{"annotation_id":"c830192b-76bd-491b-a8fd-fa1adf749221","file_hash":"9eb857f544e39df6a8beb9e9b56ed528e317498175bd25a3378be7b886300b88","schema_id":"open/document-extraction","schema_version":"0.5.0","record":{"extraction_type":"boxes","producer":"pdf-extractor-v0.5.0","blocks":[{"id":"1359279e-3643-46fa-b6fc-baea3ae4c159","block_type":"box","text":"iShares Trust","page_number":1,"box":{"x":450,"y":69,"width":103,"height":10}},{"id":"8ff4e523-770c-4d52-a1dc-2730e2cd51d4","block_type":"box","text":"Supplement dated October 5, 2026","page_number":1,"box":{"x":367,"y":85,"width":269,"height":12}},{"id":"e69e75d5-7c9e-478e-87f1-615382953e35","block_type":"box","text":"to the currently effective Summary Prospectus, Prospectus,","page_number":1,"box":{"x":273,"y":100,"width":456,"height":13}},{"id":"1d2573d4-089c-406c-9059-70aa169feb68","block_type":"box","text":"and Statement of Additional Information (the “SAI”)","page_number":1,"box":{"x":302,"y":116,"width":400,"height":12}},{"id":"3f3773da-b216-41cf-81de-beef1037278f","block_type":"box","text":"for the iShares MSCI EAFE Growth ETF (EFG), iShares MSCI EAFE Value ETF (EFV), iShares MSCI USA","page_number":1,"box":{"x":123,"y":131,"width":757,"height":13}},{"id":"27d77661-2693-413a-bfac-869673552b56","block_type":"box","text":"Momentum Factor ETF (MTUM), iShares MSCI USA Quality Factor ETF (QUAL) and iShares U.S.","page_number":1,"box":{"x":144,"y":147,"width":716,"height":12}},{"id":"0298061a-79f4-4660-bd19-c5a6b9fd3dd7","block_type":"box","text":"Aerospace & Defense ETF (ITA) (each, a “Fund”)","page_number":1,"box":{"x":316,"y":162,"width":370,"height":13}},{"id":"31fff3aa-1500-474a-aa24-8f003ccc7731","block_type":"box","text":"The Board of Trustees of iShares Trust has authorized a forward stock split for each Fund at the ratio set","page_number":1,"box":{"x":116,"y":185,"width":760,"height":13}},{"id":"04ff47a5-929d-41ff-a97d-d5bc7364eae1","block_type":"box","text":"out below. The Creation Unit size for each Fund will remain unchanged, as set out below.","page_number":1,"box":{"x":116,"y":201,"width":649,"height":13}},{"id":"844754b7-1540-4f08-b4e9-5c89b9479531","block_type":"box","text":"Fund Name Ticker","page_number":1,"box":{"x":321,"y":228,"width":350,"height":10}},{"id":"d9fef436-81cc-42ee-8f03-2e4abe2d912c","block_type":"box","text":"Forward","page_number":1,"box":{"x":692,"y":222,"width":67,"height":10}},{"id":"d18e5829-fd90-4bb1-9891-a28d786a2892","block_type":"box","text":"Split Ratio","page_number":1,"box":{"x":684,"y":235,"width":82,"height":12}},{"id":"ca6b5663-5b5b-452b-ac75-f8b671d26817","block_type":"box","text":"Shares Per","page_number":1,"box":{"x":786,"y":222,"width":84,"height":10}},{"id":"0d44e749-676a-4e20-a217-8c5627172981","block_type":"box","text":"Creation Unit","page_number":1,"box":{"x":776,"y":235,"width":104,"height":9}},{"id":"6f9816d5-c1aa-475d-896e-2a38a71f7512","block_type":"box","text":"iShares MSCI EAFE Growth ETF EFG 3:1 400,000","page_number":1,"box":{"x":123,"y":255,"width":737,"height":12}},{"id":"1deade9c-d299-4e30-9728-ad99a2c9597d","block_type":"box","text":"iShares MSCI EAFE Value ETF EFV 2:1 400,000","page_number":1,"box":{"x":123,"y":278,"width":737,"height":12}},{"id":"de76d89d-9f28-416b-a83f-58df3eecc013","block_type":"box","text":"iShares MSCI USA Momentum Factor ETF MTUM 4:1 50,000","page_number":1,"box":{"x":123,"y":302,"width":733,"height":11}},{"id":"66120c86-08b3-4199-8811-9921ed3e74dc","block_type":"box","text":"iShares MSCI USA Quality Factor ETF QUAL 4:1 50,000","page_number":1,"box":{"x":123,"y":325,"width":733,"height":13}},{"id":"19ddb762-fe17-4b30-afe4-45077961335b","block_type":"box","text":"iShares U.S. Aerospace & Defense ETF ITA 3:1 50,000","page_number":1,"box":{"x":123,"y":348,"width":733,"height":13}},{"id":"df696087-760c-439f-808e-909274fc61b4","block_type":"box","text":"The record date for the forward stock split will be November 3, 2026 and the stock split will be payable","page_number":1,"box":{"x":116,"y":379,"width":749,"height":13}},{"id":"f50479cd-0d9e-4184-88bf-e6ae15b6f18a","block_type":"box","text":"after the close of trading on November 4, 2026, the payable date. Shares of each Fund will begin trading","page_number":1,"box":{"x":116,"y":395,"width":758,"height":12}},{"id":"ed625234-3e47-4652-b39c-221ff3902e5a","block_type":"box","text":"on a split-adjusted basis on November 5, 2026, the ex-date.","page_number":1,"box":{"x":116,"y":410,"width":436,"height":13}},{"id":"fdb6bcc5-0758-4700-9546-406545b0dacc","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":433,"width":521,"height":13}},{"id":"42fecba1-3c91-4ed3-b4d6-50e679796ef0","block_type":"box","text":"iShares","page_number":1,"box":{"x":117,"y":869,"width":40,"height":8}},{"id":"ec9ac208-e8f5-40e3-a134-909d570e9f7b","block_type":"box","text":"®","page_number":1,"box":{"x":158,"y":869,"width":8,"height":5}},{"id":"494d899b-c9f7-4eeb-82f6-7730bda029f1","block_type":"box","text":"is a registered trademark of BlackRock Fund Advisors and its affiliates.","page_number":1,"box":{"x":170,"y":869,"width":406,"height":10}},{"id":"36478a8c-2c7e-4368-b50d-4860c9620329","block_type":"box","text":"IS-A-FS-1026","page_number":1,"box":{"x":805,"y":887,"width":78,"height":8}},{"id":"e98bda61-0e34-427d-bb2e-907ea0679e74","block_type":"box","text":"PLEASE RETAIN THIS SUPPLEMENT","page_number":1,"box":{"x":368,"y":911,"width":265,"height":9}},{"id":"27f691e3-501b-4b4a-a69e-0eaea49a33d4","block_type":"box","text":"FOR FUTURE REFERENCE","page_number":1,"box":{"x":407,"y":926,"width":186,"height":10}},{"id":"3ff7d48b-87eb-4936-96cf-035ca7f4dab8","block_type":"box","text":"[THIS PAGE INTENTIONALLY LEFT BLANK]","page_number":2,"box":{"x":390,"y":309,"width":268,"height":11}},{"id":"9881be1b-4e66-4225-a7ca-548da8d8fa53","block_type":"box","text":"[THIS PAGE INTENTIONALLY LEFT BLANK]","page_number":3,"box":{"x":390,"y":309,"width":268,"height":11}},{"id":"55b83fea-c8ec-4f67-9a66-712cf0afbcfb","block_type":"box","text":"[THIS PAGE INTENTIONALLY LEFT BLANK]","page_number":4,"box":{"x":390,"y":309,"width":268,"height":11}},{"id":"da962cae-e4f3-4260-b403-bf4380faa88a","block_type":"box","text":"iShares Trust","page_number":5,"box":{"x":450,"y":69,"width":103,"height":10}},{"id":"7a99eefd-2adc-4546-928d-fe5747b74c37","block_type":"box","text":"Supplement dated August 4, 2026","page_number":5,"box":{"x":370,"y":85,"width":263,"height":12}},{"id":"77e79dc5-ff13-490d-a0c2-141de20f2b0a","block_type":"box","text":"to the currently effective Summary Prospectus, Prospectus and","page_number":5,"box":{"x":259,"y":100,"width":484,"height":13}},{"id":"a72e090b-4eaf-42ca-bea5-d8f4fc9bb63f","block_type":"box","text":"Statement of Additional Information (the “SAI”) for the","page_number":5,"box":{"x":290,"y":116,"width":423,"height":12}},{"id":"5852817e-7afe-47eb-9612-b33167513246","block_type":"box","text":"iShares MSCI USA Value Factor ETF (VLUE)","page_number":5,"box":{"x":339,"y":131,"width":326,"height":13}},{"id":"aa2796cf-a64c-49b0-8999-c8dff3ea2b68","block_type":"box","text":"(the “Fund”)","page_number":5,"box":{"x":453,"y":147,"width":98,"height":12}},{"id":"11e04cf8-07bd-4e5a-87ea-5a058ad98d4e","block_type":"box","text":"The following changes to the Fund’s Prospectus, Summary Prospectus and SAI will take effect on","page_number":5,"box":{"x":116,"y":170,"width":710,"height":13}},{"id":"cd5ea732-1bee-4be5-b9f3-42f446ce676f","block_type":"box","text":"September 1, 2026:","page_number":5,"box":{"x":116,"y":185,"width":146,"height":13}},{"id":"b1724172-1c12-4240-b293-401c13f09fdc","block_type":"box","text":"1) The second paragraph of the “Principal Investment Strategies” section of the Prospectus and","page_number":5,"box":{"x":118,"y":209,"width":733,"height":12}},{"id":"f2340f24-30d1-422b-9ff0-67d4fd93fcf4","block_type":"box","text":"Summary Prospectus is deleted in its entirety and replaced with the following:","page_number":5,"box":{"x":150,"y":224,"width":588,"height":13}},{"id":"9585ca92-d80e-4bca-a6b2-d67e64d8ddc3","block_type":"box","text":"To construct the Underlying Index, the Index Provider calculates a “value score” for each security in the","page_number":5,"box":{"x":116,"y":247,"width":752,"height":13}},{"id":"d2306789-cfbe-4adc-befc-66ff95ddc620","block_type":"box","text":"Parent Index using three variables: price-to-book value, price-to-forward earnings and enterprise","page_number":5,"box":{"x":117,"y":263,"width":705,"height":13}},{"id":"01d20778-e2e5-4f5f-86c9-ca67a4d259bf","block_type":"box","text":"value-to-cash flow from operations. MSCI assigns weights by multiplying a component’s value score by","page_number":5,"box":{"x":116,"y":278,"width":755,"height":13}},{"id":"daa28e2f-05da-4b2e-a7cd-900f3391d77d","block_type":"box","text":"its market capitalization. Weights in the Underlying Index are next normalized so that sectors in the","page_number":5,"box":{"x":117,"y":294,"width":721,"height":13}},{"id":"2e8627a6-ace2-4576-aaf5-92e6c7da3b6a","block_type":"box","text":"Underlying Index represent the same weight as in the Parent Index. On a month-end basis, the Index","page_number":5,"box":{"x":117,"y":309,"width":731,"height":13}},{"id":"f225a069-a417-44e8-ae14-a6abcf1ccc5a","block_type":"box","text":"Provider applies a 25% cap to the weight of any single issuer. If an issuer’s weight on the monitoring date","page_number":5,"box":{"x":117,"y":325,"width":768,"height":13}},{"id":"1ebb134e-3b6f-4b0b-b05c-83b1d6ed9158","block_type":"box","text":"is greater than 25%, it will be reduced to 20%, with the excess weight redistributed proportionately","page_number":5,"box":{"x":117,"y":340,"width":723,"height":13}},{"id":"d2d688b1-9a46-4175-a1eb-9af9371b01ee","block_type":"box","text":"among the other index constituents, effective the following trading day.","page_number":5,"box":{"x":116,"y":356,"width":524,"height":13}},{"id":"2e92b3da-acf0-428d-b2e6-16b5f768e7a5","block_type":"box","text":"MSCI uses an algorithm to determine the number of components in the Underlying Index based on the","page_number":5,"box":{"x":117,"y":379,"width":748,"height":13}},{"id":"c9a9dff5-9d01-458f-8d0e-1261d7ec5e7b","block_type":"box","text":"number of constituents in the Parent Index. The number of components is evaluated semi-annually.","page_number":5,"box":{"x":117,"y":395,"width":728,"height":12}},{"id":"06f27104-240b-40fc-8466-d5a10919f6e0","block_type":"box","text":"2) In the “MSCI Indexes” section of the SAI, the following is added to the Index Description for the","page_number":5,"box":{"x":117,"y":418,"width":752,"height":13}},{"id":"a30371d5-da3f-45d7-91b4-29c8f8c0ef4d","block_type":"box","text":"MSCI USA Enhanced Value Index:","page_number":5,"box":{"x":150,"y":433,"width":255,"height":10}},{"id":"d33ba007-70ca-441d-b2a1-d54ff393a14a","block_type":"box","text":"On a month-end basis, the Index Provider applies a 25% ca","page_number":5,"box":{"x":116,"y":457,"width":419,"height":12}},{"id":"671fc214-602c-4386-9447-8c3afe7c3ab9","block_type":"box","text":"p to the weight of any single issuer. If an