{"annotation_id":"5a77f2f4-3103-4865-ad90-bf0f7affa3b1","file_hash":"d53a419cf07a4c12b2b49f40ea7f0e409997b6dba5609a013f638a9193b52d6b","schema_id":"open/document-extraction","schema_version":"0.5.0","record":{"extraction_type":"boxes","producer":"pdf-extractor-v0.5.0","blocks":[{"id":"7311540f-dbef-4f62-ad58-38d425f06bd5","block_type":"box","text":"iShares U.S. ETF Trust","page_number":1,"box":{"x":418,"y":69,"width":167,"height":10}},{"id":"7a0a5aef-54fa-4b97-b19f-29bd691b571c","block_type":"box","text":"Supplement dated October 9, 2026","page_number":1,"box":{"x":372,"y":92,"width":260,"height":13}},{"id":"6e58889e-531a-44d7-82c2-eec47c084072","block_type":"box","text":"to the currently effective Summary Prospectus, Prospectus and","page_number":1,"box":{"x":270,"y":108,"width":463,"height":13}},{"id":"41ebfec8-6401-4681-ac4d-4bf87262ff4d","block_type":"box","text":"Statement of Additional Information (the “SAI”)","page_number":1,"box":{"x":327,"y":123,"width":350,"height":13}},{"id":"887c4fc1-7647-459a-8cca-8e3ab198234f","block_type":"box","text":"for the iShares Strategic Metals ETF (ISTM) (the “Fund”)","page_number":1,"box":{"x":295,"y":139,"width":413,"height":13}},{"id":"3721af66-a38d-464d-98d1-3d87a4276df3","block_type":"box","text":"Change in the Fund’s “Summary of Principal Risks”","page_number":1,"box":{"x":116,"y":162,"width":390,"height":13}},{"id":"774b53f7-4c13-4d58-9eea-89e507a3a9c3","block_type":"box","text":"The section of the Fund’s Summary Prospectus and Prospectus entitled “Summary of Principal Risks” is","page_number":1,"box":{"x":116,"y":185,"width":755,"height":13}},{"id":"9ba9d72d-46be-4bec-91d7-d4b0da8da69b","block_type":"box","text":"amended to delete the paragraph entitled “Non-Diversification Risk”.","page_number":1,"box":{"x":116,"y":201,"width":503,"height":13}},{"id":"c0117aec-141f-46f9-a7c5-e8afbed8fe04","block_type":"box","text":"Change in the Fund’s “Additional Information About the Funds’ Risks”","page_number":1,"box":{"x":116,"y":224,"width":535,"height":13}},{"id":"0488fa51-b5cb-4b2e-a4df-b8927b1fab1f","block_type":"box","text":"In the table starting on page 2 of the Prospectus, the “Non-Diversification Risk” row is deleted. 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The Fund uses Fixed-Income Investments as","page_number":4,"box":{"x":550,"y":226,"width":379,"height":11}},{"id":"a819f766-1e67-4a8f-aa95-347b6f881361","block_type":"box","text":"investments and to provide liquidity, serve as margin and/or","page_number":4,"box":{"x":549,"y":240,"width":387,"height":11}},{"id":"0d1d5f6f-d8fb-442d-9637-a65510770c5f","block_type":"box","text":"collateralize the Subsidiary’s Commodity-Linked Investments","page_number":4,"box":{"x":549,"y":254,"width":390,"height":11}},{"id":"bd25273a-3100-4f78-962c-31dda898df16","block_type":"box","text":"exposure on a day-to-day basis.","page_number":4,"box":{"x":549,"y":268,"width":202,"height":11}},{"id":"f3ba2d14-82ff-4123-bae2-c53798c66b84","block_type":"box","text":"The Fund gains exposure to Commodity-Linked Investments by","page_number":4,"box":{"x":549,"y":290,"width":402,"height":11}},{"id":"9e5f58a1-9417-4d23-8512-9931c98b1804","block_type":"box","text":"investing through a wholly owned subsidiary organized in the","page_number":4,"box":{"x":549,"y":304,"width":388,"height":11}},{"id":"b88e2d2a-134a-473d-b4ef-69c681b6d0eb","block_type":"box","text":"Cayman Islands (the “Subsidiary”). The Subsidiary is advised","page_number":4,"box":{"x":549,"y":318,"width":386,"height":11}},{"id":"cce5fb7d-e862-43e2-b903-bd7b75c8d67d","block_type":"box","text":"by BFA and has the same investment objective as the Fund.","page_number":4,"box":{"x":549,"y":332,"width":380,"height":11}},{"id":"1b7203b5-5b6d-4bd8-9121-2ee983586bcb","block_type":"box","text":"Unlike the Fund, the Subsidiary is not an investment company","page_number":4,"box":{"x":550,"y":346,"width":395,"height":11}},{"id":"d1556e69-6baf-456b-a3ea-169ac364c0d2","block_type":"box","text":"registered under the Investment Company Act of 1940, as","page_number":4,"box":{"x":549,"y":360,"width":370,"height":11}},{"id":"a8f75c36-21c4-429c-8e86-80fa27c2c125","block_type":"box","text":"amended (the “1940 Act”) and, unless otherwise noted in","page_number":4,"box":{"x":549,"y":374,"width":366,"height":11}},{"id":"3034aa07-a066-43d2-a00b-6b6196da7f07","block_type":"box","text":"this Prospectus, is not subject to the investor protections of","page_number":4,"box":{"x":549,"y":388,"width":384,"height":11}},{"id":"394ac807-42cd-45f6-8d54-4c822c3034d0","block_type":"box","text":"the 1940 Act. The Subsidiary will invest solely in Commodity","page_number":4,"box":{"x":549,"y":402,"width":389,"height":10}},{"id":"845f85ca-81fb-478b-aa42-0b92300ce00c","block_type":"box","text":"Linked Investments and cash and cash equivalents.","page_number":4,"box":{"x":550,"y":416,"width":327,"height":10}},{"id":"3ff1ae70-d7ef-47d8-b371-9d079a7e5eb3","block_type":"box","text":"Indexing may eliminate the chance that the Fund will substantially","page_number":4,"box":{"x":550,"y":704,"width":420,"height":11}},{"id":"1555146a-ff92-4d67-969f-0bab2aec2b98","block_type":"box","text":"outperform the Underlying Index but also may reduce some of the","page_number":4,"box":{"x":549,"y":718,"width":421,"height":11}},{"id":"6ebfeb64-73e5-4f89-9fe7-2393a997110e","block_type":"box","text":"risks of active management, such as poor selection of securities","page_number":4,"box":{"x":549,"y":732,"width":410,"height":11}},{"id":"86d6e8d8-e12f-409e-af1d-9e4b038712b6","block_type":"box","text":"and/or other instruments. Indexing seeks to achieve lower costs","page_number":4,"box":{"x":549,"y":747,"width":414,"height":10}},{"id":"03227c0b-69e7-4baf-b294-4401e6dfc4fa","block_type":"box","text":"and better after-tax performance by aiming to keep portfolio","page_number":4,"box":{"x":549,"y":761,"width":386,"height":11}},{"id":"a8e682ad-cb77-42c4-80aa-3e4b6a9f9ed8","block_type":"box","text":"turnover low in comparison to actively managed investment","page_number":4,"box":{"x":549,"y":775,"width":382,"height":11}},{"id":"5bb23a5b-999a-4ac9-a4f4-a2a2486d75d8","block_type":"box","text":"companies.","page_number":4,"box":{"x":549,"y":789,"width":72,"height":11}},{"id":"b9daeebf-0b4a-4133-bdae-12372b681bff","block_type":"box","text":"Because the Fund uses a strategy of investing in the same or","page_number":4,"box":{"x":550,"y":812,"width":388,"height":10}},{"id":"d23dc248-4441-4768-8fa8-e900588c1d35","block_type":"box","text":"similar metals futures contracts as the Underlying Index, it can be","page_number":4,"box":{"x":549,"y":826,"width":420,"height":11}},{"id":"b717131e-d9b4-454b-ad96-5edfca131e06","block_type":"box","text":"expected to have a larger tracking error than if it used a","page_number":4,"box":{"x":549,"y":840,"width":355,"height":11}},{"id":"b27f9a12-1c09-46e6-a6fd-e89877d12010","block_type":"box","text":"replication indexing strategy. “Replication” is an indexing strategy","page_number":5,"box":{"x":83,"y":23,"width":420,"height":11}},{"id":"dedbaa3f-317b-42ee-beb7-cb2c61b1f174","block_type":"box","text":"in which a fund invests in substantially all of the components of its","page_number":5,"box":{"x":83,"y":37,"width":424,"height":11}},{"id":"aba5d2cc-7af9-460c-ab32-e38efa188eeb","block_type":"box","text":"underlying index in approximately the same proportions as in the","page_number":5,"box":{"x":83,"y":52,"width":414,"height":10}},{"id":"c378e141-7597-4ae6-9cf1-2ce9d542d6be","block_type":"box","text":"underlying index.","page_number":5,"box":{"x":83,"y":66,"width":107,"height":10}},{"id":"758cd2de-672e-47f7-b607-2124304463f6","block_type":"box","text":"The Fund will invest at least 80% of its assets, plus the amounts of","page_number":5,"box":{"x":82,"y":88,"width":423,"height":10}},{"id":"b615620a-4e59-401f-a56d-c0afda0e6201","block_type":"box","text":"any borrowings for investment purposes, in the same or similar","page_number":5,"box":{"x":83,"y":102,"width":403,"height":11}},{"id":"5eb36730-23aa-481d-8804-b7c5402f753e","block_type":"box","text":"metals futures contracts as the Underlying Index. Cash and cash","page_number":5,"box":{"x":83,"y":116,"width":412,"height":11}},{"id":"29c052c3-d9b7-47d0-867d-cfdf646f9656","block_type":"box","text":"equivalent investments associated with a futures contract will be","page_number":5,"box":{"x":83,"y":130,"width":414,"height":11}},{"id":"4784084a-a129-48ec-a59c-a98358428cf3","block_type":"box","text":"treated as part of that position for purposes of calculating the","page_number":5,"box":{"x":83,"y":144,"width":394,"height":11}},{"id":"35d1b979-907c-43cc-ad8d-b93556dbf97f","block_type":"box","text":"percentage of investments included in the same or similar metals","page_number":5,"box":{"x":83,"y":158,"width":417,"height":11}},{"id":"855c1d5c-fa38-4ac2-9ad0-c0376d8a690d","block_type":"box","text":"futures contracts as the Underlying Index.","page_number":5,"box":{"x":82,"y":173,"width":268,"height":10}},{"id":"ba77cd06-d429-4726-808a-70a951002a69","block_type":"box","text":"The Commodity Futures Trading Commission (“CFTC”) has","page_number":5,"box":{"x":82,"y":195,"width":372,"height":10}},{"id":"0c4c074d-49c1-469d-a4d7-1cd67ac2490b","block_type":"box","text":"adopted certain requirements that subject registered investment","page_number":5,"box":{"x":83,"y":209,"width":415,"height":11}},{"id":"1021927d-211a-4b12-b55d-a187bfde03ef","block_type":"box","text":"companies and their advisers to regulation by the CFTC if a","page_number":5,"box":{"x":83,"y":223,"width":376,"height":11}},{"id":"c3f13067-f62c-4f25-a550-6b34ee962435","block_type":"box","text":"registered investment company invests more than a prescribed","page_number":5,"box":{"x":83,"y":237,"width":404,"height":11}},{"id":"74541edf-6cb1-4df9-b617-8d7a3481e18e","block_type":"box","text":"level of its net asset value in CFTC-regulated futures, options and","page_number":5,"box":{"x":83,"y":251,"width":416,"height":11}},{"id":"2af44baf-6f4e-46b6-8145-22cd861f5744","block_type":"box","text":"swaps, or if a registered investment company markets itself as","page_number":5,"box":{"x":83,"y":265,"width":400,"height":11}},{"id":"32b25eab-2171-4792-9919-4552da4b5e25","block_type":"box","text":"providing investment exposure to such instruments. 