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the","page_number":1,"box":{"x":116,"y":444,"width":736,"height":12}},{"id":"2ce93e03-003e-49ec-a246-c191d69d17e3","block_type":"box","text":"Trust approved the planned liquidation, dissolution and termination of the Funds. As a result, the last day","page_number":1,"box":{"x":116,"y":459,"width":766,"height":13}},{"id":"614271cd-c6a6-4f1e-a4a5-4e8c3a0a9466","block_type":"box","text":"of trading in each Fund on its Listing Exchange will be December 15, 2026. The Listing Exchanges will","page_number":1,"box":{"x":116,"y":475,"width":741,"height":12}},{"id":"6b76c360-389c-493a-8d7e-5df2ad2a92dc","block_type":"box","text":"suspend trading in the Funds before the open of trading on December 16, 2026, and shares of the Funds","page_number":1,"box":{"x":116,"y":490,"width":763,"height":13}},{"id":"a4ffdec6-f979-4447-b3f1-d56f23bd81e7","block_type":"box","text":"will no longer be available for new investments as of this date. Proceeds of the liquidation are currently","page_number":1,"box":{"x":116,"y":506,"width":749,"height":12}},{"id":"c8feb33e-b35c-451e-8b34-3843816720d5","block_type":"box","text":"scheduled to be sent to shareholders on December 18, 2026. Each Fund’s final net asset value, as","page_number":1,"box":{"x":116,"y":521,"width":709,"height":12}},{"id":"05f0b106-2850-421c-8e6d-3a4c4fc18324","block_type":"box","text":"calculated on December 15, 2026, will include any costs associated with the liquidation expected to be","page_number":1,"box":{"x":116,"y":537,"width":749,"height":12}},{"id":"9d15bf3d-5b00-4583-8002-5899fa8e2173","block_type":"box","text":"borne by the Fund.","page_number":1,"box":{"x":117,"y":552,"width":140,"height":13}},{"id":"cba20f19-1ed0-4985-8b57-5a98be08f1c4","block_type":"box","text":"Because shares of each Fund will not be traded on its Listing Exchange during the period between","page_number":1,"box":{"x":117,"y":576,"width":712,"height":12}},{"id":"8549cb2b-d940-43ca-a5a7-dce9d9ac60ac","block_type":"box","text":"December 16, 2026 and December 18, 2026, we cannot assure you that there will be a trading market for","page_number":1,"box":{"x":117,"y":591,"width":768,"height":13}},{"id":"590c4c3d-3974-4e38-8ebb-18ada746c7b0","block_type":"box","text":"your shares. Further, during this period, each Fund will be in the process of closing down and liquidating","page_number":1,"box":{"x":116,"y":607,"width":760,"height":12}},{"id":"ff2de415-4107-4311-8e91-aa411db43350","block_type":"box","text":"its portfolio, which may result in the Fund not being able to track its Underlying Index (by December 16,","page_number":1,"box":{"x":117,"y":622,"width":755,"height":13}},{"id":"e532817d-c58c-4f14-a845-fac29e04fb98","block_type":"box","text":"2026, the Underlying Index value will be represented almost entirely by cash as no securities will remain","page_number":1,"box":{"x":117,"y":638,"width":755,"height":12}},{"id":"383908c3-1a4d-4d5c-9653-1d47cd47e95e","block_type":"box","text":"in the Underlying Index). After December 15, 2026, shareholders that remain invested in a Fund will","page_number":1,"box":{"x":117,"y":653,"width":725,"height":13}},{"id":"b347e692-9daa-468a-9c09-a3f40317b2c3","block_type":"box","text":"receive the entire amount of their pro rata share of the liquidation proceeds on or about December 18,","page_number":1,"box":{"x":117,"y":669,"width":740,"height":12}},{"id":"06e388d5-812e-44c3-9e60-45ba0814238d","block_type":"box","text":"2026, subject to their brokerage firm’s processes.","page_number":1,"box":{"x":117,"y":684,"width":356,"height":13}},{"id":"aa17c694-2613-4cb6-8ee3-6cc2684537ce","block_type":"box","text":"Shareholders may sell their holdings of a Fund prior to December 16, 2026 and may incur the usual and","page_number":1,"box":{"x":116,"y":707,"width":751,"height":13}},{"id":"b5bf70d1-ce73-4268-bf06-605414fccfa2","block_type":"box","text":"customary brokerage commissions associated with the sale of the Fund shares. If you still hold shares of","page_number":1,"box":{"x":116,"y":723,"width":758,"height":13}},{"id":"3c776484-6165-47ba-8855-d3b88ec50f01","block_type":"box","text":"a Fund on December 18, 2026, the Fund will automatically redeem your shares for cash based on the net","page_number":1,"box":{"x":116,"y":738,"width":761,"height":13}},{"id":"d1d8ed58-9dc6-4e00-8d89-ad4824820aac","block_type":"box","text":"asset value as of the close of business on December 15, 2026, which will include any dividends or","page_number":1,"box":{"x":116,"y":754,"width":706,"height":13}},{"id":"808ff98e-7fb6-4c33-888a-72e5504c9497","block_type":"box","text":"distributions calculated as of that date.","page_number":1,"box":{"x":116,"y":769,"width":281,"height":10}},{"id":"99e213d0-dfa8-40f3-b9cf-be608cdf6109","block_type":"box","text":"If you are subject to federal income tax, the liquidation of a Fund will result in one or more taxable events","page_number":2,"box":{"x":117,"y":69,"width":764,"height":13}},{"id":"a90b8146-c478-44aa-a608-58c97e4ad565","block_type":"box","text":"for you. A sale or exchange of Fund shares prior to the liquidation will generally give rise to a capital gain","page_number":2,"box":{"x":116,"y":85,"width":762,"height":12}},{"id":"25db8741-2787-4046-ad2a-472569e9c40c","block_type":"box","text":"or loss to you for federal income tax purposes. In connection with the liquidation, a Fund may declare tax","page_number":2,"box":{"x":116,"y":100,"width":767,"height":13}},{"id":"267cbeec-c4bc-4392-b95e-ec1595dcad10","block_type":"box","text":"exempt or taxable distributions of its investment income and/or taxable distributions of its net capital","page_number":2,"box":{"x":116,"y":116,"width":741,"height":12}},{"id":"a75a1800-e8ea-4284-9310-26c61d50f913","block_type":"box","text":"gain. Any liquidation proceeds paid to you should generally be treated as received by you in exchange for","page_number":2,"box":{"x":116,"y":131,"width":766,"height":13}},{"id":"499733a3-4ed7-4b0b-9fa8-d0277a3660c2","block_type":"box","text":"your shares and will therefore generally give rise to a capital gain or loss depending on your tax basis.","page_number":2,"box":{"x":116,"y":147,"width":738,"height":12}},{"id":"9d6d5c88-64f3-4835-8160-836c0d6b0e40","block_type":"box","text":"Please refer to the “Taxes” disclosure beginning on page 122 of each Fund’s SAI and consult your own","page_number":2,"box":{"x":117,"y":162,"width":747,"height":13}},{"id":"2da8e7e3-488f-4f45-98b4-bd5ec012f0b9","block_type":"box","text":"tax advisor about the potential tax consequences of a Fund’s liquidation, including any