issuer’s","page_number":5,"box":{"x":536,"y":457,"width":346,"height":12}},{"id":"b8e1a313-b819-4252-9498-414c6927870e","block_type":"box","text":"weight on the monitoring date is greater than 25%","page_number":5,"box":{"x":116,"y":472,"width":360,"height":13}},{"id":"e9df0037-621e-435a-afd6-d219b8c603be","block_type":"box","text":", it will be reduced to 20%, with the excess weight","page_number":5,"box":{"x":478,"y":472,"width":357,"height":13}},{"id":"82d1f752-9b9e-455f-b0db-4527e478186b","block_type":"box","text":"redistributed proportionately among the other inde","page_number":5,"box":{"x":117,"y":488,"width":361,"height":12}},{"id":"f8fc9ca2-4c3a-4256-a580-8206e09b503f","block_type":"box","text":"x constituents, effective the following trading day.","page_number":5,"box":{"x":479,"y":488,"width":358,"height":12}},{"id":"3f8313bc-7f16-4d80-a43a-71d66e0f8e51","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":511,"width":521,"height":13}},{"id":"6fc146c2-437c-4bb7-b46d-10183c3ce222","block_type":"box","text":"iShares","page_number":5,"box":{"x":117,"y":869,"width":40,"height":8}},{"id":"f3778aa5-eb62-4a06-b8aa-4bfdd8e06967","block_type":"box","text":"®","page_number":5,"box":{"x":158,"y":869,"width":8,"height":5}},{"id":"a82751a9-993c-474c-b560-e351453723cf","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":"38a31bee-2824-46e8-8988-60101189c1a9","block_type":"box","text":"IS-A-VLUE-0826","page_number":5,"box":{"x":788,"y":887,"width":95,"height":8}},{"id":"1d451e58-5f17-4d91-89a0-c4be704712df","block_type":"box","text":"PLEASE RETAIN THIS SUPPLEMENT","page_number":5,"box":{"x":368,"y":911,"width":265,"height":9}},{"id":"912ee433-b028-49d0-abf0-350dc253ca56","block_type":"box","text":"FOR FUTURE REFERENCE","page_number":5,"box":{"x":407,"y":926,"width":186,"height":10}},{"id":"21fe28db-98da-446b-bf0c-57cd1ee13fb9","block_type":"box","text":"iShares","page_number":6,"box":{"x":420,"y":71,"width":128,"height":24}},{"id":"c7aee1bd-e2e2-47f9-8cb0-347aed34e434","block_type":"box","text":"®","page_number":6,"box":{"x":551,"y":70,"width":23,"height":17}},{"id":"7d221d2e-1517-4508-b02a-0050b1855595","block_type":"box","text":"iShares Trust and iShares, Inc.","page_number":6,"box":{"x":386,"y":108,"width":232,"height":12}},{"id":"c254383e-b192-464b-87cb-03fa04d0bd90","block_type":"box","text":"Supplement dated May 26, 2026","page_number":6,"box":{"x":377,"y":123,"width":249,"height":13}},{"id":"3002baaa-a735-49c4-aff8-b04efce40808","block_type":"box","text":"to the currently effective Summary Prospectus, Prospectus, and","page_number":6,"box":{"x":257,"y":139,"width":488,"height":13}},{"id":"7e3a4348-12af-4e45-8f54-a3ff5a4699b1","block_type":"box","text":"Statement of Additional Information (the “SAI”)","page_number":6,"box":{"x":318,"y":154,"width":368,"height":13}},{"id":"999422c7-baa0-4488-8691-39c337c696e1","block_type":"box","text":"for the iShares MSCI USA Value Factor ETF (VLUE) and","page_number":6,"box":{"x":294,"y":170,"width":415,"height":13}},{"id":"ef0463ce-bd07-44d3-adc8-c153b86189fa","block_type":"box","text":"the iShares ESG Aware MSCI EM ETF (ESGE) (each a “Fund”)","page_number":6,"box":{"x":273,"y":185,"width":457,"height":13}},{"id":"ccf2c475-86ec-4393-b2ce-76408d780385","block_type":"box","text":"Each Fund is updating its investment policy to indicate that it intends to be “diversified,” as defined under","page_number":6,"box":{"x":117,"y":209,"width":767,"height":12}},{"id":"f890ba07-d4be-4df5-ab53-8d7dee5ae2a9","block_type":"box","text":"the Investment Company Act of 1940, as amended (the “1940 Act”), in approximately the same","page_number":6,"box":{"x":116,"y":224,"width":700,"height":13}},{"id":"8c25fe71-2c3b-42ef-ae95-53ca268bac42","block_type":"box","text":"proportion as its Underlying Index is diversified. Shareholder approval will not be sought if a Fund crosses","page_number":6,"box":{"x":116,"y":240,"width":768,"height":12}},{"id":"6d41bc2a-e84b-4787-a249-4da03bb6e71b","block_type":"box","text":"from diversified to non-diversified status due solely to a change in the relative market capitalization or","page_number":6,"box":{"x":116,"y":255,"width":743,"height":13}},{"id":"69ed4d28-9daa-4f53-a5a5-f86611c70508","block_type":"box","text":"index weighting of the constituents of its Underlying Index.","page_number":6,"box":{"x":117,"y":271,"width":431,"height":12}},{"id":"250ecec5-3125-4708-aef4-00d40f0f9b86","block_type":"box","text":"Accordingly, the following changes are effective immediately:","page_number":6,"box":{"x":116,"y":294,"width":450,"height":13}},{"id":"d72c3c9f-7813-43a1-9a9f-f5d9227b9955","block_type":"box","text":"1. The following is added after the Industry Concentration Policy at the end of the sections entitled","page_number":6,"box":{"x":135,"y":317,"width":732,"height":13}},{"id":"c9cfc232-3090-4aea-bb38-6f5ac16a9f51","block_type":"box","text":"“Principal Investment Strategies” of the Summary Prospectus and Prospectus of each Fund:","page_number":6,"box":{"x":167,"y":333,"width":669,"height":12}},{"id":"168ec21a-a004-46a9-93c6-751f6ad538af","block_type":"box","text":"Diversification Policy.","page_number":6,"box":{"x":167,"y":356,"width":169,"height":13}},{"id":"c2c310d0-de30-4cf2-84fd-add9091a0eb0","block_type":"box","text":"The Fund intends to be diversified in approximately the same proportion as","page_number":6,"box":{"x":336,"y":356,"width":549,"height":13}},{"id":"28adc312-e234-498a-93b7-3467cd06d7ab","block_type":"box","text":"the Underlying Index is diversified. The Fund may become “non-diversified,” as defined under the","page_number":6,"box":{"x":166,"y":371,"width":709,"height":13}},{"id":"5e4ab8a6-8ba5-4573-9c3b-706fc094a6c8","block_type":"box","text":"1940 Act, solely as a result of a change in relative market capitalization or index weighting of one","page_number":6,"box":{"x":168,"y":387,"width":706,"height":13}},{"id":"85cbae42-5965-47fd-b892-b3f55c3e4ec4","block_type":"box","text":"or more constituents of the Underlying Index. Shareholder approval will not be sought if the Fund","page_number":6,"box":{"x":167,"y":402,"width":710,"height":13}},{"id":"01a9ddb4-68f5-43ec-98f1-05845f209499","block_type":"box","text":"becomes “non-diversified” due solely to a change in the relative market capitalization or index","page_number":6,"box":{"x":167,"y":418,"width":685,"height":13}},{"id":"577d3a83-854b-4731-918a-b0d1ec27836c","block_type":"box","text":"weighting of one or more constituents of the Underlying Index. The Fund discloses its portfolio","page_number":6,"box":{"x":166,"y":433,"width":692,"height":13}},{"id":"3655f613-0112-43b2-968e-6bd929cd7bb7","block_type":"box","text":"holdings and weightings at www.iShares.com.","page_number":6,"box":{"x":167,"y":449,"width":340,"height":13}},{"id":"e1ed8d19-97bc-404c-8456-bf029b7b14b1","block_type":"box","text":"2. The following is added to the sections entitled “Summary of Principal Risks” in the Summary","page_number":6,"box":{"x":133,"y":472,"width":708,"height":13}},{"id":"95f66cc3-7d08-4338-9355-278a42dc98b4","block_type":"box","text":"Prospectus and Prospectus of each Fund:","page_number":6,"box":{"x":168,"y":488,"width":303,"height":12}},{"id":"64016cf7-9f15-4734-a2df-a784dd472212","block_type":"box","text":"Non-Diversification Risk.","page_number":6,"box":{"x":167,"y":511,"width":189,"height":10}},{"id":"616ff481-4110-4e32-ab4c-59f20c0e72d6","block_type":"box","text":"To the extent the Fund is non-diversified, the Fund may invest a large","page_number":6,"box":{"x":356,"y":511,"width":512,"height":13}},{"id":"d4983897-a635-493c-81e4-083714d1b535","block_type":"box","text":"percentage of its assets in securities or other instruments representing a small number of issuers","page_number":6,"box":{"x":167,"y":526,"width":705,"height":13}},{"id":"59475d57-f015-4ec1-a60f-f07c44a4f586","block_type":"box","text":"or counterparties and thus may be more susceptible to the risks associated with these particular","page_number":6,"box":{"x":167,"y":542,"width":702,"height":13}},{"id":"0079f8c4-f617-4d8c-bdb8-f31ee3fe2697","block_type":"box","text":"issuers or counterparties. As a result, the Fund’s performance may depend to a greater extent on","page_number":6,"box":{"x":167,"y":557,"width":705,"height":13}},{"id":"f3b98ed7-a943-4b43-9424-acb3bb28cbfb","block_type":"box","text":"the performance of a small number of issuers or counterparties, which may lead to more volatility","page_number":6,"box":{"x":166,"y":573,"width":714,"height":13}},{"id":"4f7ea4ef-eb7f-4045-bbad-7429b698c185","block_type":"box","text":"in the Fund’s NAV.","page_number":6,"box":{"x":167,"y":589,"width":138,"height":9}},{"id":"28e73189-4723-4c7b-801e-517b2059fcdf","block_type":"box","text":"3. In the tables under the section entitled “Additional Information About the Funds’ Risks” in the","page_number":6,"box":{"x":133,"y":612,"width":717,"height":10}},{"id":"a6dd24f2-068f-4e62-8cf1-3a3a579581bd","block_type":"box","text":"Prospectus of each Fund, Non-Diversification Risk is added as a row for the iShares MSCI USA","page_number":6,"box":{"x":168,"y":627,"width":683,"height":13}},{"id":"96d4956a-a9ff-4f44-b9b8-93fbcd1fae49","block_type":"box","text":"Value Factor ETF and checked as a Principal Risk for each Fund.","page_number":6,"box":{"x":166,"y":643,"width":461,"height":12}},{"id":"de063521-a9e9-4727-96b5-88a6030374ec","block_type":"box","text":"4. The following is added after Momentum Securities Risk in the section entitled “Additional","page_number":6,"box":{"x":133,"y":666,"width":681,"height":13}},{"id":"1bf81fed-cbc3-443c-9d15-e3cb39c12913","block_type":"box","text":"Information About the Funds’ Risks” in the Prospectus of the iShares MSCI USA Value Factor ETF:","page_number":6,"box":{"x":168,"y":682,"width":704,"height":12}},{"id":"27ace86c-de57-49ac-af34-8fa47530b165","block_type":"box","text":"Non-Diversification Risk.","page_number":6,"box":{"x":167,"y":705,"width":189,"height":10}},{"id":"c4d5b449-be2f-434a-8940-d7cd1aab934d","block_type":"box","text":"A Fund that is classified as “non-diversified” may invest a greater","page_number":6,"box":{"x":361,"y":705,"width":471,"height":12}},{"id":"ee80e280-5a9e-4dd9-8c07-20b1c8c98610","block_type":"box","text":"percentage of its assets in securities or other instruments representing a small number of issuers","page_number":6,"box":{"x":167,"y":720,"width":700,"height":13}},{"id":"cb0e5aee-8e22-4159-a3fa-1980f480288b","block_type":"box","text":"or counterparties, compared with funds that are classified as “diversified.” A non-diversified Fund","page_number":6,"box":{"x":167,"y":736,"width":705,"height":12}},{"id":"a9150e98-7539-4bdc-9fa5-60e59ed3d4e8","block_type":"box","text":"thus may be more susceptible to the risks associated with these particular issuers or","page_number":6,"box":{"x":166,"y":751,"width":611,"height":13}},{"id":"63ff4d07-021e-4d26-88ba-f57a231db53c","block_type":"box","text":"counterparties. The gains and losses on such holdings may have a greater impact on a","page_number":6,"box":{"x":167,"y":767,"width":626,"height":12}},{"id":"7945f2d9-3e98-488c-8a94-726e9ff83b0b","block_type":"box","text":"non-diversified Fund’s performance than