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BFA is considered a commodity pool operator","page_number":5,"box":{"x":83,"y":336,"width":402,"height":11}},{"id":"4f047e9b-144f-4c0b-8706-970afee06a4c","block_type":"box","text":"(“CPO”) with respect to the Fund and the Subsidiary and is","page_number":5,"box":{"x":83,"y":351,"width":374,"height":10}},{"id":"8c753b95-3270-452c-8e21-c5448732a62c","block_type":"box","text":"subject to regulation by the CFTC and the National Futures","page_number":5,"box":{"x":83,"y":365,"width":375,"height":11}},{"id":"aa951aeb-faa8-4a51-8e40-bc1ecee6eec3","block_type":"box","text":"Association (“NFA”).","page_number":5,"box":{"x":82,"y":379,"width":128,"height":11}},{"id":"9dd237dd-53a6-4f16-b01d-75f82b92a339","block_type":"box","text":"The Underlying Index is sponsored by IDI, which is independent of","page_number":5,"box":{"x":82,"y":402,"width":422,"height":11}},{"id":"a4158a2b-af42-4d9e-ae2c-19fc5f769593","block_type":"box","text":"the Fund and BFA. The Index Provider determines the composition","page_number":5,"box":{"x":83,"y":416,"width":422,"height":11}},{"id":"ec1378e9-1ada-41c0-9090-b2f9074d3d91","block_type":"box","text":"and relative weightings of the components of the Underlying Index","page_number":5,"box":{"x":83,"y":430,"width":424,"height":11}},{"id":"45407e1e-3f72-4289-89c7-c15e573bc183","block_type":"box","text":"and publishes information regarding the market value of the","page_number":5,"box":{"x":83,"y":445,"width":382,"height":10}},{"id":"fd6552a7-8b95-424a-b6c9-36c9feee92b1","block_type":"box","text":"Underlying Index.","page_number":5,"box":{"x":83,"y":459,"width":110,"height":11}},{"id":"56596a5d-41ad-45dd-9c82-85ddca3855cf","block_type":"box","text":"Industry Concentration Policy.","page_number":5,"box":{"x":83,"y":481,"width":210,"height":11}},{"id":"29553734-c997-4a4d-be84-3e6eac069d5f","block_type":"box","text":"The Fund will concentrate its","page_number":5,"box":{"x":298,"y":481,"width":185,"height":8}},{"id":"5043d191-5c45-4a31-9013-e3509d07a7c0","block_type":"box","text":"investments (","page_number":5,"box":{"x":83,"y":495,"width":85,"height":11}},{"id":"14442a3e-a7a7-4cb4-bab0-4e76a6bb706d","block_type":"box","text":"i.e.","page_number":5,"box":{"x":169,"y":495,"width":17,"height":8}},{"id":"f3ab9abe-db8e-476c-9f19-e4207e815be8","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":5,"box":{"x":189,"y":495,"width":264,"height":11}},{"id":"7409ee07-d3d5-4645-9aa3-b8c29a989a20","block_type":"box","text":"particular industry or group of industries to approximately the","page_number":5,"box":{"x":83,"y":509,"width":394,"height":11}},{"id":"3b0eccbe-2026-4f46-841b-b19f1c7e9a75","block_type":"box","text":"same extent that the Underlying Index is concentrated. For","page_number":5,"box":{"x":83,"y":523,"width":377,"height":11}},{"id":"8bbb28d9-a0ee-47f3-a03d-b1e3b8cd81f7","block_type":"box","text":"purposes of this limitation, securities of the U.S. government","page_number":5,"box":{"x":83,"y":537,"width":389,"height":11}},{"id":"f1e424e4-b969-4e58-b3a4-30acf1d1b9b9","block_type":"box","text":"(including its agencies and instrumentalities) and repurchase","page_number":5,"box":{"x":83,"y":552,"width":389,"height":10}},{"id":"c8a6431a-a603-472a-a78a-492a0ab5ec5b","block_type":"box","text":"agreements collateralized by U.S. government securities are not","page_number":5,"box":{"x":83,"y":566,"width":410,"height":11}},{"id":"ed8fae6c-497d-4ec3-ad47-dbb8787c0bc8","block_type":"box","text":"considered to be issued by members of any industry.","page_number":5,"box":{"x":83,"y":580,"width":337,"height":11}},{"id":"7d4a6afb-7542-410b-a515-e3ffe88821df","block_type":"box","text":"Summary of Principal Risks","page_number":5,"box":{"x":83,"y":609,"width":235,"height":13}},{"id":"f73ff2a7-64d1-43c2-8e9d-567b724cbe22","block_type":"box","text":"As with any investment, you could lose all or part of your","page_number":5,"box":{"x":82,"y":634,"width":363,"height":11}},{"id":"d6aa8184-fc7f-4a94-b876-46a2cf0e3f31","block_type":"box","text":"investment in the Fund, and the Fund’s performance could trail","page_number":5,"box":{"x":83,"y":648,"width":402,"height":11}},{"id":"4cdbd7ce-8571-4669-8cf5-a3b073c1302e","block_type":"box","text":"that of other investments. The Fund is subject to certain risks,","page_number":5,"box":{"x":83,"y":663,"width":396,"height":10}},{"id":"76053ff5-3fbf-4daa-b3e0-d6f7b9342e63","block_type":"box","text":"including the principal risks noted below (either directly or","page_number":5,"box":{"x":83,"y":677,"width":373,"height":11}},{"id":"16c5c2a0-5b4f-4b17-ae8c-ea33e3684b47","block_type":"box","text":"through its investments in the Subsidiary) any of which may","page_number":5,"box":{"x":83,"y":691,"width":381,"height":11}},{"id":"cb62ca9b-54be-4476-b204-0ea55e8f27b6","block_type":"box","text":"adversely affect the Fund’s NAV, trading price, yield, total return","page_number":5,"box":{"x":83,"y":705,"width":409,"height":11}},{"id":"20e79c37-70d4-400e-8fb1-207f7cb47b5b","block_type":"box","text":"and ability to meet its investment objective. Certain key risks are","page_number":5,"box":{"x":83,"y":719,"width":415,"height":11}},{"id":"4ca4e65a-8081-430b-a865-b1ec19918658","block_type":"box","text":"prioritized below (with others following in alphabetical order), but","page_number":5,"box":{"x":83,"y":733,"width":416,"height":11}},{"id":"314f9ab2-cfb2-4d21-9794-f9e691b9a450","block_type":"box","text":"the relative significance of any risk is difficult to predict and may","page_number":5,"box":{"x":82,"y":748,"width":413,"height":10}},{"id":"77e20047-0132-4f2c-977c-ef7c735d21f1","block_type":"box","text":"change over time. You should review each risk factor carefully.","page_number":5,"box":{"x":83,"y":762,"width":398,"height":11}},{"id":"58d8e68e-7830-4392-9282-a9bf14e8f335","block_type":"box","text":"Futures Contract Risk.","page_number":5,"box":{"x":549,"y":283,"width":150,"height":9}},{"id":"fde883b2-6677-4236-8b6c-c5940415eb26","block_type":"box","text":"Futures contracts may involve risks","page_number":5,"box":{"x":706,"y":283,"width":225,"height":11}},{"id":"c9970b41-b89b-4c34-a313-05de88b8b824","block_type":"box","text":"different from, and possibly greater than, the risks associated with","page_number":5,"box":{"x":549,"y":297,"width":424,"height":11}},{"id":"274c645b-ed7a-473a-8fd7-718614b3d603","block_type":"box","text":"investing directly in the underlying assets. Swaps or other","page_number":5,"box":{"x":549,"y":312,"width":369,"height":10}},{"id":"55cbe7ce-3235-4301-a794-c0447401fcc5","block_type":"box","text":"derivatives on futures contracts also may be adversely impacted","page_number":5,"box":{"x":549,"y":326,"width":411,"height":11}},{"id":"7a0417f3-a38d-4fe1-9672-47a9c83a9770","block_type":"box","text":"by these risks. The primary risks of futures contracts include: (i)","page_number":5,"box":{"x":549,"y":340,"width":407,"height":11}},{"id":"eb14b3b8-2b2a-4a66-8623-6e2c6639cb64","block_type":"box","text":"an imperfect correlation between the value of the futures contract","page_number":5,"box":{"x":549,"y":354,"width":424,"height":11}},{"id":"4f03fd6e-de7f-43e1-a917-d56406f47aff","block_type":"box","text":"and that of the underlying asset; (ii) resale restrictions or the lack","page_number":5,"box":{"x":549,"y":368,"width":418,"height":11}},{"id":"28840309-57c3-4de3-b54f-b4e58b95bac9","block_type":"box","text":"of a liquid secondary market and the resulting inability to close a","page_number":5,"box":{"x":549,"y":383,"width":412,"height":10}},{"id":"19e1768c-44a2-4c9a-b64d-93528b49e927","block_type":"box","text":"futures contract when desired; (iii) losses from unanticipated","page_number":5,"box":{"x":549,"y":397,"width":389,"height":10}},{"id":"4e935ac9-866b-4e7a-be11-aeef07a0e664","block_type":"box","text":"market movements, which are potentially unlimited; (iv) BFA’s","page_number":5,"box":{"x":549,"y":411,"width":393,"height":11}},{"id":"d2d2cb7a-9e50-4651-a878-56a527459c52","block_type":"box","text":"inability to predict correctly the direction of the prices of futures","page_number":5,"box":{"x":549,"y":425,"width":411,"height":11}},{"id":"cf52bfb9-4bac-4773-8881-d5ca982dc948","block_type":"box","text":"contracts and other financial and economic factors; (v) a","page_number":5,"box":{"x":549,"y":439,"width":361,"height":11}},{"id":"cdc945d4-f8ca-4af1-84be-ae146ff0ea5d","block_type":"box","text":"counterparty’s default in the performance of its obligations; (vi)","page_number":5,"box":{"x":549,"y":453,"width":404,"height":11}},{"id":"64621154-3d02-48be-a881-ef25cb6a8520","block_type":"box","text":"the obligation to make daily cash payments to maintain the","page_number":5,"box":{"x":549,"y":468,"width":378,"height":10}},{"id":"6e203f54-959a-4031-831f-d935cc212606","block_type":"box","text":"required margin for the futures contract; and (vii) the possibility","page_number":5,"box":{"x":549,"y":482,"width":407,"height":11}},{"id":"b5b6c3e9-fa24-4cc5-bced-a705ac59f773","block_type":"box","text":"that a failure to close a position may result in delivery of an illiquid","page_number":5,"box":{"x":549,"y":496,"width":423,"height":11}},{"id":"0d033a78-82df-4223-81e6-80586b637a8d","block_type":"box","text":"commodity to the