state, local,","page_number":2,"box":{"x":116,"y":178,"width":717,"height":12}},{"id":"1a9f69f9-59d0-49b2-a7d4-0f5dee747444","block_type":"box","text":"foreign or other tax consequences.","page_number":2,"box":{"x":116,"y":193,"width":257,"height":13}},{"id":"8e41aaa0-fd0e-483d-8db0-d9947a682db1","block_type":"box","text":"If you have any questions, please call 1-800-iShares (1-800-474-2737).","page_number":2,"box":{"x":117,"y":216,"width":521,"height":13}},{"id":"52075bf5-5a8a-45af-8c58-94436d397de5","block_type":"box","text":"iShares","page_number":2,"box":{"x":117,"y":869,"width":40,"height":8}},{"id":"3f3f1b80-8b90-4c1f-8a1a-9ed80e6627a9","block_type":"box","text":"®","page_number":2,"box":{"x":158,"y":869,"width":8,"height":5}},{"id":"33caaf66-066d-4567-be08-e747e352f5f2","block_type":"box","text":"is a registered trademark of BlackRock Fund Advisors or its 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BLANK]","page_number":4,"box":{"x":360,"y":333,"width":268,"height":10}},{"id":"8bbb9455-3e8d-4d28-82f6-c598d38bd32a","block_type":"box","text":"iShares","page_number":5,"box":{"x":420,"y":71,"width":128,"height":24}},{"id":"87660809-2a0c-44fa-951c-63c5954ea0cf","block_type":"box","text":"®","page_number":5,"box":{"x":551,"y":70,"width":23,"height":17}},{"id":"9eff2f93-8a82-4513-8757-e6c6949b4230","block_type":"box","text":"iShares Trust","page_number":5,"box":{"x":450,"y":108,"width":103,"height":10}},{"id":"c1fcca78-b251-4fca-b49c-e18e42d3e215","block_type":"box","text":"Supplement dated June 23, 2026","page_number":5,"box":{"x":376,"y":123,"width":251,"height":13}},{"id":"165be825-fd79-482c-8cb0-b271ba347d67","block_type":"box","text":"to the currently effective Summary Prospectus,","page_number":5,"box":{"x":320,"y":139,"width":362,"height":13}},{"id":"682d39b7-6db5-4b45-b034-e051e7962b99","block_type":"box","text":"Prospectus and Statement of Additional Information (“SAI”)","page_number":5,"box":{"x":272,"y":154,"width":460,"height":13}},{"id":"305d349f-97fc-4dc6-830c-d6bfaa642ac8","block_type":"box","text":"for the Funds listed in Appendix A (each a “Fund” and collectively, the “Funds”)","page_number":5,"box":{"x":198,"y":170,"width":607,"height":13}},{"id":"fbe7c01d-f799-469a-8d37-8fd5bfdb7f59","block_type":"box","text":"The following changes will take effect on or around June 30, 2026:","page_number":5,"box":{"x":116,"y":193,"width":485,"height":13}},{"id":"a7ca3ed8-ba79-4e9a-b8cf-b176b984ea31","block_type":"box","text":"For the iShares iBonds 2026 Term High Yield and Income ETF, iShares iBonds 2027 Term High Yield and","page_number":5,"box":{"x":117,"y":216,"width":757,"height":13}},{"id":"3e925bdb-401a-4a7b-8c77-27635cb2dea8","block_type":"box","text":"Income ETF, iShares iBonds 2028 Term High Yield and Income ETF, iShares iBonds 2029 Term High Yield","page_number":5,"box":{"x":117,"y":232,"width":764,"height":13}},{"id":"f3eaad43-5f91-4b12-81d4-6acbfeea627a","block_type":"box","text":"and Income ETF, iShares iBonds 2030 Term High Yield and Income ETF, iShares iBonds 2031 Term High","page_number":5,"box":{"x":116,"y":247,"width":757,"height":13}},{"id":"64c76f84-791f-464c-8d88-6219744a0838","block_type":"box","text":"Yield and Income ETF, iShares iBonds 2032 Term High Yield and Income ETF and iShares iBonds 2033","page_number":5,"box":{"x":116,"y":263,"width":743,"height":13}},{"id":"ef3f8eaf-e71e-4d9d-84ed-862ccf79db50","block_type":"box","text":"Term High Yield and Income ETF, the following changes apply:","page_number":5,"box":{"x":116,"y":278,"width":459,"height":13}},{"id":"76fea337-6557-4922-a153-bdd8134876c9","block_type":"box","text":"1. 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The third sentence of the fourth paragraph of the section entitled “Bloomberg Index(es)” of the","page_number":5,"box":{"x":150,"y":441,"width":728,"height":13}},{"id":"81b69b2b-7abb-4a4d-9b47-b3718c01173c","block_type":"box","text":"Construction and Maintenance of the Underlying Index section of each Fund’s SAI is deleted and","page_number":5,"box":{"x":184,"y":457,"width":703,"height":12}},{"id":"af49580f-e080-4c69-8e8e-bce91b39556d","block_type":"box","text":"replaced with the following sentence:","page_number":5,"box":{"x":184,"y":472,"width":275,"height":13}},{"id":"52060a1e-97f4-42fb-b345-85e30e0026b2","block_type":"box","text":"During the final six months of the final year, interest and principal cash flows are not","page_number":5,"box":{"x":201,"y":495,"width":615,"height":13}},{"id":"f9fda24c-cf90-4cee-a9f8-753a34a832ed","block_type":"box","text":"reinvested and are assumed to be held in cash while earning no interest.","page_number":5,"box":{"x":201,"y":511,"width":527,"height":13}},{"id":"eb55b9ae-2fd3-4e3c-afb3-1763ba226ebf","block_type":"box","text":"For the iShares iBonds Dec 2026 Term Corporate ETF, iShares iBonds Dec 2027 Term Corporate ETF,","page_number":5,"box":{"x":117,"y":534,"width":734,"height":13}},{"id":"3788dea9-657f-4020-b8ee-2afbc365a110","block_type":"box","text":"iShares iBonds Dec 2028 Term Corporate ETF, iShares iBonds Dec 2029 Term Corporate ETF, iShares","page_number":5,"box":{"x":117,"y":550,"width":735,"height":12}},{"id":"8c83e122-82d6-4fb1-bb7b-d2eaf8c212ac","block_type":"box","text":"iBonds Dec 2030 Term Corporate ETF and iShares iBonds Dec 2031 Term Corporate ETF, the following","page_number":5,"box":{"x":117,"y":565,"width":749,"height":13}},{"id":"ea890526-e6c7-4fd6-8d09-9c4e1cb93730","block_type":"box","text":"changes apply to each Fund’s Summary Prospectus and Prospectus:","page_number":5,"box":{"x":116,"y":581,"width":500,"height":12}},{"id":"5473bca0-6af6-461c-b8bd-ba7ec53a0154","block_type":"box","text":"1. 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The third, fourth and fifth sentence of the second paragraph of the section entitled “Index","page_number":6,"box":{"x":151,"y":348,"width":687,"height":13}},{"id":"2d7bed7b-3776-44f8-8323-b2a317033d90","block_type":"box","text":"Methodology” of the “Construction and Maintenance of the Underlying Index” section are","page_number":6,"box":{"x":184,"y":364,"width":656,"height":12}},{"id":"b13840fa-123c-41cd-8b50-a8740568fec8","block_type":"box","text":"deleted and replaced with the following sentences:","page_number":6,"box":{"x":184,"y":379,"width":372,"height":13}},{"id":"92356380-7290-4a77-a7ca-1156a5ca6ed1","block_type":"box","text":"During this final six month period, the Underlying Index will no longer be updated or","page_number":6,"box":{"x":201,"y":402,"width":613,"height":13}},{"id":"c3e5d40d-0e3a-4b66-a48d-1ea49520790b","block_type":"box","text":"rebalanced and existing bond weights will be allowed to float based on changes in market","page_number":6,"box":{"x":201,"y":418,"width":655,"height":13}},{"id":"2dbbfb86-f02d-4508-b2da-e362ac0ec4e6","block_type":"box","text":"value. 