138,"box":{"x":521,"y":921,"width":16,"height":8}},{"id":"04d76542-227f-4ea0-b292-b5da8c184b89","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":138,"box":{"x":77,"y":201,"width":857,"height":11}},{"id":"693f9486-6645-44bc-9da4-676118028799","block_type":"box","text":"quotations are readily available are valued at market value, which is generally","page_number":138,"box":{"x":76,"y":215,"width":489,"height":11}},{"id":"f6614e85-dc6f-44fd-91d2-d03004ffc2f5","block_type":"box","text":"determined using the last reported official closing price or, if a","page_number":138,"box":{"x":569,"y":215,"width":393,"height":11}},{"id":"03be3883-3ea8-42c8-b16a-69f45216228b","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":138,"box":{"x":77,"y":229,"width":892,"height":11}},{"id":"96ded324-72c0-4796-bf32-7f486f309c4f","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 at","page_number":138,"box":{"x":76,"y":244,"width":904,"height":10}},{"id":"410f38fd-6c32-4564-8fc1-9c89c5fbef08","block_type":"box","text":"net asset value. Shares of underlying ETFs and closed-end funds that trade on exchanges are valued at their most recent market closing price.","page_number":138,"box":{"x":76,"y":258,"width":900,"height":11}},{"id":"194e0b60-58f9-4483-b543-e6a59d65d5f3","block_type":"box","text":"Fixed-income securities and certain derivative instruments are valued using last available bid prices or current market quotations provided","page_number":138,"box":{"x":77,"y":281,"width":885,"height":11}},{"id":"0e9f4c5b-eb14-4ee6-87cb-78cc7b7b37e8","block_type":"box","text":"by dealers or prices (including","page_number":138,"box":{"x":77,"y":295,"width":191,"height":11}},{"id":"4c4553c8-4d11-4f69-b383-4c9cf3f3d88e","block_type":"box","text":"evaluated prices) supplied by the Funds’ approved independent third-party pricing services, each in","page_number":138,"box":{"x":273,"y":295,"width":634,"height":11}},{"id":"5aa2f625-5ed4-46a9-8280-b939eb0c9749","block_type":"box","text":"accordance with BFA’s valuation policies and procedures. Pricing services may use matrix pricing or valuation models that utilize certain","page_number":138,"box":{"x":76,"y":309,"width":869,"height":11}},{"id":"56703da9-c9c6-411d-bfe4-3eeee8fd6d04","block_type":"box","text":"inputs and assumptions to derive values. Pricing services generally value fixed-income securities assuming orderly transactions of an","page_number":138,"box":{"x":76,"y":324,"width":851,"height":10}},{"id":"56ca243e-e6e4-4dff-abf0-8ce3eb580a3d","block_type":"box","text":"institutional round lot size, but a Fund may hold or transact in such securities in smaller odd lot sizes. Odd lots of securities in certain asset","page_number":138,"box":{"x":76,"y":338,"width":890,"height":11}},{"id":"974c6dbe-1239-4e2e-b2a8-b8b200394935","block_type":"box","text":"classes may trade at lower prices than institutional round lots, and the value ultimately realized when the securities are sold could differ","page_number":138,"box":{"x":76,"y":352,"width":870,"height":11}},{"id":"85e82e42-5581-4ec8-bef6-cd4114636345","block_type":"box","text":"from the prices used by a Fund. The amortized cost method of valuation may be used with respect to debt obligations with 60 days or less","page_number":138,"box":{"x":76,"y":366,"width":883,"height":11}},{"id":"4007d462-0f74-4b5c-9314-09a0334e6008","block_type":"box","text":"remaining to maturity unless BFA determines in good faith that such method does not represent fair value.","page_number":138,"box":{"x":77,"y":380,"width":678,"height":11}},{"id":"56c960f8-1fcb-443f-8e47-41f5a4d458ca","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":138,"box":{"x":76,"y":521,"width":877,"height":11}},{"id":"36ff1637-24ac-4283-b16d-7f34ca94cd92","block_type":"box","text":"model that may incorporate a number of market data","page_number":138,"box":{"x":76,"y":535,"width":339,"height":11}},{"id":"bf6ec618-0e55-407d-bfc0-bc533a939c66","block_type":"box","text":"factors.","page_number":138,"box":{"x":420,"y":535,"width":48,"height":8}},{"id":"e291ebff-7fcf-4d4c-b183-9258c43752bf","block_type":"box","text":"Dividends and Distributions","page_number":139,"box":{"x":77,"y":23,"width":192,"height":9}},{"id":"24d93818-a7db-43e9-875b-009dc4f8738d","block_type":"box","text":"General