{"annotation_id":"4849afce-d75d-4367-ad48-a600768d3195","file_hash":"cda54b6fdff7053a4c7bdb8ee4dc3ea3cf675218fbabc80c06f993d75e679b44","schema_id":"open/document-extraction","schema_version":"0.5.0","record":{"extraction_type":"boxes","producer":"pdf-extractor-v0.5.0","blocks":[{"id":"9936a753-942a-457a-a4a3-d8e73593f361","block_type":"box","text":"iShares Trust","page_number":1,"box":{"x":450,"y":69,"width":103,"height":10}},{"id":"42dc1064-0ef8-497a-ae9d-f536f71da477","block_type":"box","text":"Supplement dated October 1, 2026","page_number":1,"box":{"x":367,"y":85,"width":269,"height":12}},{"id":"164f8ad0-ad33-44ed-a716-9c60f37e39de","block_type":"box","text":"to the currently effective Prospectus, Summary Prospectus and Statement of Additional Information","page_number":1,"box":{"x":119,"y":100,"width":765,"height":13}},{"id":"0528c8ac-f895-4c83-be95-32e08c8d9141","block_type":"box","text":"(“SAI”) for the iShares Large Cap 10% Target Buffer Sep ETF (STEN), iShares Large Cap Max Buffer","page_number":1,"box":{"x":127,"y":116,"width":750,"height":12}},{"id":"a423b67b-5cad-41ab-9b7f-64fb05ae53fa","block_type":"box","text":"Sep ETF (SMAX) and iShares Large Cap Accelerated Outcome ETF (TWOX) (each, a “Fund”)","page_number":1,"box":{"x":154,"y":131,"width":695,"height":13}},{"id":"8a33a167-9c6f-4b57-982a-e6d817361a3f","block_type":"box","text":"As described in the Fund’s Prospectus, Summary Prospectus and SAI, each Fund seeks to provide certain","page_number":1,"box":{"x":116,"y":154,"width":764,"height":13}},{"id":"7d3373c4-808a-4acb-ac03-521b25b232da","block_type":"box","text":"outcomes for an investment held over an entire Outcome Period. Capitalized terms have the meanings","page_number":1,"box":{"x":116,"y":170,"width":747,"height":13}},{"id":"a9723fc0-b5c2-41ff-92c9-af238c96f93a","block_type":"box","text":"ascribed to them in each Fund’s Prospectus and SAI.","page_number":1,"box":{"x":116,"y":185,"width":385,"height":13}},{"id":"2068bc1f-2896-45ec-997a-a465e19e5b9a","block_type":"box","text":"An investment in each Fund over the course of the Outcome Period is subject to such Fund’s","page_number":1,"box":{"x":116,"y":209,"width":677,"height":12}},{"id":"226af9ab-bedf-4520-9b20-826673b7e018","block_type":"box","text":"Approximate Cap as set forth in the table below.","page_number":1,"box":{"x":116,"y":224,"width":354,"height":13}},{"id":"8c30be23-45f4-42a6-9edd-d802e4e4f485","block_type":"box","text":"Fund (Ticker) Outcome Period Approximate Cap","page_number":1,"box":{"x":183,"y":245,"width":631,"height":12}},{"id":"f153f699-5a0e-45fa-bc7f-e5caf99c549c","block_type":"box","text":"iShares Large Cap 10% 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Accelerated","page_number":1,"box":{"x":124,"y":343,"width":224,"height":13}},{"id":"27fe4d5c-f7c7-45e7-b1c1-2df071eeb61f","block_type":"box","text":"Outcome ETF (TWOX)","page_number":1,"box":{"x":160,"y":359,"width":168,"height":12}},{"id":"8e2b9e3d-fe97-4cb6-9dd3-404accc9db62","block_type":"box","text":"Oct. 1, 2026","page_number":1,"box":{"x":434,"y":344,"width":92,"height":11}},{"id":"55d8bc49-c1ee-42d0-b7f3-cbc1b25bada8","block_type":"box","text":"to Dec. 31, 2026","page_number":1,"box":{"x":418,"y":359,"width":124,"height":11}},{"id":"abff3348-4c7f-4615-89c3-54c2bc207632","block_type":"box","text":"6.90% (gross of management fee)","page_number":1,"box":{"x":619,"y":343,"width":254,"height":13}},{"id":"f07c8395-b42e-4379-abdb-b3c6b4038db6","block_type":"box","text":"6.78% (net of management fee)","page_number":1,"box":{"x":627,"y":359,"width":238,"height":12}},{"id":"d2da5ff7-3308-493a-b779-f9d62ad74ff6","block_type":"box","text":"Each Fund’s Prospectus, Summary Prospectus and SAI are amended to revise all references to the","page_number":1,"box":{"x":117,"y":390,"width":712,"height":12}},{"id":"e9580cc9-65bf-453c-99e5-f93b73395782","block_type":"box","text":"Outcome Period and Approximate Cap, when applicable, to reflect the information above.","page_number":1,"box":{"x":116,"y":405,"width":655,"height":13}},{"id":"1691acc1-f1bd-437b-9179-05d27b312dd0","block_type":"box","text":"If you have any questions, please call 1-800-iShares (1-800-474-2737).","page_number":1,"box":{"x":117,"y":428,"width":521,"height":13}},{"id":"02fea10e-d03a-4dde-b4ec-1c7049fd0200","block_type":"box","text":"iShares","page_number":1,"box":{"x":117,"y":869,"width":40,"height":8}},{"id":"0980034f-0c2b-4b87-9438-e7e0407ff52c","block_type":"box","text":"®","page_number":1,"box":{"x":158,"y":869,"width":8,"height":5}},{"id":"8d89776c-9616-4d6d-828d-8f2b983feb22","block_type":"box","text":"is a registered trademark of BlackRock Fund Advisors and its 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Prospectus, Prospectus and Statement of Additional Information","page_number":2,"box":{"x":119,"y":100,"width":765,"height":13}},{"id":"b4203134-d31e-4e3d-94dc-e3cf9625a22c","block_type":"box","text":"(“SAI”) for the iShares Large Cap 10% Target Buffer Sep ETF (STEN), iShares Large Cap Max Buffer","page_number":2,"box":{"x":127,"y":116,"width":750,"height":12}},{"id":"50bdabd7-e912-4797-b445-e64e2912f152","block_type":"box","text":"Sep ETF (SMAX) and iShares Large Cap Accelerated Outcome ETF (TWOX) (each, a “Fund”)","page_number":2,"box":{"x":154,"y":131,"width":695,"height":13}},{"id":"b0a2fcb9-30ed-4dab-a55f-cd77523db53c","block_type":"box","text":"As described in the Fund’s Prospectus, Summary Prospectus and SAI, each Fund seeks to provide certain","page_number":2,"box":{"x":116,"y":154,"width":764,"height":13}},{"id":"711e6d50-26bc-41f1-9069-b1081a927a24","block_type":"box","text":"outcomes for an investment held over an entire Outcome Period. Capitalized terms have the meanings","page_number":2,"box":{"x":116,"y":170,"width":747,"height":13}},{"id":"6ab00281-7a94-4711-b565-e5d936def776","block_type":"box","text":"ascribed to them in each Fund’s Prospectus and SAI.","page_number":2,"box":{"x":116,"y":185,"width":385,"height":13}},{"id":"ad425632-1317-4076-97aa-b5c7c5852641","block_type":"box","text":"The table below shows an estimated range for the Approximate Cap for each Fund’s upcoming Outcome","page_number":2,"box":{"x":116,"y":209,"width":766,"height":12}},{"id":"7f7dafd2-4125-453d-aeaa-1494e1b89600","block_type":"box","text":"Period as estimated by the Fund’s investment adviser using information available as of the date of this","page_number":2,"box":{"x":117,"y":224,"width":743,"height":13}},{"id":"b2ac5275-895b-4bee-98b6-ad2f74d0f7ed","block_type":"box","text":"supplement. The estimate is unaudited, subject to certain limitations and subject to change, and each","page_number":2,"box":{"x":116,"y":240,"width":741,"height":12}},{"id":"1d997372-2a57-4099-b8d2-4efd91ae803d","block_type":"box","text":"Fund is under no obligation to, and does not expect to, update the estimate. The final Approximate Cap","page_number":2,"box":{"x":117,"y":255,"width":753,"height":13}},{"id":"386cac6d-8239-4af6-afa3-4e3709391138","block_type":"box","text":"for the upcoming Outcome Period, which may be more or less than the estimated ranges, will be","page_number":2,"box":{"x":116,"y":271,"width":706,"height":12}},{"id":"8208bac8-8b32-4194-b6f6-4a8d298dd816","block_type":"box","text":"included in a supplement filing following the close of business on the last business day of the current","page_number":2,"box":{"x":117,"y":286,"width":735,"height":13}},{"id":"6e51236c-66c6-4d28-874b-9aa3e9ef34e9","block_type":"box","text":"Outcome Period.","page_number":2,"box":{"x":116,"y":302,"width":127,"height":10}},{"id":"45f907cb-93fd-4d77-9ad4-c40ae703f312","block_type":"box","text":"Fund (Ticker)","page_number":2,"box":{"x":186,"y":330,"width":106,"height":13}},{"id":"f0c69921-9bbc-47a6-a1f2-ccce1e6652ee","block_type":"box","text":"Upcoming Outcome","page_number":2,"box":{"x":368,"y":328,"width":154,"height":12}},{"id":"4f23055f-a17a-4a8c-9403-40f4cd1376f4","block_type":"box","text":"Period","page_number":2,"box":{"x":419,"y":340,"width":52,"height":10}},{"id":"8d992cb2-23f1-49a1-8c24-4675a56210a4","block_type":"box","text":"Estimated Approximate Cap Range","page_number":2,"box":{"x":575,"y":330,"width":267,"height":13}},{"id":"2ba8b1e7-6446-43c3-89ee-23ae9e098ff1","block_type":"box","text":"iShares Large Cap 10% Target","page_number":2,"box":{"x":127,"y":368,"width":223,"height":12}},{"id":"7159b100-e3d5-494c-863a-1019de4f8e1d","block_type":"box","text":"Buffer Sep ETF (STEN)","page_number":2,"box":{"x":165,"y":383,"width":164,"height":13}},{"id":"7e8865ff-fd31-442e-8e2e-bd07592a7590","block_type":"box","text":"Oct. 1, 2026","page_number":2,"box":{"x":399,"y":368,"width":92,"height":11}},{"id":"be922341-34dc-4ca4-a14f-c433a67423d9","block_type":"box","text":"to Sep. 30, 2027","page_number":2,"box":{"x":384,"y":384,"width":122,"height":12}},{"id":"0c0f5b62-7246-4e83-bee6-af307572beba","block_type":"box","text":"18.20% - 20.26% (gross of management fee)","page_number":2,"box":{"x":543,"y":364,"width":332,"height":12}},{"id":"168991c6-f0e1-4e62-9be1-7faa87dab093","block_type":"box","text":"17.70% - 19.76% (net of management fee)","page_number":2,"box":{"x":551,"y":387,"width":316,"height":13}},{"id":"11ca7302-771c-4f55-9e7b-b3ba80149bec","block_type":"box","text":"iShares Large Cap Max Buffer","page_number":2,"box":{"x":130,"y":414,"width":217,"height":13}},{"id":"ccfaab74-c4c3-49a3-b74b-1afe45273418","block_type":"box","text":"Sep ETF (SMAX)","page_number":2,"box":{"x":185,"y":430,"width":124,"height":12}},{"id":"dc382c51-4b56-4025-81e4-70ff1a8e0024","block_type":"box","text":"Oct. 1, 2026","page_number":2,"box":{"x":399,"y":415,"width":92,"height":11}},{"id":"d627c431-a350-4ba9-984f-28f4bafa3d59","block_type":"box","text":"to Sep. 30, 2027","page_number":2,"box":{"x":384,"y":430,"width":122,"height":12}},{"id":"5ae1932f-30c8-44ea-ae19-d902b1392b19","block_type":"box","text":"8.88% - 9.95% (gross of management fee)","page_number":2,"box":{"x":551,"y":410,"width":315,"height":13}},{"id":"4a521c66-9769-412a-b86f-46f68e3c7772","block_type":"box","text":"8.38% - 9.45% (net of management fee)","page_number":2,"box":{"x":559,"y":433,"width":299,"height":13}},{"id":"24e819b5-d5ad-4f9b-bc34-1f7c75892ca3","block_type":"box","text":"iShares Large Cap Accelerated","page_number":2,"box":{"x":127,"y":461,"width":224,"height":12}},{"id":"84d257ff-53e7-4ca7-b9d6-ce3d4b825240","block_type":"box","text":"Outcome ETF (TWOX)","page_number":2,"box":{"x":163,"y":476,"width":168,"height":13}},{"id":"a1fb9350-d722-4b22-becf-db0d009e3f9e","block_type":"box","text":"Oct. 1, 2026","page_number":2,"box":{"x":399,"y":461,"width":92,"height":11}},{"id":"4147e32a-f2aa-4479-a9e8-fe47da4d16f6","block_type":"box","text":"to Dec. 31, 2026","page_number":2,"box":{"x":383,"y":477,"width":124,"height":11}},{"id":"e6e4de17-25ed-44dc-80e5-05cb00caf9d8","block_type":"box","text":"6.25% - 8.17% (gross of management fee)","page_number":2,"box":{"x":551,"y":457,"width":315,"height":12}},{"id":"04b33444-489c-44e2-9c84-71d1f31b187b","block_type":"box","text":"6.13% - 8.04% (net of management fee)","page_number":2,"box":{"x":559,"y":480,"width":299,"height":13}},{"id":"0d661072-17ef-4831-b045-18beb5d1b7f2","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":511,"width":521,"height":13}},{"id":"71a51c03-e513-428a-acd7-668f2f64a68c","block_type":"box","text":"iShares","page_number":2,"box":{"x":117,"y":869,"width":40,"height":8}},{"id":"b84dc39e-5872-46cf-b265-80ac27f8f84f","block_type":"box","text":"®","page_number":2,"box":{"x":158,"y":869,"width":8,"height":5}},{"id":"d996a76c-334d-48a2-86e2-c7fa86b978a5","block_type":"box","text":"is a registered trademark of BlackRock Fund Advisors and its affiliates.","page_number":2,"box":{"x":170,"y":869,"width":406,"height":10}},{"id":"0ebe3d5a-a2a1-4cc9-8d2b-7e44fefbc3e5","block_type":"box","text":"IS-A-iCap-0926","page_number":2,"box":{"x":793,"y":887,"width":90,"height":10}},{"id":"aa54743b-84bb-4cc1-8e34-e689e1aa2727","block_type":"box","text":"PLEASE RETAIN THIS SUPPLEMENT","page_number":2,"box":{"x":368,"y":911,"width":265,"height":9}},{"id":"7811281f-7e22-415d-adc7-8449badc1231","block_type":"box","text":"FOR FUTURE REFERENCE","page_number":2,"box":{"x":407,"y":926,"width":186,"height":10}},{"id":"e8ec0b06-0f45-42fe-8bfe-208742f764f9","block_type":"box","text":"iShares","page_number":3,"box":{"x":423,"y":71,"width":128,"height":24}},{"id":"9a08b19d-4937-4f45-adfb-b994f705ac05","block_type":"box","text":"®","page_number":3,"box":{"x":554,"y":70,"width":23,"height":17}},{"id":"96d79af5-81ea-4a09-a7da-59e0d85ba02e","block_type":"box","text":"iShares, Inc.","page_number":3,"box":{"x":454,"y":108,"width":95,"height":12}},{"id":"80d61fd1-0e02-4031-a0b6-9a73baefdbb5","block_type":"box","text":"iShares Trust","page_number":3,"box":{"x":450,"y":123,"width":103,"height":10}},{"id":"8124da38-2e22-4649-8b79-1c8efa85e8de","block_type":"box","text":"iShares U.S. ETF Trust","page_number":3,"box":{"x":418,"y":139,"width":167,"height":10}},{"id":"16b0da55-fa85-4223-a5cb-99913031c74c","block_type":"box","text":"Supplement dated November 26, 2025","page_number":3,"box":{"x":354,"y":154,"width":295,"height":13}},{"id":"82d5e713-1a03-4a9b-adac-6a369e41c212","block_type":"box","text":"to the currently effective Prospectus and","page_number":3,"box":{"x":344,"y":170,"width":314,"height":13}},{"id":"6766d949-a05b-4e36-80dd-07f4076ceea5","block_type":"box","text":"Statement of Additional Information (“SAI”)","page_number":3,"box":{"x":332,"y":185,"width":339,"height":13}},{"id":"7177c411-78c6-4a14-a385-2b1b57bb816d","block_type":"box","text":"of each Fund (each a “Fund” and collectively, the “Funds”)","page_number":3,"box":{"x":279,"y":201,"width":446,"height":13}},{"id":"04d92ea4-f917-4c9e-834b-5e8d93456961","block_type":"box","text":"The following changes for the Fund are expected to take effect on or around November 28, 2025:","page_number":3,"box":{"x":116,"y":224,"width":741,"height":13}},{"id":"3b88baac-69a7-45b7-a3fe-7a80a2a11907","block_type":"box","text":"Changes to the Fund’s “Determination of Net Asset Value” sections","page_number":3,"box":{"x":116,"y":247,"width":512,"height":13}},{"id":"0fa037e7-4fb8-41b5-bb77-a2d955070b70","block_type":"box","text":"The paragraphs beginning with “Equity securities” and “Fixed-income securities” in this section of","page_number":3,"box":{"x":116,"y":271,"width":750,"height":12}},{"id":"2550704a-6a8d-4cd2-a842-0995f9b6292b","block_type":"box","text":"the Prospectus are deleted in their entirety and replaced with the following:","page_number":3,"box":{"x":116,"y":286,"width":578,"height":13}},{"id":"2d325f9a-2458-401c-abe1-12cadba57140","block_type":"box","text":"Equity securities and other equity instruments (except ETF options, equity index options or those that are","page_number":3,"box":{"x":117,"y":309,"width":766,"height":13}},{"id":"eba23b42-b7f9-4a1b-b9bd-d3227b17dc57","block_type":"box","text":"customized) for which market quotations are readily available are valued at market value, which is","page_number":3,"box":{"x":116,"y":325,"width":716,"height":13}},{"id":"1bc0bbc2-39a4-4170-8eb3-f717a9c179a0","block_type":"box","text":"generally determined using the last reported official closing price or, if a reported closing price is not","page_number":3,"box":{"x":116,"y":340,"width":730,"height":13}},{"id":"ad110387-4824-4cb3-8f6e-152705e74229","block_type":"box","text":"available, the last traded price on the exchange or market on which the security or instrument is primarily","page_number":3,"box":{"x":116,"y":356,"width":769,"height":13}},{"id":"372f2e02-402f-4d9c-9247-fd85356e0a90","block_type":"box","text":"traded at the time of valuation. Shares of underlying open-end funds (including money market funds)","page_number":3,"box":{"x":116,"y":371,"width":741,"height":13}},{"id":"437a9c1e-7e3c-4e93-a64e-9263712084e3","block_type":"box","text":"that are not traded on an exchange are valued at net asset value. Shares of underlying ETFs and","page_number":3,"box":{"x":116,"y":387,"width":698,"height":13}},{"id":"50a32cbe-56cf-4ffd-afaa-8b4ac9543852","block_type":"box","text":"closed-end funds that trade on exchanges are valued at their most recent market closing price.","page_number":3,"box":{"x":116,"y":402,"width":693,"height":13}},{"id":"af65ffd9-9e26-46af-bdfb-9b20f6db183a","block_type":"box","text":"Fixed-income securities and certain derivative instruments are valued using last available bid prices or","page_number":3,"box":{"x":117,"y":426,"width":741,"height":12}},{"id":"5db16c15-6cc0-4ee5-b971-2073266aea18","block_type":"box","text":"current market quotations provided by dealers or prices (including evaluated prices) supplied by the","page_number":3,"box":{"x":116,"y":441,"width":729,"height":13}},{"id":"b7075c22-a97b-4e27-9517-b1ee35e14c27","block_type":"box","text":"Funds’ approved independent third-party pricing services, each in accordance with BFA’s valuation","page_number":3,"box":{"x":117,"y":457,"width":720,"height":12}},{"id":"f172e6fa-3b15-4cd9-9643-c6408072af9a","block_type":"box","text":"policies and procedures. 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Kyle McClements is added as a Portfolio Manager of each Fund to the applicable sections of each","page_number":5,"box":{"x":118,"y":364,"width":740,"height":12}},{"id":"e6d39fe0-fa53-4a6a-a7de-59a10be82908","block_type":"box","text":"Fund’s Summary Prospectus, Prospectus and SAI.","page_number":5,"box":{"x":151,"y":379,"width":364,"height":13}},{"id":"85fe6491-6f53-47de-bc6a-20b7945ed90b","block_type":"box","text":"2. The following is added under the section of each Fund’s Prospectus entitled “Management of the","page_number":5,"box":{"x":117,"y":402,"width":742,"height":13}},{"id":"85ee796d-0188-451c-a240-0747ef131c23","block_type":"box","text":"Funds – Portfolio Managers”:","page_number":5,"box":{"x":151,"y":418,"width":214,"height":13}},{"id":"844d0d6c-8641-455a-b9c4-7a5d0faebfec","block_type":"box","text":"Kyle McClements, CFA, has been employed by BFA or its affiliates since 2004. He is a Managing","page_number":5,"box":{"x":184,"y":441,"width":704,"height":13}},{"id":"00571345-d516-4b89-b1a3-a577b1170e23","block_type":"box","text":"Director of BlackRock, Inc.","page_number":5,"box":{"x":184,"y":457,"width":194,"height":11}},{"id":"3574a70b-47bd-4c80-98eb-d031745e7eb2","block_type":"box","text":"3. The following table is added under the section entitled “Investment Advisory, Administrative and","page_number":5,"box":{"x":116,"y":480,"width":739,"height":13}},{"id":"eb9be845-3a81-454e-9858-34683f21c5b3","block_type":"box","text":"Distribution Services – Portfolio Managers” of each Fund’s SAI:","page_number":5,"box":{"x":151,"y":495,"width":458,"height":13}},{"id":"56c74f14-1768-4b60-a2ac-7fffa0b7cba5","block_type":"box","text":"Kyle McClements","page_number":5,"box":{"x":117,"y":519,"width":134,"height":12}},{"id":"15d4079a-46c3-422c-8685-a9d158ef8d3a","block_type":"box","text":"(as of October 31, 2025)","page_number":5,"box":{"x":252,"y":519,"width":182,"height":12}},{"id":"730eb880-cd5b-4a52-853c-924ab533b415","block_type":"box","text":"Other Accounts","page_number":5,"box":{"x":547,"y":549,"width":94,"height":8}},{"id":"d0a442c4-491c-4276-9e32-32f8f7ee957b","block_type":"box","text":"Other Accounts with","page_number":5,"box":{"x":742,"y":539,"width":125,"height":8}},{"id":"c712ae6e-801f-41bd-9d7e-d286d9ed7d4b","block_type":"box","text":"Performance Fees","page_number":5,"box":{"x":751,"y":549,"width":108,"height":8}},{"id":"dfcc49a1-2511-4df0-a2b3-90e9073c2e4d","block_type":"box","text":"Number","page_number":5,"box":{"x":496,"y":565,"width":49,"height":8}},{"id":"b9726e88-a38a-4c56-8a23-4b5d919a39ca","block_type":"box","text":"Total Assets","page_number":5,"box":{"x":598,"y":565,"width":74,"height":8}},{"id":"fb20a426-756a-44b7-9e7e-46a59b4d8538","block_type":"box","text":"Number","page_number":5,"box":{"x":727,"y":565,"width":48,"height":8}},{"id":"d98a655a-ec21-44a7-a1b8-1091a9b90725","block_type":"box","text":"Total Assets","page_number":5,"box":{"x":809,"y":565,"width":74,"height":8}},{"id":"6aebba2f-4a36-4113-a6aa-7fc7300f5a85","block_type":"box","text":"Registered Investment Companies 16 $14,954,700,000 0 N/A","page_number":5,"box":{"x":117,"y":587,"width":749,"height":13}},{"id":"ee543cf3-c62e-4fd4-9459-5572027da8ab","block_type":"box","text":"Other Pooled Investment Vehicles 16 $2,351,400,000 0 N/A","page_number":5,"box":{"x":116,"y":610,"width":750,"height":12}},{"id":"9b4b99b9-ae63-4442-abbc-b71fcf9d16eb","block_type":"box","text":"Other Accounts 0 N/A 0 N/A","page_number":5,"box":{"x":116,"y":634,"width":750,"height":10}},{"id":"4a40e4c8-6f0a-401d-bb05-6ff76454c694","block_type":"box","text":"4. As of October 31, 2025, Kyle McClements did not beneficially own shares of the Funds.","page_number":5,"box":{"x":116,"y":657,"width":668,"height":13}},{"id":"88187cfb-2ff9-4a2a-b9a9-49bf72b50c4d","block_type":"box","text":"If you have any questions, please call 1-800-iShares (1-800-474-2737).","page_number":5,"box":{"x":117,"y":680,"width":516,"height":13}},{"id":"0c2e4bcc-b390-4991-897f-8bf1c12ed0f3","block_type":"box","text":"iShares","page_number":5,"box":{"x":117,"y":869,"width":40,"height":8}},{"id":"7340abd2-eb54-4675-a87c-54bc9d6ec20e","block_type":"box","text":"®","page_number":5,"box":{"x":158,"y":869,"width":8,"height":5}},{"id":"63acef6f-625c-4ee6-ae39-d30a729dfd3e","block_type":"box","text":"is a registered trademark of BlackRock Fund Advisors and its affiliates.","page_number":5,"box":{"x":170,"y":869,"width":406,"height":10}},{"id":"6241de90-4925-4553-a52b-02bb59ae1075","block_type":"box","text":"IS-SUPP-NPM-1125","page_number":5,"box":{"x":768,"y":887,"width":114,"height":8}},{"id":"633222e1-0c3f-4938-b80a-d36544ae6933","block_type":"box","text":"PLEASE RETAIN THIS SUPPLEMENT","page_number":5,"box":{"x":368,"y":911,"width":265,"height":9}},{"id":"c30e8d1d-ef03-4d46-87a6-df3a4abdbe35","block_type":"box","text":"FOR FUTURE REFERENCE","page_number":5,"box":{"x":407,"y":926,"width":186,"height":10}},{"id":"3b993560-289d-4644-a95e-cb81bdb76efc","block_type":"box","text":"iShares","page_number":6,"box":{"x":423,"y":71,"width":128,"height":24}},{"id":"56cc5033-22f2-445b-bae9-385bae763959","block_type":"box","text":"®","page_number":6,"box":{"x":554,"y":70,"width":23,"height":17}},{"id":"723c60d0-7c58-41d7-b402-0d9f6c21466f","block_type":"box","text":"iShares Trust","page_number":6,"box":{"x":450,"y":108,"width":103,"height":10}},{"id":"0a8612f9-307c-404a-ab68-839549799146","block_type":"box","text":"Supplement dated October 1, 2025","page_number":6,"box":{"x":367,"y":123,"width":269,"height":13}},{"id":"2112ea9f-42d5-4939-83ba-0bd2e426da7b","block_type":"box","text":"to the currently effective Prospectus, Summary Prospectus and Statement of Additional","page_number":6,"box":{"x":167,"y":139,"width":669,"height":13}},{"id":"56ca95a9-c53b-463f-9609-0decc84b7fb3","block_type":"box","text":"Information (“SAI”), as applicable, for the iShares Large Cap Accelerated Outcome ETF (TWOX),","page_number":6,"box":{"x":137,"y":154,"width":730,"height":13}},{"id":"1147b285-bcef-4a00-abcc-d19430a8f246","block_type":"box","text":"iShares Large Cap 10% Target Buffer Sep ETF (STEN) and iShares Large Cap Max Buffer Sep","page_number":6,"box":{"x":154,"y":170,"width":696,"height":13}},{"id":"3f2486a2-034b-47b5-a0f7-1044835f31b7","block_type":"box","text":"ETF (SMAX) (each, a “Fund”)","page_number":6,"box":{"x":391,"y":185,"width":222,"height":13}},{"id":"36348680-1181-4eb3-8d84-1d95214f31bf","block_type":"box","text":"As described in the Fund’s Prospectus, Summary Prospectus and SAI, each Fund seeks to provide certain","page_number":6,"box":{"x":116,"y":209,"width":764,"height":12}},{"id":"19443b3f-f3b3-446e-ad5e-9d892f4743d1","block_type":"box","text":"outcomes for an investment held over an entire Outcome Period. Capitalized terms have the meanings","page_number":6,"box":{"x":116,"y":224,"width":747,"height":13}},{"id":"d281ccc4-0b3e-4291-b848-37395bddcd2d","block_type":"box","text":"ascribed to them in each Fund’s Prospectus and SAI.","page_number":6,"box":{"x":116,"y":240,"width":385,"height":12}},{"id":"5f5c0067-7aa6-47ac-84ff-c2bcbf7dbd9b","block_type":"box","text":"An investment in each Fund over the course of the Outcome Period is subject to such Fund’s","page_number":6,"box":{"x":116,"y":263,"width":677,"height":13}},{"id":"93192ea2-0488-4673-b08f-2b4fef93a09c","block_type":"box","text":"Approximate Cap as set forth in the table below.","page_number":6,"box":{"x":116,"y":278,"width":354,"height":13}},{"id":"02f79028-500c-4446-8012-754b8fb7f91e","block_type":"box","text":"Fund (Ticker) Outcome Period Approximate Cap","page_number":6,"box":{"x":215,"y":299,"width":589,"height":13}},{"id":"484181f6-54bb-40e9-976b-8ead44f4f181","block_type":"box","text":"iShares Large Cap Accelerated","page_number":6,"box":{"x":156,"y":320,"width":224,"height":12}},{"id":"9d39771a-073f-4a01-b213-0decbb82a817","block_type":"box","text":"Outcome ETF (TWOX)","page_number":6,"box":{"x":184,"y":335,"width":168,"height":13}},{"id":"60d4f28a-634d-405b-a268-3962e143e650","block_type":"box","text":"Oct. 1, 2025 to","page_number":6,"box":{"x":446,"y":320,"width":112,"height":11}},{"id":"6c996cee-62e4-40a2-82f8-e50b46158444","block_type":"box","text":"Dec. 31, 2025","page_number":6,"box":{"x":451,"y":336,"width":103,"height":11}},{"id":"18553d52-7211-4517-8c7d-30712f8625a6","block_type":"box","text":"6.74% (gross of management fee)","page_number":6,"box":{"x":609,"y":320,"width":254,"height":12}},{"id":"c214f608-0c50-4bae-8f5a-f16e97854932","block_type":"box","text":"6.62% (net of management fee)","page_number":6,"box":{"x":617,"y":335,"width":238,"height":13}},{"id":"be60a319-088d-46c2-a73a-f55a826e6038","block_type":"box","text":"iShares Large Cap 10% Target Buffer","page_number":6,"box":{"x":132,"y":359,"width":272,"height":12}},{"id":"b2daa6e8-ca67-4e56-83fd-dc5d6eb2365d","block_type":"box","text":"Sep ETF (STEN)","page_number":6,"box":{"x":209,"y":374,"width":117,"height":13}},{"id":"0d080de7-c68f-4cd5-97df-54d0ca3d171d","block_type":"box","text":"Oct. 1, 2025 to","page_number":6,"box":{"x":446,"y":359,"width":112,"height":11}},{"id":"077e8f66-41de-4e3b-8051-47990c9b6bd8","block_type":"box","text":"Sep. 30, 2026","page_number":6,"box":{"x":451,"y":375,"width":102,"height":12}},{"id":"7b939502-cabe-41fc-9634-32881f64c94c","block_type":"box","text":"17.63% (gross of management fee)","page_number":6,"box":{"x":606,"y":359,"width":261,"height":12}},{"id":"c8b7f856-8d67-4bca-8c09-d972b406ff00","block_type":"box","text":"17.13% (net of management fee)","page_number":6,"box":{"x":614,"y":374,"width":245,"height":13}},{"id":"91733117-b91e-4654-b0aa-19662771e13d","block_type":"box","text":"iShares Large Cap Max Buffer","page_number":6,"box":{"x":159,"y":397,"width":218,"height":13}},{"id":"8778ce14-f76a-48c2-a980-43f2ccf4594b","block_type":"box","text":"Sep ETF (SMAX)","page_number":6,"box":{"x":206,"y":413,"width":124,"height":12}},{"id":"714e48e6-f675-4fe9-ab1a-2d12060a87d8","block_type":"box","text":"Oct. 1, 2025 to","page_number":6,"box":{"x":446,"y":398,"width":112,"height":11}},{"id":"cb4c8b4c-7705-42e5-8549-34dafb364cf9","block_type":"box","text":"Sep. 30, 2026","page_number":6,"box":{"x":451,"y":413,"width":102,"height":12}},{"id":"6232b668-7af9-4864-9aa1-7b2d7992468c","block_type":"box","text":"7.80% (gross of management fee)","page_number":6,"box":{"x":609,"y":397,"width":254,"height":13}},{"id":"28e187be-d740-44fe-bcbc-b2dd1e0404ba","block_type":"box","text":"7.30% (net of management fee)","page_number":6,"box":{"x":617,"y":413,"width":238,"height":12}},{"id":"f2cd76ad-38c8-40f6-887e-663a3698a88d","block_type":"box","text":"Each Fund’s Prospectus, Summary Prospectus and SAI are amended to revise all references to the","page_number":6,"box":{"x":117,"y":444,"width":712,"height":12}},{"id":"f3a04746-fb67-4061-9443-f62f283dc68a","block_type":"box","text":"Outcome Period and Approximate Cap, when applicable, to reflect the information above.","page_number":6,"box":{"x":116,"y":459,"width":655,"height":13}},{"id":"00e3fe63-90e8-4409-aeb5-8bbf54b1330d","block_type":"box","text":"If you have any questions, please call 1-800-iShares (1-800-474-2737).","page_number":6,"box":{"x":117,"y":483,"width":521,"height":12}},{"id":"94e28cee-2b4c-4450-b68c-719cdec34c45","block_type":"box","text":"iShares","page_number":6,"box":{"x":117,"y":869,"width":40,"height":8}},{"id":"d22b006e-9ab0-49f3-9fe3-7c80222ec883","block_type":"box","text":"®","page_number":6,"box":{"x":158,"y":869,"width":8,"height":5}},{"id":"110b1d47-a49c-42b8-a2f2-e88e67c85c4a","block_type":"box","text":"is a registered trademark of BlackRock Fund Advisors and its affiliates.","page_number":6,"box":{"x":170,"y":869,"width":406,"height":10}},{"id":"5e4ac0f5-46fc-49f8-a66a-b29a4ceee583","block_type":"box","text":"IS-A-TWOX+STEN+SMAX-Cap-1025","page_number":6,"box":{"x":672,"y":887,"width":210,"height":10}},{"id":"b8a6d606-fbc5-4012-9651-eb9d3b5e18d6","block_type":"box","text":"PLEASE RETAIN THIS SUPPLEMENT","page_number":6,"box":{"x":368,"y":911,"width":265,"height":9}},{"id":"271e6ed3-4408-4be7-9626-e8ebcb2a2028","block_type":"box","text":"FOR FUTURE REFERENCE","page_number":6,"box":{"x":407,"y":926,"width":186,"height":10}},{"id":"d482d72a-05c4-4750-a9bb-c84675f0b5b0","block_type":"box","text":"iShares","page_number":7,"box":{"x":423,"y":71,"width":128,"height":24}},{"id":"809641b2-1811-410d-a19c-290853c5e566","block_type":"box","text":"®","page_number":7,"box":{"x":554,"y":70,"width":23,"height":17}},{"id":"d9e54e25-d704-4b4c-917d-14fb195fbadf","block_type":"box","text":"iShares Trust","page_number":7,"box":{"x":450,"y":113,"width":103,"height":10}},{"id":"3f5267fd-e022-4e38-ac86-f65b3972d7ab","block_type":"box","text":"Supplement dated September 23, 2025 to the currently effective Summary Prospectus, Prospectus","page_number":7,"box":{"x":126,"y":129,"width":751,"height":12}},{"id":"71987b76-44b9-404f-bc9f-c69283bcd2dc","block_type":"box","text":"and Statement of Additional Information (“SAI”), as applicable, for the iShares Large Cap","page_number":7,"box":{"x":163,"y":144,"width":678,"height":13}},{"id":"4fb8f7ad-7d96-4c14-aebe-68ebc6700834","block_type":"box","text":"Accelerated Outcome ETF (TWOX), iShares Large Cap 10% Target Buffer Sep ETF (STEN) and iShares","page_number":7,"box":{"x":118,"y":160,"width":767,"height":12}},{"id":"e01cfc24-aac5-4ae6-b0b0-abb1890c1ad8","block_type":"box","text":"Large Cap Max Buffer Sep ETF (SMAX) (each, a “Fund”)","page_number":7,"box":{"x":291,"y":175,"width":422,"height":13}},{"id":"8f5389c1-2680-4f78-801d-b22a25e59a6d","block_type":"box","text":"Š","page_number":7,"box":{"x":136,"y":201,"width":9,"height":6}},{"id":"0b21a804-b996-44ef-8e6a-61619943cf92","block_type":"box","text":"All references to the “Hedge Period” in the Prospectus, Summary Prospectus and SAI for SMAX are","page_number":7,"box":{"x":156,"y":198,"width":723,"height":13}},{"id":"d7c28d1b-7e8e-4779-848f-99b65374f01d","block_type":"box","text":"hereby deleted and replaced with “Outcome Period”.","page_number":7,"box":{"x":157,"y":214,"width":386,"height":12}},{"id":"1ac8f1a4-bc7c-475e-b6d0-6b3dca39707f","block_type":"box","text":"As described in the Fund’s Prospectus, Summary Prospectus and SAI, each Fund seeks to provide certain","page_number":7,"box":{"x":116,"y":237,"width":764,"height":13}},{"id":"be0eed52-0895-438d-9f52-5ea27bd635be","block_type":"box","text":"outcomes for an investment held over an entire Outcome Period. Capitalized terms have the meanings","page_number":7,"box":{"x":116,"y":253,"width":747,"height":12}},{"id":"7cd1c799-fe35-4fac-ad08-1c23e3712636","block_type":"box","text":"ascribed to them in each Fund’s Prospectus and SAI.","page_number":7,"box":{"x":116,"y":268,"width":385,"height":13}},{"id":"b56c1cb3-8c5c-47a3-8a6b-9c5aecd5132b","block_type":"box","text":"The table below shows an estimated range for the Approximate Cap for each Fund’s upcoming Outcome","page_number":7,"box":{"x":116,"y":291,"width":766,"height":13}},{"id":"be206655-4ff8-403c-87ca-2f5cd6322e42","block_type":"box","text":"Period as estimated by the Fund’s investment adviser using information available as of the date of this","page_number":7,"box":{"x":117,"y":307,"width":743,"height":13}},{"id":"3d3ee293-29a6-4307-b238-7725c8b4d23c","block_type":"box","text":"supplement. The estimate is unaudited, subject to certain limitations and subject to change, and each","page_number":7,"box":{"x":116,"y":322,"width":741,"height":13}},{"id":"d144abba-44b2-4c27-ae5b-57de88a0555b","block_type":"box","text":"Fund is under no obligation to, and does not expect to, update the estimate. 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Because the Fund is new, there is no reportable","page_number":13,"box":{"x":53,"y":517,"width":394,"height":10}},{"id":"76c802f9-474e-4ffa-9b86-62ce1099ec87","block_type":"box","text":"turnover.","page_number":13,"box":{"x":52,"y":532,"width":57,"height":7}},{"id":"1ef4db0a-8da9-4f48-a942-516758c56dc6","block_type":"box","text":"Principal Investment Strategies","page_number":13,"box":{"x":53,"y":560,"width":268,"height":13}},{"id":"64fc3e19-ddaf-4aeb-9b78-12b95bf88f31","block_type":"box","text":"The Fund seeks to provide certain pre-determined Outcomes","page_number":13,"box":{"x":52,"y":585,"width":389,"height":11}},{"id":"ca9c1abf-ba34-4ddd-82d6-deef2881fc80","block_type":"box","text":"based on the performance of the Underlying Fund for investors","page_number":13,"box":{"x":53,"y":599,"width":402,"height":11}},{"id":"fa94bd2e-8d7a-4e49-a92b-e776a6b612d9","block_type":"box","text":"who hold Fund shares over a 12-month period (the “Outcome","page_number":13,"box":{"x":52,"y":613,"width":391,"height":11}},{"id":"c17a5db4-a9f6-428e-91dd-7752e43cfd16","block_type":"box","text":"Period”). The Outcomes sought by the Fund are:","page_number":13,"box":{"x":53,"y":628,"width":306,"height":10}},{"id":"80f56efc-6d20-4aef-84f5-423c7b9c3011","block_type":"box","text":"The share price return of the Underlying Fund capped at an","page_number":13,"box":{"x":89,"y":646,"width":377,"height":10}},{"id":"67c287bd-fdea-497e-b4ce-7c466537b5ee","block_type":"box","text":"approximate upside limit (the “Approximate Cap”), and","page_number":13,"box":{"x":90,"y":660,"width":347,"height":11}},{"id":"14dca68c-890e-4c36-881a-34222e9843b6","block_type":"box","text":"Protection against approximately the first 10% of the","page_number":13,"box":{"x":90,"y":678,"width":334,"height":11}},{"id":"fc5989ba-d3b0-4bf1-9458-6e4d05a5af8a","block_type":"box","text":"Underlying Fund’s losses (the “Approximate Buffer”) over","page_number":13,"box":{"x":90,"y":692,"width":363,"height":11}},{"id":"e16f14fc-e9db-4a8e-a384-3474cb80712e","block_type":"box","text":"each Outcome Period.","page_number":13,"box":{"x":90,"y":706,"width":140,"height":9}},{"id":"bcf18dac-3eea-471e-b4bd-854d78720838","block_type":"box","text":"The Outcomes are intended to be realized only by investors who","page_number":13,"box":{"x":52,"y":729,"width":409,"height":11}},{"id":"c3b84499-664f-46c8-bbe4-314216cd6058","block_type":"box","text":"hold Fund shares at the outset of the Outcome Period and","page_number":13,"box":{"x":53,"y":744,"width":370,"height":8}},{"id":"1c2e0872-359d-4110-af06-29225e9b5693","block_type":"box","text":"continue to hold the shares through the end of the Outcome","page_number":13,"box":{"x":53,"y":758,"width":384,"height":11}},{"id":"74ab2d9f-80ce-43f0-bbfd-c09621eecfc8","block_type":"box","text":"Period. Specifically, in order to hold Fund shares for the entirety","page_number":13,"box":{"x":53,"y":772,"width":408,"height":11}},{"id":"9604b5e4-695c-4440-a915-fdf3433c822c","block_type":"box","text":"of an Outcome Period, an investor must buy or continue holding","page_number":13,"box":{"x":53,"y":786,"width":407,"height":11}},{"id":"c8e4c798-d53f-4c87-b05d-0781b8c80923","block_type":"box","text":"shares at the close on the last trading day of the prior Outcome","page_number":13,"box":{"x":53,"y":800,"width":405,"height":11}},{"id":"6d305ccd-4ead-4034-b78a-e7737606d3fa","block_type":"box","text":"Period and sell or continue holding the shares at the close on the","page_number":13,"box":{"x":53,"y":814,"width":415,"height":11}},{"id":"bc647039-c578-4718-9707-d38b78b47773","block_type":"box","text":"last trading day of the current Outcome Period.","page_number":13,"box":{"x":53,"y":829,"width":300,"height":10}},{"id":"911921ca-724a-4b39-85f6-7c81af75de50","block_type":"box","text":"If investors buy Fund shares after the start of the Outcome Period","page_number":13,"box":{"x":53,"y":852,"width":419,"height":11}},{"id":"d866b763-71da-4059-815f-442ebdb4bace","block_type":"box","text":"or sell Fund shares before the Outcome Period concludes, they","page_number":13,"box":{"x":53,"y":866,"width":402,"height":11}},{"id":"c6d2bccb-eaa2-4085-bc04-73c48b921e4b","block_type":"box","text":"may experience returns that differ significantly from the","page_number":13,"box":{"x":53,"y":880,"width":356,"height":11}},{"id":"232c95b9-06a2-43e2-8cee-9ad760d3f5b1","block_type":"box","text":"Outcomes. These include experiencing little or no gains related to","page_number":13,"box":{"x":53,"y":894,"width":419,"height":11}},{"id":"5bd3ba08-528f-45f1-9a3e-6f8c134ad2a3","block_type":"box","text":"the Underlying Fund and little or no protection against losses of","page_number":13,"box":{"x":518,"y":381,"width":408,"height":11}},{"id":"7793ae89-7339-42f2-b2e0-a3a9af9fd665","block_type":"box","text":"the Underlying Fund. Investors may lose their entire investment,","page_number":13,"box":{"x":518,"y":396,"width":410,"height":10}},{"id":"3a67f622-719b-4da9-8363-0bffb4eb2100","block_type":"box","text":"and an investment in the Fund is appropriate only for investors","page_number":13,"box":{"x":519,"y":410,"width":400,"height":10}},{"id":"3b76b093-c92a-4e8a-82f0-59fd211fd3c6","block_type":"box","text":"willing to bear those losses.","page_number":13,"box":{"x":518,"y":424,"width":177,"height":11}},{"id":"938ca07e-f578-4463-9c59-63bed13418b7","block_type":"box","text":"The Fund will be offered indefinitely and is not intended to","page_number":13,"box":{"x":518,"y":447,"width":371,"height":11}},{"id":"8cff7b28-0117-447c-9495-6a1d6855098d","block_type":"box","text":"terminate after one or more Outcome Periods.","page_number":13,"box":{"x":518,"y":461,"width":296,"height":9}},{"id":"23dba35e-2b2d-4845-bad6-542d44c71a15","block_type":"box","text":"The Current Outcome Period","page_number":13,"box":{"x":518,"y":484,"width":199,"height":9}},{"id":"db1f1df1-bce8-466f-a941-1474fab652ee","block_type":"box","text":"The current Outcome Period starts on October 1 and ends on","page_number":13,"box":{"x":518,"y":508,"width":391,"height":8}},{"id":"936d62dd-a110-487f-a0a0-1da126b54e66","block_type":"box","text":"September 30. For the current Outcome Period, the Approximate","page_number":13,"box":{"x":519,"y":522,"width":416,"height":11}},{"id":"b4d38d62-a1cb-44fa-ada4-fc30541baf57","block_type":"box","text":"Cap is [__]% before taking into account any fees or expenses","page_number":13,"box":{"x":519,"y":536,"width":387,"height":11}},{"id":"56d9d987-b02a-4dbe-af3e-ab32345a1b77","block_type":"box","text":"charged to, or transaction costs incurred by, the Fund or","page_number":13,"box":{"x":519,"y":550,"width":361,"height":11}},{"id":"b68cb8b2-a7bd-4d44-8071-afc3c87ffa64","block_type":"box","text":"Underlying Fund. When the Fund’s annualized management fee of","page_number":13,"box":{"x":519,"y":564,"width":419,"height":11}},{"id":"a54335c1-70c6-47c1-93f6-0bbfcde81347","block_type":"box","text":"0.50% of its average daily net assets is taken into account, the","page_number":13,"box":{"x":519,"y":579,"width":398,"height":10}},{"id":"a373bdae-73d5-4272-91ce-fce951d18d55","block_type":"box","text":"Approximate Cap for the current Outcome Period is reduced to","page_number":13,"box":{"x":518,"y":593,"width":402,"height":10}},{"id":"57a2c007-81af-4af7-b6c7-cf690eb00f46","block_type":"box","text":"[__]%. The returns that the Fund seeks to provide do not take into","page_number":13,"box":{"x":519,"y":607,"width":417,"height":11}},{"id":"426b5b1e-4b6d-454f-b7ae-5d74b41e1e79","block_type":"box","text":"account the costs associated with buying shares of the Underlying","page_number":13,"box":{"x":519,"y":621,"width":424,"height":11}},{"id":"91379ace-1871-4079-a984-1045a7ec99f1","block_type":"box","text":"Fund and any other expenses incurred by the Fund. Please visit","page_number":13,"box":{"x":519,"y":635,"width":403,"height":11}},{"id":"d139eb93-22d5-438a-87d4-03e2f46737e2","block_type":"box","text":"the Fund’s page on www.iShares.com for more information about","page_number":13,"box":{"x":518,"y":649,"width":418,"height":11}},{"id":"1c9571e2-c322-4691-af07-c0e52b548d1c","block_type":"box","text":"the potential outcomes of an investment in the Fund during the","page_number":13,"box":{"x":518,"y":664,"width":404,"height":10}},{"id":"7a74262c-ecd9-4914-a260-ea06597be08d","block_type":"box","text":"current Outcome Period, including the remaining Approximate","page_number":13,"box":{"x":519,"y":678,"width":396,"height":11}},{"id":"3f0c07db-9648-47f1-bebb-fd1563e7f7ee","block_type":"box","text":"Cap.","page_number":13,"box":{"x":519,"y":692,"width":27,"height":11}},{"id":"d732d5b6-0054-4764-a71f-db1e64716d1c","block_type":"box","text":"The Underlying Fund","page_number":13,"box":{"x":518,"y":715,"width":144,"height":11}},{"id":"40d2c027-dc3d-4388-8c9a-22116a77b6bc","block_type":"box","text":"The Underlying Fund is the iShares Core S&P 500 ETF (Ticker:","page_number":13,"box":{"x":518,"y":738,"width":394,"height":11}},{"id":"1c52a2ac-6905-4d58-8f82-2b7385b4d190","block_type":"box","text":"IVV). It is an exchange-traded fund (“ETF”) that seeks to track the","page_number":13,"box":{"x":519,"y":753,"width":417,"height":10}},{"id":"8d54f361-4ce1-48b9-b638-f3cd14b9bd9e","block_type":"box","text":"investment results of the S&P 500 Index (the “Underlying Fund’s","page_number":13,"box":{"x":519,"y":767,"width":411,"height":11}},{"id":"6d456518-dd63-4b86-973d-76e5eeea738d","block_type":"box","text":"Index”), which measures the performance of the large","page_number":13,"box":{"x":519,"y":781,"width":349,"height":11}},{"id":"7c9833d5-b921-4e99-90e5-c0f94bedec17","block_type":"box","text":"capitalization sector of the U.S. equity market, as determined by","page_number":13,"box":{"x":519,"y":795,"width":411,"height":11}},{"id":"b4f9ed8c-2503-45c5-8d21-f4bbadbc243c","block_type":"box","text":"S&P Dow Jones Indices, LLC. The securities in the Underlying","page_number":13,"box":{"x":519,"y":809,"width":389,"height":11}},{"id":"f8575977-42d3-4907-ab69-f391c0299fbe","block_type":"box","text":"Fund’s Index represent a broad range of industries and are","page_number":13,"box":{"x":519,"y":823,"width":374,"height":11}},{"id":"2bd429d7-646d-4897-8b68-60312aab11dc","block_type":"box","text":"weighted based on the float-adjusted market value of their","page_number":13,"box":{"x":518,"y":838,"width":376,"height":10}},{"id":"4203eb2c-4a37-43a9-9c3d-d880b4788607","block_type":"box","text":"outstanding shares. The components of the Underlying Fund’s","page_number":13,"box":{"x":519,"y":852,"width":396,"height":11}},{"id":"10899d0f-5c70-495d-adf1-59b5e8709842","block_type":"box","text":"Index are likely to change over time. BFA is the investment adviser","page_number":13,"box":{"x":519,"y":866,"width":423,"height":11}},{"id":"73cc789f-4fe9-4376-8f89-7563d844c1f9","block_type":"box","text":"to the Underlying Fund and receives a management fee from the","page_number":13,"box":{"x":518,"y":880,"width":412,"height":11}},{"id":"9af046cc-4135-4d48-8fa5-67aa61de3e32","block_type":"box","text":"Underlying Fund.","page_number":13,"box":{"x":519,"y":894,"width":107,"height":11}},{"id":"9f44221d-38e5-45af-87ff-7d69b1f052cb","block_type":"box","text":"S-2","page_number":13,"box":{"x":495,"y":944,"width":20,"height":8}},{"id":"34a4782c-2d53-4e2b-950c-fd032ed7eb79","block_type":"box","text":"BFA manages the Underlying Fund using a “representative","page_number":14,"box":{"x":53,"y":46,"width":369,"height":11}},{"id":"bc7b2a89-b3a0-4d53-b933-303a6c918c88","block_type":"box","text":"sampling” indexing strategy. This involves investing in a","page_number":14,"box":{"x":53,"y":61,"width":353,"height":10}},{"id":"c5deb1cc-4224-4235-8525-06d38393a649","block_type":"box","text":"representative sample of securities that collectively has an","page_number":14,"box":{"x":53,"y":75,"width":375,"height":11}},{"id":"65e6bb4d-2847-42cc-945e-f1bdd6f56019","block_type":"box","text":"investment profile similar to that of an applicable underlying","page_number":14,"box":{"x":53,"y":89,"width":384,"height":11}},{"id":"4d346ea2-e0bc-490e-b51a-3a5d35ae1ba4","block_type":"box","text":"index. The securities selected are expected to have, in the","page_number":14,"box":{"x":53,"y":103,"width":370,"height":11}},{"id":"e8ca283b-7036-4d32-ae23-746d3c90274a","block_type":"box","text":"aggregate, investment characteristics (based on factors such as","page_number":14,"box":{"x":53,"y":117,"width":409,"height":11}},{"id":"9ed3693c-649a-4141-b8d5-11ce0410f54a","block_type":"box","text":"market capitalization and industry weightings), fundamental","page_number":14,"box":{"x":53,"y":131,"width":381,"height":11}},{"id":"70084f87-470a-4de2-a68f-db66ec975ba4","block_type":"box","text":"characteristics (such as return variability and yield) and liquidity","page_number":14,"box":{"x":53,"y":146,"width":408,"height":10}},{"id":"77e148a5-6a6c-464a-84b5-3cb6a0537826","block_type":"box","text":"measures similar to those of an applicable underlying index. The","page_number":14,"box":{"x":53,"y":160,"width":409,"height":11}},{"id":"99278609-7f04-424a-9ebf-96d6bf57d28d","block_type":"box","text":"Underlying Fund may or may not hold all of the securities in the","page_number":14,"box":{"x":53,"y":174,"width":404,"height":11}},{"id":"143d50c0-6e29-42b4-95c5-a920f653c3e3","block_type":"box","text":"Underlying Fund’s Index, which may cause the performance of the","page_number":14,"box":{"x":53,"y":188,"width":422,"height":11}},{"id":"50224a0a-b8fd-44c5-88d0-dbf6e339759e","block_type":"box","text":"Underlying Fund to diverge from that of the Underlying Fund’s","page_number":14,"box":{"x":53,"y":202,"width":394,"height":11}},{"id":"2d504989-f57b-4dea-8d83-ac6813e49f5b","block_type":"box","text":"Index and produce “tracking error”. Tracking error risk may be","page_number":14,"box":{"x":53,"y":217,"width":395,"height":10}},{"id":"4cf345b2-da39-4120-bd2c-330d5b701afc","block_type":"box","text":"heightened during times of increased market volatility or other","page_number":14,"box":{"x":53,"y":231,"width":399,"height":11}},{"id":"1c94bbb1-b4c5-42b0-a743-921f6d315197","block_type":"box","text":"unusual