they would on the performance of a diversified Fund,","page_number":6,"box":{"x":167,"y":782,"width":684,"height":13}},{"id":"623de9bc-8a21-4016-b081-365bd4965959","block_type":"box","text":"and a non-diversified Fund’s NAV may be more volatile.","page_number":6,"box":{"x":167,"y":798,"width":402,"height":12}},{"id":"65e016fc-3038-4bc4-b31f-79f4310809e5","block_type":"box","text":"5. For the iShares ESG Aware MSCI EM ETF, in the section entitled “Diversification Status” of the SAI","page_number":6,"box":{"x":133,"y":821,"width":739,"height":12}},{"id":"08397b9b-e545-46e2-be7f-3299ea509cb1","block_type":"box","text":"of the Fund:","page_number":6,"box":{"x":167,"y":837,"width":91,"height":10}},{"id":"e79f32a1-08f6-410f-ab7a-85287c1ca1f0","block_type":"box","text":"a. an asterisk (*) is added after the Fund’s name in the diversification status table and the","page_number":6,"box":{"x":184,"y":860,"width":667,"height":12}},{"id":"3ca90938-32c2-4672-966d-e547322760be","block_type":"box","text":"name of the Fund is added in alphabetical order to the funds listed in the corresponding","page_number":6,"box":{"x":218,"y":875,"width":640,"height":13}},{"id":"2ea215ce-a9b6-4fd7-a10d-65a169d0bd8b","block_type":"box","text":"footnote.","page_number":6,"box":{"x":217,"y":891,"width":70,"height":10}},{"id":"12eafaea-ac2e-454d-a3e7-dd6071e86a4a","block_type":"box","text":"b. the last sentence of the first paragraph following the diversification status table of the","page_number":7,"box":{"x":184,"y":69,"width":658,"height":13}},{"id":"73ea1eb7-d742-4419-8c0b-3ec7626ebf97","block_type":"box","text":"section entitled “Diversification Status” of the SAI of the Fund is deleted in its entirety and","page_number":7,"box":{"x":217,"y":85,"width":654,"height":12}},{"id":"5e5d9922-5e03-49f4-b11e-b6d450ab2132","block_type":"box","text":"replaced with the following:","page_number":7,"box":{"x":218,"y":100,"width":205,"height":13}},{"id":"95cf7f93-b41d-4620-80c6-331bf4001fb0","block_type":"box","text":"Š","page_number":7,"box":{"x":185,"y":126,"width":9,"height":6}},{"id":"ad314db2-9fbc-4ed8-9278-e574ef7bb5e2","block_type":"box","text":"However, while the","page_number":7,"box":{"x":218,"y":123,"width":138,"height":12}},{"id":"7c33e3c3-68a3-4b2a-9367-c4b2597df749","block_type":"box","text":"iShares Core MSCI Emerging Markets ETF, iShares ESG Aware MSCI EM","page_number":7,"box":{"x":361,"y":123,"width":522,"height":13}},{"id":"3a881567-ae70-45c5-9350-8bc5e9118239","block_type":"box","text":"ETF, iShares MSCI BIC ETF and iShares MSCI Emerging Markets ETF are classified as","page_number":7,"box":{"x":218,"y":139,"width":611,"height":13}},{"id":"558a728c-487c-4c02-a828-03faea87ce2a","block_type":"box","text":"“diversified,” under applicable no-action relief from the SEC staff, the funds may become","page_number":7,"box":{"x":218,"y":154,"width":646,"height":13}},{"id":"cc35e528-7827-48bf-ad88-a62e4f714024","block_type":"box","text":"non-diversified, as defined under the 1940 Act, solely as a result of a change in relative","page_number":7,"box":{"x":218,"y":170,"width":631,"height":13}},{"id":"da0c3762-d6ea-4061-b145-7eba30dee181","block_type":"box","text":"market capitalization or index weighting of one or more constituents of its Underlying","page_number":7,"box":{"x":218,"y":185,"width":625,"height":13}},{"id":"20359111-69e5-4dc8-9cf5-b5ff9e58e49e","block_type":"box","text":"Index, and such a change does not require shareholder approval.","page_number":7,"box":{"x":218,"y":201,"width":473,"height":13}},{"id":"3a607e0a-016d-4816-9064-c0227c95b488","block_type":"box","text":"6. 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REFERENCE","page_number":7,"box":{"x":407,"y":926,"width":186,"height":10}},{"id":"754db945-46d2-41c6-b512-431ea36b28a2","block_type":"box","text":"iShares","page_number":8,"box":{"x":423,"y":71,"width":128,"height":24}},{"id":"4b75fc55-e40b-46cc-86e6-d1c5692989e0","block_type":"box","text":"®","page_number":8,"box":{"x":554,"y":70,"width":23,"height":17}},{"id":"31b3cf7f-3d62-4d70-b729-ef33d991682a","block_type":"box","text":"iShares Trust","page_number":8,"box":{"x":450,"y":107,"width":103,"height":10}},{"id":"654b66e5-a4e9-473d-99c0-b6bf4420d80c","block_type":"box","text":"Supplement dated March 18, 2026","page_number":8,"box":{"x":369,"y":121,"width":265,"height":12}},{"id":"84028a8a-c014-47ba-8575-939b381224e1","block_type":"box","text":"to the currently effective Summary Prospectus,","page_number":8,"box":{"x":320,"y":135,"width":362,"height":13}},{"id":"d4cc35ff-f94a-452b-8942-2dfdf742c4ca","block_type":"box","text":"Prospectus, and Statement of Additional Information (the “SAI”)","page_number":8,"box":{"x":256,"y":149,"width":492,"height":13}},{"id":"a0afab42-c833-44ac-a7a5-e636fbd78ba0","block_type":"box","text":"for the iShares MSCI USA Quality Factor ETF (QUAL) (the “Fund”)","page_number":8,"box":{"x":252,"y":163,"width":498,"height":13}},{"id":"ab6ba24d-3c6d-4e63-811d-4af65de573b7","block_type":"box","text":"The Fund is updating its investment policy to indicate that it intends to be “diversified,” as defined under","page_number":8,"box":{"x":116,"y":185,"width":761,"height":13}},{"id":"8dea2f0d-3b37-45c3-978e-8c73c7b7dc97","block_type":"box","text":"the Investment Company Act of 1940, as amended (the “1940 Act”), in approximately the same","page_number":8,"box":{"x":116,"y":199,"width":700,"height":13}},{"id":"83ecbd9f-aeb2-475a-80a1-e65a62abac7a","block_type":"box","text":"proportion as its Underlying Index is diversified. Shareholder approval will not be sought if the Fund","page_number":8,"box":{"x":116,"y":214,"width":724,"height":12}},{"id":"e445076d-b6f0-4ac0-bd58-5183a401e778","block_type":"box","text":"crosses from diversified to non-diversified status due solely to a change in the relative market","page_number":8,"box":{"x":116,"y":228,"width":681,"height":13}},{"id":"e2b4211e-726f-4017-91ef-bff0ae258f74","block_type":"box","text":"capitalization or index weighting of the constituents of its Underlying Index.","page_number":8,"box":{"x":116,"y":242,"width":552,"height":13}},{"id":"c96f0fea-533f-4c78-88d0-b0b68dbc9d19","block_type":"box","text":"Accordingly, the following changes are effective on March 31, 2026:","page_number":8,"box":{"x":116,"y":264,"width":499,"height":13}},{"id":"35ab76b6-7257-4e39-99e3-8a148bdbe6ea","block_type":"box","text":"1. The following is added after the Industry Concentration Policy at the end of the section entitled","page_number":8,"box":{"x":118,"y":286,"width":725,"height":13}},{"id":"1ab2f6c5-e57a-4910-95aa-1707a02fd596","block_type":"box","text":"“Principal Investment Strategies” of the Summary Prospectus and Prospectus of the Fund:","page_number":8,"box":{"x":150,"y":300,"width":658,"height":13}},{"id":"2bda4f03-e5b4-499f-862b-c49cd6515662","block_type":"box","text":"Diversification Policy.","page_number":8,"box":{"x":151,"y":322,"width":168,"height":13}},{"id":"6c5544f7-e457-428a-9154-c2f73bc0c3f7","block_type":"box","text":"The Fund intends to be diversified in approximately the same proportion as","page_number":8,"box":{"x":319,"y":322,"width":550,"height":13}},{"id":"2deb2133-a317-45f7-ae31-44e694f8efd1","block_type":"box","text":"the Underlying Index is diversified. The Fund may become “non-diversified,” as defined under the","page_number":8,"box":{"x":149,"y":336,"width":709,"height":13}},{"id":"a304e149-44b3-42cb-84e5-bd09bcdcd597","block_type":"box","text":"1940 Act, solely as a result of a change in relative market capitalization or index weighting of one or","page_number":8,"box":{"x":151,"y":350,"width":726,"height":13}},{"id":"9ba09eed-e594-4ae0-95d7-d17c9e79d0da","block_type":"box","text":"more constituents of the Underlying Index. Shareholder approval will not be sought if the Fund","page_number":8,"box":{"x":151,"y":365,"width":689,"height":12}},{"id":"b2f82cfc-289c-46b6-b965-7855e09a3071","block_type":"box","text":"becomes “non-diversified” due solely to a change in the relative market capitalization or index","page_number":8,"box":{"x":151,"y":379,"width":684,"height":13}},{"id":"f74afbde-bdca-4edb-b570-0bae6842d991","block_type":"box","text":"weighting of one or more constituents of the Underlying Index. The Fund discloses its portfolio","page_number":8,"box":{"x":149,"y":393,"width":692,"height":13}},{"id":"ced898c2-c19f-4f62-9280-47677eeb2860","block_type":"box","text":"holdings and weightings at www.iShares.com.","page_number":8,"box":{"x":151,"y":407,"width":339,"height":13}},{"id":"d1cadf6d-1a50-4737-9686-0352b5ddc792","block_type":"box","text":"2. The following is added to the section entitled “Summary of Principal Risks” in the Summary","page_number":8,"box":{"x":117,"y":429,"width":700,"height":13}},{"id":"ec7694e2-7f28-4391-b104-1b501a0e3a6c","block_type":"box","text":"Prospectus and Prospectus of the Fund:","page_number":8,"box":{"x":151,"y":443,"width":292,"height":13}},{"id":"9f3d50ce-d8cd-4bc6-a013-ed5883155c46","block_type":"box","text":"Non-Diversification Risk.","page_number":8,"box":{"x":151,"y":465,"width":180,"height":10}},{"id":"2114231a-767b-4ad0-ac0a-11ab552be9a6","block_type":"box","text":"To the extent the Fund is non-diversified, the Fund may invest a large","page_number":8,"box":{"x":331,"y":465,"width":488,"height":13}},{"id":"fd781fda-86c2-4136-96b6-98034bdeb76f","block_type":"box","text":"percentage of its assets in securities or other inst","page_number":8,"box":{"x":150,"y":480,"width":337,"height":12}},{"id":"34d41eb8-b27e-41d6-80e8-b86fa9fcd80b","block_type":"box","text":"ruments representing a small number of issuers or","page_number":8,"box":{"x":488,"y":480,"width":353,"height":12}},{"id":"50e63a2a-dc91-4d01-9268-fa33273fef55","block_type":"box","text":"counterparties and thus may be more susceptible to","page_number":8,"box":{"x":150,"y":494,"width":361,"height":12}},{"id":"3f4fc4cc-f810-4207-a85b-7ce8d94131d2","block_type":"box","text":"the risks associated with these particular issuers or","page_number":8,"box":{"x":512,"y":494,"width":359,"height":12}},{"id":"1fee1b77-3afc-4bb1-9f14-21444ebe7903","block_type":"box","text":"counterparties. As a result, the Fund’s performance ma","page_number":8,"box":{"x":150,"y":508,"width":381,"height":13}},{"id":"c0a21cf1-87fc-4708-b647-899ef9e673db","block_type":"box","text":"y depend to a greater extent on the performance","page_number":8,"box":{"x":531,"y":508,"width":342,"height":13}},{"id":"04af0e66-9b6f-4afe-a82d-c6cb24eab159","block_type":"box","text":"of a small number of issuers or counterparties, whi","page_number":8,"box":{"x":150,"y":522,"width":350,"height":13}},{"id":"3824a8c1-044c-40ca-b211-2a371adb4bd3","block_type":"box","text":"ch may lead to more volatility in the Fund’s NAV.","page_number":8,"box":{"x":502,"y":522,"width":340,"height":13}},{"id":"52be24f5-3dbf-46f7-817c-6044d3a71ffd","block_type":"box","text":"3. In the table under the section entitled “Additional Info","page_number":8,"box":{"x":116,"y":544,"width":405,"height":10}},{"id":"500fa9f0-ad91-4fd0-b4d5-69bd681d2e0c","block_type":"box","text":"rmation About the Funds’ Risks” in the Prospectus","page_number":8,"box":{"x":522,"y":544,"width":353,"height":13}},{"id":"8dd02942-a567-4fb2-808a-ec48c6dbc4dd","block_type":"box","text":"of the Fund, Non-Diversification Risk is added as a row and checked as a Principal Risk of the Fund.","page_number":8,"box":{"x":150,"y":558,"width":688,"height":13}},{"id":"34d85dcb-137d-4e01-a27e-0ae35b8f6829","block_type":"box","text":"4. 