Fund.","page_number":5,"box":{"x":549,"y":510,"width":151,"height":11}},{"id":"f99999a0-bc6e-4d2a-8a6a-b129f3e10f05","block_type":"box","text":"As futures contracts approach expiration, they may be “rolled”","page_number":5,"box":{"x":549,"y":533,"width":398,"height":11}},{"id":"2944cc3a-601f-49b2-95b0-801364c9173d","block_type":"box","text":"(","page_number":5,"box":{"x":549,"y":548,"width":3,"height":10}},{"id":"b23e78a8-35a7-4d34-85cf-850913f5f65c","block_type":"box","text":"i.e","page_number":5,"box":{"x":553,"y":548,"width":14,"height":8}},{"id":"4dd36bcc-f3d5-4db7-91ed-a33dcc277115","block_type":"box","text":"., replaced by similar contracts with a later expiration to","page_number":5,"box":{"x":569,"y":548,"width":356,"height":10}},{"id":"5f901392-5d5a-4f57-b18c-0ea789551f40","block_type":"box","text":"maintain exposure to the underlying asset), which involves","page_number":5,"box":{"x":549,"y":562,"width":373,"height":11}},{"id":"fcb818c6-891c-4141-95bf-515ab0a85bfc","block_type":"box","text":"additional risks. In certain market conditions, the sale price of a","page_number":5,"box":{"x":549,"y":576,"width":406,"height":11}},{"id":"3d082493-f71d-4cf9-872b-0b9697badd57","block_type":"box","text":"near-term month contract can be lower than the purchase price of","page_number":5,"box":{"x":549,"y":590,"width":424,"height":11}},{"id":"d996e098-30e6-4977-979b-ae63dabfe1f5","block_type":"box","text":"a longer-term contract, resulting in a cost to “roll” the futures","page_number":5,"box":{"x":549,"y":604,"width":392,"height":11}},{"id":"aa74c824-5256-4e82-8e95-97b489f111e3","block_type":"box","text":"contract.","page_number":5,"box":{"x":549,"y":619,"width":56,"height":8}},{"id":"b4deb8a9-a9dc-4521-ad04-84ca1501d52d","block_type":"box","text":"Commodity-Linked Derivatives Risk.","page_number":5,"box":{"x":549,"y":642,"width":244,"height":10}},{"id":"70dadab2-2c2d-4191-bcfe-7ce1e3b815aa","block_type":"box","text":"The value of a commodity","page_number":5,"box":{"x":798,"y":642,"width":169,"height":10}},{"id":"8a08930c-0f73-443b-834e-c3bbd951ee38","block_type":"box","text":"linked derivative instrument typically is based upon the price","page_number":5,"box":{"x":549,"y":656,"width":387,"height":11}},{"id":"d9087dbf-d8f8-46c6-88f5-9ed3297b3688","block_type":"box","text":"movements of the underlying commodity or an economic variable","page_number":5,"box":{"x":549,"y":670,"width":419,"height":11}},{"id":"813c5b28-551d-4bc9-9ff4-8d72cf22577a","block_type":"box","text":"linked to such price movements. The prices of commodity-linked","page_number":5,"box":{"x":549,"y":684,"width":412,"height":11}},{"id":"56d489a5-8777-4381-932d-a72d1b4b0e8f","block_type":"box","text":"investments may fluctuate quickly and dramatically as a result of","page_number":5,"box":{"x":549,"y":698,"width":415,"height":11}},{"id":"3ddef47e-9e20-4f32-b3d3-cf0a7b86b0c3","block_type":"box","text":"S-3","page_number":5,"box":{"x":525,"y":920,"width":21,"height":9}},{"id":"548d94cc-6e68-4738-9766-beb7342f0c4a","block_type":"box","text":"Re-Industrialization Metals Risk.","page_number":5,"box":{"x":82,"y":785,"width":218,"height":8}},{"id":"84f14d83-80ec-4d81-8bdd-50e8a4260856","block_type":"box","text":"The performance of re","page_number":5,"box":{"x":306,"y":785,"width":147,"height":11}},{"id":"d9f8bee1-feee-49f9-b3f5-9247eab15ab6","block_type":"box","text":"industrialization metals (i.e., metals used to facilitate AI","page_number":5,"box":{"x":83,"y":799,"width":354,"height":11}},{"id":"a308b4d2-af2c-4fc8-be1b-79930f88a352","block_type":"box","text":"infrastructure, manufacturing, energy production and distribution,","page_number":5,"box":{"x":83,"y":813,"width":420,"height":11}},{"id":"fbda1982-4e14-4c85-bcd4-c1fd6b01489b","block_type":"box","text":"and national security) is highly dependent on manufacturing","page_number":5,"box":{"x":83,"y":827,"width":383,"height":11}},{"id":"eab43da2-7ef5-4d4e-9298-1027ef8c2d21","block_type":"box","text":"reshoring, amplified battery production, increased defense","page_number":5,"box":{"x":83,"y":841,"width":374,"height":11}},{"id":"dd7709a4-8e3b-45a6-9c83-798653cbbb50","block_type":"box","text":"spending and the expansion of AI infrastructure. Investments","page_number":5,"box":{"x":549,"y":23,"width":390,"height":11}},{"id":"33d9617a-73cb-4ec2-b30e-b60cfd016130","block_type":"box","text":"in re-industrialization metals may be speculative and subject","page_number":5,"box":{"x":549,"y":37,"width":387,"height":11}},{"id":"2ea67194-2f54-48f0-91f8-d7256c5f4e9f","block_type":"box","text":"to greater price volatility than investments in other types of","page_number":5,"box":{"x":549,"y":51,"width":380,"height":11}},{"id":"6100cf5d-2812-4513-8815-6d1dc27cc644","block_type":"box","text":"assets. The market value of re-industrialization metals may","page_number":5,"box":{"x":549,"y":65,"width":376,"height":11}},{"id":"a18eb9aa-9757-4445-93f1-b9319e6e1ae1","block_type":"box","text":"be significantly affected for many reasons, including, among","page_number":5,"box":{"x":549,"y":79,"width":384,"height":11}},{"id":"dd77d071-29bf-402b-9673-ef7f5bd88ed2","block_type":"box","text":"others, obsolescence of existing technology, changes in energy","page_number":5,"box":{"x":549,"y":93,"width":405,"height":11}},{"id":"17d96caf-dc73-4ad8-9074-6906def4e946","block_type":"box","text":"prices, worldwide metal prices and extraction and production","page_number":5,"box":{"x":549,"y":107,"width":391,"height":10}},{"id":"00962627-01d8-451b-988e-f37945e327e8","block_type":"box","text":"costs, global political changes, terrorism, war, natural disasters","page_number":5,"box":{"x":549,"y":121,"width":404,"height":10}},{"id":"2bd6fe3f-8a1c-46ba-9419-c322f91d70a2","block_type":"box","text":"and other catastrophes, government regulations and subsidies,","page_number":5,"box":{"x":549,"y":135,"width":403,"height":10}},{"id":"bd7abd6b-f182-4307-89f6-1801be3c5f95","block_type":"box","text":"supply chains, and taxation policies. Worldwide metal prices","page_number":5,"box":{"x":549,"y":148,"width":384,"height":11}},{"id":"d33ff7da-8461-4765-964f-c67052390dc2","block_type":"box","text":"may fluctuate substantially over short periods of time, and as a","page_number":5,"box":{"x":549,"y":162,"width":402,"height":11}},{"id":"6c5dd662-918c-4df1-b263-bead82f5c8f7","block_type":"box","text":"result, the Fund’s share price may be more volatile than other","page_number":5,"box":{"x":549,"y":176,"width":394,"height":11}},{"id":"d22ff745-3dff-4376-b777-e5cb8e240ca3","block_type":"box","text":"types of investments. Such risks may be heightened to the extent","page_number":5,"box":{"x":549,"y":190,"width":419,"height":11}},{"id":"7552efea-12c7-45f5-bb60-da602c077f72","block_type":"box","text":"the Fund’s Commodity-Linked Investments provide exposure to","page_number":5,"box":{"x":549,"y":204,"width":405,"height":11}},{"id":"5fed5146-031a-4c81-acce-f483850eb00d","block_type":"box","text":"emerging markets. In addition, the industry is relatively nascent","page_number":5,"box":{"x":549,"y":218,"width":406,"height":11}},{"id":"42d0fa69-78ec-42a0-ba0d-130c363b324e","block_type":"box","text":"and under-researched in comparison to more established and","page_number":5,"box":{"x":549,"y":232,"width":394,"height":11}},{"id":"aef93067-94a9-4128-b059-a027762d5864","block_type":"box","text":"mature sectors, and should therefore be regarded as having","page_number":5,"box":{"x":549,"y":246,"width":383,"height":11}},{"id":"b969f289-6f2b-4b89-9c46-367c6ec9932c","block_type":"box","text":"greater investment risk.","page_number":5,"box":{"x":549,"y":260,"width":151,"height":11}},{"id":"b11a5ef3-3c39-4c5e-9945-24ce7e2cf7a7","block_type":"box","text":"changes affecting a particular commodity and may not correlate","page_number":5,"box":{"x":549,"y":713,"width":409,"height":10}},{"id":"ebdf2412-4dea-40c2-aeb4-7a0fd1b6fa25","block_type":"box","text":"to price movements in other asset classes, such as stocks, bonds","page_number":5,"box":{"x":549,"y":727,"width":419,"height":11}},{"id":"691c43c2-c769-4443-b03f-a0a5b55c0e89","block_type":"box","text":"and cash. Commodity-linked derivatives are subject to the risk","page_number":5,"box":{"x":549,"y":741,"width":399,"height":11}},{"id":"19ce6520-0a36-4e66-a2ce-ad2972299d42","block_type":"box","text":"that the counterparty to the transaction, the exchange or trading","page_number":5,"box":{"x":549,"y":755,"width":414,"height":11}},{"id":"9addaed1-d961-4c32-a852-cf176f11cb6f","block_type":"box","text":"facility on which they trade or the applicable clearing house may","page_number":5,"box":{"x":549,"y":769,"width":411,"height":11}},{"id":"36435d85-48aa-460d-972e-067463fb0309","block_type":"box","text":"default or otherwise fail to perform. The Fund’s use of commodity","page_number":5,"box":{"x":549,"y":783,"width":424,"height":11}},{"id":"1b7eb1ba-d34c-4189-bdd8-8c5f8b6f4dc6","block_type":"box","text":"linked derivatives may also have a leveraging effect on the Fund’s","page_number":5,"box":{"x":549,"y":798,"width":418,"height":10}},{"id":"503d6d95-9ebd-49be-be63-670d787d6737","block_type":"box","text":"portfolio because of the leverage inherent in the use of","page_number":5,"box":{"x":549,"y":812,"width":351,"height":11}},{"id":"04173e8b-20b2-4fdc-82ee-38d9f2f0babc","block_type":"box","text":"derivatives. Leverage generally magnifies the effect of a change in","page_number":5,"box":{"x":549,"y":826,"width":421,"height":11}},{"id":"2a54e705-b874-40cf-b5fa-8143b2173809","block_type":"box","text":"the value of an asset and creates a risk of loss of value on a larger","page_number":5,"box":{"x":549,"y":840,"width":422,"height":11}},{"id":"54cf574d-0fb7-486c-821a-58e974b62a23","block_type":"box","text":"pool of assets than the Fund would otherwise have had. The