market conditions.","page_number":14,"box":{"x":53,"y":245,"width":172,"height":8}},{"id":"d89d379a-9707-4591-8b20-26b37d93a4f2","block_type":"box","text":"The prospectus and other reports of the Underlying Fund are","page_number":14,"box":{"x":52,"y":268,"width":388,"height":11}},{"id":"3bbccc4c-c34c-476c-94c7-19c0f44664cf","block_type":"box","text":"available at www.sec.gov and www.iShares.com. Shares of the","page_number":14,"box":{"x":53,"y":282,"width":399,"height":11}},{"id":"63846c11-1737-4b95-a12e-887daf287a76","block_type":"box","text":"Underlying Fund are listed on NYSE Arca, Inc.","page_number":14,"box":{"x":53,"y":296,"width":290,"height":11}},{"id":"5cb9c8e0-0f87-48ac-a5c9-abe7c5bfe506","block_type":"box","text":"The Fund’s Use of Options","page_number":14,"box":{"x":52,"y":320,"width":183,"height":10}},{"id":"21d90761-7fb0-455e-98fe-185731c92dd9","block_type":"box","text":"The Fund principally buys shares of the Underlying Fund and","page_number":14,"box":{"x":52,"y":343,"width":384,"height":11}},{"id":"49fe43d1-f2c5-4a56-8cf7-bdea607764db","block_type":"box","text":"customized put options thereon and sells call options that","page_number":14,"box":{"x":53,"y":357,"width":370,"height":11}},{"id":"9b8f4d89-39ae-452d-851e-58211adf60a2","block_type":"box","text":"reference the Underlying Fund. The options in which the Fund","page_number":14,"box":{"x":53,"y":371,"width":392,"height":11}},{"id":"78c9f183-4407-4220-86d9-33d6d9db2849","block_type":"box","text":"transacts (typically, equity or index exchange-traded options","page_number":14,"box":{"x":52,"y":385,"width":387,"height":11}},{"id":"7821b48a-3a08-440d-8cb3-0f4a9ab652d4","block_type":"box","text":"contracts) are referred to generally as Flexible Exchange Options","page_number":14,"box":{"x":53,"y":400,"width":414,"height":10}},{"id":"c76669e8-fd42-4492-bf86-4ebff8e52838","block_type":"box","text":"(“FLEX Options”). The Fund may transact in other exchange","page_number":14,"box":{"x":53,"y":414,"width":384,"height":11}},{"id":"abc6c81b-465e-4bdf-8ca2-e4728a312a66","block_type":"box","text":"traded options that reference the price performance of the","page_number":14,"box":{"x":52,"y":428,"width":376,"height":11}},{"id":"d61c329f-74dc-496f-9227-0e03936d3e67","block_type":"box","text":"Underlying Fund, the Underlying Fund’s Index, or other ETFs that","page_number":14,"box":{"x":53,"y":442,"width":412,"height":11}},{"id":"b8c545e4-f0be-4cf4-8a35-795fb4fddf54","block_type":"box","text":"track the Underlying Fund’s Index.","page_number":14,"box":{"x":52,"y":456,"width":218,"height":11}},{"id":"04a15be9-6285-4c79-94f2-f5da95c52617","block_type":"box","text":"An options contract is an agreement between a buyer and seller","page_number":14,"box":{"x":52,"y":480,"width":410,"height":10}},{"id":"38b525f0-b988-4878-a18f-98d8e5837f58","block_type":"box","text":"that gives the purchaser of the option the right but not the","page_number":14,"box":{"x":52,"y":494,"width":373,"height":11}},{"id":"83c0d859-6221-4ff8-9ac2-d686f7e3eaa3","block_type":"box","text":"obligation to buy (in the case of a call option) or sell (in the case","page_number":14,"box":{"x":53,"y":508,"width":408,"height":11}},{"id":"605097dc-306a-4ff0-83f3-95446c1f13fa","block_type":"box","text":"of a put option) a particular financial instrument at a specified","page_number":14,"box":{"x":53,"y":522,"width":394,"height":11}},{"id":"da766c9c-c66f-4456-a25b-24a3101fd0a2","block_type":"box","text":"future date for an agreed-upon price, commonly known as the","page_number":14,"box":{"x":52,"y":536,"width":396,"height":11}},{"id":"d1d26bf8-c850-41a6-8bd5-b6c5dd815292","block_type":"box","text":"“strike price”. If the Fund buys a call option, it pays a premium","page_number":14,"box":{"x":53,"y":550,"width":396,"height":11}},{"id":"7d71e029-f63c-4009-aed1-6e83202dacdf","block_type":"box","text":"and receives the right, but not the obligation, to purchase shares","page_number":14,"box":{"x":53,"y":565,"width":413,"height":10}},{"id":"88c780a7-c111-42ec-8012-5653fe4800e2","block_type":"box","text":"of the Underlying Fund or other reference asset at a strike price","page_number":14,"box":{"x":53,"y":579,"width":407,"height":11}},{"id":"b49019be-3035-4b0a-a885-3f5eb91581d4","block_type":"box","text":"by or on the expiration date. When the Fund buys a put option, it","page_number":14,"box":{"x":53,"y":593,"width":411,"height":11}},{"id":"baac0b6f-f2cd-4616-aad3-5edc5c01a57c","block_type":"box","text":"pays a premium and receives the right, but not the obligation, to","page_number":14,"box":{"x":53,"y":607,"width":409,"height":11}},{"id":"7b6cf992-dd70-4f93-8448-fa01a5ce24be","block_type":"box","text":"sell shares of the Underlying Fund or other reference asset at a","page_number":14,"box":{"x":53,"y":621,"width":403,"height":11}},{"id":"e07fc63a-325d-4db3-8977-3efcde6250f0","block_type":"box","text":"strike price by or on the expiration date. When the Fund writes","page_number":14,"box":{"x":53,"y":636,"width":398,"height":10}},{"id":"2701b728-d1bf-42bf-aeb1-0ecf55ef9641","block_type":"box","text":"(sells) a call option, it receives a premium and gives the purchaser","page_number":14,"box":{"x":53,"y":650,"width":422,"height":11}},{"id":"f5af2955-2ebc-47b8-b10b-0673d15cbf4e","block_type":"box","text":"of the option the right to purchase from the Fund shares of the","page_number":14,"box":{"x":53,"y":664,"width":400,"height":11}},{"id":"04fc34cf-decd-40a2-ac2b-a6983a6e8991","block_type":"box","text":"Underlying Fund or other reference asset at a strike price by or on","page_number":14,"box":{"x":53,"y":678,"width":421,"height":11}},{"id":"58f805b4-d0d6-4f6b-ba66-7b8351f85533","block_type":"box","text":"the expiration date. If the Fund writes (sells) a put option, it","page_number":14,"box":{"x":52,"y":692,"width":380,"height":11}},{"id":"d054be90-ef08-4c50-90df-948780d88db1","block_type":"box","text":"receives a premium and gives the purchaser of the option the","page_number":14,"box":{"x":53,"y":706,"width":392,"height":11}},{"id":"6eed4f6f-ef2b-4696-9dc9-52025f381a0a","block_type":"box","text":"right to sell to the Fund shares of the Underlying Fund or other","page_number":14,"box":{"x":53,"y":721,"width":399,"height":10}},{"id":"e8137175-be3e-41db-825a-6a3a2bf76e79","block_type":"box","text":"reference asset at a strike price by or on expiration date.","page_number":14,"box":{"x":53,"y":735,"width":362,"height":11}},{"id":"387fc8ba-3943-468d-8f20-c5129c0b522f","block_type":"box","text":"FLEX Options provide the ability to customize key option contract","page_number":14,"box":{"x":53,"y":758,"width":418,"height":11}},{"id":"afc2ada6-42a1-48b9-bc40-6736e0b8066f","block_type":"box","text":"terms such as strike price, style and expiration date. The options","page_number":14,"box":{"x":52,"y":772,"width":413,"height":11}},{"id":"e3c1f8e3-8003-40a2-8c03-172462ca6a2f","block_type":"box","text":"in which the Fund invests are European style, meaning they are","page_number":14,"box":{"x":53,"y":786,"width":403,"height":11}},{"id":"c25f64c6-c380-477f-8461-d17687d4a99b","block_type":"box","text":"exercisable at the strike price only on the expiration date. The","page_number":14,"box":{"x":53,"y":801,"width":394,"height":10}},{"id":"bdd4cc13-eddd-47e3-9008-7372863e505b","block_type":"box","text":"Fund typically trades options that expire at or around the end of","page_number":14,"box":{"x":53,"y":815,"width":408,"height":11}},{"id":"17cf67fe-7119-4169-97c6-db1d70f2a137","block_type":"box","text":"each Outcome Period.","page_number":14,"box":{"x":53,"y":829,"width":140,"height":8}},{"id":"a5c3a14d-013f-4c7b-83bc-aeedbb63b8b6","block_type":"box","text":"As an in-the-money option held by the Fund approaches its","page_number":14,"box":{"x":52,"y":852,"width":377,"height":11}},{"id":"396a67db-d27c-42ea-ba20-1fa1d42b2691","block_type":"box","text":"expiration date, its value typically will increasingly move with the","page_number":14,"box":{"x":53,"y":866,"width":412,"height":11}},{"id":"51d4ccf5-d4f3-465c-a2d4-3807b58f07c7","block_type":"box","text":"value of its reference asset, such as the Underlying Fund.","page_number":14,"box":{"x":52,"y":880,"width":366,"height":11}},{"id":"3c91624f-03b6-4811-9206-589720f75f60","block_type":"box","text":"However, the value of the options may change because of factors","page_number":14,"box":{"x":53,"y":895,"width":418,"height":10}},{"id":"5241703a-0f00-4db7-a7f2-82051a051b6f","block_type":"box","text":"other than the value of the reference asset, including interest rate","page_number":14,"box":{"x":519,"y":46,"width":421,"height":11}},{"id":"58f83de4-ce9f-482a-b471-f22099d8a3e8","block_type":"box","text":"changes, dividends, the actual and perceived volatility of the","page_number":14,"box":{"x":519,"y":61,"width":385,"height":10}},{"id":"97083d54-8f43-4443-923c-e7931cc18f33","block_type":"box","text":"reference asset, the remaining time until the options expire,","page_number":14,"box":{"x":519,"y":75,"width":382,"height":11}},{"id":"49e27110-28de-42c9-85f1-42addfe02eda","block_type":"box","text":"limitations established by options exchanges, and trading","page_number":14,"box":{"x":519,"y":89,"width":367,"height":11}},{"id":"d8cbf35e-cf02-4d36-b8de-e394ab45ba7f","block_type":"box","text":"conditions in the options market, among others. Due to these","page_number":14,"box":{"x":519,"y":103,"width":393,"height":11}},{"id":"f03ef746-ac8a-4039-a5de-693fe5025bea","block_type":"box","text":"factors, the value of the options typically does not increase or","page_number":14,"box":{"x":518,"y":117,"width":396,"height":11}},{"id":"cb81fd74-18b7-4f72-8356-07da60d22500","block_type":"box","text":"decrease at the same rate as the Underlying Fund’s share price on","page_number":14,"box":{"x":519,"y":131,"width":423,"height":11}},{"id":"6ce1a99e-9df5-474d-a765-cc252d92477f","block_type":"box","text":"a day-to-day basis. As a result, the Fund’s net asset value per","page_number":14,"box":{"x":519,"y":146,"width":392,"height":10}},{"id":"790cd1cd-7fd0-4a7c-9073-edab1946c4f0","block_type":"box","text":"share (“NAV”) may not increase or decrease at the same rate as","page_number":14,"box":{"x":519,"y":160,"width":408,"height":11}},{"id":"35f01211-869b-4409-bb4e-978a02a09f26","block_type":"box","text":"the Underlying Fund’s share price.","page_number":14,"box":{"x":518,"y":174,"width":218,"height":11}},{"id":"fd179d99-bcd5-41aa-bb5f-cd12f4169564","block_type":"box","text":"Options positions are marked to market daily by the Fund. The","page_number":14,"box":{"x":519,"y":197,"width":397,"height":11}},{"id":"b05e8694-1931-40cd-93e8-77f0e7aca161","block_type":"box","text":"value of the options traded by the Fund is determined based upon","page_number":14,"box":{"x":518,"y":211,"width":421,"height":11}},{"id":"85d1bed6-7738-47bc-afc0-bc1db815afb9","block_type":"box","text":"market quotations or other recognized pricing methods. The","page_number":14,"box":{"x":519,"y":226,"width":384,"height":10}},{"id":"68778114-8f7c-441c-93cb-c5c825fdf3af","block_type":"box","text":"options traded by the Fund are listed on an exchange, including","page_number":14,"box":{"x":519,"y":240,"width":405,"height":11}},{"id":"abd88e95-caf2-4e04-bc54-b3951846d12d","block_type":"box","text":"the Chicago Board Options Exchange. The options are guaranteed","page_number":14,"box":{"x":518,"y":254,"width":420,"height":11}},{"id":"cb8bda2c-302a-4417-ad96-14bb61ff4ca3","block_type":"box","text":"for settlement by the Options Clearing Corporation (the “OCC”), a","page_number":14,"box":{"x":518,"y":268,"width":420,"height":11}},{"id":"c768203e-0c1c-4ae6-b13a-e89adc97915b","block_type":"box","text":"market clearinghouse that guarantees the performance by","page_number":14,"box":{"x":519,"y":282,"width":373,"height":11}},{"id":"8f906e15-3807-4993-b6a1-f3b72dae66ec","block_type":"box","text":"counterparties to certain derivatives contracts. The OCC may","page_number":14,"box":{"x":519,"y":296,"width":392,"height":11}},{"id":"82a96d1a-7bc9-4f0e-b0c2-6c9d5c984f10","block_type":"box","text":"make adjustments to FLEX Options for certain significant events.","page_number":14,"box":{"x":519,"y":311,"width":415,"height":10}},{"id":"63d3cc2b-7354-459a-8b58-623e527d61c4","block_type":"box","text":"Outcomes Targeted by the Fund","page_number":14,"box":{"x":519,"y":334,"width":222,"height":11}},{"id":"c230007e-5abb-47ac-9be9-dcf3ae94e442","block_type":"box","text":"For each Outcome Period, the Fund obtains exposure to the share","page_number":14,"box":{"x":519,"y":357,"width":421,"height":11}},{"id":"6d419016-aa98-4540-ac78-a16c0c25e1d2","block_type":"box","text":"price return of the Underlying Fund by holding shares of the","page_number":14,"box":{"x":519,"y":371,"width":380,"height":11}},{"id":"6ce88d05-7089-4e1d-8161-6249258e5c23","block_type":"box","text":"Underlying Fund and futures that reference the price performance","page_number":14,"box":{"x":519,"y":385,"width":422,"height":11}},{"id":"9f691bd0-3775-46eb-ac9e-f2ef4e9df368","block_type":"box","text":"of the Underlying Fund’s Index. The Approximate Buffer and","page_number":14,"box":{"x":519,"y":400,"width":380,"height":10}},{"id":"39e2fd6d-42ee-4831-8e0e-1942b94eb3cf","block_type":"box","text":"Approximate Cap are typically created by trading a combination of","page_number":14,"box":{"x":518,"y":414,"width":425,"height":11}},{"id":"749ea837-6c7b-424e-9d16-840671d64723","block_type":"box","text":"put and call options, as described below, at the close of the last","page_number":14,"box":{"x":519,"y":428,"width":407,"height":11}},{"id":"a727824d-b07f-4643-b61b-0054c0848e5f","block_type":"box","text":"trading day of the prior Outcome Period.","page_number":14,"box":{"x":518,"y":442,"width":257,"height":11}},{"id":"cee21961-d9d6-495c-b1c3-b33a071137c8","block_type":"box","text":"Approximate Buffer","page_number":14,"box":{"x":517,"y":465,"width":124,"height":11}},{"id":"9ecf946f-fda4-4f6d-9ab6-55853b866fcd","block_type":"box","text":". The Fund creates the Approximate Buffer by","page_number":14,"box":{"x":641,"y":465,"width":289,"height":11}},{"id":"064472bd-64a4-4646-8321-000fbaaed9a5","block_type":"box","text":"(1) buying a put option with a strike price that is approximately","page_number":14,"box":{"x":519,"y":480,"width":397,"height":10}},{"id":"c825af73-fab4-41f6-99de-be9463aa6d5f","block_type":"box","text":"at-the-money relative to the Underlying Fund’s share price and (2)","page_number":14,"box":{"x":519,"y":494,"width":421,"height":11}},{"id":"6bebcac0-ec48-4ad4-b049-08669a6dd396","block_type":"box","text":"selling a put option with a strike price at approximately 90% of the","page_number":14,"box":{"x":519,"y":508,"width":421,"height":11}},{"id":"25da0417-6538-4c12-b17f-3e78d8439778","block_type":"box","text":"Underlying Fund’s share price. The Approximate Buffer is against","page_number":14,"box":{"x":519,"y":522,"width":413,"height":11}},{"id":"aacc9fd4-6afe-4f18-b3bf-338b3df43048","block_type":"box","text":"approximately the first 10% of the Underlying Fund’s losses for the","page_number":14,"box":{"x":519,"y":536,"width":423,"height":11}},{"id":"e8818ceb-8a3b-4bfa-90fa-e6b360263adf","block_type":"box","text":"applicable Outcome Period; however, there is no guarantee that","page_number":14,"box":{"x":519,"y":550,"width":408,"height":11}},{"id":"05c7fb43-9a68-447b-85bb-3c4b58860e47","block_type":"box","text":"the Approximate Buffer will succeed in providing the intended","page_number":14,"box":{"x":518,"y":565,"width":394,"height":10}},{"id":"7ac4a426-d6eb-4487-9027-21cff367e127","block_type":"box","text":"protection. The Approximate Buffer is provided prior to taking into","page_number":14,"box":{"x":519,"y":579,"width":421,"height":11}},{"id":"59245d7c-00b5-4dbd-8d9f-11eb2b1caa6b","block_type":"box","text":"account any fees or expenses charged to the Fund. These fees","page_number":14,"box":{"x":519,"y":593,"width":398,"height":11}},{"id":"1419d5a5-8cc8-494b-93fb-370147a15fd7","block_type":"box","text":"and any expenses will reduce the Approximate Buffer amount for","page_number":14,"box":{"x":519,"y":607,"width":414,"height":11}},{"id":"7ef03d8d-d30d-48b0-9f16-fc8f6fc89df9","block_type":"box","text":"Fund shareholders for an Outcome Period. When the Fund’s","page_number":14,"box":{"x":519,"y":621,"width":381,"height":9}},{"id":"cc652624-92e0-458d-a47a-f92a8669db3d","block_type":"box","text":"annual management fee of 0.50% of the Fund’s daily net assets is","page_number":14,"box":{"x":519,"y":635,"width":418,"height":11}},{"id":"6ba27a11-cd76-4337-91de-693c8b38036b","block_type":"box","text":"taken into account, the net Approximate Buffer for the Outcome","page_number":14,"box":{"x":518,"y":650,"width":410,"height":10}},{"id":"6213c770-3c42-4e5b-901f-f7532b123f59","block_type":"box","text":"Period is 9.50%.","page_number":14,"box":{"x":519,"y":664,"width":100,"height":8}},{"id":"6e588bce-3948-41ac-8ea3-abdba99ce955","block_type":"box","text":"Approximate Cap","page_number":14,"box":{"x":517,"y":687,"width":110,"height":11}},{"id":"4a384c8a-5104-4a61-a559-cd76fd9e89e7","block_type":"box","text":". The Fund creates the Approximate Cap by","page_number":14,"box":{"x":628,"y":687,"width":276,"height":11}},{"id":"1b4fe694-86b8-4232-8a77-6cae9ef188b5","block_type":"box","text":"selling a call option with a higher strike price relative to the","page_number":14,"box":{"x":519,"y":701,"width":377,"height":11}},{"id":"41d75ee9-d02e-4c4e-bebe-c0270b70a575","block_type":"box","text":"Underlying Fund’s share price (the “Cap Option”). The Cap","page_number":14,"box":{"x":519,"y":715,"width":371,"height":11}},{"id":"c810fa89-c006-4e42-86ed-c93a4ae639f2","block_type":"box","text":"Option’s higher strike price prevents the Fund from realizing the","page_number":14,"box":{"x":519,"y":730,"width":408,"height":10}},{"id":"14a00bcd-ead9-450e-8844-d57b81af3760","block_type":"box","text":"benefit of any increase in the Underlying Fund’s share price above","page_number":14,"box":{"x":519,"y":744,"width":421,"height":11}},{"id":"748a20b9-ff16-4482-8186-38c9e45a50f4","block_type":"box","text":"that strike price. The Approximate Cap for each Outcome Period is","page_number":14,"box":{"x":518,"y":758,"width":425,"height":11}},{"id":"1d358b0a-8569-4826-85b8-5e64123d81b4","block_type":"box","text":"based on the strike price of the Cap Option for that Outcome","page_number":14,"box":{"x":519,"y":772,"width":388,"height":11}},{"id":"eeead323-c437-4880-ba9f-f54d21674b87","block_type":"box","text":"Period. The strike price of the Cap Option depends on the market","page_number":14,"box":{"x":519,"y":786,"width":416,"height":11}},{"id":"79ab6a88-98d4-4d8c-94b9-def4d51d95fa","block_type":"box","text":"conditions when the option is sold and likely will be different for","page_number":14,"box":{"x":519,"y":801,"width":407,"height":10}},{"id":"b6c362f4-960c-479a-99e3-0a59074e1455","block_type":"box","text":"each Outcome Period, resulting in a different Approximate Cap for","page_number":14,"box":{"x":519,"y":815,"width":422,"height":11}},{"id":"b9ea1fcf-e3f9-419d-b9b9-fcd1dd479c8d","block_type":"box","text":"each Outcome Period. The Fund uses the premium collected from","page_number":14,"box":{"x":519,"y":829,"width":418,"height":11}},{"id":"4c78abf4-b547-46a1-ba9d-bacaf31bbaf7","block_type":"box","text":"selling the Cap Option and the expected dividend distributions","page_number":14,"box":{"x":519,"y":843,"width":397,"height":11}},{"id":"4ace2d2f-3e18-45a6-a95c-fce2d78eb2e7","block_type":"box","text":"from the Underlying Fund to cover the premium that it pays to buy","page_number":14,"box":{"x":518,"y":857,"width":424,"height":11}},{"id":"000a052d-02c2-46cd-85bf-3aa4521d6ef2","block_type":"box","text":"the options that create the Approximate Buffer.","page_number":14,"box":{"x":518,"y":871,"width":302,"height":11}},{"id":"db610023-2047-4224-b210-a06112a806bb","block_type":"box","text":"S-3","page_number":14,"box":{"x":495,"y":944,"width":20,"height":8}},{"id":"47119f46-1e33-4a2d-a061-50f11b7b9b06","block_type":"box","text":"The Fund’s Approximate Buffer and Approximate Cap (net of the","page_number":15,"box":{"x":52,"y":46,"width":410,"height":11}},{"id":"ddfff0e7-ecd9-4554-bb64-b5085add1d86","block_type":"box","text":"management fee) for the current Outcome Period, along with the","page_number":15,"box":{"x":53,"y":61,"width":414,"height":10}},{"id":"130cad1e-05e5-4dac-a0de-fd14d9d9775c","block_type":"box","text":"Fund’s current position relative to the Outcomes, are available","page_number":15,"box":{"x":53,"y":75,"width":397,"height":11}},{"id":"28d9eab4-248e-40a2-b396-bcac7b3ca7c0","block_type":"box","text":"and updated daily on the Fund’s page on www.iShares.com.","page_number":15,"box":{"x":53,"y":89,"width":380,"height":11}},{"id":"9c434999-7b14-4cda-b5d9-ebd10793e215","block_type":"box","text":"Approximately one week prior to the end of each Outcome Period,","page_number":15,"box":{"x":52,"y":112,"width":422,"height":11}},{"id":"6b2f6497-85d5-42c6-9e4a-788967c169e5","block_type":"box","text":"the Fund expects to file a prospectus supplement that discloses","page_number":15,"box":{"x":52,"y":126,"width":409,"height":11}},{"id":"06c1cf23-7674-4ef7-8af6-ad09455da853","block_type":"box","text":"an estimated range (as estimated by BFA) for the Approximate","page_number":15,"box":{"x":53,"y":140,"width":398,"height":11}},{"id":"0e3d4dfe-c1ab-4f12-a76a-c59297163702","block_type":"box","text":"Cap for the Fund’s next Outcome Period. On the last trading day","page_number":15,"box":{"x":53,"y":155,"width":409,"height":11}},{"id":"19522168-73a0-4d95-8d74-fcf98aaf9056","block_type":"box","text":"of each Outcome Period, the Fund will trade a new set of options","page_number":15,"box":{"x":53,"y":169,"width":413,"height":11}},{"id":"61eb7d11-95ae-49eb-96c3-323246177730","block_type":"box","text":"to create the Approximate Buffer and Approximate Cap for the","page_number":15,"box":{"x":52,"y":183,"width":399,"height":11}},{"id":"8bbb3663-0418-40d3-adb8-a87af0707d0d","block_type":"box","text":"next Outcome Period. After the close of business on the last","page_number":15,"box":{"x":53,"y":197,"width":384,"height":9}},{"id":"8b636c6f-01b9-4685-a682-88b898853172","block_type":"box","text":"trading day of the Outcome Period, the Fund will file a prospectus","page_number":15,"box":{"x":52,"y":211,"width":419,"height":11}},{"id":"a8e35ed4-831c-4f62-ac89-aefced7e1965","block_type":"box","text":"supplement that discloses the Fund’s Approximate Cap (gross and","page_number":15,"box":{"x":53,"y":226,"width":423,"height":10}},{"id":"602024a3-9137-4e3b-a729-03bee7425a6b","block_type":"box","text":"net of its management fee) for the next Outcome Period.","page_number":15,"box":{"x":53,"y":240,"width":361,"height":11}},{"id":"23146c90-c137-4294-9dbf-b9872374eb84","block_type":"box","text":"Outcome Period","page_number":15,"box":{"x":52,"y":263,"width":112,"height":8}},{"id":"574654a1-360a-411e-a2d6-4ba953c935f2","block_type":"box","text":"The Outcomes for an Outcome Period apply only to Fund shares","page_number":15,"box":{"x":52,"y":286,"width":408,"height":11}},{"id":"6d87dada-2240-4673-bb4b-5b972c0a55de","block_type":"box","text":"that are held over the entire Outcome Period. An investor who","page_number":15,"box":{"x":52,"y":300,"width":397,"height":9}},{"id":"511280a1-e7e5-46c8-a231-529c8947a9a8","block_type":"box","text":"purchases Fund shares after the beginning of an Outcome Period","page_number":15,"box":{"x":53,"y":315,"width":415,"height":10}},{"id":"672933aa-263f-49f5-bc59-52af0f3488f9","block_type":"box","text":"or who sells Fund shares before the end of an Outcome Period","page_number":15,"box":{"x":53,"y":329,"width":398,"height":8}},{"id":"565b4ccb-02a5-45ee-9859-f9052d56b31d","block_type":"box","text":"may not fully realize the Outcomes for the Outcome Period and","page_number":15,"box":{"x":53,"y":343,"width":402,"height":11}},{"id":"00d17fdf-8187-4f20-a48b-855d6260f857","block_type":"box","text":"may be exposed to greater risk of loss and less potential gain.","page_number":15,"box":{"x":53,"y":357,"width":395,"height":11}},{"id":"550800c4-4157-487f-82cd-c5cb5abd92eb","block_type":"box","text":"This is because, while the Outcomes are fixed levels that are","page_number":15,"box":{"x":52,"y":371,"width":386,"height":10}},{"id":"09e019fb-95ab-4c45-a304-7a2317ca2176","block_type":"box","text":"calculated in relation to the Underlying Fund’s price and the","page_number":15,"box":{"x":53,"y":385,"width":381,"height":11}},{"id":"e592190a-cb10-48be-983d-d213d1d0704e","block_type":"box","text":"Fund’s NAV at the start of each Outcome Period and generally","page_number":15,"box":{"x":53,"y":400,"width":395,"height":10}},{"id":"5af0ab33-9149-4c83-8381-a00dccb1e256","block_type":"box","text":"remain constant throughout the Outcome Period, an investor who","page_number":15,"box":{"x":53,"y":414,"width":419,"height":11}},{"id":"bd26fa16-a9eb-4a26-a921-fa2835a93068","block_type":"box","text":"transacts in Fund shares during the Outcome Period will likely do","page_number":15,"box":{"x":52,"y":428,"width":415,"height":11}},{"id":"6661dd18-77a0-4c11-860b-6d63d6c33cf2","block_type":"box","text":"so at a price that is different from the Fund’s NAV at the start of","page_number":15,"box":{"x":53,"y":442,"width":407,"height":11}},{"id":"6553f413-9398-4a8b-b265-c837dc8157e3","block_type":"box","text":"the Outcome Period.","page_number":15,"box":{"x":52,"y":456,"width":131,"height":9}},{"id":"549efb7d-cc03-4921-af84-21ad37309ebd","block_type":"box","text":"For example, if an investor purchases Fund shares during an","page_number":15,"box":{"x":53,"y":480,"width":383,"height":10}},{"id":"650f6824-41c9-454f-b422-99fc6d204d02","block_type":"box","text":"Outcome Period at a time when the Underlying Fund’s share price","page_number":15,"box":{"x":53,"y":494,"width":419,"height":11}},{"id":"0c4e690c-b30e-4bed-ae74-90d02ed5b5a7","block_type":"box","text":"has increased from its price at the beginning of the Outcome","page_number":15,"box":{"x":53,"y":508,"width":388,"height":11}},{"id":"1365daf2-0654-459b-abbd-a66b1ecf9d96","block_type":"box","text":"Period, the investor’s upside limit may be lower than the","page_number":15,"box":{"x":53,"y":522,"width":358,"height":11}},{"id":"1f5270de-169b-4aa6-bcdc-64eca0a9fb6d","block_type":"box","text":"Approximate Cap and the investor may experience losses prior to","page_number":15,"box":{"x":52,"y":536,"width":418,"height":11}},{"id":"49637ae4-c2f4-4cb3-9582-fa75e59de156","block_type":"box","text":"reaching the downside protection offered by the Approximate","page_number":15,"box":{"x":53,"y":550,"width":393,"height":11}},{"id":"a071bd86-057c-4b74-9c6c-3a0a3b6104bb","block_type":"box","text":"Buffer. Conversely, if an investor purchases Fund shares during an","page_number":15,"box":{"x":53,"y":565,"width":422,"height":10}},{"id":"4423d30f-b9c7-4880-92ec-129179ae2ef0","block_type":"box","text":"Outcome Period at a time when the Underlying Fund’s share price","page_number":15,"box":{"x":53,"y":579,"width":419,"height":11}},{"id":"3a7e7629-6377-4fe8-962f-ce67c78d4fc3","block_type":"box","text":"has decreased from its price at the beginning of the Outcome","page_number":15,"box":{"x":53,"y":593,"width":392,"height":11}},{"id":"45173599-646a-4359-8f44-857321502b58","block_type":"box","text":"Period, the Fund may require a larger increase in the Underlying","page_number":15,"box":{"x":53,"y":607,"width":407,"height":11}},{"id":"5a04cfb8-321a-4be3-8e2e-5ba66e41c5e7","block_type":"box","text":"Fund’s share price before it reaches the Approximate Cap.","page_number":15,"box":{"x":53,"y":621,"width":372,"height":11}},{"id":"8ac3b63b-a690-41fb-b290-6f9a14c538a4","block_type":"box","text":"Fund and Underlying Fund Performance","page_number":15,"box":{"x":53,"y":644,"width":278,"height":11}},{"id":"c0280df5-e9a0-4dd7-9801-6566e35f3c37","block_type":"box","text":"If there are any inflows, or creation transactions, for the Fund","page_number":15,"box":{"x":53,"y":668,"width":391,"height":11}},{"id":"74e24295-48ed-4fd9-9fc2-873d765b1341","block_type":"box","text":"during an Outcome Period, the Fund will typically buy Underlying","page_number":15,"box":{"x":53,"y":682,"width":411,"height":11}},{"id":"fef9e80b-4eda-446e-87cf-37e861c23ccb","block_type":"box","text":"Fund shares and futures on the Underlying Fund’s Index and seek","page_number":15,"box":{"x":53,"y":696,"width":418,"height":11}},{"id":"7dfe109c-0788-4e2d-a737-f5dbb47a9897","block_type":"box","text":"to enter into the combination of options transactions described","page_number":15,"box":{"x":52,"y":710,"width":405,"height":11}},{"id":"fc6873a0-62ad-4561-becd-4d95944de382","block_type":"box","text":"above. This will occur even in circumstances where the Fund","page_number":15,"box":{"x":53,"y":725,"width":386,"height":8}},{"id":"66d6070e-b4f3-4e22-9f7a-48660afe4a1d","block_type":"box","text":"would receive a negligible premium for selling an out-of-the","page_number":15,"box":{"x":52,"y":739,"width":385,"height":10}},{"id":"42521d54-2b91-4c24-84bb-9144a4240a93","block_type":"box","text":"money call, which may give up more sizable returns to the extent","page_number":15,"box":{"x":53,"y":753,"width":414,"height":11}},{"id":"fc48c32e-05ee-479c-b1c0-060ffb6c37d8","block_type":"box","text":"that the option later becomes in the money.","page_number":15,"box":{"x":52,"y":767,"width":280,"height":11}},{"id":"0fe417e9-2fd0-4bda-a689-eac446d122b2","block_type":"box","text":"Because the Fund uses distributions from the Underlying Fund to","page_number":15,"box":{"x":53,"y":790,"width":415,"height":11}},{"id":"623870e3-5634-42ee-b89d-cc9d8b6ddd43","block_type":"box","text":"purchase the downside protection, the Fund’s performance is","page_number":15,"box":{"x":53,"y":804,"width":393,"height":11}},{"id":"01e10f25-18dc-4c04-8e1a-2ccb28211903","block_type":"box","text":"likely to be less than the Underlying Fund’s performance when (1)","page_number":15,"box":{"x":53,"y":819,"width":415,"height":10}},{"id":"5a4324b5-0009-41a9-ba04-e22bc7715f98","block_type":"box","text":"distributions are considered and (2) the Underlying Fund’s","page_number":15,"box":{"x":53,"y":833,"width":370,"height":11}},{"id":"5d72ced9-27fd-4e87-af54-c928d7da1935","block_type":"box","text":"performance is positive. The Fund may also underperform the","page_number":15,"box":{"x":53,"y":847,"width":393,"height":11}},{"id":"eef2ae0b-85e6-4890-af50-fa2b74044475","block_type":"box","text":"Underlying Fund if the returns of the Underlying Fund exceed the","page_number":15,"box":{"x":53,"y":861,"width":414,"height":11}},{"id":"8f700e1b-aaf5-4cde-b33c-d33756114666","block_type":"box","text":"Approximate Cap net of the distributions.","page_number":15,"box":{"x":52,"y":875,"width":264,"height":11}},{"id":"ea24a202-cf81-4d43-8ff8-bc27d55771b9","block_type":"box","text":"The Fund’s market value and NAV may not correlate with the","page_number":15,"box":{"x":518,"y":46,"width":387,"height":11}},{"id":"5abcffe3-dfe7-4e2d-a4a7-d10ea462b5d4","block_type":"box","text":"Underlying Fund and the Underlying Fund’s Index. In periods of","page_number":15,"box":{"x":519,"y":61,"width":402,"height":10}},{"id":"81e0888f-c70f-427e-8327-aa6375a258ca","block_type":"box","text":"extreme market volatility, the Fund’s return may be subject to an","page_number":15,"box":{"x":519,"y":75,"width":414,"height":11}},{"id":"4e675403-e2c2-4b9b-b378-d87d6ee90ba4","block_type":"box","text":"upside limit significantly below the Approximate Cap and to","page_number":15,"box":{"x":519,"y":89,"width":379,"height":11}},{"id":"581e8411-64a3-4d73-8859-767edac0267b","block_type":"box","text":"significantly less downside protection than the Approximate","page_number":15,"box":{"x":519,"y":103,"width":382,"height":11}},{"id":"6c5186db-36ea-4cbf-9783-24e4bb91fe89","block_type":"box","text":"Buffer. Investors may lose their entire investment, and an","page_number":15,"box":{"x":519,"y":117,"width":365,"height":11}},{"id":"d9b9edea-30be-41ff-87b5-d356b815f655","block_type":"box","text":"investment in the Fund is appropriate only for investors willing to","page_number":15,"box":{"x":519,"y":131,"width":414,"height":11}},{"id":"0eb9d7ec-6eb0-41c8-b085-088dc564edbf","block_type":"box","text":"bear those losses.","page_number":15,"box":{"x":519,"y":146,"width":115,"height":8}},{"id":"db6923f7-9a09-4efc-9f3b-71a843927678","block_type":"box","text":"In order to obtain economic exposure to the Underlying Fund, in","page_number":15,"box":{"x":519,"y":169,"width":408,"height":11}},{"id":"06142966-e864-4c26-ad6d-30df1099e693","block_type":"box","text":"lieu of purchasing Underlying Fund shares and futures on the","page_number":15,"box":{"x":519,"y":183,"width":388,"height":11}},{"id":"02d96cb4-2b09-492d-abb8-25a1ba6b89d6","block_type":"box","text":"Underlying Fund’s Index for an Outcome Period, the Fund may","page_number":15,"box":{"x":519,"y":197,"width":396,"height":11}},{"id":"040f9cf5-fb72-44ba-b247-275469b6af71","block_type":"box","text":"instead do one or more of the following, among other things:","page_number":15,"box":{"x":519,"y":211,"width":387,"height":11}},{"id":"2cf179e9-e446-4148-b99c-7d6d96fa2f1e","block_type":"box","text":"purchase call options with a strike price that is very low","page_number":15,"box":{"x":556,"y":229,"width":355,"height":11}},{"id":"15a912fb-e1aa-4575-873d-085a58978b69","block_type":"box","text":"(approximately 1% or less) relative to the Underlying Fund’s","page_number":15,"box":{"x":556,"y":244,"width":379,"height":10}},{"id":"00589c46-1d57-4bec-9ecc-6d0604b6455e","block_type":"box","text":"share price on the day of purchase (a “zero strike call”);","page_number":15,"box":{"x":556,"y":258,"width":354,"height":11}},{"id":"bae74cac-bf68-4f33-a231-c00087fe1426","block_type":"box","text":"purchase one or more other ETFs that seek to track the","page_number":15,"box":{"x":556,"y":276,"width":354,"height":11}},{"id":"b65f04a3-87a8-42a4-9fed-b96b33ebe860","block_type":"box","text":"Underlying Fund’s Index;","page_number":15,"box":{"x":556,"y":290,"width":156,"height":11}},{"id":"3f83364d-7e93-4578-b5c0-86ce9af58fa0","block_type":"box","text":"purchase equity securities (e.g., component securities of the","page_number":15,"box":{"x":556,"y":308,"width":387,"height":11}},{"id":"95e4eecb-1ef1-4b92-b1a3-aeb49f1b66f5","block_type":"box","text":"Underlying Fund or the Underlying Fund’s Index) in seeking","page_number":15,"box":{"x":556,"y":322,"width":376,"height":11}},{"id":"9f5cb954-452b-4132-ae42-77183df3282c","block_type":"box","text":"to track the share price return of the Underlying Fund; or","page_number":15,"box":{"x":555,"y":336,"width":364,"height":11}},{"id":"01fbc84e-feb1-438c-81d8-e3f66be023ff","block_type":"box","text":"invest in U.S. Treasuries, money market funds and/or other","page_number":15,"box":{"x":556,"y":354,"width":380,"height":11}},{"id":"d63ecd15-363c-4a3a-8fa1-f1b96a5134c9","block_type":"box","text":"cash equivalents and purchase or sell a combination of call","page_number":15,"box":{"x":556,"y":369,"width":376,"height":10}},{"id":"94411658-0d5e-4961-b125-d7bfb6e8e3b9","block_type":"box","text":"and put options that seek to synthesize the economic","page_number":15,"box":{"x":556,"y":383,"width":342,"height":11}},{"id":"619ed5d6-9564-468f-88f6-297a562eb95d","block_type":"box","text":"characteristics of the Underlying Fund.","page_number":15,"box":{"x":556,"y":397,"width":247,"height":11}},{"id":"8145529d-8d78-4883-9f38-d189a8ab8662","block_type":"box","text":"If the Fund invests in equity securities (other than the Underlying","page_number":15,"box":{"x":519,"y":420,"width":414,"height":11}},{"id":"2162aab3-68e6-4996-bd6d-3189c96e5e85","block_type":"box","text":"Fund), the Fund’s equity security investments will be primarily in","page_number":15,"box":{"x":519,"y":434,"width":410,"height":11}},{"id":"1c11ef02-cfd6-4b97-a9e0-80c9fbee72d9","block_type":"box","text":"common stocks of companies held by the Underlying Fund that","page_number":15,"box":{"x":519,"y":449,"width":403,"height":10}},{"id":"a0e89501-f588-4ec0-86ec-38fad27fa3a2","block_type":"box","text":"BFA believes will provide a risk/return profile similar to that of the","page_number":15,"box":{"x":519,"y":463,"width":422,"height":11}},{"id":"b8ad7a02-b4fa-415b-bc82-f9e73038ccfa","block_type":"box","text":"Underlying Fund.","page_number":15,"box":{"x":519,"y":477,"width":107,"height":11}},{"id":"ab34c66a-d8ca-48d2-9b31-79de47f4175b","block_type":"box","text":"Under normal market conditions, the Fund invests at least 80% of","page_number":15,"box":{"x":519,"y":500,"width":418,"height":10}},{"id":"07c6b323-6158-4917-a974-8c928441e84b","block_type":"box","text":"its net assets (plus any borrowings for investment purposes) in","page_number":15,"box":{"x":519,"y":514,"width":401,"height":11}},{"id":"0c1aacc8-0474-4163-9f2e-9e2b1f1fd249","block_type":"box","text":"securities or other instruments that provide exposure to securities","page_number":15,"box":{"x":519,"y":529,"width":424,"height":10}},{"id":"4e89b8a1-1742-48e5-acf1-e9c307cd8505","block_type":"box","text":"of large-capitalization companies or that provide for the","page_number":15,"box":{"x":519,"y":543,"width":355,"height":11}},{"id":"c3920917-377c-45f0-90ef-8c90e065f82f","block_type":"box","text":"Approximate Cap or the Approximate Buffer with respect to","page_number":15,"box":{"x":518,"y":557,"width":381,"height":11}},{"id":"9c7df90b-c3d9-44a3-ab31-835f097ba4d2","block_type":"box","text":"securities of large-capitalization companies. For purposes of the","page_number":15,"box":{"x":519,"y":571,"width":410,"height":11}},{"id":"ed3e1bca-46cf-4bcb-b8b4-b10aaecc0fe9","block_type":"box","text":"Fund’s 80% policy, “large-capitalization companies” are those","page_number":15,"box":{"x":519,"y":585,"width":393,"height":11}},{"id":"c6f31805-0660-4823-a4b8-5808035a4f8b","block_type":"box","text":"within the range of capitalization of the Underlying Fund’s Index.","page_number":15,"box":{"x":518,"y":599,"width":411,"height":11}},{"id":"39cf9ee8-af1e-48fe-9a0c-40fedb94caa3","block_type":"box","text":"Summary of Principal Risks","page_number":15,"box":{"x":519,"y":628,"width":235,"height":14}},{"id":"544da35b-397c-45b1-b474-3bbdfed1c3b0","block_type":"box","text":"The Fund has characteristics unlike those of many traditional","page_number":15,"box":{"x":518,"y":654,"width":389,"height":10}},{"id":"6cdcfcfb-8938-4ccf-ba0f-86d2a63e7445","block_type":"box","text":"products and may not be appropriate for all investors. As with any","page_number":15,"box":{"x":519,"y":668,"width":421,"height":11}},{"id":"a0dbb20a-0930-4c8b-90af-c4d4cfb98f0b","block_type":"box","text":"investment, you could lose all or part of your investment in the","page_number":15,"box":{"x":519,"y":682,"width":399,"height":11}},{"id":"0555b2c8-8843-4c66-ba5f-04d72a667f8b","block_type":"box","text":"Fund, and the Fund’s performance could trail that of other","page_number":15,"box":{"x":519,"y":696,"width":371,"height":11}},{"id":"d515cfc9-aba5-4e2b-847a-789d8678c30c","block_type":"box","text":"investments. The Fund is subject to certain risks, including the","page_number":15,"box":{"x":519,"y":710,"width":398,"height":11}},{"id":"e23a08b7-bda6-4bf1-9fdd-aaf7ff07ac08","block_type":"box","text":"principal risks noted below (either directly or through its","page_number":15,"box":{"x":519,"y":725,"width":359,"height":10}},{"id":"8ec238f1-5fa2-4583-a147-f778d4cbce60","block_type":"box","text":"investments in the Underlying Fund), any of which may adversely","page_number":15,"box":{"x":519,"y":739,"width":414,"height":10}},{"id":"bcde2bc8-db70-4d8a-b764-29615a66aad8","block_type":"box","text":"affect the Fund’s NAV, trading price, yield, total return and ability","page_number":15,"box":{"x":519,"y":753,"width":414,"height":11}},{"id":"78597738-92e8-4e7f-b744-c97af5593035","block_type":"box","text":"to meet its investment objective. Certain key risks are prioritized","page_number":15,"box":{"x":518,"y":767,"width":414,"height":11}},{"id":"a89396d1-8bcc-496a-ae44-12c946ca13e5","block_type":"box","text":"below (with others following in alphabetical order), but the relative","page_number":15,"box":{"x":519,"y":781,"width":423,"height":11}},{"id":"59a034bf-0c70-439a-bc66-bc8515506141","block_type":"box","text":"significance of any risk is difficult to predict and may change over","page_number":15,"box":{"x":519,"y":795,"width":418,"height":11}},{"id":"108591aa-83a4-4382-a1c7-abd85c8d8ae8","block_type":"box","text":"time. You should review each risk factor carefully.","page_number":15,"box":{"x":518,"y":810,"width":316,"height":10}},{"id":"56a43440-97a3-497d-a155-24cc357d1d5f","block_type":"box","text":"Approximate Buffer Risk.","page_number":15,"box":{"x":517,"y":833,"width":170,"height":10}},{"id":"89b571e9-6bdf-43a4-8aa3-a9c627a0c114","block_type":"box","text":"There can be no guarantee that the","page_number":15,"box":{"x":693,"y":833,"width":224,"height":11}},{"id":"fb025b8d-dab9-4602-bc94-f6ab9f6c9567","block_type":"box","text":"Fund will be successful in its strategy to provide downside","page_number":15,"box":{"x":519,"y":847,"width":371,"height":11}},{"id":"96674124-f471-4ae2-a04a-6fb3b7b8be22","block_type":"box","text":"protection against Underlying Fund losses. The Fund does not","page_number":15,"box":{"x":519,"y":861,"width":394,"height":11}},{"id":"631d49eb-164f-4d7d-bc16-09c0dcb04687","block_type":"box","text":"provide principal protection or non-principal protection, and,","page_number":15,"box":{"x":519,"y":875,"width":386,"height":11}},{"id":"d6305fa2-b0e0-43a5-b1fb-ea716c609a73","block_type":"box","text":"despite the Approximate Buffer, an investor may experience","page_number":15,"box":{"x":519,"y":889,"width":383,"height":11}},{"id":"0d63ad1c-1eff-4735-8a4f-a22a54484708","block_type":"box","text":"significant losses on their investment, including the loss of their","page_number":15,"box":{"x":519,"y":904,"width":407,"height":11}},{"id":"460eb7a7-cf7b-4006-bed4-61c3bb57225b","block_type":"box","text":"S-4","page_number":15,"box":{"x":495,"y":944,"width":21,"height":8}},{"id":"e743e014-61df-40e3-80e3-743c3fc195b6","block_type":"box","text":"entire investment. If an investor purchases Fund shares after an","page_number":16,"box":{"x":53,"y":46,"width":407,"height":11}},{"id":"29a83549-f155-42a1-b69d-1c9779bfd304","block_type":"box","text":"Outcome Period begins or sells Fund shares prior to the end of an","page_number":16,"box":{"x":53,"y":61,"width":419,"height":10}},{"id":"c0a3bfdb-70c8-4466-9b98-0e76232a34c4","block_type":"box","text":"Outcome Period, the Approximate Buffer that the Fund seeks to","page_number":16,"box":{"x":53,"y":75,"width":406,"height":11}},{"id":"52a6e0a8-55ae-4074-8c25-d3db0ba64d84","block_type":"box","text":"provide may not be available. 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The Approximate Cap may rise or fall","page_number":16,"box":{"x":52,"y":197,"width":392,"height":11}},{"id":"4ab293e4-13e6-45ec-b1eb-a219e8a410a1","block_type":"box","text":"from one Outcome Period to the next, sometimes to a significant","page_number":16,"box":{"x":52,"y":211,"width":415,"height":11}},{"id":"facdbe46-2dc3-4c52-8767-892df47e0a5e","block_type":"box","text":"extent, and is unlikely to remain the same for consecutive","page_number":16,"box":{"x":53,"y":226,"width":368,"height":10}},{"id":"a4139f20-caea-4c89-8a40-f7291e6192fa","block_type":"box","text":"Outcome Periods. If the Underlying Fund experiences gains in","page_number":16,"box":{"x":53,"y":240,"width":392,"height":11}},{"id":"b35798ac-d696-46de-93a8-1f83286b5635","block_type":"box","text":"excess of the Approximate Cap for an Outcome Period, the Fund","page_number":16,"box":{"x":53,"y":254,"width":411,"height":11}},{"id":"7084856d-473f-440d-a6ef-8d70e5cb03b9","block_type":"box","text":"will not participate in any gains beyond the Approximate Cap and","page_number":16,"box":{"x":52,"y":268,"width":415,"height":11}},{"id":"76f10d20-b985-4f00-b072-d5ffce0ca798","block_type":"box","text":"will underperform the Underlying Fund. In periods of extreme","page_number":16,"box":{"x":52,"y":282,"width":391,"height":11}},{"id":"3d21014e-1c3e-420d-9450-f45fd9b7996f","block_type":"box","text":"market volatility, the Fund’s return may be significantly below the","page_number":16,"box":{"x":53,"y":296,"width":416,"height":11}},{"id":"50cbfa96-8fd3-4d68-94fc-9b15f0246d1d","block_type":"box","text":"Approximate Cap.","page_number":16,"box":{"x":52,"y":311,"width":114,"height":10}},{"id":"960a1e57-8ed4-44fd-97e8-6b718cfd40a7","block_type":"box","text":"Options Risk.","page_number":16,"box":{"x":53,"y":334,"width":87,"height":11}},{"id":"fcfca11c-8b72-41cf-9368-c6458ec4e6d1","block_type":"box","text":"Investments in options are considered speculative.","page_number":16,"box":{"x":147,"y":334,"width":324,"height":11}},{"id":"373402d8-bb41-489b-bff9-96fd95e2159f","block_type":"box","text":"When the Fund purchases an option, it may lose the total","page_number":16,"box":{"x":52,"y":348,"width":364,"height":11}},{"id":"f2c00481-68be-4b2b-8d48-2c6fd5a2da6c","block_type":"box","text":"premium paid for it if the price of the underlying security or other","page_number":16,"box":{"x":53,"y":362,"width":416,"height":11}},{"id":"c76e3bb4-4518-465f-ba77-1a66b2a3c02d","block_type":"box","text":"reference asset related to the option decreased, remained the","page_number":16,"box":{"x":53,"y":376,"width":397,"height":11}},{"id":"a7cb05ec-0194-474b-a457-00cbecc2142d","block_type":"box","text":"same or failed to increase to a level at or beyond the exercise","page_number":16,"box":{"x":53,"y":391,"width":393,"height":10}},{"id":"6f83ccd5-e7b6-427a-93c5-f4d319f9bd44","block_type":"box","text":"price (in the case of a call option) or increased, remained the","page_number":16,"box":{"x":53,"y":405,"width":388,"height":11}},{"id":"9e31c4d6-d386-40ef-9343-58ac89bf4949","block_type":"box","text":"same or failed to decrease to a level at or below the exercise price","page_number":16,"box":{"x":53,"y":419,"width":424,"height":11}},{"id":"90d33ba7-d1d1-48c1-a178-0cacfd564d40","block_type":"box","text":"(in the case of a put option). When the Fund sells an option, it may","page_number":16,"box":{"x":53,"y":433,"width":423,"height":11}},{"id":"71554c2e-dddd-4794-a6c1-df8b47f10a0a","block_type":"box","text":"experience a substantial loss if the price of the underlying security","page_number":16,"box":{"x":53,"y":447,"width":424,"height":11}},{"id":"723113f6-e6dc-4360-ba08-839aed39f596","block_type":"box","text":"or other reference asset increased to a level significantly above","page_number":16,"box":{"x":53,"y":461,"width":404,"height":11}},{"id":"9df2a421-de7c-4900-8e46-6582151e001b","block_type":"box","text":"the exercise price (in the case of a call option) or decreased to a","page_number":16,"box":{"x":52,"y":476,"width":411,"height":10}},{"id":"2242edab-129b-4daf-8d4d-f01a1fd13f46","block_type":"box","text":"level significantly below the exercise price (in the case of a put","page_number":16,"box":{"x":53,"y":490,"width":400,"height":11}},{"id":"1589b6ed-bb8e-4863-823d-79903ec80cde","block_type":"box","text":"option). If a put or call option purchased by the Fund were","page_number":16,"box":{"x":53,"y":504,"width":370,"height":11}},{"id":"50b114cd-fbfe-4ced-bfb8-c1d8d2a8c776","block_type":"box","text":"permitted to expire without being sold or exercised, its premium","page_number":16,"box":{"x":53,"y":518,"width":410,"height":11}},{"id":"94d34995-5fe2-4c00-9039-00b67622e080","block_type":"box","text":"would represent a loss to the Fund.","page_number":16,"box":{"x":52,"y":533,"width":225,"height":10}},{"id":"543c8e22-9171-46e7-b5f6-4635c44bf88d","block_type":"box","text":"FLEX Options Risk.","page_number":16,"box":{"x":52,"y":556,"width":117,"height":10}},{"id":"0d6d3cc0-2e0c-4d68-b9b9-c7a22a6de706","block_type":"box","text":"FLEX Options are subject to the risk that they","page_number":16,"box":{"x":176,"y":556,"width":291,"height":10}},{"id":"9c4c4e24-0d0a-43c0-b809-75e5eb256cc5","block_type":"box","text":"may be less liquid than certain other securities, such as","page_number":16,"box":{"x":53,"y":570,"width":354,"height":11}},{"id":"aed9f2b7-b292-4e07-823e-99b1b2b1d7ad","block_type":"box","text":"standardized options. In less liquid markets for the FLEX Options,","page_number":16,"box":{"x":53,"y":584,"width":417,"height":11}},{"id":"a1e47dd3-1928-4451-be9e-fc3a2e0df2c5","block_type":"box","text":"terminating FLEX Options may require the payment of a premium","page_number":16,"box":{"x":52,"y":598,"width":416,"height":11}},{"id":"28fc1fb1-e89b-43ed-b8d9-3d1e862772eb","block_type":"box","text":"or acceptance of a discounted price and may take longer to","page_number":16,"box":{"x":53,"y":612,"width":380,"height":11}},{"id":"65d0afa8-d20b-477a-8e97-e80c71d446c7","block_type":"box","text":"complete. In a less liquid market for FLEX Options, the liquidation","page_number":16,"box":{"x":53,"y":626,"width":417,"height":11}},{"id":"3e80115b-ad63-4a85-ae26-3a6ec7a8de90","block_type":"box","text":"of a large number of options may significantly impact the price of","page_number":16,"box":{"x":53,"y":641,"width":416,"height":11}},{"id":"9ee6a8a0-1cb9-4503-9fe8-7044f19e2b61","block_type":"box","text":"the options and may adversely impact the value of an investment","page_number":16,"box":{"x":52,"y":655,"width":416,"height":11}},{"id":"547093f5-ea8a-4009-806d-501f73e4590e","block_type":"box","text":"in the Fund. 