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The Fund does not try to “beat” the index it","page_number":13,"box":{"x":83,"y":679,"width":417,"height":11}},{"id":"32d97740-770a-41e0-81d7-bd6aec910a63","block_type":"box","text":"tracks and does not seek temporary defensive positions when","page_number":13,"box":{"x":83,"y":693,"width":396,"height":11}},{"id":"dae31e07-ad73-45c4-9f01-a1474401bc20","block_type":"box","text":"markets decline or appear overvalued.","page_number":13,"box":{"x":83,"y":708,"width":244,"height":10}},{"id":"87b8e1fc-f898-48c0-bd7c-b8d79e9b02cd","block_type":"box","text":"Indexing may eliminate the chance that the Fund will substantially","page_number":13,"box":{"x":83,"y":731,"width":421,"height":11}},{"id":"1519f630-9c70-4e18-ae58-ff799d2c8e46","block_type":"box","text":"outperform the Underlying Index but also may reduce some of the","page_number":13,"box":{"x":83,"y":745,"width":421,"height":11}},{"id":"5f67ca94-e3a6-45d5-bc15-995ad05f7800","block_type":"box","text":"risks of active management, such as poor security selection.","page_number":13,"box":{"x":83,"y":759,"width":386,"height":11}},{"id":"1cf605fa-3225-41c4-89c2-e796ab60d200","block_type":"box","text":"Indexing seeks to achieve lower costs and better after-tax","page_number":13,"box":{"x":83,"y":773,"width":370,"height":11}},{"id":"4c0f4fb3-9170-4486-9032-f44604c12e7a","block_type":"box","text":"performance by aiming to keep portfolio turnover low in","page_number":13,"box":{"x":83,"y":788,"width":356,"height":10}},{"id":"ccbc42ba-5e63-4c64-b7e5-c06a0469d6bf","block_type":"box","text":"comparison to actively managed investment companies.","page_number":13,"box":{"x":83,"y":802,"width":359,"height":11}},{"id":"c4fb0a33-5f7d-4ad6-b0e5-b40d6c285fba","block_type":"box","text":"BFA uses a representative sampling indexing strategy to manage","page_number":13,"box":{"x":84,"y":825,"width":411,"height":11}},{"id":"f37af2af-627f-4c3c-8eb7-adc43a73ebf1","block_type":"box","text":"the Fund. “Representative sampling” is an indexing strategy that","page_number":13,"box":{"x":83,"y":839,"width":411,"height":11}},{"id":"2905f1e7-e6c2-403f-b456-66cf927b794d","block_type":"box","text":"involves investing in a representative sample of securities or other","page_number":13,"box":{"x":83,"y":853,"width":424,"height":11}},{"id":"cf0ea891-83fb-47a6-8d30-0941303d859f","block_type":"box","text":"instruments that collectively has an investment profile similar to","page_number":13,"box":{"x":83,"y":868,"width":410,"height":10}},{"id":"d96d6d9b-ac88-4d72-98f2-7dd5a0fb77ad","block_type":"box","text":"that of an applicable underlying index. The instruments selected","page_number":13,"box":{"x":549,"y":23,"width":408,"height":11}},{"id":"17d146d8-9270-40cf-88a3-74e2deedeef1","block_type":"box","text":"are expected to have, in the aggregate, investment characteristics","page_number":13,"box":{"x":549,"y":37,"width":423,"height":11}},{"id":"2851bc8b-65e1-41c0-88da-6fa568bf2666","block_type":"box","text":"(based on factors such as market capitalization and industry","page_number":13,"box":{"x":549,"y":51,"width":386,"height":11}},{"id":"0e185347-5a72-4079-a721-ca19f0ac0267","block_type":"box","text":"weightings), fundamental characteristics (such as return","page_number":13,"box":{"x":549,"y":66,"width":360,"height":11}},{"id":"c0261961-5d25-4ddf-a701-540c8239a381","block_type":"box","text":"variability and yield) and liquidity measures similar to those of an","page_number":13,"box":{"x":548,"y":80,"width":414,"height":11}},{"id":"60a5b388-a2bc-40ea-ab4e-8a8bbec744d5","block_type":"box","text":"applicable underlying index. 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Securities","page_number":14,"box":{"x":83,"y":165,"width":407,"height":11}},{"id":"ac288e76-931a-4302-9a9d-1c95dad166b5","block_type":"box","text":"included in the Underlying Index may cease to meet the relevant","page_number":14,"box":{"x":83,"y":179,"width":411,"height":11}},{"id":"40c5471b-2e78-4232-bb0e-91447a1b21b2","block_type":"box","text":"ESG criteria but may nevertheless remain in the Underlying Index","page_number":14,"box":{"x":84,"y":193,"width":416,"height":11}},{"id":"ccf10fbe-0afe-40b5-8925-f935fbdc2c32","block_type":"box","text":"and the Fund until the next review or rebalance by the Index","page_number":14,"box":{"x":83,"y":208,"width":384,"height":10}},{"id":"b1e3cc30-18ae-4016-b4a3-261faebade93","block_type":"box","text":"Provider. 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The bar chart shows how the performance of the Fund has varied from one calendar year to another","page_number":16,"box":{"x":83,"y":62,"width":872,"height":11}},{"id":"bc4daf2a-560c-415f-b83b-3cab50c7f91f","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":16,"box":{"x":83,"y":76,"width":867,"height":11}},{"id":"2792871e-e6ac-4e3b-8906-34f7b711ce57","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":16,"box":{"x":83,"y":90,"width":863,"height":11}},{"id":"0783deba-14ab-4791-a2f6-4f7b2f2c5ca6","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":16,"box":{"x":83,"y":104,"width":874,"height":11}},{"id":"edec3320-d044-46f6-857e-43283d7a6fff","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":16,"box":{"x":83,"y":119,"width":888,"height":10}},{"id":"ba051da9-472c-41fd-901f-31c7ed9303a3","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":16,"box":{"x":83,"y":133,"width":652,"height":11}},{"id":"f622eee4-8f1d-469d-b5e3-c60bcbc6fac8","block_type":"box","text":"Calendar Year-by-Year 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(%) Period Ended","page_number":16,"box":{"x":547,"y":348,"width":174,"height":9}},{"id":"57609e36-9cd7-40a7-a324-cb86460d1d92","block_type":"box","text":"Calendar Year-to-Date Return","page_number":16,"box":{"x":317,"y":366,"width":182,"height":7}},{"id":"705bd028-76d2-4acd-92cd-96afd49bae6e","block_type":"box","text":"6.03% September 30, 2025","page_number":16,"box":{"x":565,"y":366,"width":174,"height":9}},{"id":"2f3c70cb-70e9-4145-9843-2e832b57ab0a","block_type":"box","text":"During the periods shown in the chart:","page_number":16,"box":{"x":318,"y":379,"width":239,"height":9}},{"id":"9f733de2-3a41-4285-94b5-b0691a04bae8","block_type":"box","text":"Best Quarter 10.75% December 31, 2022","page_number":16,"box":{"x":331,"y":391,"width":408,"height":9}},{"id":"2ea9b15e-fece-42e2-ad46-0e742c8de11d","block_type":"box","text":"Worst Quarter -9.98% June 30, 2022","page_number":16,"box":{"x":330,"y":404,"width":409,"height":9}},{"id":"61d0a860-15df-42c0-a9d3-6a0d4f8f5e2c","block_type":"box","text":"Average Annual Total Returns","page_number":16,"box":{"x":425,"y":433,"width":206,"height":11}},{"id":"479f2ad7-ba09-433c-88d4-7a55d84246ad","block_type":"box","text":"(for the periods ended December 31, 2024)","page_number":16,"box":{"x":378,"y":447,"width":301,"height":11}},{"id":"a179ff89-0391-4d16-8d0e-a3d050d3d0a4","block_type":"box","text":"One Year","page_number":16,"box":{"x":789,"y":477,"width":56,"height":7}},{"id":"f630ac6a-cae5-4a14-8842-c303e3f2c5be","block_type":"box","text":"Since Fund","page_number":16,"box":{"x":866,"y":464,"width":67,"height":7}},{"id":"e69855ac-3496-4c47-b715-6212aedfc12b","block_type":"box","text":"Inception","page_number":16,"box":{"x":871,"y":477,"width":57,"height":9}},{"id":"a9ad20af-613f-47f1-9045-d14a25807c90","block_type":"box","text":"(Inception Date: 11/2/2021)","page_number":16,"box":{"x":123,"y":495,"width":174,"height":9}},{"id":"0ddde86e-616b-4bfd-99cc-3c42f8b00c12","block_type":"box","text":"Return Before Taxes","page_number":16,"box":{"x":137,"y":506,"width":113,"height":8}},{"id":"788cc2fd-e9b5-4d92-85ab-cd4aa1749eb8","block_type":"box","text":"13.21% 5.12%","page_number":16,"box":{"x":801,"y":506,"width":115,"height":8}},{"id":"b9404f99-f186-4369-9672-3ff267e8b8e2","block_type":"box","text":"Return After Taxes on Distributions","page_number":16,"box":{"x":137,"y":518,"width":197,"height":7}},{"id":"a7885604-b910-46b7-ac17-7c1c7b6ad732","block_type":"box","text":"12.75% 4.68%","page_number":16,"box":{"x":800,"y":518,"width":116,"height":7}},{"id":"670da7f4-2b37-411f-8b3b-c206d2549350","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 8.14% 3.90%","page_number":16,"box":{"x":137,"y":529,"width":779,"height":8}},{"id":"f12fbd38-6110-4a26-88d3-0dfa77e7ebc1","block_type":"box","text":"MSCI USA Index","page_number":16,"box":{"x":124,"y":541,"width":99,"height":8}},{"id":"255e25d3-0f10-4a95-af0e-851c317b7e03","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes) 25.08% 8.93%","page_number":16,"box":{"x":227,"y":541,"width":689,"height":10}},{"id":"4e7d3bc7-3d49-4a0b-907b-5b183dd52022","block_type":"box","text":"MSCI USA Minimum Volatility Extended ESG Reduced Carbon Target Index","page_number":16,"box":{"x":124,"y":553,"width":460,"height":9}},{"id":"f019c715-1ef6-4c7d-ba44-6635f4b3c853","block_type":"box","text":"(Returns do not reflect","page_number":16,"box":{"x":588,"y":553,"width":129,"height":9}},{"id":"e846d525-a46f-44d8-912a-841e5993f3af","block_type":"box","text":"deductions for fees, expenses or taxes)","page_number":16,"box":{"x":137,"y":565,"width":222,"height":10}},{"id":"779a4372-9abf-4159-a4e5-a4f0dd35be3f","block_type":"box","text":"13.41% 5.08%","page_number":16,"box":{"x":801,"y":566,"width":115,"height":7}},{"id":"927f5018-4c63-4bde-ab1b-61edf9a3aa1b","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":16,"box":{"x":82,"y":596,"width":882,"height":10}},{"id":"a5fefadd-4b90-422e-8b84-4fc0c8b9498e","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":16,"box":{"x":83,"y":610,"width":871,"height":11}},{"id":"190cc9d5-abbc-47d4-b0f3-ec6b63e7ad30","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":16,"box":{"x":83,"y":624,"width":860,"height":11}},{"id":"28a4e3e8-e8ec-4635-9494-c799106fc2c4","block_type":"box","text":"such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are","page_number":16,"box":{"x":83,"y":638,"width":855,"height":11}},{"id":"b5ed9e95-bc2c-4f97-8e6a-311d603d6426","block_type":"box","text":"calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses","page_number":16,"box":{"x":83,"y":652,"width":883,"height":11}},{"id":"69b7ae64-7ecc-46e4-89d7-bc0132c6f69e","block_type":"box","text":"from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns","page_number":16,"box":{"x":82,"y":666,"width":861,"height":11}},{"id":"9424d3a7-9c75-4bd8-bc64-8b47a5db5f95","block_type":"box","text":"before taxes and/or returns after taxes on distributions.","page_number":16,"box":{"x":83,"y":681,"width":359,"height":10}},{"id":"1b9959cd-d6e1-4c35-8cde-a41c5ce01277","block_type":"box","text":"S-5","page_number":16,"box":{"x":525,"y":920,"width":21,"height":9}},{"id":"74cd6867-e80a-4354-aaa9-5fac8ccbd2a2","block_type":"box","text":"Management","page_number":17,"box":{"x":84,"y":23,"width":109,"height":13}},{"id":"222a0520-54db-4a1c-81ca-2caca6bfbe74","block_type":"box","text":"Investment