Fund","page_number":6,"box":{"x":83,"y":23,"width":418,"height":11}},{"id":"7cfd6fc5-3f5d-4741-8520-711aa917adf7","block_type":"box","text":"is required to post margin with respect to its holdings in","page_number":6,"box":{"x":83,"y":37,"width":356,"height":11}},{"id":"8c9c11c3-85d1-4021-bca7-ca83e076a4c7","block_type":"box","text":"derivatives. Each of these factors and events could have a","page_number":6,"box":{"x":83,"y":51,"width":370,"height":9}},{"id":"b7f175f3-17ae-49b1-b32e-02723fa42205","block_type":"box","text":"significant negative impact on the Fund.","page_number":6,"box":{"x":83,"y":66,"width":255,"height":11}},{"id":"961ed009-10ba-4f03-bb2c-bb57313945e2","block_type":"box","text":"Market Risk","page_number":6,"box":{"x":83,"y":89,"width":82,"height":8}},{"id":"e53cd7ba-551e-4af4-ac07-2263c40a0698","block_type":"box","text":".","page_number":6,"box":{"x":165,"y":95,"width":2,"height":2}},{"id":"08b153f7-fc83-4af4-9bee-d65537c0cfbe","block_type":"box","text":"The Fund could lose money over short periods due","page_number":6,"box":{"x":172,"y":89,"width":323,"height":11}},{"id":"a73ff2e7-5d13-465e-9241-ae24a6f0aa49","block_type":"box","text":"to short-term market movements and over longer periods during","page_number":6,"box":{"x":83,"y":103,"width":413,"height":11}},{"id":"d483f51e-cf5a-480a-8a68-88c1b226ab6c","block_type":"box","text":"more prolonged market downturns. Local, regional or global","page_number":6,"box":{"x":83,"y":117,"width":382,"height":11}},{"id":"484677d0-bd59-41aa-990c-1d1e6ec6034b","block_type":"box","text":"events such as war, acts of terrorism, pandemics or other public","page_number":6,"box":{"x":83,"y":131,"width":411,"height":11}},{"id":"ae0dc2b5-7a6c-4ba2-84ab-5ea5a66c5b9a","block_type":"box","text":"health issues, recessions, the prospect or occurrence of a","page_number":6,"box":{"x":83,"y":146,"width":370,"height":10}},{"id":"5b39d210-4b1a-4ea2-a6b9-4dcf13252ab9","block_type":"box","text":"sovereign default or other financial crisis, or other events could","page_number":6,"box":{"x":83,"y":160,"width":404,"height":11}},{"id":"d1720b53-7bf0-48ee-856d-b5ce44e15e53","block_type":"box","text":"have a significant impact on the Fund and its investments and","page_number":6,"box":{"x":83,"y":174,"width":395,"height":11}},{"id":"7a946e17-7330-4d87-b014-d8053cba91a2","block_type":"box","text":"could result in increased premiums or discounts to the Fund’s","page_number":6,"box":{"x":83,"y":188,"width":395,"height":11}},{"id":"0853f813-7cb1-4287-83af-0d3de17725f8","block_type":"box","text":"NAV.","page_number":6,"box":{"x":84,"y":202,"width":27,"height":9}},{"id":"46ef014b-1dc9-47da-ba5e-fc1dc98b99c9","block_type":"box","text":"Index-Related Risk.","page_number":6,"box":{"x":83,"y":226,"width":129,"height":8}},{"id":"d60b2d09-88d2-441b-b803-006795fd8864","block_type":"box","text":"The Index Provider may rely on various","page_number":6,"box":{"x":217,"y":226,"width":247,"height":10}},{"id":"23b8d290-723d-402b-9aaa-4a5fbddabac2","block_type":"box","text":"sources of information to assess the criteria of components of the","page_number":6,"box":{"x":83,"y":240,"width":423,"height":10}},{"id":"61196ef4-81fd-4268-8298-3fb8c13ad1ba","block_type":"box","text":"Underlying Index, including information that may be based on","page_number":6,"box":{"x":83,"y":254,"width":391,"height":11}},{"id":"2286b103-58fb-4ef0-839a-79d080505e5b","block_type":"box","text":"assumptions and estimates. Neither the Fund nor BFA can offer","page_number":6,"box":{"x":83,"y":268,"width":406,"height":11}},{"id":"3a1c3ee5-7bfc-4d79-8905-7d7b18ad6466","block_type":"box","text":"assurances that the Index Provider’s methodology or sources of","page_number":6,"box":{"x":83,"y":282,"width":408,"height":11}},{"id":"7d8468d8-cea7-4908-a691-0f71137779e2","block_type":"box","text":"information will provide an accurate assessment of included","page_number":6,"box":{"x":83,"y":296,"width":384,"height":11}},{"id":"56501ea7-fb89-4b52-a9de-17193a208986","block_type":"box","text":"components or will result in the Fund meeting its investment","page_number":6,"box":{"x":83,"y":311,"width":387,"height":10}},{"id":"bb21de0b-d375-4104-9bd3-e445f89043e6","block_type":"box","text":"objective. 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Unusual market","page_number":6,"box":{"x":83,"y":382,"width":366,"height":10}},{"id":"5c4bcd01-104e-43a0-810e-559ac5b1d1b2","block_type":"box","text":"conditions or other unforeseen circumstances (such as natural","page_number":6,"box":{"x":83,"y":396,"width":400,"height":10}},{"id":"f89729e1-fb6d-483b-acef-e62816451576","block_type":"box","text":"disasters, political unrest or war) may impact the Index Provider","page_number":6,"box":{"x":83,"y":410,"width":409,"height":11}},{"id":"21cc5fae-f905-4af5-b78c-61e4d601daff","block_type":"box","text":"or a third-party data provider and could cause the Index Provider","page_number":6,"box":{"x":83,"y":424,"width":414,"height":11}},{"id":"1772151f-9492-4c1b-9d2a-4024eddfb273","block_type":"box","text":"to postpone a scheduled rebalance. 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The Fund’s investments in the","page_number":6,"box":{"x":549,"y":777,"width":422,"height":11}},{"id":"c901dccb-877b-4261-a4e2-c80e6168296d","block_type":"box","text":"futures markets also introduce the risk that its futures","page_number":6,"box":{"x":549,"y":792,"width":346,"height":8}},{"id":"886711cd-08ca-4dd0-9677-ae69aa0f45bf","block_type":"box","text":"commission merchant (“FCM”) could default on an obligation set","page_number":6,"box":{"x":549,"y":806,"width":414,"height":11}},{"id":"e5b05470-23cf-432c-84f2-42619177139c","block_type":"box","text":"forth in an agreement between the Fund and the FCM, including","page_number":6,"box":{"x":549,"y":820,"width":408,"height":11}},{"id":"b1bdbcd7-f5ff-40c7-8246-2faac87641ea","block_type":"box","text":"the FCM’s obligation to return margin posted in connection with","page_number":6,"box":{"x":549,"y":834,"width":408,"height":11}},{"id":"89773c3a-a1ba-4d4a-be50-b8a9ac7df339","block_type":"box","text":"the Fund’s futures contracts.","page_number":6,"box":{"x":549,"y":848,"width":184,"height":9}},{"id":"a948cf7a-9cd4-4aa9-8ee1-d5b18155c1a0","block_type":"box","text":"Credit Risk","page_number":7,"box":{"x":83,"y":23,"width":75,"height":9}},{"id":"198b0ce7-f890-43e7-9418-1935db0d9f11","block_type":"box","text":".","page_number":7,"box":{"x":158,"y":30,"width":2,"height":1}},{"id":"4bdeb83a-5f85-413b-a7db-107ae13222cc","block_type":"box","text":"Credit risk is the risk that an issuer, guarantor or","page_number":7,"box":{"x":166,"y":23,"width":311,"height":11}},{"id":"fae83452-f89a-4cc0-a39b-fd1d2151e265","block_type":"box","text":"liquidity provider of a fixed-income security may be unable or","page_number":7,"box":{"x":83,"y":37,"width":391,"height":11}},{"id":"1a1ba450-94d9-45d6-84a7-e4e28aef15c7","block_type":"box","text":"unwilling, or may be perceived as unable or unwilling, to make","page_number":7,"box":{"x":83,"y":51,"width":395,"height":11}},{"id":"a63c9fb5-8bb4-4786-b075-160b7f941fc4","block_type":"box","text":"timely principal and/or interest payments or to otherwise honor","page_number":7,"box":{"x":83,"y":66,"width":410,"height":10}},{"id":"e5d6b484-7008-4cbe-99ca-a97c6805f8d4","block_type":"box","text":"its obligations. The credit rating assigned to a security or its issuer","page_number":7,"box":{"x":83,"y":80,"width":424,"height":11}},{"id":"ceb3cfdd-802c-4451-8170-1e720e262454","block_type":"box","text":"does not necessarily reflect the issuer’s current financial","page_number":7,"box":{"x":83,"y":94,"width":361,"height":11}},{"id":"55396e15-8380-40b1-8586-30ae4cf3a33c","block_type":"box","text":"condition or an investment’s volatility or liquidity. An actual or","page_number":7,"box":{"x":83,"y":108,"width":395,"height":11}},{"id":"7b7b9d47-ba0f-4d21-9358-5e946645c71c","block_type":"box","text":"perceived decline in an issuer’s creditworthiness may result in a","page_number":7,"box":{"x":83,"y":122,"width":408,"height":11}},{"id":"21c08ac2-75dd-48b9-92e1-a5aba37ed313","block_type":"box","text":"decrease in the value and liquidity of its securities as well as","page_number":7,"box":{"x":83,"y":136,"width":385,"height":11}},{"id":"5555ca38-f6e4-455c-83c7-aff9b433cd50","block_type":"box","text":"greater price volatility, which may make it difficult to sell the","page_number":7,"box":{"x":83,"y":151,"width":385,"height":11}},{"id":"85a35ffa-acbe-4c92-ae85-380d463323ff","block_type":"box","text":"securities. The Fund may be adversely affected if an investment","page_number":7,"box":{"x":83,"y":165,"width":406,"height":11}},{"id":"8ed7d08f-19b0-4ec8-b572-08fc489836e0","block_type":"box","text":"that it holds experiences a downgrade or a default.","page_number":7,"box":{"x":83,"y":179,"width":324,"height":11}},{"id":"b7d398ce-bc09-45b1-9b1c-0fe3e99e2029","block_type":"box","text":"Currency Risk","page_number":7,"box":{"x":83,"y":202,"width":95,"height":11}},{"id":"8ba5cab7-e763-4c81-8334-020cd3b24401","block_type":"box","text":".","page_number":7,"box":{"x":179,"y":209,"width":2,"height":2}},{"id":"7d45cb01-d2cc-422b-8e04-68259efae9c4","block_type":"box","text":"Because the Fund’s NAV is determined in U.S.","page_number":7,"box":{"x":187,"y":202,"width":292,"height":9}},{"id":"609cdef0-021a-4319-91af-2944c2531871","block_type":"box","text":"dollars, the NAV could decline if the currency of the non-U.S.","page_number":7,"box":{"x":83,"y":216,"width":388,"height":11}},{"id":"0f9d9017-3c8b-4f54-990c-d917203f2dcf","block_type":"box","text":"market in which the Fund invests depreciates against the U.S.","page_number":7,"box":{"x":83,"y":231,"width":395,"height":10}},{"id":"833f4acf-0b78-44e8-9e05-0ce1e2810bfd","block_type":"box","text":"dollar or