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Additionally, to the extent market participants are not","page_number":16,"box":{"x":53,"y":726,"width":400,"height":11}},{"id":"9a4007a0-30bd-48ee-8de3-c78311e1d68c","block_type":"box","text":"willing or able to enter into FLEX Option transactions with the","page_number":16,"box":{"x":52,"y":740,"width":393,"height":11}},{"id":"60fd450d-16ca-4994-bc12-99975d4d3902","block_type":"box","text":"Fund at prices that reflect the market price of Fund shares, the","page_number":16,"box":{"x":53,"y":754,"width":401,"height":11}},{"id":"433ca50a-4f54-4530-9059-3bcd0fc4fb21","block_type":"box","text":"Fund’s NAV and the share price of the Fund could be negatively","page_number":16,"box":{"x":53,"y":768,"width":404,"height":11}},{"id":"2bb709f4-4892-4f88-b481-e316f20fd5a5","block_type":"box","text":"impacted.","page_number":16,"box":{"x":53,"y":783,"width":62,"height":10}},{"id":"ef4362f8-a1af-4336-9986-400de95244e1","block_type":"box","text":"Risk of Investing in the U.S","page_number":16,"box":{"x":52,"y":806,"width":183,"height":10}},{"id":"b7acaa0a-84ff-463b-99b1-1dcdbb80ba6e","block_type":"box","text":".","page_number":16,"box":{"x":235,"y":812,"width":3,"height":2}},{"id":"c375f993-4d5b-4002-80c7-a0025e3a59ea","block_type":"box","text":"Investing in U.S. issuers subjects","page_number":16,"box":{"x":244,"y":806,"width":210,"height":11}},{"id":"51377678-269e-4c58-a19d-c4015f4e9394","block_type":"box","text":"the Fund to legal, regulatory, political, currency, security, and","page_number":16,"box":{"x":52,"y":820,"width":392,"height":11}},{"id":"8767977b-e0cb-466e-a2e5-a61813663beb","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the","page_number":16,"box":{"x":53,"y":834,"width":423,"height":11}},{"id":"ed22c604-7f75-4421-9958-d759fdf59c08","block_type":"box","text":"U.S., such as a weakening of the U.S. economy or a decline in its","page_number":16,"box":{"x":53,"y":848,"width":413,"height":11}},{"id":"72fe7576-2239-4d48-8be0-53881678b28d","block_type":"box","text":"financial markets, may have an adverse effect on U.S. issuers.","page_number":16,"box":{"x":52,"y":862,"width":397,"height":11}},{"id":"203ef540-d5de-475d-b1bb-4f23a1f912f8","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":16,"box":{"x":52,"y":886,"width":253,"height":10}},{"id":"54550bfe-8c2a-4df2-a9fc-21f7a5a62014","block_type":"box","text":"Large-capitalization","page_number":16,"box":{"x":312,"y":886,"width":123,"height":10}},{"id":"da84d7ad-9063-4990-bad6-3c27f6902c9a","block_type":"box","text":"companies may be less able than smaller-capitalization","page_number":16,"box":{"x":53,"y":900,"width":351,"height":11}},{"id":"59417763-07fe-465d-92de-ff2a97592485","block_type":"box","text":"companies to adapt to changing market conditions and","page_number":16,"box":{"x":519,"y":46,"width":351,"height":11}},{"id":"74158d56-95d0-47a7-b045-0aa3d657ee99","block_type":"box","text":"competitive challenges. Large-capitalization companies may be","page_number":16,"box":{"x":519,"y":61,"width":404,"height":10}},{"id":"724e1339-51d1-419a-957d-23a299ecd67c","block_type":"box","text":"more mature and subject to more limited growth potential","page_number":16,"box":{"x":519,"y":75,"width":371,"height":11}},{"id":"7cab824c-f3e8-4b58-a8fb-00c93fa1d371","block_type":"box","text":"compared with smaller-capitalization companies. The","page_number":16,"box":{"x":519,"y":89,"width":339,"height":11}},{"id":"16f008d2-3ebe-41df-a4dc-10438b7c1151","block_type":"box","text":"performance of large-capitalization companies could trail the","page_number":16,"box":{"x":519,"y":103,"width":389,"height":11}},{"id":"46a83f2d-db34-4e68-ba27-b4b82cd9c38e","block_type":"box","text":"overall performance of the broader securities markets.","page_number":16,"box":{"x":519,"y":117,"width":349,"height":11}},{"id":"628e4e86-1a1c-4036-b98f-8c01c39291b6","block_type":"box","text":"Market Risk","page_number":16,"box":{"x":518,"y":140,"width":83,"height":9}},{"id":"4c89dbab-b2aa-4ac4-96f2-3b95ee708a2d","block_type":"box","text":".","page_number":16,"box":{"x":601,"y":147,"width":2,"height":2}},{"id":"fa2ec33e-c261-43e2-89b0-71ca39021579","block_type":"box","text":"The Fund could lose money over short periods due","page_number":16,"box":{"x":608,"y":141,"width":323,"height":10}},{"id":"94209715-85c1-44a5-b75d-8054d72af2f3","block_type":"box","text":"to short-term market movements and over longer periods during","page_number":16,"box":{"x":518,"y":155,"width":414,"height":11}},{"id":"c0e2d502-1d98-436e-a655-8af3b32454af","block_type":"box","text":"more prolonged market downturns. 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Only an Authorized Participant","page_number":16,"box":{"x":519,"y":550,"width":407,"height":11}},{"id":"4a487db1-81b6-4ba7-a8d0-6da588baade4","block_type":"box","text":"may engage in creation or redemption transactions directly with","page_number":16,"box":{"x":519,"y":565,"width":408,"height":10}},{"id":"711f6077-7b81-41ad-86e4-143088a2f716","block_type":"box","text":"the Fund. There are a limited number of institutions that may act","page_number":16,"box":{"x":518,"y":579,"width":413,"height":11}},{"id":"dd8e7e17-5bd7-456c-ab7c-3e4e70091875","block_type":"box","text":"as Authorized Participants for the Fund, including on an agency","page_number":16,"box":{"x":519,"y":593,"width":403,"height":11}},{"id":"af44b4ed-886a-4e67-8d44-434aa145dd00","block_type":"box","text":"basis on behalf of other market participants. No Authorized","page_number":16,"box":{"x":519,"y":607,"width":378,"height":11}},{"id":"a0b4ebac-7a5c-4659-8aac-9171801ca47c","block_type":"box","text":"Participant is obligated to engage in creation or redemption","page_number":16,"box":{"x":519,"y":621,"width":379,"height":11}},{"id":"a0bedf78-a58b-482c-84d5-07b53b86a730","block_type":"box","text":"transactions. To the extent that Authorized Participants exit the","page_number":16,"box":{"x":518,"y":636,"width":405,"height":10}},{"id":"030f320b-0ac4-4477-a29c-ffde74fa4945","block_type":"box","text":"business or do not place creation or redemption orders for the","page_number":16,"box":{"x":519,"y":650,"width":399,"height":10}},{"id":"8bd92087-22cf-4063-8b4e-531e26b21bd5","block_type":"box","text":"Fund and no other Authorized Participant places orders, Fund","page_number":16,"box":{"x":519,"y":664,"width":392,"height":11}},{"id":"b94e9370-6fbc-4cfb-a7d2-46e1e35af096","block_type":"box","text":"shares are more likely to trade at a premium or discount to NAV","page_number":16,"box":{"x":519,"y":678,"width":408,"height":11}},{"id":"3165ea5f-c8b1-43d1-af39-63c11da09075","block_type":"box","text":"and possibly face trading halts or delisting.","page_number":16,"box":{"x":519,"y":692,"width":273,"height":11}},{"id":"39ebaedc-b12d-4175-8fce-aad9b67251a1","block_type":"box","text":"Clearing Member Default Risk.","page_number":16,"box":{"x":519,"y":715,"width":207,"height":11}},{"id":"c354df61-2d3a-4fe1-a76c-f72b9b74bb02","block_type":"box","text":"Transactions in some types of","page_number":16,"box":{"x":731,"y":715,"width":191,"height":11}},{"id":"4275df1e-eff4-4576-a2dc-0ba28acd66dc","block_type":"box","text":"derivatives, including FLEX Options and futures, are required to be","page_number":16,"box":{"x":519,"y":730,"width":423,"height":10}},{"id":"b0845b42-57e7-4741-b778-e585d98d6973","block_type":"box","text":"centrally cleared (“cleared derivatives”). In a transaction involving","page_number":16,"box":{"x":519,"y":744,"width":419,"height":11}},{"id":"e41ee109-a424-442b-918d-f13e023a2ee8","block_type":"box","text":"cleared derivatives, the Fund’s counterparty is a clearing house,","page_number":16,"box":{"x":519,"y":758,"width":407,"height":11}},{"id":"5e9d29aa-f05f-4f73-9209-686a10f1d860","block_type":"box","text":"such as the OCC, rather than a bank or broker. Since the Fund is","page_number":16,"box":{"x":519,"y":772,"width":412,"height":10}},{"id":"3355c946-b738-4dbb-be13-73d7e267fc6a","block_type":"box","text":"not a member of clearing houses and only members of a clearing","page_number":16,"box":{"x":519,"y":786,"width":414,"height":11}},{"id":"c23e0e5b-ec88-45f8-8807-2613d30bb0d2","block_type":"box","text":"house (“clearing members”) can participate directly in the clearing","page_number":16,"box":{"x":519,"y":801,"width":423,"height":10}},{"id":"8a31d5f4-90b3-48be-9af8-ade85953264e","block_type":"box","text":"house, the Fund will hold cleared derivatives through accounts at","page_number":16,"box":{"x":519,"y":815,"width":416,"height":11}},{"id":"69f15034-244f-4a70-80ca-7c4e3b0f043b","block_type":"box","text":"clearing members. In cleared derivatives positions, the Fund will","page_number":16,"box":{"x":519,"y":829,"width":409,"height":11}},{"id":"2bf1f7c4-81b3-4454-b287-4bf98cb720d2","block_type":"box","text":"make payments (including margin payments) to and receive","page_number":16,"box":{"x":519,"y":843,"width":381,"height":11}},{"id":"a8666a9f-160d-43c1-b376-3ec80f218852","block_type":"box","text":"payments from a clearing house through their accounts at","page_number":16,"box":{"x":519,"y":857,"width":371,"height":11}},{"id":"bbadbb09-23b7-4bed-8913-bc0f11c5203e","block_type":"box","text":"clearing members. Customer funds held at a clearing organization","page_number":16,"box":{"x":519,"y":871,"width":420,"height":11}},{"id":"dc7f726a-f210-416a-9bf1-9e64dd2fe970","block_type":"box","text":"in connection with any options contracts are held in a","page_number":16,"box":{"x":519,"y":886,"width":341,"height":10}},{"id":"0c12787a-441c-43b2-a04a-29c1c33745f1","block_type":"box","text":"commingled omnibus account and are not identified to the name","page_number":16,"box":{"x":519,"y":900,"width":413,"height":11}},{"id":"df045c12-8b83-431d-8e17-e48169827696","block_type":"box","text":"S-5","page_number":16,"box":{"x":495,"y":944,"width":20,"height":8}},{"id":"783c82b0-02e5-4c54-9c71-bc6bbd2ccfe3","block_type":"box","text":"of the clearing member’s individual customers. As a result, assets","page_number":17,"box":{"x":53,"y":46,"width":419,"height":11}},{"id":"9c928f30-8350-4c6b-8bfe-64a50f69b251","block_type":"box","text":"deposited by the Fund with any clearing member as margin for","page_number":17,"box":{"x":53,"y":61,"width":399,"height":10}},{"id":"d7d6ff91-6868-400f-9482-58389bda2b8b","block_type":"box","text":"FLEX Options or futures may, in certain circumstances, be used to","page_number":17,"box":{"x":53,"y":75,"width":422,"height":11}},{"id":"33d037af-3a4b-43da-82dd-e475a290c3a5","block_type":"box","text":"satisfy losses of other clients of the Fund’s clearing member. In","page_number":17,"box":{"x":53,"y":89,"width":403,"height":11}},{"id":"4562ea6c-723c-4d21-ba9e-0fa20b1bbdcf","block_type":"box","text":"addition, although clearing members guarantee performance of","page_number":17,"box":{"x":53,"y":103,"width":405,"height":11}},{"id":"154b2313-5987-4275-b4cb-58b10fc781fe","block_type":"box","text":"their clients’ obligations to the Underlying Fund, the Fund’s or the","page_number":17,"box":{"x":52,"y":117,"width":419,"height":11}},{"id":"fedc97fc-2196-4bf3-9308-35b4ea0d38a6","block_type":"box","text":"Underlying Fund’s clearing house, there is a risk that the assets of","page_number":17,"box":{"x":53,"y":131,"width":422,"height":11}},{"id":"baeba9b1-f38f-4724-9aff-3b347740957d","block_type":"box","text":"the Fund might not be fully protected in the event of the clearing","page_number":17,"box":{"x":52,"y":146,"width":413,"height":10}},{"id":"273111cf-c70e-4dcb-9f9b-3395583c6bfe","block_type":"box","text":"member’s bankruptcy, as the Fund would be limited to recovering","page_number":17,"box":{"x":53,"y":160,"width":419,"height":11}},{"id":"2e66c2ec-4735-4a9d-9772-ab51ff4a7588","block_type":"box","text":"only a pro rata share of all available funds segregated on behalf of","page_number":17,"box":{"x":53,"y":174,"width":421,"height":11}},{"id":"8324d837-07f0-42c9-8d8f-79d3ffbba71f","block_type":"box","text":"the clearing member’s customers for the relevant account class.","page_number":17,"box":{"x":52,"y":188,"width":412,"height":11}},{"id":"1f37ff7c-e97b-4b5e-be5b-fdab78ba9705","block_type":"box","text":"The Fund is also subject to the risk that a limited number of","page_number":17,"box":{"x":52,"y":202,"width":381,"height":11}},{"id":"9501e0fb-ba2c-485e-b385-9c62423fb8e8","block_type":"box","text":"clearing members are willing to transact on the Fund’s behalf,","page_number":17,"box":{"x":53,"y":217,"width":394,"height":10}},{"id":"250edac8-c4c9-422c-89cb-309d6b643e71","block_type":"box","text":"which heightens the risks associated with a clearing member’s","page_number":17,"box":{"x":52,"y":231,"width":400,"height":11}},{"id":"97432188-bda7-4863-84ea-cbe14748c016","block_type":"box","text":"default. If a clearing member defaults, the Fund could lose some","page_number":17,"box":{"x":53,"y":245,"width":410,"height":11}},{"id":"7a7c3f38-bd8a-42fd-801a-aef81c63d5f4","block_type":"box","text":"or all of the benefits of a transaction entered into by the Fund with","page_number":17,"box":{"x":53,"y":259,"width":423,"height":11}},{"id":"dd2ce2a6-f9c1-4ed7-be35-5e35155c4e72","block_type":"box","text":"the clearing member. If the Fund cannot find a clearing member to","page_number":17,"box":{"x":52,"y":273,"width":425,"height":11}},{"id":"150c537c-001d-4f63-96a3-8e7d50f2368b","block_type":"box","text":"transact with on the Fund’s behalf, the Fund may be unable to","page_number":17,"box":{"x":52,"y":287,"width":396,"height":11}},{"id":"b56a1415-0c48-4e79-ae3c-d32830279bfd","block_type":"box","text":"effectively implement its investment strategy.","page_number":17,"box":{"x":53,"y":302,"width":290,"height":10}},{"id":"e6811424-8475-4390-a571-ddf80d88d9cf","block_type":"box","text":"Concentration Risk.","page_number":17,"box":{"x":53,"y":325,"width":132,"height":8}},{"id":"8bc1df7e-0dab-40b3-b429-7e0cc7758a4f","block_type":"box","text":"The Fund may be susceptible to an","page_number":17,"box":{"x":190,"y":325,"width":221,"height":11}},{"id":"9bcf6775-5378-4ef0-8c5a-30d27585a171","block_type":"box","text":"increased risk of loss, including losses due to adverse events that","page_number":17,"box":{"x":53,"y":339,"width":419,"height":11}},{"id":"858711e4-6d5f-4aaf-8ef3-7961b4d20459","block_type":"box","text":"affect the Fund’s investments more than the market as a whole,","page_number":17,"box":{"x":53,"y":353,"width":407,"height":10}},{"id":"05888efe-5704-48af-b61a-96e5a6654ace","block_type":"box","text":"to the extent that the Fund’s investments are concentrated in the","page_number":17,"box":{"x":52,"y":367,"width":418,"height":9}},{"id":"79664b6b-8c5f-4ac8-9ab8-ed66aa7f6e32","block_type":"box","text":"securities or other assets of one or more issuers, countries or","page_number":17,"box":{"x":53,"y":382,"width":395,"height":10}},{"id":"2cfa188a-f561-47f1-99b7-fe15a9bfd007","block_type":"box","text":"other geographic units, markets, industries, project types, or","page_number":17,"box":{"x":53,"y":396,"width":388,"height":11}},{"id":"760cc1e1-ca7b-4e40-bafc-c5ed0d4d295d","block_type":"box","text":"asset classes.","page_number":17,"box":{"x":53,"y":410,"width":88,"height":8}},{"id":"8807388d-f857-4df4-846c-5679923f1bb9","block_type":"box","text":"Counterparty Risk.","page_number":17,"box":{"x":53,"y":433,"width":125,"height":11}},{"id":"a542021a-2ddc-40c3-8e29-1a5006f52a56","block_type":"box","text":"Derivatives are subject to counterparty risk,","page_number":17,"box":{"x":185,"y":433,"width":279,"height":11}},{"id":"037a4a60-e74c-45af-af4c-7443e46ff350","block_type":"box","text":"which is the risk that the other party in the transaction will be","page_number":17,"box":{"x":52,"y":447,"width":393,"height":11}},{"id":"398ed803-1ea9-4694-a788-558d12023368","block_type":"box","text":"unable or unwilling to fulfill its contractual obligation, and the","page_number":17,"box":{"x":53,"y":461,"width":390,"height":11}},{"id":"6fb02d37-8f0c-4f1b-bb95-25fbb2d84f07","block_type":"box","text":"related risks of having concentrated exposure to such a","page_number":17,"box":{"x":53,"y":476,"width":354,"height":11}},{"id":"c6e353b9-1a0d-4675-9b13-c27a904d2111","block_type":"box","text":"counterparty. The OCC acts as guarantor and central counterparty","page_number":17,"box":{"x":53,"y":490,"width":424,"height":11}},{"id":"ed9603ad-74d2-4277-9cc5-fc1c709d7c3a","block_type":"box","text":"with respect to the options held by the Fund. As a result, the","page_number":17,"box":{"x":52,"y":504,"width":386,"height":11}},{"id":"86b06215-86d6-490c-8b0c-7b3e07112aed","block_type":"box","text":"ability of the Fund to meet its objective depends on the OCC","page_number":17,"box":{"x":53,"y":518,"width":386,"height":11}},{"id":"0d043c23-4949-47d6-8b46-bc389566ec8e","block_type":"box","text":"being able to meet its obligations. In the unlikely event that the","page_number":17,"box":{"x":53,"y":532,"width":402,"height":11}},{"id":"c2c114f7-9896-4f54-8555-4dc5c7e77f38","block_type":"box","text":"OCC becomes insolvent or is otherwise unable to meet","page_number":17,"box":{"x":53,"y":547,"width":351,"height":8}},{"id":"dac09cd7-1966-4bd2-86e2-c53423827801","block_type":"box","text":"its clearing and settlement obligations, the Fund could suffer","page_number":17,"box":{"x":53,"y":561,"width":388,"height":11}},{"id":"a3c0a57d-9a8d-4f29-b46a-2ed8e4f67742","block_type":"box","text":"significant losses.","page_number":17,"box":{"x":53,"y":575,"width":112,"height":11}},{"id":"075e17e8-2643-42ef-8878-892e88136b64","block_type":"box","text":"Derivatives Risk.","page_number":17,"box":{"x":52,"y":598,"width":112,"height":9}},{"id":"decb571d-db26-45aa-a4a6-fd4091a6ca50","block_type":"box","text":"The Fund’s use of derivatives (","page_number":17,"box":{"x":170,"y":598,"width":193,"height":11}},{"id":"dad61789-bc1b-43c5-a0bb-91bd26acef96","block_type":"box","text":"e.g","page_number":17,"box":{"x":364,"y":601,"width":19,"height":8}},{"id":"231739e4-21de-4490-b822-bf90f67246ce","block_type":"box","text":"., futures,","page_number":17,"box":{"x":384,"y":598,"width":59,"height":10}},{"id":"cdf6f88b-b227-4133-aa81-85d95c59b318","block_type":"box","text":"forwards, swaps, options) may be riskier than other types of","page_number":17,"box":{"x":52,"y":612,"width":385,"height":11}},{"id":"43eebe74-8a4b-40c0-9a07-80be897e4df1","block_type":"box","text":"investments and may not have the intended effect on the Fund’s","page_number":17,"box":{"x":53,"y":626,"width":411,"height":11}},{"id":"3f0b4c18-b094-46c8-aee2-cb01b8b19d19","block_type":"box","text":"performance. Derivatives can be sensitive to changes in economic","page_number":17,"box":{"x":53,"y":641,"width":424,"height":11}},{"id":"e3025baa-a194-4a81-b600-3b06be9ba3ae","block_type":"box","text":"and market conditions, and they may increase the Fund’s","page_number":17,"box":{"x":53,"y":655,"width":365,"height":11}},{"id":"3e4d495d-0ca5-4859-b34a-498f16eaa43a","block_type":"box","text":"volatility. The Fund also may experience reduced returns as a","page_number":17,"box":{"x":52,"y":669,"width":390,"height":11}},{"id":"a0454185-c555-44ec-a394-b79d0d770b64","block_type":"box","text":"result of transaction costs and losses on derivatives positions.","page_number":17,"box":{"x":53,"y":683,"width":397,"height":11}},{"id":"498ddce3-6b77-4179-85f5-8adf8cc41a7a","block_type":"box","text":"There is the risk of imperfect correlation between the value of a","page_number":17,"box":{"x":52,"y":697,"width":406,"height":11}},{"id":"7b55ebf1-27aa-4e70-8e5f-e5174a7f9747","block_type":"box","text":"derivative and that of the asset underlying the derivative.","page_number":17,"box":{"x":53,"y":712,"width":363,"height":10}},{"id":"b596b299-f9de-4bd9-b2eb-e10475145996","block_type":"box","text":"Derivatives may create investment leverage, which could result in","page_number":17,"box":{"x":53,"y":726,"width":418,"height":11}},{"id":"6b65dd8a-e14d-4f74-b27a-31804c6ea634","block_type":"box","text":"losses that significantly exceed the Fund’s original investment.","page_number":17,"box":{"x":53,"y":740,"width":399,"height":11}},{"id":"6454040f-09b4-4843-af4a-60c4a3be60a2","block_type":"box","text":"Derivatives are subject to the risk of mispricing or improper","page_number":17,"box":{"x":53,"y":754,"width":381,"height":11}},{"id":"a7aac1ea-7e56-4816-bca6-0dec583fae34","block_type":"box","text":"valuation, particularly if there is not a liquid secondary market for","page_number":17,"box":{"x":52,"y":768,"width":418,"height":11}},{"id":"ecedf59f-bc04-47c0-80f7-14fd81460cf9","block_type":"box","text":"the instrument. Certain derivatives are subject to counterparty","page_number":17,"box":{"x":52,"y":782,"width":402,"height":11}},{"id":"54707ad1-74c1-4b4c-aabb-932e979ecf5f","block_type":"box","text":"risk, which is the risk that the other party in the transaction will","page_number":17,"box":{"x":53,"y":797,"width":403,"height":10}},{"id":"b219db5c-b8bd-425b-8229-10f3988c7842","block_type":"box","text":"not fulfill its contractual obligations. The use of derivatives also","page_number":17,"box":{"x":53,"y":811,"width":402,"height":11}},{"id":"e32380ee-76ed-449d-9584-920011dce8a5","block_type":"box","text":"exposes the Fund to additional operational and legal risks.","page_number":17,"box":{"x":53,"y":825,"width":371,"height":11}},{"id":"74fd9888-609a-48d6-866b-c8011fd87c17","block_type":"box","text":"Equity Securities Risk","page_number":17,"box":{"x":52,"y":848,"width":148,"height":11}},{"id":"6237b3c8-ee25-4028-bd72-9d19e445daba","block_type":"box","text":".","page_number":17,"box":{"x":200,"y":855,"width":3,"height":2}},{"id":"f451ec33-e063-48ef-b680-352633fd90fc","block_type":"box","text":"Equity securities are subject to changes","page_number":17,"box":{"x":209,"y":848,"width":254,"height":11}},{"id":"1b65d846-1d12-4145-bb8e-e974dd0cb313","block_type":"box","text":"in value, and their values may be more volatile than those of other","page_number":17,"box":{"x":53,"y":862,"width":422,"height":11}},{"id":"7bd7b269-7586-4974-940a-c55ee1b43c10","block_type":"box","text":"asset classes. The value of a security may decline for a number of","page_number":17,"box":{"x":53,"y":877,"width":419,"height":10}},{"id":"397ca088-d330-4483-964a-296f68e788d9","block_type":"box","text":"reasons that may directly relate to the issuer as well as due to","page_number":17,"box":{"x":53,"y":891,"width":396,"height":11}},{"id":"a6f1d29e-3811-4ac0-98d2-254fe379caec","block_type":"box","text":"general industry or market conditions. Common stock is","page_number":17,"box":{"x":518,"y":46,"width":360,"height":11}},{"id":"2561c1fb-7136-4ab4-88be-f4df9a13a2da","block_type":"box","text":"subordinated to preferred securities and debt in a company’s","page_number":17,"box":{"x":519,"y":61,"width":390,"height":10}},{"id":"ddd8f0ec-7bcf-46c6-8956-2a4de9887401","block_type":"box","text":"capital structure. Common stock has the lowest priority, and the","page_number":17,"box":{"x":519,"y":75,"width":412,"height":11}},{"id":"4085b3e2-6e09-4a78-b5fa-b263be91bb6c","block_type":"box","text":"greatest risk, with respect to dividends and any liquidation","page_number":17,"box":{"x":518,"y":89,"width":373,"height":11}},{"id":"f375bc63-6da8-410d-bfb7-08ee47c126e1","block_type":"box","text":"payments in the event of an issuer’s bankruptcy.","page_number":17,"box":{"x":519,"y":103,"width":309,"height":11}},{"id":"be7fe705-f71b-469b-9375-1952bb8ae978","block_type":"box","text":"Futures Contract Risk.","page_number":17,"box":{"x":518,"y":126,"width":151,"height":9}},{"id":"4269938f-f8a0-4f40-a546-70387bdb0565","block_type":"box","text":"Futures contracts may involve risks","page_number":17,"box":{"x":676,"y":126,"width":225,"height":11}},{"id":"e429f147-107b-4e60-89e2-da6e92d652cf","block_type":"box","text":"different from, and possibly greater than, the risks associated with","page_number":17,"box":{"x":519,"y":140,"width":424,"height":11}},{"id":"d80b5176-f0de-414e-8211-b90331f7d158","block_type":"box","text":"investing directly in the underlying assets. Swaps or other","page_number":17,"box":{"x":519,"y":155,"width":369,"height":11}},{"id":"5d1487c7-b1a8-4592-99d9-249df87a1b9d","block_type":"box","text":"derivatives on futures contracts also may be adversely impacted","page_number":17,"box":{"x":519,"y":169,"width":411,"height":11}},{"id":"49090d25-f98f-4015-9340-4ef44cc09591","block_type":"box","text":"by these risks. The primary risks of futures contracts include: (i)","page_number":17,"box":{"x":519,"y":183,"width":407,"height":11}},{"id":"7d9e0586-5d37-4a65-980f-3e77a69c7729","block_type":"box","text":"an imperfect correlation between the value of the futures contract","page_number":17,"box":{"x":519,"y":197,"width":423,"height":11}},{"id":"440eb988-46d4-4829-81c7-12d0d73776b9","block_type":"box","text":"and that of the underlying asset; (ii) resale restrictions or the lack","page_number":17,"box":{"x":519,"y":211,"width":418,"height":11}},{"id":"7732135c-793c-40d8-9736-e6be12a13ab0","block_type":"box","text":"of a liquid secondary market and the resulting inability to close a","page_number":17,"box":{"x":519,"y":226,"width":412,"height":10}},{"id":"4810ee7e-01b0-4302-90df-a5307c5b683a","block_type":"box","text":"futures contract when desired; (iii) losses from unanticipated","page_number":17,"box":{"x":518,"y":240,"width":390,"height":11}},{"id":"d829ab74-1966-4215-bde8-e0719c556287","block_type":"box","text":"market movements, which are potentially unlimited; (iv) BFA’s","page_number":17,"box":{"x":519,"y":254,"width":393,"height":11}},{"id":"82e68a7f-b8eb-48b8-9246-f2408daba8c0","block_type":"box","text":"inability to predict correctly the direction of the prices of futures","page_number":17,"box":{"x":519,"y":268,"width":410,"height":11}},{"id":"d02495cc-5416-447e-9fc1-6567a0f926d8","block_type":"box","text":"contracts and other financial and economic factors; (v) a","page_number":17,"box":{"x":519,"y":282,"width":361,"height":11}},{"id":"e422026e-f31d-420c-9b84-0b94c6caab31","block_type":"box","text":"counterparty’s default in the performance of its obligations; (vi)","page_number":17,"box":{"x":519,"y":296,"width":404,"height":11}},{"id":"dbd9d055-7586-46e2-9a9e-e523f45aaca7","block_type":"box","text":"the obligation to make daily cash payments to maintain the","page_number":17,"box":{"x":518,"y":311,"width":378,"height":10}},{"id":"b185ff1a-b03f-45b3-be70-20cb22bad2ce","block_type":"box","text":"required margin for the futures contract; and (vi) the possibility","page_number":17,"box":{"x":519,"y":325,"width":403,"height":11}},{"id":"4b1fc570-163b-492a-b623-092e24fc02ec","block_type":"box","text":"that a failure to close a position may result in delivery of an illiquid","page_number":17,"box":{"x":518,"y":339,"width":424,"height":11}},{"id":"d62cde3c-03d8-4c7b-b901-36fc89aa70af","block_type":"box","text":"commodity to the Fund.","page_number":17,"box":{"x":519,"y":353,"width":151,"height":11}},{"id":"9515f1a6-9121-4dd6-9aef-afab60a174fd","block_type":"box","text":"As futures contracts approach expiration, they may be “rolled”","page_number":17,"box":{"x":518,"y":376,"width":399,"height":11}},{"id":"3d58603b-0a59-40e6-a2bd-ece203306d06","block_type":"box","text":"(","page_number":17,"box":{"x":519,"y":391,"width":3,"height":10}},{"id":"4e182574-cfc4-4087-bccb-78d5c356338d","block_type":"box","text":"i.e","page_number":17,"box":{"x":523,"y":391,"width":14,"height":8}},{"id":"e1bad48a-18bc-4650-9a43-ddd87ec3ec09","block_type":"box","text":"., replaced by similar contracts with a later expiration to","page_number":17,"box":{"x":539,"y":391,"width":356,"height":10}},{"id":"ecb01f3a-3686-4852-ab79-190cba7265ab","block_type":"box","text":"maintain exposure to the underlying asset), which involves","page_number":17,"box":{"x":519,"y":405,"width":373,"height":11}},{"id":"c139a402-92c2-4a7e-b3c9-f32f7ac81dfa","block_type":"box","text":"additional risks. In certain market conditions, the sale price of a","page_number":17,"box":{"x":519,"y":419,"width":406,"height":11}},{"id":"07351503-1220-468e-9a4a-ebce9c7236bc","block_type":"box","text":"near-term month contract can be lower than the purchase price of","page_number":17,"box":{"x":519,"y":433,"width":424,"height":11}},{"id":"fea08d20-cdc9-4fa5-83b6-e322fa4fac6a","block_type":"box","text":"a longer-term contract, resulting in a cost to “roll” the futures","page_number":17,"box":{"x":519,"y":447,"width":392,"height":11}},{"id":"6f1818eb-3b78-4da6-9b88-6db3865d100b","block_type":"box","text":"contract.","page_number":17,"box":{"x":519,"y":462,"width":56,"height":8}},{"id":"8c77ba5f-8932-4a6b-b85a-23d873420365","block_type":"box","text":"Investment in Underlying Fund Risk.","page_number":17,"box":{"x":518,"y":485,"width":245,"height":10}},{"id":"ffc80c5f-78a4-45b5-9b61-f73b13eabfd8","block_type":"box","text":"The Fund invests in the","page_number":17,"box":{"x":769,"y":485,"width":147,"height":8}},{"id":"a2cb5c22-e892-40d2-9052-bcb2d73e7631","block_type":"box","text":"Underlying Fund, so the Fund’s investment performance and risks","page_number":17,"box":{"x":519,"y":499,"width":420,"height":11}},{"id":"17164664-ca70-489b-b82e-3b85a5af0248","block_type":"box","text":"are likely to be directly related to those of the Underlying Fund.","page_number":17,"box":{"x":519,"y":513,"width":403,"height":11}},{"id":"4eb5468b-c7ad-4b8f-a7ae-1ae26d585ab3","block_type":"box","text":"The Fund’s NAV will change with changes in the value of the","page_number":17,"box":{"x":518,"y":527,"width":382,"height":11}},{"id":"f6172af7-c4ca-462c-b77d-c692d958fba6","block_type":"box","text":"Underlying Fund and other assets that the Fund holds. The shares","page_number":17,"box":{"x":519,"y":541,"width":420,"height":11}},{"id":"eef9ddc1-2803-44a1-813f-08ed409bc232","block_type":"box","text":"of the Underlying Fund may trade at a premium or discount to the","page_number":17,"box":{"x":519,"y":556,"width":419,"height":10}},{"id":"167d3ff4-111b-4a52-902f-a13878697973","block_type":"box","text":"Underlying Fund’s NAV. Investors in the Fund will indirectly bear","page_number":17,"box":{"x":519,"y":570,"width":407,"height":11}},{"id":"4a16fa1b-c215-4842-baa3-1b01bfb97061","block_type":"box","text":"the expenses charged by the Underlying Fund, and an investment","page_number":17,"box":{"x":518,"y":584,"width":419,"height":11}},{"id":"268e6d41-f8ef-44c2-a608-3ae38d95fc30","block_type":"box","text":"in the Fund may entail more expenses than a direct investment in","page_number":17,"box":{"x":519,"y":598,"width":417,"height":11}},{"id":"472d4873-bc43-4083-8ad7-a080491875ee","block_type":"box","text":"the Underlying Fund.","page_number":17,"box":{"x":518,"y":612,"width":132,"height":11}},{"id":"c9e1d558-2043-4d35-8fa7-105ed759f613","block_type":"box","text":"Issuer Risk","page_number":17,"box":{"x":518,"y":635,"width":76,"height":9}},{"id":"f8b33cba-3445-4fae-842c-3599a01b999a","block_type":"box","text":".","page_number":17,"box":{"x":594,"y":642,"width":2,"height":2}},{"id":"a16f4cec-ffb3-4681-b313-8ef4f29251d8","block_type":"box","text":"The performance of the Fund depends on the","page_number":17,"box":{"x":601,"y":635,"width":289,"height":11}},{"id":"c911346a-5a45-4219-8abd-4de30f224b21","block_type":"box","text":"performance of individual securities or other assets to which the","page_number":17,"box":{"x":519,"y":650,"width":412,"height":10}},{"id":"cfcd839e-fb98-4bdc-b69c-637fa7866705","block_type":"box","text":"Fund has exposure. The value of securities or other assets may","page_number":17,"box":{"x":519,"y":664,"width":402,"height":11}},{"id":"f0a337c0-abec-4243-9d7b-6f4acc28d556","block_type":"box","text":"decline, or perform differently from the market as a whole, due to","page_number":17,"box":{"x":519,"y":678,"width":418,"height":11}},{"id":"7668d46a-f850-45a7-a039-256c44e82340","block_type":"box","text":"changes in the financial condition or credit rating of the issuer or","page_number":17,"box":{"x":519,"y":692,"width":414,"height":11}},{"id":"603f7075-6145-46de-8728-3a9008003214","block_type":"box","text":"counterparty.","page_number":17,"box":{"x":519,"y":707,"width":84,"height":10}},{"id":"f02ed65d-635d-40ee-8ddc-7181546c6be4","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk.","page_number":17,"box":{"x":518,"y":730,"width":360,"height":10}},{"id":"3a1a887c-b0cd-48cc-aaef-5cb69cf609b8","block_type":"box","text":"Certain","page_number":17,"box":{"x":885,"y":730,"width":45,"height":8}},{"id":"c1e818dc-6eb4-4d40-8eb5-3b533d940290","block_type":"box","text":"shareholders of the Fund, including an Authorized Participant, a","page_number":17,"box":{"x":519,"y":744,"width":405,"height":11}},{"id":"6c8758d6-f80e-43dc-a5de-1382dacaebf0","block_type":"box","text":"third-party investor, the Fund’s adviser, an affiliate of the Fund’s","page_number":17,"box":{"x":518,"y":758,"width":410,"height":11}},{"id":"fa6cf66f-9d85-4ba9-a267-508479fe13a3","block_type":"box","text":"adviser, a market maker, or another entity, may from time to time","page_number":17,"box":{"x":519,"y":772,"width":419,"height":11}},{"id":"6e632a7a-f787-4364-8841-bf19115b80d8","block_type":"box","text":"own or manage a substantial amount of Fund shares, or may hold","page_number":17,"box":{"x":519,"y":786,"width":417,"height":11}},{"id":"3b32af72-19c2-43e4-b302-556297338499","block_type":"box","text":"their investment in the Fund for a limited period of time. There can","page_number":17,"box":{"x":518,"y":801,"width":425,"height":10}},{"id":"3b505376-f506-46a2-873f-2f92aa368ea3","block_type":"box","text":"be no assurance that any large shareholder or large group of","page_number":17,"box":{"x":519,"y":815,"width":387,"height":11}},{"id":"ab6c5da0-152b-40bc-8bde-168e2dc45ff5","block_type":"box","text":"shareholders would not redeem their investment. Redemptions of","page_number":17,"box":{"x":519,"y":829,"width":420,"height":11}},{"id":"ae7b9d84-16e0-47e1-ae9c-2e1b8f9c63c5","block_type":"box","text":"a large number of Fund shares could require the Fund to dispose","page_number":17,"box":{"x":519,"y":843,"width":413,"height":11}},{"id":"47475812-2523-4704-9a37-ff68ad903b10","block_type":"box","text":"of assets to meet the redemption requests, which can accelerate","page_number":17,"box":{"x":519,"y":857,"width":415,"height":11}},{"id":"6b41c9f1-f1d9-4417-9b8a-8a4d3ec5c715","block_type":"box","text":"the realization of taxable income and/or capital gains and cause","page_number":17,"box":{"x":518,"y":871,"width":412,"height":11}},{"id":"3fa2fa6f-13f5-41eb-9233-cf58cf72d7f0","block_type":"box","text":"the Fund to make taxable distributions to its shareholders earlier","page_number":17,"box":{"x":518,"y":886,"width":415,"height":8}},{"id":"87c2a077-dd01-4a15-8be2-7c6f3fe4c946","block_type":"box","text":"than the Fund otherwise would have. In addition, under certain","page_number":17,"box":{"x":518,"y":900,"width":400,"height":10}},{"id":"f491bf82-9ae2-4727-b999-ef6d415d6b36","block_type":"box","text":"S-6","page_number":17,"box":{"x":495,"y":944,"width":20,"height":8}},{"id":"0e701cb3-f3f1-4c80-a28f-bad1dfdb57c8","block_type":"box","text":"circumstances, non-redeeming shareholders may be treated as","page_number":18,"box":{"x":53,"y":46,"width":404,"height":11}},{"id":"aee5b6ea-1124-45e6-be50-deda8523a7a8","block_type":"box","text":"receiving a disproportionately large taxable distribution during or","page_number":18,"box":{"x":53,"y":61,"width":414,"height":10}},{"id":"cb51cfba-974a-46d1-8cc4-8e1f6b32e7e5","block_type":"box","text":"with respect to such year. In some circumstances, the Fund may","page_number":18,"box":{"x":52,"y":75,"width":412,"height":11}},{"id":"83786a7e-d600-488a-bc90-9d7e2a4cec87","block_type":"box","text":"hold a relatively large proportion of its assets in cash in","page_number":18,"box":{"x":53,"y":89,"width":352,"height":11}},{"id":"c2fd6230-7786-43f1-8240-32bfeb11cd77","block_type":"box","text":"anticipation of large redemptions, diluting its investment returns.","page_number":18,"box":{"x":53,"y":103,"width":414,"height":11}},{"id":"d541a023-3798-456d-8ee4-2a0c95cd4ece","block_type":"box","text":"These large redemptions may also force the Fund to sell portfolio","page_number":18,"box":{"x":52,"y":117,"width":416,"height":11}},{"id":"5df91f3c-7360-4e2f-918d-bb682fb75e92","block_type":"box","text":"securities or other assets when it might not otherwise do so,","page_number":18,"box":{"x":53,"y":132,"width":387,"height":10}},{"id":"a4ac547a-36a1-47ad-8fb6-5547a4014e56","block_type":"box","text":"which may negatively impact the Fund’s NAV, increase the Fund’s","page_number":18,"box":{"x":52,"y":146,"width":419,"height":10}},{"id":"75bd0ed4-5017-4752-a477-abbb1f5255df","block_type":"box","text":"brokerage costs and/or have a material effect on the market","page_number":18,"box":{"x":53,"y":160,"width":389,"height":11}},{"id":"c03096d5-ef32-4851-8ce6-09a1cec8baae","block_type":"box","text":"price of Fund shares.","page_number":18,"box":{"x":53,"y":174,"width":133,"height":11}},{"id":"dc79fc04-662d-4c4e-8f7c-21b1d3d7b1a4","block_type":"box","text":"Management Risk.","page_number":18,"box":{"x":52,"y":197,"width":125,"height":11}},{"id":"731cb532-64c7-4ae2-ab6d-2542a89a70be","block_type":"box","text":"The Fund is subject to management risk,","page_number":18,"box":{"x":183,"y":197,"width":259,"height":11}},{"id":"e75e53ba-d9c8-4086-8756-2974bb292710","block_type":"box","text":"which is the risk that the investment process, techniques, models","page_number":18,"box":{"x":52,"y":211,"width":420,"height":11}},{"id":"7b159a19-839a-4cb9-b995-d5a0d0a6f159","block_type":"box","text":"and/or risk analyses applied by BFA will not produce the desired","page_number":18,"box":{"x":53,"y":226,"width":411,"height":10}},{"id":"3a29f1e3-b4dd-4a4b-9885-52a357f8ea49","block_type":"box","text":"results. The securities or other assets selected by BFA may result","page_number":18,"box":{"x":53,"y":240,"width":416,"height":11}},{"id":"95f3ce7d-49f9-485f-81f7-db142bde6660","block_type":"box","text":"in returns that are inconsistent with the Fund’s investment","page_number":18,"box":{"x":53,"y":254,"width":374,"height":8}},{"id":"c2dad7d0-3313-4bec-8e85-992962259e35","block_type":"box","text":"objective, and the Fund may underperform the market or any","page_number":18,"box":{"x":53,"y":268,"width":390,"height":11}},{"id":"7ad68593-2dd5-40ce-8982-6cab25de2007","block_type":"box","text":"relevant benchmark. In addition, legislative, regulatory, or tax","page_number":18,"box":{"x":53,"y":282,"width":392,"height":11}},{"id":"1344b34a-7c94-4d18-b2d1-d70d38892031","block_type":"box","text":"developments may affect the investment techniques available to","page_number":18,"box":{"x":53,"y":296,"width":412,"height":11}},{"id":"11172ec3-d517-4029-ada8-a7c78c483b7d","block_type":"box","text":"BFA in connection with managing the Fund and may adversely","page_number":18,"box":{"x":53,"y":311,"width":395,"height":11}},{"id":"d05a88ca-0510-48c5-bbc8-2017bd0206aa","block_type":"box","text":"affect the ability of the Fund to achieve its investment objective.","page_number":18,"box":{"x":53,"y":325,"width":409,"height":11}},{"id":"e0a0aa07-4268-44d7-8299-f3688c414580","block_type":"box","text":"Market Trading Risk","page_number":18,"box":{"x":52,"y":348,"width":136,"height":11}},{"id":"66baf6bb-25ba-4ab6-bab9-ebf1467b363c","block_type":"box","text":".","page_number":18,"box":{"x":189,"y":355,"width":2,"height":1}},{"id":"60ef93f0-cfc9-4cf8-8b90-59fe0dec5201","block_type":"box","text":"The Fund faces numerous market trading","page_number":18,"box":{"x":196,"y":348,"width":263,"height":11}},{"id":"2ce8dc84-1455-4fea-a042-9c5b4a7f7650","block_type":"box","text":"risks, including the potential lack of an active market for Fund","page_number":18,"box":{"x":53,"y":362,"width":394,"height":11}},{"id":"2b4e5ccf-1354-4323-a2b8-fc80b66c6c17","block_type":"box","text":"shares (including through a trading halt), losses from trading in","page_number":18,"box":{"x":53,"y":376,"width":401,"height":11}},{"id":"8e5e730c-dab1-4b99-b0a7-a497da1a6c00","block_type":"box","text":"secondary markets, periods of high volatility, and disruptions in","page_number":18,"box":{"x":53,"y":391,"width":404,"height":10}},{"id":"4518b9dc-a8d3-4b68-ad12-23a0aef32bae","block_type":"box","text":"the process of creating and redeeming Fund shares. Any of these","page_number":18,"box":{"x":52,"y":405,"width":417,"height":11}},{"id":"f0780df0-2d14-4189-a2fd-84e02f0f7730","block_type":"box","text":"factors, among others, may lead to the Fund’s shares trading in","page_number":18,"box":{"x":52,"y":419,"width":404,"height":11}},{"id":"7c58dea6-9b6d-4c6d-9c76-33e71a2010a7","block_type":"box","text":"the secondary market at a premium or discount to NAV or to the","page_number":18,"box":{"x":52,"y":433,"width":412,"height":11}},{"id":"4cef0c21-f590-404c-838e-b2a9db3974bc","block_type":"box","text":"intraday value of the Fund’s portfolio holdings. If you buy Fund","page_number":18,"box":{"x":53,"y":447,"width":397,"height":11}},{"id":"296ddc40-7577-40b1-bfed-f621167e0a18","block_type":"box","text":"shares at a time when the market price is at a premium to NAV or","page_number":18,"box":{"x":53,"y":462,"width":418,"height":10}},{"id":"c28c4ddd-9ef7-4432-9a4e-1fd9832f916a","block_type":"box","text":"sell Fund shares at a time when the market price is at a discount","page_number":18,"box":{"x":53,"y":476,"width":412,"height":10}},{"id":"36309651-811a-4742-9a7b-3c0be8378fff","block_type":"box","text":"to NAV, you may pay significantly more or receive significantly","page_number":18,"box":{"x":52,"y":490,"width":398,"height":11}},{"id":"9e554a60-7586-4a29-a61f-3962ce0808c5","block_type":"box","text":"less than the underlying value of the Fund shares.","page_number":18,"box":{"x":53,"y":504,"width":316,"height":11}},{"id":"1128b046-fcc4-4b3e-81ce-cfa301d89690","block_type":"box","text":"Non-Diversification Risk","page_number":18,"box":{"x":52,"y":527,"width":165,"height":9}},{"id":"fed30f01-94d7-4d53-996b-bfdc75b2aaaf","block_type":"box","text":".","page_number":18,"box":{"x":217,"y":534,"width":3,"height":2}},{"id":"955e6ceb-689f-4bf0-9d8c-3680f6dce347","block_type":"box","text":"The Fund is classified as “non","page_number":18,"box":{"x":225,"y":527,"width":193,"height":9}},{"id":"7e6017b4-82d1-4ab9-8080-3f13e2aa83f0","block_type":"box","text":"diversified.” This means that, compared with funds that are","page_number":18,"box":{"x":53,"y":541,"width":377,"height":11}},{"id":"23b8513a-c0de-4cd1-b00d-c81352f34947","block_type":"box","text":"classified as “diversified,” the Fund may invest a greater","page_number":18,"box":{"x":53,"y":556,"width":358,"height":10}},{"id":"b6c289db-ddf0-4723-b724-7934b5a5020c","block_type":"box","text":"percentage of its assets in securities or other instruments","page_number":18,"box":{"x":53,"y":570,"width":369,"height":11}},{"id":"42931be7-2f4e-4c3c-9fb2-3a081448583c","block_type":"box","text":"representing a small number of issuers or counterparties and thus","page_number":18,"box":{"x":53,"y":584,"width":422,"height":11}},{"id":"f89ae7db-1ec8-4f73-b640-318e47afa8d1","block_type":"box","text":"may be more susceptible to the risks associated with these","page_number":18,"box":{"x":53,"y":598,"width":378,"height":11}},{"id":"92e8ef38-db89-4d25-be45-6bc991c32c6a","block_type":"box","text":"particular issuers or counterparties. As a result, the Fund’s","page_number":18,"box":{"x":53,"y":612,"width":374,"height":11}},{"id":"333cf230-3cd5-48f7-a5ad-53350730fbf9","block_type":"box","text":"performance may depend to a greater extent on the performance","page_number":18,"box":{"x":53,"y":626,"width":417,"height":11}},{"id":"ec92effb-dd77-48d2-b51c-ae89d7ce941a","block_type":"box","text":"of a small number of issuers or counterparties, which may lead to","page_number":18,"box":{"x":53,"y":641,"width":418,"height":10}},{"id":"8d98ac27-e7a1-4398-9d84-f2ade1d94525","block_type":"box","text":"more volatility in the Fund’s