Adviser.","page_number":17,"box":{"x":83,"y":48,"width":138,"height":8}},{"id":"9251e88d-7d33-4d1f-930f-d179a6446672","block_type":"box","text":"BlackRock Fund Advisors.","page_number":17,"box":{"x":227,"y":48,"width":163,"height":8}},{"id":"449de678-7765-4c64-b172-19c9ed7342d5","block_type":"box","text":"Portfolio Managers.","page_number":17,"box":{"x":83,"y":71,"width":135,"height":11}},{"id":"887ec7e6-2af3-4f81-a81d-a8957726fefe","block_type":"box","text":"Jennifer Hsui, Matt Waldron, Peter Sietsema","page_number":17,"box":{"x":223,"y":71,"width":281,"height":10}},{"id":"86589f41-4298-46bc-80b9-db63268abc50","block_type":"box","text":"and Steven White (the “Portfolio Managers”) are primarily","page_number":17,"box":{"x":83,"y":85,"width":367,"height":11}},{"id":"a1882e70-9533-4df2-be9e-05584d780df1","block_type":"box","text":"responsible for the day-to-day management of the Fund. Each","page_number":17,"box":{"x":83,"y":99,"width":395,"height":11}},{"id":"5ebca7b0-4a91-47aa-9d40-98d16bc62b3f","block_type":"box","text":"Portfolio Manager supervises a portfolio management team. Ms.","page_number":17,"box":{"x":84,"y":113,"width":410,"height":11}},{"id":"e297a555-0ebf-4d07-acef-ba4c9596bbc8","block_type":"box","text":"Hsui, Mr. Waldron, Mr. Sietsema and Mr. White have been","page_number":17,"box":{"x":84,"y":128,"width":366,"height":10}},{"id":"3a8ae7dd-8186-4fb3-bea5-eb84e2799a2c","block_type":"box","text":"Portfolio Managers of the Fund since 2021, 2025, 2025 and 2025,","page_number":17,"box":{"x":84,"y":142,"width":422,"height":11}},{"id":"2c2b8a6f-c38b-41aa-98d4-4a4aec75d11a","block_type":"box","text":"respectively..","page_number":17,"box":{"x":83,"y":156,"width":83,"height":11}},{"id":"bebf02ed-1cda-4d16-b4c4-df29849623ad","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":17,"box":{"x":84,"y":185,"width":290,"height":10}},{"id":"9f13896a-b9dc-4a3d-b315-2132f371fcb6","block_type":"box","text":"The Fund is an exchange-traded fund (commonly referred to as an","page_number":17,"box":{"x":82,"y":210,"width":422,"height":11}},{"id":"8ce264ab-9c5e-44ab-97b6-e569c851ac28","block_type":"box","text":"“ETF”). Individual shares of the Fund may only be bought and sold","page_number":17,"box":{"x":83,"y":224,"width":419,"height":11}},{"id":"ff684ed3-5172-4a70-ad32-14aeefa00435","block_type":"box","text":"in the secondary market through a broker-dealer. Because ETF","page_number":17,"box":{"x":83,"y":238,"width":400,"height":11}},{"id":"65b588fb-bdcc-40d1-82d0-de879fd7e29f","block_type":"box","text":"shares trade at market prices rather than at NAV, shares may","page_number":17,"box":{"x":83,"y":253,"width":392,"height":10}},{"id":"1b63ac49-a323-4e36-9f11-eb5d38c6cca9","block_type":"box","text":"trade at a price greater than NAV (a premium) or less than NAV (a","page_number":17,"box":{"x":83,"y":267,"width":418,"height":11}},{"id":"7bb87826-52a0-48aa-acec-384fee2ed635","block_type":"box","text":"discount). An investor may incur costs attributable to the","page_number":17,"box":{"x":83,"y":281,"width":364,"height":11}},{"id":"398ddeff-c39c-4b5e-b033-1de178c70a8e","block_type":"box","text":"difference between the highest price a buyer is willing to pay to","page_number":17,"box":{"x":83,"y":295,"width":404,"height":11}},{"id":"20fe8551-bb17-430f-b659-9788a4822ba7","block_type":"box","text":"purchase shares of the Fund (bid) and the lowest price a seller is","page_number":17,"box":{"x":83,"y":309,"width":412,"height":11}},{"id":"982f9700-606c-4a6b-acb0-73201b85b7c8","block_type":"box","text":"willing to accept for shares of the Fund (ask) when buying or","page_number":17,"box":{"x":82,"y":323,"width":387,"height":11}},{"id":"07076f93-ea55-490b-b4c1-31ff62311da2","block_type":"box","text":"selling shares in the secondary market (the “bid-ask spread”).","page_number":17,"box":{"x":83,"y":338,"width":394,"height":11}},{"id":"b27a7881-4238-4299-b60d-f5ac8b8a734a","block_type":"box","text":"Tax Information","page_number":17,"box":{"x":548,"y":22,"width":133,"height":11}},{"id":"879b559d-c329-4a49-b788-87ebf8978d2a","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you","page_number":17,"box":{"x":549,"y":48,"width":422,"height":10}},{"id":"81f3f26a-5040-4185-95e4-88a94aeb2409","block_type":"box","text":"as ordinary income or capital gains, unless you are investing","page_number":17,"box":{"x":549,"y":62,"width":385,"height":11}},{"id":"8f54d6de-1ffd-4a4a-8d99-855baba128fd","block_type":"box","text":"through a tax-deferred arrangement such as a 401(k) plan or an","page_number":17,"box":{"x":549,"y":76,"width":406,"height":11}},{"id":"b4d44b88-b514-4c3f-8a2a-4a588ccaa2e5","block_type":"box","text":"individual retirement account (“IRA”), in which case, your","page_number":17,"box":{"x":549,"y":90,"width":364,"height":11}},{"id":"8179c4f4-a965-4a49-8610-e2501b4e2e3e","block_type":"box","text":"distributions generally will be taxed when withdrawn.","page_number":17,"box":{"x":549,"y":104,"width":337,"height":11}},{"id":"e05c8097-62a7-4c9f-937e-808a5401268b","block_type":"box","text":"Payments to Broker-Dealers and Other Financial","page_number":17,"box":{"x":550,"y":133,"width":410,"height":14}},{"id":"f80c963b-2814-44c4-a08c-95e8a2f36e6a","block_type":"box","text":"Intermediaries","page_number":17,"box":{"x":550,"y":150,"width":123,"height":11}},{"id":"f5026605-53d9-483a-9907-80afa4faa18b","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or","page_number":17,"box":{"x":550,"y":175,"width":393,"height":11}},{"id":"7f2522bc-d71d-4750-aa0a-97dc93cb331c","block_type":"box","text":"other financial intermediary (such as a bank), BFA or other related","page_number":17,"box":{"x":549,"y":189,"width":421,"height":11}},{"id":"165dd910-070e-4d99-9f6f-214e66b37d55","block_type":"box","text":"companies may pay the intermediary for marketing activities and","page_number":17,"box":{"x":549,"y":204,"width":415,"height":10}},{"id":"0b1cfcc5-9b1c-4494-9ad8-eb47c389e3b1","block_type":"box","text":"presentations, educational training programs, conferences, the","page_number":17,"box":{"x":549,"y":218,"width":403,"height":11}},{"id":"c9ac3ea2-f5a8-43fd-95f3-cfc1902afda7","block_type":"box","text":"development of technology platforms and reporting systems or","page_number":17,"box":{"x":549,"y":232,"width":403,"height":11}},{"id":"a07a90a0-c38e-433a-9f26-84e0ade328d7","block_type":"box","text":"other services related to the sale or promotion of the Fund. These","page_number":17,"box":{"x":549,"y":246,"width":420,"height":11}},{"id":"0b21ce0a-97b0-4671-a50a-7590c9429f1e","block_type":"box","text":"payments may create a conflict of interest by influencing the","page_number":17,"box":{"x":549,"y":260,"width":387,"height":11}},{"id":"f48fa363-a568-45ba-9139-2a58b065e441","block_type":"box","text":"broker-dealer or other intermediary and your salesperson to","page_number":17,"box":{"x":549,"y":275,"width":384,"height":10}},{"id":"de0f6a51-3d10-47c9-a45d-14578015a481","block_type":"box","text":"recommend the Fund over another investment. Ask your","page_number":17,"box":{"x":549,"y":289,"width":361,"height":11}},{"id":"ffa50795-9df5-40e5-a85a-bce26ca3e54d","block_type":"box","text":"salesperson or visit your financial intermediary’s website for more","page_number":17,"box":{"x":549,"y":303,"width":421,"height":11}},{"id":"af378de7-64b8-4ca0-8f31-8eba70916e57","block_type":"box","text":"information.","page_number":17,"box":{"x":549,"y":317,"width":76,"height":9}},{"id":"2d8f9cb9-fc4a-4f29-ab55-556f487a927a","block_type":"box","text":"S-6","page_number":17,"box":{"x":526,"y":920,"width":20,"height":9}},{"id":"029d373f-ef7a-4edf-ba35-6725884d6102","block_type":"box","text":"iSHARES","page_number":18,"box":{"x":236,"y":24,"width":118,"height":15}},{"id":"559df80d-0594-45a8-b4da-898dab96352b","block_type":"box","text":"®","page_number":18,"box":{"x":357,"y":17,"width":11,"height":8}},{"id":"7bebbfd1-afcb-4e6b-98c9-0d491a2f6c95","block_type":"box","text":"MSCI USA MIN VOL FACTOR ETF","page_number":18,"box":{"x":379,"y":24,"width":444,"height":15}},{"id":"6823ce31-10f3-4e68-8862-b77f27413aa5","block_type":"box","text":"Ticker: USMV Stock Exchange: Cboe BZX","page_number":18,"box":{"x":282,"y":53,"width":488,"height":12}},{"id":"92fe11e0-ab86-4d70-a4c9-dace343e66ed","block_type":"box","text":"Investment Objective","page_number":18,"box":{"x":84,"y":91,"width":181,"height":13}},{"id":"ee0112c7-bc7a-4252-b743-bcde2df48600","block_type":"box","text":"The iShares MSCI USA Min Vol Factor ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. equities that, in","page_number":18,"box":{"x":82,"y":116,"width":887,"height":11}},{"id":"ac218137-7171-4b6b-96fb-92b3696a23bd","block_type":"box","text":"the aggregate, have lower volatility characteristics relative to the broader U.S. equity market.","page_number":18,"box":{"x":83,"y":130,"width":595,"height":11}},{"id":"af60b0b2-0321-42f1-a985-aab4046cfab1","block_type":"box","text":"Fees and Expenses","page_number":18,"box":{"x":84,"y":159,"width":160,"height":13}},{"id":"a6c2efd5-9fc5-4332-8245-ee26398ff884","block_type":"box","text":"The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. 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portfolio securities and the execution of portfolio transactions, including brokerage commissions, (v)","page_number":18,"box":{"x":83,"y":241,"width":833,"height":11}},{"id":"714f66c2-33ff-4174-b859-bff49ceda5ac","block_type":"box","text":"distribution fees or expenses, and (vi) litigation expenses and any extraordinary expenses.","page_number":18,"box":{"x":83,"y":255,"width":575,"height":11}},{"id":"f31e37e0-ea62-48d4-b554-cae73a9c5332","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in","page_number":18,"box":{"x":82,"y":278,"width":883,"height":12}},{"id":"edca26be-c105-406c-94f8-e02589d42967","block_type":"box","text":"the tables and examples below.","page_number":18,"box":{"x":83,"y":293,"width":220,"height":10}},{"id":"2f15dbdf-ae81-4b3b-bd7d-e1e5ad3c279d","block_type":"box","text":"Annual Fund Operating 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Fees","page_number":18,"box":{"x":393,"y":384,"width":73,"height":9}},{"id":"4c5e3170-1de3-40e2-9d46-8732a377b477","block_type":"box","text":"Other","page_number":18,"box":{"x":621,"y":373,"width":35,"height":8}},{"id":"6ea6a11a-2c15-41d7-9a81-9e6675ccf7a0","block_type":"box","text":"Expenses","page_number":18,"box":{"x":610,"y":384,"width":57,"height":9}},{"id":"d831763f-a6c5-44d3-82ec-6fd6dc6867df","block_type":"box","text":"Total Annual","page_number":18,"box":{"x":810,"y":353,"width":76,"height":7}},{"id":"ad2e803e-4ede-41f1-a218-5bf5a2254951","block_type":"box","text":"Fund","page_number":18,"box":{"x":834,"y":363,"width":29,"height":8}},{"id":"d30ad475-293f-4544-9ee4-6e8fbb5924d1","block_type":"box","text":"Operating","page_number":18,"box":{"x":818,"y":373,"width":61,"height":10}},{"id":"fdc96371-61b2-46a5-8a91-8da1d33019e8","block_type":"box","text":"Expenses","page_number":18,"box":{"x":820,"y":384,"width":58,"height":9}},{"id":"e05e4f85-72b1-45cf-a490-456cdf83c033","block_type":"box","text":"0.15% None 