{"annotation_id":"45338562-f730-4675-9725-8168fc85519e","file_hash":"44fa62d808d6e3967b4554a57c16944fe22fb120489778d6d20a22035f6fdf7b","schema_id":"open/document-extraction","schema_version":"0.5.0","record":{"extraction_type":"boxes","producer":"pdf-extractor-v0.5.0","blocks":[{"id":"5877ec56-b641-4701-868e-27a01e6a049b","block_type":"box","text":"iShares MSCI USA ETF","page_number":1,"box":{"x":53,"y":47,"width":315,"height":16}},{"id":"5aed35e6-d232-4fb2-bd9d-4c2ddb87b3ac","block_type":"box","text":"MLRG | NYSE Arca","page_number":1,"box":{"x":54,"y":70,"width":257,"height":18}},{"id":"d598eaef-7b95-4c78-8038-ba8ef6de7246","block_type":"box","text":"Summary Prospectus — August 31, 2026 (as revised","page_number":1,"box":{"x":52,"y":96,"width":677,"height":20}},{"id":"b9a90557-866b-42bd-a899-919cbbaa345c","block_type":"box","text":"October 5, 2026)","page_number":1,"box":{"x":53,"y":119,"width":218,"height":19}},{"id":"4e79c8cc-738f-485b-a5d0-6ca641de40b7","block_type":"box","text":"Before you invest, you may want to review the Fund’s prospectus, which contains more information about the Fund and its","page_number":1,"box":{"x":53,"y":156,"width":861,"height":11}},{"id":"c91b0861-010c-42bb-984e-ac0a5c78d99c","block_type":"box","text":"risks. You can find the Fund’s prospectus and other information about the Fund, including the Fund’s statement of additional","page_number":1,"box":{"x":53,"y":170,"width":883,"height":11}},{"id":"3817aa36-c586-4cc9-a9f1-4f4d59c53dc8","block_type":"box","text":"information and reports to shareholders, online at www.blackrock.com/prospectus. You can also get this information at no","page_number":1,"box":{"x":53,"y":184,"width":863,"height":11}},{"id":"1b6fcf4f-c16c-4209-ad40-af05a23f3d9d","block_type":"box","text":"cost by calling 1-800-iShares (1-800-474-2737) or by sending an email request to iSharesETFs@blackrock.com, or from your","page_number":1,"box":{"x":53,"y":198,"width":888,"height":11}},{"id":"2965a91c-b41f-4af2-9655-5753c30c86fb","block_type":"box","text":"financial professional. The Fund’s prospectus and statement of additional information, both dated August 31, 2026, as","page_number":1,"box":{"x":52,"y":213,"width":839,"height":11}},{"id":"da7b4a03-3fad-45af-a689-5dfebd64d171","block_type":"box","text":"amended and supplemented from time to time, are incorporated by reference into this Summary Prospectus.","page_number":1,"box":{"x":53,"y":227,"width":768,"height":11}},{"id":"68c805c4-28df-42b1-9c13-bc72bf2440b1","block_type":"box","text":"Investment Objective","page_number":1,"box":{"x":54,"y":256,"width":191,"height":13}},{"id":"53bf5020-66d8-49a8-871b-acf6ea75c647","block_type":"box","text":"The iShares MSCI USA ETF (the “Fund”) seeks to track the investment results of an index composed of large- and","page_number":1,"box":{"x":52,"y":281,"width":797,"height":11}},{"id":"c9be9340-792a-429d-84b2-526478ea2aa7","block_type":"box","text":"mid-capitalization U.S. equities.","page_number":1,"box":{"x":53,"y":295,"width":223,"height":11}},{"id":"94509905-9e97-4957-a544-ca3ce787ee1e","block_type":"box","text":"Fees and Expenses","page_number":1,"box":{"x":54,"y":325,"width":168,"height":12}},{"id":"58e547aa-159c-477b-942f-50ad6f87e8be","block_type":"box","text":"The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts","page_number":1,"box":{"x":52,"y":349,"width":874,"height":11}},{"id":"9bf26c06-2fb9-4b68-806f-39e563a6d3de","block_type":"box","text":"in the table are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement","page_number":1,"box":{"x":53,"y":363,"width":871,"height":11}},{"id":"e94ed424-01ef-46bc-a2dc-a54694358931","block_type":"box","text":"between iShares Trust (the “Trust”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that","page_number":1,"box":{"x":53,"y":378,"width":888,"height":11}},{"id":"76e2a0ad-568e-4e7a-82cd-84b28ed00cfc","block_type":"box","text":"BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes,","page_number":1,"box":{"x":53,"y":392,"width":795,"height":11}},{"id":"55ec46b3-5b93-40f8-9d81-5b5ad20962e1","block_type":"box","text":"(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio","page_number":1,"box":{"x":53,"y":406,"width":854,"height":11}},{"id":"8a1e4424-629c-41c8-8103-ac7cd629d7fd","block_type":"box","text":"transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any","page_number":1,"box":{"x":52,"y":420,"width":829,"height":11}},{"id":"48c04ce0-1289-4ec7-a4aa-20cea9957b09","block_type":"box","text":"extraordinary expenses.","page_number":1,"box":{"x":53,"y":435,"width":167,"height":10}},{"id":"a8e8a53c-c274-4534-a3da-301c4b95b80e","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not","page_number":1,"box":{"x":52,"y":458,"width":830,"height":11}},{"id":"c258031c-b5ee-4a5c-bc30-898ee3142cd9","block_type":"box","text":"reflected in the table and example below.","page_number":1,"box":{"x":53,"y":472,"width":300,"height":10}},{"id":"73077bd5-b434-4f07-8b57-069b104d2f01","block_type":"box","text":"Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)","page_number":1,"box":{"x":57,"y":495,"width":761,"height":9}},{"id":"3c94f4c3-5c71-441a-a0a7-25b6a3e5bfd0","block_type":"box","text":"1","page_number":1,"box":{"x":819,"y":493,"width":5,"height":5}},{"id":"95560eab-9eea-4cbd-84c3-fac342eef1f6","block_type":"box","text":"Management Fee","page_number":1,"box":{"x":58,"y":515,"width":109,"height":9}},{"id":"44cff1e9-1844-427b-9540-be6f0c7e8546","block_type":"box","text":"0.03%","page_number":1,"box":{"x":890,"y":515,"width":41,"height":7}},{"id":"726f706a-d579-4dbe-9399-50bd233ba803","block_type":"box","text":"Other Expenses","page_number":1,"box":{"x":58,"y":530,"width":98,"height":9}},{"id":"7e30c7c9-efc7-430b-8c70-86a953854ca3","block_type":"box","text":"0.00%","page_number":1,"box":{"x":890,"y":530,"width":41,"height":8}},{"id":"e0c04c72-434e-4f92-a682-5b1046745dd3","block_type":"box","text":"Total Annual Fund Operating Expenses","page_number":1,"box":{"x":57,"y":546,"width":246,"height":9}},{"id":"7cc20d40-516c-4e5c-b148-fc1bf407ae06","block_type":"box","text":"0.03%","page_number":1,"box":{"x":890,"y":546,"width":41,"height":7}},{"id":"64e2fea2-c9ae-4a04-ab19-e7f600748ce3","block_type":"box","text":"1","page_number":1,"box":{"x":80,"y":573,"width":5,"height":5}},{"id":"18de7572-de67-4704-9935-d80681e8b42c","block_type":"box","text":"Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any.","page_number":1,"box":{"x":93,"y":575,"width":779,"height":9}},{"id":"59c3ead6-edd9-4e55-a492-2c9301c43dea","block_type":"box","text":"Example.","page_number":1,"box":{"x":53,"y":595,"width":67,"height":10}},{"id":"0589d835-f451-45f4-9773-aebb5737df1e","block_type":"box","text":"This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in","page_number":1,"box":{"x":124,"y":594,"width":795,"height":11}},{"id":"bc3546ce-ab3c-412e-ab68-4e0463a9f646","block_type":"box","text":"other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your","page_number":1,"box":{"x":53,"y":608,"width":885,"height":11}},{"id":"7d0f79f5-1039-47a5-a194-233328926d30","block_type":"box","text":"shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the","page_number":1,"box":{"x":52,"y":623,"width":871,"height":10}},{"id":"a48ad217-be62-471b-b86b-79e784510664","block_type":"box","text":"Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions,","page_number":1,"box":{"x":53,"y":637,"width":887,"height":11}},{"id":"52ebb6cf-1490-46c5-b180-edacbdbdd7a4","block_type":"box","text":"your