NAV.","page_number":18,"box":{"x":53,"y":655,"width":209,"height":11}},{"id":"ad977ac4-e75a-48a4-9c15-1220b8c0fb1d","block_type":"box","text":"Operational and Technology Risks","page_number":18,"box":{"x":53,"y":678,"width":229,"height":11}},{"id":"5ba7151e-ec24-4062-9f41-aac1ce37c99e","block_type":"box","text":".","page_number":18,"box":{"x":284,"y":685,"width":2,"height":1}},{"id":"aa628eda-0140-4c49-9d43-4ec1b8369367","block_type":"box","text":"The Fund is directly and","page_number":18,"box":{"x":291,"y":678,"width":151,"height":11}},{"id":"4b49aeb0-0874-4ec8-b36a-118a4e5fe71a","block_type":"box","text":"indirectly susceptible to operational and technology risks,","page_number":18,"box":{"x":53,"y":692,"width":368,"height":11}},{"id":"6b1a6e8d-0c0d-426a-861f-ec2da96d59d5","block_type":"box","text":"including those related to human errors, processing errors,","page_number":18,"box":{"x":53,"y":706,"width":376,"height":11}},{"id":"b3ed5af4-411e-4116-8e9e-87aac50eccc1","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents,","page_number":18,"box":{"x":53,"y":721,"width":412,"height":10}},{"id":"a13e1ffd-ee49-4383-8769-b1ec34a2723f","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”),","page_number":18,"box":{"x":53,"y":735,"width":404,"height":11}},{"id":"7c3030be-5490-49b3-8100-24e72496e6c4","block_type":"box","text":"which may result in losses for the Fund and its shareholders or","page_number":18,"box":{"x":52,"y":749,"width":401,"height":11}},{"id":"4c557a21-e89c-4330-b45a-728943a2233b","block_type":"box","text":"may impair the Fund’s operations. While the Fund’s service","page_number":18,"box":{"x":53,"y":763,"width":376,"height":11}},{"id":"5be9fa7b-6a13-4b34-858b-e03d609342e3","block_type":"box","text":"providers are required to have appropriate operational,","page_number":18,"box":{"x":53,"y":777,"width":350,"height":11}},{"id":"8a5d2ae3-3caa-42f0-854d-b53fd0c69d05","block_type":"box","text":"information security and cybersecurity risk management policies","page_number":18,"box":{"x":53,"y":791,"width":413,"height":11}},{"id":"4b490476-4edc-48d9-aaf9-e25f0e79c41b","block_type":"box","text":"and procedures, their methods of risk management may differ","page_number":18,"box":{"x":53,"y":806,"width":397,"height":11}},{"id":"0f91cc73-ba8e-4c7e-a24b-b7f0d0aec609","block_type":"box","text":"from those of the Fund. Operational and technology risks for the","page_number":18,"box":{"x":52,"y":820,"width":411,"height":11}},{"id":"db6ae76d-6ea5-4497-a38f-d5f2a3b6d464","block_type":"box","text":"issuers in which the Fund invests could also result in material","page_number":18,"box":{"x":53,"y":834,"width":391,"height":9}},{"id":"9478401a-63db-4bb5-a0b9-27f6bca7c654","block_type":"box","text":"adverse consequences for such issuers and may cause the Fund’s","page_number":18,"box":{"x":53,"y":848,"width":421,"height":11}},{"id":"8dd19a9e-9d23-4dbc-9e49-c4315f2cae4e","block_type":"box","text":"investments in such issuers to lose value.","page_number":18,"box":{"x":53,"y":862,"width":264,"height":9}},{"id":"ec529509-8c6f-4887-b44d-dd52baf8709b","block_type":"box","text":"Outcome Period Risk.","page_number":18,"box":{"x":53,"y":886,"width":144,"height":8}},{"id":"e608cccf-b8f9-4dc0-b144-3f46f51f2b28","block_type":"box","text":"The Approximate Buffer and Approximate","page_number":18,"box":{"x":203,"y":886,"width":264,"height":10}},{"id":"7ddd9984-5228-4d41-b6f2-efbc2feadac8","block_type":"box","text":"Cap for an Outcome Period apply to Fund shares held over the","page_number":18,"box":{"x":53,"y":900,"width":397,"height":11}},{"id":"22ac2186-70bd-4e85-ac6b-49e661a8c94f","block_type":"box","text":"entire Outcome Period. If an investor purchases Fund shares after","page_number":18,"box":{"x":519,"y":46,"width":421,"height":11}},{"id":"22234546-9374-4fb7-b481-b6965bb31c7a","block_type":"box","text":"an Outcome Period begins or sells Fund shares prior to the end of","page_number":18,"box":{"x":519,"y":61,"width":420,"height":10}},{"id":"45e2decf-937b-42d3-ba49-73aca4c3eccc","block_type":"box","text":"an Outcome Period, the returns realized by the investor will not","page_number":18,"box":{"x":519,"y":75,"width":403,"height":11}},{"id":"12f6dad5-a535-4072-86fa-d8cbd78b2c73","block_type":"box","text":"match those that the Fund seeks to provide.","page_number":18,"box":{"x":519,"y":89,"width":281,"height":11}},{"id":"34d9214d-c491-43e7-a893-320a359f56cc","block_type":"box","text":"Securities Lending Risk.","page_number":18,"box":{"x":518,"y":112,"width":162,"height":11}},{"id":"2b062dc0-9a7c-43d1-8319-62f621cc97ff","block_type":"box","text":"The Fund may engage in securities","page_number":18,"box":{"x":685,"y":112,"width":221,"height":11}},{"id":"867ec702-6ff6-4d1c-a6f5-d9e9d94b49d2","block_type":"box","text":"lending. Securities lending involves the risk that the Fund may","page_number":18,"box":{"x":519,"y":126,"width":396,"height":11}},{"id":"12648c44-9d05-473f-ba84-8450ce9f8a10","block_type":"box","text":"lose money because the borrower of the loaned securities fails to","page_number":18,"box":{"x":519,"y":140,"width":417,"height":11}},{"id":"e3c8b51e-adc4-40de-ae27-be8781aeb68e","block_type":"box","text":"return the securities in a timely manner or at all. The Fund could","page_number":18,"box":{"x":519,"y":155,"width":408,"height":10}},{"id":"0e60f97f-b131-4832-957a-057d7c69c25c","block_type":"box","text":"also lose money in the event of a decline in the value of collateral","page_number":18,"box":{"x":519,"y":169,"width":416,"height":11}},{"id":"0d600f61-152f-42f9-901e-60d2311049f4","block_type":"box","text":"provided for loaned securities or a decline in the value of any","page_number":18,"box":{"x":519,"y":183,"width":389,"height":11}},{"id":"a3177c20-3204-40b0-ba98-694c04c9fc3a","block_type":"box","text":"investments made with cash collateral. These events could also","page_number":18,"box":{"x":519,"y":197,"width":406,"height":9}},{"id":"11995494-5963-4f79-93b4-c83135de1291","block_type":"box","text":"trigger adverse tax consequences for the Fund.","page_number":18,"box":{"x":518,"y":211,"width":302,"height":11}},{"id":"09657552-e368-4f78-b935-8723bc34cfff","block_type":"box","text":"Small Fund Risk.","page_number":18,"box":{"x":518,"y":235,"width":111,"height":8}},{"id":"787c36d0-8cc9-49fe-b57a-a4fe91d0c313","block_type":"box","text":"When the Fund’s size is small, the Fund may","page_number":18,"box":{"x":634,"y":235,"width":283,"height":10}},{"id":"1fe9322b-51db-4695-9330-4172e3adc010","block_type":"box","text":"experience low trading volume and wide bid/ask spreads. The","page_number":18,"box":{"x":519,"y":249,"width":396,"height":11}},{"id":"ec96a727-5a0d-431a-80e3-733670459c4b","block_type":"box","text":"Fund’s performance near its inception date may not represent","page_number":18,"box":{"x":519,"y":263,"width":397,"height":11}},{"id":"4c650819-7d27-4901-b6d4-3a125b85b932","block_type":"box","text":"how the Fund will perform in the future or with a larger asset","page_number":18,"box":{"x":519,"y":277,"width":387,"height":11}},{"id":"82116728-05f3-4ea8-9eb7-132f2662c15a","block_type":"box","text":"base. In addition, the Fund may face the risk of being delisted if it","page_number":18,"box":{"x":519,"y":291,"width":417,"height":11}},{"id":"e94a75aa-94e5-4c8c-859b-d13e6596e186","block_type":"box","text":"does not meet certain requirements set by the listing exchange.","page_number":18,"box":{"x":519,"y":306,"width":407,"height":10}},{"id":"899466ce-b5f8-42b9-a03e-b9e5d87a43f1","block_type":"box","text":"Any resulting liquidation of the Fund could lead to elevated","page_number":18,"box":{"x":518,"y":320,"width":376,"height":11}},{"id":"9ca92c41-96e5-4c99-9778-ec068924905c","block_type":"box","text":"transaction costs for the Fund and negative tax consequences for","page_number":18,"box":{"x":518,"y":334,"width":421,"height":11}},{"id":"ea2869cb-c69d-4cf5-98cb-5e61a72153db","block_type":"box","text":"its shareholders.","page_number":18,"box":{"x":519,"y":348,"width":105,"height":9}},{"id":"e5dd6bfc-012c-4297-838b-68eeeb50e137","block_type":"box","text":"Tax Risk.","page_number":18,"box":{"x":519,"y":371,"width":57,"height":9}},{"id":"1c2c8061-9356-4010-93a2-68301e92c58e","block_type":"box","text":"The Fund intends to elect and to qualify each year to be","page_number":18,"box":{"x":581,"y":371,"width":355,"height":11}},{"id":"f81a288d-de65-45e3-b4ce-a47ae85b78bb","block_type":"box","text":"treated as a regulated investment company (“RIC”) under","page_number":18,"box":{"x":518,"y":385,"width":368,"height":11}},{"id":"fb1d1cac-45b5-4fd8-a4d1-1b2b6f077095","block_type":"box","text":"Subchapter M of the U.S. Internal Revenue Code of 1986, as","page_number":18,"box":{"x":519,"y":400,"width":384,"height":10}},{"id":"0771c22e-3324-4a1b-bee6-fd9219b622ac","block_type":"box","text":"amended (the “Internal Revenue Code”). As a RIC, the Fund will","page_number":18,"box":{"x":519,"y":414,"width":404,"height":11}},{"id":"01971e66-bdcc-4917-863f-0e05f34d0f78","block_type":"box","text":"not be subject to U.S. federal income tax on the portion of its net","page_number":18,"box":{"x":519,"y":428,"width":416,"height":11}},{"id":"cb553881-e3da-43f8-b7fe-4c303d0f3c78","block_type":"box","text":"investment income and net capital gains that it distributes to","page_number":18,"box":{"x":519,"y":442,"width":388,"height":11}},{"id":"12265233-4b1d-4cc8-b9de-997409210f3b","block_type":"box","text":"shareholders, provided that it satisfies certain requirements of the","page_number":18,"box":{"x":519,"y":456,"width":424,"height":11}},{"id":"2c81d083-44e1-40e1-8a76-abd2529b0cb9","block_type":"box","text":"Internal Revenue Code. However, the federal income tax","page_number":18,"box":{"x":519,"y":470,"width":361,"height":11}},{"id":"87a21c96-9149-4e3e-b036-b6dc6a0990ed","block_type":"box","text":"treatment of certain aspects of the Fund’s operations are not","page_number":18,"box":{"x":518,"y":485,"width":391,"height":10}},{"id":"e6631fd6-5c5d-4bd1-808d-16b4d05f8828","block_type":"box","text":"entirely clear. This includes the tax aspects of the Fund’s options","page_number":18,"box":{"x":519,"y":499,"width":413,"height":11}},{"id":"174fdf35-2b20-42a7-98af-a79714d30843","block_type":"box","text":"strategy, its hedging strategy, the application of the “straddle”","page_number":18,"box":{"x":519,"y":513,"width":397,"height":11}},{"id":"be9fccc7-0a79-41e3-a89b-161b2384a642","block_type":"box","text":"rules, and various loss limitation provisions of the Internal","page_number":18,"box":{"x":519,"y":527,"width":368,"height":11}},{"id":"9a360f32-138c-41d0-8adc-3131078a1061","block_type":"box","text":"Revenue Code.","page_number":18,"box":{"x":519,"y":541,"width":95,"height":9}},{"id":"489f204c-9e65-46a0-a153-d2a99053c48c","block_type":"box","text":"To qualify and maintain its status as a RIC, the Fund must meet","page_number":18,"box":{"x":518,"y":565,"width":403,"height":10}},{"id":"93b23e77-d4a0-4068-9c16-71485b48e4d3","block_type":"box","text":"certain income, diversification and distributions tests. For","page_number":18,"box":{"x":519,"y":579,"width":368,"height":10}},{"id":"581e9f2e-af8a-4290-ae61-d2130692a42d","block_type":"box","text":"purposes of the diversification test, the identification of the issuer","page_number":18,"box":{"x":519,"y":593,"width":422,"height":11}},{"id":"388b86a7-e6bc-4771-a1d3-46f5179dc955","block_type":"box","text":"(or, in some cases, issuers) of a particular Fund investment can","page_number":18,"box":{"x":519,"y":607,"width":404,"height":11}},{"id":"0ef8133b-23e4-4f11-9f69-4fe67455a042","block_type":"box","text":"depend on the terms and conditions of that investment. In","page_number":18,"box":{"x":519,"y":621,"width":371,"height":11}},{"id":"796015f0-9501-4986-bd06-e5a5b2af65f7","block_type":"box","text":"particular, there is no published Internal Revenue Service (“IRS”)","page_number":18,"box":{"x":519,"y":636,"width":412,"height":10}},{"id":"420d9970-64cd-438e-ab55-d6812c3e124e","block_type":"box","text":"guidance or case law on how to determine the “issuer” of certain","page_number":18,"box":{"x":518,"y":650,"width":415,"height":11}},{"id":"3b65ae05-3c61-4d42-b209-d2bc27d7a556","block_type":"box","text":"derivatives that the Fund will enter into. Based upon the language","page_number":18,"box":{"x":519,"y":664,"width":418,"height":11}},{"id":"b8673647-6887-4ae2-a8b1-44d508c0616a","block_type":"box","text":"in the legislative history, the Fund intends to treat the reference","page_number":18,"box":{"x":519,"y":678,"width":408,"height":11}},{"id":"d3968a23-8814-43cb-9c8e-6504e9326966","block_type":"box","text":"asset","page_number":18,"box":{"x":519,"y":693,"width":33,"height":8}},{"id":"6b77b292-6d39-40f2-9dff-7763e5b4ba41","block_type":"box","text":"(i.e","page_number":18,"box":{"x":557,"y":692,"width":19,"height":11}},{"id":"e7037fbb-d9fb-44e1-9104-92958154ee48","block_type":"box","text":"., the Underlying Fund) as the issuer of the options.","page_number":18,"box":{"x":577,"y":692,"width":326,"height":11}},{"id":"c0f0643d-30d7-4f9c-81c8-cf912de9cd90","block_type":"box","text":"Assuming the reference asset qualifies as a RIC, the Fund could","page_number":18,"box":{"x":518,"y":706,"width":407,"height":11}},{"id":"6a2f3448-432f-4369-8c2a-f946730afeb9","block_type":"box","text":"count the options as automatically diversified investments under","page_number":18,"box":{"x":519,"y":721,"width":414,"height":10}},{"id":"f9f5031e-1b2f-4eec-bfe6-4db90de41978","block_type":"box","text":"the RIC diversification requirements. 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Accordingly, an investment in the Fund should not constitute a complete investment program. An","page_number":20,"box":{"x":46,"y":328,"width":898,"height":11}},{"id":"ffdd1ec0-8771-42cd-8215-e8ba5dfdcd86","block_type":"box","text":"investment in the Fund is not a bank deposit, and it is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other","page_number":20,"box":{"x":46,"y":342,"width":876,"height":11}},{"id":"f9ddc960-9232-4a07-94f3-041c2419cc1a","block_type":"box","text":"government agency, BFA or any of BFA’s affiliates.","page_number":20,"box":{"x":46,"y":356,"width":317,"height":11}},{"id":"bd328a96-e4cd-4fb2-b68c-9eadd2fe2503","block_type":"box","text":"1","page_number":20,"box":{"x":497,"y":944,"width":3,"height":8}},{"id":"929a7b80-d067-4d14-bf18-1c4982241e36","block_type":"box","text":"Additional Information About the Fund’s Risks","page_number":21,"box":{"x":46,"y":46,"width":455,"height":13}},{"id":"feb2356f-bef2-4954-befc-642282358c5f","block_type":"box","text":"Each Fund is subject to various risks, any of which may adversely affect the Fund’s NAV, trading price, yield, total return and ability to meet","page_number":21,"box":{"x":46,"y":75,"width":889,"height":11}},{"id":"4d34bdbf-8a67-496d-8c7a-a97a3491bcb8","block_type":"box","text":"its investment objective. Each Fund discloses its portfolio holdings daily at www.iShares.com. You could lose all or part of your investment in","page_number":21,"box":{"x":46,"y":89,"width":898,"height":11}},{"id":"7432e8ef-edd6-4a63-bfe5-ce618377950a","block_type":"box","text":"a Fund, which could underperform other investments. The principal and other (non-principal) risks that apply to the Fund are described","page_number":21,"box":{"x":46,"y":103,"width":862,"height":11}},{"id":"92752d8e-77bf-4f0f-9fd0-802b48cb98cc","block_type":"box","text":"below. A Fund that invests in an Underlying Fund also may be indirectly exposed to these risks through such investment.","page_number":21,"box":{"x":46,"y":117,"width":769,"height":11}},{"id":"4b930d00-3bb3-4071-a5ed-7e49d027f8ac","block_type":"box","text":"Principal Risks","page_number":21,"box":{"x":46,"y":140,"width":102,"height":11}},{"id":"fe0e4dea-d891-4f58-8a89-3f1670989e8a","block_type":"box","text":"Approximate Buffer Risk.","page_number":21,"box":{"x":45,"y":164,"width":174,"height":10}},{"id":"678f0c44-8082-40e4-a495-4caf90251a40","block_type":"box","text":"For a Fund that seeks to provide downside protection against Underlying Fund losses, there can be no guarantee","page_number":21,"box":{"x":225,"y":164,"width":721,"height":11}},{"id":"378be1da-ee18-4bbe-a191-85480fcc3dae","block_type":"box","text":"that the Fund will be successful in this strategy. Such a Fund does not provide principal protection or non-principal protection, and, despite","page_number":21,"box":{"x":46,"y":178,"width":889,"height":11}},{"id":"b1974b6f-f2bf-4d2a-9d74-25da9ad4d019","block_type":"box","text":"the Approximate Buffer, an investor may experience significant losses on their investment, including the loss of their entire investment. If an","page_number":21,"box":{"x":46,"y":192,"width":896,"height":11}},{"id":"79cf915c-c913-49bc-b1b1-21a827d036c6","block_type":"box","text":"investor purchases Fund shares after an Outcome Period begins or sells Fund shares prior to the end of an Outcome Period, the Approximate","page_number":21,"box":{"x":46,"y":206,"width":902,"height":11}},{"id":"710de42b-c731-4eb2-a71b-427c7d636dfc","block_type":"box","text":"Buffer that a Fund seeks to provide may not be available. In periods of extreme market volatility, a Fund’s return may be subject to","page_number":21,"box":{"x":47,"y":220,"width":833,"height":11}},{"id":"ba67a428-64ee-4e56-a4a0-092ef5fb9e3c","block_type":"box","text":"significantly less downside protection than the Approximate Buffer.","page_number":21,"box":{"x":46,"y":235,"width":428,"height":10}},{"id":"e42454b6-e7ee-4eaa-8ab9-ed440e09f816","block_type":"box","text":"Approximate Cap Risk","page_number":21,"box":{"x":45,"y":258,"width":154,"height":11}},{"id":"4ab0cebd-0216-4832-b87f-43d7942e876f","block_type":"box","text":".","page_number":21,"box":{"x":199,"y":264,"width":3,"height":2}},{"id":"641e52e9-c013-4ef3-9e0e-5e76075d912b","block_type":"box","text":"A Fund that seeks to provide returns that are subject to an Approximate Cap faces risks associated with such an","page_number":21,"box":{"x":207,"y":258,"width":720,"height":11}},{"id":"60f3cda2-dad9-42ff-b02c-6ed8b55e3010","block_type":"box","text":"investment strategy. The level of the Approximate Cap depends on prevailing market conditions (","page_number":21,"box":{"x":46,"y":272,"width":619,"height":11}},{"id":"5b530cbf-4fdc-4a0e-bf76-35425e82451c","block_type":"box","text":"e.g","page_number":21,"box":{"x":666,"y":274,"width":19,"height":9}},{"id":"87cc04cd-9612-4afb-8264-198290e52ee8","block_type":"box","text":"., volatility, interest rates, dividends, and","page_number":21,"box":{"x":686,"y":272,"width":257,"height":11}},{"id":"568aac33-8349-4755-9d18-41c6458ad5d3","block_type":"box","text":"other factors) at the time that it is set. The Approximate Cap may rise or fall from one Outcome Period to the next, sometimes to a significant","page_number":21,"box":{"x":46,"y":286,"width":903,"height":11}},{"id":"8885bd07-41f3-4234-b32c-b3391efe69cf","block_type":"box","text":"extent, and is unlikely to remain the same for consecutive Outcome Periods. If the Underlying Fund experiences gains in excess of the","page_number":21,"box":{"x":46,"y":300,"width":856,"height":11}},{"id":"e12c2d39-5ee7-4c74-a346-552702309c68","block_type":"box","text":"Approximate Cap for an Outcome Period, the Fund will not participate in any gains beyond the Approximate Cap and will underperform the","page_number":21,"box":{"x":45,"y":315,"width":886,"height":10}},{"id":"de5a0cce-6e21-48b7-b2f0-7cc0d9ad6cc5","block_type":"box","text":"Underlying Fund. In periods of extreme market volatility, a Fund’s return may be significantly below the Approximate Cap.","page_number":21,"box":{"x":46,"y":329,"width":775,"height":11}},{"id":"185f7aba-d60d-4f93-b090-d47df682c051","block_type":"box","text":"Asset Class Risk.","page_number":21,"box":{"x":45,"y":352,"width":118,"height":8}},{"id":"a9f34e83-98df-45c0-92bd-8db250a73d94","block_type":"box","text":"The securities and other assets in a Fund’s portfolio may underperform in comparison to indexes that track, or assets that","page_number":21,"box":{"x":168,"y":352,"width":781,"height":11}},{"id":"bddefc8c-aa47-40d5-a177-be8bcc376133","block_type":"box","text":"represent, other countries or geographic units, industries, markets, market segments, or asset classes. Various types of securities, other","page_number":21,"box":{"x":46,"y":366,"width":875,"height":11}},{"id":"3b7a8977-5c83-4472-be9a-1be47d9ea85c","block_type":"box","text":"assets and indexes may experience cycles of outperformance and underperformance in comparison to financial markets generally. This","page_number":21,"box":{"x":46,"y":380,"width":866,"height":11}},{"id":"a5f72d68-18a9-4182-ba01-96ca0d177613","block_type":"box","text":"divergence may be due to a number of factors including, among other things, inflation, interest rates, productivity, global demand for local","page_number":21,"box":{"x":46,"y":394,"width":882,"height":11}},{"id":"2c1e9f0e-767d-4d0c-89c1-4ec036f63c7f","block_type":"box","text":"products or resources, and regulation and governmental controls. This may cause a Fund to underperform other investment vehicles that","page_number":21,"box":{"x":46,"y":409,"width":877,"height":10}},{"id":"741aa089-a06f-4f37-8e18-880eeea3f264","block_type":"box","text":"invest in different asset classes.","page_number":21,"box":{"x":46,"y":423,"width":204,"height":8}},{"id":"b70cd8a4-c4dc-4b7b-a191-2774f8e9cb22","block_type":"box","text":"Assets Under Management (AUM) Risk.","page_number":21,"box":{"x":45,"y":446,"width":274,"height":11}},{"id":"361bcd84-941f-4c11-97ae-cceb13f1a617","block_type":"box","text":"From time to time, an Authorized Participant, a third-party investor, a Fund’s adviser, an affiliate","page_number":21,"box":{"x":325,"y":446,"width":613,"height":11}},{"id":"1120aa59-51b6-47b5-ae48-5eb41e26435b","block_type":"box","text":"of a Fund’s adviser, or another fund may invest in a Fund and hold its investment for a specific period of time to allow the Fund to achieve","page_number":21,"box":{"x":46,"y":460,"width":879,"height":11}},{"id":"a8797ac7-4979-43c5-bd13-c25b35647bfa","block_type":"box","text":"size or scale. There can be no assurance that any such entity would not redeem its investment or that the size of the Fund would be","page_number":21,"box":{"x":46,"y":474,"width":841,"height":11}},{"id":"c278c37f-6a05-45ef-96f7-9389a33cc873","block_type":"box","text":"maintained at such levels, which could negatively impact the Fund.","page_number":21,"box":{"x":46,"y":489,"width":426,"height":10}},{"id":"cdb99d6b-e346-4bab-a87f-926db7baf98d","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":21,"box":{"x":45,"y":512,"width":297,"height":11}},{"id":"50e60aef-ebf6-48e1-ab2d-99c6bfd0fa74","block_type":"box","text":"Only an Authorized Participant may engage in creation or redemption transactions directly","page_number":21,"box":{"x":347,"y":512,"width":579,"height":11}},{"id":"1f4472c8-f257-4c2d-a84d-5faadc7153af","block_type":"box","text":"with the Fund. There are a limited number of institutions that may act as Authorized Participants for the Fund, including on an agency basis","page_number":21,"box":{"x":45,"y":526,"width":889,"height":11}},{"id":"7b1ee262-1052-436b-a94e-1bbdf9492a32","block_type":"box","text":"on behalf of other market participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent","page_number":21,"box":{"x":46,"y":540,"width":902,"height":11}},{"id":"df79dd01-9ef6-4a60-a439-dd240ed897de","block_type":"box","text":"that Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized Participant","page_number":21,"box":{"x":46,"y":554,"width":901,"height":11}},{"id":"fe6a598f-6f0e-45df-b16a-4157a9f28ab9","block_type":"box","text":"places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting. Authorized","page_number":21,"box":{"x":46,"y":568,"width":889,"height":11}},{"id":"cc80c1cd-3ac9-4761-a624-2e8528eec0af","block_type":"box","text":"Participant concentration risk may be heightened for a Fund that invests in securities issued by non-U.S. issuers or instruments with lower","page_number":21,"box":{"x":46,"y":583,"width":885,"height":11}},{"id":"1673759c-8e12-430c-9609-a65c51d72c57","block_type":"box","text":"trading volume. Such assets often entail greater settlement and operational complexity and higher capital costs for Authorized Participants,","page_number":21,"box":{"x":46,"y":597,"width":893,"height":11}},{"id":"d9d84d5c-5b2b-4032-bb7f-2129eb351981","block_type":"box","text":"which may limit the number of Authorized Participants that engage with the Fund.","page_number":21,"box":{"x":45,"y":611,"width":522,"height":11}},{"id":"2ce4ba6a-b494-4ca8-9029-1328898ca76e","block_type":"box","text":"Clearing Member Default Risk.","page_number":21,"box":{"x":46,"y":634,"width":211,"height":11}},{"id":"338d0e8d-4bf3-4e59-9ac1-af361b99f401","block_type":"box","text":"Transactions in some types of derivatives, including FLEX Options and futures, are required to be centrally","page_number":21,"box":{"x":262,"y":634,"width":679,"height":11}},{"id":"dd465ba6-43d4-4b79-b968-6a3673b9d903","block_type":"box","text":"cleared (“cleared derivatives”). In a transaction involving cleared derivatives, the Fund’s counterparty is a clearing house, such as the OCC,","page_number":21,"box":{"x":46,"y":648,"width":887,"height":11}},{"id":"e8e952f6-ce3e-4d97-bd30-9cffbff38dde","block_type":"box","text":"rather than a bank or broker. Since the Fund is not a member of clearing houses and only members of a clearing house (“clearing members”)","page_number":21,"box":{"x":46,"y":663,"width":899,"height":10}},{"id":"e0fdb3c5-a41a-454d-8115-29ba6cf32b7a","block_type":"box","text":"can participate directly in the clearing house, the Fund will hold cleared derivatives through accounts at clearing members. In cleared","page_number":21,"box":{"x":46,"y":677,"width":852,"height":11}},{"id":"dd2e1391-f629-4565-8080-ec623d39483b","block_type":"box","text":"derivatives positions, the Fund will make payments (including margin payments) to and receive payments from a clearing house through their","page_number":21,"box":{"x":46,"y":691,"width":904,"height":11}},{"id":"c8efebca-a0cf-447b-a845-9fd2de52e756","block_type":"box","text":"accounts at clearing members. Customer funds held at a clearing organization in connection with any options contracts are held in a","page_number":21,"box":{"x":46,"y":705,"width":847,"height":11}},{"id":"6793e384-b93c-42e3-8572-02b634e58cdd","block_type":"box","text":"commingled omnibus account and are not identified to the name of the clearing member’s individual customers. As a result, assets","page_number":21,"box":{"x":46,"y":719,"width":838,"height":11}},{"id":"07777e42-9f9f-4947-a6d8-d66dee1da4a8","block_type":"box","text":"deposited by the Fund with any clearing member as margin for FLEX Options or futures may, in certain circumstances, be used to satisfy","page_number":21,"box":{"x":46,"y":733,"width":873,"height":11}},{"id":"948ab71c-9176-41c1-acdd-ed8c6f4b1866","block_type":"box","text":"losses of other clients of the Fund’s clearing member. In addition, although clearing members guarantee performance of their clients’","page_number":21,"box":{"x":46,"y":748,"width":851,"height":11}},{"id":"c4b2267b-00e8-4d4d-8086-7d566463e2d2","block_type":"box","text":"obligations to the Underlying Fund, the Fund’s or the Underlying Fund’s clearing house, there is a risk that the assets of the Fund might not","page_number":21,"box":{"x":46,"y":762,"width":888,"height":11}},{"id":"e1a145b8-f219-404a-8cab-def745675705","block_type":"box","text":"be fully protected in the event of the clearing member’s bankruptcy, as the Fund would be limited to recovering only a pro rata share of all","page_number":21,"box":{"x":46,"y":776,"width":881,"height":11}},{"id":"fccf2fe7-b8f2-41ad-bfba-26d74e62d5b0","block_type":"box","text":"available funds segregated on behalf of the clearing member’s customers for the relevant account class. The Fund is also subject to the risk","page_number":21,"box":{"x":46,"y":790,"width":894,"height":11}},{"id":"a1b50cb2-8f86-4d3d-a6e8-f80906df1e7d","block_type":"box","text":"that a limited number of clearing members are willing to transact on the Fund’s behalf, which heightens the risks associated with a clearing","page_number":21,"box":{"x":46,"y":804,"width":890,"height":11}},{"id":"420ed515-6fdc-4e31-8f16-37bae085cf84","block_type":"box","text":"member’s default. If a clearing member defaults, the Fund could lose some or all of the benefits of a transaction entered into by the Fund","page_number":21,"box":{"x":46,"y":819,"width":876,"height":10}},{"id":"fb79a275-13d7-4e01-b5e1-22fac28e1aad","block_type":"box","text":"with the clearing member. If the Fund cannot find a clearing member to transact with on the Fund’s behalf, the Fund may be unable to","page_number":21,"box":{"x":45,"y":833,"width":856,"height":11}},{"id":"1e835335-1b71-44b4-809c-f446e03dd610","block_type":"box","text":"effectively implement its investment strategy.","page_number":21,"box":{"x":46,"y":847,"width":291,"height":11}},{"id":"3efe01b8-d857-4b03-a445-ed492fd70fd1","block_type":"box","text":"Concentration Risk.","page_number":21,"box":{"x":46,"y":870,"width":135,"height":9}},{"id":"0df9dd21-6c5d-4930-8260-a07ed91c366e","block_type":"box","text":"A Fund may be susceptible to an increased risk of loss, including losses due to adverse events that affect the Fund’s","page_number":21,"box":{"x":186,"y":870,"width":744,"height":11}},{"id":"23ecae4c-5157-4aa6-a1a1-2757b2fa49a3","block_type":"box","text":"investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in the securities or other assets of","page_number":21,"box":{"x":46,"y":884,"width":903,"height":10}},{"id":"e6caece8-f914-42d8-bc96-d88b5c281098","block_type":"box","text":"one or more issuers, countries or other geographic units, markets, industries, project types, or asset classes. A Fund with investment","page_number":21,"box":{"x":46,"y":899,"width":853,"height":10}},{"id":"3798247e-899b-4390-851b-3c49a6997875","block_type":"box","text":"2","page_number":21,"box":{"x":496,"y":944,"width":6,"height":8}},{"id":"122369d9-e0d5-4610-b3a7-ee00e56c15c4","block_type":"box","text":"concentration may be more adversely affected by the underperformance of those assets, may experience greater price volatility and may be","page_number":22,"box":{"x":46,"y":46,"width":897,"height":11}},{"id":"f691496c-49bb-4566-8af5-d971274ba468","block_type":"box","text":"more susceptible to adverse economic, market, political or regulatory impacts on those assets compared to a fund that does not concentrate","page_number":22,"box":{"x":46,"y":61,"width":905,"height":10}},{"id":"028b8068-c726-4b88-841a-715c76b56a18","block_type":"box","text":"its investments.","page_number":22,"box":{"x":46,"y":75,"width":100,"height":8}},{"id":"77287481-42c4-4922-b89e-729a8c759d47","block_type":"box","text":"Counterparty Risk.","page_number":22,"box":{"x":46,"y":98,"width":129,"height":11}},{"id":"f83ee832-e487-42d6-baf6-72205d627b9d","block_type":"box","text":"Derivatives are subject to counterparty risk, which is the risk that the other party in the transaction will be unable or","page_number":22,"box":{"x":181,"y":98,"width":743,"height":11}},{"id":"74e6fea0-d9e5-44ca-b8d1-9a82c20a6dfe","block_type":"box","text":"unwilling to fulfill its contractual obligation, and the related risks of having concentrated exposure to such a counterparty. The OCC acts as","page_number":22,"box":{"x":46,"y":112,"width":886,"height":11}},{"id":"e629b090-12fa-42b7-a853-b60fd2fb7549","block_type":"box","text":"guarantor and central counterparty with respect to the options held by the Fund. As a result, the ability of the Fund to meet its objective","page_number":22,"box":{"x":46,"y":126,"width":869,"height":11}},{"id":"eeec1513-b604-443f-ada9-5a67017a8f2d","block_type":"box","text":"depends on the OCC being able to meet its obligations. In the unlikely event that the OCC becomes insolvent or is otherwise unable to meet","page_number":22,"box":{"x":46,"y":141,"width":896,"height":10}},{"id":"af7c6e14-60b4-4eda-b785-10696777a4b2","block_type":"box","text":"its clearing and settlement obligations, the Fund could suffer significant losses.","page_number":22,"box":{"x":46,"y":155,"width":506,"height":11}},{"id":"c8516eca-dd20-4f0f-be4d-4a18a0fca069","block_type":"box","text":"Derivatives Risk.","page_number":22,"box":{"x":46,"y":178,"width":115,"height":8}},{"id":"0c232037-3df1-42af-b300-1fe66172c4a6","block_type":"box","text":"A Fund’s use of derivatives (","page_number":22,"box":{"x":166,"y":178,"width":179,"height":11}},{"id":"ca9b38cd-3463-4f88-a46a-fec3608a9b63","block_type":"box","text":"e.g.","page_number":22,"box":{"x":347,"y":180,"width":20,"height":9}},{"id":"bd8a9fb7-4676-42b6-b949-f45d3d3f6155","block_type":"box","text":", futures, forwards, swaps, options) may be riskier than other types of investments and","page_number":22,"box":{"x":370,"y":178,"width":554,"height":11}},{"id":"e047fe10-f511-430c-9e3c-3ba43fef830b","block_type":"box","text":"may not have the intended effect on a Fund’s performance. Derivatives can be sensitive to changes in economic and market conditions, and","page_number":22,"box":{"x":46,"y":192,"width":896,"height":11}},{"id":"bc2a6370-3999-420f-8ff7-f50d09551c1a","block_type":"box","text":"they may increase a Fund’s volatility. A Fund also may experience reduced returns as a result of transaction costs and losses on derivatives","page_number":22,"box":{"x":46,"y":206,"width":891,"height":11}},{"id":"3727772b-168e-4f0f-a762-d482869c2929","block_type":"box","text":"positions. There is the risk of imperfect correlation between the value of a derivative and that of the asset underlying the derivative.","page_number":22,"box":{"x":46,"y":220,"width":840,"height":11}},{"id":"cae61363-8a36-4bb8-9df2-2a92c31bb2a3","block_type":"box","text":"Derivatives may create investment leverage, which could result in losses that significantly exceed a Fund’s original investment. Due to their","page_number":22,"box":{"x":46,"y":235,"width":892,"height":10}},{"id":"34c1785a-49e8-4d02-9415-1bd6af0bf8c2","block_type":"box","text":"complexity, derivatives are subject to the risk of mispricing or improper valuation. The possible lack of a liquid secondary market for","page_number":22,"box":{"x":46,"y":249,"width":845,"height":11}},{"id":"dba0cc5a-fdf4-49ad-b8a6-926c76b3c490","block_type":"box","text":"derivatives and the resulting inability of a Fund to sell or otherwise close a derivatives position could expose a Fund to losses and could make","page_number":22,"box":{"x":46,"y":263,"width":904,"height":11}},{"id":"0419c5b2-5b00-4c8e-9017-2f1e5b445b8a","block_type":"box","text":"derivatives more difficult for a Fund to value accurately.","page_number":22,"box":{"x":46,"y":277,"width":354,"height":11}},{"id":"6e9d86c1-f1e3-4938-9ed0-4546354b6383","block_type":"box","text":"Certain derivatives are subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual","page_number":22,"box":{"x":46,"y":300,"width":863,"height":11}},{"id":"00b299bc-a9ba-44f1-9228-db5a0f7eeb29","block_type":"box","text":"obligations. Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets. With regard","page_number":22,"box":{"x":46,"y":315,"width":895,"height":10}},{"id":"929e8c96-bc15-476d-a05a-64657d199364","block_type":"box","text":"to such derivatives, a Fund does not have a claim on the reference assets and is subject to enhanced counterparty risk. Regulatory","page_number":22,"box":{"x":46,"y":329,"width":837,"height":11}},{"id":"79c2e08c-7271-4da1-bf1b-45b6a264fde3","block_type":"box","text":"requirements may delay or restrict a Fund’s exercise of remedies if a derivative counterparty were to default, which could adversely impact","page_number":22,"box":{"x":46,"y":343,"width":889,"height":11}},{"id":"fbaafea9-78a6-4ca3-8cc6-5af8a0fb3440","block_type":"box","text":"the Fund.","page_number":22,"box":{"x":46,"y":357,"width":59,"height":9}},{"id":"ac339a40-fecc-4b89-88e1-8455a667cb0e","block_type":"box","text":"The use of derivatives exposes a Fund to operational risks, such as documentation and settlement issues, systems failures, inadequate","page_number":22,"box":{"x":45,"y":380,"width":863,"height":11}},{"id":"1ebd6c7d-0134-48ba-b6c3-187cf2968327","block_type":"box","text":"controls and human error. Derivatives also involve legal risks, including insufficient documentation, insufficient capacity or authority of a","page_number":22,"box":{"x":46,"y":394,"width":871,"height":11}},{"id":"19edf293-b927-4e28-a710-943068e7198a","block_type":"box","text":"counterparty, and the legality and enforceability of a contract. Derivatives expose a Fund to derivative liquidity risks relating to potential","page_number":22,"box":{"x":46,"y":409,"width":868,"height":10}},{"id":"c976f71e-1503-47ed-a742-7dd83b37702a","block_type":"box","text":"liquidity demands for a Fund to make margin, collateral, or settlement payments.","page_number":22,"box":{"x":46,"y":423,"width":516,"height":11}},{"id":"4d54dcee-44ea-4018-ae42-43fdfa16fa03","block_type":"box","text":"Equity Securities Risk.","page_number":22,"box":{"x":46,"y":446,"width":155,"height":11}},{"id":"2aa76784-e700-4189-8255-fc68b13a7b2f","block_type":"box","text":"Equity securities are subject to changes in value due to general market or economic conditions, perceptions about","page_number":22,"box":{"x":207,"y":446,"width":732,"height":11}},{"id":"bac465fd-8c61-45fa-887a-38579d75f292","block_type":"box","text":"the markets in which issuers participate or a number of factors relating to a specific issuer. Investments in equity securities may be more","page_number":22,"box":{"x":46,"y":460,"width":876,"height":11}},{"id":"39edd34e-ee12-4ea1-96cb-9aa98a7dede2","block_type":"box","text":"volatile than investments in other asset classes. Equity securities (both common and preferred stock) are subordinated to debt securities in a","page_number":22,"box":{"x":45,"y":474,"width":905,"height":11}},{"id":"2c39a25e-bfe8-427e-92d0-c7ae071f621a","block_type":"box","text":"company’s capital structure, and so equity holders are generally subject to more risks, particularly in the event of an issuer’s bankruptcy.","page_number":22,"box":{"x":46,"y":489,"width":875,"height":10}},{"id":"90340732-5ffe-4edf-be26-8dc423d2506e","block_type":"box","text":"Common stock has the lowest priority and the greatest risks, including with respect to dividends and any liquidation payments.","page_number":22,"box":{"x":46,"y":503,"width":812,"height":11}},{"id":"b3125e8d-1086-45c7-aa5b-b43d07d28d83","block_type":"box","text":"Futures Contract Risk.","page_number":22,"box":{"x":46,"y":526,"width":155,"height":8}},{"id":"05d1419a-805e-45ee-90a7-9a7396846676","block_type":"box","text":"Futures contracts may involve risks different from, and possibly greater than, the risks associated with investing","page_number":22,"box":{"x":207,"y":526,"width":718,"height":11}},{"id":"a295086e-8c7d-4aea-9145-8de8ead96994","block_type":"box","text":"directly in the underlying assets. Swaps or other derivatives on futures contracts also may be adversely impacted by these risks. The primary","page_number":22,"box":{"x":46,"y":540,"width":901,"height":11}},{"id":"1881bdd6-ca91-4f9d-b24d-ad8e2bcec13a","block_type":"box","text":"risks of futures contracts include: (i) an imperfect correlation between the value of the futures contract and that of the underlying asset; (ii)","page_number":22,"box":{"x":46,"y":554,"width":891,"height":11}},{"id":"c2bb1735-33e0-4deb-8171-376dd371e390","block_type":"box","text":"resale restrictions or the lack of a liquid secondary market and the resulting inability to close a futures contract when desired; (iii) losses","page_number":22,"box":{"x":46,"y":568,"width":873,"height":11}},{"id":"41d61bb2-d0f8-4a5d-8e0e-14f0b39d9ec3","block_type":"box","text":"from unanticipated market movements, which are potentially unlimited; (iv) BFA’s inability to predict correctly the direction of the prices of","page_number":22,"box":{"x":45,"y":583,"width":887,"height":10}},{"id":"dae7587a-5b37-4204-b54e-77165f3dafc3","block_type":"box","text":"futures contracts and other financial and economic factors; (v) a counterparty’s default in the performance of its obligations; (vi) the","page_number":22,"box":{"x":45,"y":597,"width":846,"height":11}},{"id":"02bdf09e-b3c1-49fe-98b5-b7f26cf7476a","block_type":"box","text":"obligation to make daily cash payments to maintain the required margin for the futures contract; and (vi) the possibility that a failure to close","page_number":22,"box":{"x":46,"y":611,"width":900,"height":11}},{"id":"786594e4-3460-440f-b787-f2a90a2d5b4f","block_type":"box","text":"a position may result in delivery of an illiquid commodity.","page_number":22,"box":{"x":46,"y":625,"width":362,"height":11}},{"id":"45e2ee06-d2f4-4700-8d43-120f3bdc292d","block_type":"box","text":"A Fund that rolls futures contracts is subject to additional risk. If the market for the futures contracts is in “contango,” meaning that the price","page_number":22,"box":{"x":45,"y":648,"width":905,"height":11}},{"id":"c8770a65-88f1-4a87-86c4-4b7794756bc4","block_type":"box","text":"of futures contracts in nearer months is lower than the price of contracts in distant months, the sale of a near-term month contract will be at","page_number":22,"box":{"x":46,"y":663,"width":900,"height":10}},{"id":"6d59a6e6-8b00-445c-b47d-ab03eba3f858","block_type":"box","text":"a lower price than the cost of the longer-term contract, resulting in a cost to roll the contract. A Fund may also lose money in rolling a","page_number":22,"box":{"x":46,"y":677,"width":858,"height":11}},{"id":"fb5a6575-527d-4b04-97ab-ace33f82cef8","block_type":"box","text":"futures contract if the two contracts are trading at different prices as compared to fair value – for example, if the futures contract held by the","page_number":22,"box":{"x":45,"y":691,"width":903,"height":11}},{"id":"af98b819-74e5-4e61-bbe9-ff6e55504448","block_type":"box","text":"Fund is trading at a discount to fair value and the new contract being rolled into is trading at a premium to fair value. A Fund may not roll","page_number":22,"box":{"x":46,"y":705,"width":871,"height":11}},{"id":"6a926502-6500-4bc7-b79c-804ca8f6c114","block_type":"box","text":"futures contracts on a predefined schedule; instead, BFA may determine to roll to another futures contract in an attempt to generate","page_number":22,"box":{"x":45,"y":719,"width":849,"height":11}},{"id":"c7835577-3a1e-437c-b3ff-06fab9839aee","block_type":"box","text":"maximum yield. There can be no guarantee that such a strategy will produce the desired results.","page_number":22,"box":{"x":46,"y":734,"width":614,"height":10}},{"id":"408e0add-3fbb-427a-a351-1f5190d6a6c9","block_type":"box","text":"In addition, U.S. regulations limit the types of foreign-listed futures contracts that U.S. investors are allowed to invest in. As a result, a Fund","page_number":22,"box":{"x":46,"y":757,"width":892,"height":11}},{"id":"8ad11c77-6e17-4365-90d8-1d41813e865c","block_type":"box","text":"may not be able to gain the exposure it seeks through certain non-U.S. futures contracts.","page_number":22,"box":{"x":46,"y":771,"width":570,"height":11}},{"id":"ec38fb73-b5cc-4a0b-a758-5a1c389acf34","block_type":"box","text":"Investment in Underlying Fund Risk.","page_number":22,"box":{"x":46,"y":794,"width":251,"height":11}},{"id":"f00e4619-09d6-427c-9244-6e0e2183f405","block_type":"box","text":"For a Fund that invests in an Underlying Fund, the Fund’s investment performance and risks are","page_number":22,"box":{"x":303,"y":794,"width":612,"height":11}},{"id":"129e86fa-231f-4a50-b506-512242cab20d","block_type":"box","text":"likely to be directly related to those of the Underlying Fund. A Fund’s NAV will change with changes in the value of an Underlying Fund and","page_number":22,"box":{"x":46,"y":808,"width":882,"height":11}},{"id":"82ea9303-fd22-4bc1-89e4-e49f27f077a8","block_type":"box","text":"other assets that the Fund holds. The shares of an Underlying Fund may trade at a premium or discount to the Underlying Fund’s NAV.","page_number":22,"box":{"x":46,"y":822,"width":856,"height":11}},{"id":"a5fdf208-1e3e-4896-822c-8710a73341a5","block_type":"box","text":"Investors in a Fund that invests in an Underlying Fund will indirectly bear the expenses charged by the Underlying Fund, and an investment in","page_number":22,"box":{"x":46,"y":837,"width":900,"height":10}},{"id":"b2f5f6b0-0788-4487-b46f-f1de2d011619","block_type":"box","text":"the Fund may entail more expenses than a direct investment in the Underlying Fund (except to the extent that certain fees are waived by","page_number":22,"box":{"x":46,"y":851,"width":875,"height":11}},{"id":"2c91f506-3250-4ab3-b708-822fe8449a72","block_type":"box","text":"BFA). An investor in such a Fund may receive taxable gains from portfolio transactions by an Underlying Fund, as well as taxable gains from","page_number":22,"box":{"x":47,"y":865,"width":888,"height":11}},{"id":"feff1b9e-e797-41ee-87ba-333ab19fb235","block_type":"box","text":"transactions in the shares of an Underlying Fund that are held by the Fund.","page_number":22,"box":{"x":46,"y":879,"width":477,"height":11}},{"id":"8207eeef-cc37-454d-8baa-29a67437a3e4","block_type":"box","text":"3","page_number":22,"box":{"x":495,"y":944,"width":7,"height":8}},{"id":"eec999b2-be4d-4ebc-980e-2dc989903ced","block_type":"box","text":"Issuer Risk.","page_number":23,"box":{"x":46,"y":46,"width":80,"height":9}},{"id":"78e938c3-57fe-45da-9a7d-a8893cbcd991","block_type":"box","text":"The performance of a Fund depends on the performance of individual securities or other assets to which the Fund has","page_number":23,"box":{"x":131,"y":46,"width":755,"height":11}},{"id":"0b8a07ce-5c6b-4b7c-b747-a17a903e8645","block_type":"box","text":"exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due to changes in the","page_number":23,"box":{"x":46,"y":61,"width":861,"height":10}},{"id":"c835fe99-2be7-4c11-a256-0a136436a34c","block_type":"box","text":"financial condition or credit rating of the issuer or counterparty.","page_number":23,"box":{"x":45,"y":75,"width":406,"height":11}},{"id":"b0429e9b-d553-4af0-890b-908fb1f305df","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":23,"box":{"x":46,"y":98,"width":257,"height":11}},{"id":"e8f611fd-6ed4-4107-b377-557562625ab6","block_type":"box","text":"Large-capitalization companies may be less able than smaller-capitalization companies to adapt to","page_number":23,"box":{"x":309,"y":98,"width":631,"height":11}},{"id":"7a1549d0-102d-446f-bc42-51020adefdb3","block_type":"box","text":"changing market conditions and competitive challenges. Large-capitalization companies may be more mature and subject to more limited","page_number":23,"box":{"x":46,"y":112,"width":881,"height":11}},{"id":"fed42d76-5440-41e5-82e4-f137741272b9","block_type":"box","text":"growth