Policies.","page_number":139,"box":{"x":76,"y":46,"width":103,"height":9}},{"id":"597f1b8d-c28c-4d6a-ac2b-36fa5577373a","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":139,"box":{"x":185,"y":46,"width":782,"height":11}},{"id":"97b11ebf-c343-4cdc-8005-550b2948175f","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":139,"box":{"x":77,"y":61,"width":887,"height":10}},{"id":"b823aff7-52c3-4a92-9348-b40cf588e9c4","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":139,"box":{"x":76,"y":75,"width":904,"height":11}},{"id":"28e08e39-06c5-4cda-9867-f2ba003146ad","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":139,"box":{"x":76,"y":89,"width":893,"height":11}},{"id":"a974b5eb-591c-4ce8-8b20-1041b3f75855","block_type":"box","text":"or realized gains.","page_number":139,"box":{"x":76,"y":103,"width":107,"height":11}},{"id":"b63ad30e-9e01-464a-81d3-9905c80baffd","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":139,"box":{"x":77,"y":126,"width":885,"height":11}},{"id":"8ea6c9ca-4e48-43f5-a01a-b2332a46e05c","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":139,"box":{"x":76,"y":140,"width":856,"height":11}},{"id":"6f37f0e3-af04-4bee-9153-939e6d9cec30","block_type":"box","text":"received from the Funds.","page_number":139,"box":{"x":77,"y":155,"width":157,"height":8}},{"id":"cd57c320-0d49-42c3-af00-05271dee8981","block_type":"box","text":"Dividend Reinvestment Service.","page_number":139,"box":{"x":76,"y":178,"width":197,"height":8}},{"id":"264e1bdc-42d3-463b-9edd-4e76d30668d1","block_type":"box","text":"No dividend reinvestment service is provided by the Trust. Broker-dealers may make the DTC book-entry","page_number":139,"box":{"x":280,"y":178,"width":667,"height":11}},{"id":"b923694f-fb89-4903-a02b-f5604f890a19","block_type":"box","text":"Dividend Reinvestment Program available to beneficial owners of Fund shares for the reinvestment of distributions. Beneficial owners should","page_number":139,"box":{"x":77,"y":192,"width":899,"height":11}},{"id":"6cfadd19-f6e0-449a-a33d-0c94d4c93f36","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":139,"box":{"x":76,"y":206,"width":869,"height":11}},{"id":"03dda902-6b86-4c12-b4f1-aeb2e99f8df1","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":139,"box":{"x":76,"y":220,"width":895,"height":11}},{"id":"7fa30635-8a26-4025-a139-66ebef76708a","block_type":"box","text":"be automatically reinvested in additional whole Fund shares purchased in the secondary market.","page_number":139,"box":{"x":76,"y":235,"width":617,"height":10}},{"id":"13b1b6be-241a-41e3-9a20-e8750c128153","block_type":"box","text":"Note on Tax Information.","page_number":139,"box":{"x":76,"y":258,"width":167,"height":8}},{"id":"2caee3db-02f2-4b55-b851-519905748daf","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":139,"box":{"x":249,"y":258,"width":723,"height":11}},{"id":"02760bb5-8c82-46a6-a22a-80463dec3920","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":139,"box":{"x":76,"y":272,"width":905,"height":11}},{"id":"76ff6fdd-138f-4ccc-964e-99bfd77b9662","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":139,"box":{"x":76,"y":286,"width":893,"height":11}},{"id":"3385f6ae-a2dd-4dfb-a38c-ec6eb2d567f6","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":139,"box":{"x":76,"y":300,"width":893,"height":11}},{"id":"33aaff0e-48ac-42b7-a723-0cf5f19b26df","block_type":"box","text":"laws.","page_number":139,"box":{"x":76,"y":315,"width":30,"height":8}},{"id":"7465dbf1-2c09-4505-9213-ca3c99d4039e","block_type":"box","text":"Taxes","page_number":139,"box":{"x":76,"y":338,"width":38,"height":8}},{"id":"e6232584-9c65-4eff-8754-abc4c3cda62f","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":139,"box":{"x":76,"y":361,"width":874,"height":11}},{"id":"2d1a95e4-07b4-41b0-b3e9-db6f84a45412","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":139,"box":{"x":76,"y":375,"width":877,"height":11}},{"id":"de7449a1-fd16-439e-b194-fbaa6aed7a77","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":139,"box":{"x":76,"y":389,"width":895,"height":11}},{"id":"5ff00d2f-236b-4aea-9dc7-0bddf5c5897c","block_type":"box","text":"is no guarantee that shares of a Fund will receive certain regulatory or accounting treatment.","page_number":139,"box":{"x":76,"y":403,"width":594,"height":11}},{"id":"d4a79530-63e8-432b-948f-afc46534d35e","block_type":"box","text":"Taxes on Fund Distributions","page_number":139,"box":{"x":76,"y":427,"width":194,"height":8}},{"id":"e1b52cea-b508-41d2-8fb5-ba960e7a83f8","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":139,"box":{"x":76,"y":450,"width":863,"height":11}},{"id":"cf1382f5-3207-42ab-80bd-e14f0fcc4a6b","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":139,"box":{"x":76,"y":464,"width":873,"height":11}},{"id":"7ea85393-baa5-4415-ae66-5931d7c7f5ff","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":139,"box":{"x":76,"y":478,"width":713,"height":11}},{"id":"e30eee9d-03e3-476e-8117-fea359f2968a","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":139,"box":{"x":77,"y":501,"width":902,"height":11}},{"id":"e72c9381-8151-41cf-8765-1e7ac19befb6","block_type":"box","text":"may