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The Fund’s prospectus and statement of","page_number":7,"box":{"x":81,"y":377,"width":818,"height":12}},{"id":"dcf2fef3-8c8b-4009-9a59-84b9433f3c4d","block_type":"box","text":"additional information, both dated February 27, 2026, as amended and supplemented from time to time,","page_number":7,"box":{"x":81,"y":392,"width":808,"height":12}},{"id":"9db08382-2d61-49f4-a891-efdbd630f277","block_type":"box","text":"are incorporated by reference into (legally made a part of) this Summary Prospectus. 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The Fund does","page_number":9,"box":{"x":52,"y":335,"width":408,"height":11}},{"id":"2fc007cf-97b9-4a4c-be70-a8b884912143","block_type":"box","text":"not seek to return any predetermined amount at maturity or in","page_number":9,"box":{"x":53,"y":349,"width":398,"height":11}},{"id":"35c903dd-f42f-4c56-86fb-5192f833dce2","block_type":"box","text":"periodic distributions. The Underlying Index is composed of U.S.","page_number":9,"box":{"x":53,"y":364,"width":408,"height":10}},{"id":"a10e629d-e6ea-433b-b04b-af490b66cb93","block_type":"box","text":"dollar-denominated, taxable, investment-grade (as determined by","page_number":9,"box":{"x":53,"y":378,"width":419,"height":11}},{"id":"ac37a2ba-41de-4713-988b-fcd739e6d298","block_type":"box","text":"Bloomberg Index Services Limited (the “Index Provider” or","page_number":9,"box":{"x":53,"y":392,"width":372,"height":11}},{"id":"90dc0f4b-62bd-4e66-8a28-df15cb349f5d","block_type":"box","text":"“Bloomberg”)) corporate bonds scheduled to mature between","page_number":9,"box":{"x":53,"y":406,"width":393,"height":11}},{"id":"45f9dcdf-e90c-4205-878c-c2f73bc0d6b7","block_type":"box","text":"January 1, 2026 and December 15, 2026, inclusive. As of October","page_number":9,"box":{"x":52,"y":420,"width":420,"height":11}},{"id":"da3dca17-5a78-4654-a152-5b59b2a00f69","block_type":"box","text":"31, 2025, a significant portion of the Underlying Index is","page_number":9,"box":{"x":53,"y":434,"width":357,"height":11}},{"id":"cc02d77a-ab67-414a-b29a-9b0fe7a73f56","block_type":"box","text":"represented by securities of companies in the consumer goods","page_number":9,"box":{"x":53,"y":449,"width":402,"height":10}},{"id":"49bd8ad0-1970-421a-be31-2096cfc1ea3f","block_type":"box","text":"and services and financial services industries or sectors. The","page_number":9,"box":{"x":53,"y":463,"width":388,"height":8}},{"id":"63a8e5f4-0a33-4302-bc69-42502eec07de","block_type":"box","text":"components of the Underlying Index are likely to change over","page_number":9,"box":{"x":53,"y":477,"width":392,"height":11}},{"id":"48dd8dcb-3911-4a27-a998-69987bd6987c","block_type":"box","text":"time.","page_number":9,"box":{"x":52,"y":491,"width":31,"height":9}},{"id":"1d7a07ca-2d3e-4f90-a2bd-35d4849363f1","block_type":"box","text":"The Underlying Index consists of U.S. dollar-denominated,","page_number":9,"box":{"x":52,"y":513,"width":370,"height":11}},{"id":"dcffa151-7df5-4a25-b9d1-1541b39bee56","block_type":"box","text":"investment-grade securities publicly issued by U.S. and non-U.S.","page_number":9,"box":{"x":53,"y":527,"width":412,"height":11}},{"id":"0fe65c93-b332-454a-83d3-1fd625da29e9","block_type":"box","text":"corporate issuers that have $300 million or more of outstanding","page_number":9,"box":{"x":53,"y":541,"width":410,"height":11}},{"id":"abf98c1a-72a8-4dba-968c-4f80efa5fd58","block_type":"box","text":"face value at the time of inclusion. The non-U.S. corporate issuers","page_number":9,"box":{"x":52,"y":556,"width":422,"height":10}},{"id":"504b0a32-8098-42bb-b312-554f62af9fcb","block_type":"box","text":"included in the Underlying Index consist primarily of corporate","page_number":9,"box":{"x":53,"y":570,"width":397,"height":11}},{"id":"1bdf25bf-ab11-4417-80ed-1244b8c0779e","block_type":"box","text":"bonds issued by companies domiciled in developed countries. The","page_number":9,"box":{"x":53,"y":584,"width":422,"height":11}},{"id":"14dd6d7c-3ee5-4c9b-b9b5-13c82a58c662","block_type":"box","text":"Fund will invest in non-U.S. issuers to the extent necessary for it","page_number":9,"box":{"x":53,"y":598,"width":411,"height":11}},{"id":"163f0ac2-0026-4b8f-860e-80beaac28945","block_type":"box","text":"to track the Underlying Index. Each bond included in the","page_number":9,"box":{"x":52,"y":612,"width":359,"height":11}},{"id":"4e6222f3-a763-4ce3-b0e8-6980516b2e10","block_type":"box","text":"Underlying Index must be registered with the SEC, have been","page_number":9,"box":{"x":53,"y":627,"width":390,"height":10}},{"id":"f50ed750-6da1-45b1-b560-1ef4ab7c1971","block_type":"box","text":"exempt from registration at issuance, or have been offered","page_number":9,"box":{"x":53,"y":641,"width":375,"height":11}},{"id":"062a0712-92f8-47a3-8ade-7a56da7245cd","block_type":"box","text":"pursuant to Rule 144A under the Securities Act of 1933, as","page_number":9,"box":{"x":53,"y":655,"width":375,"height":11}},{"id":"079a0469-ffc9-4c9c-be9b-ef4313759d30","block_type":"box","text":"amended (the “1933 Act”), with registration rights. Further, the","page_number":9,"box":{"x":53,"y":669,"width":402,"height":11}},{"id":"7ac03255-9468-4330-aa20-6b5448fb441d","block_type":"box","text":"securities in the Underlying Index must be denominated in U.S.","page_number":9,"box":{"x":53,"y":683,"width":402,"height":11}},{"id":"7b8afa96-37bd-451e-b068-883bb4ca6410","block_type":"box","text":"dollars and have a fixed-rate, although they can carry a coupon","page_number":9,"box":{"x":53,"y":697,"width":402,"height":11}},{"id":"fe3fc856-da3d-4d95-ae71-19b0ca6c4bc6","block_type":"box","text":"that steps-up or changes according to a predetermined schedule.","page_number":9,"box":{"x":52,"y":712,"width":418,"height":10}},{"id":"04d90d28-7cf7-4d00-b967-164a18d039f1","block_type":"box","text":"In addition, to be included in the Underlying Index, securities that","page_number":9,"box":{"x":53,"y":726,"width":416,"height":11}},{"id":"19fc5ac1-4313-45f8-82db-2cfd5e982053","block_type":"box","text":"are rated by all three of the rating agencies named below must be","page_number":9,"box":{"x":53,"y":740,"width":420,"height":11}},{"id":"026f70d0-50e4-48bd-9a38-c7a064ba79c3","block_type":"box","text":"rated “investment-grade” by at least two of the three rating","page_number":9,"box":{"x":53,"y":754,"width":379,"height":11}},{"id":"4b78ca39-1579-4e60-b931-054e7c945c97","block_type":"box","text":"agencies, which is defined as Baa3 or higher by Moody’s