if there are delays or limits on the repatriation of foreign","page_number":7,"box":{"x":83,"y":245,"width":415,"height":11}},{"id":"984ac94f-205c-4135-82de-b76d01a9aa2b","block_type":"box","text":"currency. Currency exchange rates can be very volatile and can","page_number":7,"box":{"x":83,"y":259,"width":404,"height":11}},{"id":"c24b736d-008d-4c2d-babd-26ee5584efd1","block_type":"box","text":"change quickly and unpredictably. As a result, the Fund’s NAV","page_number":7,"box":{"x":83,"y":273,"width":394,"height":11}},{"id":"eabc431d-7d83-4e00-aba5-f5364c90fcb0","block_type":"box","text":"may change quickly and without warning. In addition, the Fund","page_number":7,"box":{"x":83,"y":287,"width":398,"height":11}},{"id":"137bcdac-7757-4672-bc83-762f3c31b7e6","block_type":"box","text":"may incur costs in connection with conversions between U.S.","page_number":7,"box":{"x":83,"y":302,"width":392,"height":10}},{"id":"9e18e6f7-cbf6-47fc-9d86-a37b2ab6a21c","block_type":"box","text":"dollars and foreign currencies.","page_number":7,"box":{"x":83,"y":316,"width":193,"height":11}},{"id":"ca4a7274-9661-4e65-a588-115a6b5eee88","block_type":"box","text":"Derivatives Risk.","page_number":7,"box":{"x":83,"y":339,"width":111,"height":8}},{"id":"a110938a-1507-45da-a9b0-4575f108431d","block_type":"box","text":"The Fund’s use of derivatives (","page_number":7,"box":{"x":200,"y":339,"width":193,"height":11}},{"id":"1d08bfce-a520-4b35-91e6-88cc34f3707f","block_type":"box","text":"e.g","page_number":7,"box":{"x":394,"y":341,"width":19,"height":9}},{"id":"2653dbf0-2d78-4325-a6af-cc787afd0ff8","block_type":"box","text":"., futures,","page_number":7,"box":{"x":414,"y":339,"width":59,"height":10}},{"id":"2789766f-a15a-4ea9-80da-573f4c056ac0","block_type":"box","text":"forwards, swaps, options) may be riskier than other types of","page_number":7,"box":{"x":82,"y":353,"width":385,"height":11}},{"id":"ec766983-3e0f-4798-87a4-3df6cef6ef72","block_type":"box","text":"investments and may not have the intended effect on the Fund’s","page_number":7,"box":{"x":83,"y":367,"width":411,"height":11}},{"id":"b44230a5-f946-4d2f-86a8-fcc0e3a3afc5","block_type":"box","text":"performance. Derivatives can be sensitive to changes in economic","page_number":7,"box":{"x":83,"y":381,"width":424,"height":11}},{"id":"8a7747fa-243c-438a-99b5-1ec31d57fcdb","block_type":"box","text":"and market conditions, and they may increase the Fund’s","page_number":7,"box":{"x":83,"y":396,"width":365,"height":10}},{"id":"cd8ec0c0-517d-463e-a0a8-ba71c503913e","block_type":"box","text":"volatility. The Fund also may experience reduced returns as a","page_number":7,"box":{"x":82,"y":410,"width":390,"height":11}},{"id":"a8f32bbe-71bf-45fb-9b78-ec59b88dd858","block_type":"box","text":"result of transaction costs and losses on derivatives positions.","page_number":7,"box":{"x":83,"y":424,"width":398,"height":11}},{"id":"76688a3c-bf93-461a-a4f6-fbc4ace88ae5","block_type":"box","text":"There is the risk of imperfect correlation between the value of a","page_number":7,"box":{"x":82,"y":438,"width":407,"height":11}},{"id":"dfb390f2-27a1-4afe-af31-af83c92af5ed","block_type":"box","text":"derivative and that of the asset underlying the derivative.","page_number":7,"box":{"x":83,"y":452,"width":363,"height":11}},{"id":"469bfac9-13fe-45db-b960-d8d42ead6d1b","block_type":"box","text":"Derivatives may create investment leverage, which could result in","page_number":7,"box":{"x":84,"y":467,"width":417,"height":10}},{"id":"be62393b-7745-472c-a27b-d88a562d13fd","block_type":"box","text":"losses that significantly exceed the Fund’s original investment.","page_number":7,"box":{"x":83,"y":481,"width":400,"height":11}},{"id":"7205649e-1485-44c2-be5d-f57a7245c022","block_type":"box","text":"Derivatives are subject to the risk of mispricing or improper","page_number":7,"box":{"x":84,"y":495,"width":380,"height":11}},{"id":"20eed8c0-f88b-4fd2-aba6-9a907c44483f","block_type":"box","text":"valuation, particularly if there is not a liquid secondary market for","page_number":7,"box":{"x":82,"y":509,"width":418,"height":11}},{"id":"3beba639-459f-441f-b0a3-9380523e35c8","block_type":"box","text":"the instrument. Certain derivatives are subject to counterparty","page_number":7,"box":{"x":83,"y":523,"width":401,"height":11}},{"id":"54339a60-e4cd-4968-8f29-222521fdff32","block_type":"box","text":"risk, which is the risk that the other party in the transaction will","page_number":7,"box":{"x":83,"y":537,"width":403,"height":11}},{"id":"dd1775ec-5f35-496f-9351-2cc0251e92fc","block_type":"box","text":"not fulfill its contractual obligations. The use of derivatives also","page_number":7,"box":{"x":83,"y":552,"width":402,"height":10}},{"id":"2251d04e-74d8-4ebd-8626-4b51b8360c03","block_type":"box","text":"exposes the Fund to additional operational and legal risks.","page_number":7,"box":{"x":83,"y":566,"width":371,"height":11}},{"id":"bad43786-6f8f-42c1-a082-75ab73b50065","block_type":"box","text":"Interest Rate Risk","page_number":7,"box":{"x":83,"y":589,"width":121,"height":8}},{"id":"6997c137-289f-485a-a597-073d18a9d36a","block_type":"box","text":".","page_number":7,"box":{"x":204,"y":596,"width":2,"height":1}},{"id":"b9f4bd64-785e-4bc8-b395-838be9735403","block_type":"box","text":"Interest rate risk refers to the risk of","page_number":7,"box":{"x":212,"y":589,"width":233,"height":8}},{"id":"fe72a1b7-b780-4ca6-baca-b5c244911d70","block_type":"box","text":"fluctuations in the value of a fixed-income security due to changes","page_number":7,"box":{"x":82,"y":603,"width":425,"height":11}},{"id":"90e46963-09ed-4287-9feb-c6afd0f89af6","block_type":"box","text":"in the general level of interest rates. Interest rate changes can be","page_number":7,"box":{"x":83,"y":617,"width":417,"height":11}},{"id":"d2da271f-ef1c-49dd-8206-0a37553ee635","block_type":"box","text":"sudden and unpredictable and are influenced by a number of","page_number":7,"box":{"x":83,"y":632,"width":388,"height":10}},{"id":"dfe854f2-bee7-41d2-bc08-a50bd7b04c89","block_type":"box","text":"factors, including government policy, monetary policy, inflation","page_number":7,"box":{"x":82,"y":646,"width":402,"height":11}},{"id":"3b7f2441-cac3-4438-9159-bb2a92002308","block_type":"box","text":"expectations, perceptions of risk, and supply and demand for","page_number":7,"box":{"x":83,"y":660,"width":391,"height":11}},{"id":"ab527f80-c81d-4620-afa1-9271987bc585","block_type":"box","text":"fixed-income securities. An increase in interest rates generally will","page_number":7,"box":{"x":82,"y":674,"width":424,"height":11}},{"id":"f7e7e5aa-8d87-4aa7-90ff-51b416588abe","block_type":"box","text":"cause the value of fixed-income securities to decline. Securities","page_number":7,"box":{"x":83,"y":688,"width":407,"height":9}},{"id":"6c138311-af77-4ed3-a15b-8a6386ad2542","block_type":"box","text":"with longer maturities generally are more sensitive to interest rate","page_number":7,"box":{"x":82,"y":702,"width":424,"height":11}},{"id":"ec9fdb97-38bf-4ef0-9b61-7a40a4a24acc","block_type":"box","text":"changes and subject to greater fluctuations in value. Changes in","page_number":7,"box":{"x":83,"y":717,"width":409,"height":10}},{"id":"f977a9d4-901d-4ce7-b7cd-234dce160eaf","block_type":"box","text":"interest rates may have unpredictable effects on fixed-income","page_number":7,"box":{"x":83,"y":731,"width":397,"height":11}},{"id":"c5f74d28-0b52-42ad-b325-be55be2513a2","block_type":"box","text":"markets and result in heightened volatility and lower liquidity for","page_number":7,"box":{"x":83,"y":745,"width":411,"height":11}},{"id":"ec842dff-3716-404f-bb3d-3444c12f83d1","block_type":"box","text":"certain instruments, which may adversely affect a Fund’s","page_number":7,"box":{"x":83,"y":759,"width":363,"height":11}},{"id":"8ad6ead8-0637-4fb7-8d4e-3506c02b991a","block_type":"box","text":"changes in the financial condition or credit rating of the issuer or","page_number":7,"box":{"x":549,"y":23,"width":414,"height":11}},{"id":"0aec7fdb-d5df-4c8e-b7f0-9a06cf71125e","block_type":"box","text":"counterparty.","page_number":7,"box":{"x":549,"y":38,"width":84,"height":10}},{"id":"323908c5-7275-4997-9ba5-e3fbbae6c834","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk.","page_number":7,"box":{"x":549,"y":61,"width":360,"height":10}},{"id":"b1c560d9-8afd-4b5f-b17d-5416c1073a6d","block_type":"box","text":"Certain","page_number":7,"box":{"x":915,"y":61,"width":45,"height":8}},{"id":"f1229680-746e-4ffc-a938-5a19ca8b726c","block_type":"box","text":"shareholders of the Fund, including an Authorized Participant, a","page_number":7,"box":{"x":549,"y":75,"width":405,"height":11}},{"id":"a63e9593-8612-4fc3-b550-75ed780c25e8","block_type":"box","text":"third-party investor, the Fund’s adviser, an affiliate of the Fund’s","page_number":7,"box":{"x":549,"y":89,"width":409,"height":11}},{"id":"008bc2b3-18fe-4059-ae61-07621ed76a58","block_type":"box","text":"adviser, a market maker, or another entity, may from time to time","page_number":7,"box":{"x":549,"y":103,"width":419,"height":11}},{"id":"92d91168-dc08-4b3e-b520-0ea74d176399","block_type":"box","text":"own or manage a substantial amount of Fund shares, or may hold","page_number":7,"box":{"x":549,"y":117,"width":417,"height":11}},{"id":"379aff3d-9dbe-4609-bb17-8fa4c2722fc7","block_type":"box","text":"their investment in the Fund for a limited period of time. There can","page_number":7,"box":{"x":549,"y":131,"width":424,"height":11}},{"id":"2dcceaa5-5660-4bfe-a923-c3f336c61912","block_type":"box","text":"be no assurance that any large shareholder or large group of","page_number":7,"box":{"x":549,"y":146,"width":387,"height":11}},{"id":"1d7363d2-c596-459b-836d-8db3f39aff6f","block_type":"box","text":"shareholders would not redeem their investment. Redemptions