potential compared with smaller-capitalization companies. The performance of large-capitalization companies could trail the overall","page_number":23,"box":{"x":46,"y":126,"width":890,"height":11}},{"id":"aee676c9-53e3-482f-964f-6899ee2b1197","block_type":"box","text":"performance of the broader securities markets.","page_number":23,"box":{"x":46,"y":140,"width":302,"height":11}},{"id":"fea0673a-0576-4fb4-be44-40af44c00f6e","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk.","page_number":23,"box":{"x":46,"y":164,"width":369,"height":11}},{"id":"46ffad84-9250-47ed-a6c7-b628641052ea","block_type":"box","text":"Certain shareholders of a Fund, including an Authorized Participant, a third-party","page_number":23,"box":{"x":420,"y":164,"width":517,"height":11}},{"id":"47a79f0d-88e1-409f-bf89-cb4c5b552ce4","block_type":"box","text":"investor, the Fund’s adviser, an affiliate of the Fund’s adviser, a market maker, or another entity, may from time to time own or manage a","page_number":23,"box":{"x":46,"y":178,"width":875,"height":11}},{"id":"01d60582-c4b3-4b84-8734-ab1b99ca0a23","block_type":"box","text":"substantial amount of Fund shares or may hold their investment in the Fund for a limited period of time. These shareholders may also pledge","page_number":23,"box":{"x":46,"y":192,"width":899,"height":11}},{"id":"6504a24f-8b96-4134-ab12-7206139c445c","block_type":"box","text":"or loan Fund shares (to secure financing or otherwise), which may result in the shares becoming concentrated in another party. There can be","page_number":23,"box":{"x":46,"y":206,"width":900,"height":11}},{"id":"bbb1d880-6f62-43c3-8155-cc36959ddbd0","block_type":"box","text":"no assurance that any large shareholder or large group of shareholders would not redeem their investment or that the size of a Fund would","page_number":23,"box":{"x":46,"y":220,"width":887,"height":11}},{"id":"482bf642-5335-405e-82ed-8125a61c3c1b","block_type":"box","text":"be maintained. Redemptions of a large number of Fund shares may adversely affect a Fund’s liquidity and net assets. To the extent a Fund","page_number":23,"box":{"x":46,"y":235,"width":882,"height":10}},{"id":"52efc2b2-a318-4614-b0fc-b2cb5a06019e","block_type":"box","text":"permits redemptions in cash, these redemptions may force the Fund to sell portfolio securities or other assets when it might not otherwise","page_number":23,"box":{"x":46,"y":249,"width":888,"height":11}},{"id":"324f0a6b-4c9f-4b92-b8b8-8b189427a47f","block_type":"box","text":"do so, which may negatively impact the Fund’s NAV, have a material effect on the market price of Fund shares, increase the Fund’s brokerage","page_number":23,"box":{"x":46,"y":263,"width":905,"height":11}},{"id":"e47ae0d7-3c7c-47bc-9f65-4dd076794965","block_type":"box","text":"costs, accelerate the realization of taxable income and/or capital gains, and cause the Fund to make taxable distributions to its shareholders","page_number":23,"box":{"x":46,"y":277,"width":903,"height":11}},{"id":"0d6d5d2b-5d2b-46f5-b701-a448a6e6b360","block_type":"box","text":"earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as","page_number":23,"box":{"x":46,"y":291,"width":854,"height":11}},{"id":"069ead4c-7b15-4e75-a167-e86e73d03dc6","block_type":"box","text":"receiving a disproportionately large taxable distribution during or with respect to such tax year. A Fund also may be required to sell its more","page_number":23,"box":{"x":46,"y":306,"width":892,"height":10}},{"id":"e7430a03-d6c4-4031-9619-e89246c0da62","block_type":"box","text":"liquid investments to meet a large redemption, in which case the Fund’s remaining assets may be less liquid, more volatile, and more difficult","page_number":23,"box":{"x":46,"y":320,"width":902,"height":11}},{"id":"9d6c3e37-e187-4a86-910d-fb1c6020bc53","block_type":"box","text":"to price.","page_number":23,"box":{"x":46,"y":334,"width":51,"height":11}},{"id":"f87847d4-c8d4-4049-b37c-e51900c3377b","block_type":"box","text":"To the extent these large shareholders transact in Fund shares on the secondary market, such transactions may account for a large","page_number":23,"box":{"x":45,"y":357,"width":841,"height":11}},{"id":"bb08fdfe-1aaa-41d3-8625-2b289fa8d0c3","block_type":"box","text":"percentage of the trading volume for Fund shares and may, therefore, have a material upward or downward effect on the market price of the","page_number":23,"box":{"x":46,"y":371,"width":898,"height":11}},{"id":"dc4dcde5-9374-414c-9be7-8336304a6665","block_type":"box","text":"shares. In addition, large purchases of Fund shares may adversely affect the Fund’s performance to the extent that the Fund is delayed in","page_number":23,"box":{"x":46,"y":385,"width":878,"height":11}},{"id":"91ca8d2f-f084-48d1-8705-cff4cc53e1c7","block_type":"box","text":"investing new cash and is required to maintain a larger cash position than it ordinarily would, diluting its investment returns.","page_number":23,"box":{"x":46,"y":400,"width":792,"height":10}},{"id":"cb775310-18fc-4325-a2fb-3a69a244ba39","block_type":"box","text":"Management Risk.","page_number":23,"box":{"x":46,"y":423,"width":127,"height":11}},{"id":"4833a492-7a8d-479c-b7f2-834f99e24106","block_type":"box","text":"A Fund that is actively managed or that has an outcome strategy is subject to the risk that BFA’s investment process,","page_number":23,"box":{"x":178,"y":423,"width":748,"height":11}},{"id":"96d4f794-08ad-404c-9700-387fe81d3a5a","block_type":"box","text":"techniques, models and/or and risk analyses in making investment decisions for the Fund will not produce the desired results. The securities","page_number":23,"box":{"x":46,"y":437,"width":903,"height":11}},{"id":"a3f409f1-bb1b-4588-b475-ce4fa19266bb","block_type":"box","text":"or other assets selected by BFA may result in returns that are inconsistent with the Fund’s investment objective, and the Fund may","page_number":23,"box":{"x":46,"y":451,"width":836,"height":11}},{"id":"705f1fa5-bb60-461e-a17f-2e6417010d4f","block_type":"box","text":"underperform the market or any relevant benchmark. In addition, legislative, regulatory, or tax developments may affect the investment","page_number":23,"box":{"x":46,"y":465,"width":868,"height":11}},{"id":"8f078ff5-5c41-41bb-819b-aa066dfaff59","block_type":"box","text":"techniques available to BFA in connection with managing such a Fund and may also adversely affect the ability of the Fund to achieve its","page_number":23,"box":{"x":46,"y":480,"width":871,"height":10}},{"id":"233efb94-7448-4368-bc20-cc8414a1ca49","block_type":"box","text":"investment objective.","page_number":23,"box":{"x":46,"y":494,"width":136,"height":10}},{"id":"e8066245-65fc-4f91-a7ac-170c77ce3fad","block_type":"box","text":"Market Risk.","page_number":23,"box":{"x":46,"y":517,"width":86,"height":8}},{"id":"aaac395c-b9bc-40f3-8930-021eb8246e21","block_type":"box","text":"A Fund could lose money over short periods due to short-term market movements and over longer periods during more","page_number":23,"box":{"x":137,"y":517,"width":763,"height":11}},{"id":"671ab608-6539-4baa-9ac0-bafca786c93d","block_type":"box","text":"prolonged market downturns. The value of a financial instrument or other asset may decline due to changes in general market conditions,","page_number":23,"box":{"x":46,"y":531,"width":879,"height":11}},{"id":"ef8ae461-d839-49bb-9f85-4182655ccc65","block_type":"box","text":"economic trends or events that are not specifically related to the particular instrument or asset, or factors that affect one or more issuers,","page_number":23,"box":{"x":46,"y":545,"width":884,"height":11}},{"id":"72c3e812-3206-4d29-80bb-58a67713ffbe","block_type":"box","text":"counterparties, exchanges, countries or other geographic units, markets, industries, or asset classes. Local, regional or global events such as","page_number":23,"box":{"x":46,"y":560,"width":904,"height":10}},{"id":"905d89a2-1ea7-4424-949f-65bcd461f89e","block_type":"box","text":"war, acts of terrorism, pandemics or other public health issues, recessions, the prospect or occurrence of a sovereign default or other","page_number":23,"box":{"x":45,"y":574,"width":858,"height":10}},{"id":"6fc93c2e-a0d3-4821-a6da-3b59f7a20c1c","block_type":"box","text":"financial crisis, or other events could have a significant impact on a Fund and its investments and could result in increased premiums or","page_number":23,"box":{"x":45,"y":588,"width":869,"height":11}},{"id":"2a78533a-9a1e-4864-8a28-7b332f28b0e6","block_type":"box","text":"discounts to a Fund’s NAV. Changes in market and economic conditions generally do not have the same impact on all types of instruments","page_number":23,"box":{"x":46,"y":602,"width":885,"height":11}},{"id":"e42a8be5-2679-47ab-8434-cad4980d0941","block_type":"box","text":"and assets.","page_number":23,"box":{"x":46,"y":616,"width":71,"height":9}},{"id":"9b3e0504-4856-460b-b99e-88a99ef7c63b","block_type":"box","text":"Market Trading Risk.","page_number":23,"box":{"x":46,"y":639,"width":141,"height":11}},{"id":"e74389bd-eedc-4630-b4ca-9330d0d0a41b","block_type":"box","text":"A Fund faces numerous market trading risks, any of which may lead to its shares trading in the secondary market at a","page_number":23,"box":{"x":192,"y":639,"width":753,"height":11}},{"id":"7ebf943e-247d-4c1c-90d6-76446d94e7a7","block_type":"box","text":"premium or discount to NAV or to the intraday value of the Fund’s portfolio holdings. If you buy Fund shares at a time when the market price","page_number":23,"box":{"x":46,"y":654,"width":896,"height":10}},{"id":"9398cc18-8b41-4bae-adc7-2a5f20c492d3","block_type":"box","text":"is at a premium to NAV or sell Fund shares at a time when the market price is at a discount to the NAV, you may pay significantly more or","page_number":23,"box":{"x":46,"y":668,"width":877,"height":11}},{"id":"e908c2f5-38f6-47a4-9b31-fed4c89fddf2","block_type":"box","text":"receive significantly less than the underlying value of the Fund shares.","page_number":23,"box":{"x":46,"y":682,"width":447,"height":11}},{"id":"fe80a5c6-490b-44fe-ab25-5a57de4b3104","block_type":"box","text":"Absence of an Active Primary Market.","page_number":23,"box":{"x":45,"y":705,"width":235,"height":11}},{"id":"f58713c2-5597-46ba-ad2c-18580b1a36be","block_type":"box","text":"Although Fund shares are listed for trading on one or more stock exchanges, there can be no assurance","page_number":23,"box":{"x":286,"y":705,"width":664,"height":11}},{"id":"4ffe1899-93bb-460d-a322-5242542d808e","block_type":"box","text":"that an active primary trading market for Fund shares will develop or be maintained by market makers or Authorized Participants.","page_number":23,"box":{"x":46,"y":719,"width":826,"height":11}},{"id":"6f6dc91a-0871-465d-8bcc-98086417e1be","block_type":"box","text":"Secondary Listing Risks.","page_number":23,"box":{"x":46,"y":743,"width":151,"height":10}},{"id":"03fdf7ec-1cb7-4dd0-bf09-8e6b2534f884","block_type":"box","text":"A Fund’s shares may be listed or traded on U.S. and non-U.S. stock exchanges other than the U.S. stock exchange","page_number":23,"box":{"x":203,"y":743,"width":732,"height":10}},{"id":"43720537-e91b-43dd-b037-fe492886003b","block_type":"box","text":"where the Fund’s primary listing is maintained. Fund shares also may be available to non-U.S. investors through funds or structured","page_number":23,"box":{"x":45,"y":757,"width":842,"height":11}},{"id":"0a61f3b8-714d-412b-b061-7b42d49ed65d","block_type":"box","text":"investment vehicles similar to depositary receipts. There can be no assurance that a Fund’s shares will continue to trade on any such stock","page_number":23,"box":{"x":46,"y":771,"width":889,"height":11}},{"id":"e02b0e80-f1a4-46a2-a2a2-66bfac9f61d6","block_type":"box","text":"exchange or in any market or that a Fund’s shares will continue to meet the requirements for exchange listing or market trading. A Fund’s","page_number":23,"box":{"x":46,"y":785,"width":879,"height":11}},{"id":"4c75f5a0-26a9-48bc-a25c-904d8a91fd3c","block_type":"box","text":"shares may be less actively traded in certain markets than in others, and investors are subject to the execution and settlement risks and","page_number":23,"box":{"x":46,"y":799,"width":872,"height":11}},{"id":"41b5384f-8b52-4033-b8b4-f236b32fcab4","block_type":"box","text":"market standards of the market where they or their broker direct their trades for execution. Certain information that is available to investors","page_number":23,"box":{"x":46,"y":813,"width":897,"height":11}},{"id":"f072f7c9-1539-452e-93ad-c2e9ef7443a8","block_type":"box","text":"who trade Fund shares on a U.S. stock exchange during regular U.S. market hours may not be available to investors who trade in other","page_number":23,"box":{"x":45,"y":828,"width":863,"height":10}},{"id":"782c0c61-ba41-4e52-b353-47d0d2944062","block_type":"box","text":"markets, which may result in secondary market prices in such markets being less efficient.","page_number":23,"box":{"x":46,"y":842,"width":579,"height":11}},{"id":"bd6b4bfa-53f1-4fdd-b81f-79281f1b995a","block_type":"box","text":"Secondary Market Trading Risk.","page_number":23,"box":{"x":46,"y":865,"width":196,"height":11}},{"id":"4b331fb0-a4c9-41f6-b4f5-b1bc8ea12b55","block_type":"box","text":"Shares of a Fund may trade in the secondary market at times when the Fund does not accept orders to create","page_number":23,"box":{"x":248,"y":865,"width":703,"height":11}},{"id":"65929042-d012-4d61-9296-2d6e5aa80799","block_type":"box","text":"or redeem shares. At such times, shares may trade in the secondary market with more significant premiums or discounts to NAV than might","page_number":23,"box":{"x":46,"y":879,"width":896,"height":11}},{"id":"d94d243d-0431-469f-ab25-37bdc5b1d0bc","block_type":"box","text":"be experienced at times when the Fund accepts creation and redemption orders. Securities held by a Fund may be traded in markets that","page_number":23,"box":{"x":46,"y":893,"width":880,"height":11}},{"id":"fb3417d3-98cb-4150-b5c8-64a8a6a545df","block_type":"box","text":"close at a different time than an exchange on which Fund shares are traded. Liquidity in those securities may be reduced after the applicable","page_number":23,"box":{"x":46,"y":908,"width":900,"height":10}},{"id":"c3028b2a-ccb1-4ca0-9ea9-c3ce4b931efd","block_type":"box","text":"4","page_number":23,"box":{"x":495,"y":944,"width":7,"height":8}},{"id":"ee9309d0-9322-4d00-bd0e-cff131cfdce1","block_type":"box","text":"closing time. As a result, during the time when the exchange is open but after the applicable market closing, fixing or settlement time, there","page_number":24,"box":{"x":46,"y":46,"width":893,"height":11}},{"id":"c3d3efd1-217a-491c-bd48-abe2f35cd7d9","block_type":"box","text":"may be wider bid/ask spreads on the exchange and a greater premium or discount to NAV.","page_number":24,"box":{"x":46,"y":61,"width":581,"height":10}},{"id":"48329d4d-088d-48ee-9a8c-4a2588de393a","block_type":"box","text":"In stressed market conditions, the market for a Fund’s shares may become less liquid in response to deteriorating liquidity in the markets for","page_number":24,"box":{"x":46,"y":84,"width":901,"height":11}},{"id":"56d4a2f1-aaf0-4c78-a0b1-ccc4c63d9444","block_type":"box","text":"the Fund’s portfolio holdings, and an investor may be unable to sell their Fund shares.","page_number":24,"box":{"x":46,"y":98,"width":547,"height":11}},{"id":"68f96272-dcb1-4da8-b1de-9d6ffb5f9444","block_type":"box","text":"Secondary market trading in Fund shares may be halted by a stock exchange because of market conditions or for other reasons. In times of","page_number":24,"box":{"x":46,"y":121,"width":894,"height":11}},{"id":"055fa98b-f9c2-4940-b649-2b50c41db27a","block_type":"box","text":"extraordinary market volatility, Fund shares may be subject to trading halts pursuant to “circuit breaker” rules of a stock exchange or market.","page_number":24,"box":{"x":46,"y":135,"width":904,"height":11}},{"id":"8c7c0826-a0c9-46c1-b93f-59ef15f01012","block_type":"box","text":"If there is a trading halt or unanticipated closure of an exchange or market, an investor may be unable to purchase or sell Fund shares. In","page_number":24,"box":{"x":46,"y":150,"width":875,"height":10}},{"id":"6a326bfa-5457-4df7-adbd-5846c8a995e1","block_type":"box","text":"addition, if trading in certain securities or financial instruments is restricted, this may disrupt a Fund’s creation/redemption process, affect","page_number":24,"box":{"x":46,"y":164,"width":889,"height":11}},{"id":"7d09a693-bd31-4bf0-9b34-08e2ebb95ac1","block_type":"box","text":"the price at which Fund shares trade in the secondary market, and result in a Fund being unable to trade certain securities or financial","page_number":24,"box":{"x":46,"y":178,"width":856,"height":11}},{"id":"1a4bc4f1-5648-4785-9fae-50dd88f6bb4c","block_type":"box","text":"instruments. In such circumstances, a Fund may be unable to rebalance its portfolio or accurately price its portfolio holdings and may incur","page_number":24,"box":{"x":46,"y":192,"width":891,"height":11}},{"id":"2348d6ff-e4a3-46ed-a846-921a71329054","block_type":"box","text":"substantial trading losses.","page_number":24,"box":{"x":46,"y":206,"width":166,"height":11}},{"id":"20222696-da43-4bdf-8cba-2f96c10f9a3c","block_type":"box","text":"Shares of a Fund, similar to shares of other issuers listed on a stock exchange, may be sold short and are therefore subject to the risk of","page_number":24,"box":{"x":46,"y":229,"width":873,"height":11}},{"id":"db3d97fa-3580-4fca-8e15-4b4f38a19c08","block_type":"box","text":"increased volatility and price decreases associated with being sold short. In addition, trading activity in derivative products based on a Fund","page_number":24,"box":{"x":46,"y":244,"width":893,"height":10}},{"id":"8d1852d6-d4b7-4c97-9dbe-cda19759c1c4","block_type":"box","text":"may lead to increased trading volume and volatility in the secondary market for the shares of the Fund.","page_number":24,"box":{"x":46,"y":258,"width":657,"height":11}},{"id":"6b75dc0b-1ea7-4d5a-94bb-31aacbd72cb4","block_type":"box","text":"Fund Shares May Trade at Prices Other Than NAV.","page_number":24,"box":{"x":46,"y":281,"width":309,"height":11}},{"id":"a0e3dbaf-a6f7-4c0c-9991-d8f7939e25f4","block_type":"box","text":"V. Shares of a Fund trade on stock exchanges at prices at, above or below the Fund’s most","page_number":24,"box":{"x":355,"y":281,"width":571,"height":11}},{"id":"f3e36fda-31fe-4dbd-b206-3007bb021054","block_type":"box","text":"recent NAV. A Fund’s NAV is calculated at the end of each business day and fluctuates with changes in the market value of the Fund’s","page_number":24,"box":{"x":46,"y":295,"width":853,"height":11}},{"id":"967cf326-3338-4fb1-864a-a97881f845e1","block_type":"box","text":"portfolio holdings. The trading price of a Fund’s shares fluctuates throughout trading hours based on both market supply of and demand for","page_number":24,"box":{"x":46,"y":309,"width":891,"height":11}},{"id":"2f4f5a63-1e6b-4e14-b816-2af6416a35e9","block_type":"box","text":"Fund shares and the underlying value of the Fund’s portfolio holdings or NAV. As a result, the trading prices of a Fund’s shares may deviate","page_number":24,"box":{"x":46,"y":324,"width":886,"height":10}},{"id":"7685235c-8f56-4c1b-9003-9d6d9bcf1dc3","block_type":"box","text":"significantly from NAV during times of market volatility, significant redemption requests, or other unusual market conditions","page_number":24,"box":{"x":46,"y":338,"width":792,"height":11}},{"id":"58ac3bdb-bfd3-4da0-aca6-ca7b5f79562d","block_type":"box","text":"However, because Fund shares can be created and redeemed in Creation Units at NAV, BFA believes that large discounts or premiums to a","page_number":24,"box":{"x":46,"y":361,"width":887,"height":11}},{"id":"657eccd5-12d8-4639-9f32-c41cedfb4002","block_type":"box","text":"Fund’s NAV are not likely to be sustained over the long term (unlike shares of many closed-end funds, which frequently trade at appreciable","page_number":24,"box":{"x":46,"y":375,"width":892,"height":11}},{"id":"fe960336-5969-4fb0-9874-19282ec84a56","block_type":"box","text":"discounts from, and sometimes at premiums to, their NAVs). While the creation/redemption feature is designed to make it more likely that a","page_number":24,"box":{"x":46,"y":389,"width":899,"height":11}},{"id":"2a60bbdf-44a7-469b-9409-be5f202b5d9d","block_type":"box","text":"Fund’s shares normally will trade on stock exchanges at prices close to the Fund’s next calculated NAV, exchange prices are not expected to","page_number":24,"box":{"x":46,"y":403,"width":899,"height":11}},{"id":"831c5f11-fe1d-4f2a-8798-61f531280afa","block_type":"box","text":"correlate exactly with the Fund’s NAV due to timing reasons, supply and demand imbalances and other factors. In addition, disruptions to","page_number":24,"box":{"x":46,"y":418,"width":878,"height":10}},{"id":"64823ae5-4fca-4e07-ad5e-c48ae81a6885","block_type":"box","text":"creations and redemptions, including disruptions at market makers, Authorized Participants, or other market participants, and during periods","page_number":24,"box":{"x":46,"y":432,"width":902,"height":11}},{"id":"0856d0a2-8f68-4278-818d-4ca11fb23fe5","block_type":"box","text":"of significant market volatility, may result in trading prices for shares of a Fund that differ significantly from its NAV. Authorized Participants","page_number":24,"box":{"x":46,"y":446,"width":890,"height":11}},{"id":"1e3f7b3c-6819-44b1-9585-c251d1747645","block_type":"box","text":"may be less willing to create or redeem a Fund’s shares if there is a lack of an active market for such shares or the Fund’s underlying","page_number":24,"box":{"x":46,"y":460,"width":848,"height":11}},{"id":"3228bee4-4d95-4bdd-82ee-ff8155b76023","block_type":"box","text":"investments, which may contribute to the Fund’s shares trading at a premium or discount to NAV.","page_number":24,"box":{"x":46,"y":474,"width":622,"height":11}},{"id":"5da014e1-ce81-495a-a229-715976219561","block_type":"box","text":"Costs of Buying or Selling Fund Shares.","page_number":24,"box":{"x":46,"y":498,"width":245,"height":10}},{"id":"af1004b0-e325-4cc6-8858-7b5e241a2fee","block_type":"box","text":"Buying or selling Fund shares on an exchange involves two types of costs that apply to all securities","page_number":24,"box":{"x":298,"y":498,"width":636,"height":10}},{"id":"d3762f43-590c-418b-8a02-5f347f222d65","block_type":"box","text":"transactions. When buying or selling Fund shares through a broker, you will likely incur a brokerage commission and other charges. In","page_number":24,"box":{"x":46,"y":512,"width":853,"height":11}},{"id":"d46b1349-cf79-4b86-8610-74621cf96ccf","block_type":"box","text":"addition, you may incur the cost of the “spread,” which is the difference between what investors are willing to pay for Fund shares (the “bid”","page_number":24,"box":{"x":46,"y":526,"width":895,"height":11}},{"id":"85f75509-8f4e-48b3-b35e-a6d64a75bab1","block_type":"box","text":"price) and the price at which they are willing to sell Fund shares (the “ask” price). The spread varies over time for Fund shares based on","page_number":24,"box":{"x":46,"y":540,"width":865,"height":11}},{"id":"768c76d0-7655-4e7b-820a-b6922ad26285","block_type":"box","text":"trading volume and market liquidity. It is generally narrower if a Fund has more trading volume and market liquidity and wider if a Fund has","page_number":24,"box":{"x":46,"y":554,"width":885,"height":11}},{"id":"30a0b361-cdda-4b29-a387-e338fbec5294","block_type":"box","text":"less trading volume and market liquidity. Increased market volatility also may cause wider spreads. In addition, there may be regulatory and","page_number":24,"box":{"x":46,"y":569,"width":892,"height":10}},{"id":"0b9f12ce-f816-42e3-b5e8-83ce1a9306fc","block_type":"box","text":"other charges that are incurred as a result of trading activity. Because of the costs inherent in buying or selling Fund shares, frequent trading","page_number":24,"box":{"x":46,"y":583,"width":900,"height":11}},{"id":"555759db-15b3-48ce-bab3-988ae3845649","block_type":"box","text":"may detract significantly from investment results, and an investment in Fund shares may not be advisable for investors who anticipate","page_number":24,"box":{"x":46,"y":597,"width":858,"height":11}},{"id":"107e76a9-0a60-4b92-a694-6555f371b374","block_type":"box","text":"regularly making small investments through a brokerage account.","page_number":24,"box":{"x":46,"y":611,"width":418,"height":11}},{"id":"6af9b6e3-33d1-4669-a14d-a4ada08b3124","block_type":"box","text":"Non-Diversification Risk.","page_number":24,"box":{"x":46,"y":634,"width":171,"height":9}},{"id":"24dd9d8b-828b-4813-a271-200e0e889713","block_type":"box","text":"A Fund that is classified as “non-diversified” may invest a greater percentage of its assets in securities or other","page_number":24,"box":{"x":222,"y":634,"width":711,"height":11}},{"id":"db01ba18-f61a-4db8-b193-9bd346d8b44d","block_type":"box","text":"instruments representing a small number of issuers or counterparties, compared with funds that are classified as “diversified.” A non","page_number":24,"box":{"x":46,"y":648,"width":855,"height":11}},{"id":"22cda2f7-677c-4de9-bfc9-9fc5bac8e497","block_type":"box","text":"diversified Fund thus may be more susceptible to the risks associated with these particular issuers or counterparties. The gains and losses","page_number":24,"box":{"x":46,"y":663,"width":886,"height":10}},{"id":"09e50a44-72ba-45fd-b80b-1b7e80bfea9a","block_type":"box","text":"on such holdings may have a greater impact on a non-diversified Fund’s performance than they would on the performance of a diversified","page_number":24,"box":{"x":46,"y":677,"width":879,"height":11}},{"id":"76143a23-52c9-4b85-879a-cf1c5864c0bb","block_type":"box","text":"Fund, and a non-diversified Fund’s NAV may be more volatile.","page_number":24,"box":{"x":46,"y":691,"width":391,"height":11}},{"id":"6de1c024-1944-4663-b0ef-5a5da5042889","block_type":"box","text":"Operational and Technology Risks.","page_number":24,"box":{"x":46,"y":714,"width":239,"height":11}},{"id":"2f63a5cd-f295-44ec-b082-e488f9d305a7","block_type":"box","text":"A Fund and the entities with which it interacts directly or indirectly are susceptible to operational and","page_number":24,"box":{"x":290,"y":714,"width":648,"height":11}},{"id":"70356034-ab05-44cf-a0fc-037de8aef22d","block_type":"box","text":"technology risks, including those related to human errors, processing errors, communication errors, systems failures, cybersecurity","page_number":24,"box":{"x":46,"y":728,"width":841,"height":11}},{"id":"01634804-3e10-4900-a9d7-7e0078407d46","block_type":"box","text":"incidents, and the use of artificial intelligence and machine learning (“AI”), which may result in losses for the Fund and its shareholders or","page_number":24,"box":{"x":46,"y":743,"width":876,"height":10}},{"id":"ad86f3d5-2a21-4a47-bdcf-c2c82c5aa393","block_type":"box","text":"impair the Fund’s operations. These entities include, but are not limited to, a Fund’s adviser, administrator, distributor, other service","page_number":24,"box":{"x":46,"y":757,"width":844,"height":10}},{"id":"0dae38c4-007e-4a07-b403-9c0410eb93d8","block_type":"box","text":"providers (e.g., index and benchmark providers, accountants, custodians, and transfer agents), financial intermediaries, counterparties,","page_number":24,"box":{"x":46,"y":771,"width":866,"height":11}},{"id":"008dbda7-0ce0-4810-91bc-42e1f3f72f62","block_type":"box","text":"market makers, Authorized Participants, listing exchanges, other financial market operators, and governmental authorities. Operational and","page_number":24,"box":{"x":46,"y":785,"width":892,"height":11}},{"id":"6fe7df39-9e8c-4bd2-aac6-082f1176486f","block_type":"box","text":"technology risks for the issuers in which a Fund invests could also result in material adverse consequences for such issuers and may cause","page_number":24,"box":{"x":46,"y":799,"width":889,"height":11}},{"id":"7dc6430e-5e23-4196-81bf-f71431a36d17","block_type":"box","text":"the Fund’s investments in such issuers to lose value. A Fund may incur substantial costs in order to mitigate operational and technology","page_number":24,"box":{"x":46,"y":813,"width":869,"height":11}},{"id":"80e5db00-f56f-449c-a9d8-6f9120cab59f","block_type":"box","text":"risks.","page_number":24,"box":{"x":46,"y":828,"width":32,"height":8}},{"id":"3a09ca19-698e-4f4c-b7ef-aa5d16201944","block_type":"box","text":"Cybersecurity incidents can result from deliberate attacks or unintentional events against an issuer in which a Fund invests, the Fund or any","page_number":24,"box":{"x":46,"y":851,"width":895,"height":11}},{"id":"e9ff368c-8a8b-40b6-93e6-e76931775438","block_type":"box","text":"of its service providers. They include, but are not limited to, gaining unauthorized access to systems, misappropriating assets or sensitive","page_number":24,"box":{"x":46,"y":865,"width":878,"height":11}},{"id":"652e4932-7a74-4498-bb69-86b8e6744890","block_type":"box","text":"information, corrupting or destroying data, and causing operational disruption. Geopolitical tension may increase the scale and sophistication","page_number":24,"box":{"x":46,"y":879,"width":905,"height":11}},{"id":"b822cc8f-4b44-4cda-bf1e-2fe01b2776e3","block_type":"box","text":"of deliberate attacks, particularly those from nation states or from entities with nation state backing. Cybersecurity incidents may result in","page_number":24,"box":{"x":46,"y":893,"width":884,"height":11}},{"id":"c2efbd1b-1417-4196-a764-152eb163e62b","block_type":"box","text":"any of the following: financial losses; interference with a Fund’s ability to calculate its NAV; disclosure of confidential information;","page_number":24,"box":{"x":46,"y":908,"width":828,"height":10}},{"id":"d3166d3e-9e8c-490b-a8fc-ec7cdcac2ba1","block_type":"box","text":"5","page_number":24,"box":{"x":496,"y":944,"width":6,"height":8}},{"id":"56c5f9a2-718c-4df3-967d-0b044f490547","block_type":"box","text":"impediments to trading; submission of erroneous trades by a Fund or erroneous subscription or redemption orders; the inability of a Fund or","page_number":25,"box":{"x":46,"y":46,"width":898,"height":11}},{"id":"77a7f992-f395-45d7-966b-0940eb0dadd6","block_type":"box","text":"its service providers to transact business; violations of applicable privacy and other laws; regulatory fines; penalties; reputational damage;","page_number":25,"box":{"x":46,"y":61,"width":884,"height":10}},{"id":"d8fdbc57-b491-417f-847e-bfd5f6feebef","block_type":"box","text":"reimbursement or other compensation costs; and other legal and compliance expenses. Furthermore, cybersecurity incidents may render","page_number":25,"box":{"x":46,"y":75,"width":881,"height":11}},{"id":"e44dfb28-6289-4112-aa8d-fc9031a5707a","block_type":"box","text":"records of a Fund, including records relating to its assets and transactions, shareholder ownership of Fund shares, and other data integral to","page_number":25,"box":{"x":46,"y":89,"width":898,"height":11}},{"id":"68790bc9-f007-4d39-8da5-9015589364b8","block_type":"box","text":"a Fund’s functioning, inaccessible, inaccurate or incomplete. Power outages, natural disasters, equipment malfunctions and processing","page_number":25,"box":{"x":46,"y":103,"width":866,"height":11}},{"id":"3087459a-7769-4748-826b-87c0efc27e39","block_type":"box","text":"errors that threaten information and technology systems relied upon by a Fund or its service providers, as well as market events that occur at","page_number":25,"box":{"x":46,"y":117,"width":906,"height":11}},{"id":"6c0f98bc-eb0e-42e8-af44-9868d57b322d","block_type":"box","text":"a pace that overloads these systems, may also disrupt business operations or impact critical data. In addition, the risks of increased use of AI","page_number":25,"box":{"x":46,"y":131,"width":904,"height":11}},{"id":"76a14bd3-8a25-44ba-abb3-fcf1f45819ae","block_type":"box","text":"technologies, such as machine learning, include data risk, transparency risk, and operational risk. The AI technologies, which are generally","page_number":25,"box":{"x":46,"y":146,"width":884,"height":10}},{"id":"2b08a521-7b62-4e70-94c2-d9074f7db2ae","block_type":"box","text":"highly reliant on the collection and analysis of large amounts of data, may incorporate biased or inaccurate data, and it is not possible or","page_number":25,"box":{"x":46,"y":160,"width":873,"height":11}},{"id":"3bf56bcd-8908-4dad-89ab-78563f732b07","block_type":"box","text":"practicable to incorporate all relevant data into such technologies. The output or results of any such AI technologies may therefore be","page_number":25,"box":{"x":46,"y":174,"width":855,"height":11}},{"id":"4727b5a8-54ea-4b07-98d0-bfa3a2dd4ee9","block_type":"box","text":"incomplete, erroneous, distorted or misleading. Further, AI tools may lack transparency as to how data is utilized and how outputs are","page_number":25,"box":{"x":46,"y":188,"width":856,"height":11}},{"id":"fed581b8-a54b-4e73-8f0b-c2f8bf866df6","block_type":"box","text":"generated. AI technologies may also allow the unintended introduction of vulnerabilities into infrastructures and applications. A Fund and its","page_number":25,"box":{"x":46,"y":202,"width":896,"height":11}},{"id":"64cdb36e-f285-41f0-8423-b4b28f9e3de7","block_type":"box","text":"shareholders could be negatively impacted as a result of these risks associated with AI technologies. AI technologies and their current and","page_number":25,"box":{"x":46,"y":217,"width":886,"height":10}},{"id":"f92e8aff-83f0-450b-94cf-9de0b858179c","block_type":"box","text":"potential future applications, and the regulatory frameworks within which they operate, continue to quickly evolve, and it is impossible to","page_number":25,"box":{"x":46,"y":231,"width":875,"height":11}},{"id":"ff96e643-226f-42b0-942b-ecac1e8e184d","block_type":"box","text":"anticipate the full scope of future AI capabilities or rules and the associated risks to a Fund.","page_number":25,"box":{"x":46,"y":245,"width":584,"height":11}},{"id":"84e67a45-7e36-48db-8b79-9ba624ef0ffb","block_type":"box","text":"While a Fund’s service providers are required to have appropriate operational, information security and cybersecurity risk management","page_number":25,"box":{"x":45,"y":268,"width":864,"height":11}},{"id":"335f97a0-8a6b-4f41-850e-ddda5aa8350b","block_type":"box","text":"policies and procedures, their methods of risk management may differ from those of the Fund in the setting of priorities, the personnel and","page_number":25,"box":{"x":46,"y":282,"width":888,"height":11}},{"id":"b512c327-0594-48f6-b474-bebe5e81c8b4","block_type":"box","text":"resources available or the effectiveness of relevant controls. Each Fund and its adviser seek to reduce these risks through controls,","page_number":25,"box":{"x":46,"y":296,"width":840,"height":11}},{"id":"dc3b67c3-45a8-4fd2-b20d-6510b78dffb7","block_type":"box","text":"procedures and oversight, including establishing business continuity plans and risk management systems. However, there are inherent","page_number":25,"box":{"x":46,"y":311,"width":862,"height":11}},{"id":"c4ed29ac-ff03-4ca2-aa72-890b4acbbd0f","block_type":"box","text":"limitations in such plans and systems, including the possibility that certain risks that may affect a Fund have not been identified or may","page_number":25,"box":{"x":46,"y":325,"width":863,"height":11}},{"id":"9fe5ad9b-af21-4b3d-ab54-0c98c9f1d06e","block_type":"box","text":"emerge in the future; that such plans and systems may not completely eliminate the occurrence or mitigate the effects of operational or","page_number":25,"box":{"x":46,"y":339,"width":871,"height":11}},{"id":"6c43bdf4-c145-413e-8baf-62fceeec7e89","block_type":"box","text":"information security disruptions or failures or of cybersecurity incidents; or that prevention and remediation efforts will not be successful or","page_number":25,"box":{"x":46,"y":353,"width":894,"height":11}},{"id":"4db3a314-dcb7-4aa8-99c2-2cb8c34533e7","block_type":"box","text":"that incidents will go undetected. A Fund cannot control the systems, information security or other cybersecurity of the issuers in which it","page_number":25,"box":{"x":46,"y":367,"width":882,"height":11}},{"id":"c0f245ff-d703-4fc4-9916-a4d022b08dfd","block_type":"box","text":"invests or its service providers, counterparties, and other third parties whose activities affect the Fund.","page_number":25,"box":{"x":46,"y":382,"width":659,"height":10}},{"id":"f73aac54-55b6-40e9-9117-459db547ab78","block_type":"box","text":"Lastly, the regulatory climate governing cybersecurity and data protection is developing quickly and may vary considerably across","page_number":25,"box":{"x":47,"y":405,"width":829,"height":11}},{"id":"f64f6b53-9d4f-4d7e-a361-c6f00145122e","block_type":"box","text":"jurisdictions. Regulators continue to develop new rules and standards related to cybersecurity and data protection. Compliance with evolving","page_number":25,"box":{"x":45,"y":419,"width":905,"height":11}},{"id":"2d1fbb28-a1a8-44e0-8d63-e44ce03a251c","block_type":"box","text":"regulations can be demanding and costly, requiring substantial resources to monitor and implement required changes.","page_number":25,"box":{"x":46,"y":433,"width":757,"height":11}},{"id":"47d32bc2-491d-4422-8533-cf069496b397","block_type":"box","text":"Options Risk","page_number":25,"box":{"x":46,"y":456,"width":88,"height":11}},{"id":"b57e2082-bf02-466a-a981-0bba0311d60c","block_type":"box","text":".","page_number":25,"box":{"x":134,"y":463,"width":2,"height":2}},{"id":"a3e99336-80cc-47c4-82d7-99e3ecdeba9a","block_type":"box","text":"Investments in options are considered speculative. When the Fund purchases an option, it may lose the total premium paid for","page_number":25,"box":{"x":143,"y":456,"width":808,"height":11}},{"id":"f70e6a66-1ad5-47f4-8c50-612500c3cae2","block_type":"box","text":"it if the price of the underlying security or other reference asset related to the option decreased, remained the same or failed to increase to a","page_number":25,"box":{"x":46,"y":471,"width":902,"height":10}},{"id":"5ebcba48-e058-43c5-be35-15470120aab6","block_type":"box","text":"level at or beyond the exercise price (in the case of a call option) or increased, remained the same or failed to decrease to a level at or below","page_number":25,"box":{"x":46,"y":485,"width":901,"height":11}},{"id":"08a33b34-147d-4270-b78f-73377f678396","block_type":"box","text":"the exercise price (in the case of a put option). When the Fund sells an option, it may experience a substantial loss if the price of the","page_number":25,"box":{"x":46,"y":499,"width":845,"height":11}},{"id":"b5963d23-726a-4f6e-ad49-e35142c8a424","block_type":"box","text":"underlying security or other reference asset increased to a level significantly above the exercise price (in the case of a call option) or","page_number":25,"box":{"x":46,"y":513,"width":848,"height":11}},{"id":"3f9d3813-05e7-409f-be1d-e78cfd37d8fc","block_type":"box","text":"decreased to a level significantly below the exercise price (in the case of a put option). If a put or call option purchased by the Fund were","page_number":25,"box":{"x":46,"y":527,"width":874,"height":11}},{"id":"8a50d17d-d4bc-4a1f-851d-a5bad125af8b","block_type":"box","text":"permitted to expire without being sold or exercised, its premium would represent a loss to the Fund.","page_number":25,"box":{"x":46,"y":541,"width":640,"height":11}},{"id":"3d6e8d60-e9ff-43ec-b852-12385c6d69f5","block_type":"box","text":"FLEX Options Risk.","page_number":25,"box":{"x":46,"y":565,"width":116,"height":10}},{"id":"7b031453-4300-4497-9b0d-598301cef8a7","block_type":"box","text":"FLEX Options are subject to the risk that they may be less liquid than certain other securities, such as standardized","page_number":25,"box":{"x":169,"y":565,"width":736,"height":10}},{"id":"4cddbb46-a7b7-4ba1-acfe-086c14af41a5","block_type":"box","text":"options. In less liquid markets for the FLEX Options, terminating FLEX Options may require the payment of a premium or acceptance of a","page_number":25,"box":{"x":46,"y":579,"width":875,"height":11}},{"id":"496a7198-5fba-4cbd-b0f4-d45340d533b0","block_type":"box","text":"discounted price and may take longer to complete. In a less liquid market for FLEX Options, the liquidation of a large number of options may","page_number":25,"box":{"x":46,"y":593,"width":896,"height":11}},{"id":"e2216972-46cc-4cbc-9339-2ff60223994d","block_type":"box","text":"significantly impact the price of the options and may adversely impact the value of an investment in the Fund. There is also a risk that the","page_number":25,"box":{"x":46,"y":607,"width":877,"height":11}},{"id":"67d3bfa1-7604-48c4-9bf6-4355ad8560fb","block_type":"box","text":"Fund will be unable to maintain the proportional relationship based on the number of exchange-traded options in the Fund’s portfolio or that","page_number":25,"box":{"x":46,"y":621,"width":897,"height":11}},{"id":"8989de61-64cc-4530-aa4b-fbe666a81670","block_type":"box","text":"adverse tax law changes will negatively impact the treatment of FLEX Options. Additionally, to the extent market participants are not willing","page_number":25,"box":{"x":46,"y":636,"width":893,"height":10}},{"id":"8ce4717b-603c-4276-8ba2-38c57c564be7","block_type":"box","text":"or able to enter into FLEX Option transactions with the Fund at prices that reflect the market price of Fund shares, the Fund’s NAV and the","page_number":25,"box":{"x":46,"y":650,"width":885,"height":10}},{"id":"9db48754-fc0f-41bc-b8b6-cfcfda5be57b","block_type":"box","text":"share price of the Fund could be negatively impacted.","page_number":25,"box":{"x":46,"y":664,"width":342,"height":11}},{"id":"3c9e6b21-ae94-4ccd-859a-ad6fe05e9e8e","block_type":"box","text":"Outcome Period Risk.","page_number":25,"box":{"x":46,"y":687,"width":149,"height":9}},{"id":"2fbd7494-c92f-4131-a938-d870d2a271be","block_type":"box","text":"The Approximate Buffer and Approximate Cap for an Outcome Period apply to Fund shares held over the entire","page_number":25,"box":{"x":200,"y":687,"width":709,"height":11}},{"id":"8101aaf3-0b8e-4b85-8974-d8e16b2a8e4e","block_type":"box","text":"Outcome Period. If an investor purchases Fund shares after an Outcome Period begins or sells Fund shares prior to the end of an Outcome","page_number":25,"box":{"x":46,"y":701,"width":886,"height":11}},{"id":"1318355b-d5f7-4fa5-bd69-292144dcbb1f","block_type":"box","text":"Period, the returns realized by the investor will not match those that the Fund seeks to provide.","page_number":25,"box":{"x":46,"y":715,"width":608,"height":11}},{"id":"7ced49fd-40ee-4e97-9ca0-5dfda0933628","block_type":"box","text":"Risk of Investing in the U.S.","page_number":25,"box":{"x":46,"y":739,"width":190,"height":10}},{"id":"12af4925-b35a-4dd9-b207-2f752d50a9ce","block_type":"box","text":"Investing in U.S. issuers involves legal, regulatory, political, currency, security, and economic risks that are","page_number":25,"box":{"x":242,"y":739,"width":684,"height":10}},{"id":"e0f6795f-e2c6-41e3-94d9-42f80a4f8c3a","block_type":"box","text":"specific to the U.S. A decrease in imports or exports, changes in trade regulations, inflation, an economic recession, financial system stress,","page_number":25,"box":{"x":46,"y":753,"width":897,"height":11}},{"id":"db49cf4d-20d1-4b08-82a9-224b7a0b43b8","block_type":"box","text":"or political turmoil, among other risks, may have an adverse effect on the U.S. economy and the securities listed on U.S. exchanges. The U.S.","page_number":25,"box":{"x":46,"y":767,"width":902,"height":11}},{"id":"46265746-a3de-4f12-bebe-aa773721a04c","block_type":"box","text":"is also subject to the risk of natural disasters, such as droughts, earthquakes, fires and floods. U.S. security risks include acts of terrorism,","page_number":25,"box":{"x":46,"y":781,"width":886,"height":11}},{"id":"76cd1aad-6e5f-4657-84c9-b8f0ebd8abef","block_type":"box","text":"internal unrest and a deterioration in relations between the U.S. and certain countries. Any of these may adversely affect the U.S. economy,","page_number":25,"box":{"x":46,"y":795,"width":893,"height":11}},{"id":"4f98129e-07d9-4856-a18e-9ca411831980","block_type":"box","text":"financial markets or issuers.","page_number":25,"box":{"x":45,"y":810,"width":180,"height":8}},{"id":"59f30152-a5ff-4000-93ab-6c9ab93b0a83","block_type":"box","text":"Governmental agencies project that the U.S. will maintain elevated public debt levels for the foreseeable future. Although elevated debt","page_number":25,"box":{"x":46,"y":833,"width":867,"height":11}},{"id":"2caff607-d8e3-4525-9c6f-d32a4de85a7c","block_type":"box","text":"levels do not necessarily indicate or cause economic problems, the costs of servicing such debt may constrain future economic growth.","page_number":25,"box":{"x":46,"y":847,"width":868,"height":11}},{"id":"76ab9931-5bd1-4f6f-85f6-72f8328f6d08","block_type":"box","text":"Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the","page_number":25,"box":{"x":46,"y":861,"width":867,"height":11}},{"id":"09c9f753-b9c5-4967-9bff-8d18c6a891eb","block_type":"box","text":"legislative “debt ceiling.” Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial","page_number":25,"box":{"x":46,"y":875,"width":899,"height":11}},{"id":"7afcaace-3777-434b-b0b5-776fa215e1dd","block_type":"box","text":"system.","page_number":25,"box":{"x":46,"y":890,"width":48,"height":10}},{"id":"b9aacd16-272f-47bd-acb0-a453e44910d8","block_type":"box","text":"6","page_number":25,"box":{"x":496,"y":944,"width":6,"height":8}},{"id":"0a33ebfe-2daa-403e-8e3d-c9815f04a2a9","block_type":"box","text":"Securities Lending Risk.","page_number":26,"box":{"x":46,"y":46,"width":166,"height":11}},{"id":"3876e14b-b6e4-4012-a5fe-c9700ebf93e4","block_type":"box","text":"A Fund may engage in securities lending. Securities lending involves the risk that a Fund may lose money because","page_number":26,"box":{"x":217,"y":46,"width":730,"height":11}},{"id":"b7223362-815c-4ffc-b7e8-5b7e862148a1","block_type":"box","text":"the borrower of the loaned securities fails to return the securities in a timely manner or at all. A Fund could also lose money in the event of a","page_number":26,"box":{"x":46,"y":61,"width":897,"height":10}},{"id":"9ab709c5-4b6f-465a-82d7-8ea02ae198b1","block_type":"box","text":"decline in the value of collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These","page_number":26,"box":{"x":46,"y":75,"width":892,"height":11}},{"id":"330e4999-fa78-425e-a2da-133a6fcf0375","block_type":"box","text":"events could also trigger adverse tax consequences for a Fund.","page_number":26,"box":{"x":46,"y":89,"width":403,"height":11}},{"id":"14500add-218f-4f09-b08a-84119554ad72","block_type":"box","text":"Small Fund Risk.","page_number":26,"box":{"x":46,"y":112,"width":114,"height":9}},{"id":"7cd46014-b722-414c-a773-ab921acb487b","block_type":"box","text":"When a Fund’s size is small, the Fund may experience low trading volume and wide bid/ask spreads. A Fund’s","page_number":26,"box":{"x":165,"y":112,"width":704,"height":11}},{"id":"3ff3ef6b-b3f9-4e4b-bd1a-368e56884250","block_type":"box","text":"performance near its inception date may not represent how the Fund will perform in the future or with a larger asset base. In addition, a Fund","page_number":26,"box":{"x":46,"y":126,"width":903,"height":11}},{"id":"053cbdfa-0fe3-40ba-8ba6-34af65e59b3e","block_type":"box","text":"may face the risk of being delisted if it does not meet certain requirements set by the listing exchange. If a Fund were required to delist from","page_number":26,"box":{"x":46,"y":140,"width":898,"height":11}},{"id":"cbcb18a7-54f7-44e3-b15e-6cf754938fb7","block_type":"box","text":"the listing exchange, the Fund’s value may rapidly decline and its performance may be negatively impacted. Any resulting liquidation of a","page_number":26,"box":{"x":46,"y":155,"width":873,"height":11}},{"id":"46230d2c-32a4-4a62-a0a8-ed1299694990","block_type":"box","text":"Fund could lead to elevated transaction costs for the Fund and negative tax consequences for its shareholders.","page_number":26,"box":{"x":46,"y":169,"width":710,"height":11}},{"id":"6c68e381-de7a-4fb3-9522-d22a54ff8bc9","block_type":"box","text":"Tax Risk.","page_number":26,"box":{"x":45,"y":192,"width":60,"height":9}},{"id":"4c2eb21c-3c30-4e13-b151-1f50b758f22b","block_type":"box","text":"The Fund intends to elect and to qualify each year to be treated as a RIC under Subchapter M of the Internal Revenue Code. As a","page_number":26,"box":{"x":110,"y":192,"width":823,"height":11}},{"id":"7f59c91b-cbcf-431d-8f11-fe35722a043a","block_type":"box","text":"RIC, the Fund will not be subject to U.S. federal income tax on the portion of its net investment income and net capital gains that it","page_number":26,"box":{"x":46,"y":206,"width":837,"height":11}},{"id":"566c14ff-8236-4435-a8bc-b907b63a638c","block_type":"box","text":"distributes to shareholders, provided that it satisfies certain requirements of the Internal Revenue Code. However, the federal income tax","page_number":26,"box":{"x":46,"y":220,"width":879,"height":11}},{"id":"61020f0d-e5a1-4c89-981d-49f72edeb071","block_type":"box","text":"treatment of certain aspects of the Fund’s operations are not entirely clear. This includes the tax aspects of the Fund’s options strategy, its","page_number":26,"box":{"x":46,"y":235,"width":888,"height":10}},{"id":"8ca906c7-7a75-4441-92c4-7223c36eea6c","block_type":"box","text":"hedging strategy, the application of the “straddle” rules, and various loss limitation provisions of the Internal Revenue Code.","page_number":26,"box":{"x":46,"y":249,"width":792,"height":11}},{"id":"0a21c60f-e603-4beb-b8c8-c6a3dabb0b3b","block_type":"box","text":"To qualify and maintain its status as a RIC, the Fund must meet certain income, diversification and distributions tests. For purposes of the","page_number":26,"box":{"x":45,"y":272,"width":881,"height":11}},{"id":"3a9fe5ce-c017-4c48-9fdf-6864df3d5a75","block_type":"box","text":"diversification test, the identification of the issuer (or, in some cases, issuers) of a particular Fund investment can depend on the terms and","page_number":26,"box":{"x":46,"y":286,"width":891,"height":11}},{"id":"fc4e5353-c0a2-45a4-9721-a7922805406c","block_type":"box","text":"conditions of that investment. There is no published IRS guidance or case law on how to determine the “issuer” of certain derivatives that the","page_number":26,"box":{"x":46,"y":300,"width":904,"height":11}},{"id":"02a794c9-2d30-4b8f-9b73-ba93a775b5d1","block_type":"box","text":"Fund will enter into. Therefore, there is a risk that the Fund will not meet the Internal Revenue Code’s diversification requirements and will","page_number":26,"box":{"x":46,"y":315,"width":882,"height":10}},{"id":"ede7e79c-2607-4c3a-8055-0d18bc1c893e","block_type":"box","text":"not qualify, or will be disqualified, as a RIC. The Fund intends to treat the reference asset (","page_number":26,"box":{"x":46,"y":329,"width":575,"height":11}},{"id":"7a47dfd2-08a2-43a7-9df9-c97ea58193c6","block_type":"box","text":"i.e","page_number":26,"box":{"x":622,"y":329,"width":14,"height":8}},{"id":"8586c1b8-7088-494f-aa69-7a018a31b40f","block_type":"box","text":"., the Underlying Fund) as the issuer of the","page_number":26,"box":{"x":638,"y":329,"width":271,"height":11}},{"id":"934fe46b-580e-4a31-a5e7-56a5d1d91fbc","block_type":"box","text":"options. Assuming the reference asset qualifies as a RIC, the Fund could count the options as automatically diversified investments under the","page_number":26,"box":{"x":46,"y":343,"width":906,"height":11}},{"id":"b2904b8c-dbcf-4f6c-bc83-71fc9d1a06e4","block_type":"box","text":"Internal Revenue Code’s diversification requirements. In addition, the Fund intends to treat any income it may derive from the options as","page_number":26,"box":{"x":46,"y":357,"width":873,"height":11}},{"id":"d5cc034c-ae13-45e8-9788-1b8e4a3cd889","block_type":"box","text":"“qualifying income” under the provisions of the Internal Revenue Code applicable to RICs. If the income is not qualifying income or if the","page_number":26,"box":{"x":46,"y":371,"width":870,"height":11}},{"id":"8ab1a311-898b-4ce6-a60c-9c54acba2cb6","block_type":"box","text":"options are not treated as issued by the reference asset for diversification test purposes, there is a risk that the Fund could lose its RIC","page_number":26,"box":{"x":46,"y":385,"width":864,"height":11}},{"id":"107c99bc-f5cb-45d4-a0e7-5c042bf16285","block_type":"box","text":"status. If the Fund did not qualify as a RIC for any taxable year and certain relief provisions were not available, the Fund’s taxable income","page_number":26,"box":{"x":46,"y":400,"width":875,"height":10}},{"id":"f615dd3b-1c2a-4e2b-989d-e9e0d0101551","block_type":"box","text":"would be subject to tax at the Fund level and to a further tax at the shareholder level when such income is distributed. In such event, in order","page_number":26,"box":{"x":45,"y":414,"width":903,"height":10}},{"id":"3ae79cfe-5652-4e58-8c78-709b62e880dc","block_type":"box","text":"to re-qualify for taxation as a RIC, the Fund might be required to recognize unrealized gains, pay substantial taxes and interest and make","page_number":26,"box":{"x":46,"y":428,"width":873,"height":11}},{"id":"0c0b5a67-4829-4271-848a-9e86d232d0ab","block_type":"box","text":"certain distributions. This would cause investors to incur higher tax liabilities than they otherwise would have incurred and would have a","page_number":26,"box":{"x":46,"y":442,"width":868,"height":11}},{"id":"c7b5ee85-6465-481c-834c-11bc1f35d9ac","block_type":"box","text":"negative impact on Fund returns. In such event, the Fund may reorganize, close or materially change its investment objective and strategies.","page_number":26,"box":{"x":46,"y":456,"width":898,"height":11}},{"id":"1f02629f-de2f-416c-8442-6b2f28bb1a9c","block_type":"box","text":"The Fund’s investments in offsetting positions with respect to the Underlying Fund may affect the character of gains or losses realized by the","page_number":26,"box":{"x":45,"y":480,"width":901,"height":10}},{"id":"a06400ba-3687-48b3-95e9-0e2d456bd422","block_type":"box","text":"Fund under the Internal Revenue Code’s “straddle” rules and may increase the amount of short-term capital gains realized by the Fund. Such","page_number":26,"box":{"x":46,"y":494,"width":899,"height":11}},{"id":"e971faa8-90fe-437a-a0ac-20ee1e39d8ec","block_type":"box","text":"short-term capital gains are taxed as ordinary income when distributed to U.S. shareholders in a non-liquidating distribution. As a result, if","page_number":26,"box":{"x":46,"y":508,"width":884,"height":11}},{"id":"3af6d2a5-4fea-4776-80fc-6dbde6f36f4f","block_type":"box","text":"the Fund makes a non-liquidating distribution of short-term capital gains, the amount that U.S. shareholders must treat as ordinary income","page_number":26,"box":{"x":46,"y":522,"width":889,"height":11}},{"id":"d92cf7bf-2d33-4637-aa01-0de3d24e197b","block_type":"box","text":"may be substantially greater than for shareholders of a fund that does not engage in such transactions. Accordingly, shareholders could have","page_number":26,"box":{"x":46,"y":536,"width":902,"height":11}},{"id":"4e39ee0e-63a9-405b-b605-7ca160e01cb5","block_type":"box","text":"a lower after-tax return from investing in the Fund than investing directly in the Underlying Fund.","page_number":26,"box":{"x":46,"y":550,"width":615,"height":11}},{"id":"b999b852-e2e8-4c89-85b1-c114d1602ac5","block_type":"box","text":"The options included in the Fund’s portfolio are exchange-traded options. The tax treatment of certain derivatives contracts, including listed","page_number":26,"box":{"x":45,"y":574,"width":894,"height":10}},{"id":"93704448-5865-41b6-b645-0a732febd52e","block_type":"box","text":"non-equity options written or purchased by the Fund on U.S. exchanges (such as options on futures contracts, broad-based equity indices","page_number":26,"box":{"x":46,"y":588,"width":882,"height":11}},{"id":"bc638783-ece8-4a3a-9d7a-1ebbde5cd3dc","block_type":"box","text":"and debt securities), may be governed by Section 1256 of the Internal Revenue Code (“Section 1256 Contracts”). Section 1256 Contracts are","page_number":26,"box":{"x":46,"y":602,"width":903,"height":11}},{"id":"29b6f3fb-e1b1-4f34-8466-348f7d36b09c","block_type":"box","text":"treated as if they were sold (","page_number":26,"box":{"x":46,"y":616,"width":181,"height":11}},{"id":"29cc1c0b-4d94-4f38-968f-fbe9e5662b6f","block_type":"box","text":"i.e","page_number":26,"box":{"x":228,"y":616,"width":14,"height":9}},{"id":"19cce0ae-6f13-43bb-8795-1c17a37b84dd","block_type":"box","text":"., “marked to market”) at the end of each year. Gain or loss is recognized on this deemed sale. Such treatment","page_number":26,"box":{"x":244,"y":616,"width":704,"height":11}},{"id":"e2602a61-791e-43d1-8e7f-3c3f1372a836","block_type":"box","text":"could cause the Fund to recognize taxable income without receiving cash. In order to maintain its RIC qualification, the Fund must distribute","page_number":26,"box":{"x":46,"y":630,"width":896,"height":11}},{"id":"82afe599-ee20-4b21-8406-b83a54bebf04","block_type":"box","text":"at least 90% of its income annually. If options held by the Fund were deemed to be Section 1256 Contracts, and if the Fund were unable to","page_number":26,"box":{"x":46,"y":645,"width":883,"height":10}},{"id":"fba2bf05-200d-4388-ae14-bd6510e2cd76","block_type":"box","text":"distribute marked-to-market gains to its shareholders, the Fund may lose its RIC qualification and be taxed as a regular corporation. BFA","page_number":26,"box":{"x":46,"y":659,"width":873,"height":11}},{"id":"50b212ad-ed81-49e0-b6e0-9e6eac1640b4","block_type":"box","text":"believes that the options typically held in the Fund’s portfolio","page_number":26,"box":{"x":46,"y":673,"width":389,"height":11}},{"id":"a79354a1-f8cf-41d7-9e16-ecf905b48e0d","block_type":"box","text":"(i.e","page_number":26,"box":{"x":440,"y":673,"width":19,"height":11}},{"id":"0a00564e-a74f-4e47-a6d4-e7b8a95b997a","block_type":"box","text":"., options that reference the Underlying Fund) will not be subject to Section","page_number":26,"box":{"x":461,"y":673,"width":480,"height":11}},{"id":"af30b767-abfa-4c5c-8608-a601044edff8","block_type":"box","text":"1256 but rather will be subject to the straddle rules, and that the disposition of such options will likely result in short-term capital gains or","page_number":26,"box":{"x":48,"y":687,"width":879,"height":11}},{"id":"cbc51981-437d-47fb-8e68-62f4bde2e99c","block_type":"box","text":"losses.","page_number":26,"box":{"x":46,"y":701,"width":43,"height":9}},{"id":"70442035-58c7-4ecc-b27f-6dbab7008b32","block_type":"box","text":"Additionally, buying securities shortly before the record date for a taxable dividend or capital gains distribution is commonly known as","page_number":26,"box":{"x":45,"y":724,"width":857,"height":11}},{"id":"7ea258b0-41b8-4e0c-961d-64a2cb04ef55","block_type":"box","text":"“buying a dividend.” If a shareholder purchases Fund shares after the Outcome Period has begun and shortly thereafter the Fund issues a","page_number":26,"box":{"x":46,"y":739,"width":878,"height":10}},{"id":"5ccf7146-3cdb-4aae-ad63-4e11137f0eea","block_type":"box","text":"dividend, the entire distribution may be taxable to the shareholder even though a portion of the distribution effectively represents a return of","page_number":26,"box":{"x":46,"y":753,"width":899,"height":11}},{"id":"5a0367bc-7280-4fff-b182-089b1319013d","block_type":"box","text":"the purchase price.","page_number":26,"box":{"x":46,"y":767,"width":122,"height":11}},{"id":"d355496a-5fa1-4f1a-96ef-c802e4edb865","block_type":"box","text":"Technology Companies Risk.","page_number":26,"box":{"x":45,"y":790,"width":198,"height":11}},{"id":"a6a84805-b27c-4d1c-8bfc-153b6f5b48be","block_type":"box","text":"Technology companies and companies that rely heavily on technological advances may have limited product","page_number":26,"box":{"x":248,"y":790,"width":693,"height":11}},{"id":"3bcf3133-8242-415f-8615-2ea6c83973f2","block_type":"box","text":"lines, markets, financial resources and personnel. These companies may face rapid product obsolescence as well as unexpected risks and","page_number":26,"box":{"x":46,"y":804,"width":883,"height":11}},{"id":"db05a58c-ac8b-47e7-adba-96de5a794e6a","block_type":"box","text":"costs related to new product introduction and technological developments, such as artificial intelligence and machine learning. Technology","page_number":26,"box":{"x":46,"y":819,"width":887,"height":10}},{"id":"4ec8acec-4843-4841-a357-064103879a7b","block_type":"box","text":"companies may be adversely affected by disruptions to supply chains and distribution networks as well as issues at third-party partners. They","page_number":26,"box":{"x":46,"y":833,"width":905,"height":11}},{"id":"f7369ac6-d697-4850-aba8-24451d9f1c51","block_type":"box","text":"are heavily dependent on patent and other intellectual property rights, and the loss or impairment of these rights may adversely affect their","page_number":26,"box":{"x":46,"y":847,"width":891,"height":11}},{"id":"bcdee568-3cbd-4292-8957-967150e4294c","block_type":"box","text":"profitability. Technology companies may face increased government scrutiny and may be subject to adverse government or legal action.","page_number":26,"box":{"x":46,"y":861,"width":868,"height":11}},{"id":"02264b28-80ed-409a-8f92-05791ab0fce1","block_type":"box","text":"These companies also may be adversely affected by, among other things, actual or perceived security vulnerabilities or other defects in their","page_number":26,"box":{"x":45,"y":875,"width":899,"height":11}},{"id":"72ee7358-815f-474c-8ba7-f2cba63fd2f8","block_type":"box","text":"products and services, which may result in lawsuits, government enforcement actions and other remediation costs.","page_number":26,"box":{"x":46,"y":889,"width":737,"height":11}},{"id":"8a4b2499-5fd0-4b0e-b5f8-95852db5684e","block_type":"box","text":"7","page_number":26,"box":{"x":495,"y":944,"width":7,"height":8}},{"id":"1852e5b6-aedf-4cef-9ade-9e498865e965","block_type":"box","text":"Valuation Risk.","page_number":27,"box":{"x":45,"y":46,"width":103,"height":9}},{"id":"9ca6731f-f4d5-469a-8691-fd63ffa0463f","block_type":"box","text":"The price that a Fund could receive upon the sale (or other disposition) of a security or other asset may differ from the","page_number":27,"box":{"x":153,"y":46,"width":756,"height":11}},{"id":"722dd649-e622-4318-b841-2a008b2807ec","block_type":"box","text":"Fund’s valuation of the security or other asset, particularly for securities or other assets that trade in low volume or volatile markets or that","page_number":27,"box":{"x":46,"y":61,"width":890,"height":10}},{"id":"2b6180c8-4e43-4cc3-8f3e-21a9777401e9","block_type":"box","text":"are valued using a fair value methodology. The price received by a Fund also may differ from the value used by the Underlying Index (if","page_number":27,"box":{"x":46,"y":75,"width":857,"height":11}},{"id":"05a14b97-9a07-4a3d-854c-707d4a4d885f","block_type":"box","text":"applicable). Because non-U.S. exchanges or markets may be open on days or during time periods when a Fund does not price its shares, the","page_number":27,"box":{"x":46,"y":89,"width":897,"height":11}},{"id":"920346f5-a224-4373-8ef7-776af719f1e9","block_type":"box","text":"value of the securities or other assets in a Fund’s portfolio may change on days or during time periods when investors are not able to","page_number":27,"box":{"x":45,"y":103,"width":850,"height":11}},{"id":"7732ece2-415c-4e5b-86e8-3b9b1a5471c7","block_type":"box","text":"purchase or sell Fund shares.","page_number":27,"box":{"x":46,"y":117,"width":186,"height":11}},{"id":"44ef45bb-56d4-4cce-8685-9ec794dcd415","block_type":"box","text":"In addition, for purposes of calculating a Fund’s NAV, the value of assets denominated in non-U.S. currencies (if any) is translated into U.S.","page_number":27,"box":{"x":46,"y":140,"width":886,"height":11}},{"id":"9de85e86-36f0-4c21-b479-14df1bf28ff4","block_type":"box","text":"dollars at the prevailing market rates. For a Fund that tracks an Underlying Index, this may result in a difference between the prices used to","page_number":27,"box":{"x":46,"y":155,"width":890,"height":11}},{"id":"e46b6d7c-3faf-4a41-98fd-bc78fda5e5d1","block_type":"box","text":"calculate the Fund’s NAV and the prices used by the Underlying Index, which, in turn, could result in a difference between the Fund’s","page_number":27,"box":{"x":46,"y":169,"width":846,"height":11}},{"id":"4ddc7190-79a5-4f82-ba2e-ebc3d0300cfc","block_type":"box","text":"performance and the performance of the Underlying Index. Authorized Participants that create or redeem Fund shares on days when a Fund","page_number":27,"box":{"x":46,"y":183,"width":895,"height":11}},{"id":"20990e43-3288-4c7c-8514-520fa064e8dd","block_type":"box","text":"is holding fair-valued securities or other assets may receive fewer or more shares, or lower or higher redemption proceeds, than they would","page_number":27,"box":{"x":46,"y":197,"width":892,"height":11}},{"id":"39a3c09c-56ae-4f31-93ab-335d3616b5d9","block_type":"box","text":"have received had the securities or other assets not been fair valued or been valued using a different methodology. The ability to value","page_number":27,"box":{"x":46,"y":211,"width":858,"height":11}},{"id":"6debf793-e9a6-4050-994d-b965ce941ec4","block_type":"box","text":"investments may be impacted by technological issues or errors by pricing services or other third-party service providers.","page_number":27,"box":{"x":46,"y":226,"width":771,"height":10}},{"id":"a336906a-6f02-4d00-ae80-1af39d7bac1b","block_type":"box","text":"Other Risks","page_number":27,"box":{"x":46,"y":249,"width":80,"height":8}},{"id":"02bdb0f3-9e80-424d-907d-2a74dc0a7c76","block_type":"box","text":"The order of the below risk factors does not indicate the significance of any particular risk factor.","page_number":27,"box":{"x":45,"y":272,"width":620,"height":11}},{"id":"cbb3da1b-71ee-4db8-b9b9-edb0daaa7ccd","block_type":"box","text":"Close-Out Risk for Qualified Financial Contracts.","page_number":27,"box":{"x":46,"y":295,"width":335,"height":9}},{"id":"340cde7c-5114-4ec5-8a6d-1505bb34f3ee","block_type":"box","text":"Regulations adopted by global prudential regulators require counterparties that are part","page_number":27,"box":{"x":387,"y":295,"width":563,"height":11}},{"id":"a6ea39b7-3306-469b-90db-2c5d893fa6cf","block_type":"box","text":"of U.S. or foreign global systemically important banking organizations to include contractual restrictions on close-out and cross-default in","page_number":27,"box":{"x":46,"y":309,"width":880,"height":11}},{"id":"3a60a99b-e35f-4eda-b944-2e1b0883a45a","block_type":"box","text":"agreements relating to qualified financial contracts. Qualified financial contracts include agreements relating to swaps, currency forwards","page_number":27,"box":{"x":46,"y":324,"width":881,"height":10}},{"id":"9ec503da-4175-4099-967f-773ddb4c068d","block_type":"box","text":"and other derivatives as well as repurchase agreements and securities lending agreements. The restrictions prevent a Fund from closing out","page_number":27,"box":{"x":46,"y":338,"width":896,"height":11}},{"id":"468090b6-0f01-4178-a2d3-f40da85ee9d4","block_type":"box","text":"a qualified financial contract during a specified time period if the counterparty is subject to resolution proceedings and also prohibit a Fund","page_number":27,"box":{"x":46,"y":352,"width":889,"height":11}},{"id":"dea29645-8ead-4bec-9f8f-f8ba1bc49b71","block_type":"box","text":"from exercising default rights due to a receivership or similar proceeding of an affiliate of the counterparty. These requirements may increase","page_number":27,"box":{"x":45,"y":366,"width":904,"height":11}},{"id":"8541e25e-2a26-42de-9cbe-d83b7448a981","block_type":"box","text":"credit risk and other risks to a Fund.","page_number":27,"box":{"x":46,"y":380,"width":230,"height":9}},{"id":"4b80f50d-01fd-4e9c-be54-79cba3867b90","block_type":"box","text":"Communications Companies Risk.","page_number":27,"box":{"x":46,"y":403,"width":236,"height":11}},{"id":"1fd21524-87bb-4295-8be6-af6fdce5031d","block_type":"box","text":"Communications companies may face rapid product obsolescence as well as unexpected risks and","page_number":27,"box":{"x":287,"y":403,"width":632,"height":11}},{"id":"c3940d66-b4f8-4941-8239-70a113559762","block_type":"box","text":"costs related to product compatibility and standardization, new product introduction and technological developments, such as artificial","page_number":27,"box":{"x":46,"y":418,"width":863,"height":10}},{"id":"bbefb204-710a-4ccb-8353-dd117a4ae2e9","block_type":"box","text":"intelligence and machine learning. These companies may need to commit substantial capital to integrate new technologies and develop new","page_number":27,"box":{"x":46,"y":432,"width":896,"height":11}},{"id":"d6306e4e-5dc9-4dab-9a38-b42cc04ffd15","block_type":"box","text":"products and services. Demographic shifts and changes in consumer preferences and expectations may have negative impacts on their","page_number":27,"box":{"x":46,"y":446,"width":867,"height":11}},{"id":"b0c1d61d-1a41-4c70-b1d8-6edaa8ea25b6","block_type":"box","text":"business. Cybersecurity and data privacy risks may be heightened for communications companies, and a theft of proprietary or consumer","page_number":27,"box":{"x":46,"y":460,"width":881,"height":11}},{"id":"4a02eed0-3e5f-4331-b2a4-7791a0767e2a","block_type":"box","text":"information or disruptions in service could have a material adverse effect on their operations and reputation.","page_number":27,"box":{"x":46,"y":474,"width":694,"height":11}},{"id":"f4eabc5a-0626-4207-98cc-7a369845bc2b","block_type":"box","text":"Communications companies are subject to extensive government regulation, including licensing and franchise requirements. The costs of","page_number":27,"box":{"x":46,"y":498,"width":880,"height":10}},{"id":"722d5c94-9271-4b9f-996d-8f15cd3329a7","block_type":"box","text":"complying with regulations and seeking required approvals, as well as potential delays or denials, may adversely affect their business. These","page_number":27,"box":{"x":46,"y":512,"width":897,"height":11}},{"id":"ac539dcb-5230-4bff-a621-a689cba64094","block_type":"box","text":"companies may face increased government scrutiny and may be subject to adverse government or legal action. They depend significantly on","page_number":27,"box":{"x":46,"y":526,"width":898,"height":11}},{"id":"3166ddab-7feb-4abb-91f5-1ac64527f2f0","block_type":"box","text":"patent and other intellectual property rights, and the loss or impairment of these rights may adversely affect their profitability.","page_number":27,"box":{"x":46,"y":540,"width":805,"height":11}},{"id":"7915c93d-b58a-4855-a34d-e96b094e5fb0","block_type":"box","text":"Consumer Goods and Services Com","page_number":27,"box":{"x":46,"y":563,"width":247,"height":9}},{"id":"f2dfc89f-2164-4747-a43d-075743695591","block_type":"box","text":"panies Risk.","page_number":27,"box":{"x":295,"y":563,"width":82,"height":11}},{"id":"d1b4d637-68e2-4da5-93d3-02460282eac1","block_type":"box","text":"Many consumer goods and services companies (“consumer companies”) rely heavily on","page_number":27,"box":{"x":384,"y":563,"width":561,"height":11}},{"id":"516ddb18-1756-4857-bf78-7a4417662025","block_type":"box","text":"disposable household income and consumer spending and may be impacted by social trends, marketing campaigns, demographic shifts and","page_number":27,"box":{"x":46,"y":578,"width":896,"height":10}},{"id":"2e9c1d50-e089-4825-a7f5-3f4309e08ce9","block_type":"box","text":"other factors affecting consumer preferences and demand. In addition, damage to a brand or a reputation crisis can have a substantial","page_number":27,"box":{"x":46,"y":592,"width":860,"height":11}},{"id":"26895a48-f628-4d7d-8b6f-832d82603887","block_type":"box","text":"adverse impact on consumer companies.","page_number":27,"box":{"x":46,"y":606,"width":262,"height":11}},{"id":"16d064b0-468e-42a7-a844-f880a3c6faca","block_type":"box","text":"Certain consumer companies, such as those providing discretionary goods or services, may depend more on business cycles, overall","page_number":27,"box":{"x":46,"y":629,"width":849,"height":11}},{"id":"60b6d6e8-60b0-40af-b912-2a44b900aa38","block_type":"box","text":"economic conditions and consumer confidence. Many consumer goods and services are subject to government regulation and the related","page_number":27,"box":{"x":46,"y":643,"width":882,"height":11}},{"id":"76576643-6a7f-403c-86b8-3361df9668bb","block_type":"box","text":"compliance costs, and consumer companies also face the risk of product liability claims. Consumer companies also may be adversely","page_number":27,"box":{"x":46,"y":657,"width":855,"height":11}},{"id":"e1b5d9a4-a60e-4f11-9ec3-23432807ed6c","block_type":"box","text":"affected by volatility in commodity prices, supply chain disruptions and labor shortages.","page_number":27,"box":{"x":46,"y":672,"width":560,"height":10}},{"id":"68805c0e-307d-431f-b022-f98c8fa46e8b","block_type":"box","text":"Financial Companies Risk.","page_number":27,"box":{"x":46,"y":695,"width":180,"height":11}},{"id":"72f6d293-a606-44ad-948e-306b17df1590","block_type":"box","text":"Financial services companies are subject to extensive governmental regulation and intervention, which may","page_number":27,"box":{"x":232,"y":695,"width":690,"height":11}},{"id":"20619097-94e7-4c9c-82bb-dd688cca1f71","block_type":"box","text":"change frequently and may adversely affect their profitability, the scope of their activities, the prices they can charge, the amount of capital","page_number":27,"box":{"x":46,"y":709,"width":892,"height":11}},{"id":"e83413ec-84ba-4250-a7fd-576039bb5cd5","block_type":"box","text":"and liquid assets they must maintain and their size, among other things. Financial services companies also may be significantly affected by,","page_number":27,"box":{"x":46,"y":723,"width":891,"height":11}},{"id":"7e97add5-38b4-46f9-87c8-11de8e10cf9b","block_type":"box","text":"among other things, interest rates, economic conditions, credit rating downgrades, adverse public perception and exposure concentration.","page_number":27,"box":{"x":46,"y":737,"width":887,"height":11}},{"id":"a5c8211a-6f5b-42c0-8551-959217a2cbc8","block_type":"box","text":"Increased risk-taking by financial companies may result in greater overall risk in the global financial sector. Certain events may cause an","page_number":27,"box":{"x":46,"y":752,"width":871,"height":10}},{"id":"50f0f79b-8915-48b3-b7fe-9d7b4dea26e0","block_type":"box","text":"unusually high degree of volatility in financial markets and pose the risk of large losses for financial services companies.","page_number":27,"box":{"x":46,"y":766,"width":767,"height":11}},{"id":"64d6f4fb-9dc8-4c85-b2e3-36944efefead","block_type":"box","text":"Financial companies frequently operate with substantial financial leverage and are exposed directly to the credit risk of their borrowers and","page_number":27,"box":{"x":46,"y":789,"width":891,"height":11}},{"id":"ba70654f-7e82-4458-a62b-4ad6fd1c5213","block_type":"box","text":"counterparties, which also may be leveraged to an unknown degree. Financial companies may have significant exposure to the same","page_number":27,"box":{"x":46,"y":803,"width":848,"height":11}},{"id":"d2cf1d6a-880c-4354-a93d-5ee55cac276b","block_type":"box","text":"borrowers and counterparties; as a result, a borrower’s or counterparty’s inability to meet its obligations to one company may affect other","page_number":27,"box":{"x":46,"y":817,"width":884,"height":11}},{"id":"32517fa4-d0cd-4047-a3d6-071da2699134","block_type":"box","text":"financial companies with exposure to the same borrower or counterparty. This interconnectedness of risk may result in significant negative","page_number":27,"box":{"x":45,"y":831,"width":889,"height":11}},{"id":"4a6387ba-753e-49cc-8e73-7e448e036beb","block_type":"box","text":"impacts to companies with direct exposure to the defaulting counterparty as well as adverse cascading effects in the markets and the","page_number":27,"box":{"x":46,"y":846,"width":856,"height":10}},{"id":"4a3cfb52-d69a-4a11-9b42-87a1c1f4117e","block_type":"box","text":"financial sector generally.","page_number":27,"box":{"x":45,"y":860,"width":163,"height":11}},{"id":"a4ac4deb-23f2-4537-9e77-604d67baff8a","block_type":"box","text":"Geographic and Security Risks.","page_number":27,"box":{"x":46,"y":883,"width":215,"height":11}},{"id":"7171c053-10e9-43f3-8769-3d37df420ae6","block_type":"box","text":"Issuers in a Fund’s portfolio may be located in, or otherwise connected to, parts of the world affected by","page_number":27,"box":{"x":267,"y":883,"width":668,"height":11}},{"id":"a9c94946-63e9-4b21-9ae5-9b457718a232","block_type":"box","text":"natural disasters, such as severe heat, earthquakes, tornadoes, volcanic eruptions, wildfires, droughts, floods, hurricanes and tsunamis. In","page_number":27,"box":{"x":46,"y":897,"width":884,"height":11}},{"id":"9352f616-8d70-49b6-a65d-ead60531de10","block_type":"box","text":"addition, issuers may be impacted by security concerns with respect to a country or region, such as war and other types of conflict,","page_number":27,"box":{"x":46,"y":911,"width":840,"height":11}},{"id":"bb29e203-2126-494d-842a-271b66927321","block_type":"box","text":"8","page_number":27,"box":{"x":495,"y":944,"width":7,"height":8}},{"id":"14ced272-a9eb-47b3-bd08-e9acc63af079","block_type":"box","text":"terrorism, strained international relations and territorial disputes. Any of these events may adversely affect the issuers, markets and","page_number":28,"box":{"x":46,"y":46,"width":845,"height":11}},{"id":"573651c9-1af1-41d4-91ce-dde1d364cceb","block_type":"box","text":"economies to which a Fund is exposed, which may adversely affect the value of the Fund.","page_number":28,"box":{"x":46,"y":61,"width":570,"height":10}},{"id":"0bce62e9-93bf-4d6e-acc4-770291eed544","block_type":"box","text":"Healthcare Companies Risk.","page_number":28,"box":{"x":46,"y":84,"width":194,"height":11}},{"id":"9649809d-6c8e-4536-914a-04030793b439","block_type":"box","text":"The profitability of healthcare companies may be adversely affected by the following factors, among others:","page_number":28,"box":{"x":245,"y":84,"width":689,"height":11}},{"id":"bc6c5659-2748-4736-ab2c-08238489e584","block_type":"box","text":"extensive government regulations, restrictions on government reimbursement for medical expenses, rising costs of medical products and","page_number":28,"box":{"x":46,"y":98,"width":879,"height":11}},{"id":"7f4d17e1-5a99-4eea-84bb-824b23c4e9c5","block_type":"box","text":"services, pricing pressure, a limited number of products, labor shortages, supply chain issues and industry innovation. Many new products in","page_number":28,"box":{"x":46,"y":112,"width":899,"height":11}},{"id":"189989e7-b978-47ba-9b4a-44524eadf1c4","block_type":"box","text":"the healthcare sector entail significant research and development and require regulatory approval, all of which may be long and costly, and","page_number":28,"box":{"x":46,"y":126,"width":888,"height":11}},{"id":"85f99e55-29d7-4029-8c01-2ad6e2ff0f0a","block_type":"box","text":"such efforts ultimately may be unsuccessful. Many healthcare companies depend heavily on obtaining and defending patents, which can be","page_number":28,"box":{"x":46,"y":140,"width":891,"height":11}},{"id":"4ccfbb9f-45a8-488d-b66a-0143bacc8066","block_type":"box","text":"costly, and may be adversely affected by the expiration of patents. 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If other market participants attempt to liquidate holdings at the same time as a","page_number":28,"box":{"x":46,"y":380,"width":874,"height":11}},{"id":"ef61b278-28da-4a89-9234-ca04a399a57b","block_type":"box","text":"Fund, this will lead to an increased supply of the Fund’s underlying investments in the market and contribute to greater illiquid investments","page_number":28,"box":{"x":46,"y":394,"width":888,"height":11}},{"id":"8a37d560-347c-40d0-a1aa-e1abdf903edb","block_type":"box","text":"risk and downward pricing pressure. 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During periods of market volatility, liquidity in the market for a Fund’s shares may be impacted by the","page_number":28,"box":{"x":46,"y":437,"width":887,"height":11}},{"id":"647cb7f7-3533-4dee-9481-efaffd6badc0","block_type":"box","text":"liquidity in the market for the underlying securities or other assets held by the Fund, which could lead to the Fund’s shares trading at a","page_number":28,"box":{"x":46,"y":451,"width":858,"height":11}},{"id":"daffa85b-e553-4214-8481-ee98fcb7ab01","block_type":"box","text":"premium or discount to the Fund’s NAV.","page_number":28,"box":{"x":46,"y":465,"width":253,"height":11}},{"id":"36d1fecc-a926-476f-9141-16dad3c6886c","block_type":"box","text":"Industrial Companies Risk.","page_number":28,"box":{"x":46,"y":489,"width":185,"height":10}},{"id":"c7e5a81c-0972-432c-9ca4-1b3937ec1c01","block_type":"box","text":"Industrial companies face a number of risks, including supply chain and distribution disruptions, business","page_number":28,"box":{"x":237,"y":489,"width":673,"height":10}},{"id":"4fd71e0f-f6df-47b4-88a9-0de97777a9aa","block_type":"box","text":"interruptions, third-party vendor risks, cyber attacks, trade disputes, product recalls, liability and environmental damage claims, scarcity of","page_number":28,"box":{"x":46,"y":503,"width":889,"height":11}},{"id":"c747ed0b-27aa-48ba-9d57-088ddb402d2f","block_type":"box","text":"materials or parts, excess capacity, changes in consumer preferences, and volatility in commodity prices and currencies. The products of","page_number":28,"box":{"x":46,"y":517,"width":878,"height":11}},{"id":"efbc4c1a-511b-4051-98b7-d4e8efe25a55","block_type":"box","text":"industrial companies may face obsolescence due to technological developments and new product introduction. Furthermore, changes in","page_number":28,"box":{"x":46,"y":531,"width":872,"height":11}},{"id":"727d85f8-aa61-4139-ac2d-63d0ba20b9e4","block_type":"box","text":"trade restrictions and tariffs as well as broader geopolitical developments could adversely affect industrial companies. These companies also","page_number":28,"box":{"x":46,"y":545,"width":902,"height":11}},{"id":"46f137ad-e1b9-4dd2-843b-d2137cc2a15e","block_type":"box","text":"may be significantly affected by domestic and international economic conditions, legislative and regulatory changes, and labor relations.","page_number":28,"box":{"x":46,"y":559,"width":871,"height":11}},{"id":"cc1e896c-608f-45b7-a36a-912635054a0e","block_type":"box","text":"Industrial companies may depend on public or private sector financing, which may become difficult to obtain due to government spending","page_number":28,"box":{"x":46,"y":574,"width":881,"height":10}},{"id":"2a9e2bb5-67be-4361-ab2c-79f6185af5d8","block_type":"box","text":"constraints or reduced availability of capital. Such companies may be unable to protect their intellectual property rights or may be liable for","page_number":28,"box":{"x":46,"y":588,"width":892,"height":11}},{"id":"cd69cf75-0730-450e-80b6-94cc5e2eaaa1","block_type":"box","text":"infringing the intellectual property rights of others.","page_number":28,"box":{"x":46,"y":602,"width":322,"height":11}},{"id":"0d94faeb-485b-411d-a5b1-018bb21e1429","block_type":"box","text":"Ownership Limitations Risk.","page_number":28,"box":{"x":46,"y":625,"width":195,"height":11}},{"id":"46c8ce08-567d-4e41-88b1-a977252b2341","block_type":"box","text":"If certain aggregate and/or fund-level ownership thresholds are reached through transactions undertaken by","page_number":28,"box":{"x":247,"y":625,"width":697,"height":11}},{"id":"71c1bd74-3ed9-4c58-8268-6a080090093a","block_type":"box","text":"BFA, its affiliates or a Fund, or as a result of third-party transactions or actions by an issuer or regulator, the ability of BFA and its affiliates on","page_number":28,"box":{"x":47,"y":639,"width":900,"height":11}},{"id":"23392e18-9cf5-4463-b763-151614f002ad","block_type":"box","text":"behalf of clients (including a Fund) to purchase or dispose of investments, exercise rights or undertake business transactions may be","page_number":28,"box":{"x":46,"y":654,"width":850,"height":10}},{"id":"3d2b61bb-5de4-47ad-9fd4-3ae4cc95beee","block_type":"box","text":"restricted by law, regulation or rules or otherwise impaired. 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It is possible that, despite BFA’s intent to either comply with or be granted permission to exceed","page_number":28,"box":{"x":46,"y":828,"width":885,"height":10}},{"id":"cc474ed9-999e-4f61-86db-afa9841ceb91","block_type":"box","text":"ownership limitations, it may inadvertently breach a limit or violate the corporate or regulatory approval, order, consent, relief or non","page_number":28,"box":{"x":46,"y":842,"width":854,"height":11}},{"id":"a2a1d621-c3a1-4247-9591-11227324e806","block_type":"box","text":"disapproval that was obtained.","page_number":28,"box":{"x":46,"y":856,"width":195,"height":11}},{"id":"4dce4721-f0c9-4823-acfb-7b95bb56f3e5","block_type":"box","text":"9","page_number":28,"box":{"x":496,"y":944,"width":6,"height":8}},{"id":"dbc71565-5b5f-448d-9608-8f834baa8e75","block_type":"box","text":"Portfolio Holdings Information","page_number":29,"box":{"x":47,"y":46,"width":297,"height":16}},{"id":"927eef28-6b94-4e8c-b182-dfe261ac68da","block_type":"box","text":"A description of the policies and procedures with respect to the disclosure of the Funds’ portfolio securities and other assets (as applicable)","page_number":29,"box":{"x":45,"y":75,"width":896,"height":11}},{"id":"57098058-a36b-41ce-b80f-e23b56482e9a","block_type":"box","text":"is available in the applicable Statement of Additional Information (“SAI”). 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This team approach brings together many disciplines and leverages BFA’s extensive resources.","page_number":29,"box":{"x":46,"y":241,"width":853,"height":11}},{"id":"2bb77a93-051a-4abe-8bde-3a3bb9b45342","block_type":"box","text":"BFA is an indirect majority-owned subsidiary of BlackRock, Inc. 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They do not necessarily represent the","page_number":29,"box":{"x":46,"y":316,"width":885,"height":11}},{"id":"e11661e0-6853-4a5b-bc5b-51baef6e4e99","block_type":"box","text":"views of BlackRock or any other person within the BlackRock organization. Such views may change at any time based upon market or other","page_number":29,"box":{"x":45,"y":330,"width":893,"height":11}},{"id":"24aaa000-ad17-42ab-b1f9-a3bb0f603e50","block_type":"box","text":"conditions, and BlackRock has no responsibility to update such views. You should not rely on any such views as investment advice or as an","page_number":29,"box":{"x":46,"y":344,"width":886,"height":11}},{"id":"dbe2974f-ca73-41d3-88b1-2c6cdf57f315","block_type":"box","text":"indication of trading intent on behalf of a Fund.","page_number":29,"box":{"x":46,"y":358,"width":299,"height":11}},{"id":"498d8050-000f-4e81-b5fb-dbb0c87e4df6","block_type":"box","text":"Fees and Expenses","page_number":29,"box":{"x":46,"y":382,"width":132,"height":10}},{"id":"99f8f107-978e-4525-945c-8725882c4671","block_type":"box","text":"Pursuant to the Investment Advisory Agreement between BFA and the Trust (entered into on behalf of the Funds), BFA is responsible for","page_number":29,"box":{"x":46,"y":405,"width":867,"height":11}},{"id":"90dbef8b-000b-4b6a-8789-36e1ae721cae","block_type":"box","text":"substantially all expenses of the Fund, except the management fees, interest expenses, taxes, expenses incurred with respect to the","page_number":29,"box":{"x":46,"y":419,"width":848,"height":11}},{"id":"ae8b5784-8753-4ddf-bfd4-931dbfc6abdf","block_type":"box","text":"acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, distribution","page_number":29,"box":{"x":46,"y":433,"width":891,"height":11}},{"id":"98df60f0-d928-4e55-bda1-31be51e9d41b","block_type":"box","text":"fees or expenses, and litigation expenses and any extraordinary expenses (as determined by a majority of the Trustees who are not","page_number":29,"box":{"x":45,"y":447,"width":839,"height":11}},{"id":"9077dc0a-449a-49f9-b2f2-83eace373a09","block_type":"box","text":"“interested persons” of the Trust). 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She is a Director of BlackRock, Inc.","page_number":29,"box":{"x":46,"y":859,"width":319,"height":11}},{"id":"d32ee232-b5a6-47a6-9d4d-14de314c2967","block_type":"box","text":"Orlando Montalvo has been employed by BFA or its affiliates as a senior portfolio manager since 2009. He is a Managing Director of","page_number":29,"box":{"x":46,"y":882,"width":843,"height":11}},{"id":"ffec24c7-ef68-48b5-8481-3f4c25882b44","block_type":"box","text":"BlackRock, Inc.","page_number":29,"box":{"x":47,"y":897,"width":95,"height":10}},{"id":"4f0d6b70-16eb-41ae-b844-a520bdcd1d9d","block_type":"box","text":"10","page_number":29,"box":{"x":494,"y":944,"width":12,"height":8}},{"id":"73ee038a-a760-4a77-be32-fec6749ae464","block_type":"box","text":"Each Fund’s SAI provides additional information about the Portfolio Managers’ compensation, other accounts managed by the Portfolio","page_number":30,"box":{"x":46,"y":46,"width":863,"height":11}},{"id":"9bc1f5e8-a560-49e4-b088-16e11e68aceb","block_type":"box","text":"Managers and the Portfolio Managers’ ownership (if any) of shares of the Funds.","page_number":30,"box":{"x":46,"y":61,"width":512,"height":10}},{"id":"2476f9a1-3531-4973-b44d-fc5d1e306504","block_type":"box","text":"Administrator, Custodian and Transfer Agent","page_number":30,"box":{"x":45,"y":84,"width":313,"height":11}},{"id":"649760a9-10f4-4260-bac4-05d959994010","block_type":"box","text":"The administrator, custodian and transfer agent for the Fund is indicated in the table below.","page_number":30,"box":{"x":45,"y":107,"width":585,"height":11}},{"id":"0da3ccd9-14b2-47c7-9026-9fb83ba2f545","block_type":"box","text":"Fund","page_number":30,"box":{"x":57,"y":162,"width":32,"height":8}},{"id":"7a38a68b-6f68-40ca-8365-0ceceaad449b","block_type":"box","text":"The Bank of","page_number":30,"box":{"x":468,"y":138,"width":83,"height":9}},{"id":"c29b7670-fa73-4756-a4c8-637988330b0f","block_type":"box","text":"New York","page_number":30,"box":{"x":469,"y":150,"width":66,"height":8}},{"id":"f757556c-4a2b-435b-b6ca-78e5a29875f0","block_type":"box","text":"Mellon Citibank, N.A.","page_number":30,"box":{"x":469,"y":161,"width":215,"height":12}},{"id":"86ee8db6-14b5-4376-aef6-88d3cf945f6d","block_type":"box","text":"JPMorgan","page_number":30,"box":{"x":710,"y":138,"width":66,"height":11}},{"id":"7995c7da-5da7-4343-8a1d-a4979a9c1af2","block_type":"box","text":"Chase Bank,","page_number":30,"box":{"x":710,"y":150,"width":85,"height":11}},{"id":"d2bbc0ba-4c91-4a5f-a2ee-c9909702ed88","block_type":"box","text":"N.A.","page_number":30,"box":{"x":711,"y":162,"width":27,"height":8}},{"id":"e7a8d898-739e-4387-b904-3acb649e02fc","block_type":"box","text":"State Street","page_number":30,"box":{"x":831,"y":138,"width":84,"height":9}},{"id":"fe390989-14c8-4633-bfa1-b49f2623704f","block_type":"box","text":"Bank and Trust","page_number":30,"box":{"x":832,"y":150,"width":103,"height":8}},{"id":"db76528b-bfda-4c2e-a907-c9d1c9c27e4c","block_type":"box","text":"Company","page_number":30,"box":{"x":831,"y":161,"width":65,"height":11}},{"id":"95637c0a-986f-4a82-b86d-a14c7cff4908","block_type":"box","text":"iShares Large Cap 10% Target Buffer Sep ETF*","page_number":30,"box":{"x":57,"y":179,"width":293,"height":11}},{"id":"a34cb224-f8b7-4a59-98e6-30bcf6ae726d","block_type":"box","text":"* JPMorgan Chase Bank, N.A. serves as custodian for the Fund in connection with certain securities lending activities.","page_number":30,"box":{"x":73,"y":201,"width":672,"height":10}},{"id":"dc7c5de9-cbda-4072-a3aa-c5e1d3d189ef","block_type":"box","text":"Conflicts of Interest","page_number":30,"box":{"x":46,"y":221,"width":139,"height":9}},{"id":"7074fb5d-77f0-4205-9fa2-d5a0845262fd","block_type":"box","text":"The investment activities of BFA and its affiliates (including BlackRock and its subsidiaries (collectively, the “Affiliates”)), and their respec","page_number":30,"box":{"x":45,"y":244,"width":874,"height":11}},{"id":"3afe4046-dd6a-48ea-ad16-22665c8212e2","block_type":"box","text":"tive","page_number":30,"box":{"x":921,"y":244,"width":22,"height":9}},{"id":"8eec0919-190d-4085-a8e7-70cedfbe5f9e","block_type":"box","text":"directors, officers or employees, in managing their own accounts and other accounts, may present conflicts of interest that could","page_number":30,"box":{"x":46,"y":258,"width":826,"height":11}},{"id":"b5ce66e8-c859-4300-9531-531777ff6c15","block_type":"box","text":"disadvantage a Fund and its shareholders.","page_number":30,"box":{"x":46,"y":273,"width":269,"height":10}},{"id":"366c2fc0-ec27-48e8-a179-522866ae8da9","block_type":"box","text":"BFA and its Affiliates are involved worldwide with a broad spectrum of financial services and asset management activities and in the ordinary","page_number":30,"box":{"x":47,"y":296,"width":899,"height":11}},{"id":"21264ab4-6e53-4893-a621-5bc781a7b320","block_type":"box","text":"course of business may engage in activities in which their interests or the interests of other clients may conflict with those of a Fund. BFA","page_number":30,"box":{"x":46,"y":310,"width":879,"height":11}},{"id":"0d9338dd-2051-4013-b78c-915368da319c","block_type":"box","text":"and its Affiliates act, or may act, as an investor, research provider, investment manager, commodity pool operator, commodity trading","page_number":30,"box":{"x":46,"y":324,"width":858,"height":11}},{"id":"ee291be4-a667-4dbe-b1f5-96a2e13e129a","block_type":"box","text":"advisor, financier, underwriter, adviser, trader, lender, index provider, agent and/or principal. BFA and its Affiliates may have other direct and","page_number":30,"box":{"x":46,"y":338,"width":903,"height":11}},{"id":"b91289e1-11a3-472a-90cb-b706f4a1f56a","block_type":"box","text":"indirect interests in securities, currencies, commodities, derivatives and other assets in which a Fund may directly or indirectly invest.","page_number":30,"box":{"x":46,"y":353,"width":855,"height":10}},{"id":"9b2ce70e-030b-47e3-9c47-2114dc3beb7c","block_type":"box","text":"BFA and its Affiliates may engage in proprietary trading and advise accounts and other funds that have investment objectives similar to those","page_number":30,"box":{"x":47,"y":376,"width":902,"height":11}},{"id":"678a8dd4-7bec-4f5a-ac95-57b6e3724689","block_type":"box","text":"of a Fund and/or that engage in and compete for transactions in the same or similar types of securities, currencies and other assets as are","page_number":30,"box":{"x":46,"y":390,"width":889,"height":11}},{"id":"17907d1b-9266-450f-82f0-c45416543bdf","block_type":"box","text":"held by a Fund. This may include transactions in securities issued by other open-end and closed-end investment companies, including","page_number":30,"box":{"x":46,"y":404,"width":856,"height":11}},{"id":"93422d90-b54c-42be-80c1-78850c3b129a","block_type":"box","text":"investment companies that are affiliated with the Fund and BFA, to the extent permitted under the Investment Company Act of 1940, as","page_number":30,"box":{"x":46,"y":418,"width":867,"height":11}},{"id":"dbf86d13-c42d-42b3-a9eb-440a002a18b0","block_type":"box","text":"amended (the “1940 Act”). The trading activities of BFA and its Affiliates are carried out without reference to positions held directly or","page_number":30,"box":{"x":46,"y":432,"width":855,"height":11}},{"id":"2aa49e2e-23cf-4053-9ddf-dc3006fa3992","block_type":"box","text":"indirectly by a Fund. These activities may result in BFA or an Affiliate having positions in assets that are senior or junior to, or that have","page_number":30,"box":{"x":46,"y":447,"width":861,"height":11}},{"id":"42513fbc-759c-44cb-8383-e2354b927b3d","block_type":"box","text":"interests different from or adverse to, the assets held by a Fund.","page_number":30,"box":{"x":46,"y":461,"width":411,"height":11}},{"id":"586cce55-e4e8-4731-ba22-0ec02b81d70a","block_type":"box","text":"A Fund may invest in securities issued by, or engage in other transactions with, entities with which an Affiliate has significant debt or equity","page_number":30,"box":{"x":45,"y":484,"width":892,"height":11}},{"id":"d5029fba-6744-4d8c-8651-34b9e6b952a8","block_type":"box","text":"investments or other interests. A Fund may also invest in issuances (such as debt offerings or structured notes) for which an Affiliate is","page_number":30,"box":{"x":46,"y":498,"width":863,"height":11}},{"id":"4e075172-894f-423b-966c-33262a26d610","block_type":"box","text":"compensated for providing advisory, cash management or other services. A Fund also may invest in securities of, or engage in other","page_number":30,"box":{"x":46,"y":512,"width":845,"height":11}},{"id":"3c596319-2371-42f9-8f44-2b36899fdca0","block_type":"box","text":"transactions with, entities for which an Affiliate provides or may provide research coverage or other analysis.","page_number":30,"box":{"x":46,"y":527,"width":695,"height":10}},{"id":"0b5ae053-72ca-4375-8780-d4c047497d80","block_type":"box","text":"An Affiliate may have business relationships with, and receive compensation from, distributors, consultants or others who recommend a","page_number":30,"box":{"x":45,"y":550,"width":872,"height":11}},{"id":"72cea4e2-bdaa-42b8-9658-fdb874907ba5","block_type":"box","text":"Fund or who engage in transactions with or for a Fund.","page_number":30,"box":{"x":46,"y":564,"width":348,"height":11}},{"id":"0af04e0b-7058-4967-ad69-264ac1eff28c","block_type":"box","text":"Neither BlackRock nor any Affiliate is under any obligation to share any investment opportunity, idea or strategy with a Fund. 