costs would be:","page_number":1,"box":{"x":52,"y":651,"width":143,"height":11}},{"id":"a02de5d2-cc32-40dd-b18d-d46814d32fb4","block_type":"box","text":"Expense Example","page_number":1,"box":{"x":58,"y":674,"width":115,"height":9}},{"id":"e3ed622d-7b0f-4b9a-bb23-caedfcb577aa","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":1,"box":{"x":663,"y":674,"width":280,"height":7}},{"id":"64159f0e-3e2e-4808-aba1-805f9236cf78","block_type":"box","text":"Example Fund Costs","page_number":1,"box":{"x":58,"y":689,"width":128,"height":10}},{"id":"4e74fe79-7b7b-4778-a60f-c421d6e472f4","block_type":"box","text":"$3 $10 $17 $39","page_number":1,"box":{"x":675,"y":689,"width":253,"height":8}},{"id":"0870f168-93c5-4e9d-a7f5-e77b0a680ec6","block_type":"box","text":"Portfolio Turnover.","page_number":1,"box":{"x":53,"y":719,"width":137,"height":8}},{"id":"910c53ed-6c2a-47dc-9104-f9c76293a5c1","block_type":"box","text":"The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns","page_number":1,"box":{"x":194,"y":719,"width":722,"height":11}},{"id":"7fefe53e-615a-4214-b03f-20ac065d19f6","block_type":"box","text":"over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when","page_number":1,"box":{"x":53,"y":733,"width":883,"height":11}},{"id":"a56824d3-08f3-47a3-be96-2ebe2f67f830","block_type":"box","text":"Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in","page_number":1,"box":{"x":53,"y":747,"width":876,"height":11}},{"id":"47d5448c-fbe5-4c7e-9fc5-8ff219aacaf5","block_type":"box","text":"the Example, affect the Fund’s performance. The Fund has changed its fiscal year end from April 30 to August 31. During the","page_number":1,"box":{"x":52,"y":761,"width":881,"height":11}},{"id":"a0d7e06b-994f-4987-b3d1-38221c9298cb","block_type":"box","text":"most recent fiscal year ended April 30, 2026, the Fund's portfolio turnover rate was 8% of the average value of its portfolio.","page_number":1,"box":{"x":53,"y":775,"width":865,"height":11}},{"id":"3eac3213-fa72-45da-a528-4b4bff924d00","block_type":"box","text":"Principal Investment Strategies","page_number":1,"box":{"x":54,"y":804,"width":284,"height":14}},{"id":"395ca7c2-04e7-428d-8a49-750cdb52cff8","block_type":"box","text":"The Fund seeks to track the investment results of the MSCI USA Index (the “Underlying Index”), which measures the","page_number":1,"box":{"x":52,"y":829,"width":817,"height":11}},{"id":"3d8b6536-0397-4f56-b941-29e99dafc214","block_type":"box","text":"performance of the large- and mid-capitalization segments of the U.S. equities market, as determined by MSCI Inc. (“MSCI” or","page_number":1,"box":{"x":53,"y":844,"width":889,"height":11}},{"id":"ac138fca-a1c6-4f55-b72c-e14f452da6dc","block_type":"box","text":"the “Index Provider”). The Underlying Index represents approximately 85% of the free float-adjusted market capitalization in","page_number":1,"box":{"x":52,"y":858,"width":879,"height":11}},{"id":"fbdbfaef-6589-4c89-b5b0-a117a4a14ce0","block_type":"box","text":"the U.S. The Underlying Index is free float-adjusted market capitalization weighted.","page_number":1,"box":{"x":52,"y":872,"width":586,"height":11}},{"id":"a6093c5f-7357-4815-8496-879e0baac901","block_type":"box","text":"S-1","page_number":1,"box":{"x":493,"y":944,"width":24,"height":8}},{"id":"ad24c132-0736-4f42-b066-b9ef2abb650f","block_type":"box","text":"As of August 31, 2026, the Underlying Index had approximately 525 constituents, and a significant portion of the Underlying","page_number":2,"box":{"x":52,"y":46,"width":881,"height":11}},{"id":"9fd6793e-1b6e-4096-9aec-c13620da7342","block_type":"box","text":"Index was represented by securities of companies in the technology industry or sector. The components of the Underlying","page_number":2,"box":{"x":53,"y":61,"width":859,"height":10}},{"id":"0f1302d2-1666-4af5-ab2d-dfe2aede8c8e","block_type":"box","text":"Index are likely to change over time.","page_number":2,"box":{"x":53,"y":75,"width":251,"height":11}},{"id":"f224cde8-42fe-46b5-80a0-8e4be6dddc7e","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a","page_number":2,"box":{"x":52,"y":98,"width":853,"height":11}},{"id":"35cd5233-f625-41cb-8a45-5f93e73bd349","block_type":"box","text":"representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that","page_number":2,"box":{"x":53,"y":112,"width":839,"height":11}},{"id":"2e14898d-80b6-4686-a563-48c22250e47c","block_type":"box","text":"involves investing in a representative sample of securities or other instruments intended to collectively have an investment","page_number":2,"box":{"x":53,"y":126,"width":868,"height":11}},{"id":"ba05673a-9725-4ab8-b93f-229cbe2e3984","block_type":"box","text":"profile similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate,","page_number":2,"box":{"x":53,"y":141,"width":851,"height":10}},{"id":"9d0dc525-c8fb-4e6e-9a99-5a4aa2cd0001","block_type":"box","text":"investment characteristics (based on factors such as market capitalization and industry weightings), fundamental","page_number":2,"box":{"x":53,"y":155,"width":806,"height":11}},{"id":"f137aa2e-38e7-4054-a59a-4f130775651f","block_type":"box","text":"characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index.","page_number":2,"box":{"x":53,"y":169,"width":884,"height":11}},{"id":"64ee8264-7071-41ed-a1be-b462b74eb02c","block_type":"box","text":"The Fund may or may not hold all of the components of the Underlying Index. The Fund may use derivatives to gain or reduce","page_number":2,"box":{"x":52,"y":183,"width":884,"height":11}},{"id":"6c297e85-a29f-46bd-b6c9-6b96ade9df2d","block_type":"box","text":"exposure to the components of the Underlying Index or exposure to one or more market risk factors associated with such","page_number":2,"box":{"x":53,"y":197,"width":852,"height":11}},{"id":"13f3a126-e625-4506-adaa-8182b3eff7c6","block_type":"box","text":"components. Subject to the limits described herein, the Fund may purchase and hold cash and cash equivalents, including","page_number":2,"box":{"x":53,"y":211,"width":867,"height":11}},{"id":"9357e361-2566-4825-a926-dd2b96b9bc95","block_type":"box","text":"shares of money market funds advised by BFA or its affiliates, and may also purchase and hold instruments not included in","page_number":2,"box":{"x":52,"y":226,"width":869,"height":10}},{"id":"eb43af4a-a7e4-4e72-8d35-e2079448c08c","block_type":"box","text":"the Underlying Index when BFA believes that such