of","page_number":7,"box":{"x":549,"y":160,"width":421,"height":11}},{"id":"aaafc864-7353-46e0-82da-518fde856c04","block_type":"box","text":"a large number of Fund shares could require the Fund to dispose","page_number":7,"box":{"x":549,"y":174,"width":413,"height":11}},{"id":"a991ecaa-8f22-4729-9eb4-7dae15988321","block_type":"box","text":"of assets to meet the redemption requests, which can accelerate","page_number":7,"box":{"x":549,"y":188,"width":416,"height":11}},{"id":"28f94973-1c71-472a-b43c-33ad0e929bf2","block_type":"box","text":"the realization of taxable income and/or capital gains and cause","page_number":7,"box":{"x":549,"y":202,"width":411,"height":11}},{"id":"399fca75-b6eb-4685-a0a1-b796a8a3fd3e","block_type":"box","text":"the Fund to make taxable distributions to its shareholders earlier","page_number":7,"box":{"x":549,"y":217,"width":415,"height":8}},{"id":"3911ebc5-9cfa-4949-981e-d1eb7b43f2e2","block_type":"box","text":"than the Fund otherwise would have. In addition, under certain","page_number":7,"box":{"x":549,"y":231,"width":400,"height":10}},{"id":"145928d2-5ad0-4e28-8b50-820f8ffe6c37","block_type":"box","text":"circumstances, non-redeeming shareholders may be treated as","page_number":7,"box":{"x":549,"y":245,"width":404,"height":11}},{"id":"603d325d-f494-41d3-aac9-bd1be3822bf5","block_type":"box","text":"receiving a disproportionately large taxable distribution during or","page_number":7,"box":{"x":549,"y":259,"width":415,"height":11}},{"id":"5c9b29a5-0844-4182-a7d8-6cd5c0f47869","block_type":"box","text":"with respect to such year. In some circumstances, the Fund may","page_number":7,"box":{"x":549,"y":273,"width":412,"height":11}},{"id":"e16b78c8-77cd-4cca-a722-fe6db2336a49","block_type":"box","text":"hold a relatively large proportion of its assets in cash in","page_number":7,"box":{"x":549,"y":287,"width":352,"height":11}},{"id":"13a70b20-1739-4fcf-ba3c-b25f22bc32c1","block_type":"box","text":"anticipation of large redemptions, diluting its investment returns.","page_number":7,"box":{"x":549,"y":302,"width":415,"height":10}},{"id":"9f85c529-e2a5-4a61-b0e3-701c5d5c6cda","block_type":"box","text":"These large redemptions may also force the Fund to sell portfolio","page_number":7,"box":{"x":549,"y":316,"width":416,"height":11}},{"id":"6871f4d1-27de-4c52-92a4-6349818b4033","block_type":"box","text":"securities or other assets when it might not otherwise do so,","page_number":7,"box":{"x":549,"y":330,"width":387,"height":11}},{"id":"1bbcf256-f578-40b7-95b0-44c28657e9dc","block_type":"box","text":"which may negatively impact the Fund’s NAV, increase the Fund’s","page_number":7,"box":{"x":549,"y":344,"width":419,"height":11}},{"id":"8137bd2f-2b8d-467a-95a0-240bf5204771","block_type":"box","text":"brokerage costs and/or have a material effect on the market","page_number":7,"box":{"x":549,"y":358,"width":389,"height":11}},{"id":"8c41ec7b-8fd2-48f6-a986-d9afdc6036da","block_type":"box","text":"price of Fund shares.","page_number":7,"box":{"x":549,"y":373,"width":133,"height":10}},{"id":"99aac593-aff7-40ea-8168-446095634c67","block_type":"box","text":"Management Risk","page_number":7,"box":{"x":549,"y":396,"width":123,"height":11}},{"id":"e72729c5-2a76-46f3-a96c-d0d871a8e710","block_type":"box","text":".","page_number":7,"box":{"x":672,"y":402,"width":2,"height":2}},{"id":"a814e59d-296d-40fa-adbf-f1a4ea1ff41d","block_type":"box","text":"The Fund generally does not attempt to take","page_number":7,"box":{"x":679,"y":396,"width":283,"height":11}},{"id":"cdfdb3ed-7268-4959-82d7-92310af0f100","block_type":"box","text":"defensive positions under any market conditions, including","page_number":7,"box":{"x":549,"y":410,"width":376,"height":11}},{"id":"2b0507f1-e5b4-47e5-bb43-c5b5559df7bd","block_type":"box","text":"declining markets. As the Fund will not fully replicate the","page_number":7,"box":{"x":549,"y":424,"width":362,"height":11}},{"id":"027ce382-c9c0-4bb7-8d40-d3f16022d85d","block_type":"box","text":"Underlying Index and may hold securities or other assets not","page_number":7,"box":{"x":550,"y":438,"width":387,"height":11}},{"id":"c7c1c9cc-60a7-4681-a4e9-d09fda9882d0","block_type":"box","text":"included in the Underlying Index, it is subject to the risk that the","page_number":7,"box":{"x":549,"y":453,"width":409,"height":10}},{"id":"31ce233c-0b82-424c-b76c-d9a8f8e617ed","block_type":"box","text":"investment strategy of BFA and the Sub-Adviser may not produce","page_number":7,"box":{"x":549,"y":467,"width":417,"height":11}},{"id":"2206af34-2669-4978-a40f-2c407a9daab1","block_type":"box","text":"the intended results. 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These","page_number":7,"box":{"x":549,"y":853,"width":360,"height":11}},{"id":"cee5fb08-268f-41a8-83ea-e5b580dbf822","block_type":"box","text":"deviations could result in premiums or discounts to the Fund’s","page_number":8,"box":{"x":83,"y":23,"width":398,"height":11}},{"id":"4875faba-0404-4545-b55e-13fadc2d39a2","block_type":"box","text":"NAV that may be greater than those experienced by other funds.","page_number":8,"box":{"x":84,"y":37,"width":410,"height":11}},{"id":"25b4e9d6-3d06-46a2-b6cf-ec2d1fe863ef","block_type":"box","text":"Non-Diversification Risk","page_number":8,"box":{"x":83,"y":60,"width":165,"height":9}},{"id":"cf1a1dc6-f323-4b4c-8a79-44bdd578d372","block_type":"box","text":".","page_number":8,"box":{"x":248,"y":67,"width":2,"height":2}},{"id":"10e5cac1-679a-4827-ab9e-f226e4694938","block_type":"box","text":"The Fund is classified as “non","page_number":8,"box":{"x":255,"y":60,"width":193,"height":9}},{"id":"9b707387-3be5-452c-a74b-d73ccad6bc40","block_type":"box","text":"diversified.” This means that, compared with funds that are","page_number":8,"box":{"x":83,"y":75,"width":377,"height":10}},{"id":"922c64fb-8832-4418-b9df-ea1e04f1177b","block_type":"box","text":"classified as “diversified,” the Fund may invest a greater","page_number":8,"box":{"x":83,"y":89,"width":358,"height":11}},{"id":"a945629c-6994-4dc7-be1a-bb754f9bbd59","block_type":"box","text":"percentage of its assets in securities or other instruments","page_number":8,"box":{"x":83,"y":103,"width":370,"height":11}},{"id":"7934b8f6-629e-45fe-a4c5-6e431a21eee0","block_type":"box","text":"representing a small number of issuers or counterparties and thus","page_number":8,"box":{"x":83,"y":117,"width":422,"height":11}},{"id":"cd886675-35a3-4c3b-9764-3eceb8a3a99b","block_type":"box","text":"may be more susceptible to the risks associated with these","page_number":8,"box":{"x":83,"y":131,"width":379,"height":11}},{"id":"02e7c4f0-744f-43ef-a0c1-1e3a0a19f9a5","block_type":"box","text":"particular issuers or counterparties. 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Foreign","page_number":8,"box":{"x":83,"y":353,"width":391,"height":11}},{"id":"1fc31bec-66fb-4dd3-b64f-bc61d73235fa","block_type":"box","text":"market trading hours, different clearing and settlement","page_number":8,"box":{"x":83,"y":367,"width":351,"height":11}},{"id":"f6eea0f7-32d7-41bf-a186-04321ef7eb67","block_type":"box","text":"procedures, and holiday schedules may limit the Fund’s ability to","page_number":8,"box":{"x":83,"y":382,"width":413,"height":10}},{"id":"1e524a88-43df-4d14-9c94-11c40758958e","block_type":"box","text":"engage in portfolio transactions. 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While the Fund’s service","page_number":8,"box":{"x":83,"y":532,"width":376,"height":11}},{"id":"b8c1b35e-90cf-4e49-9988-5b1248ebfb91","block_type":"box","text":"providers are required to have appropriate operational,","page_number":8,"box":{"x":83,"y":547,"width":350,"height":10}},{"id":"814f05a9-5619-44aa-a111-c97dae111766","block_type":"box","text":"information security and cybersecurity risk management policies","page_number":8,"box":{"x":83,"y":561,"width":414,"height":11}},{"id":"e69ce811-5610-474a-8deb-fe748065b046","block_type":"box","text":"and procedures, their methods of risk management may differ","page_number":8,"box":{"x":83,"y":575,"width":397,"height":11}},{"id":"e8bbb64a-6e79-4e4c-8b3a-5bb355806004","block_type":"box","text":"from those of the Fund. 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Any reduction in this trading may have an","page_number":8,"box":{"x":82,"y":683,"width":383,"height":11}},{"id":"fd587bba-5136-48b5-aca8-dd4060a3727e","block_type":"box","text":"adverse impact on the Fund’s investments. 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Fund","page_number":8,"box":{"x":549,"y":740,"width":366,"height":11}},{"id":"3ac32ad2-072b-42ec-8372-be8bfaf6e328","block_type":"box","text":"shareholders could also experience adverse tax consequences in","page_number":8,"box":{"x":549,"y":754,"width":415,"height":11}},{"id":"b3c3d45d-0904-47e8-ab5a-b70580f008e0","block_type":"box","text":"such circumstances.","page_number":8,"box":{"x":549,"y":768,"width":130,"height":9}},{"id":"7b04c3fb-6329-45f1-a6b7-56dcd2f5dbb0","block_type":"box","text":"S-6","page_number":8,"box":{"x":526,"y":920,"width":20,"height":9}},{"id":"aeb3d499-960b-40ec-9b38-5dd4881650ae","block_type":"box","text":"tend to represent a significant portion of the global economy and","page_number":8,"box":{"x":83,"y":806,"width":415,"height":10}},{"id":"947ca6b9-c3dd-46f5-8286-3d90aba8ae53","block_type":"box","text":"have generally experienced slower economic growth than some","page_number":8,"box":{"x":83,"y":820,"width":406,"height":11}},{"id":"2d14d08d-7621-4076-81c2-d9c2ae15df5b","block_type":"box","text":"less developed countries. Certain developed countries have","page_number":8,"box":{"x":83,"y":834,"width":381,"height":11}},{"id":"e4ab2953-a127-41ed-8547-669c3619ff42","block_type":"box","text":"experienced security concerns, such as war, terrorism and","page_number":8,"box":{"x":83,"y":848,"width":373,"height":11}},{"id":"88b7ee92-20e1-4c84-9a69-e1c8c31f49e4","block_type":"box","text":"strained international relations. Incidents involving a country’s or","page_number":8,"box":{"x":83,"y":862,"width":415,"height":11}},{"id":"ad044c47-3aaf-47cd-aeb5-3aa1414fa948","block_type":"box","text":"region’s security may cause uncertainty in its markets and may","page_number":8,"box":{"x":83,"y":877,"width":403,"height":10}},{"id":"4bcfd163-a45f-441b-be09-d3950baf809e","block_type":"box","text":"Tracking Error Risk","page_number":8,"box":{"x":550,"y":792,"width":128,"height":10}},{"id":"1d8f2ee8-f431-4516-90b2-1487557869a4","block_type":"box","text":".","page_number":8,"box":{"x":678,"y":798,"width":3,"height":2}},{"id":"72a6790c-a541-47a8-bc03-19377cf33192","block_type":"box","text":"The Fund may be subject to “tracking error,”","page_number":8,"box":{"x":686,"y":792,"width":284,"height":10}},{"id":"5f915ec8-7594-4673-af08-acdc6d3ceb5e","block_type":"box","text":"which is the divergence of the Fund’s performance from that of","page_number":8,"box":{"x":549,"y":806,"width":404,"height":11}},{"id":"ff079b16-f964-419d-8507-83e1118fd6fe","block_type":"box","text":"the Underlying Index. 