be treated as paid on December 31 of the prior year.","page_number":139,"box":{"x":76,"y":516,"width":365,"height":10}},{"id":"0605804f-e21a-4316-81a6-a6e19fb20f7a","block_type":"box","text":"Capital Gains.","page_number":139,"box":{"x":76,"y":539,"width":86,"height":10}},{"id":"3bacc67b-89b1-45ed-b637-32f7379fbc6a","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":139,"box":{"x":169,"y":539,"width":785,"height":11}},{"id":"64538cf5-88bc-4ab0-8cdd-60bed476fff0","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":139,"box":{"x":76,"y":553,"width":857,"height":11}},{"id":"3970fb53-ce92-43c2-ad1a-2aef9d6e2c05","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":139,"box":{"x":76,"y":567,"width":878,"height":11}},{"id":"5fec8987-63ad-45f9-b62d-9e51bbffcf6d","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":139,"box":{"x":77,"y":581,"width":871,"height":11}},{"id":"758b7c58-78f1-44cd-8408-b6b2b1121f6d","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":139,"box":{"x":76,"y":596,"width":892,"height":10}},{"id":"3a67e564-2b72-4b79-a1b6-83803f6bdf1f","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":139,"box":{"x":76,"y":610,"width":878,"height":11}},{"id":"966cabdc-5251-4679-9734-1984554bbbd9","block_type":"box","text":"real estate investment trusts (“REITs”), if any.","page_number":139,"box":{"x":77,"y":624,"width":289,"height":11}},{"id":"b13af9cf-b07a-4fca-894c-d4cb1c5fc183","block_type":"box","text":"Return of Capital.","page_number":139,"box":{"x":76,"y":647,"width":108,"height":11}},{"id":"39a6b1ac-4bf9-46f8-9e36-2041a49a6749","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":139,"box":{"x":191,"y":647,"width":775,"height":11}},{"id":"f31e8b5b-c198-4eb3-ac47-c83c9711cc62","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":139,"box":{"x":76,"y":661,"width":904,"height":11}},{"id":"2896a414-b7df-4c1c-b2dd-d1101ee9f9a1","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":139,"box":{"x":76,"y":675,"width":888,"height":11}},{"id":"0967725a-9705-4bdb-bc21-1178e40325f1","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":139,"box":{"x":76,"y":690,"width":843,"height":10}},{"id":"43078ad6-5a26-4f2e-b0c2-a631ba431111","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":139,"box":{"x":76,"y":704,"width":874,"height":11}},{"id":"33a595f2-301c-4e52-aada-589a403de85f","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":139,"box":{"x":76,"y":718,"width":803,"height":11}},{"id":"79d419d0-5bc7-41fb-933a-dfcd6e328aa0","block_type":"box","text":"Qualified Dividend Income.","page_number":139,"box":{"x":76,"y":741,"width":167,"height":9}},{"id":"d6df27f9-4773-47a5-97dd-2b6bd820bf0d","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":139,"box":{"x":249,"y":741,"width":702,"height":11}},{"id":"2e51ccac-7da4-4f61-9d66-058a6b08ead8","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":139,"box":{"x":76,"y":755,"width":848,"height":11}},{"id":"22caccdb-e0ad-4487-9aa4-25351ef59795","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":139,"box":{"x":76,"y":770,"width":846,"height":10}},{"id":"5d44ec6d-6a8f-45e9-8056-17d86d898ea3","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":139,"box":{"x":76,"y":784,"width":872,"height":11}},{"id":"c474a32d-332e-433f-9ef3-b65589c58ed1","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":139,"box":{"x":76,"y":798,"width":892,"height":11}},{"id":"440c3362-d2e2-4052-a484-806222bd36a0","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":139,"box":{"x":76,"y":812,"width":886,"height":11}},{"id":"3cd07c26-1631-4cbf-8c1e-e726ee067524","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":139,"box":{"x":76,"y":826,"width":854,"height":11}},{"id":"bf641c07-0e33-4f89-ab8f-079b504e6c69","block_type":"box","text":"company.","page_number":139,"box":{"x":76,"y":843,"width":60,"height":8}},{"id":"d4bb953d-db50-4e37-bfe3-1947c60bb298","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":139,"box":{"x":77,"y":864,"width":904,"height":10}},{"id":"c6f00e57-a4f8-4b15-b622-67e2eb374578","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":139,"box":{"x":76,"y":878,"width":901,"height":11}},{"id":"e3810686-b32c-431f-b173-3ea141712f9b","block_type":"box","text":"31","page_number":139,"box":{"x":522,"y":921,"width":12,"height":8}},{"id":"41727b00-73e5-4ba9-abda-cd278c3426af","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":140,"box":{"x":76,"y":23,"width":865,"height":11}},{"id":"77560ebf-a623-4888-b7ae-710c0b0b80e8","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":140,"box":{"x":76,"y":37,"width":895,"height":11}},{"id":"056c1d37-959f-4690-8d8d-5c137cefb56e","block_type":"box","text":"from