instruments will help the Fund track the performance of the Underlying","page_number":2,"box":{"x":52,"y":240,"width":863,"height":11}},{"id":"0b4d32ff-551a-4bc6-bdc6-26f0ad166a69","block_type":"box","text":"Index over time, including in light of expected liquidity or trading costs, anticipated additions to or deletions from the","page_number":2,"box":{"x":53,"y":254,"width":826,"height":11}},{"id":"403264a4-7619-4817-9c33-341f99e439e0","block_type":"box","text":"Underlying Index, or other reasons as determined by BFA.","page_number":2,"box":{"x":53,"y":268,"width":405,"height":11}},{"id":"d4bed55e-4e19-487f-b92d-3af27746b7d9","block_type":"box","text":"In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), under normal","page_number":2,"box":{"x":53,"y":291,"width":844,"height":11}},{"id":"24e04e41-e16b-40d1-ab3b-556f6bc82ee7","block_type":"box","text":"circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for","page_number":2,"box":{"x":53,"y":306,"width":860,"height":10}},{"id":"05fa8c24-3a74-4881-b40d-f4faf45bfa49","block_type":"box","text":"investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be","page_number":2,"box":{"x":53,"y":320,"width":831,"height":11}},{"id":"6f753024-a0ac-490c-91c8-102512794587","block_type":"box","text":"counted toward the Fund's 80% investment policy to the extent that they provide exposure to the components of its","page_number":2,"box":{"x":53,"y":334,"width":817,"height":11}},{"id":"868e7b44-e2c6-4e93-8f21-5dc98bf6b1c8","block_type":"box","text":"Underlying Index or exposure to one or more market risk factors associated with such components. The Fund's 80%","page_number":2,"box":{"x":53,"y":348,"width":818,"height":11}},{"id":"abf05490-2512-46ea-a117-1b68c7b04761","block_type":"box","text":"investment policy may be changed by the Trust's Board of Trustees (the “Board”) upon 60 days' notice to shareholders.","page_number":2,"box":{"x":53,"y":362,"width":835,"height":11}},{"id":"68a85bae-7a8b-4136-8a59-bdc1a274c453","block_type":"box","text":"The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any","page_number":2,"box":{"x":52,"y":385,"width":873,"height":11}},{"id":"39db1836-97d6-40d0-b3dd-da16397e47dc","block_type":"box","text":"collateral received).","page_number":2,"box":{"x":53,"y":400,"width":136,"height":9}},{"id":"f460a204-6a1c-478a-9fbb-1b225253ab0c","block_type":"box","text":"The Underlying Index is sponsored by MSCI, which is independent of the Fund and BFA. The Index Provider determines the","page_number":2,"box":{"x":52,"y":423,"width":867,"height":11}},{"id":"5d289a47-84b4-4624-8927-850fc556dd1e","block_type":"box","text":"composition and relative weightings of the components of the Underlying Index and publishes information regarding the","page_number":2,"box":{"x":53,"y":437,"width":856,"height":11}},{"id":"ede409e2-d0be-4e70-ba0e-6da2bff02dc6","block_type":"box","text":"market value of the Underlying Index.","page_number":2,"box":{"x":53,"y":451,"width":263,"height":11}},{"id":"d78f3071-1416-4adb-9428-be078babfdb1","block_type":"box","text":"Industry Concentration Policy.","page_number":2,"box":{"x":53,"y":474,"width":224,"height":11}},{"id":"2c961d40-ccfe-41d2-8331-3b7c1b1d3f61","block_type":"box","text":"The Fund will concentrate its investments (","page_number":2,"box":{"x":281,"y":474,"width":304,"height":10}},{"id":"fe7bbf80-10eb-492b-9ae5-737b333836ed","block_type":"box","text":"i.e.","page_number":2,"box":{"x":587,"y":475,"width":17,"height":8}},{"id":"3910305a-16ff-4e82-9fe3-38a24127c186","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":2,"box":{"x":606,"y":474,"width":292,"height":10}},{"id":"3b0ac942-261d-47f4-a8e0-2be75565ba74","block_type":"box","text":"particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For","page_number":2,"box":{"x":53,"y":489,"width":858,"height":10}},{"id":"3739bc5f-cede-4669-b89a-7a5ced2099c2","block_type":"box","text":"purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase","page_number":2,"box":{"x":53,"y":503,"width":868,"height":11}},{"id":"60e6c5e0-d086-4b3f-a59a-07668b492c85","block_type":"box","text":"agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.","page_number":2,"box":{"x":53,"y":517,"width":826,"height":11}},{"id":"76f2a0c9-bcea-4284-b194-11a83fb814a1","block_type":"box","text":"Diversification Policy.","page_number":2,"box":{"x":53,"y":540,"width":159,"height":11}},{"id":"74be95e1-2544-4da9-9021-2f2fb549aa43","block_type":"box","text":"The Fund intends to be diversified in approximately the same proportion as the Underlying Index is","page_number":2,"box":{"x":216,"y":540,"width":699,"height":11}},{"id":"e6245405-28dd-4c9c-b098-d49bd8f9bb9f","block_type":"box","text":"diversified and to invest all or substantially all of its assets in components of the Underlying Index in approximately the same","page_number":2,"box":{"x":53,"y":554,"width":881,"height":11}},{"id":"c1cf46ff-956c-4a49-b450-8ebf0cd06bd9","block_type":"box","text":"proportion as each component’s weighting in the Underlying Index. This diversification policy may limit the Fund’s ability to","page_number":2,"box":{"x":53,"y":568,"width":872,"height":11}},{"id":"ae5507dd-1628-43fb-898b-37221d9f6acc","block_type":"box","text":"use representative sampling. The Fund may become “non-diversified,” as defined in the 1940 Act, solely as a result of a","page_number":2,"box":{"x":53,"y":582,"width":837,"height":12}},{"id":"b6f7bb13-3ca2-4d20-a4db-632e97bcd0f2","block_type":"box","text":"change in relative market capitalization or index weighting of one or more components of the Underlying Index. Shareholder","page_number":2,"box":{"x":53,"y":597,"width":878,"height":11}},{"id":"023d0c7a-0acc-421b-98e9-c1856b478104","block_type":"box","text":"approval will not be sought if the Fund becomes “non-diversified” due solely to a change in the relative market capitalization","page_number":2,"box":{"x":53,"y":611,"width":877,"height":11}},{"id":"9a5624d1-4a9b-4931-8433-b7e5ba6721cf","block_type":"box","text":"or index weighting of one or more components of the Underlying Index. The Fund discloses its portfolio holdings and","page_number":2,"box":{"x":53,"y":625,"width":825,"height":11}},{"id":"7d098368-333e-4e4c-ab05-f82f980dbca9","block_type":"box","text":"weightings at www.iShares.com.","page_number":2,"box":{"x":52,"y":639,"width":227,"height":11}},{"id":"03a85fc0-13d2-42e5-a14c-79248fe75411","block_type":"box","text":"Summary of Principal Risks","page_number":2,"box":{"x":52,"y":668,"width":248,"height":14}},{"id":"dc504766-6a0d-48fe-990e-75c64070615d","block_type":"box","text":"As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that","page_number":2,"box":{"x":52,"y":694,"width":881,"height":10}},{"id":"ebd0d0df-907a-47c2-9676-e78305a6184d","block_type":"box","text":"of other investments. The Fund is subject to certain risks, including the principal risks noted below, any of which