0.00% 0.15%","page_number":18,"box":{"x":195,"y":403,"width":669,"height":8}},{"id":"6cf5d4c3-4635-4eb1-a163-8fb076d37681","block_type":"box","text":"1","page_number":18,"box":{"x":112,"y":434,"width":2,"height":5}},{"id":"b8173624-ea4c-404e-a94b-004851b6e585","block_type":"box","text":"Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any.","page_number":18,"box":{"x":123,"y":435,"width":706,"height":10}},{"id":"289f2512-8183-4111-b459-502457beac44","block_type":"box","text":"Example.","page_number":18,"box":{"x":83,"y":455,"width":62,"height":11}},{"id":"afa76524-3651-4215-8d5f-869baeb92d75","block_type":"box","text":"This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds.","page_number":18,"box":{"x":150,"y":455,"width":800,"height":11}},{"id":"f203e6d6-0ce3-4f34-bb07-a5d7298003ac","block_type":"box","text":"The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those","page_number":18,"box":{"x":82,"y":468,"width":891,"height":12}},{"id":"be17039b-83fc-4208-a16c-c69e2295c7b9","block_type":"box","text":"periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the","page_number":18,"box":{"x":83,"y":483,"width":862,"height":11}},{"id":"12da1cef-aa76-4772-a4d9-df3dd360518e","block_type":"box","text":"same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:","page_number":18,"box":{"x":83,"y":498,"width":694,"height":10}},{"id":"69aeb219-95c3-42ff-b834-688a7421222e","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":18,"box":{"x":195,"y":528,"width":668,"height":8}},{"id":"b0c8f94b-e970-4f81-8aad-912a9c5dcf0c","block_type":"box","text":"$15 $48 $85 $192","page_number":18,"box":{"x":203,"y":548,"width":647,"height":9}},{"id":"dbdf9293-b5e0-417d-9aff-518d420b9911","block_type":"box","text":"Portfolio Turnover.","page_number":18,"box":{"x":83,"y":588,"width":129,"height":8}},{"id":"55da735f-7865-4cc8-bfda-917d8801b1e5","block_type":"box","text":"The Fund may pay transaction costs, such as","page_number":18,"box":{"x":216,"y":588,"width":287,"height":11}},{"id":"a28a7b06-f94d-4f28-84fb-f30e9b7359e7","block_type":"box","text":"commissions, when it buys and sells securities (or “turns over” its","page_number":18,"box":{"x":83,"y":602,"width":420,"height":11}},{"id":"99c8b3c3-6546-45ed-9b07-5e5cf8df625c","block_type":"box","text":"portfolio). A higher portfolio turnover rate may indicate higher","page_number":18,"box":{"x":83,"y":616,"width":395,"height":11}},{"id":"2fbb6ea8-8b3b-4942-aff7-76c384bc13ba","block_type":"box","text":"transaction costs and may result in higher taxes when Fund","page_number":18,"box":{"x":83,"y":630,"width":380,"height":11}},{"id":"1bc03999-8371-4cb5-9fd3-34e0f307ff85","block_type":"box","text":"shares are held in a taxable account. These costs, which are not","page_number":18,"box":{"x":83,"y":645,"width":409,"height":10}},{"id":"afdbda1f-39a3-4f30-bef5-261e203519ec","block_type":"box","text":"reflected in the Annual Fund Operating Expenses or in the","page_number":18,"box":{"x":83,"y":659,"width":368,"height":11}},{"id":"ca5be12e-a9cf-42e9-b68b-2c582a883f41","block_type":"box","text":"Example, affect the Fund’s performance. During the most recent","page_number":18,"box":{"x":84,"y":673,"width":411,"height":11}},{"id":"94029ec4-cf06-457c-a190-e0b6d59a3c0a","block_type":"box","text":"fiscal year, the Fund’s portfolio turnover rate was 22% of the","page_number":18,"box":{"x":82,"y":687,"width":385,"height":11}},{"id":"7e72669e-f60d-43d0-9526-eb122b9d32c8","block_type":"box","text":"average value of its portfolio.","page_number":18,"box":{"x":83,"y":701,"width":184,"height":11}},{"id":"def232a0-3c8e-4330-8c5c-be4526d8cf3c","block_type":"box","text":"Principal Investment Strategies","page_number":18,"box":{"x":84,"y":730,"width":268,"height":14}},{"id":"1d0f330d-3ee0-42ff-8099-917d789e56aa","block_type":"box","text":"The Fund seeks to track the investment results of the MSCI USA","page_number":18,"box":{"x":82,"y":755,"width":412,"height":9}},{"id":"f235bd24-a1b8-4ad3-a64e-24f72509513e","block_type":"box","text":"Minimum Volatility (USD) Index (the “Underlying Index”), which","page_number":18,"box":{"x":83,"y":770,"width":401,"height":10}},{"id":"a8c6499e-91ad-4089-a746-44192257c16d","block_type":"box","text":"has been developed by MSCI Inc. (the “Index Provider” or “MSCI”)","page_number":18,"box":{"x":83,"y":784,"width":422,"height":11}},{"id":"40a58841-1945-41c8-88cf-5138cd857d33","block_type":"box","text":"to measure the performance of large- and mid-capitalization","page_number":18,"box":{"x":83,"y":798,"width":384,"height":11}},{"id":"fd49fdfc-1816-4507-8676-88c126de3b0d","block_type":"box","text":"equity securities listed on stock exchanges in the U.S. that, in the","page_number":18,"box":{"x":83,"y":812,"width":418,"height":11}},{"id":"27e16b8c-461e-47c1-b6d0-63b8198daecb","block_type":"box","text":"aggregate, have lower volatility relative to the large- and mid-cap","page_number":18,"box":{"x":83,"y":826,"width":414,"height":11}},{"id":"1fef24ce-1f81-4729-804d-ed7e92defa1c","block_type":"box","text":"U.S. equity market. In constructing the Underlying Index, MSCI","page_number":18,"box":{"x":83,"y":840,"width":401,"height":11}},{"id":"338a7573-e152-4ab3-a9e9-34b8b620c50e","block_type":"box","text":"uses a rules-based methodology to select securities from the","page_number":18,"box":{"x":83,"y":855,"width":390,"height":10}},{"id":"0b62c837-a8b1-4622-9294-a327e6c1598c","block_type":"box","text":"MSCI USA Index (the “Parent Index”), which is a capitalization","page_number":18,"box":{"x":83,"y":869,"width":400,"height":11}},{"id":"b5776b9d-6835-4287-9ca9-c36673ffd66e","block_type":"box","text":"weighted index, and to determine the weightings of such","page_number":18,"box":{"x":549,"y":580,"width":361,"height":11}},{"id":"ca1167e4-df1f-4ee1-89d2-2101377ecf48","block_type":"box","text":"securities. In order to determine weightings of securities within","page_number":18,"box":{"x":549,"y":594,"width":403,"height":11}},{"id":"8677bc22-64c2-4fe9-911c-9487c3c6411b","block_type":"box","text":"the Underlying Index, MSCI seeks to optimize the Parent Index","page_number":18,"box":{"x":549,"y":608,"width":400,"height":11}},{"id":"da09951f-ce96-42d9-9573-bf1de17d613b","block_type":"box","text":"such that the resulting portfolio exhibits the lowest absolute","page_number":18,"box":{"x":549,"y":623,"width":384,"height":10}},{"id":"4e4eadd3-40ae-4768-ac8f-fc153ade5aff","block_type":"box","text":"volatility, as measured by MSCI, while applying constraints based","page_number":18,"box":{"x":548,"y":637,"width":418,"height":11}},{"id":"324010b7-8512-4c3e-bdc1-98f576d3d893","block_type":"box","text":"on turnover, minimum and maximum weightings of index","page_number":18,"box":{"x":549,"y":651,"width":363,"height":11}},{"id":"c99d2380-21f1-442f-a57f-a17d587f65db","block_type":"box","text":"constituents, sectors and countries, as well as factor constraints","page_number":18,"box":{"x":549,"y":665,"width":413,"height":10}},{"id":"429c1df3-9b5a-4203-a3d9-ee47ce332ecf","block_type":"box","text":"(for example, liquidity and financial leverage) as measured by","page_number":18,"box":{"x":549,"y":679,"width":391,"height":11}},{"id":"b0d30394-1318-47aa-9f53-6c7c0e608515","block_type":"box","text":"MSCI. 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Certain key risks are prioritized below (with others","page_number":19,"box":{"x":83,"y":846,"width":387,"height":10}},{"id":"e4319885-9a1d-4203-8f51-9c29d4e76915","block_type":"box","text":"following in alphabetical order), but the relative significance of any","page_number":19,"box":{"x":82,"y":860,"width":426,"height":11}},{"id":"eb66c0c6-1d32-45b3-8cf8-f978063af5a3","block_type":"box","text":"risk is difficult to predict and may change over time. 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The Fund could","page_number":20,"box":{"x":549,"y":598,"width":409,"height":11}},{"id":"48f0035a-f857-460c-ae7d-19d8de46a9af","block_type":"box","text":"also lose money in the event of a decline in the value of collateral","page_number":20,"box":{"x":549,"y":612,"width":416,"height":11}},{"id":"4d957a6f-0fb4-458e-b8e8-8105d686ced5","block_type":"box","text":"provided for loaned securities or a decline in the value of any","page_number":20,"box":{"x":549,"y":626,"width":389,"height":11}},{"id":"45f81668-7432-4191-851a-3cd7f4ac95e1","block_type":"box","text":"investments made with cash collateral. 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The Fund may or may not hold all of","page_number":25,"box":{"x":83,"y":633,"width":410,"height":11}},{"id":"37920a12-5f36-44bc-b5bc-3a05197a4751","block_type":"box","text":"the components of the Underlying Index.","page_number":25,"box":{"x":83,"y":647,"width":259,"height":11}},{"id":"92aa5ed4-11f7-4eda-94af-e15040ac971d","block_type":"box","text":"The Fund generally will invest at least 80% of its assets in the","page_number":25,"box":{"x":82,"y":670,"width":390,"height":11}},{"id":"8d3cf8f1-9965-4d6f-9eb8-882b54192b91","block_type":"box","text":"component securities of its Underlying Index and may invest up to","page_number":25,"box":{"x":83,"y":684,"width":422,"height":11}},{"id":"89441fba-644a-4732-af91-f5693a5b6378","block_type":"box","text":"20% of its assets in certain futures, options and swap contracts,","page_number":25,"box":{"x":83,"y":699,"width":408,"height":10}},{"id":"517be4cf-5bd3-4081-bb3a-081307e1eb72","block_type":"box","text":"cash and cash equivalents, including shares of money market","page_number":25,"box":{"x":83,"y":713,"width":392,"height":11}},{"id":"8b8965e0-c0b3-44e0-b304-432726b07400","block_type":"box","text":"funds advised by BFA or its affiliates, as well as in securities not","page_number":25,"box":{"x":82,"y":727,"width":407,"height":11}},{"id":"cc99d0ad-37f4-4ed1-a8b3-bf0f8a2c2e20","block_type":"box","text":"included in the Underlying Index, but which BFA believes will help","page_number":25,"box":{"x":83,"y":741,"width":415,"height":11}},{"id":"a3c8558b-805f-45e7-a6f6-93f294e06f18","block_type":"box","text":"the Fund track the Underlying Index. 