ordinary REIT dividends, reduced by allocable Fund expenses.","page_number":140,"box":{"x":76,"y":51,"width":428,"height":11}},{"id":"30638230-d121-43c9-a2b8-77b165543fe0","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":140,"box":{"x":77,"y":75,"width":891,"height":11}},{"id":"10c614bc-f90a-4fd2-b2ac-e1b498b1ccf3","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":140,"box":{"x":77,"y":89,"width":861,"height":11}},{"id":"b085344c-173c-4482-81c6-979ffd65fc16","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":140,"box":{"x":76,"y":103,"width":883,"height":11}},{"id":"8ead798c-a3ab-4426-8c36-24151d13c2c7","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":140,"box":{"x":76,"y":117,"width":682,"height":11}},{"id":"1178049c-107d-4b29-b6cc-f9b319dff8f2","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":140,"box":{"x":77,"y":140,"width":872,"height":11}},{"id":"f3ba8c09-20b4-436a-a250-c4e23bb7da0a","block_type":"box","text":"Fund shareholders that are corporations, subject to certain hedging and holding requirements.","page_number":140,"box":{"x":77,"y":155,"width":603,"height":10}},{"id":"4bec32dd-f0ba-42e0-9ec3-e733dae360b0","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":140,"box":{"x":76,"y":178,"width":876,"height":11}},{"id":"3253aa08-3a27-4b0b-8f12-898ed8d29c8f","block_type":"box","text":"Medicare Tax.","page_number":140,"box":{"x":76,"y":201,"width":85,"height":9}},{"id":"dd1b3f32-12b9-4b8e-a11d-04c156863047","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":140,"box":{"x":167,"y":201,"width":791,"height":11}},{"id":"d220e091-cd94-4b29-a092-9414934f2c3f","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":140,"box":{"x":76,"y":214,"width":876,"height":12}},{"id":"09a03fdc-ea35-49f4-bf08-caac3504e271","block_type":"box","text":"trusts.","page_number":140,"box":{"x":76,"y":230,"width":40,"height":8}},{"id":"4db78e1a-fb7c-42ec-ac9f-a07316e24375","block_type":"box","text":"Alternative Minimum Tax.","page_number":140,"box":{"x":75,"y":253,"width":157,"height":8}},{"id":"41626aed-367e-41c4-82ee-7b14a8e308af","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":140,"box":{"x":238,"y":253,"width":738,"height":10}},{"id":"f3c3878a-ce8d-44cf-a986-d63d428153eb","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":140,"box":{"x":76,"y":267,"width":833,"height":11}},{"id":"4465d4d6-0f7b-4a91-a2ab-abfcf4ed5151","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":140,"box":{"x":76,"y":281,"width":877,"height":11}},{"id":"a9b367f5-ebc1-4c2a-844a-4c2fe5ba9118","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":140,"box":{"x":77,"y":295,"width":903,"height":11}},{"id":"7857ca8f-b4b0-45cb-b3ea-cd586a6b5f9d","block_type":"box","text":"liability and the regular income tax liability.","page_number":140,"box":{"x":77,"y":309,"width":271,"height":11}},{"id":"eef6509b-fd34-4b5f-b218-1633ab1bc623","block_type":"box","text":"Original Issue Discount and Inflation-Related Adjustments","page_number":140,"box":{"x":76,"y":332,"width":406,"height":11}},{"id":"632d80d4-6876-472e-aa36-99b77765d353","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":140,"box":{"x":76,"y":356,"width":892,"height":11}},{"id":"53966639-1afc-4fb1-a29a-103ec10ff808","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":140,"box":{"x":76,"y":370,"width":874,"height":11}},{"id":"0e6b1575-32b0-477b-8d06-073c12622cba","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":140,"box":{"x":76,"y":384,"width":864,"height":11}},{"id":"cc2840d3-62c9-4dc5-847d-f5a145099542","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":140,"box":{"x":76,"y":398,"width":895,"height":11}},{"id":"194e2a93-b11c-4dae-91ca-3ebadcd00638","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":140,"box":{"x":77,"y":412,"width":896,"height":11}},{"id":"d29130f7-8e15-403d-9aeb-3ab485a5a3ca","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":140,"box":{"x":76,"y":427,"width":905,"height":10}},{"id":"5083f4f5-7191-42a5-b4ed-abf376e6e6c4","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":140,"box":{"x":76,"y":441,"width":707,"height":11}},{"id":"84cc8472-9287-4932-a902-5f3cf6a5c996","block_type":"box","text":"Market Discount