may","page_number":2,"box":{"x":53,"y":708,"width":824,"height":11}},{"id":"68318919-3260-439c-9042-815ec492191d","block_type":"box","text":"adversely affect the Fund's net asset value per share (“NAV”), trading price, yield, total return and ability to meet its","page_number":2,"box":{"x":53,"y":722,"width":807,"height":11}},{"id":"f871f1d5-4cb4-49e0-821b-a2a100b50d52","block_type":"box","text":"investment objective. Certain key risks are prioritized below (with others following in alphabetical order), but the relative","page_number":2,"box":{"x":53,"y":736,"width":844,"height":11}},{"id":"b6e443b5-a47c-4905-9a4e-890b01757cc2","block_type":"box","text":"significance of any risk is difficult to predict and may change over time. You should review each risk factor carefully.","page_number":2,"box":{"x":52,"y":750,"width":815,"height":11}},{"id":"aba6a47f-3d0e-47ef-9fa8-0a9a8cf08a8f","block_type":"box","text":"Risk of Investing in the U.S.","page_number":2,"box":{"x":53,"y":773,"width":200,"height":11}},{"id":"16e9143b-3c28-4300-8fd6-6ee05f2e2b06","block_type":"box","text":"Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and","page_number":2,"box":{"x":259,"y":774,"width":663,"height":10}},{"id":"a6b0845a-cfb1-4875-9b05-0bcf8b0b3e99","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline","page_number":2,"box":{"x":53,"y":788,"width":877,"height":10}},{"id":"f75ca207-84e1-4e21-809d-288c6474bd6a","block_type":"box","text":"in its financial markets, may have an adverse effect on U.S. issuers.","page_number":2,"box":{"x":53,"y":802,"width":470,"height":11}},{"id":"0e910b1f-cb02-4761-a61c-b1eb579a57bc","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":2,"box":{"x":53,"y":825,"width":278,"height":11}},{"id":"e355aabf-1cc9-4ac8-99b9-fa6e3968d14b","block_type":"box","text":"Large-capitalization companies may be less able than smaller-capitalization","page_number":2,"box":{"x":337,"y":825,"width":540,"height":11}},{"id":"c1d7b43e-6301-4126-b980-a94298accdde","block_type":"box","text":"companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may be more","page_number":2,"box":{"x":53,"y":839,"width":890,"height":11}},{"id":"9c7c86b7-e125-4df8-b9b6-72cdb0d90130","block_type":"box","text":"mature and subject to more limited growth potential compared with smaller-capitalization companies. The performance of","page_number":2,"box":{"x":53,"y":853,"width":868,"height":11}},{"id":"ffb5a68d-e551-4036-984c-2203af9a2d48","block_type":"box","text":"large-capitalization companies could trail the overall performance of the broader securities markets.","page_number":2,"box":{"x":53,"y":868,"width":709,"height":10}},{"id":"09f18756-4ccd-4a65-8883-44efd86a207b","block_type":"box","text":"S-2","page_number":2,"box":{"x":493,"y":944,"width":24,"height":8}},{"id":"c50a36b1-be8c-4833-a27f-15c0e6fc7aea","block_type":"box","text":"Equity Securities Risk.","page_number":3,"box":{"x":53,"y":46,"width":164,"height":11}},{"id":"53e5d56b-fb0a-4407-ac85-4984fb410ee9","block_type":"box","text":"Equity securities are subject to changes in value, and their values may be more volatile than those of","page_number":3,"box":{"x":223,"y":46,"width":709,"height":11}},{"id":"f6a08fa6-5f08-4969-82bd-5842741f0966","block_type":"box","text":"other asset classes. The value of a security may decline for a number of reasons that may directly relate to the issuer as well as","page_number":3,"box":{"x":53,"y":61,"width":889,"height":10}},{"id":"170e3d18-17f8-4102-b7c7-d674bb412fb1","block_type":"box","text":"due to general industry or market conditions. Common stock is subordinated to preferred securities and debt in a company’s","page_number":3,"box":{"x":53,"y":75,"width":880,"height":11}},{"id":"a0abb2bd-a436-45ed-8c7b-1328a6f4aedb","block_type":"box","text":"capital structure. Common stock has the lowest priority, and the greatest risk, with respect to dividends and any liquidation","page_number":3,"box":{"x":53,"y":89,"width":867,"height":11}},{"id":"bf113924-5739-4a50-b5d7-35f74e99c1b7","block_type":"box","text":"payments in the event of an issuer’s bankruptcy.","page_number":3,"box":{"x":53,"y":103,"width":339,"height":11}},{"id":"3de26ef1-0a42-4e40-ab3e-7a8ff6e9d247","block_type":"box","text":"Market Risk.","page_number":3,"box":{"x":53,"y":126,"width":91,"height":9}},{"id":"73bffb1c-9f39-4b7f-89f1-63e51d60c766","block_type":"box","text":"The Fund could lose money over short periods due to short-term market movements and over longer periods","page_number":3,"box":{"x":148,"y":127,"width":768,"height":10}},{"id":"df6a110f-d811-48ed-b0aa-1345ce3a8073","block_type":"box","text":"during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other","page_number":3,"box":{"x":53,"y":141,"width":882,"height":10}},{"id":"c336b06b-4902-4a08-9fa0-737e1f117c89","block_type":"box","text":"public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events","page_number":3,"box":{"x":53,"y":155,"width":858,"height":11}},{"id":"e6316a37-a14e-4d6f-b1cf-d0221eb1e640","block_type":"box","text":"could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the","page_number":3,"box":{"x":53,"y":169,"width":875,"height":11}},{"id":"ba9b813a-afdc-4f2a-84d9-f00d69eb678e","block_type":"box","text":"Fund’s NAV.","page_number":3,"box":{"x":53,"y":183,"width":82,"height":9}},{"id":"d8f06a49-9f4b-4ee3-9708-7dfa135bc213","block_type":"box","text":"Index-Related Risk.","page_number":3,"box":{"x":53,"y":206,"width":143,"height":9}},{"id":"f8ff0560-9c43-43c0-9d26-91eb07e864ea","block_type":"box","text":"The Index Provider may rely on various sources of information to assess the criteria of components of the","page_number":3,"box":{"x":201,"y":206,"width":742,"height":11}},{"id":"fedde612-cc54-411d-82de-9a8be026e3af","block_type":"box","text":"Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can","page_number":3,"box":{"x":53,"y":220,"width":856,"height":11}},{"id":"fdf30a6c-8e41-4634-87cf-7b9821e50b57","block_type":"box","text":"offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of","page_number":3,"box":{"x":53,"y":235,"width":852,"height":10}},{"id":"222e714b-ce01-4860-9967-9661dd0d61c0","block_type":"box","text":"included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or","page_number":3,"box":{"x":53,"y":249,"width":876,"height":11}},{"id":"45a345f2-ea6f-4a60-9d9f-fd43fe030056","block_type":"box","text":"the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not","page_number":3,"box":{"x":52,"y":263,"width":849,"height":11}},{"id":"c32af5b1-7d9d-400f-ba0a-b979e4f44cf6","block_type":"box","text":"identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual","page_number":3,"box":{"x":53,"y":277,"width":849,"height":11}},{"id":"ae111055-59f7-46b2-9a4e-2987b72c4ce6","block_type":"box","text":"market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index","page_number":3,"box":{"x":53,"y":291,"width":890,"height":11}},{"id":"66a32735-77f7-4c59-8e9d-4db3987571e4","block_type":"box","text":"Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could","page_number":3,"box":{"x":53,"y":306,"width":853,"height":10}},{"id":"39f8cd8e-526d-4fb8-b990-20feb36203be","block_type":"box","text":"cause