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The opposite result is also","page_number":30,"box":{"x":45,"y":630,"width":898,"height":11}},{"id":"b21fde28-91a0-4c29-8272-895deaae2059","block_type":"box","text":"possible.","page_number":30,"box":{"x":46,"y":644,"width":55,"height":11}},{"id":"9ba5dcf9-52fe-4055-9df1-33a0cc7b134a","block_type":"box","text":"In addition, a Fund may enter into transactions in which BFA or an Affiliate or their directors, officers, employees or clients have an adverse","page_number":30,"box":{"x":46,"y":667,"width":889,"height":11}},{"id":"f75f3990-8aba-4123-9051-f02ca201a949","block_type":"box","text":"interest. A Fund may be adversely impacted by the effects of transactions undertaken by BFA or an Affiliate or their directors, officers,","page_number":30,"box":{"x":46,"y":681,"width":857,"height":11}},{"id":"e04248cb-c1b7-4cd1-9879-9adf5683a5d5","block_type":"box","text":"employees or clients.","page_number":30,"box":{"x":46,"y":696,"width":135,"height":10}},{"id":"3fc21edf-d6f1-4d7d-b5b6-782bb43ebc59","block_type":"box","text":"From time to time, BlackRock or its advisory clients (including other funds and accounts) may, subject to compliance with applicable law,","page_number":30,"box":{"x":46,"y":719,"width":877,"height":11}},{"id":"4b8aa5eb-8519-4f48-9673-f9811cb305b7","block_type":"box","text":"purchase and hold shares of a Fund. The price, availability, liquidity, and (in some cases) expense ratio of a Fund may be impacted by","page_number":30,"box":{"x":46,"y":733,"width":851,"height":11}},{"id":"0f94fac3-9605-4376-b488-fc10e2dd5ae3","block_type":"box","text":"purchases and sales of the Fund by BlackRock or its advisory clients.","page_number":30,"box":{"x":46,"y":747,"width":440,"height":11}},{"id":"e5aa00f8-3cfb-4e9d-af26-f744eb25bfcf","block_type":"box","text":"A Fund’s activities may be limited because of regulatory restrictions applicable to BFA or an Affiliate or their policies designed to comply with","page_number":30,"box":{"x":45,"y":770,"width":902,"height":11}},{"id":"e4da33a6-dc2e-4423-b281-258cd45d74d9","block_type":"box","text":"such restrictions.","page_number":30,"box":{"x":46,"y":784,"width":109,"height":9}},{"id":"c034feb5-638a-4779-a718-457379d2a76b","block_type":"box","text":"Under a securities lending program approved by the Board, the Funds have retained BTC, an Affiliate of BFA, to serve as their securities","page_number":30,"box":{"x":46,"y":808,"width":863,"height":10}},{"id":"4c00ffe3-4ada-4196-ab9a-26ee77ad27e8","block_type":"box","text":"lending agent to the extent that they participate in the securities lending program. For these services, the securities lending agent will","page_number":30,"box":{"x":46,"y":822,"width":855,"height":11}},{"id":"b361c986-fd63-40b2-a685-8304828a80d5","block_type":"box","text":"receive a fee from the participating Fund based on the returns earned on the Fund’s lending activities, including investment of the cash","page_number":30,"box":{"x":46,"y":836,"width":863,"height":11}},{"id":"b85124e0-ca51-4e99-b6ec-6da2da17f3df","block_type":"box","text":"received as collateral for the loaned securities. In addition, one or more Affiliates may be among the entities to which a Fund may lend its","page_number":30,"box":{"x":46,"y":850,"width":877,"height":11}},{"id":"246bbf9a-07b5-4175-baa8-cb2f2741447f","block_type":"box","text":"portfolio securities under the securities lending program.","page_number":30,"box":{"x":46,"y":864,"width":363,"height":11}},{"id":"ba40c8a6-5960-46d1-a354-8bb0ec22de4a","block_type":"box","text":"Under an ETF Services Agreement, certain Funds have retained BlackRock Investments, LLC (the “Distributor” or “BRIL”), an Affiliate of BFA,","page_number":30,"box":{"x":46,"y":888,"width":895,"height":10}},{"id":"4aefa12f-ae2a-411c-8c5d-5e9ecfaaf2ac","block_type":"box","text":"to perform certain order processing, Authorized Participant communications, and related services in connection with the issuance and","page_number":30,"box":{"x":46,"y":902,"width":859,"height":11}},{"id":"59895a97-e895-4a02-9caa-43f975df5ef7","block_type":"box","text":"11","page_number":30,"box":{"x":494,"y":944,"width":10,"height":8}},{"id":"215fe9c3-94c0-41d1-8235-08609a3ba730","block_type":"box","text":"redemption of Creation Units (“ETF Services”). BRIL has engaged Citibank, N.A. (“Citibank”) as a subcontractor to provide certain ETF","page_number":31,"box":{"x":46,"y":46,"width":855,"height":11}},{"id":"b156adca-c15d-4344-9171-263d616c6859","block_type":"box","text":"Services. BRIL retains a portion of the standard transaction fee received from Authorized Participants on each creation or redemption order","page_number":31,"box":{"x":46,"y":61,"width":894,"height":10}},{"id":"f5193d36-6b0f-4745-bb99-09e455141328","block_type":"box","text":"from the Authorized Participant for the ETF Services provided. BlackRock collaborated with, and received payment from, Citibank on the","page_number":31,"box":{"x":45,"y":75,"width":872,"height":11}},{"id":"2f8a8db6-f919-49ab-8797-4204140fdc2a","block_type":"box","text":"design and development of the ETF Services platform. Citibank has, and from time to time may develop, additional relationships with","page_number":31,"box":{"x":46,"y":89,"width":848,"height":11}},{"id":"600a199e-674d-4fa1-819e-685bc89d136e","block_type":"box","text":"BlackRock or funds managed by BFA and its Affiliates.","page_number":31,"box":{"x":47,"y":103,"width":342,"height":11}},{"id":"034fd452-9c8b-492e-9096-93c0dbd2f038","block_type":"box","text":"BlackRock and its Affiliates may benefit from a Fund using a BlackRock index by creating increasing acceptance in the marketplace for such","page_number":31,"box":{"x":47,"y":126,"width":893,"height":11}},{"id":"43187757-16cd-441c-88db-44081c56d41c","block_type":"box","text":"indexes. BlackRock and its Affiliates are not obligated to license an index to a Fund, and no Fund is under an obligation to use a BlackRock","page_number":31,"box":{"x":46,"y":140,"width":885,"height":11}},{"id":"4a5d646b-dc7a-4dea-ba3d-b04c9140c3b7","block_type":"box","text":"index. The terms of a Fund’s index licensing agreement with BlackRock or its Affiliates may not be as favorable as the terms offered to other","page_number":31,"box":{"x":46,"y":155,"width":896,"height":11}},{"id":"6a79e46d-7c4a-4e34-8246-01087c0c46e8","block_type":"box","text":"licensees.","page_number":31,"box":{"x":46,"y":169,"width":62,"height":8}},{"id":"e7bec6a6-8f5e-476b-b792-6b267fcc324d","block_type":"box","text":"The activities of BFA and its Affiliates and their respective directors, officers or employees may give rise to other conflicts of interest that","page_number":31,"box":{"x":45,"y":192,"width":876,"height":11}},{"id":"de44470d-3a5e-4429-9a20-0e63abbc7dae","block_type":"box","text":"could disadvantage a Fund and its shareholders. BFA has adopted policies and procedures designed to address these potential conflicts of","page_number":31,"box":{"x":46,"y":206,"width":886,"height":11}},{"id":"32c41aa3-37bb-4e48-a381-58f74b30aac2","block_type":"box","text":"interest. Please see the SAI for further information.","page_number":31,"box":{"x":46,"y":220,"width":326,"height":9}},{"id":"77fb8e0c-9341-43f9-b1dc-5f3c1f9f4efc","block_type":"box","text":"Shareholder Information","page_number":31,"box":{"x":46,"y":249,"width":241,"height":13}},{"id":"92a5a827-ba70-43f4-b5ed-c06e23aeaa5a","block_type":"box","text":"Additional shareholder information, including how to buy and sell shares of the Funds, is available free of charge by calling toll-free","page_number":31,"box":{"x":45,"y":278,"width":820,"height":11}},{"id":"8c01ebb4-b358-4caa-8940-08dd0cec8e39","block_type":"box","text":"1-800-iShares (1-800-474-2737) or visiting www.iShares.com.","page_number":31,"box":{"x":48,"y":293,"width":383,"height":10}},{"id":"d190651f-f446-42cb-9bcf-c6bff93b4deb","block_type":"box","text":"Buying and Selling Shares","page_number":31,"box":{"x":46,"y":316,"width":181,"height":11}},{"id":"44fa5610-1ae1-4d25-8570-000de5271aa4","block_type":"box","text":"Transactions in shares of the Funds occur in the primary market and the secondary market. Primary market transactions, known as","page_number":31,"box":{"x":45,"y":339,"width":840,"height":11}},{"id":"b72db7a2-2fac-4927-87a1-a7588d925a25","block_type":"box","text":"“creations” and “redemptions,” occur only between the Funds and Authorized Participants (","page_number":31,"box":{"x":46,"y":353,"width":584,"height":11}},{"id":"ef4369ea-483d-492d-ae7e-aec8b152f253","block_type":"box","text":"i.e","page_number":31,"box":{"x":631,"y":353,"width":14,"height":9}},{"id":"a2cc0f7d-ebba-4867-a23a-6d4201479a6d","block_type":"box","text":"., financial institutions that are authorized to","page_number":31,"box":{"x":647,"y":353,"width":282,"height":10}},{"id":"2ce45efe-4dac-4ca7-9a0c-612c233f5a0e","block_type":"box","text":"participate in such transactions), as described in the","page_number":31,"box":{"x":46,"y":367,"width":335,"height":11}},{"id":"828cfbb2-0cc1-4873-8926-1b17e17f8dd3","block_type":"box","text":"Creations and Redemptions","page_number":31,"box":{"x":386,"y":367,"width":174,"height":11}},{"id":"701e9ca5-514d-4848-802d-b3f527a7c647","block_type":"box","text":"section below.","page_number":31,"box":{"x":565,"y":367,"width":90,"height":9}},{"id":"0dd65687-0bd3-4108-9828-b48455c483ee","block_type":"box","text":"Fund shares are listed on U.S. national securities exchanges, where they can be bought and sold throughout the trading day at market prices,","page_number":31,"box":{"x":46,"y":391,"width":904,"height":10}},{"id":"17755a37-85c4-4c74-948b-dd5942bf1aad","block_type":"box","text":"like shares of other publicly traded companies. A Fund’s shares may also be available in other secondary markets, such as on non-U.S.","page_number":31,"box":{"x":46,"y":405,"width":861,"height":11}},{"id":"98dd7a19-6edc-4cd0-a996-ec8cd6d23e70","block_type":"box","text":"exchanges and through funds or structured investment vehicles similar to depositary receipts. The Funds do not impose any minimum","page_number":31,"box":{"x":46,"y":419,"width":856,"height":11}},{"id":"7be0862c-d996-4435-ba0c-8260ab1bfa92","block_type":"box","text":"investment for Fund shares purchased on an exchange or otherwise in the secondary market.","page_number":31,"box":{"x":46,"y":433,"width":597,"height":11}},{"id":"c2ce19e4-0514-4c3a-860b-b52c3aa6887f","block_type":"box","text":"Buying or selling Fund shares on an exchange or other secondary market generally involves two types of costs that are common in securities","page_number":31,"box":{"x":47,"y":456,"width":899,"height":11}},{"id":"d1e37672-a9da-4d14-925e-5f9d075bba04","block_type":"box","text":"transactions. First, when buying or selling Fund shares through a broker, you may incur a brokerage commission and other charges. The","page_number":31,"box":{"x":46,"y":471,"width":868,"height":10}},{"id":"434b83b0-9c40-47b7-8069-58e79306f04e","block_type":"box","text":"commission is frequently a fixed amount; it may be a significant proportional cost if you are seeking to buy or sell small amounts of shares.","page_number":31,"box":{"x":46,"y":485,"width":888,"height":11}},{"id":"498e94cc-8c1a-4d80-9ec2-900b330446bb","block_type":"box","text":"Second, you may incur the cost of the “spread,” which is any difference between the bid price and the ask price for the shares. The spread","page_number":31,"box":{"x":46,"y":499,"width":884,"height":11}},{"id":"e5e19f60-8585-4299-8eb7-7da26e8fb78e","block_type":"box","text":"varies over time based on a Fund’s trading volume and market liquidity. Generally, the spread is smaller if a Fund has high trading volume and","page_number":31,"box":{"x":45,"y":513,"width":905,"height":11}},{"id":"92d73c4e-0940-4777-8942-59155b50ca5e","block_type":"box","text":"market liquidity, and larger if a Fund has lower trading volume and market liquidity. The latter is often the case for newly launched or smaller","page_number":31,"box":{"x":46,"y":527,"width":897,"height":11}},{"id":"d2701e91-1635-432d-bd45-fdee40c27918","block_type":"box","text":"funds. A Fund’s spread may also be impacted by the liquidity (or lack thereof) of the underlying securities or other assets held by the Fund,","page_number":31,"box":{"x":45,"y":541,"width":888,"height":11}},{"id":"170aaa2e-42bd-4582-b981-d892f1456949","block_type":"box","text":"particularly for newly launched or smaller funds, or by instances of significant volatility of the underlying assets.","page_number":31,"box":{"x":46,"y":556,"width":713,"height":10}},{"id":"d4d3180d-5f43-4ebe-abc2-cfcea8821b10","block_type":"box","text":"The U.S. national securities exchanges that list Fund shares are open for trading Monday through Friday and are closed on weekends and the","page_number":31,"box":{"x":45,"y":579,"width":903,"height":11}},{"id":"6031f289-877c-4a48-855a-0eba42f79a1f","block_type":"box","text":"following holidays (or the days on which they are observed): New Year’s Day, Martin Luther King Jr. Day, Presidents’ Day, Good Friday,","page_number":31,"box":{"x":45,"y":593,"width":856,"height":11}},{"id":"1f8688e3-79ff-4229-b3f5-80b7459a6b0a","block_type":"box","text":"Memorial Day, Juneteenth, Independence Day, Labor Day, Thanksgiving Day and Christmas Day.","page_number":31,"box":{"x":46,"y":607,"width":613,"height":11}},{"id":"95e5574d-4c97-4d94-a8f4-b3bf96344999","block_type":"box","text":"Investments in Investment Companies","page_number":31,"box":{"x":46,"y":630,"width":269,"height":11}},{"id":"92bf498e-da4a-4b37-9e20-2c7783166410","block_type":"box","text":"Section 12(d)(1) of the 1940 Act generally restricts investments by investment companies, including foreign and unregistered investment","page_number":31,"box":{"x":46,"y":654,"width":873,"height":10}},{"id":"d139a044-493b-4269-94df-bf709cb63460","block_type":"box","text":"companies, in the securities of other investment companies. For example, a registered investment company (the “Acquired Fund”), such as","page_number":31,"box":{"x":46,"y":668,"width":888,"height":11}},{"id":"103048f1-141d-4554-b2b3-5ddcbe2622e4","block_type":"box","text":"the Funds, may not knowingly sell or otherwise dispose of any security issued by the Acquired Fund to any investment company (the","page_number":31,"box":{"x":46,"y":682,"width":847,"height":11}},{"id":"130909a9-f350-4894-8769-b94860c51ce8","block_type":"box","text":"“Acquiring Fund”) or any company or companies controlled by the Acquiring Fund if, immediately after such sale or disposition: (i) more than","page_number":31,"box":{"x":46,"y":696,"width":897,"height":11}},{"id":"eac3a851-d90c-4348-97a9-f9d396c3e7db","block_type":"box","text":"3% of the total outstanding voting stock of the Acquired Fund is owned by the Acquiring Fund and any company or companies controlled by","page_number":31,"box":{"x":46,"y":710,"width":890,"height":11}},{"id":"ec3c58ff-37f4-4793-8026-397ff5f1d256","block_type":"box","text":"the Acquiring Fund, or (ii) more than 10% of the total outstanding voting stock of the Acquired Fund is owned by the Acquiring Fund and other","page_number":31,"box":{"x":46,"y":724,"width":904,"height":11}},{"id":"7ef1f7fa-1bba-4387-82ff-cd7cdd45a010","block_type":"box","text":"investment companies and companies controlled by them.","page_number":31,"box":{"x":46,"y":739,"width":373,"height":10}},{"id":"44ab82d2-f8c0-45b4-a47c-ace9ce364f7b","block_type":"box","text":"Notwithstanding the foregoing, registered investment companies are permitted to invest in a Fund beyond the limits set forth in Section","page_number":31,"box":{"x":47,"y":762,"width":867,"height":11}},{"id":"6224fa33-a2d7-4d91-bcd3-ead4b84c24df","block_type":"box","text":"12(d)(1), subject to certain terms and conditions set forth in Rule 12d1-4 under the 1940 Act. To make such an investment in an Acquired","page_number":31,"box":{"x":48,"y":776,"width":871,"height":11}},{"id":"b6ba0e7c-68b8-4c6d-8a7e-a362588eae57","block_type":"box","text":"Fund, a registered investment company must, among other things, enter into an agreement with the Trust. If an Acquired Fund invests","page_number":31,"box":{"x":46,"y":790,"width":856,"height":11}},{"id":"55b2ce19-e01c-4cca-8cd1-ab23841d1a44","block_type":"box","text":"significantly in other registered investment companies in reliance on Rule 12d1-4, an Acquiring Fund will not be permitted to rely on Rule","page_number":31,"box":{"x":46,"y":804,"width":873,"height":11}},{"id":"a6fa6d3f-7b67-4fe8-8091-6aa9097f7cdf","block_type":"box","text":"12d1-4 and invest in the Fund beyond the Section 12(d)(1) limits. Any investment company interested in purchasing shares of a Fund beyond","page_number":31,"box":{"x":48,"y":819,"width":894,"height":10}},{"id":"723d0efe-edce-4ffb-82ad-5440d003df91","block_type":"box","text":"the limits set forth in Section 12(d)(1) should contact BFA. Acquiring Funds must adhere to the Section 12(d)(1) limits when investing in the","page_number":31,"box":{"x":46,"y":833,"width":883,"height":11}},{"id":"ec0f7f62-c681-4d6c-a09c-c3faa7e0f02b","block_type":"box","text":"Fund, which invests in one or more Underlying Funds.","page_number":31,"box":{"x":46,"y":847,"width":341,"height":11}},{"id":"bc4adc00-4ddb-418e-8e8a-2c3089569436","block_type":"box","text":"Foreign investment companies are permitted to invest in a Fund only up to the limits set forth in Section 12(d)(1), subject to any applicable","page_number":31,"box":{"x":46,"y":870,"width":884,"height":11}},{"id":"173e05df-b24d-41b0-ab28-e2b281062774","block_type":"box","text":"SEC no-action relief.","page_number":31,"box":{"x":46,"y":884,"width":130,"height":9}},{"id":"066b9903-2c85-49e6-b685-6aba4ed6b04d","block_type":"box","text":"12","page_number":31,"box":{"x":494,"y":944,"width":11,"height":8}},{"id":"cbd447cf-1600-492b-aef0-851784538ea6","block_type":"box","text":"Book Entry","page_number":32,"box":{"x":46,"y":46,"width":76,"height":11}},{"id":"e350fc3e-c949-4002-849d-431dc42e67fe","block_type":"box","text":"Shares of the Funds are held in book-entry form, which means that no stock certificates are issued. The Depository Trust Company (“DTC”),","page_number":32,"box":{"x":46,"y":70,"width":891,"height":10}},{"id":"34ededd6-00f6-4fd0-8cab-e2e18b4ec34a","block_type":"box","text":"which serves as the securities depository for shares of the Funds, or its nominee is the record owner of, and holds legal title to, all","page_number":32,"box":{"x":45,"y":84,"width":832,"height":11}},{"id":"3671e42d-8709-47dd-84ee-ec513c94fdd1","block_type":"box","text":"outstanding shares of the Funds.","page_number":32,"box":{"x":46,"y":98,"width":209,"height":11}},{"id":"4ca53668-8248-406f-8350-a11d99352470","block_type":"box","text":"Investors owning Fund shares are beneficial owners as shown on the records of DTC or its participants. DTC participants include securities","page_number":32,"box":{"x":46,"y":121,"width":886,"height":11}},{"id":"af0ca9ee-8be9-4cf2-b87e-1afe798a8b19","block_type":"box","text":"brokers and dealers, banks, trust companies, clearing corporations and other institutions that directly or indirectly maintain a custodial","page_number":32,"box":{"x":46,"y":135,"width":863,"height":11}},{"id":"034f5e11-fd0b-4c13-ba14-393e87083071","block_type":"box","text":"relationship with DTC. As a beneficial owner of Fund shares, you are not entitled to receive physical delivery of stock certificates or to have","page_number":32,"box":{"x":46,"y":150,"width":888,"height":10}},{"id":"7593b9f6-c5e3-4762-8f02-c8d787674b33","block_type":"box","text":"shares registered in your name, and you are not considered a registered owner of shares. Therefore, to exercise any right as an owner of","page_number":32,"box":{"x":46,"y":164,"width":873,"height":11}},{"id":"9a269c28-f4dd-42bb-ad2c-acbfddd51413","block_type":"box","text":"Fund shares, you must rely upon the procedures of DTC and its participants. These procedures are the same as those that apply to any other","page_number":32,"box":{"x":46,"y":178,"width":900,"height":11}},{"id":"d0791671-c66c-4743-ac60-d959880ee34b","block_type":"box","text":"securities held in book-entry or “street name” form.","page_number":32,"box":{"x":46,"y":192,"width":329,"height":11}},{"id":"b21aa573-8888-4c17-8b18-6eeeb28eac54","block_type":"box","text":"Share Prices","page_number":32,"box":{"x":46,"y":215,"width":87,"height":9}},{"id":"0d759cfe-d099-4f67-ab84-a0db74dcf847","block_type":"box","text":"The trading prices of a Fund’s shares in the secondary market generally differ from the Fund’s daily NAV and are affected by various factors,","page_number":32,"box":{"x":45,"y":238,"width":895,"height":11}},{"id":"dee3495a-26cd-406d-97de-c118371a7f59","block_type":"box","text":"such as the supply of and demand for ETF shares and the securities or other assets held by a Fund as well as other market and economic","page_number":32,"box":{"x":46,"y":253,"width":876,"height":10}},{"id":"47e16e38-b4de-4899-9114-0fd1cfa523d6","block_type":"box","text":"conditions.","page_number":32,"box":{"x":46,"y":267,"width":69,"height":8}},{"id":"0a275697-6142-4036-9ec7-7add6f434fc2","block_type":"box","text":"Determination of Net Asset Value","page_number":32,"box":{"x":46,"y":290,"width":233,"height":9}},{"id":"b967477c-c1fe-4db7-8df6-761759ce1780","block_type":"box","text":"The NAV of a Fund normally is determined once daily Monday through Friday, on each day that the New York Stock Exchange (“NYSE”) is","page_number":32,"box":{"x":45,"y":313,"width":873,"height":11}},{"id":"494e8cc4-fc9a-4708-8149-ee8e2f17058d","block_type":"box","text":"open for trading. The NAV generally is determined as of the close of the NYSE’s regular trading hours, normally 4:00 p.m. Eastern time, based","page_number":32,"box":{"x":46,"y":327,"width":904,"height":11}},{"id":"537aac89-639c-4e77-b943-4ae2922fe28d","block_type":"box","text":"on prices at the time of closing.","page_number":32,"box":{"x":46,"y":342,"width":200,"height":10}},{"id":"fe5d258a-c984-4d7f-bd49-827c3c5f933e","block_type":"box","text":"Any Fund assets or liabilities that are denominated in currencies other than the U.S. dollar are translated into U.S. dollars at the prevailing","page_number":32,"box":{"x":45,"y":365,"width":884,"height":11}},{"id":"0248d3e0-713d-4b52-9f5b-4260524524a1","block_type":"box","text":"market rates on the date of valuation as quoted by one or more data service providers.","page_number":32,"box":{"x":46,"y":379,"width":554,"height":11}},{"id":"540f6dd4-cbf8-485a-942b-9660d5a69513","block_type":"box","text":"The NAV of a Fund is calculated by dividing the value of the Fund’s net assets (","page_number":32,"box":{"x":45,"y":402,"width":501,"height":11}},{"id":"4e799a02-5d14-4157-ae25-71037cd4aee7","block_type":"box","text":"i.e","page_number":32,"box":{"x":547,"y":402,"width":15,"height":9}},{"id":"f0cf9eb7-fb44-4210-95e5-4de2c1060634","block_type":"box","text":"., the value of its total assets, including the value of any","page_number":32,"box":{"x":563,"y":402,"width":354,"height":11}},{"id":"cb3b1ea6-4764-454e-a62e-71421172efba","block_type":"box","text":"underlying fund shares in which the Fund invests, less total liabilities) by the total number of outstanding shares of the Fund, generally","page_number":32,"box":{"x":46,"y":416,"width":858,"height":11}},{"id":"f41f21e4-b0b8-41db-a20c-75868e2a9c09","block_type":"box","text":"rounded to the nearest cent. The value of a Fund’s assets and liabilities is determined pursuant to BFA’s valuation policies and procedures.","page_number":32,"box":{"x":46,"y":431,"width":884,"height":10}},{"id":"87c7c5f3-19fd-4081-b124-eddffebf27e1","block_type":"box","text":"BFA has been designated by the Board as the valuation designee for each Fund pursuant to Rule 2a-5 under the Investment Company Act.","page_number":32,"box":{"x":47,"y":445,"width":880,"height":11}},{"id":"700bd543-2d6a-4f0d-bd43-76f883e24634","block_type":"box","text":"Equity securities and other equity instruments for which market quotations are readily available are valued at market value, which is generally","page_number":32,"box":{"x":46,"y":468,"width":905,"height":11}},{"id":"460cc6cf-a786-4470-94f2-7b13c501b06d","block_type":"box","text":"determined using the last reported official closing price or, if a reported closing price is not available, the last traded price on the exchange or","page_number":32,"box":{"x":46,"y":482,"width":906,"height":11}},{"id":"27cdd0b7-a14c-429e-a442-405552168e36","block_type":"box","text":"market on which the security or instrument is primarily traded at the time of valuation. Shares of underlying open-end funds (including money","page_number":32,"box":{"x":46,"y":496,"width":905,"height":11}},{"id":"2a584f55-17f5-4208-b8f7-8a04d4926c47","block_type":"box","text":"market funds) that are not traded on an exchange are valued at net asset value. Shares of underlying ETFs and closed-end funds that trade","page_number":32,"box":{"x":46,"y":510,"width":887,"height":11}},{"id":"cfaa5f35-e34a-4e92-ab9c-e6660398a06e","block_type":"box","text":"on exchanges are valued at their most recent market closing price.","page_number":32,"box":{"x":46,"y":525,"width":426,"height":10}},{"id":"7595834f-f0f1-4a30-8c20-7f97693a17cc","block_type":"box","text":"Fixed-income securities are valued using last available bid prices or current market quotations provided by dealers or prices (including","page_number":32,"box":{"x":46,"y":548,"width":859,"height":11}},{"id":"9f99c8a6-6e8c-44bb-be6e-a8055ddcab43","block_type":"box","text":"evaluated prices) supplied by the Funds’ approved independent third-party pricing services, each in accordance with BFA’s valuation policies","page_number":32,"box":{"x":46,"y":562,"width":897,"height":11}},{"id":"20098fac-e6b9-447a-be00-fa8c335fa49e","block_type":"box","text":"and procedures. Pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values.","page_number":32,"box":{"x":46,"y":576,"width":872,"height":11}},{"id":"c1ea1519-9d69-4300-a10c-14ff50d84e7c","block_type":"box","text":"Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a Fund may hold","page_number":32,"box":{"x":46,"y":590,"width":894,"height":11}},{"id":"03ea5049-08f7-4a7f-8b2d-8675b006156e","block_type":"box","text":"or transact in such securities in smaller odd lot sizes. Odd lots of securities in certain asset classes may trade at lower prices than","page_number":32,"box":{"x":46,"y":605,"width":832,"height":10}},{"id":"3e947e77-a16f-48ad-9968-a88c00cfe51a","block_type":"box","text":"institutional round lots, and the value ultimately realized when the securities are sold could differ from the prices used by a Fund. The","page_number":32,"box":{"x":46,"y":619,"width":851,"height":11}},{"id":"fdd56274-1467-480c-817e-83a09d991eca","block_type":"box","text":"amortized cost method of valuation may be used with respect to debt obligations with 60 days or less remaining to maturity unless BFA","page_number":32,"box":{"x":46,"y":633,"width":866,"height":11}},{"id":"1f083d53-4bd8-47fc-9f62-271198e9db76","block_type":"box","text":"determines in good faith that such method does not represent fair value.","page_number":32,"box":{"x":46,"y":647,"width":463,"height":11}},{"id":"c04b9e5c-9ea0-481e-a6a2-ae15c484578c","block_type":"box","text":"Generally, trading in certain instruments (","page_number":32,"box":{"x":46,"y":670,"width":265,"height":11}},{"id":"3ba08583-13af-45c9-82d1-3e9695c18842","block_type":"box","text":"e.g","page_number":32,"box":{"x":312,"y":673,"width":19,"height":8}},{"id":"ff00f2c3-ea9e-41a7-b3f5-7ec46787fafe","block_type":"box","text":"., non-U.S. securities, money market instruments, etc.) is substantially completed each day at","page_number":32,"box":{"x":332,"y":670,"width":599,"height":11}},{"id":"f14cb3d1-1c93-4ed4-8f38-527f687c1697","block_type":"box","text":"various times prior to the close of the NYSE’s regular trading hours. The values of such instruments used in computing a Fund’s NAV are","page_number":32,"box":{"x":45,"y":685,"width":870,"height":10}},{"id":"f51a84b4-2faa-4545-87a8-b24637a3de76","block_type":"box","text":"determined as of such times.","page_number":32,"box":{"x":46,"y":699,"width":184,"height":8}},{"id":"e9c86767-3204-44c4-9bc4-076d0813d080","block_type":"box","text":"For certain foreign assets, a third-party vendor supplies evaluated, systematic fair value pricing based upon the movement of a proprietary","page_number":32,"box":{"x":46,"y":722,"width":886,"height":11}},{"id":"1327a136-32b8-43c4-9997-e5e43fede14f","block_type":"box","text":"multi-factor model after the relevant foreign markets have closed. This systematic fair value pricing methodology is designed to correlate the","page_number":32,"box":{"x":46,"y":736,"width":901,"height":11}},{"id":"dce8534b-4ab8-4ef6-ad91-f30d33844414","block_type":"box","text":"prices of foreign assets in one or more non-U.S. markets following the close of the local markets to the prices that might have prevailed as of","page_number":32,"box":{"x":46,"y":750,"width":904,"height":11}},{"id":"f8057072-5b39-4c09-97eb-8a1e5f1c7d3d","block_type":"box","text":"a Fund’s pricing time.","page_number":32,"box":{"x":46,"y":764,"width":136,"height":11}},{"id":"38207dbb-9ac6-452c-8038-f8dc2e198b0e","block_type":"box","text":"Customized exchange-traded equity options may be valued using a mathematical model that may incorporate a number of market data","page_number":32,"box":{"x":46,"y":788,"width":863,"height":10}},{"id":"5f1fe8b7-c38c-4845-841e-e5f1cb2d1590","block_type":"box","text":"factors.","page_number":32,"box":{"x":45,"y":802,"width":48,"height":8}},{"id":"6b843c27-8d8b-47fa-938b-6f4ba9bb51fa","block_type":"box","text":"When market quotations are not readily available or are believed by BFA to be unreliable, BFA will fair value a Fund’s investments in","page_number":32,"box":{"x":45,"y":825,"width":838,"height":11}},{"id":"14868c0c-30bf-4f2f-b3d8-ec2f7b3b2aec","block_type":"box","text":"accordance with its policies and procedures. Fair value represents a good faith approximation of the value of an asset or liability. It is the","page_number":32,"box":{"x":46,"y":839,"width":874,"height":11}},{"id":"fce702fc-175b-4651-bda8-60c1379f3e32","block_type":"box","text":"amount that the Fund might reasonably expect to receive from the current sale of an asset or the cost to extinguish a liability in an arm’s","page_number":32,"box":{"x":46,"y":853,"width":879,"height":11}},{"id":"3e8de7b8-aea8-4c02-8df1-084a229ee0e9","block_type":"box","text":"length transaction.","page_number":32,"box":{"x":46,"y":868,"width":119,"height":10}},{"id":"c2bd71a5-7442-48e8-a698-0f9723a7062e","block_type":"box","text":"BFA may conclude that a market quotation is not readily available or is unreliable if:","page_number":32,"box":{"x":47,"y":891,"width":531,"height":11}},{"id":"69851d0a-7ec4-45ae-b074-44278ee95599","block_type":"box","text":"An asset or liability does not have a price source due to its lack of trading or other reasons;","page_number":32,"box":{"x":82,"y":909,"width":583,"height":11}},{"id":"fc8cd5ab-0160-4917-af19-b21a998bf710","block_type":"box","text":"13","page_number":32,"box":{"x":494,"y":944,"width":11,"height":8}},{"id":"41e9ffc6-f1d1-424d-89d3-ed8bde946803","block_type":"box","text":"A market quotation differs significantly from recent price quotations or otherwise no longer appears to reflect fair value;","page_number":33,"box":{"x":82,"y":46,"width":768,"height":11}},{"id":"93376089-de7f-4540-9751-dbc3206825b2","block_type":"box","text":"An asset or liability is thinly traded;","page_number":33,"box":{"x":82,"y":64,"width":224,"height":11}},{"id":"bee271a0-99a7-43b4-a417-b65cf7677ec1","block_type":"box","text":"There is a significant event subsequent to the most recent market quotation; or","page_number":33,"box":{"x":82,"y":82,"width":508,"height":11}},{"id":"7998f088-6074-48e6-be02-2e5b46195f0a","block_type":"box","text":"The trading market on which an instrument is listed is suspended or closed and no appropriate alternative trading market is available.","page_number":33,"box":{"x":82,"y":101,"width":854,"height":10}},{"id":"2be86f1a-15e9-4071-86d7-25ca89eb78bf","block_type":"box","text":"A “significant event” is deemed to occur if BFA determines, in its reasonable business judgment prior to or at the time of pricing a Fund’s","page_number":33,"box":{"x":45,"y":124,"width":875,"height":11}},{"id":"8cbf7091-e047-4f9e-bec9-75fb6068cf8b","block_type":"box","text":"assets or liabilities, that the event is likely to cause a material change to the last exchange closing price or closing market price of one or","page_number":33,"box":{"x":46,"y":138,"width":875,"height":11}},{"id":"7cdf70f0-40e3-4f7b-a2b4-2bd3bce76da2","block_type":"box","text":"more of the Fund’s assets or liabilities.","page_number":33,"box":{"x":46,"y":152,"width":246,"height":9}},{"id":"a4000107-25e5-4ccf-8124-2c743977f92d","block_type":"box","text":"Valuing a Fund’s investments using fair value pricing may result in prices that differ from current market valuations and that may not be the","page_number":33,"box":{"x":45,"y":175,"width":890,"height":11}},{"id":"45ceeddc-624e-43c9-83b2-f29bba887316","block_type":"box","text":"prices at which those investments could have been sold during the period for which the particular fair values were used. For an index Fund,","page_number":33,"box":{"x":46,"y":189,"width":888,"height":11}},{"id":"4b8a264d-9ed4-4766-965f-e923e6cb6702","block_type":"box","text":"the use of both fair value prices and current market valuations in a particular NAV calculation could result in a difference between the prices","page_number":33,"box":{"x":46,"y":204,"width":896,"height":10}},{"id":"74e6210a-c8c6-4207-a343-630091e8add2","block_type":"box","text":"used to calculate a Fund’s NAV and the prices used by the Fund’s underlying index. This could, in turn, result in a difference between the","page_number":33,"box":{"x":46,"y":218,"width":871,"height":11}},{"id":"07ab1e12-cb83-4661-b450-877692d69981","block_type":"box","text":"Fund’s performance and the performance of its underlying index.","page_number":33,"box":{"x":46,"y":232,"width":414,"height":11}},{"id":"ab0d672c-212a-469d-bae9-8f73570caa51","block_type":"box","text":"Dividends and Distributions","page_number":33,"box":{"x":46,"y":255,"width":193,"height":9}},{"id":"0d16c9e7-646c-4eeb-ac5b-b1df677e52a1","block_type":"box","text":"General Policies.","page_number":33,"box":{"x":46,"y":278,"width":103,"height":9}},{"id":"63ac20bc-ac94-451d-a560-b0759d5079bb","block_type":"box","text":"A Fund generally declares and pays dividends from net investment income, if any, at least once a year. Distributions of net","page_number":33,"box":{"x":155,"y":278,"width":781,"height":11}},{"id":"89947fa8-5e72-43b2-9b3c-d66467e03227","block_type":"box","text":"realized securities gains, if any, generally are declared and paid once a year, but the Trust may make distributions on a more frequent basis","page_number":33,"box":{"x":46,"y":293,"width":888,"height":10}},{"id":"e74b8ee8-f881-4bb8-b281-8465ff3ca83c","block_type":"box","text":"for a Fund. The Trust reserves the right to declare special distributions if, in its reasonable discretion, such action is necessary or advisable to","page_number":33,"box":{"x":45,"y":307,"width":905,"height":11}},{"id":"6151c5e8-53d3-4f88-8801-6345ff32fe7d","block_type":"box","text":"preserve its status as a regulated investment company (“RIC”) or to avoid the imposition of income or excise taxes on undistributed income","page_number":33,"box":{"x":46,"y":321,"width":893,"height":11}},{"id":"c6df2989-f4c3-423b-b81a-70acf636f816","block_type":"box","text":"or realized gains.","page_number":33,"box":{"x":46,"y":335,"width":107,"height":11}},{"id":"813a2705-3641-467a-8462-301c0df11716","block_type":"box","text":"Dividends and other distributions on Fund shares are distributed on a pro rata basis to beneficial owners of the shares. Dividend payments","page_number":33,"box":{"x":46,"y":358,"width":885,"height":11}},{"id":"255dec70-f815-49f8-a01b-406e95ae0e93","block_type":"box","text":"and other distributions are made through DTC participants and indirect participants to beneficial owners then of record with proceeds","page_number":33,"box":{"x":46,"y":373,"width":855,"height":10}},{"id":"3b3c037e-452b-452a-9241-c7e16916a0fe","block_type":"box","text":"received from the Funds.","page_number":33,"box":{"x":46,"y":387,"width":158,"height":8}},{"id":"47ff5a9c-28be-4fbe-89d6-b6c938b6ede6","block_type":"box","text":"Dividend Reinvestment Service.","page_number":33,"box":{"x":46,"y":410,"width":196,"height":8}},{"id":"6c83d2f1-7f68-46ef-ae9d-952b10da1501","block_type":"box","text":"No dividend reinvestment service is provided by the Trust. Broker-dealers may make the DTC book-entry","page_number":33,"box":{"x":249,"y":410,"width":667,"height":11}},{"id":"81f315f1-88ab-47bf-9799-c53fae3202cd","block_type":"box","text":"Dividend Reinvestment Program available to beneficial owners of Fund shares for the reinvestment of distributions. Beneficial owners should","page_number":33,"box":{"x":46,"y":424,"width":900,"height":11}},{"id":"4f46ac1b-a69c-41a8-9b27-41d66c5b7c79","block_type":"box","text":"contact their broker to determine the availability and costs of the service and the details of participation. Brokers may require beneficial","page_number":33,"box":{"x":46,"y":438,"width":869,"height":11}},{"id":"2cb3df6b-ac33-4263-946d-d19eace6eac3","block_type":"box","text":"owners to adhere to specific procedures and timetables. If the program is used, dividend distributions of both income and realized gains will","page_number":33,"box":{"x":46,"y":452,"width":895,"height":11}},{"id":"95039103-e205-4576-9dfa-704c33f89a64","block_type":"box","text":"be automatically reinvested in additional whole Fund shares purchased in the secondary market.","page_number":33,"box":{"x":46,"y":467,"width":616,"height":10}},{"id":"5e660779-fb9f-4ca4-a46d-ba8df2562373","block_type":"box","text":"Note on Tax Information.","page_number":33,"box":{"x":46,"y":490,"width":166,"height":8}},{"id":"d4642c1f-28f4-4dea-82ad-4e1a6346e3aa","block_type":"box","text":"The following sections summarize some of the consequences under current U.S. federal tax law of an investment in","page_number":33,"box":{"x":219,"y":490,"width":723,"height":11}},{"id":"7aa2e432-d1ad-4ac7-9c94-7a99b2bd2ae3","block_type":"box","text":"a Fund. This information is not a substitute for personal tax advice. You may also be subject to state and local taxation on Fund distributions and","page_number":33,"box":{"x":45,"y":504,"width":906,"height":11}},{"id":"43e52a0b-d624-4ada-a6bd-6977f8f94128","block_type":"box","text":"sales of Fund shares. Distributions that are attributable to interest from U.S. federal government obligations may be exempt from certain state","page_number":33,"box":{"x":45,"y":518,"width":894,"height":11}},{"id":"ed0ca0ce-ae00-45df-a102-a76d5135c91c","block_type":"box","text":"and local tax. Consult your personal tax advisor about the potential tax consequences of an investment in Fund shares under all applicable tax","page_number":33,"box":{"x":45,"y":532,"width":894,"height":11}},{"id":"4f37a853-43e0-4a83-b3e7-b37908d57237","block_type":"box","text":"laws.","page_number":33,"box":{"x":45,"y":547,"width":30,"height":8}},{"id":"54d12f56-ccb6-40f5-a943-1a8aca7b759f","block_type":"box","text":"Taxes","page_number":33,"box":{"x":45,"y":570,"width":38,"height":8}},{"id":"78dd21c5-1e8c-4842-bb93-28aa2fab25a6","block_type":"box","text":"As with any investment, you should consider how your investment in shares of a Fund will be taxed, including possible tax consequences","page_number":33,"box":{"x":45,"y":593,"width":874,"height":11}},{"id":"9416e4d9-9b32-4ae4-a5c2-1423a9cd19ca","block_type":"box","text":"when a Fund makes distributions or when you sell Fund shares. The tax information in this Prospectus is provided as general information,","page_number":33,"box":{"x":45,"y":607,"width":877,"height":11}},{"id":"56359344-b739-4f75-9a9d-ec2cdc147a79","block_type":"box","text":"based on current law. You should consult your own tax professional about the tax consequences of an investment in shares of a Fund. There","page_number":33,"box":{"x":46,"y":621,"width":895,"height":11}},{"id":"8cd64738-8b6e-421b-8e82-41feb0cff43e","block_type":"box","text":"is no guarantee that shares of a Fund will receive certain regulatory or accounting treatment.","page_number":33,"box":{"x":46,"y":636,"width":594,"height":10}},{"id":"f7d74e93-7e22-42ce-83f2-0311d37bba4b","block_type":"box","text":"Taxes on Fund Distributions","page_number":33,"box":{"x":45,"y":659,"width":195,"height":8}},{"id":"0518f741-f5eb-4ecb-a9af-7be77f2dcc71","block_type":"box","text":"Shareholders in a Fund will receive information after the end of each calendar year setting forth the amount of dividends and long-term","page_number":33,"box":{"x":46,"y":682,"width":863,"height":11}},{"id":"02e9aa3a-0651-4f55-9200-347843164fdb","block_type":"box","text":"capital gains distributed to them by the Fund during the prior year, if any. Likewise, the amount of tax-exempt income, if any, that a Fund","page_number":33,"box":{"x":46,"y":696,"width":873,"height":11}},{"id":"0de36b63-57ae-4ece-bdae-22debdc31be7","block_type":"box","text":"distributes will be reported. Such income must be reported on the shareholder’s U.S. federal income tax return.","page_number":33,"box":{"x":46,"y":710,"width":713,"height":11}},{"id":"da615371-41c9-4413-9895-b22a5c57a0d8","block_type":"box","text":"In general, distributions are subject to U.S. federal income tax for the year when they are paid. Certain distributions paid in January, however,","page_number":33,"box":{"x":46,"y":733,"width":903,"height":11}},{"id":"89f96334-92f4-4a18-9392-99285d970f4f","block_type":"box","text":"may be treated as paid on December 31 of the prior year.","page_number":33,"box":{"x":46,"y":748,"width":365,"height":10}},{"id":"fed5c49e-48de-4393-9baa-ee274d0c64de","block_type":"box","text":"Capital Gains.","page_number":33,"box":{"x":46,"y":771,"width":85,"height":11}},{"id":"8792ab06-2c31-4d01-941b-a646ab29389a","block_type":"box","text":"Distributions from a Fund’s net investment income (other than qualified dividend income or from net tax-exempt