Investors","page_number":9,"box":{"x":53,"y":768,"width":422,"height":11}},{"id":"e8b56989-be8a-407f-8be3-55d8b9cc4188","block_type":"box","text":"Service, Inc. or BBB- or higher by S&P Global Ratings or Fitch","page_number":9,"box":{"x":53,"y":782,"width":389,"height":11}},{"id":"8240d664-0ab6-4c66-a453-b39b95925800","block_type":"box","text":"Ratings, Inc. When ratings from only two of the three rating","page_number":9,"box":{"x":53,"y":797,"width":377,"height":11}},{"id":"2e8b5d58-d40b-4c3d-9586-2d24b094f1d8","block_type":"box","text":"agencies are available, the lower rating is used to determine","page_number":9,"box":{"x":53,"y":811,"width":384,"height":11}},{"id":"6447c87c-1e5c-4d9d-b98f-17200a7be92f","block_type":"box","text":"eligibility. Securities with a rating from only one of the three","page_number":9,"box":{"x":53,"y":825,"width":381,"height":11}},{"id":"1de9d9de-f4d3-4eab-b91a-53a4ae83a014","block_type":"box","text":"ratings agencies must be rated investment-grade in order to be","page_number":9,"box":{"x":53,"y":839,"width":404,"height":11}},{"id":"0a6b4bdf-dfdd-41da-aff0-6f18dee58886","block_type":"box","text":"included in the Underlying Index. In cases where ratings are not","page_number":9,"box":{"x":53,"y":853,"width":406,"height":11}},{"id":"7bb8c310-ede2-494f-913b-8b0f199dc471","block_type":"box","text":"available, other sources may be used to classify securities by","page_number":9,"box":{"x":53,"y":868,"width":390,"height":10}},{"id":"77e99ebd-5594-4fec-9e8e-ddb022a0bb78","block_type":"box","text":"investment quality.","page_number":9,"box":{"x":53,"y":882,"width":119,"height":11}},{"id":"7ab6ba2f-a0c0-4ea2-b2cb-295d2a92a499","block_type":"box","text":"The Underlying Index is constructed with the following","page_number":9,"box":{"x":518,"y":46,"width":347,"height":11}},{"id":"c8d58976-a010-426a-8014-9a013edd74c1","block_type":"box","text":"methodology. The parent index, the Bloomberg U.S. Corporate","page_number":9,"box":{"x":519,"y":61,"width":398,"height":10}},{"id":"c02f5e71-31e5-490c-97bf-7ce3d809dbb0","block_type":"box","text":"Index (the “Parent Index”), representing U.S. dollar-denominated,","page_number":9,"box":{"x":519,"y":75,"width":416,"height":11}},{"id":"ae1b63b0-481e-4a5a-a400-6feb363e2506","block_type":"box","text":"taxable, investment-grade corporate bonds, is stripped of","page_number":9,"box":{"x":518,"y":89,"width":369,"height":11}},{"id":"1ef41a60-8e82-4e43-a64f-6fff20929769","block_type":"box","text":"securities maturing outside of the maturity range defined above.","page_number":9,"box":{"x":519,"y":103,"width":410,"height":11}},{"id":"1cdb2cbc-1d1c-4eb0-8c2a-be1c67975f79","block_type":"box","text":"During the final two years of the Underlying Index, bonds that","page_number":9,"box":{"x":519,"y":117,"width":392,"height":11}},{"id":"eefe213d-7133-44af-8ae5-711ecc26cc5c","block_type":"box","text":"mature in 2026 but had not been eligible for inclusion in the","page_number":9,"box":{"x":519,"y":131,"width":383,"height":11}},{"id":"7d339cb7-4c08-4c04-8db5-e80388638b49","block_type":"box","text":"Parent Index due to being within one year of maturity will be","page_number":9,"box":{"x":519,"y":146,"width":383,"height":10}},{"id":"ae004a63-7c3e-4a0a-8930-69b5d15345ad","block_type":"box","text":"eligible for inclusion in the Underlying Index until such bonds","page_number":9,"box":{"x":519,"y":160,"width":387,"height":11}},{"id":"276d811c-f36c-44a0-8b3c-6bda91d9b49e","block_type":"box","text":"reach maturity. Securities are then market-cap weighted within","page_number":9,"box":{"x":519,"y":174,"width":402,"height":11}},{"id":"e31e1824-df1d-4e80-8e30-facd41fb88b9","block_type":"box","text":"the Underlying Index, with a 3% cap typically imposed on any one","page_number":9,"box":{"x":518,"y":188,"width":416,"height":11}},{"id":"b39a9112-34b3-4780-8f8b-4303721ab6f6","block_type":"box","text":"issuer, and a","page_number":9,"box":{"x":519,"y":202,"width":79,"height":10}},{"id":"3a6add68-47f1-4d02-8c4b-6c27dc87e206","block_type":"box","text":"pro rata","page_number":9,"box":{"x":603,"y":203,"width":49,"height":10}},{"id":"df7943f0-bc2e-4ea2-9922-20cf56c820b6","block_type":"box","text":"distribution of any excess weight across the","page_number":9,"box":{"x":657,"y":202,"width":280,"height":11}},{"id":"0de8853d-5d20-4c69-8c75-0bb4740c65fc","block_type":"box","text":"remaining issuers in the Underlying Index. In the event a 3% cap is","page_number":9,"box":{"x":519,"y":217,"width":421,"height":10}},{"id":"2de55636-f527-4273-a4e1-9d75c2b1e35f","block_type":"box","text":"not possible due to lack of issuers, the cap will be increased in","page_number":9,"box":{"x":519,"y":231,"width":398,"height":10}},{"id":"77c5214b-3b4f-4711-91f3-725a91454ccd","block_type":"box","text":"0.50% increments until the Underlying Index can be calculated.","page_number":9,"box":{"x":519,"y":245,"width":402,"height":11}},{"id":"ce853fc7-4b8c-4493-9088-eab53efe7b72","block_type":"box","text":"The securities in the Underlying Index are updated on the last","page_number":9,"box":{"x":518,"y":267,"width":393,"height":11}},{"id":"a2c6afa6-8d0a-4a35-9044-2dbbbe4c2a02","block_type":"box","text":"calendar day of each month until six months prior to maturity. The","page_number":9,"box":{"x":519,"y":281,"width":421,"height":11}},{"id":"2a62491c-d7e8-4f42-8352-39a9a31883a8","block_type":"box","text":"last rebalance date will be on June 30, 2026. During this final six","page_number":9,"box":{"x":519,"y":295,"width":411,"height":11}},{"id":"47cc2aa9-02bf-467e-8b30-4975d93411cb","block_type":"box","text":"month period, the Underlying Index will no longer be updated or","page_number":9,"box":{"x":519,"y":309,"width":407,"height":11}},{"id":"0dcdb0b4-eaa8-407a-9c4c-812dc454bbff","block_type":"box","text":"rebalanced, except to remove securities which are downgraded to","page_number":9,"box":{"x":519,"y":324,"width":422,"height":10}},{"id":"b4372476-8205-4024-a63f-ee8359cc7171","block_type":"box","text":"below investment-grade per the eligibility criteria described","page_number":9,"box":{"x":519,"y":338,"width":380,"height":11}},{"id":"422b2dcf-4320-47ae-9365-8d5b9ad3661d","block_type":"box","text":"above. Additionally, during this period, existing bond weights will","page_number":9,"box":{"x":519,"y":352,"width":412,"height":11}},{"id":"80601a2e-e58e-43b8-b8f5-e990b509f79e","block_type":"box","text":"be allowed to float based on changes in market value.","page_number":9,"box":{"x":519,"y":366,"width":342,"height":11}},{"id":"4dbca43b-6308-48cc-a039-0070ce1240ea","block_type":"box","text":"When a bond that is included in the Underlying Index