the Underlying Index to vary from its normal or expected composition.","page_number":3,"box":{"x":53,"y":320,"width":539,"height":11}},{"id":"46653737-2a5d-43f4-a78c-876865c7827c","block_type":"box","text":"Asset Class Risk.","page_number":3,"box":{"x":52,"y":343,"width":122,"height":8}},{"id":"0350c23f-2b4f-4665-9371-dc638c8fb10b","block_type":"box","text":"The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in","page_number":3,"box":{"x":179,"y":343,"width":721,"height":11}},{"id":"6a5694d5-8e6c-4a91-9475-c01c933f240d","block_type":"box","text":"comparison to financial markets generally, a particular financial market, another index, or other asset classes.","page_number":3,"box":{"x":53,"y":357,"width":774,"height":11}},{"id":"e8f19da8-192d-46fe-9080-099bd0cb9727","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":3,"box":{"x":52,"y":380,"width":318,"height":11}},{"id":"c44333d8-d6d5-4e4e-a32d-e8b9a3818859","block_type":"box","text":"An “Authorized Participant” is a member or participant of a clearing agency","page_number":3,"box":{"x":374,"y":380,"width":531,"height":11}},{"id":"cdd93a25-74f4-4eeb-a16c-82b06c1a31db","block_type":"box","text":"registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the","page_number":3,"box":{"x":53,"y":394,"width":810,"height":11}},{"id":"ec3167d4-712b-4282-81bd-f6673d3343b3","block_type":"box","text":"Authorized Participant to place orders for the purchase and redemption of creation units (“Creation Units”). Only an","page_number":3,"box":{"x":52,"y":408,"width":816,"height":11}},{"id":"983b708f-39e4-4a86-85c3-b002843fdb8b","block_type":"box","text":"Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number","page_number":3,"box":{"x":52,"y":423,"width":884,"height":11}},{"id":"1f3c29a4-23b8-48f8-b401-89230d20f9a5","block_type":"box","text":"of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market","page_number":3,"box":{"x":53,"y":437,"width":871,"height":11}},{"id":"60b1bd7d-e7c3-43cb-b520-ab70ae6ae0c9","block_type":"box","text":"participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that","page_number":3,"box":{"x":53,"y":451,"width":846,"height":11}},{"id":"f7568118-c3e0-461e-b0ea-d48e7dbcf40b","block_type":"box","text":"Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized","page_number":3,"box":{"x":52,"y":465,"width":881,"height":11}},{"id":"12e47082-8e3e-4a99-98c1-4fbeee570540","block_type":"box","text":"Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading","page_number":3,"box":{"x":53,"y":480,"width":853,"height":10}},{"id":"72a5239e-c693-4558-94ed-86eb998bc8ed","block_type":"box","text":"halts or delisting.","page_number":3,"box":{"x":53,"y":494,"width":121,"height":11}},{"id":"515807a9-7b3a-47c3-865f-8136e900b6af","block_type":"box","text":"Concentration Risk.","page_number":3,"box":{"x":53,"y":517,"width":145,"height":8}},{"id":"c961542b-4b77-4a88-a065-84678701fdfa","block_type":"box","text":"The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that","page_number":3,"box":{"x":202,"y":517,"width":711,"height":11}},{"id":"429d770f-0d36-4d71-8dea-336223f1a0bf","block_type":"box","text":"affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in","page_number":3,"box":{"x":53,"y":531,"width":884,"height":10}},{"id":"1c75fb31-15de-4b01-bdde-abbfde65205a","block_type":"box","text":"the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or","page_number":3,"box":{"x":52,"y":545,"width":887,"height":11}},{"id":"db789306-5958-4c45-a0fb-c022bee0ff39","block_type":"box","text":"asset classes.","page_number":3,"box":{"x":53,"y":560,"width":95,"height":8}},{"id":"3c5be683-71b7-4a5a-ae1b-73fd2f1f5f63","block_type":"box","text":"Issuer Risk.","page_number":3,"box":{"x":53,"y":583,"width":83,"height":8}},{"id":"9557e3ac-b654-49db-9cb2-804183e75a67","block_type":"box","text":"The performance of the Fund depends on the performance of individual securities or other assets to which the","page_number":3,"box":{"x":140,"y":583,"width":780,"height":10}},{"id":"b395c8be-0901-4346-8ee9-560de762dda7","block_type":"box","text":"Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due","page_number":3,"box":{"x":53,"y":597,"width":886,"height":11}},{"id":"644fa415-4b2d-404f-ad08-5d5b85a6917a","block_type":"box","text":"to changes in the financial condition or credit rating of the issuer or counterparty.","page_number":3,"box":{"x":52,"y":611,"width":576,"height":11}},{"id":"af1ac268-31eb-4c01-952e-afe4dcf608f7","block_type":"box","text":"Management Risk.","page_number":3,"box":{"x":53,"y":634,"width":137,"height":11}},{"id":"0740a341-d307-4b8e-b976-8ee0a7669c31","block_type":"box","text":"The Fund does not try to “beat” the Underlying Index it tracks and does not attempt to take defensive","page_number":3,"box":{"x":194,"y":634,"width":711,"height":11}},{"id":"8d191fa0-ecf2-45d3-9b7a-46c8cc488fa2","block_type":"box","text":"positions under any market conditions, including declining markets. As the Fund will not fully replicate the Underlying Index","page_number":3,"box":{"x":53,"y":648,"width":877,"height":11}},{"id":"9580adb3-1c92-4be7-a1dd-e7200c7d3302","block_type":"box","text":"and may hold securities or other assets not included in the Underlying Index, it is subject to the risk that BFA’s investment","page_number":3,"box":{"x":53,"y":663,"width":859,"height":10}},{"id":"9a72eb18-69af-46ff-b878-c91bbc2cb2cd","block_type":"box","text":"strategy may not produce the intended results. There is no guarantee that the Fund’s investment results will have a high","page_number":3,"box":{"x":52,"y":677,"width":848,"height":11}},{"id":"4b3cdc5b-04c0-4d16-ba9a-55665f5a213d","block_type":"box","text":"degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective.","page_number":3,"box":{"x":53,"y":691,"width":756,"height":11}},{"id":"3e5e4a4a-4e6a-414d-b3ec-48dec2b55f53","block_type":"box","text":"Market Trading Risk.","page_number":3,"box":{"x":53,"y":714,"width":152,"height":11}},{"id":"75a5089a-69df-4578-acfa-eb22286c99c9","block_type":"box","text":"The Fund faces numerous market trading risks, including the potential lack of an active market for","page_number":3,"box":{"x":209,"y":714,"width":694,"height":11}},{"id":"b0ab989b-4791-442b-b4ad-78e0b1f5ff1a","block_type":"box","text":"Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and","page_number":3,"box":{"x":53,"y":728,"width":841,"height":11}},{"id":"9bd94d19-1d2b-4b6e-9699-a33d7b808697","block_type":"box","text":"disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s","page_number":3,"box":{"x":53,"y":742,"width":887,"height":11}},{"id":"663363a1-9a67-4ef4-98ea-e36a9b3e65ff","block_type":"box","text":"shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio","page_number":3,"box":{"x":52,"y":757,"width":839,"height":11}},{"id":"48286053-4684-4db5-a9fe-44c67a22b22a","block_type":"box","text":"holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when","page_number":3,"box":{"x":53,"y":771,"width":866,"height":11}},{"id":"58ba5afb-84fe-4635-a8d5-ae62c39a3c6c","block_type":"box","text":"the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value","page_number":3,"box":{"x":52,"y":785,"width":885,"height":11}},{"id":"55179bb9-64d2-48fb-ab2f-7f0483820b4d","block_type":"box","text":"of