Bonds","page_number":140,"box":{"x":77,"y":464,"width":162,"height":9}},{"id":"96e72d59-3e1f-47a7-abea-369c26c773a3","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":140,"box":{"x":76,"y":487,"width":898,"height":11}},{"id":"d6ee106b-7614-4fef-a46c-7ea9eaeb4fa8","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":140,"box":{"x":76,"y":501,"width":903,"height":11}},{"id":"2216a08e-d364-44af-8729-f298ae6c7522","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":140,"box":{"x":76,"y":516,"width":898,"height":10}},{"id":"54efb0f0-bc4e-4839-9086-4f98b4960160","block_type":"box","text":"treated as ordinary income rather than capital gains to the extent of the accrued market discount.","page_number":140,"box":{"x":76,"y":530,"width":626,"height":11}},{"id":"e3c21255-5a3a-400c-89ad-90682ebc17f4","block_type":"box","text":"Derivatives and Other Complex Instruments","page_number":140,"box":{"x":77,"y":553,"width":307,"height":11}},{"id":"ff2c0096-157e-4efe-854a-89191ba968cb","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":140,"box":{"x":76,"y":576,"width":874,"height":11}},{"id":"ba28ccd3-2271-4b79-a2a8-8edad713fcb8","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":140,"box":{"x":76,"y":590,"width":860,"height":11}},{"id":"430c5117-5cf2-4449-8f85-152f2abab52d","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":140,"box":{"x":77,"y":605,"width":852,"height":10}},{"id":"65450175-dcd7-4e00-8d21-aa2178f5f6be","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":140,"box":{"x":76,"y":619,"width":863,"height":11}},{"id":"ecfd30ef-7eb9-427b-bd03-86675cd1855b","block_type":"box","text":"Non-U.S. Income Taxes","page_number":140,"box":{"x":77,"y":642,"width":158,"height":8}},{"id":"7099e2ad-73a0-4ece-9a12-ee35f1ce1ebf","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":140,"box":{"x":77,"y":665,"width":837,"height":11}},{"id":"0b458446-8bbd-4b81-a88d-8bfec0fd5c7c","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":140,"box":{"x":76,"y":679,"width":863,"height":11}},{"id":"b5b4b60d-6112-44ea-ab48-2be17df7451f","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":140,"box":{"x":77,"y":693,"width":865,"height":11}},{"id":"651d5227-f021-4a1e-b87f-1246e48db3fa","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":140,"box":{"x":77,"y":708,"width":875,"height":11}},{"id":"26c5affc-c0e9-46a8-b9dc-e0303fd664d1","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":140,"box":{"x":77,"y":722,"width":895,"height":11}},{"id":"a82f0bb7-190f-4aca-a407-5ec6d8f0b9b7","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":140,"box":{"x":76,"y":736,"width":888,"height":11}},{"id":"602c305f-9d46-42d1-aaae-05715a08fb88","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":140,"box":{"x":76,"y":750,"width":875,"height":11}},{"id":"5b0e4dfd-bf5c-404d-9f6f-ae8c0fe63c9a","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":140,"box":{"x":76,"y":764,"width":896,"height":11}},{"id":"d42967eb-faa3-4163-8ea5-2ce1a8e709c6","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":140,"box":{"x":76,"y":779,"width":635,"height":10}},{"id":"e992fdd7-aa76-449a-bdc5-c30439c2bc4a","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":140,"box":{"x":77,"y":802,"width":896,"height":11}},{"id":"81632679-ad50-4d12-bdd2-4ed7b09f4e9e","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":140,"box":{"x":76,"y":816,"width":903,"height":11}},{"id":"6409b643-c491-4157-a761-fd75accb9234","block_type":"box","text":"could be reduced.","page_number":140,"box":{"x":76,"y":830,"width":114,"height":9}},{"id":"68e40baf-f411-40f8-9949-46a0bce4425b","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":140,"box":{"x":77,"y":853,"width":853,"height":11}},{"id":"e5da3cf4-9f70-458d-a4b3-87f8d8d541bf","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":140,"box":{"x":76,"y":868,"width":900,"height":10}},{"id":"4d72f0f6-52d5-4828-bd03-510cdb4b0f16","block_type":"box","text":"32","page_number":140,"box":{"x":521,"y":921,"width":15,"height":8}},{"id":"a39e79e4-cb12-4782-b07c-b16e8a6cf104","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":141,"box":{"x":76,"y":23,"width":876,"height":11}},{"id":"d5adc6f8-44b9-4d5b-97db-b977dd304f55","block_type":"box","text":"paid by the Fund or, if its assets meet these requirements, the Underlying Fund.","page_number":141,"box":{"x":76,"y":37,"width":509,"height":11}},{"id":"4a25d1bd-2171-449e-b123-e5e0c9f55f75","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":141,"box":{"x":77,"y":61,"width":879,"height":10}},{"id":"4e3a0aba-f703-4c42-bf4f-1dd15953d998","block_type":"box","text":"income, limiting