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The","page_number":25,"box":{"x":83,"y":798,"width":410,"height":11}},{"id":"5ef82cee-baa5-41dc-aa89-f7817d3e82b7","block_type":"box","text":"Fund seeks to track the investment results of the Underlying","page_number":25,"box":{"x":84,"y":812,"width":385,"height":11}},{"id":"4658a9b9-98bf-475c-b3a0-f42eee638799","block_type":"box","text":"Index before fees and expenses of the Fund.","page_number":25,"box":{"x":83,"y":826,"width":282,"height":11}},{"id":"b66d9cae-26ec-4077-9e7c-2e69613eae2f","block_type":"box","text":"The Fund may lend securities representing up to one-third of the","page_number":25,"box":{"x":82,"y":849,"width":412,"height":11}},{"id":"2b8bceb6-ee51-4d33-962d-41c8cb3669bd","block_type":"box","text":"value of the Fund’s total assets (including the value of any","page_number":25,"box":{"x":82,"y":864,"width":371,"height":10}},{"id":"34ef48a8-7016-4a59-8a3e-f6aabb239060","block_type":"box","text":"collateral received).","page_number":25,"box":{"x":83,"y":878,"width":125,"height":11}},{"id":"42d1a206-a164-4564-bd02-8d00f6fbae53","block_type":"box","text":"The Underlying Index and Parent Index are sponsored by MSCI,","page_number":25,"box":{"x":549,"y":23,"width":402,"height":11}},{"id":"b212d52c-aab1-4b59-b090-1593e8d754da","block_type":"box","text":"which is independent of the Fund and BFA. The Index Provider","page_number":25,"box":{"x":549,"y":37,"width":395,"height":11}},{"id":"e99cad53-21f2-4a45-bcfb-2381bfc19145","block_type":"box","text":"determines the composition and relative weightings of the","page_number":25,"box":{"x":549,"y":51,"width":372,"height":11}},{"id":"4d8d1619-c827-45ec-af0e-8cddabfad944","block_type":"box","text":"securities in the Underlying Index and Parent Index and publishes","page_number":25,"box":{"x":549,"y":66,"width":417,"height":11}},{"id":"b8af2ea0-8450-4465-b406-f694c0291382","block_type":"box","text":"information regarding the market value of the Underlying","page_number":25,"box":{"x":549,"y":80,"width":363,"height":11}},{"id":"bf623375-a72c-4d8f-953b-3ff7fa5a09eb","block_type":"box","text":"Index and Parent Index.","page_number":25,"box":{"x":550,"y":94,"width":148,"height":9}},{"id":"ccc7d5bc-5b64-4d36-8308-8575adfca030","block_type":"box","text":"Industry Concentration Policy.","page_number":25,"box":{"x":550,"y":117,"width":209,"height":11}},{"id":"9d3c3bea-436c-48f4-9a29-ae399a6297a5","block_type":"box","text":"The Fund will concentrate its","page_number":25,"box":{"x":764,"y":117,"width":184,"height":9}},{"id":"9f25391b-1949-4835-bdda-b2cd407cf577","block_type":"box","text":"investments (","page_number":25,"box":{"x":549,"y":131,"width":86,"height":11}},{"id":"ee1ef63e-9dee-4914-9da5-5a0794ea2b7d","block_type":"box","text":"i.e.","page_number":25,"box":{"x":635,"y":131,"width":17,"height":9}},{"id":"3f071f88-1656-4675-aaa6-e5c3043fae5b","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":25,"box":{"x":655,"y":131,"width":264,"height":11}},{"id":"5a10fadc-56d7-4eb8-9801-491c46035a47","block_type":"box","text":"particular industry or group of industries to approximately the","page_number":25,"box":{"x":549,"y":146,"width":394,"height":10}},{"id":"1749edbb-3655-4e43-8563-c1e93fe36be4","block_type":"box","text":"same extent that the Underlying Index is concentrated. For","page_number":25,"box":{"x":549,"y":160,"width":377,"height":11}},{"id":"2f65e451-396a-4d00-bf9b-b569a691951d","block_type":"box","text":"purposes of this limitation, securities of the U.S. government","page_number":25,"box":{"x":549,"y":174,"width":389,"height":11}},{"id":"b8e32c75-ab91-4890-92e4-5db238250c0d","block_type":"box","text":"(including its agencies and instrumentalities) and repurchase","page_number":25,"box":{"x":549,"y":188,"width":389,"height":11}},{"id":"6bac8db0-7e76-46c4-bfe5-fbaab6422f8b","block_type":"box","text":"agreements collateralized by U.S. government securities are not","page_number":25,"box":{"x":549,"y":202,"width":410,"height":11}},{"id":"b6803b12-1c7a-4f8b-b48d-327f3038c3f9","block_type":"box","text":"considered to be issued by members of any industry.","page_number":25,"box":{"x":549,"y":216,"width":337,"height":11}},{"id":"68b32b85-1ddc-4264-adde-424f68440976","block_type":"box","text":"Summary of Principal Risks","page_number":25,"box":{"x":549,"y":245,"width":235,"height":14}},{"id":"a310c2b3-31d7-4c75-8222-ee95477f6a6c","block_type":"box","text":"As with any investment, you could lose all or part of your","page_number":25,"box":{"x":549,"y":271,"width":362,"height":10}},{"id":"bad683da-b697-439f-9c41-a16df12757c7","block_type":"box","text":"investment in the Fund, and the Fund’s performance could trail","page_number":25,"box":{"x":549,"y":285,"width":402,"height":11}},{"id":"6d9ee4ae-150f-4625-99b6-29bbb94cb0ac","block_type":"box","text":"that of other investments. 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Actual after-tax returns depend on an investor’s tax situation and may differ from those shown,","page_number":28,"box":{"x":83,"y":616,"width":871,"height":11}},{"id":"c81bb30f-3edd-4cb6-9960-29f7978a3306","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":28,"box":{"x":83,"y":629,"width":860,"height":11}},{"id":"10c858c4-3c13-45a7-ae3c-59485f002b52","block_type":"box","text":"such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are","page_number":28,"box":{"x":83,"y":642,"width":855,"height":11}},{"id":"10455670-abdb-4243-ac9c-f0658a9ea2e6","block_type":"box","text":"calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses","page_number":28,"box":{"x":83,"y":655,"width":883,"height":11}},{"id":"95355d65-067f-4556-864a-8d193472123f","block_type":"box","text":"from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns","page_number":28,"box":{"x":82,"y":668,"width":861,"height":11}},{"id":"f81f313f-2cbc-4fe8-93e2-f424b8aaec7a","block_type":"box","text":"before taxes and/or returns after taxes on distributions.","page_number":28,"box":{"x":83,"y":681,"width":359,"height":10}},{"id":"9bf8e7c4-0830-4c1f-9c6f-0ffb34d15838","block_type":"box","text":"S-17","page_number":28,"box":{"x":522,"y":920,"width":27,"height":9}},{"id":"17ca6204-8f26-4462-9377-4cbb290d9ac2","block_type":"box","text":"Management","page_number":29,"box":{"x":84,"y":23,"width":109,"height":13}},{"id":"55e9af59-86e9-4869-b569-37170ea1c24a","block_type":"box","text":"Investment Adviser.","page_number":29,"box":{"x":83,"y":48,"width":138,"height":8}},{"id":"293f8980-51df-4a58-bfbb-c5e607283396","block_type":"box","text":"BlackRock Fund Advisors.","page_number":29,"box":{"x":227,"y":48,"width":163,"height":8}},{"id":"96ed32e7-dbcc-4b50-8825-a84e2e971560","block_type":"box","text":"Portfolio Managers.","page_number":29,"box":{"x":83,"y":69,"width":135,"height":11}},{"id":"6cc6466c-649d-4dab-839a-597ada90bdc1","block_type":"box","text":"Jennifer Hsui, Matt Waldron, Peter Sietsema","page_number":29,"box":{"x":223,"y":70,"width":281,"height":10}},{"id":"af4fb1dc-41c2-4993-b49a-727124b4125d","block_type":"box","text":"and Steven White (the “Portfolio Managers”) are primarily","page_number":29,"box":{"x":83,"y":82,"width":367,"height":11}},{"id":"dfbced8f-d04b-4189-a92f-5ee2625d0499","block_type":"box","text":"responsible for the day-to-day management of the Fund. Each","page_number":29,"box":{"x":83,"y":95,"width":395,"height":11}},{"id":"1e419220-879b-48c8-9b5a-67ea425a5349","block_type":"box","text":"Portfolio Manager supervises a portfolio management team. Ms.","page_number":29,"box":{"x":84,"y":108,"width":410,"height":11}},{"id":"960d497b-ec4a-467d-b790-5931a08ab7d1","block_type":"box","text":"Hsui, Mr. Waldron, Mr. Sietsema and Mr. White have been","page_number":29,"box":{"x":84,"y":121,"width":366,"height":10}},{"id":"d42a3180-db5f-42da-8387-db939a77872b","block_type":"box","text":"Portfolio Managers of the Fund since 2013, 2025, 2025 and 2025,","page_number":29,"box":{"x":84,"y":134,"width":422,"height":11}},{"id":"36e02b6d-41a5-439e-878d-eaf4a2334ea3","block_type":"box","text":"respectively.","page_number":29,"box":{"x":83,"y":147,"width":79,"height":11}},{"id":"3736c1f4-6f79-49b4-a1e9-63bf0897343b","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":29,"box":{"x":84,"y":175,"width":290,"height":10}},{"id":"205df803-c0ce-4605-bb57-940aee11ccf9","block_type":"box","text":"The Fund is an ETF. Individual shares of the Fund may only be","page_number":29,"box":{"x":82,"y":200,"width":391,"height":11}},{"id":"2f161948-c7bf-4dc7-ac16-af29a04cc280","block_type":"box","text":"bought and sold in the secondary market through a broker-dealer.","page_number":29,"box":{"x":83,"y":213,"width":420,"height":10}},{"id":"13bb7141-41a9-48b6-ac3e-d3c4e7109eaa","block_type":"box","text":"Because ETF shares trade at market prices rather than at NAV,","page_number":29,"box":{"x":84,"y":226,"width":399,"height":10}},{"id":"86e77f47-ad5c-401f-9d89-24ee83a18b7b","block_type":"box","text":"shares may trade at a price greater than NAV (a premium) or less","page_number":29,"box":{"x":83,"y":238,"width":416,"height":11}},{"id":"f09ca908-9e87-4502-a2a6-c7f433559b67","block_type":"box","text":"than NAV (a discount). An investor may incur costs attributable to","page_number":29,"box":{"x":83,"y":251,"width":419,"height":11}},{"id":"a328ac0a-358c-4072-9465-0634244ed3fe","block_type":"box","text":"the difference between the highest price a buyer is willing to pay","page_number":29,"box":{"x":83,"y":264,"width":412,"height":11}},{"id":"4d8c6e3e-bad7-478d-a40a-61b53efd92d0","block_type":"box","text":"to purchase shares of the Fund (bid) and the lowest price a seller","page_number":29,"box":{"x":83,"y":277,"width":416,"height":11}},{"id":"132791bd-aa2a-4221-aa84-27349a40423a","block_type":"box","text":"is willing to accept for shares of the Fund (ask) when buying or","page_number":29,"box":{"x":83,"y":290,"width":400,"height":11}},{"id":"3e0fdbc1-23f6-49a6-9918-d21fceceb5cd","block_type":"box","text":"selling shares in the secondary market (the “bid-ask spread”).","page_number":29,"box":{"x":83,"y":303,"width":394,"height":11}},{"id":"49ebe080-e647-47d3-8ce7-bdde743acb38","block_type":"box","text":"Tax Information","page_number":29,"box":{"x":548,"y":22,"width":133,"height":11}},{"id":"e586e7bc-db77-4db4-85ae-1ff6c274939b","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you","page_number":29,"box":{"x":549,"y":48,"width":422,"height":10}},{"id":"c3bd20ff-a076-4b7c-93f8-40ea6805e000","block_type":"box","text":"as ordinary income or capital gains, unless you are investing","page_number":29,"box":{"x":549,"y":61,"width":385,"height":10}},{"id":"b8a47a28-1ee8-4734-9fdd-399b0873f2bb","block_type":"box","text":"through a tax-deferred arrangement such as a 401(k) plan or an","page_number":29,"box":{"x":549,"y":73,"width":406,"height":11}},{"id":"528b3d88-5605-4739-a4e4-c7b3416d966a","block_type":"box","text":"IRA, in which case, your distributions generally will be taxed when","page_number":29,"box":{"x":550,"y":86,"width":418,"height":11}},{"id":"4aee1f52-f4c0-4b9c-b51f-17e2b58ef120","block_type":"box","text":"withdrawn.","page_number":29,"box":{"x":549,"y":99,"width":69,"height":9}},{"id":"d623baf5-1ac4-4525-bc01-82b4b92c0e12","block_type":"box","text":"Payments to Broker-Dealers and Other Financial","page_number":29,"box":{"x":550,"y":127,"width":410,"height":13}},{"id":"475071fa-4f64-48ac-8ead-511d9ed14065","block_type":"box","text":"Intermediaries","page_number":29,"box":{"x":550,"y":144,"width":123,"height":10}},{"id":"9e48ae91-0981-4c4c-99c7-1d56802b0083","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or","page_number":29,"box":{"x":550,"y":169,"width":393,"height":11}},{"id":"1373fed9-0e43-465e-9f80-8e4a3f7dcac8","block_type":"box","text":"other financial intermediary (such as a bank), BFA or other related","page_number":29,"box":{"x":549,"y":182,"width":421,"height":11}},{"id":"69f3670d-fb0f-4ba2-a45d-b356c43b0b22","block_type":"box","text":"companies may pay the intermediary for