the Fund shares.","page_number":3,"box":{"x":53,"y":799,"width":134,"height":9}},{"id":"3d945d4b-9031-4c4f-810f-b4918e9f8c6a","block_type":"box","text":"Mid-Capitalization Companies Risk.","page_number":3,"box":{"x":53,"y":822,"width":264,"height":11}},{"id":"47325c41-d76f-4683-a0be-f17086fbaeca","block_type":"box","text":"Compared to large-capitalization companies, mid-capitalization companies may be","page_number":3,"box":{"x":323,"y":823,"width":590,"height":10}},{"id":"57e1dc88-ad81-4385-b2df-260bc472fe00","block_type":"box","text":"less stable and more susceptible to adverse developments. The securities of mid-capitalization companies may be more","page_number":3,"box":{"x":53,"y":837,"width":846,"height":10}},{"id":"5f014b18-3a57-42f5-a55b-763f1007989f","block_type":"box","text":"volatile and less liquid than those of large-capitalization companies. As a result, the Fund’s share price may be more volatile","page_number":3,"box":{"x":52,"y":851,"width":875,"height":11}},{"id":"0904e2d2-aa40-40c8-b026-ffef32d19b98","block_type":"box","text":"than that of a fund with a greater investment in large-capitalization stocks.","page_number":3,"box":{"x":52,"y":865,"width":529,"height":11}},{"id":"f88c7462-5aa9-4766-9813-573fb56ce324","block_type":"box","text":"Non-Diversification Risk.","page_number":3,"box":{"x":53,"y":888,"width":184,"height":9}},{"id":"eaeb335e-5f00-49fd-8faa-4ee2725545f2","block_type":"box","text":"To the extent the Fund is non-diversified, the Fund may invest a large percentage of its assets in","page_number":3,"box":{"x":242,"y":888,"width":680,"height":11}},{"id":"d723a4b4-cca1-4058-8bcb-3bfc22062b58","block_type":"box","text":"securities or other instruments representing a small number of issuers or counterparties and thus may be more susceptible","page_number":3,"box":{"x":52,"y":902,"width":874,"height":11}},{"id":"dfbd9d9d-48bd-4c67-81c3-d0b0d89e5bea","block_type":"box","text":"S-3","page_number":3,"box":{"x":493,"y":944,"width":24,"height":8}},{"id":"9a09df25-56be-4a87-9548-5b1115ebfa03","block_type":"box","text":"to the risks associated with these particular issuers or counterparties. As a result, the Fund's performance may depend to a","page_number":4,"box":{"x":52,"y":46,"width":867,"height":11}},{"id":"2118a6c5-149f-479b-94b9-d6abd0547e23","block_type":"box","text":"greater extent on the performance of a small number of issuers or counterparties, which may lead to more volatility in the","page_number":4,"box":{"x":53,"y":61,"width":856,"height":10}},{"id":"996a26c1-bbc4-4e55-9432-ea1f62238729","block_type":"box","text":"Fund’s NAV.","page_number":4,"box":{"x":53,"y":75,"width":82,"height":8}},{"id":"91d51413-29af-4e4a-a86c-80f80a12a19f","block_type":"box","text":"Operational and Technology Risks.","page_number":4,"box":{"x":53,"y":98,"width":254,"height":11}},{"id":"ef093838-9193-4e6e-939f-4df877519fc1","block_type":"box","text":"The Fund is directly and indirectly susceptible to operational and technology risks,","page_number":4,"box":{"x":312,"y":98,"width":581,"height":11}},{"id":"525b03ec-dd26-4160-be0c-321f9bbae3cb","block_type":"box","text":"including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents,","page_number":4,"box":{"x":53,"y":112,"width":876,"height":11}},{"id":"4091c4a3-ddf3-4d16-8de9-b6b2a6359bda","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”), which may result in losses for the Fund and its shareholders","page_number":4,"box":{"x":53,"y":126,"width":879,"height":11}},{"id":"5d8f4d18-260d-4b6d-879b-63e7713f1d6f","block_type":"box","text":"or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational,","page_number":4,"box":{"x":53,"y":140,"width":825,"height":11}},{"id":"5ea66edc-8838-49e0-bed4-dfa3c6fdf4af","block_type":"box","text":"information security and cybersecurity risk management policies and procedures, their methods of risk management may","page_number":4,"box":{"x":53,"y":155,"width":862,"height":11}},{"id":"7dde4c6c-58e0-47b6-8b92-2d834691115c","block_type":"box","text":"differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in","page_number":4,"box":{"x":53,"y":169,"width":872,"height":11}},{"id":"21ef5951-a83f-4242-972a-d280fe56bf43","block_type":"box","text":"material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.","page_number":4,"box":{"x":53,"y":183,"width":824,"height":11}},{"id":"073a1552-cc52-4062-a5df-504648b701d8","block_type":"box","text":"Securities Lending Risk.","page_number":4,"box":{"x":52,"y":206,"width":178,"height":11}},{"id":"a023bb9c-9bdd-4b82-9c22-77f1b9ee2618","block_type":"box","text":"The Fund may engage in securities lending. Securities lending involves the risk that the Fund may","page_number":4,"box":{"x":234,"y":206,"width":692,"height":11}},{"id":"286bc63f-d6a0-405a-83bb-74aebba1a0b2","block_type":"box","text":"lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund","page_number":4,"box":{"x":53,"y":220,"width":870,"height":11}},{"id":"8e7a0652-c942-4821-a83e-243eae3d9416","block_type":"box","text":"could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value","page_number":4,"box":{"x":53,"y":235,"width":886,"height":10}},{"id":"03d39947-176e-4942-8303-c1452004a629","block_type":"box","text":"of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.","page_number":4,"box":{"x":53,"y":249,"width":831,"height":11}},{"id":"184088ad-813f-4a7a-8cbc-5744a420798f","block_type":"box","text":"Technology Companies Risk.","page_number":4,"box":{"x":52,"y":272,"width":211,"height":11}},{"id":"4b45254b-b948-4a44-bd4d-457fce197c62","block_type":"box","text":"Technology companies and companies that rely heavily on technological advances may have","page_number":4,"box":{"x":267,"y":272,"width":657,"height":11}},{"id":"a502b99e-bb8a-4aa5-bdaa-25258b5f3c2f","block_type":"box","text":"limited product lines, markets, financial resources, supply chains and personnel. These companies typically face intense","page_number":4,"box":{"x":53,"y":286,"width":849,"height":11}},{"id":"ad08fcf0-1677-453d-9957-55af1ea6fc6b","block_type":"box","text":"competition, potentially rapid product obsolescence and changes in product cycles and customer preferences. They may face","page_number":4,"box":{"x":53,"y":300,"width":887,"height":11}},{"id":"b6a75810-f965-4fbc-9ff7-fae0242171d5","block_type":"box","text":"unexpected risks and costs associated with technological developments, such as artificial intelligence and machine