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Until the Fund reaches greater scale, it may experience","page_number":9,"box":{"x":83,"y":264,"width":410,"height":11}},{"id":"52922553-4a97-4a36-8b76-eddcb4aee765","block_type":"box","text":"higher tracking error than is typical for similar index ETFs.","page_number":9,"box":{"x":83,"y":278,"width":368,"height":11}},{"id":"d4dae102-790d-4152-88a9-2de39fc7304c","block_type":"box","text":"Valuation Risk","page_number":9,"box":{"x":84,"y":302,"width":96,"height":8}},{"id":"f8ee1af8-b251-42f1-90a7-2fbaa27c6675","block_type":"box","text":".","page_number":9,"box":{"x":180,"y":308,"width":2,"height":2}},{"id":"e08f1d0d-9622-4281-8038-bd0eaa895cc4","block_type":"box","text":"The price that the Fund could receive upon the","page_number":9,"box":{"x":187,"y":302,"width":298,"height":10}},{"id":"add2f3d0-4d74-4c88-888f-ec316e8bcdd3","block_type":"box","text":"sale (or other disposition) of a security or other asset may differ","page_number":9,"box":{"x":83,"y":316,"width":408,"height":11}},{"id":"5f7b8c56-7b90-4601-a13e-03c77e8c60c1","block_type":"box","text":"from the Fund’s valuation of the security or other asset,","page_number":9,"box":{"x":82,"y":330,"width":356,"height":11}},{"id":"059e3a79-7042-4352-a061-1fe11560bd02","block_type":"box","text":"particularly for securities or other assets that trade in low volume","page_number":9,"box":{"x":549,"y":23,"width":418,"height":11}},{"id":"819ffe68-c692-48f0-9b2e-bd757a997ddd","block_type":"box","text":"or volatile markets or that are valued using a fair value","page_number":9,"box":{"x":549,"y":37,"width":347,"height":11}},{"id":"71cd2371-4416-4c1f-920e-f161f43eeb90","block_type":"box","text":"methodology. The price received by the Fund also may differ from","page_number":9,"box":{"x":549,"y":51,"width":418,"height":11}},{"id":"1a231568-0726-420a-92a8-679473623405","block_type":"box","text":"the value used by the Underlying Index. In addition, the value of","page_number":9,"box":{"x":549,"y":66,"width":406,"height":11}},{"id":"8427c95f-4510-4bf2-8fa6-1d45c0ffea5d","block_type":"box","text":"the securities or other assets in the Fund’s portfolio may change","page_number":9,"box":{"x":549,"y":80,"width":411,"height":11}},{"id":"050f8f21-e32a-4d03-a4c3-baf8a387aa31","block_type":"box","text":"on days or during time periods when investors are not able to","page_number":9,"box":{"x":549,"y":94,"width":392,"height":11}},{"id":"d9801e95-8b4d-48c0-950a-11eeee90ea27","block_type":"box","text":"purchase or sell Fund shares. Authorized Participants that create","page_number":9,"box":{"x":549,"y":108,"width":414,"height":11}},{"id":"66498cad-bcd2-45f0-9d4f-8a4225d5651e","block_type":"box","text":"or redeem Fund shares on days when the Fund is holding fair","page_number":9,"box":{"x":549,"y":122,"width":394,"height":11}},{"id":"e89d692d-28cb-44db-b099-2d98add117f0","block_type":"box","text":"valued securities or other assets may receive fewer or more","page_number":9,"box":{"x":548,"y":137,"width":383,"height":10}},{"id":"a1a3791b-3bfe-4e91-ac7c-f93f2ebe24b8","block_type":"box","text":"shares, or lower or higher redemption proceeds, than they would","page_number":9,"box":{"x":549,"y":151,"width":414,"height":11}},{"id":"b0931424-2b54-41a5-b46f-0f37dd8744e1","block_type":"box","text":"have received had the securities or other assets not been fair","page_number":9,"box":{"x":549,"y":165,"width":392,"height":8}},{"id":"8ed391db-3267-4c53-8d78-5fa0bdb4ac35","block_type":"box","text":"valued or been valued using a different methodology. The ability to","page_number":9,"box":{"x":548,"y":179,"width":425,"height":11}},{"id":"67e44b01-17eb-47ec-8c91-23d79fe4192f","block_type":"box","text":"value investments may be impacted by technological issues or","page_number":9,"box":{"x":548,"y":193,"width":400,"height":11}},{"id":"241f987e-3f71-4b29-ae65-f67c286c65b5","block_type":"box","text":"errors by pricing services or other third-party service providers.","page_number":9,"box":{"x":549,"y":208,"width":405,"height":10}},{"id":"e7af9594-ff95-4c82-b240-955c8e538a8c","block_type":"box","text":"S-7","page_number":9,"box":{"x":525,"y":920,"width":21,"height":9}},{"id":"26e77a24-c36a-438b-8fc0-56f04ba901df","block_type":"box","text":"Performance Information","page_number":10,"box":{"x":84,"y":22,"width":213,"height":11}},{"id":"6d30e66c-d25a-4890-8dad-7771748625bd","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication","page_number":10,"box":{"x":82,"y":48,"width":887,"height":10}},{"id":"155df427-f660-4433-93f0-8b0eb839ede5","block_type":"box","text":"of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another","page_number":10,"box":{"x":83,"y":62,"width":872,"height":11}},{"id":"af0994fa-9e18-41de-9f26-e7c8f1859b46","block_type":"box","text":"over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index and","page_number":10,"box":{"x":83,"y":76,"width":867,"height":11}},{"id":"fc7c64dd-0f88-45f4-b700-463fc6ecb716","block_type":"box","text":"the Underlying Index. Returns assume the reinvestment of any dividends and distributions. The Fund’s returns reflect the impact of any","page_number":10,"box":{"x":83,"y":90,"width":863,"height":11}},{"id":"fbf9b07b-76ca-457b-8c9f-9b4d22087f00","block_type":"box","text":"agreements to waive or reimburse expenses, which would reduce performance if not in effect. Past performance (before and after taxes)","page_number":10,"box":{"x":83,"y":104,"width":874,"height":11}},{"id":"40f585db-e7dc-4ab0-8236-750c64115a9b","block_type":"box","text":"does not necessarily indicate how the Fund will perform in the future. Updated performance information, including the Fund’s current NAV,","page_number":10,"box":{"x":83,"y":119,"width":888,"height":10}},{"id":"1735802e-26b8-4358-9d11-b8e5dbf14306","block_type":"box","text":"may be obtained by visiting www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":10,"box":{"x":83,"y":133,"width":652,"height":11}},{"id":"14649175-6840-417f-9773-becb48244dc6","block_type":"box","text":"Calendar Year-by-Year Returns","page_number":10,"box":{"x":422,"y":155,"width":212,"height":10}},{"id":"9b737c89-dae1-45dd-9d93-2977887240ad","block_type":"box","text":"80%","page_number":10,"box":{"x":332,"y":201,"width":21,"height":7}},{"id":"ae66529a-0f8b-4525-bd8c-4ba43d04a442","block_type":"box","text":"60%","page_number":10,"box":{"x":332,"y":226,"width":21,"height":7}},{"id":"6b6ae3f3-2fdb-4ec7-8285-62169a1c008f","block_type":"box","text":"40%","page_number":10,"box":{"x":332,"y":250,"width":21,"height":7}},{"id":"b4a57db3-a67a-418f-ab1e-85638d3ce3d3","block_type":"box","text":"20%","page_number":10,"box":{"x":332,"y":275,"width":21,"height":7}},{"id":"87e3201d-e1f2-48ae-abba-df36b16770b8","block_type":"box","text":"0%","page_number":10,"box":{"x":339,"y":299,"width":14,"height":7}},{"id":"6b694ec0-404a-406d-b6de-a07a67b97795","block_type":"box","text":"2","page_number":10,"box":{"x":458,"y":321,"width":6,"height":7}},{"id":"2bec3ec0-db83-459c-a887-90ff70cc83b9","block_type":"box","text":"0","page_number":10,"box":{"x":465,"y":321,"width":6,"height":7}},{"id":"7805602b-0f60-4fc9-9b11-b7ea68eaa324","block_type":"box","text":"2","page_number":10,"box":{"x":473,"y":321,"width":5,"height":7}},{"id":"70a56e03-f956-45a6-b478-2662a9a5ec76","block_type":"box","text":"4","page_number":10,"box":{"x":479,"y":321,"width":7,"height":7}},{"id":"41d6fb14-59c2-4738-8374-48f7f411374d","block_type":"box","text":"2","page_number":10,"box":{"x":594,"y":321,"width":5,"height":7}},{"id":"2774d1cd-cca0-4fca-a321-80b9c7c40458","block_type":"box","text":"0","page_number":10,"box":{"x":601,"y":321,"width":6,"height":7}},{"id":"2e039bd0-6fe2-4fd4-afd0-6e3cb49a43f8","block_type":"box","text":"2","page_number":10,"box":{"x":609,"y":321,"width":5,"height":7}},{"id":"39968521-ab44-4799-af34-99f29dc97add","block_type":"box","text":"5","page_number":10,"box":{"x":616,"y":321,"width":5,"height":7}},{"id":"426797a2-152c-4f14-9ef7-12056c2a5cf4","block_type":"box","text":"7.28%","page_number":10,"box":{"x":458,"y":282,"width":28,"height":6}},{"id":"57a12783-7c50-477e-a298-22272cbc1b36","block_type":"box","text":"53.83%","page_number":10,"box":{"x":591,"y":226,"width":33,"height":6}},{"id":"67047749-13d5-4055-9afa-68eec574f4cc","block_type":"box","text":"Return (%) Period Ended","page_number":10,"box":{"x":553,"y":348,"width":171,"height":9}},{"id":"1017a883-3667-415c-8d60-ca8ae9f3df9e","block_type":"box","text":"During the period shown in the chart:","page_number":10,"box":{"x":318,"y":366,"width":232,"height":9}},{"id":"0b32448a-041d-454b-afca-92524fe8ce18","block_type":"box","text":"Best