the availability of such credits for U.S. persons.","page_number":141,"box":{"x":76,"y":75,"width":407,"height":11}},{"id":"4fe5b1fc-c7c9-46d5-ba4b-72dfc1e5093f","block_type":"box","text":"Non-U.S. Shareholders","page_number":141,"box":{"x":77,"y":98,"width":156,"height":8}},{"id":"8a33cfe9-7693-4fec-9b02-a00c46c2aff1","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":141,"box":{"x":77,"y":121,"width":888,"height":11}},{"id":"e4943a25-a7e3-44a0-b84b-98dbb2ab339c","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":141,"box":{"x":77,"y":135,"width":904,"height":11}},{"id":"dee4df66-2986-4b35-b0fb-c12261f136a4","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":141,"box":{"x":77,"y":149,"width":868,"height":11}},{"id":"647add62-e001-4eaf-a8ab-0a9e9c3d8d63","block_type":"box","text":"other disposition of Fund shares or with respect to certain distributions paid to a non-U.S. shareholder and reported by the Fund as capital","page_number":141,"box":{"x":76,"y":164,"width":886,"height":10}},{"id":"05ef5f71-c737-4752-9d54-4a39f3737f60","block_type":"box","text":"gain dividends, interest-related dividends or short-term capital gain dividends.","page_number":141,"box":{"x":76,"y":178,"width":499,"height":11}},{"id":"f05c8c75-b944-4fb4-a5c7-5b2e4fed8707","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":141,"box":{"x":76,"y":201,"width":896,"height":11}},{"id":"05f9249e-8efd-41a3-a081-2988e96790fa","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":141,"box":{"x":76,"y":215,"width":894,"height":11}},{"id":"1460fc02-1c66-402f-92cf-97b9ec78cb53","block_type":"box","text":"U.S.-owned foreign investment accounts.","page_number":141,"box":{"x":77,"y":229,"width":262,"height":11}},{"id":"49b9c682-ad8a-43d0-9752-5a30a09c115b","block_type":"box","text":"Backup Withholding","page_number":141,"box":{"x":77,"y":253,"width":139,"height":10}},{"id":"b6c0ea98-9a6d-4295-a928-08ecb391bb4e","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":141,"box":{"x":77,"y":276,"width":890,"height":11}},{"id":"16e3b417-cf06-4bce-bc11-cec1ddda714d","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":141,"box":{"x":76,"y":290,"width":789,"height":11}},{"id":"bdeec6a7-9b07-46eb-a24a-a61f7dd57f4c","block_type":"box","text":"Securities Lending","page_number":141,"box":{"x":76,"y":313,"width":129,"height":11}},{"id":"ff3a626e-67bb-4d1c-b42c-56d56ae565e6","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":141,"box":{"x":77,"y":336,"width":901,"height":11}},{"id":"76ce3f16-3f23-4146-bf0e-211bb32768c1","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":141,"box":{"x":76,"y":351,"width":892,"height":10}},{"id":"ccca39d7-c92f-4bb6-8b7d-698ece864909","block_type":"box","text":"through by the Fund.","page_number":141,"box":{"x":76,"y":365,"width":132,"height":11}},{"id":"d7278498-7afe-43c4-8109-5edd88e54f05","block_type":"box","text":"Fund of Funds","page_number":141,"box":{"x":77,"y":388,"width":98,"height":8}},{"id":"0f2dff97-9f29-4c2e-8157-6ba8dddeacd5","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":141,"box":{"x":77,"y":411,"width":844,"height":11}},{"id":"4dc0c309-6f03-43f9-b356-c5212afc4517","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":141,"box":{"x":76,"y":425,"width":870,"height":11}},{"id":"e7331d25-d33b-4b22-aac5-5d3e9cdbc454","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":141,"box":{"x":77,"y":440,"width":864,"height":10}},{"id":"1c8ca198-f8d2-459d-9aca-68e289a81698","block_type":"box","text":"Capital loss carryforwards of the Underlying Fund, if any, will not offset net capital gains of the Fund.","page_number":141,"box":{"x":76,"y":454,"width":643,"height":11}},{"id":"224f81ad-00b8-45a9-a12b-b54d0c1bb41e","block_type":"box","text":"Taxes on the Sale of Exchange-Listed Fund Shares","page_number":141,"box":{"x":76,"y":477,"width":350,"height":11}},{"id":"b240ef95-e00d-414b-b0f5-358c613ff4f1","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":141,"box":{"x":76,"y":500,"width":876,"height":11}},{"id":"54989f35-2e2b-479f-b48b-0ae644e36508","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":141,"box":{"x":77,"y":514,"width":896,"height":11}},{"id":"034f8751-f229-4e3e-b074-4a290dd7a9bb","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":141,"box":{"x":76,"y":528,"width":870,"height":11}},{"id":"a625cbd6-0e9e-4a82-a54d-b049c53e5acb","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":141,"box":{"x":77,"y":543,"width":892,"height":10}},{"id":"52fe6e40-f6fe-461d-ac64-4c77b31f3ebb","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":141,"box":{"x":76,"y":557,"width":892,"height":11}},{"id":"64e012d7-fe72-4f88-8566-42f74a90045a","block_type":"box","text":"contribution