learning.","page_number":4,"box":{"x":53,"y":315,"width":883,"height":10}},{"id":"8404b7b2-5420-4a9e-80b5-b22524573b7c","block_type":"box","text":"Technology companies also depend heavily on intellectual property rights and may be adversely affected by the loss or","page_number":4,"box":{"x":52,"y":329,"width":839,"height":11}},{"id":"7fb43203-a2bc-4341-9a51-44900dceb01f","block_type":"box","text":"impairment of those rights. Technology companies may face increased government scrutiny and may be subject to adverse","page_number":4,"box":{"x":53,"y":343,"width":870,"height":11}},{"id":"f3690dde-58dd-47d7-bb86-7033eef26265","block_type":"box","text":"government or legal action.","page_number":4,"box":{"x":53,"y":357,"width":192,"height":11}},{"id":"c0eee09c-90be-404d-ba22-41a5a85cea57","block_type":"box","text":"Tracking Error Risk.","page_number":4,"box":{"x":52,"y":380,"width":145,"height":11}},{"id":"683c464e-7563-473e-b98b-21902e80c500","block_type":"box","text":"The Fund may be subject to “tracking error,” which is the divergence of the Fund’s performance from that","page_number":4,"box":{"x":201,"y":380,"width":741,"height":11}},{"id":"a106e9da-237b-4cf8-b171-ac47a323b18b","block_type":"box","text":"of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities","page_number":4,"box":{"x":53,"y":394,"width":861,"height":11}},{"id":"117b283b-0906-4267-b353-9d4d2da298c5","block_type":"box","text":"and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and","page_number":4,"box":{"x":53,"y":409,"width":832,"height":10}},{"id":"626fb2cc-01f4-4df8-965a-e4af9e59be1c","block_type":"box","text":"methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the","page_number":4,"box":{"x":53,"y":423,"width":880,"height":11}},{"id":"584aea59-b0e1-4c14-8054-3b6a310e012b","block_type":"box","text":"Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the","page_number":4,"box":{"x":53,"y":437,"width":831,"height":11}},{"id":"a271efd8-d997-457a-bd77-afdb7aa3ccca","block_type":"box","text":"valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses;","page_number":4,"box":{"x":52,"y":451,"width":828,"height":11}},{"id":"5a9c96d8-d95c-4655-be52-6183f41203b6","block_type":"box","text":"differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the","page_number":4,"box":{"x":53,"y":465,"width":873,"height":11}},{"id":"c064b5bd-6ff0-41e1-9424-2efb2ebe35df","block_type":"box","text":"Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment;","page_number":4,"box":{"x":53,"y":480,"width":889,"height":10}},{"id":"cbc5e49d-9581-48d3-8bf8-8604e8326f82","block_type":"box","text":"portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom","page_number":4,"box":{"x":53,"y":494,"width":852,"height":11}},{"id":"d979506c-a467-41f3-bf52-35d71d143a0c","block_type":"box","text":"baskets; changes to the Underlying Index including the ability and timing of the Fund to adjust its portfolio to reflect changes","page_number":4,"box":{"x":53,"y":508,"width":886,"height":11}},{"id":"715ea381-1ca4-4446-8a04-584b51301c87","block_type":"box","text":"in the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or limits. Tracking error","page_number":4,"box":{"x":53,"y":522,"width":873,"height":11}},{"id":"36d1645f-d045-4c5c-be71-19353359944c","block_type":"box","text":"risk may be heightened during times of increased market volatility or other unusual market conditions.","page_number":4,"box":{"x":53,"y":536,"width":724,"height":11}},{"id":"de83e942-5a3d-433d-b899-a2a44e952ad7","block_type":"box","text":"Performance Information","page_number":4,"box":{"x":54,"y":565,"width":228,"height":11}},{"id":"591401d2-5371-451b-90cb-5cdad4f404d8","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides","page_number":4,"box":{"x":52,"y":590,"width":864,"height":11}},{"id":"dcc70f64-93ea-410b-9c9d-34df608b7539","block_type":"box","text":"some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from","page_number":4,"box":{"x":52,"y":605,"width":872,"height":10}},{"id":"42019917-a753-4fc5-b8e9-15105c4d9056","block_type":"box","text":"one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate","page_number":4,"box":{"x":53,"y":619,"width":868,"height":11}},{"id":"ea619027-5205-44e6-ad50-4a6157a4016d","block_type":"box","text":"broad-based securities market index and the Underlying Index. Returns assume the reinvestment of any dividends and","page_number":4,"box":{"x":53,"y":633,"width":838,"height":11}},{"id":"564f9b72-ea40-45c8-b9d8-fa7a014cb25d","block_type":"box","text":"distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce","page_number":4,"box":{"x":53,"y":647,"width":868,"height":11}},{"id":"544c8f30-e6a3-4d0e-8ce2-165dc85dbc15","block_type":"box","text":"performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will","page_number":4,"box":{"x":53,"y":661,"width":832,"height":11}},{"id":"9484098d-9886-40bb-b8c6-d2b2c254fc72","block_type":"box","text":"perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting","page_number":4,"box":{"x":53,"y":675,"width":842,"height":11}},{"id":"d3d368d9-a8ac-48be-af8a-3ffab83a4d44","block_type":"box","text":"www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":4,"box":{"x":52,"y":690,"width":531,"height":11}},{"id":"35f96f75-4d82-422d-9632-42926da81d1b","block_type":"box","text":"Calendar Year-by-Year Returns (%)","page_number":4,"box":{"x":135,"y":714,"width":260,"height":11}},{"id":"d4ea81b7-8b5f-4c24-b020-960cd729c1f2","block_type":"box","text":"13.58","page_number":4,"box":{"x":87,"y":793,"width":25,"height":6}},{"id":"9ef4a01c-c923-47d2-a0be-076d5f836425","block_type":"box","text":"22.12","page_number":4,"box":{"x":123,"y":782,"width":26,"height":6}},{"id":"5d622984-0628-4102-a937-21fc94460505","block_type":"box","text":"-8.40","page_number":4,"box":{"x":161,"y":838,"width":23,"height":6}},{"id":"7973d657-8949-477a-aafb-891bc600ec22","block_type":"box","text":"32.77","page_number":4,"box":{"x":196,"y":767,"width":27,"height":6}},{"id":"aff13d79-72d2-46cc-a9b4-3737f5cbd437","block_type":"box","text":"19.42","page_number":4,"box":{"x":235,"y":785,"width":25,"height":6}},{"id":"c16a0aee-6fe1-450d-8bd6-a6a0fa562f6e","block_type":"box","text":"23.95","page_number":4,"box":{"x":271,"y":779,"width":26,"height":6}},{"id":"174a7794-17f1-4fca-9088-ac87b5ab9bca","block_type":"box","text":"-19.51","page_number":4,"box":{"x":306,"y":853,"width":28,"height":6}},{"id":"8af2c873-a348-4ac9-bdf2-7d70d1cffba6","block_type":"box","text":"26.86","page_number":4,"box":{"x":345,"y":775,"width":26,"height":6}},{"id":"370a9cd9-3b66-42ad-a0c8-02afde8265ac","block_type":"box","text":"25.03","page_number":4,"box":{"x":382,"y":778,"width":26,"height":6}},{"id":"5261023c-b5b5-4aa3-b8e0-ef05d8e4b7a7","block_type":"box","text":"17.65","page_number":4,"box":{"x":420,"y":788,"width":25,"height":6}},{"id":"0d28dd0a-4c32-49d2-a180-116fd54f5e4a","block_type":"box","text":"2016 2017 2018 2019 2020 2021 2022 2023 2024 2025","page_number":4,"box":{"x":87,"y":868,"width":356,"height":6}},{"id":"77c9d1ab-d4b4-4ec6-aae0-6a9df3183a54","block_type":"box","text":"Return (%) Period Ended","page_number":4,"box":{"x":760,"y":729,"width":176,"height":9}},{"id":"afc37d00-f203-42ea-a6f8-a4e3586c76dc","block_type":"box","text":"Calendar Year-to-Date Return","page_number":4,"box":{"x":520,"y":747,"width":197,"height":8}},{"id":"0a09ab60-e1f1-4d73-8d95-8eb84910cf0c","block_type":"box","text":"10.43% June 30, 2026","page_number":4,"box":{"x":774,"y":747,"width":168,"height":9}},{"id":"9666bb23-6bdc-4003-9ee5-c85902baa916","block_type":"box","text":"During the periods shown in the chart:","page_number":4,"box":{"x":520,"y":760,"width":250,"height":10}},{"id":"63c74d5c-af3d-44b5-a964-17b6237aa1c9","block_type":"box","text":"Best Quarter 19.69% June 30, 2020","page_number":4,"box":{"x":534,"y":773,"width":408,"height":9}},{"id":"467722a0-f3e5-4a16-a8d7-0cbabf98cc91","block_type":"box","text":"Worst Quarter -20.24% March 31, 2020","page_number":4,"box":{"x":533,"y":786,"width":409,"height":9}},{"id":"eccc507a-c751-489d-9bb7-18f7bf990921","block_type":"box","text":"S-4","page_number":4,"box":{"x":493,"y":944,"width":25,"height":8}},{"id":"3a218535-1e34-4df0-b3d8-6f53812fdcd3","block_type":"box","text":"Average Annual Total Returns (%)","page_number":5,"box":{"x":372,"y":54,"width":251,"height":11}},{"id":"45368cfd-eab6-44ef-bf67-b9d58d1ff960","block_type":"box","text":"(for the periods ended December 31, 2025)","page_number":5,"box":{"x":340,"y":68,"width":315,"height":11}},{"id":"874d8fdb-7846-43bc-bc51-303345ba0aa9","block_type":"box","text":"One Year Five Years Ten Years","page_number":5,"box":{"x":670,"y":85,"width":268,"height":7}},{"id":"b28bf772-1dea-4334-9187-3fb7496053c6","block_type":"box","text":"Fund Inception: 6/28/2004","page_number":5,"box":{"x":58,"y":100,"width":179,"height":10}},{"id":"2d1050c3-2ea4-45eb-a795-2d8669e9d895","block_type":"box","text":"Return Before Taxes","page_number":5,"box":{"x":58,"y":112,"width":125,"height":7}},{"id":"954f7977-7561-4c9e-bfa6-0a24db963e1b","block_type":"box","text":"17.65% 13.24% 14.13%","page_number":5,"box":{"x":682,"y":112,"width":257,"height":7}},{"id":"2401ce5c-b835-4bf5-b2c3-430b63c06311","block_type":"box","text":"Return After Taxes on Distributions 17.30% 12.86% 13.67%","page_number":5,"box":{"x":58,"y":123,"width":881,"height":8}},{"id":"cfd55eca-44da-4fa8-9231-ef7e92a3ce34","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 10.64% 10.51% 11.75%","page_number":5,"box":{"x":58,"y":135,"width":881,"height":8}},{"id":"b741056b-bc5a-404d-8ddc-0847ee4c5340","block_type":"box","text":"MSCI US Broad Market Index","page_number":5,"box":{"x":58,"y":147,"width":190,"height":7}},{"id":"f8249e50-f865-4242-8604-2666d1503bb7","block_type":"box","text":"1","page_number":5,"box":{"x":249,"y":145,"width":5,"height":5}},{"id":"0ca96561-fa82-4580-a907-0c86b56cea91","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes) 17.21% 13.28% 14.37%","page_number":5,"box":{"x":258,"y":147,"width":681,"height":9}},{"id":"df389b82-9c0c-4fb3-8e4b-dd85c48b5dbb","block_type":"box","text":"MSCI USA Index (Spliced)","page_number":5,"box":{"x":58,"y":158,"width":167,"height":10}},{"id":"93fd2bf3-a7d7-486e-940b-6678e9540593","block_type":"box","text":"2","page_number":5,"box":{"x":226,"y":157,"width":6,"height":4}},{"id":"d017274e-b1d6-4257-906d-b9e86fff6206","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes) 17.71% 13.27% 14.27%","page_number":5,"box":{"x":236,"y":158,"width":703,"height":10}},{"id":"2941f79f-f37e-459f-8f38-c8a3754ac568","block_type":"box","text":"Morningstar US Market Index","page_number":5,"box":{"x":58,"y":170,"width":194,"height":9}},{"id":"69bb556e-34bf-4876-bb6b-2b6cbcfc3d76","block_type":"box","text":"1","page_number":5,"box":{"x":253,"y":168,"width":5,"height":5}},{"id":"b285507d-e01e-4418-88be-5735a793490f","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or","page_number":5,"box":{"x":262,"y":170,"width":347,"height":9}},{"id":"392644ae-df06-4472-baa8-308b2b058037","block_type":"box","text":"taxes)","page_number":5,"box":{"x":71,"y":183,"width":37,"height":8}},{"id":"554e4694-e816-4985-932b-5e8b27e57453","block_type":"box","text":"17.35% 13.29% 14.40%","page_number":5,"box":{"x":682,"y":183,"width":257,"height":7}},{"id":"b55384e0-400f-4420-b7f4-b4f94113659c","block_type":"box","text":"1","page_number":5,"box":{"x":80,"y":201,"width":5,"height":5}},{"id":"40ade590-33ab-475f-84f5-0c36799492a7","block_type":"box","text":"The Fund is changing its broad-based index from the Morningstar US Market Index to the MSCI US Broad Market Index in connection","page_number":5,"box":{"x":92,"y":203,"width":841,"height":9}},{"id":"bfb7da96-70d4-4a04-b730-aca878c49b33","block_type":"box","text":"with changing its Underlying Index as Fund management believes the MSCI US Broad Market Index is more representative of the","page_number":5,"box":{"x":92,"y":213,"width":811,"height":10}},{"id":"521b7dbe-b37a-4488-90b7-7346925b9b24","block_type":"box","text":"investments in which the Fund will invest. The Fund will no longer compare its performance to the Morningstar US Market Index","page_number":5,"box":{"x":93,"y":223,"width":805,"height":10}},{"id":"984cc0f7-38ea-4f30-9ad4-e752e8a38460","block_type":"box","text":"effective approximately one year from October 5, 2026.","page_number":5,"box":{"x":93,"y":234,"width":345,"height":9}},{"id":"ca0ecc49-58d4-4476-832a-518c3a450ccc","block_type":"box","text":"2","page_number":5,"box":{"x":80,"y":243,"width":5,"height":4}},{"id":"eca47d3d-48a7-4ab5-abf7-6225d6ca537d","block_type":"box","text":"The MSCI USA Index (Spliced) reflects the performance of the Morningstar US Large Core Index through March 21, 2021, the","page_number":5,"box":{"x":92,"y":244,"width":788,"height":10}},{"id":"dd1798a6-6ddb-4f9b-bfcd-db75b0678fe6","block_type":"box","text":"Morningstar US Large-Mid Cap Market Index through October 5, 2026 and the MSCI USA Index thereafter, which reflect the times","page_number":5,"box":{"x":94,"y":254,"width":816,"height":10}},{"id":"5e52aec1-850b-4028-a099-24f2b1d920e7","block_type":"box","text":"when each index was the Underlying Index of the Fund.","page_number":5,"box":{"x":92,"y":265,"width":347,"height":9}},{"id":"7fd5d88a-1489-4da9-a08b-dbf4068e8182","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax","page_number":5,"box":{"x":52,"y":284,"width":857,"height":11}},{"id":"ab1167a6-332a-4b20-9fb6-16992e219d45","block_type":"box","text":"rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and","page_number":5,"box":{"x":53,"y":298,"width":865,"height":11}},{"id":"0addec81-f9b8-4333-9f50-6918e0ca36bb","block_type":"box","text":"may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold","page_number":5,"box":{"x":53,"y":313,"width":847,"height":10}},{"id":"6318addc-433a-4eeb-bdff-2f2b2c7d0fe8","block_type":"box","text":"shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). 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