matures, its","page_number":9,"box":{"x":518,"y":388,"width":416,"height":11}},{"id":"014fcf10-4b1a-41b6-9d04-4656948b3b94","block_type":"box","text":"maturity value will be represented in the Underlying Index by cash","page_number":9,"box":{"x":519,"y":402,"width":420,"height":11}},{"id":"22f932d3-3bfa-4529-92aa-dcd0b17f088d","block_type":"box","text":"throughout the remaining life of the Underlying Index.","page_number":9,"box":{"x":518,"y":416,"width":342,"height":11}},{"id":"90b6576c-6e96-4e76-b7a2-8508283ac89a","block_type":"box","text":"The Fund is a series of the iShares iBonds","page_number":9,"box":{"x":518,"y":438,"width":266,"height":9}},{"id":"7a08fa3c-2e43-419a-a438-12702db952eb","block_type":"box","text":"®","page_number":9,"box":{"x":786,"y":438,"width":8,"height":6}},{"id":"f3bf2be1-9cbb-41c6-823a-ff277bb3765a","block_type":"box","text":"fixed maturity series","page_number":9,"box":{"x":799,"y":438,"width":130,"height":11}},{"id":"dc07c8f2-0ea7-41fb-a0cc-f5ff3867a513","block_type":"box","text":"of bond ETFs sponsored by BlackRock, Inc. (“BlackRock”). The","page_number":9,"box":{"x":519,"y":452,"width":397,"height":11}},{"id":"cc71cf72-84cb-4a8b-83a9-c0e4527a3a54","block_type":"box","text":"Fund does not invest in U.S. savings bonds or other U.S.","page_number":9,"box":{"x":519,"y":467,"width":358,"height":10}},{"id":"bd9d0339-9183-423e-ade9-a529f363d1c1","block_type":"box","text":"government bonds (except to the extent the Fund holds cash","page_number":9,"box":{"x":518,"y":481,"width":390,"height":11}},{"id":"e656c3b6-e321-4666-a9fa-a28b90809c42","block_type":"box","text":"equivalent instruments consistent with its investment objective)","page_number":9,"box":{"x":519,"y":495,"width":409,"height":11}},{"id":"642ad9b0-22ca-462a-8505-b01b8f7af9da","block_type":"box","text":"and is not designed to provide protection against inflation.","page_number":9,"box":{"x":519,"y":509,"width":372,"height":11}},{"id":"465da096-9f7e-4c15-8248-348aa274e1eb","block_type":"box","text":"BFA uses an indexing approach to try to achieve the Fund’s","page_number":9,"box":{"x":519,"y":532,"width":377,"height":11}},{"id":"abe5d06b-3f18-4f52-b663-1c561389c5bd","block_type":"box","text":"investment objective. 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The instruments selected","page_number":9,"box":{"x":518,"y":749,"width":409,"height":11}},{"id":"d1e08f96-b7f5-4847-8551-b6d3d0483f32","block_type":"box","text":"are expected to have, in the aggregate, investment characteristics","page_number":9,"box":{"x":519,"y":763,"width":423,"height":11}},{"id":"928218b1-4f70-47bf-8a64-a9513806cbc2","block_type":"box","text":"(based on factors such as market value and industry weightings),","page_number":9,"box":{"x":519,"y":777,"width":415,"height":11}},{"id":"228d481a-e4a3-4fea-991b-51323a0b2222","block_type":"box","text":"fundamental characteristics (such as return variability, duration","page_number":9,"box":{"x":518,"y":792,"width":406,"height":10}},{"id":"4572b196-48aa-4296-9f93-df70f460c031","block_type":"box","text":"(","page_number":9,"box":{"x":519,"y":806,"width":3,"height":10}},{"id":"491e8fc0-1fb5-43d2-ad46-3e77405c0ef0","block_type":"box","text":"i.e.","page_number":9,"box":{"x":523,"y":806,"width":17,"height":8}},{"id":"5b74ff5f-da51-41a9-934c-bd0134faa979","block_type":"box","text":", an instrument’s price sensitivity to a change in interest","page_number":9,"box":{"x":542,"y":806,"width":358,"height":11}},{"id":"3e37fb9b-0899-4d6f-907f-c62f9c1cda7e","block_type":"box","text":"rates), maturity or credit ratings and yield) and liquidity measures","page_number":9,"box":{"x":519,"y":820,"width":418,"height":11}},{"id":"51b45bc7-d7d8-45ee-869d-5d3385d80c3e","block_type":"box","text":"similar to those of an applicable underlying index. 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The Fund will invest no more","page_number":10,"box":{"x":53,"y":75,"width":394,"height":11}},{"id":"f0c160b3-e19f-4bc0-9899-7616689bdff7","block_type":"box","text":"than 10% of its assets in futures, options and swaps contracts that","page_number":10,"box":{"x":52,"y":89,"width":424,"height":11}},{"id":"208cb8f9-988b-417a-950e-581abc01b1e0","block_type":"box","text":"BFA believes will help the Fund track the Underlying Index as well","page_number":10,"box":{"x":53,"y":103,"width":416,"height":11}},{"id":"82948582-7184-4a00-91bb-7c7e82eef5f0","block_type":"box","text":"as in fixed income securities other than the types included in the","page_number":10,"box":{"x":53,"y":117,"width":412,"height":11}},{"id":"c8d16257-28e1-4455-9db9-22f98f7c8951","block_type":"box","text":"Underlying Index, but which BFA believes will help the Fund track","page_number":10,"box":{"x":53,"y":132,"width":414,"height":10}},{"id":"02cf42a2-f06a-4549-8391-8f1d64941de5","block_type":"box","text":"the Underlying Index. Cash and cash equivalent investments","page_number":10,"box":{"x":52,"y":146,"width":386,"height":10}},{"id":"2db2b93f-aad7-4e46-8d3a-54b85a39178d","block_type":"box","text":"associated with a derivative position will be treated as part of that","page_number":10,"box":{"x":53,"y":160,"width":421,"height":11}},{"id":"ba94483b-8d3a-4d31-ab59-294091d18801","block_type":"box","text":"position for the purposes of calculating the percentage of","page_number":10,"box":{"x":53,"y":174,"width":367,"height":11}},{"id":"46290a54-92f7-48ad-96e7-1d8a6a8a2642","block_type":"box","text":"investments included in the Underlying Index.","page_number":10,"box":{"x":53,"y":188,"width":290,"height":11}},{"id":"8a955cd2-2057-44e0-b6fc-9929014ad830","block_type":"box","text":"In the last six months of operation, as the bonds held by the Fund","page_number":10,"box":{"x":53,"y":210,"width":417,"height":11}},{"id":"3722085c-f388-4d72-b8b7-26146d96989d","block_type":"box","text":"mature, the proceeds may not be reinvested by the Fund in bonds","page_number":10,"box":{"x":53,"y":224,"width":420,"height":11}},{"id":"da0e5bf7-853e-4b31-9811-3f2284f78779","block_type":"box","text":"but instead will be held in cash and cash equivalents. By fifteen","page_number":10,"box":{"x":53,"y":238,"width":402,"height":11}},{"id":"b3943dda-edda-46aa-abfc-131d6fd23c03","block_type":"box","text":"days prior to maturity, the Underlying Index is expected to consist","page_number":10,"box":{"x":53,"y":253,"width":421,"height":10}},{"id":"a41a4c5a-018a-46b0-942e-70eb0ccf35fe","block_type":"box","text":"almost entirely of cash and cash equivalents. On or around this","page_number":10,"box":{"x":53,"y":267,"width":402,"height":11}},{"id":"f85bebd8-0a63-4dbc-acd6-4eb205f42b96","block_type":"box","text":"date, the Fund will wind up and terminate. 