income, if","page_number":33,"box":{"x":138,"y":771,"width":786,"height":11}},{"id":"8478bd11-08be-41a5-8e4b-726f4b4aae4a","block_type":"box","text":"any), including distributions of income from securities lending and distributions out of a Fund’s net short-term capital gains, if any, are","page_number":33,"box":{"x":46,"y":785,"width":856,"height":11}},{"id":"e4c9ad6d-8596-48f9-976b-c2ca77ee4e72","block_type":"box","text":"taxable to you as ordinary income. Distributions by a Fund of net long-term capital gains, if any, in excess of net short-term capital losses","page_number":33,"box":{"x":46,"y":799,"width":878,"height":11}},{"id":"51fd27c0-0e00-4140-874f-4baf628d5044","block_type":"box","text":"(capital gain dividends) are taxable to you as long-term capital gains, regardless of how long you have held the Fund’s shares. Long-term","page_number":33,"box":{"x":46,"y":813,"width":872,"height":11}},{"id":"9ba595fb-920b-4e8a-927e-cad679207c39","block_type":"box","text":"capital gains and qualified dividend income are generally eligible for taxation at preferential rates for non-corporate shareholders. However,","page_number":33,"box":{"x":46,"y":828,"width":892,"height":10}},{"id":"ff631afd-383f-43cb-b63e-84af6e5cbe20","block_type":"box","text":"different preferential rates may apply depending on the type of capital gains, such as Fund distributions of certain amounts received from","page_number":33,"box":{"x":46,"y":842,"width":878,"height":11}},{"id":"88ad60ad-6074-4292-996f-3530ed189ab7","block_type":"box","text":"real estate investment trusts (“REITs”), if any.","page_number":33,"box":{"x":46,"y":856,"width":290,"height":11}},{"id":"64ec1215-30d4-4c9e-a612-bf9f3a902424","block_type":"box","text":"Return of Capital.","page_number":33,"box":{"x":46,"y":879,"width":108,"height":11}},{"id":"4f36f860-045e-4350-bf78-d7b009ffcc77","block_type":"box","text":"If a Fund’s distributions exceed current and accumulated earnings and profits, all or a portion of the distributions made in","page_number":33,"box":{"x":161,"y":879,"width":775,"height":11}},{"id":"446c971a-b972-4604-9c7c-4b6beab5fe1d","block_type":"box","text":"the taxable year may be recharacterized as a return of capital to shareholders. A return of capital distribution generally will not be taxable but","page_number":33,"box":{"x":46,"y":893,"width":904,"height":11}},{"id":"881c552d-6861-4a37-87ac-ed4fd5c5252a","block_type":"box","text":"will reduce the shareholder’s cost basis and result in a higher capital gain or lower capital loss when those shares on which the distribution","page_number":33,"box":{"x":45,"y":908,"width":888,"height":10}},{"id":"89fad2c5-811f-4bdb-b7a6-1a18bb891517","block_type":"box","text":"14","page_number":33,"box":{"x":494,"y":944,"width":12,"height":8}},{"id":"189d151c-267c-4dc0-8d62-b33ea10f4543","block_type":"box","text":"was received are sold. Once a shareholder’s cost basis is reduced to zero, further distributions will be treated as capital gains, if the","page_number":34,"box":{"x":45,"y":46,"width":843,"height":11}},{"id":"fa2174ef-6e16-47a9-b164-4619d8210d64","block_type":"box","text":"shareholder holds shares of the Fund as capital assets. Distributions in excess of a Fund’s minimum distribution requirements, but not in","page_number":34,"box":{"x":46,"y":61,"width":874,"height":10}},{"id":"6c59129f-e4ba-4970-9651-5f8e3ae54661","block_type":"box","text":"excess of the Fund’s earnings and profits, will be taxable to shareholders and will not constitute nontaxable returns of capital.","page_number":34,"box":{"x":46,"y":75,"width":803,"height":11}},{"id":"986380e8-5a7e-4efb-a239-5a18dc5cebfc","block_type":"box","text":"Qualified Dividend Income.","page_number":34,"box":{"x":46,"y":98,"width":166,"height":8}},{"id":"cb716f4c-eba8-4c86-9ab2-5b4f9ec38309","block_type":"box","text":"Distributions by a Fund that qualify as qualified dividend income, if any, are taxable to you at long-term capital","page_number":34,"box":{"x":219,"y":98,"width":702,"height":11}},{"id":"0b35921e-a2df-41be-b950-cb17cb99fe6b","block_type":"box","text":"gain rates. Dividends will be qualified dividend income to you if they are attributable to qualified dividend income received by a Fund.","page_number":34,"box":{"x":46,"y":112,"width":848,"height":11}},{"id":"39ce705f-b3a0-40b3-95e2-cafdd141f708","block_type":"box","text":"Generally, qualified dividend income includes dividend income from stock issued by taxable U.S. corporations and qualified non-U.S.","page_number":34,"box":{"x":46,"y":126,"width":846,"height":11}},{"id":"11a87f15-24f3-4d29-b26f-e5c7837d4a3c","block_type":"box","text":"corporations, provided that the Fund satisfies certain holding period requirements and has not hedged its position in the stock in certain","page_number":34,"box":{"x":46,"y":140,"width":872,"height":11}},{"id":"d9069765-dd33-4e32-9d3a-f5c385028ae7","block_type":"box","text":"ways. For this purpose, a qualified non-U.S. corporation means any non-U.S. corporation that is eligible for benefits under a comprehensive","page_number":34,"box":{"x":45,"y":155,"width":892,"height":11}},{"id":"fa50647b-3840-43fa-9d80-60003a857a5f","block_type":"box","text":"income tax treaty with the U.S., which includes an exchange of information program, or if the stock with respect to which the dividend was","page_number":34,"box":{"x":46,"y":169,"width":886,"height":11}},{"id":"1857141c-2a4b-4da4-ae06-408b9adce831","block_type":"box","text":"paid is readily tradable on an established U.S. securities market. The term excludes a corporation that is a passive foreign investment","page_number":34,"box":{"x":46,"y":183,"width":853,"height":11}},{"id":"3b995136-6c68-45b5-8bc2-92072bc80560","block_type":"box","text":"company.","page_number":34,"box":{"x":46,"y":200,"width":60,"height":8}},{"id":"b0723e41-e9fe-4b5a-8a8f-7dcb95356399","block_type":"box","text":"Dividends received by a Fund from a RIC, if any, generally are qualified dividend income only to the extent that such dividend distributions are","page_number":34,"box":{"x":46,"y":220,"width":905,"height":11}},{"id":"bf7b8bc8-76f8-4899-8d2f-d95892efd99f","block_type":"box","text":"made out of qualified dividend income received by such RIC. Additionally, it is expected that dividends received by a Fund from a REIT, if any,","page_number":34,"box":{"x":46,"y":235,"width":901,"height":10}},{"id":"f73032ed-78f5-44b7-b582-4d7a14e5cd6c","block_type":"box","text":"and distributed to a shareholder generally will be taxable to the shareholder as ordinary income. However, a Fund may report dividends","page_number":34,"box":{"x":46,"y":249,"width":864,"height":11}},{"id":"f079d2fb-bebe-4520-a204-362e079b49e6","block_type":"box","text":"eligible for a 20% “qualified business income” deduction for non-corporate U.S. shareholders to the extent that the Fund’s income is derived","page_number":34,"box":{"x":46,"y":263,"width":895,"height":11}},{"id":"7983ec66-9766-4eae-b0f3-752597fbe530","block_type":"box","text":"from ordinary REIT dividends, reduced by allocable Fund expenses.","page_number":34,"box":{"x":45,"y":277,"width":428,"height":11}},{"id":"516d6f12-8ee1-4336-a2d8-e918d27f1db1","block_type":"box","text":"For a dividend to be treated as qualified dividend income, the dividend must be received with respect to a share of stock held without being","page_number":34,"box":{"x":46,"y":300,"width":891,"height":11}},{"id":"2ce9c038-3d77-4dfc-8ae3-ab591ebbe7dd","block_type":"box","text":"hedged by the relevant Fund, and with respect to a share of the Fund held without being hedged by you, for 61 days during the 121-day","page_number":34,"box":{"x":46,"y":315,"width":862,"height":10}},{"id":"84b1b167-ff17-4aa7-baaa-c08779c137b8","block_type":"box","text":"period beginning at the date that is 60 days before the date on which such share becomes ex-dividend with respect to such dividend or, in","page_number":34,"box":{"x":46,"y":329,"width":883,"height":11}},{"id":"511aaf0a-20ee-4133-9688-d9a5c59388a9","block_type":"box","text":"the case of certain preferred stock, 91 days during the 181-day period beginning 90 days before such date.","page_number":34,"box":{"x":46,"y":343,"width":682,"height":11}},{"id":"5ca2de97-3e6e-477a-9afd-59ac0c2d70f0","block_type":"box","text":"Fund distributions, to the extent attributable to dividends from U.S. corporations, will be eligible for the dividends received deduction for","page_number":34,"box":{"x":46,"y":366,"width":873,"height":11}},{"id":"0463a861-d487-4e7d-846c-b844f0c4922e","block_type":"box","text":"Fund shareholders that are corporations, subject to certain hedging and holding requirements.","page_number":34,"box":{"x":46,"y":380,"width":604,"height":11}},{"id":"03cbc488-245b-4b1a-bb4a-16c5ca04953a","block_type":"box","text":"Substitute dividends received by a Fund with respect to dividends paid on securities lent out, if any, will not be qualified dividend income.","page_number":34,"box":{"x":46,"y":403,"width":876,"height":11}},{"id":"148cae67-23d2-49c9-8973-d5b7ca864f75","block_type":"box","text":"Medicare Tax.","page_number":34,"box":{"x":46,"y":427,"width":85,"height":8}},{"id":"bb283ae0-8937-4c37-ae49-5e97ef1adfac","block_type":"box","text":"A 3.8% U.S. federal Medicare contribution tax is imposed on “net investment income,” including, but not limited to, interest,","page_number":34,"box":{"x":136,"y":427,"width":791,"height":11}},{"id":"44316146-f087-453f-ac15-0d81cb7c887e","block_type":"box","text":"dividends, and net gain, of U.S. individuals with income exceeding $200,000 (or $250,000 if married and filing jointly) and of estates and","page_number":34,"box":{"x":46,"y":440,"width":875,"height":12}},{"id":"848fe250-2815-47cd-85bd-1434d2193119","block_type":"box","text":"trusts.","page_number":34,"box":{"x":46,"y":456,"width":39,"height":8}},{"id":"566aeccf-c0d2-4577-9f9f-e3851ae308d1","block_type":"box","text":"Alternative Minimum Tax.","page_number":34,"box":{"x":45,"y":478,"width":157,"height":9}},{"id":"040f8cff-52de-4a59-8360-2ce559265890","block_type":"box","text":"The AMT is a separate U.S. federal tax system that operates in parallel to the regular federal income tax system but","page_number":34,"box":{"x":208,"y":478,"width":738,"height":11}},{"id":"76cbf5df-ed3f-41eb-b534-4c57311f10a5","block_type":"box","text":"eliminates many deductions and exclusions. The AMT has different tax rates and treats as taxable certain types of income that are","page_number":34,"box":{"x":46,"y":492,"width":833,"height":11}},{"id":"a7a3622b-4e2c-4b76-bfc5-8197547bdd72","block_type":"box","text":"nontaxable for regular income tax purposes, such as the interest on certain “private activity” municipal bonds. If a taxpayer’s overall AMT","page_number":34,"box":{"x":46,"y":507,"width":877,"height":10}},{"id":"45c81c30-9eee-43bf-adc7-97a96da1ab18","block_type":"box","text":"liability is higher than regular income tax liability, then the taxpayer owes the regular income tax liability plus the difference between the AMT","page_number":34,"box":{"x":46,"y":521,"width":903,"height":11}},{"id":"00690e29-05b4-4dc1-96a2-9bfcc2cadc81","block_type":"box","text":"liability and the regular income tax liability.","page_number":34,"box":{"x":46,"y":535,"width":272,"height":11}},{"id":"3029ac06-99ac-469a-b36c-e1bfd8155332","block_type":"box","text":"Original Issue Discount and Inflation-Related Adjustments","page_number":34,"box":{"x":46,"y":558,"width":406,"height":11}},{"id":"ab395e2a-f975-4f0a-afc3-4196c2da9926","block_type":"box","text":"Accruals of “original issue discount” on bonds that a Fund acquires at a discount and adjustments for inflation to the principal amount of an","page_number":34,"box":{"x":45,"y":581,"width":893,"height":11}},{"id":"f3c82a8c-60a7-45a1-aced-8ce499e4f40c","block_type":"box","text":"inflation-protected U.S. Treasury bond held by a Fund may be included for tax purposes in the Fund’s gross income, even though no cash","page_number":34,"box":{"x":46,"y":596,"width":874,"height":10}},{"id":"eb056cae-b14c-4fdf-86f4-f0768f75d827","block_type":"box","text":"attributable to such gross income has at that point been received by the Fund. In such event, the Fund may be required to make annual","page_number":34,"box":{"x":46,"y":610,"width":864,"height":11}},{"id":"14d63cbf-0a4c-4120-ba09-3f2d7e2a8090","block_type":"box","text":"distributions to shareholders that exceed the cash it has otherwise received. In order to pay such distributions, the Fund may be required to","page_number":34,"box":{"x":46,"y":624,"width":894,"height":11}},{"id":"026514e1-b074-4cdc-8f09-f36ba61a9bb4","block_type":"box","text":"raise cash by selling portfolio investments. The sale of such investments could result in capital gains to the Fund and additional capital gains","page_number":34,"box":{"x":46,"y":638,"width":897,"height":11}},{"id":"c464552b-b4a8-4600-a0cd-4ca357c39c2a","block_type":"box","text":"distributions to Fund shareholders. In addition, any deflation-related adjustments during the taxable year to an inflation-indexed bond held by","page_number":34,"box":{"x":46,"y":652,"width":904,"height":11}},{"id":"762285ba-2377-4561-876c-195af459bc2f","block_type":"box","text":"a Fund may cause amounts distributed in the taxable year as income to be characterized as a return of capital.","page_number":34,"box":{"x":46,"y":666,"width":706,"height":11}},{"id":"2e6ef738-d263-4d13-b13c-836f6e504bf9","block_type":"box","text":"Market Discount Bonds","page_number":34,"box":{"x":46,"y":690,"width":162,"height":8}},{"id":"2e0dce10-8fca-4e3d-bca8-b1f7ac038547","block_type":"box","text":"Any market discount recognized on a bond, including a tax-exempt interest bond, is taxable as ordinary income. A market discount bond is a","page_number":34,"box":{"x":45,"y":713,"width":898,"height":11}},{"id":"6a4994bd-1626-4cc9-8556-85fc7b36d490","block_type":"box","text":"bond acquired in the secondary market at a price below redemption value or adjusted issue price if issued with original issue discount. To the","page_number":34,"box":{"x":46,"y":727,"width":903,"height":11}},{"id":"3dfc45c1-71fe-46f2-a1e7-4fb38e955a6d","block_type":"box","text":"extent that a Fund does not include the market discount in income as it accrues, gains on the Fund’s disposition of such an obligation will be","page_number":34,"box":{"x":46,"y":741,"width":898,"height":11}},{"id":"84644219-1910-4564-9490-b479201ff3a4","block_type":"box","text":"treated as ordinary income rather than capital gains to the extent of the accrued market discount.","page_number":34,"box":{"x":46,"y":755,"width":626,"height":11}},{"id":"484d46b3-f4da-463a-b28c-c14ccfc11b55","block_type":"box","text":"Derivatives and Other Complex Instruments","page_number":34,"box":{"x":46,"y":779,"width":307,"height":10}},{"id":"71d49c66-c0e0-433f-82a9-832d03b44270","block_type":"box","text":"A Fund may invest in derivatives and other complex instruments, and such investments may be subject to special and complicated rules.","page_number":34,"box":{"x":45,"y":802,"width":875,"height":11}},{"id":"c01870db-fbd0-43cd-983c-c8970a51570a","block_type":"box","text":"These rules could affect whether gains and losses recognized by a Fund are treated as ordinary income or capital gains, accelerate the","page_number":34,"box":{"x":45,"y":816,"width":861,"height":11}},{"id":"b78f52e0-a0f2-463c-9967-5864af51a767","block_type":"box","text":"recognition of income to a Fund or defer a Fund’s ability to recognize losses. In addition, these rules may affect the amount, timing or","page_number":34,"box":{"x":46,"y":830,"width":853,"height":11}},{"id":"a69f988b-1696-4b7b-b775-748fdad6a56e","block_type":"box","text":"character of income distributed to you by a Fund. You should consult your personal tax advisor regarding the application of these rules.","page_number":34,"box":{"x":46,"y":844,"width":863,"height":11}},{"id":"89801896-2ca5-4222-b73a-01190ceb4740","block_type":"box","text":"Treatment of Options.","page_number":34,"box":{"x":47,"y":868,"width":133,"height":10}},{"id":"13818466-0534-40e3-9085-8e8067fdf74e","block_type":"box","text":"A Fund’s investments in offsetting positions with respect to an Underlying Fund may be “straddles” (","page_number":34,"box":{"x":186,"y":868,"width":641,"height":10}},{"id":"85eed018-c299-44bd-8889-d98b4348c8c0","block_type":"box","text":"i.e.","page_number":34,"box":{"x":828,"y":868,"width":17,"height":8}},{"id":"d502ef48-f828-4550-b6ac-8e458924f8a2","block_type":"box","text":", offsetting","page_number":34,"box":{"x":847,"y":868,"width":68,"height":10}},{"id":"88d3b17c-8302-4f19-9646-56a896b2a874","block_type":"box","text":"positions with respect to personal property) for U.S. federal income tax purposes. The straddle rules may affect the character of gains (or","page_number":34,"box":{"x":46,"y":882,"width":879,"height":11}},{"id":"3ffa3c12-2cb5-422f-a10c-fa4bcebbd075","block_type":"box","text":"losses) realized by a Fund, and losses realized by a Fund on positions that are part of a straddle may be deferred under the straddle rules,","page_number":34,"box":{"x":46,"y":896,"width":879,"height":11}},{"id":"80301da8-039e-4a46-b33c-ec7eff5b9a09","block_type":"box","text":"rather than being taken into account in calculating taxable income for the taxable year in which the losses are realized. In addition, certain","page_number":34,"box":{"x":46,"y":910,"width":883,"height":11}},{"id":"8e964cca-7bb3-4be2-9493-590ac7895b29","block_type":"box","text":"15","page_number":34,"box":{"x":494,"y":944,"width":11,"height":8}},{"id":"41f44c3a-2bb1-4d49-b408-0eb4129bf0f0","block_type":"box","text":"carrying charges (including interest expense) associated with positions in a straddle may be required to be capitalized rather than deducted","page_number":35,"box":{"x":46,"y":46,"width":893,"height":11}},{"id":"742a5a59-e12c-4d5b-b8a9-550266a97836","block_type":"box","text":"currently. Certain elections that a Fund may make with respect to its straddle positions may also affect the amount, character and timing of","page_number":35,"box":{"x":46,"y":61,"width":893,"height":10}},{"id":"0b11fe1d-e05e-4434-be01-c580742e5f39","block_type":"box","text":"the recognition of gains or losses from the affected positions.","page_number":35,"box":{"x":46,"y":75,"width":393,"height":11}},{"id":"a2be56a3-4a7c-4eb3-a49c-305d5d884047","block_type":"box","text":"The tax consequences of straddle transactions to a Fund are not entirely clear in all situations under currently available authority. The","page_number":35,"box":{"x":45,"y":97,"width":854,"height":10}},{"id":"63814ae5-070d-4e60-a06b-b40685ce3e95","block_type":"box","text":"straddle rules may increase the amount of short-term capital gains realized by a Fund, which are taxed as ordinary income when distributed","page_number":35,"box":{"x":46,"y":111,"width":893,"height":11}},{"id":"dc618991-44ac-472b-bba8-958cbb79770d","block_type":"box","text":"to U.S. shareholders in a non-liquidating distribution. Because the application of the straddle rules may affect the character of gains or","page_number":35,"box":{"x":46,"y":125,"width":861,"height":11}},{"id":"132c85db-b2fb-4c35-8fc4-129e0ddbd4df","block_type":"box","text":"losses, defer losses and/or accelerate the recognition of gains or losses from the affected straddle positions, if a Fund makes a non","page_number":35,"box":{"x":46,"y":139,"width":850,"height":11}},{"id":"04723803-4113-4b32-923b-0196cdbc71a3","block_type":"box","text":"liquidating distribution of its short-term capital gains, the amount that U.S. shareholders must treat as ordinary income may be substantially","page_number":35,"box":{"x":46,"y":153,"width":897,"height":11}},{"id":"9cf618f1-bf6b-401b-a9d2-cf322becba08","block_type":"box","text":"greater or less as compared to a fund that did not engage in such transactions.","page_number":35,"box":{"x":46,"y":168,"width":504,"height":10}},{"id":"a1bb6c27-2635-44c3-a273-0fd1e17a1da0","block_type":"box","text":"Under Section 1256 of the Internal Revenue Code, certain types of exchange-traded options are treated as if they were sold (","page_number":35,"box":{"x":46,"y":189,"width":799,"height":11}},{"id":"582f6f59-e257-48ca-82ab-96463b7fba69","block_type":"box","text":"i.e.","page_number":35,"box":{"x":846,"y":190,"width":17,"height":8}},{"id":"ceb7d710-d103-40c8-866a-c7cbfd99b66d","block_type":"box","text":", “marked to","page_number":35,"box":{"x":866,"y":189,"width":77,"height":11}},{"id":"b8de2616-e172-48d0-b006-1e0c217a3595","block_type":"box","text":"market”) at the end of each year. The Fund does not believe that the positions held by the Fund will be subject to Section 1256, which means","page_number":35,"box":{"x":46,"y":204,"width":901,"height":10}},{"id":"508c85f7-fe59-4407-aed7-9c0a83a93d58","block_type":"box","text":"that the positions will not be marked to market, but the positions will be subject to the straddle rules.","page_number":35,"box":{"x":46,"y":218,"width":647,"height":11}},{"id":"4216a44f-1ca7-428f-b42a-e900b60bb4ce","block_type":"box","text":"Non-U.S. Income Taxes","page_number":35,"box":{"x":46,"y":241,"width":159,"height":9}},{"id":"3bb49995-8d90-4113-86d4-2508b31ea6af","block_type":"box","text":"Dividends, interest and capital gains (if any) earned by a Fund with respect to securities issued by non-U.S. issuers may give rise to","page_number":35,"box":{"x":46,"y":264,"width":837,"height":11}},{"id":"2ad2ef04-0b4b-4eb5-832b-147bcb7dc03f","block_type":"box","text":"withholding, capital gains and other taxes imposed by non-U.S. countries. Tax conventions between certain countries and the U.S. may","page_number":35,"box":{"x":45,"y":278,"width":864,"height":11}},{"id":"8e5a94b6-98e1-4a81-9143-0df4c2f6b2f6","block_type":"box","text":"reduce or eliminate such taxes. If, at the close of a year, more than 50% of a Fund’s total assets consist of non-U.S. stocks or securities","page_number":35,"box":{"x":46,"y":293,"width":866,"height":10}},{"id":"5af1ec00-e40e-4462-8b85-2b6bbed80272","block_type":"box","text":"(generally, for this purpose, depositary receipts, no matter where traded, of non-U.S. companies are treated as “non-U.S.”), generally the","page_number":35,"box":{"x":46,"y":307,"width":876,"height":11}},{"id":"db9262ba-30fd-4aae-ac8b-902f0499cb81","block_type":"box","text":"Fund may “pass through” to you certain non-U.S. income taxes, including withholding taxes, paid by the Fund. This means that you would be","page_number":35,"box":{"x":46,"y":321,"width":896,"height":11}},{"id":"8a8bc152-a5c0-4888-bc60-8271568af2ee","block_type":"box","text":"considered to have received as an additional dividend your share of such non-U.S. taxes, but you may be entitled to either a corresponding","page_number":35,"box":{"x":46,"y":335,"width":887,"height":11}},{"id":"90c64184-4b96-46b5-a6f7-ced61b34147d","block_type":"box","text":"tax deduction in calculating your taxable income or, subject to certain limitations, a credit in calculating your U.S. federal income tax. No","page_number":35,"box":{"x":46,"y":349,"width":874,"height":11}},{"id":"2b2f7e73-d57a-4176-af97-a91b315cbe23","block_type":"box","text":"deduction for such taxes will be permitted to individuals in computing their alternative minimum tax liability. If a Fund does not pass through","page_number":35,"box":{"x":46,"y":364,"width":896,"height":10}},{"id":"6968fe98-5df4-46e2-a043-cdaf66661711","block_type":"box","text":"non-U.S. taxes, the Fund will be entitled to claim a deduction for certain foreign taxes that it incurs.","page_number":35,"box":{"x":46,"y":378,"width":635,"height":11}},{"id":"52c89ff2-8a9a-4348-9535-68b52dcb65b8","block_type":"box","text":"Under certain circumstances, if a Fund receives a refund of foreign taxes paid with respect to a prior year, the value of Fund shares could be","page_number":35,"box":{"x":46,"y":401,"width":896,"height":11}},{"id":"b8b93f73-2bab-43f2-b3a2-e1857ae1bd6d","block_type":"box","text":"affected or any foreign tax credits or deductions passed through to shareholders with respect to the Fund’s foreign taxes for the current year","page_number":35,"box":{"x":46,"y":415,"width":902,"height":11}},{"id":"cabaf401-0cf0-478c-b914-c0da9ad3b86e","block_type":"box","text":"could be reduced.","page_number":35,"box":{"x":46,"y":429,"width":113,"height":9}},{"id":"18d132da-c0e1-4527-99fe-6b0e44510947","block_type":"box","text":"If, at the close of the year, more than 50% of a Fund’s total assets consist of stocks or securities issued by non-U.S. issuers, including","page_number":35,"box":{"x":46,"y":452,"width":853,"height":11}},{"id":"d2f20fd9-87c5-45be-8c0e-0ebbbbc77ac3","block_type":"box","text":"depositary receipts (no matter where traded) of non-U.S. companies, or, at the close of each quarter, more than 50% of a Fund’s total assets","page_number":35,"box":{"x":46,"y":467,"width":899,"height":10}},{"id":"a206c05f-dd5b-4f0d-9cf8-4fb62c092930","block_type":"box","text":"consist of shares of an Underlying Fund, the Fund may “pass-through” to you certain non-U.S. income taxes (including withholding taxes)","page_number":35,"box":{"x":46,"y":481,"width":876,"height":11}},{"id":"3e14565c-bb92-4136-9d72-b4925fe2ae2b","block_type":"box","text":"paid by the Fund or, if its assets meet these requirements, the Underlying Fund.","page_number":35,"box":{"x":46,"y":495,"width":509,"height":11}},{"id":"2d6774c0-23eb-4ec1-b550-9d467d569709","block_type":"box","text":"For purposes of foreign tax credits for U.S. shareholders of a Fund, foreign capital gains taxes may not produce associated foreign source","page_number":35,"box":{"x":46,"y":518,"width":880,"height":11}},{"id":"9c16d8d7-54f3-4454-8f32-7480adface37","block_type":"box","text":"income, limiting the availability of such credits for U.S. persons.","page_number":35,"box":{"x":46,"y":532,"width":406,"height":11}},{"id":"bfd47a5e-3178-45ed-9e88-5145267d34bc","block_type":"box","text":"Non-U.S. Shareholders","page_number":35,"box":{"x":46,"y":556,"width":157,"height":8}},{"id":"8ad61174-d257-481e-9188-fe1e9524313d","block_type":"box","text":"If you are neither a resident nor a citizen of the U.S. or if you are a non-U.S. entity (other than a pass-through entity to the extent owned by","page_number":35,"box":{"x":46,"y":579,"width":889,"height":11}},{"id":"ed3afd94-f905-488d-a76e-a42a15ff5196","block_type":"box","text":"U.S. persons), a Fund’s ordinary income dividends, if any, generally will be subject to a 30% U.S. federal withholding tax, unless a lower treaty","page_number":35,"box":{"x":46,"y":593,"width":904,"height":11}},{"id":"6d4209a8-43cd-425b-92dd-e8c7ce43d922","block_type":"box","text":"rate applies. However, withholding tax generally will not apply to any gain or income realized by a non-U.S. shareholder upon the sale or","page_number":35,"box":{"x":46,"y":607,"width":868,"height":11}},{"id":"ed2cf33b-00fa-48c1-bc76-19932f3be675","block_type":"box","text":"other disposition of Fund shares or with respect to certain distributions paid to a non-U.S. shareholder and reported by the Fund as capital","page_number":35,"box":{"x":46,"y":621,"width":886,"height":11}},{"id":"da1203cf-34c9-43b2-a2ca-29a0ac81da20","block_type":"box","text":"gain dividends, interest-related dividends or short-term capital gain dividends.","page_number":35,"box":{"x":46,"y":636,"width":498,"height":10}},{"id":"72b505c6-8ddb-4018-97be-5cad18786ba8","block_type":"box","text":"Separately, a 30% withholding tax may be imposed on Fund distributions (if any) paid to certain foreign entities, unless such entities comply,","page_number":35,"box":{"x":46,"y":659,"width":896,"height":11}},{"id":"b1570de5-c698-4dbc-8be4-dad9a892d933","block_type":"box","text":"or are deemed compliant, with extensive reporting and withholding requirements designed to inform the U.S. Department of the Treasury of","page_number":35,"box":{"x":46,"y":673,"width":894,"height":11}},{"id":"d7541112-145a-4185-a978-205ab5d875f3","block_type":"box","text":"U.S.-owned foreign investment accounts.","page_number":35,"box":{"x":46,"y":687,"width":263,"height":11}},{"id":"9596ebf5-566e-4bd3-9c6e-c98ba424822d","block_type":"box","text":"Backup Withholding","page_number":35,"box":{"x":46,"y":710,"width":139,"height":11}},{"id":"2ca2cb29-4863-48d4-bc21-0543d66c5c24","block_type":"box","text":"If you are a resident or a citizen of the U.S. and you have not provided a taxpayer identification number or social security number and made","page_number":35,"box":{"x":46,"y":733,"width":890,"height":11}},{"id":"e9fb0b0c-5285-40d8-a326-20d9af2f0d0c","block_type":"box","text":"other required certifications, by law, backup withholding at a 24% rate will apply to Fund distributions and proceeds (if any).","page_number":35,"box":{"x":46,"y":748,"width":789,"height":11}},{"id":"54c806bf-d907-4f25-af28-4f49a5cf4ab3","block_type":"box","text":"Securities Lending","page_number":35,"box":{"x":46,"y":771,"width":129,"height":11}},{"id":"e5106211-6e17-4cc3-8e30-e30769b5b2d6","block_type":"box","text":"If your shares of a Fund are loaned out pursuant to a securities lending arrangement, you may lose the ability to treat Fund dividends that are","page_number":35,"box":{"x":46,"y":794,"width":902,"height":11}},{"id":"06e2cbf6-053f-4239-b73b-3bd018ab40c8","block_type":"box","text":"paid while the shares are held by the borrower as qualified dividend income, and you may lose the ability to use non-U.S. tax credits passed","page_number":35,"box":{"x":46,"y":808,"width":892,"height":11}},{"id":"0dc13f36-8aba-45c9-8495-1eb5bede542a","block_type":"box","text":"through by the Fund.","page_number":35,"box":{"x":46,"y":823,"width":131,"height":10}},{"id":"afa2961f-59c9-452d-bbac-1339268d4e7a","block_type":"box","text":"Fund of Funds","page_number":35,"box":{"x":46,"y":846,"width":98,"height":8}},{"id":"d704401c-94f6-4912-97d6-d96601e361dd","block_type":"box","text":"If a Fund invests in an Underlying Fund, short-term capital gains earned by the Underlying Fund, if any, will be ordinary income when","page_number":35,"box":{"x":46,"y":869,"width":844,"height":11}},{"id":"64dc4c15-9efb-4bd3-9b4f-1d5c8c7f2d23","block_type":"box","text":"distributed to the Fund and will not be offset by the Fund’s capital losses. To the extent such Fund is expected to invest in an Underlying","page_number":35,"box":{"x":46,"y":883,"width":869,"height":11}},{"id":"39e77c5b-b6c4-4a0d-b0ac-8a3da2e0f21a","block_type":"box","text":"Fund, the Fund’s realized losses on sales of shares of the Underlying Fund may be indefinitely or permanently deferred as “wash sales.”","page_number":35,"box":{"x":46,"y":897,"width":865,"height":11}},{"id":"5efbd6c1-fb49-4306-8f53-3902f72a7dad","block_type":"box","text":"Capital loss carryforwards of the Underlying Fund, if any, will not offset net capital gains of the Fund.","page_number":35,"box":{"x":46,"y":911,"width":642,"height":11}},{"id":"d5754d24-7eb8-4925-85b2-655293d740cd","block_type":"box","text":"16","page_number":35,"box":{"x":494,"y":944,"width":11,"height":8}},{"id":"30ce84c6-5b6e-4e92-99b3-ee7cb5839486","block_type":"box","text":"Taxes on the Sale of Exchange-Listed Fund Shares","page_number":36,"box":{"x":45,"y":46,"width":351,"height":11}},{"id":"4723350f-a395-4efa-b733-e79ed191f97d","block_type":"box","text":"Any capital gain or loss realized upon a sale of Fund shares is generally treated as a long-term capital gain or loss if the shares have been","page_number":36,"box":{"x":45,"y":70,"width":877,"height":10}},{"id":"bbc1eee8-5242-4f62-88a1-96c38d241935","block_type":"box","text":"held for more than one year. Any capital gain or loss realized upon a sale of Fund shares that have been held for one year or less is generally","page_number":36,"box":{"x":46,"y":84,"width":896,"height":11}},{"id":"a085aa94-37a2-4193-9fdf-3ae31327e9ec","block_type":"box","text":"treated as a short-term capital gain or loss. However, any capital loss on a sale of Fund shares held for six months or less is treated as a","page_number":36,"box":{"x":46,"y":98,"width":870,"height":11}},{"id":"adac6bca-9243-4147-a3d4-8ae26b4b7330","block_type":"box","text":"long-term capital loss to the extent that capital gain dividends were paid with respect to such shares. Any such capital gains, including from","page_number":36,"box":{"x":46,"y":112,"width":892,"height":11}},{"id":"5ec54e3e-29ab-40cd-8325-20db96558399","block_type":"box","text":"sales of Fund shares or from capital gain dividends, are included in “net investment income” for purposes of the 3.8% U.S. federal Medicare","page_number":36,"box":{"x":46,"y":126,"width":891,"height":11}},{"id":"9d103097-fca9-4c35-9983-2718d5e2e490","block_type":"box","text":"contribution tax mentioned above.","page_number":36,"box":{"x":46,"y":141,"width":219,"height":8}},{"id":"02813164-ceaa-445a-889e-9170b6e43719","block_type":"box","text":"Creations and Redemptions","page_number":36,"box":{"x":46,"y":164,"width":192,"height":10}},{"id":"6f91541a-b95e-4b3e-8f8e-0418ce38643e","block_type":"box","text":"Prior to being traded in the secondary market, Fund shares are “created” at NAV by Authorized Participants (","page_number":36,"box":{"x":46,"y":187,"width":694,"height":11}},{"id":"8d52e87b-09dc-43d0-8c7c-302a797ae075","block_type":"box","text":"i.e.","page_number":36,"box":{"x":741,"y":187,"width":17,"height":8}},{"id":"8f0f9422-bcde-4a75-834e-b98a408f1d5a","block_type":"box","text":", market makers, large","page_number":36,"box":{"x":760,"y":187,"width":143,"height":11}},{"id":"80ef12e7-e5ac-4491-bbbe-1a5b35d3528b","block_type":"box","text":"investors and other financial institutions) in block-size Creation Units or multiples thereof. Fund shares are created or redeemed only in","page_number":36,"box":{"x":46,"y":201,"width":865,"height":11}},{"id":"9e23f816-fc63-4319-89ec-cfc8eaca57b0","block_type":"box","text":"Creation Units, and only Authorized Participants may create or redeem Creation Units with the Funds.","page_number":36,"box":{"x":46,"y":215,"width":650,"height":11}},{"id":"46c7a25b-3fd9-454c-a0de-77558d19b35e","block_type":"box","text":"Each Authorized Participant is a member or participant of a clearing agency registered with the SEC and has entered into a written","page_number":36,"box":{"x":46,"y":238,"width":833,"height":11}},{"id":"5dbfc22c-f1c5-41c4-9fbc-4c9d34481412","block_type":"box","text":"agreement with the Funds’ Distributor, an affiliate of BFA. The agreement allows the Authorized Participant to place orders for the purchase","page_number":36,"box":{"x":46,"y":253,"width":891,"height":10}},{"id":"ddd94603-065d-4437-b17c-1ff937ccee03","block_type":"box","text":"and redemption of Creation Units. Authorized Participants may create or redeem Creation Units for their own accounts or for customers,","page_number":36,"box":{"x":46,"y":267,"width":874,"height":11}},{"id":"46fd8d88-d80d-4a0f-a48a-900b2fab08a3","block_type":"box","text":"including, without limitation, affiliates of the Funds. Creation transactions are subject to acceptance by the Distributor and the relevant Fund.","page_number":36,"box":{"x":46,"y":281,"width":903,"height":11}},{"id":"12276534-d615-4fda-919a-1e5f0f5eb3ed","block_type":"box","text":"Generally, there are three transaction methods for creating and redeeming Fund shares: in-kind securities (“in-kind”), partial cash and all","page_number":36,"box":{"x":46,"y":304,"width":875,"height":11}},{"id":"64814b78-40f6-45b1-8a58-6cacb1958c8e","block_type":"box","text":"cash.","page_number":36,"box":{"x":46,"y":319,"width":32,"height":8}},{"id":"731de516-3aa9-4cdd-91b5-85b64ac7f8b4","block_type":"box","text":"In-Kind","page_number":36,"box":{"x":46,"y":342,"width":45,"height":8}},{"id":"f7596077-6609-412a-8330-6fa920b43081","block_type":"box","text":". In a creation transaction, an Authorized Participant deposits into a Fund a “creation basket,” which is a portfolio of securities or other","page_number":36,"box":{"x":91,"y":342,"width":861,"height":10}},{"id":"6495bbf4-f97a-4e96-b0e1-685646d8bfdf","block_type":"box","text":"assets designated by the Fund, as well as a cash amount. The Authorized Participant receives a specified number of Creation Units in return.","page_number":36,"box":{"x":46,"y":356,"width":897,"height":11}},{"id":"85611545-82b0-4a84-8a28-29bc647db39a","block_type":"box","text":"In a redemption transaction, an Authorized Participant deposits Creation Units with a Fund and receives from the Fund a “redemption","page_number":36,"box":{"x":46,"y":370,"width":852,"height":11}},{"id":"3b6a83da-7368-4630-b1a2-61679e0c9134","block_type":"box","text":"basket,” which is a portfolio of securities or other assets designated by the Fund, as well as a cash amount.","page_number":36,"box":{"x":46,"y":384,"width":685,"height":11}},{"id":"e79e2771-5bc7-4b9d-a6b1-330d393c7028","block_type":"box","text":"Partial Cash","page_number":36,"box":{"x":46,"y":407,"width":74,"height":9}},{"id":"b8d3a2bf-0c64-4e96-9b41-5324eb8cbc86","block_type":"box","text":". In a creation transaction, an Authorized Participant deposits into a Fund a creation basket and a cash amount, including cash","page_number":36,"box":{"x":122,"y":407,"width":806,"height":11}},{"id":"c9c33ad4-63b6-4277-970b-2c12a8b482eb","block_type":"box","text":"that replaces a security or other asset in the creation basket, in exchange for Creation Units. In a redemption transaction, an Authorized","page_number":36,"box":{"x":46,"y":422,"width":870,"height":10}},{"id":"c106a3ef-88b7-437d-aa1f-d2dfaa0a297d","block_type":"box","text":"Participant deposits Creation Units with a Fund and receives from the Fund a redemption basket and a cash amount, including cash that","page_number":36,"box":{"x":46,"y":436,"width":871,"height":11}},{"id":"eecb4dce-57a8-422b-a792-72209747f8e9","block_type":"box","text":"replaces a security or other asset in the redemption basket.","page_number":36,"box":{"x":46,"y":450,"width":381,"height":11}},{"id":"16b99b3f-4774-4181-a483-bc169d07f219","block_type":"box","text":"All Cash","page_number":36,"box":{"x":45,"y":473,"width":51,"height":9}},{"id":"d6c4876c-1cb8-4e56-8c09-2ea8899eabf1","block_type":"box","text":". In a creation transaction, an Authorized Participant deposits into a Fund an amount of cash specified by the Fund in exchange for","page_number":36,"box":{"x":98,"y":473,"width":832,"height":11}},{"id":"a9493a6d-075f-427a-91e5-96b6e743e29a","block_type":"box","text":"Creation Units. In a redemption transaction, an Authorized Participant deposits Creation Units with a Fund and receives from the Fund a","page_number":36,"box":{"x":46,"y":487,"width":869,"height":11}},{"id":"c2e14e2d-3154-4ff9-ba8a-e4576031e0c9","block_type":"box","text":"specified amount of cash.","page_number":36,"box":{"x":46,"y":501,"width":163,"height":11}},{"id":"b24aca9f-3c88-4753-9bac-c1a3708e884b","block_type":"box","text":"The creation and redemption baskets for a Fund may differ in composition, and certain iShares ETFs accept “custom baskets.” More","page_number":36,"box":{"x":45,"y":525,"width":846,"height":10}},{"id":"f57a4cb3-bea0-4580-b050-176de787d1dd","block_type":"box","text":"information about custom baskets is provided in the Funds’ SAI.","page_number":36,"box":{"x":46,"y":539,"width":408,"height":11}},{"id":"bc53104f-4513-4393-a210-acbf14726156","block_type":"box","text":"Each Fund generally engages in creation and redemption transactions according to the method indicated in the table below. In certain","page_number":36,"box":{"x":46,"y":562,"width":856,"height":11}},{"id":"af72acf9-e70b-4d61-8146-da773b5c6a53","block_type":"box","text":"circumstances, however, a Fund may use another transaction method (","page_number":36,"box":{"x":46,"y":576,"width":455,"height":11}},{"id":"c7067f88-9dfb-40e5-a91c-e9f1e04c374f","block_type":"box","text":"e.g.","page_number":36,"box":{"x":502,"y":579,"width":20,"height":8}},{"id":"769a57a5-e789-496f-9a49-f4a17dc88c4e","block_type":"box","text":", an in-kind Fund may transact partially or fully in cash).","page_number":36,"box":{"x":525,"y":576,"width":353,"height":11}},{"id":"7bcb2bee-91fa-4312-86c6-69a1d0c166e9","block_type":"box","text":"Fund","page_number":36,"box":{"x":57,"y":608,"width":32,"height":8}},{"id":"661bf54c-2e4d-4601-8656-e3947d7f8e75","block_type":"box","text":"In-Kind Partial Cash All Cash","page_number":36,"box":{"x":590,"y":607,"width":297,"height":9}},{"id":"a2edd27c-7062-4504-93b2-952cf7cf0716","block_type":"box","text":"iShares Large Cap 10% Target Buffer Sep ETF","page_number":36,"box":{"x":57,"y":626,"width":285,"height":10}},{"id":"9f8b0e7f-1501-4193-91d8-e05655fc27c8","block_type":"box","text":"The prices at which creations and redemptions occur are based on the next calculation of a Fund’s NAV after a creation or redemption order","page_number":36,"box":{"x":45,"y":656,"width":897,"height":10}},{"id":"2a46eaf7-a986-4eb5-bdf9-2d1c61d85cf1","block_type":"box","text":"is tendered in an acceptable form under the Authorized Participant agreement. In the event of a system failure or other interruption, including","page_number":36,"box":{"x":46,"y":670,"width":905,"height":11}},{"id":"fe1c689c-7e12-42f7-ad31-fc0fac2a4c16","block_type":"box","text":"disruptions at market makers or Authorized Participants, creation and redemption orders may not be executed according to a Fund’s","page_number":36,"box":{"x":46,"y":684,"width":849,"height":11}},{"id":"fe01aa7e-9f57-4394-bc7a-d0d9182a6aa1","block_type":"box","text":"instructions or may not be executed at all.","page_number":36,"box":{"x":46,"y":698,"width":268,"height":11}},{"id":"2f12f897-59c6-4d9d-86cd-93a38df1a651","block_type":"box","text":"Additional information about the creation and redemption of Creation Units (including the cut-off times for the receipt of creation and","page_number":36,"box":{"x":45,"y":721,"width":855,"height":11}},{"id":"07372f82-0b5a-490f-8f37-9bcc0067d8f1","block_type":"box","text":"redemption orders) is included in the Funds’ SAI.","page_number":36,"box":{"x":46,"y":735,"width":311,"height":11}},{"id":"35171f29-74ba-4dcf-908f-ea34eca7783f","block_type":"box","text":"The Funds do not impose restrictions on the frequency of purchases and redemptions of Fund shares directly with a Fund. The Board","page_number":36,"box":{"x":45,"y":759,"width":849,"height":10}},{"id":"da90449c-1d55-4366-8e05-f5ac54c299d7","block_type":"box","text":"determined not to adopt policies and procedures designed to prevent or monitor for frequent purchases and redemptions of Fund shares","page_number":36,"box":{"x":46,"y":773,"width":876,"height":11}},{"id":"7fbd6218-b953-4db9-94c1-5c1677ca2f59","block_type":"box","text":"because each Fund generally sells and redeems its shares directly through transactions that are in-kind and/or for cash, with a deadline for","page_number":36,"box":{"x":46,"y":787,"width":894,"height":11}},{"id":"102d3f4e-f042-4ec4-bfe5-b63959d6f04b","block_type":"box","text":"placing cash-related transactions no later than the close of the primary markets for the Fund’s portfolio securities. However, the Funds have","page_number":36,"box":{"x":46,"y":801,"width":897,"height":11}},{"id":"e98f23b0-9985-4c84-9a48-50e007ec8404","block_type":"box","text":"taken certain measures (","page_number":36,"box":{"x":46,"y":815,"width":158,"height":11}},{"id":"033712a3-c71e-4da8-9a32-b20f700a8433","block_type":"box","text":"e.g.","page_number":36,"box":{"x":205,"y":818,"width":21,"height":8}},{"id":"fbed9721-6a64-47ae-a4ea-1c17feeb6dcd","block_type":"box","text":", imposing transaction fees on purchases and redemptions of Creation Units and reserving the right to reject","page_number":36,"box":{"x":228,"y":815,"width":695,"height":11}},{"id":"e023b0bc-6c4e-4b7e-a9e6-7c83c22cf940","block_type":"box","text":"purchases of Creation Units under certain circumstances) to minimize the potential consequences of frequent cash purchases and","page_number":36,"box":{"x":46,"y":830,"width":835,"height":10}},{"id":"36e64cb3-5ac0-4c84-aba9-0b014da4ed30","block_type":"box","text":"redemptions by Authorized Participants, such as increased tracking error, disruption of portfolio management, dilution to the Funds, and/or","page_number":36,"box":{"x":46,"y":844,"width":895,"height":11}},{"id":"a384d915-989b-41ad-878f-34276ee84c6b","block_type":"box","text":"increased transaction costs. Further, the vast majority of trading in Fund shares occurs on the secondary market, which does not involve the","page_number":36,"box":{"x":46,"y":858,"width":899,"height":11}},{"id":"7f17c98a-b84d-4841-8f47-cfba672bee1a","block_type":"box","text":"Funds directly, and such trading is unlikely to cause many of the harmful effects of frequent cash purchases or redemptions of Fund shares.","page_number":36,"box":{"x":46,"y":872,"width":893,"height":11}},{"id":"1d0aeae5-986e-4c97-919a-b676f9b65bf4","block_type":"box","text":"To the extent a Fund engages in in-kind transactions, the Fund intends to comply with the U.S. federal securities laws in accepting securities","page_number":36,"box":{"x":45,"y":895,"width":899,"height":11}},{"id":"7561527f-17fc-402b-b7f1-6ad2cb5c80f9","block_type":"box","text":"for deposit and satisfying redemptions with redemption securities by, among other means, assuring that any securities accepted for deposit","page_number":36,"box":{"x":45,"y":909,"width":897,"height":11}},{"id":"65ed2011-f26b-4878-bceb-5ffbb80a9913","block_type":"box","text":"17","page_number":36,"box":{"x":494,"y":944,"width":11,"height":8}},{"id":"adc9d171-2b13-45e0-a5c1-ff4bdd89b85f","block_type":"box","text":"and any securities used to satisfy redemption requests will be sold in transactions that would be exempt from registration under the","page_number":37,"box":{"x":46,"y":46,"width":844,"height":11}},{"id":"983c9a7e-7fe4-4233-b8a8-3e6bf6304f3a","block_type":"box","text":"Securities Act of 1933, as amended (the “1933 Act”). 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This means that the SAI,","page_number":40,"box":{"x":82,"y":525,"width":823,"height":10}},{"id":"5d09513e-f3c7-493f-8c5a-ff5fbb942433","block_type":"box","text":"for legal purposes, is a part of the Fund’s Prospectus.","page_number":40,"box":{"x":81,"y":538,"width":332,"height":10}},{"id":"7362d5db-bb25-49a3-9d5e-6141901a8aa6","block_type":"box","text":"Additional information about each Fund's investments is, or will be, available in the Fund's Annual and Semi-Annual Reports to","page_number":40,"box":{"x":81,"y":555,"width":796,"height":9}},{"id":"1d9f2b4c-09ce-4d2d-80b3-fba81292212c","block_type":"box","text":"shareholders and in Form N-CSR. In a Fund's Annual Report, you will find a discussion of the market conditions and investment","page_number":40,"box":{"x":81,"y":568,"width":801,"height":10}},{"id":"a419eda9-4c1c-4110-9f80-a14d7cdf4ed5","block_type":"box","text":"strategies that significantly affected the Fund's performance during the last fiscal year. 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