Quarter","page_number":10,"box":{"x":331,"y":379,"width":72,"height":7}},{"id":"21f6447a-787a-4a7a-b4c8-653add6e7c1c","block_type":"box","text":"23.55% December 31, 2025","page_number":10,"box":{"x":564,"y":379,"width":175,"height":9}},{"id":"cffbe3eb-bfd9-4533-b5ce-697eeb602bc5","block_type":"box","text":"Worst Quarter","page_number":10,"box":{"x":330,"y":391,"width":80,"height":8}},{"id":"71b5d54a-29cf-48e1-90c2-59047adc2586","block_type":"box","text":"-7.40% December 31, 2024","page_number":10,"box":{"x":569,"y":392,"width":170,"height":8}},{"id":"95599289-ddc7-4bc8-adbc-9d792e3e04db","block_type":"box","text":"Average Annual Total Returns","page_number":10,"box":{"x":425,"y":420,"width":206,"height":11}},{"id":"698eb85b-387d-4b30-968c-6ffb8545b809","block_type":"box","text":"(for the periods ended December 31, 2025)","page_number":10,"box":{"x":378,"y":434,"width":301,"height":11}},{"id":"a43f469d-8b6c-4361-8a48-f7931c976289","block_type":"box","text":"One Year","page_number":10,"box":{"x":789,"y":464,"width":56,"height":7}},{"id":"04e36b8c-f625-4949-ab78-050a8af307cc","block_type":"box","text":"Since Fund","page_number":10,"box":{"x":866,"y":451,"width":67,"height":7}},{"id":"ec62b744-306f-4794-8e61-69604e3895a8","block_type":"box","text":"Inception","page_number":10,"box":{"x":871,"y":464,"width":57,"height":9}},{"id":"b209d724-487b-4ac3-8668-d4792af97aa6","block_type":"box","text":"(Inception Date: 9/26/2023)","page_number":10,"box":{"x":123,"y":482,"width":179,"height":9}},{"id":"ca91b0e4-9083-4d5d-bbd0-84c59c48a892","block_type":"box","text":"Return Before Taxes","page_number":10,"box":{"x":124,"y":493,"width":112,"height":8}},{"id":"3dbbcfde-ed06-4670-a304-1549dffeebdf","block_type":"box","text":"53.83% 26.93%","page_number":10,"box":{"x":796,"y":493,"width":124,"height":8}},{"id":"349e2c1a-aefc-41ca-adf3-ec48b9c523a5","block_type":"box","text":"Return After Taxes on Distributions","page_number":10,"box":{"x":124,"y":505,"width":197,"height":7}},{"id":"7759aed5-f3f8-4c65-8af3-c1edf3fde11b","block_type":"box","text":"45.19% 18.38%","page_number":10,"box":{"x":799,"y":505,"width":121,"height":7}},{"id":"615a5713-8eec-4f2b-ae42-a0480de499b1","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares","page_number":10,"box":{"x":124,"y":517,"width":339,"height":7}},{"id":"d991b89a-8e86-4de7-aeac-784e45ebea2f","block_type":"box","text":"31.49% 16.68%","page_number":10,"box":{"x":799,"y":517,"width":121,"height":7}},{"id":"3f9ff72a-485c-4b38-85f7-3a702f23e270","block_type":"box","text":"MSCI All Country World Index (Net)","page_number":10,"box":{"x":124,"y":528,"width":216,"height":10}},{"id":"4b279284-615d-49a9-b48c-c8a9ed33c39d","block_type":"box","text":"1,2","page_number":10,"box":{"x":343,"y":527,"width":11,"height":6}},{"id":"3ff35e21-8c28-428b-81f3-c82d2f036cf5","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes except","page_number":10,"box":{"x":360,"y":528,"width":394,"height":10}},{"id":"8672d4b1-9f22-45de-9912-82dabd36b055","block_type":"box","text":"for withholding taxes on reinvested dividends)","page_number":10,"box":{"x":136,"y":541,"width":261,"height":10}},{"id":"21b43afb-8bbd-449d-9421-520355bde85e","block_type":"box","text":"22.34% 23.18%","page_number":10,"box":{"x":797,"y":541,"width":123,"height":8}},{"id":"62f3bf6e-fcab-4976-9d4e-fdd2c59b40d0","block_type":"box","text":"54.12% 27.56%","page_number":10,"box":{"x":799,"y":566,"width":121,"height":7}},{"id":"c423398d-d841-4a31-b708-af3fb51b00c8","block_type":"box","text":"ICE BofA US Broad Market Index","page_number":10,"box":{"x":124,"y":577,"width":199,"height":8}},{"id":"3f9576d9-58d7-467b-a9ff-5cec11799509","block_type":"box","text":"2","page_number":10,"box":{"x":324,"y":576,"width":4,"height":4}},{"id":"f48f69a2-9330-48ec-835a-031e85b2a404","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes)","page_number":10,"box":{"x":334,"y":577,"width":356,"height":10}},{"id":"3ff4deca-fb12-457c-9f11-6d75bdb1bfc5","block_type":"box","text":"7.15% 6.66%","page_number":10,"box":{"x":809,"y":577,"width":111,"height":8}},{"id":"c1c470a2-52ea-415d-af31-f8ce0a842e11","block_type":"box","text":"1","page_number":10,"box":{"x":94,"y":611,"width":2,"height":4}},{"id":"dce61598-11b6-421d-b1b8-f4efefbb8475","block_type":"box","text":"Returns for net indices generally assume the reinvestment of dividends after the deduction of the maximum withholding tax in each country applicable","page_number":10,"box":{"x":102,"y":612,"width":855,"height":10}},{"id":"b2b0f9bf-6727-4641-8f39-7ee337c59cac","block_type":"box","text":"to","page_number":10,"box":{"x":962,"y":613,"width":10,"height":7}},{"id":"bef1b2e7-d605-410e-824d-3030e74d8c56","block_type":"box","text":"non-residents of the country as determined by the index provider. Such indices use withholding tax rates that are often at a higher rate than the rates t","page_number":10,"box":{"x":93,"y":625,"width":858,"height":10}},{"id":"db0c9e3d-2d59-4163-bd4e-d15c1522e90f","block_type":"box","text":"o","page_number":10,"box":{"x":952,"y":627,"width":6,"height":5}},{"id":"937396bd-8779-4583-8e43-7d1f3726c890","block_type":"box","text":"which the Fund is subject in each country, including for countries where the Fund is not subject to withholding taxes. When this is the case, index","page_number":10,"box":{"x":92,"y":638,"width":828,"height":9}},{"id":"32368e9b-5a35-4e0d-99a9-1cfcd268755c","block_type":"box","text":"performance will be lower than if the index used the Fund’s applicable withholding tax rates, if any.","page_number":10,"box":{"x":93,"y":651,"width":560,"height":9}},{"id":"f448d162-5c55-49be-9e11-c54cc956b7a6","block_type":"box","text":"2","page_number":10,"box":{"x":93,"y":668,"width":4,"height":4}},{"id":"9830b344-6ae6-46f2-904c-a09ae2c5422c","block_type":"box","text":"The Fund now compares its performance to the MSCI All Country World Index (Net) as it represents the broad global equity market and will no longer","page_number":10,"box":{"x":102,"y":669,"width":848,"height":9}},{"id":"e80391ed-3c6a-4891-8796-af240034481b","block_type":"box","text":"compare its performance to the ICE BofA US Broad Market Index.","page_number":10,"box":{"x":93,"y":682,"width":372,"height":9}},{"id":"27c953fc-74ab-45bf-92d0-10cf3e0facee","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not","page_number":10,"box":{"x":82,"y":735,"width":882,"height":11}},{"id":"e59418aa-96c6-4677-aa3b-383e1787c775","block_type":"box","text":"reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown,","page_number":10,"box":{"x":83,"y":749,"width":871,"height":11}},{"id":"8d2d4206-2213-4878-9838-5ea6d05d9838","block_type":"box","text":"and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements,","page_number":10,"box":{"x":83,"y":763,"width":860,"height":11}},{"id":"e108ac33-2943-413e-9178-9d134c89a03d","block_type":"box","text":"such as 401(k) plans or individual retirement accounts (“IRAs”). 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These","page_number":11,"box":{"x":549,"y":246,"width":420,"height":11}},{"id":"72b86b05-639f-47a6-aba6-64d236828250","block_type":"box","text":"payments may create a conflict of interest by influencing the","page_number":11,"box":{"x":549,"y":260,"width":387,"height":11}},{"id":"60d9f091-59f6-4598-9eaa-530e464b822d","block_type":"box","text":"broker-dealer or other intermediary and your salesperson to","page_number":11,"box":{"x":549,"y":275,"width":384,"height":10}},{"id":"864ae69b-cc83-490f-9693-2fcc85f439af","block_type":"box","text":"recommend the Fund over another investment. 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Mr. Montalvo, Mr. Mejzak, Ms. Armstrong and Mr. Peppo","page_number":11,"box":{"x":84,"y":141,"width":399,"height":11}},{"id":"343d22d7-435f-457e-845e-84f3536bfc38","block_type":"box","text":"have been Portfolio Managers of the Fund since 2025, 2023,","page_number":11,"box":{"x":83,"y":155,"width":387,"height":11}},{"id":"f9eb208c-4c43-41f5-a170-ee71f3b205b0","block_type":"box","text":"2025 and 2026, respectively.","page_number":11,"box":{"x":83,"y":169,"width":186,"height":11}},{"id":"b76609a9-9432-4bd7-8387-0004061c23d2","block_type":"box","text":"For more information visit www.iShares.com or call 1-800-474-2737","page_number":12,"box":{"x":234,"y":208,"width":592,"height":11}},{"id":"f1ae6212-098d-47c6-9c6f-9f345670c46c","block_type":"box","text":"Investment Company Act file No.: 811-22649","page_number":12,"box":{"x":112,"y":904,"width":319,"height":10}},{"id":"47fa5933-4e77-4db0-852a-c8961b11c220","block_type":"box","text":"IS-SP-ISTM","page_number":12,"box":{"x":90,"y":765,"width":7,"height":46}},{"id":"f0b7484d-0789-4f51-bd5e-83e9eb1232b0","block_type":"box","text":"Go paperless. . .","page_number":12,"box":{"x":152,"y":852,"width":132,"height":14}},{"id":"bef635a6-5999-4097-8e53-0eaa48719bb7","block_type":"box","text":"It’s Easy, Economical and Green!","page_number":12,"box":{"x":152,"y":868,"width":136,"height":7}},{"id":"df1e47cd-d8a1-41ab-ada6-2bdd8a2c2a37","block_type":"box","text":"Go to","page_number":12,"box":{"x":152,"y":878,"width":21,"height":5}},{"id":"c2e97b28-8be8-4c51-801f-27d2e9a0eaed","block_type":"box","text":"www.icsdelivery.com","page_number":12,"box":{"x":176,"y":878,"width":97,"height":7}},{"id":"cee139a4-fb19-43aa-bccc-0c468d62e373","block_type":"box","text":"0526","page_number":12,"box":{"x":90,"y":746,"width":7,"height":19}}],"unit":"per_mille","page_width":594,"page_height":774,"attributes":{"chunk_type":"page_range","start_page":1,"end_page":12}},"source":{"type":"Model","id":"github:dorsalhub/pdf-extractor","version":"0.5.0","execution_id":"88b937c8-0544-44cc-9be9-7f7e73373c66"},"user_id":1000002,"date_created":"2026-10-10T23:16:52.726000Z","date_modified":"2026-10-10T23:16:52.726000Z","private":false}