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The Fund’s termination was approved by a majority of","page_number":10,"box":{"x":53,"y":324,"width":417,"height":10}},{"id":"78fcf2c3-dbb9-46ba-95fd-6a525b4ef832","block_type":"box","text":"the Trust’s Board of Trustees (the “Board”) and does not require","page_number":10,"box":{"x":52,"y":338,"width":406,"height":11}},{"id":"d2ef3f8e-ea09-46d7-b128-81de0607764e","block_type":"box","text":"additional approval by Fund shareholders. The Board may extend","page_number":10,"box":{"x":53,"y":352,"width":413,"height":11}},{"id":"2948a74a-fe11-4e68-bf76-23ee00d77041","block_type":"box","text":"the termination date if a majority of the Board determines the","page_number":10,"box":{"x":52,"y":366,"width":394,"height":11}},{"id":"c161d6fd-95bb-458c-9ee1-664ffa92c280","block_type":"box","text":"extension to be in the best interest of the Fund.","page_number":10,"box":{"x":53,"y":380,"width":303,"height":9}},{"id":"affad1dc-dd1a-4a48-8058-c808ddb170aa","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying","page_number":10,"box":{"x":52,"y":402,"width":414,"height":11}},{"id":"d3157117-b89e-4d19-b80a-4a525d86ba71","block_type":"box","text":"Index before fees and expenses of the Fund. 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The Fund invests","page_number":12,"box":{"x":811,"y":857,"width":114,"height":9}},{"id":"d40586a3-64ef-4044-a2a2-a24541e898e4","block_type":"box","text":"directly in the domestic bond market in the People’s Republic of","page_number":12,"box":{"x":519,"y":871,"width":409,"height":11}},{"id":"9edfa02a-4abe-4970-baf7-1e63a09f0a32","block_type":"box","text":"China (“China” or the “PRC”) (the “China Interbank Bond Market”)","page_number":12,"box":{"x":519,"y":886,"width":420,"height":10}},{"id":"bee2f3da-0fdf-4802-843a-c6c3f338add9","block_type":"box","text":"through the Bond Connect trading channel. All bonds traded","page_number":12,"box":{"x":518,"y":900,"width":385,"height":11}},{"id":"559983b7-bc1d-4b93-8c8c-e26f616468a7","block_type":"box","text":"S-5","page_number":12,"box":{"x":495,"y":944,"width":20,"height":8}},{"id":"e014cc4f-0856-41a2-a46a-51fa903398af","block_type":"box","text":"through Bond Connect are registered in the name of the PRC’s","page_number":13,"box":{"x":52,"y":46,"width":400,"height":11}},{"id":"00f53394-bd31-4acb-bbff-4af57269b8c1","block_type":"box","text":"Central Moneymarkets Unit (“CMU”), which holds such bonds as a","page_number":13,"box":{"x":53,"y":61,"width":423,"height":10}},{"id":"3915677e-7c83-4e2b-88a1-17c9a308bd12","block_type":"box","text":"nominee owner. The precise nature and rights of the Fund as the","page_number":13,"box":{"x":53,"y":75,"width":411,"height":11}},{"id":"6d266a78-844b-4884-81d0-2fd04580e68f","block_type":"box","text":"beneficial owner of bonds traded in the China Interbank Bond","page_number":13,"box":{"x":53,"y":89,"width":391,"height":8}},{"id":"ed21d212-9796-4e94-9aec-39ec91d84080","block_type":"box","text":"Market through CMU as nominee are relatively new and untested","page_number":13,"box":{"x":53,"y":103,"width":416,"height":11}},{"id":"dc8db102-74d4-432b-ad0a-7c35ae6d5c3a","block_type":"box","text":"areas of PRC law, and the exact nature of the Fund’s remedies","page_number":13,"box":{"x":53,"y":117,"width":398,"height":10}},{"id":"6870fb11-84af-45c2-86f7-eb6e08557f42","block_type":"box","text":"and methods of enforcement of its rights and interests under PRC","page_number":13,"box":{"x":53,"y":131,"width":421,"height":11}},{"id":"df930940-200c-476e-b74c-09c193880592","block_type":"box","text":"law are uncertain.","page_number":13,"box":{"x":53,"y":146,"width":113,"height":8}},{"id":"cd00e3fa-4dc0-4b63-8730-2e8c68428fe1","block_type":"box","text":"Market volatility and potential lack of liquidity due to low trading","page_number":13,"box":{"x":53,"y":169,"width":410,"height":11}},{"id":"2b743a1b-a9e7-4d83-ab8c-392e7b8f04e6","block_type":"box","text":"volume of certain bonds in the China Interbank Bond Market may","page_number":13,"box":{"x":52,"y":183,"width":417,"height":11}},{"id":"d081f15d-cdc8-4c95-babe-043940811cd2","block_type":"box","text":"result in the prices of certain bonds fluctuating significantly. Also,","page_number":13,"box":{"x":53,"y":197,"width":417,"height":11}},{"id":"a947f64f-3fb6-46fd-bdca-070783489081","block_type":"box","text":"the systems used to trade through Bond Connect may not","page_number":13,"box":{"x":52,"y":211,"width":371,"height":11}},{"id":"22382502-b56a-4c06-9a1e-43ae72eab550","block_type":"box","text":"function as expected. Trading through Bond Connect is also","page_number":13,"box":{"x":52,"y":226,"width":381,"height":10}},{"id":"0ccc5a87-f67f-435a-aa6e-2cef49173b87","block_type":"box","text":"subject to regulatory risks, including laws and regulations that are","page_number":13,"box":{"x":53,"y":240,"width":421,"height":11}},{"id":"8e9488f3-169b-4860-a7fe-7d7707254b1e","block_type":"box","text":"subject to change. There can be no assurance that Bond Connect","page_number":13,"box":{"x":53,"y":254,"width":417,"height":11}},{"id":"434408e2-508a-409f-aa6f-f8679d63bf9e","block_type":"box","text":"or its features or systems will not be materially altered,","page_number":13,"box":{"x":53,"y":268,"width":351,"height":11}},{"id":"b7ea57f4-9c1e-427f-8dd0-05ed11117d22","block_type":"box","text":"suspended, discontinued or abolished. The Fund may be subject","page_number":13,"box":{"x":53,"y":282,"width":409,"height":11}},{"id":"fcabdf87-8dda-4028-9e15-b690a0851e20","block_type":"box","text":"to additional taxation if certain tax exemptions under PRC tax","page_number":13,"box":{"x":52,"y":296,"width":394,"height":11}},{"id":"c16a6a8a-46da-4827-84ad-08c4649fff07","block_type":"box","text":"regulations are withdrawn or amended. Any taxes arising from or","page_number":13,"box":{"x":53,"y":311,"width":414,"height":11}},{"id":"db5bdf9b-45a7-4023-98d5-4797f91f1765","block_type":"box","text":"to the Fund may be directly borne by, or indirectly passed on to,","page_number":13,"box":{"x":52,"y":325,"width":409,"height":11}},{"id":"c1287093-6ded-4da7-9d8f-b3257b1e4716","block_type":"box","text":"the Fund, which may substantially impact its NAV. Investing","page_number":13,"box":{"x":52,"y":339,"width":380,"height":11}},{"id":"aa57e875-47c6-4656-bfc4-dad6e68eb9e8","block_type":"box","text":"through Bond Connect subjects the Fund to currency risk, to the","page_number":13,"box":{"x":52,"y":353,"width":412,"height":11}},{"id":"8a68debd-1495-4ec8-91d8-f2c5a59e54d0","block_type":"box","text":"extent that currency rates used for Bond Connect are different","page_number":13,"box":{"x":53,"y":367,"width":399,"height":11}},{"id":"9238cf29-d418-4f67-88ee-f22bb791bec4","block_type":"box","text":"than