tax mentioned above.","page_number":141,"box":{"x":76,"y":571,"width":219,"height":9}},{"id":"2a75ed09-bc94-4a80-bfbc-f9eba7d10e34","block_type":"box","text":"Creations and Redemptions","page_number":141,"box":{"x":76,"y":594,"width":193,"height":11}},{"id":"70149466-e7a3-480b-89fe-80db4b371c4c","block_type":"box","text":"Prior to being traded in the secondary market, Fund shares are “created” at NAV by Authorized Participants (","page_number":141,"box":{"x":77,"y":617,"width":693,"height":11}},{"id":"4f12f966-b500-4668-a962-0df4b6a606ee","block_type":"box","text":"i.e.","page_number":141,"box":{"x":771,"y":617,"width":17,"height":9}},{"id":"e5a36e76-9ec7-4bb1-b44b-60edc0b4d43c","block_type":"box","text":", market makers, large","page_number":141,"box":{"x":790,"y":618,"width":143,"height":10}},{"id":"bc2b7d2b-350e-4895-add0-0cafcb422286","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":141,"box":{"x":76,"y":632,"width":866,"height":10}},{"id":"b49d39c3-d31d-4688-8af6-105ba8ab598b","block_type":"box","text":"Creation Units, and only Authorized Participants may create or redeem Creation Units with the Funds.","page_number":141,"box":{"x":76,"y":646,"width":650,"height":11}},{"id":"e890d907-fce5-44b4-b83b-8430b8805485","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":141,"box":{"x":77,"y":669,"width":832,"height":11}},{"id":"ee755796-be2c-46e2-836f-c7ab95a28787","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":141,"box":{"x":76,"y":683,"width":891,"height":11}},{"id":"d9a9a71a-3689-4367-a856-212c4a850ad4","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":141,"box":{"x":76,"y":697,"width":874,"height":11}},{"id":"6d297842-b0eb-442c-854d-7dea196479b3","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":141,"box":{"x":76,"y":712,"width":904,"height":10}},{"id":"e9ddc70a-e390-4ebe-96c7-20d98325a5d5","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":141,"box":{"x":76,"y":735,"width":875,"height":11}},{"id":"2bbea7b0-13fa-40c4-b069-73f2c83aa8a5","block_type":"box","text":"cash.","page_number":141,"box":{"x":76,"y":749,"width":33,"height":8}},{"id":"8a5c5103-946f-4b16-a09a-0219a2dd78da","block_type":"box","text":"In-Kind","page_number":141,"box":{"x":76,"y":772,"width":45,"height":9}},{"id":"c058a72c-ae51-417f-a553-8b2a1e86e131","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":141,"box":{"x":122,"y":772,"width":860,"height":11}},{"id":"91ab708c-d779-46d1-8a90-510ee8c1a8fc","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":141,"box":{"x":76,"y":786,"width":898,"height":11}},{"id":"2684785b-2bf7-4849-9b4f-21f172aaecec","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":141,"box":{"x":77,"y":800,"width":851,"height":11}},{"id":"05f17bd2-775e-401c-9d00-4670816e14c1","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":141,"box":{"x":76,"y":815,"width":686,"height":11}},{"id":"5e93c7ca-d0a0-4210-a491-2109952f4bcf","block_type":"box","text":"Partial Cash","page_number":141,"box":{"x":76,"y":838,"width":74,"height":8}},{"id":"46ebc3e2-dfb1-40fa-a300-4de591b8a44a","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":141,"box":{"x":152,"y":838,"width":806,"height":11}},{"id":"d5e063fc-5188-4d80-bb12-2001efe73f0a","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":141,"box":{"x":76,"y":852,"width":870,"height":11}},{"id":"18b81f2a-fdf5-4bde-9f7b-c57a94d4541f","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":141,"box":{"x":77,"y":866,"width":870,"height":11}},{"id":"ae33efb2-24ea-4bf7-93c8-7cc1f52101d6","block_type":"box","text":"replaces a security or other asset in the redemption basket.","page_number":141,"box":{"x":77,"y":880,"width":380,"height":11}},{"id":"bbdacc05-88af-4f1f-8a44-fc3f9e1b7576","block_type":"box","text":"33","page_number":141,"box":{"x":521,"y":921,"width":16,"height":8}},{"id":"408e19c6-99e9-47bd-9f0b-74e9dca9c242","block_type":"box","text":"All Cash","page_number":142,"box":{"x":75,"y":23,"width":51,"height":9}},{"id":"7e65ec3a-a5f4-4719-ad55-aac84fd61451","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":142,"box":{"x":128,"y":23,"width":833,"height":11}},{"id":"60ae9bb2-70b7-432b-9abe-d04cb68cd8a6","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":142,"box":{"x":76,"y":37,"width":869,"height":11}},{"id":"ec5bf0d6-5582-420d-bf3a-1c0f7b992c9c","block_type":"box","text":"specified amount of