the rates used in the China Interbank Bond Market.","page_number":13,"box":{"x":52,"y":382,"width":359,"height":8}},{"id":"cd5049aa-24e1-4197-afc4-de022eb83d1a","block_type":"box","text":"Risk of Investing in the U.S","page_number":13,"box":{"x":52,"y":405,"width":183,"height":11}},{"id":"7a598b72-49c8-4912-a4f6-ef4060db897c","block_type":"box","text":".","page_number":13,"box":{"x":235,"y":411,"width":3,"height":2}},{"id":"507c30e9-628f-498e-a1dd-95ea60a87fef","block_type":"box","text":"Investing in U.S. issuers subjects","page_number":13,"box":{"x":244,"y":405,"width":210,"height":11}},{"id":"4effe196-00e3-4f7f-98cf-c95f1cfc1236","block_type":"box","text":"the Fund to legal, regulatory, political, currency, security, and","page_number":13,"box":{"x":52,"y":419,"width":392,"height":11}},{"id":"05849c4a-08d1-4a47-9899-be7614f837c9","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the","page_number":13,"box":{"x":53,"y":433,"width":423,"height":11}},{"id":"e546e392-fc9c-49b1-a2e1-bed4206b2d97","block_type":"box","text":"U.S., such as a weakening of the U.S. economy or a decline in its","page_number":13,"box":{"x":53,"y":447,"width":413,"height":11}},{"id":"bea96a67-889c-43fe-9a62-91543d0cf000","block_type":"box","text":"financial markets, may have an adverse effect on U.S. issuers.","page_number":13,"box":{"x":52,"y":461,"width":397,"height":11}},{"id":"95eb3358-e0ab-4e39-95e7-e291b4b80cdb","block_type":"box","text":"Securities Lending Risk.","page_number":13,"box":{"x":52,"y":485,"width":162,"height":10}},{"id":"b7ce511f-d303-488e-afb3-8d33e4b736be","block_type":"box","text":"The Fund may engage in securities","page_number":13,"box":{"x":219,"y":485,"width":221,"height":11}},{"id":"8bcac546-42a8-469e-8987-8602024178fe","block_type":"box","text":"lending. Securities lending involves the risk that the Fund may","page_number":13,"box":{"x":53,"y":499,"width":396,"height":11}},{"id":"47f93ba8-25c2-46d4-b2fd-822dcae31bd1","block_type":"box","text":"lose money because the borrower of the loaned securities fails to","page_number":13,"box":{"x":53,"y":513,"width":417,"height":11}},{"id":"086d2dd3-e69c-47bc-94f8-433329cb4b0d","block_type":"box","text":"return the securities in a timely manner or at all. The Fund could","page_number":13,"box":{"x":53,"y":527,"width":408,"height":11}},{"id":"ef30e733-ba5c-484c-b13f-3d686f1e9d3a","block_type":"box","text":"also lose money in the event of a decline in the value of collateral","page_number":13,"box":{"x":53,"y":541,"width":416,"height":11}},{"id":"95d7abff-261e-47dc-a23e-25ce8ceef4b7","block_type":"box","text":"provided for loaned securities or a decline in the value of any","page_number":13,"box":{"x":53,"y":556,"width":389,"height":10}},{"id":"fb036863-fa3a-40cf-a5e3-2ae7c5ca3d1b","block_type":"box","text":"investments made with cash collateral. These events could also","page_number":13,"box":{"x":53,"y":570,"width":405,"height":8}},{"id":"280d155a-69b1-496d-bd61-11000ee65a31","block_type":"box","text":"trigger adverse tax consequences for the Fund.","page_number":13,"box":{"x":52,"y":584,"width":301,"height":11}},{"id":"e5b9df42-7747-4e1e-bca9-0523127daa17","block_type":"box","text":"Tracking Error Risk","page_number":13,"box":{"x":53,"y":607,"width":129,"height":11}},{"id":"e399e11d-9d4b-48ca-8b41-7b91ae5e1913","block_type":"box","text":".","page_number":13,"box":{"x":182,"y":614,"width":2,"height":2}},{"id":"b01b5f91-4acb-454d-a0e8-3d6de10110b9","block_type":"box","text":"The Fund may be subject to “tracking error,”","page_number":13,"box":{"x":189,"y":607,"width":284,"height":11}},{"id":"3a8ad96d-f1d0-447a-84e5-50e5f16bbc35","block_type":"box","text":"which is the divergence of the Fund’s performance from that of","page_number":13,"box":{"x":52,"y":621,"width":404,"height":11}},{"id":"73784d5b-7fb8-4fcc-826c-9185fd3bbf9f","block_type":"box","text":"the Underlying Index. Tracking error may occur due to a number of","page_number":13,"box":{"x":518,"y":46,"width":426,"height":11}},{"id":"7254e884-69fc-4b83-aba0-182eca507934","block_type":"box","text":"factors, including differences between the securities and other","page_number":13,"box":{"x":518,"y":61,"width":402,"height":10}},{"id":"4376a0be-f863-4099-8f1c-6da16976eaa4","block_type":"box","text":"assets held in the Fund’s portfolio and those included in the","page_number":13,"box":{"x":519,"y":75,"width":381,"height":10}},{"id":"3f909717-95fc-41a5-b2b0-f1a2f8af52e0","block_type":"box","text":"Underlying Index; differences in the timing and methodologies","page_number":13,"box":{"x":519,"y":89,"width":396,"height":11}},{"id":"9df128fc-7796-4987-98ab-bd3336ae3bab","block_type":"box","text":"used to value securities and other assets; transaction costs and","page_number":13,"box":{"x":519,"y":103,"width":407,"height":10}},{"id":"0546ede9-88c3-492e-93f1-1b630dec939a","block_type":"box","text":"other expenses incurred by the Fund that the Underlying Index","page_number":13,"box":{"x":519,"y":117,"width":400,"height":11}},{"id":"a5910d6d-2779-4a11-8770-8c7e3cf6f167","block_type":"box","text":"does not incur; the Fund’s holding of uninvested cash; differences","page_number":13,"box":{"x":519,"y":131,"width":420,"height":11}},{"id":"56de9857-cd65-4418-a13a-e72a86199a8e","block_type":"box","text":"in the timing of the accrual or the valuation of dividends or","page_number":13,"box":{"x":519,"y":146,"width":373,"height":10}},{"id":"6d66a2ab-f85b-42af-b595-cce582918c33","block_type":"box","text":"interest received by the Fund or distributions paid to Fund","page_number":13,"box":{"x":519,"y":160,"width":370,"height":11}},{"id":"4ef42e5d-ee37-46b9-8c8c-3d62120965f1","block_type":"box","text":"shareholders; tax gains or losses; differences between the","page_number":13,"box":{"x":519,"y":174,"width":372,"height":11}},{"id":"4ec4a38e-e60b-4ca1-8006-abc948dc70e5","block_type":"box","text":"amount and/or timing of withholding taxes on dividends reflected","page_number":13,"box":{"x":519,"y":188,"width":420,"height":11}},{"id":"ab6eab3b-b2ff-4397-88c8-308806f9f8b7","block_type":"box","text":"in the Underlying Index from the Fund’s obligation, if any, for","page_number":13,"box":{"x":519,"y":202,"width":386,"height":11}},{"id":"7ba0eabe-67b8-4b24-8f6d-bb6554a05478","block_type":"box","text":"foreign withholding taxes; the requirements for the Fund to","page_number":13,"box":{"x":518,"y":217,"width":378,"height":10}},{"id":"eac8f076-a408-4be6-9724-a1b1177e2f3a","block_type":"box","text":"maintain pass-through tax treatment; portfolio transactions","page_number":13,"box":{"x":519,"y":231,"width":380,"height":11}},{"id":"b678e341-b117-4a6f-82e0-1a14dec72753","block_type":"box","text":"carried out to minimize the distribution of capital gains to","page_number":13,"box":{"x":519,"y":245,"width":366,"height":11}},{"id":"68c3b468-068a-4130-9dbc-f91bc2dc427b","block_type":"box","text":"shareholders; the acceptance of custom baskets; changes to the","page_number":13,"box":{"x":519,"y":259,"width":414,"height":11}},{"id":"16ac23f1-7477-4a3e-b514-de4e4c3f4042","block_type":"box","text":"Underlying Index; and impacts to the Fund of complying with","page_number":13,"box":{"x":519,"y":273,"width":386,"height":11}},{"id":"9b3e2a6f-0b3f-40ed-a9bf-5158b24c8ded","block_type":"box","text":"certain regulatory requirements or limits. Tracking error risk may","page_number":13,"box":{"x":519,"y":287,"width":413,"height":11}},{"id":"03925e89-e795-4625-b400-7a11207cc4ee","block_type":"box","text":"be heightened during times of increased market volatility or other","page_number":13,"box":{"x":519,"y":302,"width":419,"height":10}},{"id":"ec43da9a-2513-4c8e-baa1-cc97aa2ed577","block_type":"box","text":"unusual market conditions. A Fund that tracks an index with","page_number":13,"box":{"x":519,"y":316,"width":382,"height":8}},{"id":"abe5073f-009e-47a0-8cf9-934fbc50e70b","block_type":"box","text":"exposure to non-U.S. issuers may experience higher tracking","page_number":13,"box":{"x":519,"y":330,"width":389,"height":11}},{"id":"a25f70a2-7050-4f00-8364-256dde844d34","block_type":"box","text":"error than ETFs that do not track such indexes.","page_number":13,"box":{"x":519,"y":344,"width":299,"height":9}},{"id":"5df27320-58e9-4d35-99b0-e9478ca3ffb9","block_type":"box","text":"Valuation Risk","page_number":13,"box":{"x":520,"y":367,"width":96,"height":9}},{"id":"9a6bf49f-858c-4113-a2df-f05b4b0b1349","block_type":"box","text":".","page_number":13,"box":{"x":616,"y":374,"width":2,"height":2}},{"id":"71d14ff6-0653-41b0-b914-63149f26bafd","block_type":"box","text":"The price that the Fund could receive upon the","page_number":13,"box":{"x":623,"y":367,"width":298,"height":11}},{"id":"423ab5e6-3120-4bf5-a9b0-69e0443e4e52","block_type":"box","text":"sale (or other disposition) of a security or other asset may differ","page_number":13,"box":{"x":519,"y":382,"width":408,"height":10}},{"id":"5dcb4992-6ee7-42d1-9103-b60ba1be01c8","block_type":"box","text":"from the Fund’s valuation of the security or other asset,","page_number":13,"box":{"x":518,"y":396,"width":356,"height":11}},{"id":"e3dc8045-959b-4e4c-b635-847c5ac43df1","block_type":"box","text":"particularly for securities or other assets that trade in low volume","page_number":13,"box":{"x":519,"y":410,"width":418,"height":11}},{"id":"b2d4acda-5f08-498d-807c-4088ca6e5450","block_type":"box","text":"or volatile markets or that are valued using a fair value","page_number":13,"box":{"x":519,"y":424,"width":347,"height":11}},{"id":"3100adbe-70e8-488f-8bfc-a831a4e9124e","block_type":"box","text":"methodology. The price received by the Fund also may differ from","page_number":13,"box":{"x":519,"y":438,"width":418,"height":11}},{"id":"58336782-173b-4c24-ba8d-a16adcef44c8","block_type":"box","text":"the value used by the Underlying Index. In addition, the value of","page_number":13,"box":{"x":518,"y":452,"width":406,"height":11}},{"id":"c593ddb4-700c-4370-878f-fa1616d08821","block_type":"box","text":"the securities or other assets in the Fund’s portfolio may change","page_number":13,"box":{"x":518,"y":467,"width":412,"height":10}},{"id":"03880f68-8acc-483d-9e98-d5dfbd09a324","block_type":"box","text":"on days or during time periods when investors are not able to","page_number":13,"box":{"x":519,"y":481,"width":392,"height":11}},{"id":"c61806c4-5066-45df-ba5e-e679a6c661df","block_type":"box","text":"purchase or sell Fund shares. Authorized Participants that create","page_number":13,"box":{"x":519,"y":495,"width":414,"height":11}},{"id":"25dfba7f-ceb7-445e-b8c6-fa674173235e","block_type":"box","text":"or redeem Fund shares on days when the Fund is holding fair","page_number":13,"box":{"x":519,"y":509,"width":394,"height":11}},{"id":"a78d2ed2-fe36-4c6f-b9fa-7e0bfb10e752","block_type":"box","text":"valued securities or other assets may receive fewer or more","page_number":13,"box":{"x":518,"y":523,"width":383,"height":11}},{"id":"4fed3719-9cde-49b0-9eae-4999e3c67762","block_type":"box","text":"shares, or lower or higher redemption proceeds, than they would","page_number":13,"box":{"x":519,"y":538,"width":413,"height":10}},{"id":"7291cecd-c23c-45ef-81ba-9aa5319c08d0","block_type":"box","text":"have received had the securities or other assets not been fair","page_number":13,"box":{"x":519,"y":552,"width":392,"height":8}},{"id":"f4ca4c9a-a0ed-4d2f-bab0-2586496f24d4","block_type":"box","text":"valued or been valued using a different methodology. The ability to","page_number":13,"box":{"x":518,"y":566,"width":424,"height":11}},{"id":"09d25fca-630a-4d89-8947-75706fc3c883","block_type":"box","text":"value investments may be impacted by technological issues or","page_number":13,"box":{"x":518,"y":580,"width":400,"height":11}},{"id":"dc6a6b45-f6fd-4379-9d8a-897fa99d40b7","block_type":"box","text":"errors by pricing services or other third-party service providers.","page_number":13,"box":{"x":519,"y":594,"width":405,"height":11}},{"id":"5f1ec84c-4ee1-495c-acb3-56f26bba089e","block_type":"box","text":"S-6","page_number":13,"box":{"x":495,"y":944,"width":20,"height":8}},{"id":"2815d00c-2f92-4796-aa28-fd701116e21c","block_type":"box","text":"Performance Information","page_number":14,"box":{"x":53,"y":46,"width":214,"height":10}},{"id":"c799ed95-b12a-483e-a7c6-e7c7b9927b0b","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":14,"box":{"x":52,"y":71,"width":886,"height":11}},{"id":"d0a64f08-13cd-4385-9d7d-3cfb330d953f","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":14,"box":{"x":53,"y":85,"width":872,"height":11}},{"id":"76e9085e-b763-4151-8a93-5b98266d19aa","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":14,"box":{"x":53,"y":99,"width":866,"height":11}},{"id":"5b7f460b-597d-426a-8298-985be0c4e9c0","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":14,"box":{"x":52,"y":113,"width":864,"height":11}},{"id":"a56319fe-e852-4768-bc68-e697b318b152","block_type":"box","text":"agreements to waive or reimburse expenses, which would reduce performance if not in effect. Past performance (before and after taxes)","page_number":14,"box":{"x":53,"y":128,"width":874,"height":10}},{"id":"2de1b455-d957-46b1-baea-2c5779222047","block_type":"box","text":"does not necessarily indicate how the Fund will perform in the future. 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