cash.","page_number":142,"box":{"x":76,"y":51,"width":164,"height":11}},{"id":"a52ad204-1f7d-416e-941a-7e6995d86138","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":142,"box":{"x":76,"y":75,"width":845,"height":11}},{"id":"4668784b-773a-4709-aa58-7d69d7eb10e6","block_type":"box","text":"information about custom baskets is provided in the Funds’ SAI.","page_number":142,"box":{"x":76,"y":89,"width":408,"height":11}},{"id":"4899f3fc-92b8-4ce4-a09c-9c9054179584","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":142,"box":{"x":77,"y":112,"width":855,"height":11}},{"id":"6b56f19c-7301-4cf5-8d3e-9b440d55da2e","block_type":"box","text":"circumstances, however, a Fund may use another transaction method (","page_number":142,"box":{"x":76,"y":126,"width":455,"height":11}},{"id":"e29f94a0-d6ae-40c2-b451-6fba3147c14b","block_type":"box","text":"e.g.","page_number":142,"box":{"x":532,"y":129,"width":21,"height":8}},{"id":"0999db8b-a5cf-41c9-b9cb-6046ddffb02a","block_type":"box","text":", an in-kind Fund may transact partially or fully in cash).","page_number":142,"box":{"x":555,"y":126,"width":354,"height":11}},{"id":"59db5849-55e9-4ca3-b19f-6f3e0e5c3bdf","block_type":"box","text":"Fund","page_number":142,"box":{"x":87,"y":158,"width":33,"height":8}},{"id":"e5e46764-39a6-4dfa-8b79-9d77d1ec3908","block_type":"box","text":"In-Kind Partial All Cash","page_number":142,"box":{"x":621,"y":158,"width":296,"height":8}},{"id":"670380f1-4da6-42e6-97f7-d24691c7f114","block_type":"box","text":"iShares Core MSCI EAFE ETF","page_number":142,"box":{"x":87,"y":176,"width":184,"height":8}},{"id":"c4c76e07-f4e6-45c6-97b5-356fac91f43f","block_type":"box","text":"iShares Core MSCI Europe ETF","page_number":142,"box":{"x":87,"y":194,"width":196,"height":10}},{"id":"9092d029-74ca-4355-adcb-cd9967e6cbbc","block_type":"box","text":"iShares Core MSCI International Developed Markets ETF","page_number":142,"box":{"x":87,"y":212,"width":361,"height":10}},{"id":"038303f1-ada5-41e6-a237-ee049a1dd7e2","block_type":"box","text":"iShares Core MSCI Pacific ETF","page_number":142,"box":{"x":87,"y":230,"width":194,"height":8}},{"id":"14b81280-17f2-4276-a4ed-d6e6a14a75bb","block_type":"box","text":"iShares Core MSCI Total International Stock ETF","page_number":142,"box":{"x":87,"y":248,"width":308,"height":8}},{"id":"24789373-8767-4780-963c-89f9e505afb0","block_type":"box","text":"iShares Low Carbon Optimized MSCI ACWI ETF","page_number":142,"box":{"x":87,"y":266,"width":301,"height":11}},{"id":"f3a116bb-dd72-4755-8daa-6d03bc6baea8","block_type":"box","text":"iShares MSCI ACWI ETF","page_number":142,"box":{"x":87,"y":284,"width":152,"height":8}},{"id":"44e53659-3239-43d6-b896-8b5b0cb1c74a","block_type":"box","text":"iShares MSCI ACWI ex U.S. ETF","page_number":142,"box":{"x":87,"y":302,"width":201,"height":8}},{"id":"d6fc2c2c-572c-4644-825b-3490ac2129ea","block_type":"box","text":"iShares MSCI All Country Asia ex Japan ETF","page_number":142,"box":{"x":87,"y":320,"width":277,"height":11}},{"id":"86db18b8-23f7-43ef-82ee-b81de9dbb671","block_type":"box","text":"iShares MSCI China A ETF","page_number":142,"box":{"x":87,"y":338,"width":166,"height":8}},{"id":"0d2eb37a-5091-403e-9076-11035033a338","block_type":"box","text":"iShares MSCI EAFE ETF","page_number":142,"box":{"x":87,"y":356,"width":150,"height":9}},{"id":"0588f222-55ab-4fcf-b662-0b3613ba60eb","block_type":"box","text":"iShares MSCI Europe Financials ETF","page_number":142,"box":{"x":87,"y":374,"width":230,"height":11}},{"id":"4b9a1209-114b-4886-aedc-0e6359795b09","block_type":"box","text":"iShares MSCI Kokusai ETF","page_number":142,"box":{"x":87,"y":392,"width":167,"height":9}},{"id":"2d79f094-17f1-4f92-92a1-c2e71b05b5ce","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":142,"box":{"x":76,"y":422,"width":897,"height":11}},{"id":"447f6aec-8380-41e4-b48b-bb56e6a40d6e","block_type":"box","text":"is tendered in an acceptable form under the Authorized Participant agreement. 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The Board","page_number":142,"box":{"x":76,"y":525,"width":848,"height":11}},{"id":"03f93fbf-4b60-48f8-9702-40db011b59d4","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":142,"box":{"x":76,"y":539,"width":876,"height":11}},{"id":"c2af5178-34e8-4ace-9082-f1dedbabbfc5","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":142,"box":{"x":76,"y":554,"width":894,"height":10}},{"id":"64e9895c-ba77-4c30-9d4c-91d0e41f8fdc","block_type":"box","text":"placing cash-related transactions no later than the close of the primary markets for the Fund’s portfolio securities. 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