marketing activities and","page_number":29,"box":{"x":549,"y":195,"width":415,"height":10}},{"id":"5ba78f72-27ae-4b56-b2dc-16b0c6d96230","block_type":"box","text":"presentations, educational training programs, conferences, the","page_number":29,"box":{"x":549,"y":207,"width":403,"height":11}},{"id":"df4eb1f5-dade-408c-9154-cf8b1a795733","block_type":"box","text":"development of technology platforms and reporting systems or","page_number":29,"box":{"x":549,"y":220,"width":403,"height":11}},{"id":"e958a2da-f7b3-4086-a309-89f50149d186","block_type":"box","text":"other services related to the sale or promotion of the Fund. These","page_number":29,"box":{"x":549,"y":233,"width":420,"height":11}},{"id":"62d8a0cc-f00f-4ac1-a6c5-6736e1be210d","block_type":"box","text":"payments may create a conflict of interest by influencing the","page_number":29,"box":{"x":549,"y":246,"width":387,"height":11}},{"id":"cbfa5f11-d7c0-4e5a-a9a9-33c893885497","block_type":"box","text":"broker-dealer or other intermediary and your salesperson to","page_number":29,"box":{"x":549,"y":259,"width":384,"height":11}},{"id":"81ef8df6-988b-4c82-80c7-93c527cf7343","block_type":"box","text":"recommend the Fund over another investment. Ask your","page_number":29,"box":{"x":549,"y":272,"width":361,"height":11}},{"id":"fba32b95-4181-449a-8bbf-ea2fcacf9d90","block_type":"box","text":"salesperson or visit your financial intermediary’s website for more","page_number":29,"box":{"x":549,"y":285,"width":421,"height":11}},{"id":"dc62e475-af21-4fed-9311-d611f942b6eb","block_type":"box","text":"information.","page_number":29,"box":{"x":549,"y":298,"width":76,"height":8}},{"id":"176b4d87-17b6-4b8e-be32-273dcdd79480","block_type":"box","text":"S-18","page_number":29,"box":{"x":522,"y":920,"width":27,"height":9}},{"id":"372f6116-1cd0-4eea-8b37-928218ffe936","block_type":"box","text":"iSHARES","page_number":30,"box":{"x":236,"y":24,"width":118,"height":15}},{"id":"5bbd6e4a-8ab5-4213-a864-60f770e48c82","block_type":"box","text":"®","page_number":30,"box":{"x":357,"y":17,"width":11,"height":8}},{"id":"97396cb9-559d-411a-b976-d7c093914024","block_type":"box","text":"MSCI USA QUALITY FACTOR ETF","page_number":30,"box":{"x":379,"y":24,"width":444,"height":17}},{"id":"ab81428c-d41c-4c4a-ae8a-a6a8f36aadd5","block_type":"box","text":"Ticker: QUAL Stock Exchange: Cboe BZX","page_number":30,"box":{"x":283,"y":53,"width":486,"height":12}},{"id":"796f0394-53c6-49e9-9c60-ad22e559503d","block_type":"box","text":"Investment Objective","page_number":30,"box":{"x":84,"y":91,"width":181,"height":13}},{"id":"4f02c062-8c28-4a1e-bfe5-5ffb5e6f540c","block_type":"box","text":"The iShares MSCI USA Quality Factor ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. large- and mid","page_number":30,"box":{"x":82,"y":116,"width":883,"height":11}},{"id":"2e281433-bf07-4a44-8584-984874d2487e","block_type":"box","text":"capitalization stocks with quality characteristics as identified through certain fundamental metrics.","page_number":30,"box":{"x":83,"y":130,"width":631,"height":11}},{"id":"485f32c1-d902-4f0d-9bbb-dc0b0ca7ce0e","block_type":"box","text":"Fees and Expenses","page_number":30,"box":{"x":84,"y":159,"width":160,"height":13}},{"id":"84211288-f55b-4ec3-88fe-5722e695a04d","block_type":"box","text":"The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts in the table","page_number":30,"box":{"x":82,"y":184,"width":869,"height":11}},{"id":"5b3095b0-ead3-4045-befb-ccb615f8954e","block_type":"box","text":"are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement between iShares Trust","page_number":30,"box":{"x":83,"y":198,"width":863,"height":11}},{"id":"d6d4e661-53dd-414c-8f3c-570856b908dd","block_type":"box","text":"(the “Trust”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that BFA will pay all operating","page_number":30,"box":{"x":83,"y":213,"width":825,"height":10}},{"id":"89af9b85-5386-441a-8fc0-5085f5c4a492","block_type":"box","text":"expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, (iv) expenses incurred with respect to the","page_number":30,"box":{"x":83,"y":227,"width":834,"height":11}},{"id":"77384860-2732-4255-8009-23b50c5a56af","block_type":"box","text":"acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, (v)","page_number":30,"box":{"x":83,"y":241,"width":833,"height":11}},{"id":"bd22b774-b0bb-4aed-a283-d9fb1542b5c6","block_type":"box","text":"distribution fees or expenses, and (vi) litigation expenses and any extraordinary expenses.","page_number":30,"box":{"x":83,"y":255,"width":575,"height":11}},{"id":"8dede1a3-25a5-4797-836e-110b182c663f","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in","page_number":30,"box":{"x":82,"y":278,"width":883,"height":12}},{"id":"d39c6f35-f6d0-41a3-9088-87ace7886ee2","block_type":"box","text":"the tables and examples below.","page_number":30,"box":{"x":83,"y":293,"width":220,"height":10}},{"id":"27edef51-523c-4ac0-9476-927310fd2b67","block_type":"box","text":"Annual Fund Operating 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investments)","page_number":30,"box":{"x":385,"y":333,"width":280,"height":10}},{"id":"ad18f6e0-7e72-4904-a158-2e57f48e6c53","block_type":"box","text":"1","page_number":30,"box":{"x":668,"y":332,"width":2,"height":5}},{"id":"a7639d5d-9978-4bb1-a49f-8103dab49a12","block_type":"box","text":"Management","page_number":30,"box":{"x":170,"y":374,"width":80,"height":9}},{"id":"dd4dcfae-e27e-41ed-89b2-9dea01904ede","block_type":"box","text":"Fees","page_number":30,"box":{"x":196,"y":384,"width":27,"height":7}},{"id":"4936c2d0-36ef-40d3-be5b-028e0551b32d","block_type":"box","text":"Distribution","page_number":30,"box":{"x":394,"y":363,"width":72,"height":8}},{"id":"5c8ea1d3-6513-4e0f-8b95-6de1f631753a","block_type":"box","text":"and Service","page_number":30,"box":{"x":394,"y":373,"width":72,"height":8}},{"id":"1fe25f0e-a95d-4d37-9104-34ef75629f1a","block_type":"box","text":"(12b-1) Fees","page_number":30,"box":{"x":393,"y":384,"width":73,"height":9}},{"id":"a7cc6798-33a2-447f-ac3e-0ec75a70dee3","block_type":"box","text":"Other","page_number":30,"box":{"x":621,"y":373,"width":35,"height":8}},{"id":"ce565f38-52ad-4fc9-aa0f-957ad58c2547","block_type":"box","text":"Expenses","page_number":30,"box":{"x":610,"y":384,"width":57,"height":9}},{"id":"c3eaa4b3-0170-4564-bcde-4eb728d5e8a6","block_type":"box","text":"Total Annual","page_number":30,"box":{"x":810,"y":353,"width":76,"height":7}},{"id":"8c57a9d1-496f-4e61-abd9-278ade6d72dc","block_type":"box","text":"Fund","page_number":30,"box":{"x":834,"y":363,"width":29,"height":8}},{"id":"1ab76bbb-b94c-47c4-8227-a2cd0ff2afb6","block_type":"box","text":"Operating","page_number":30,"box":{"x":818,"y":373,"width":61,"height":10}},{"id":"bfee8861-9eb9-4b8d-8e1f-93e1dccbb13c","block_type":"box","text":"Expenses","page_number":30,"box":{"x":820,"y":384,"width":58,"height":9}},{"id":"c8fcd874-52a9-498f-a32b-724866513503","block_type":"box","text":"0.15% None 0.00% 0.15%","page_number":30,"box":{"x":195,"y":403,"width":669,"height":8}},{"id":"bdd60d1d-cd68-4d8a-944f-02891a9664e5","block_type":"box","text":"1","page_number":30,"box":{"x":112,"y":434,"width":2,"height":5}},{"id":"7397b4e1-633f-4e2b-9e70-88c92da43e5b","block_type":"box","text":"Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any.","page_number":30,"box":{"x":123,"y":435,"width":706,"height":10}},{"id":"fd85249e-211c-4b7c-adff-bafc883469e0","block_type":"box","text":"Example.","page_number":30,"box":{"x":83,"y":455,"width":62,"height":11}},{"id":"ff26c10c-ed00-42b6-91c4-91e8c3b61327","block_type":"box","text":"This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds.","page_number":30,"box":{"x":150,"y":455,"width":800,"height":11}},{"id":"184e2889-0a74-4e04-9d6c-b770d7bc8a39","block_type":"box","text":"The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those","page_number":30,"box":{"x":82,"y":468,"width":891,"height":12}},{"id":"9f7ee383-dea3-4eec-ae02-6bc529b3b8fb","block_type":"box","text":"periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the","page_number":30,"box":{"x":83,"y":483,"width":862,"height":11}},{"id":"747d46e8-a4dd-430d-abe1-fee6b85e3042","block_type":"box","text":"same. 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of the MSCI USA Quality Index through August 31, 2015 and the MSCI","page_number":34,"box":{"x":123,"y":582,"width":846,"height":10}},{"id":"92717ff5-7514-4c15-bb1d-bd4b791c08b6","block_type":"box","text":"USA Sector Neutral Quality Index thereafter, which reflect the times when each index was the Underlying Index of the Fund.","page_number":34,"box":{"x":124,"y":593,"width":702,"height":9}},{"id":"9086d5aa-6e30-4392-97e6-e09baf22f810","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":34,"box":{"x":82,"y":612,"width":882,"height":11}},{"id":"1b422796-e4ab-488f-91b0-16cb802ebb15","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":34,"box":{"x":83,"y":626,"width":871,"height":11}},{"id":"930e4e7f-51f3-4c6a-b996-86b1f8491fdb","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":34,"box":{"x":83,"y":641,"width":860,"height":10}},{"id":"d4ec4971-f59f-4039-a8cb-a5b6b73d0370","block_type":"box","text":"such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are","page_number":34,"box":{"x":83,"y":655,"width":855,"height":11}},{"id":"d0fdfc10-1501-4a89-8ec5-4917e32e782a","block_type":"box","text":"calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses","page_number":34,"box":{"x":83,"y":669,"width":883,"height":11}},{"id":"c945575a-986a-4cc0-85ca-4b96b5387ad0","block_type":"box","text":"from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns","page_number":34,"box":{"x":82,"y":683,"width":861,"height":11}},{"id":"d036ac3f-6bf0-4b10-b2b5-26c245e396a8","block_type":"box","text":"before taxes and/or returns after taxes on distributions.","page_number":34,"box":{"x":83,"y":697,"width":359,"height":11}},{"id":"33e70b2a-048f-4300-8dcf-e3c233adaaf7","block_type":"box","text":"S-23","page_number":34,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"8be9a422-cb9b-44f3-87f2-4434c7eded66","block_type":"box","text":"Management","page_number":35,"box":{"x":84,"y":23,"width":109,"height":13}},{"id":"1b304556-7f99-41f6-8841-2009083631e5","block_type":"box","text":"Investment Adviser.","page_number":35,"box":{"x":83,"y":48,"width":138,"height":8}},{"id":"a7d783cb-fad1-4be6-9b78-38b3de6ef9aa","block_type":"box","text":"BlackRock Fund Advisors.","page_number":35,"box":{"x":227,"y":48,"width":163,"height":8}},{"id":"97993640-c263-4c0c-b071-f3e40ede44ba","block_type":"box","text":"Portfolio Managers.","page_number":35,"box":{"x":83,"y":71,"width":135,"height":11}},{"id":"2b40aeae-2cce-4805-88cf-b57ce016b520","block_type":"box","text":"Jennifer Hsui, Matt Waldron, Peter Sietsema","page_number":35,"box":{"x":223,"y":71,"width":281,"height":10}},{"id":"c3685010-c628-4769-b730-ae5f4dfa2b4f","block_type":"box","text":"and Steven White (the “Portfolio Managers”) are primarily","page_number":35,"box":{"x":83,"y":85,"width":367,"height":11}},{"id":"7a22327f-3f4a-4651-9814-6990d8cf76a8","block_type":"box","text":"responsible for the day-to-day management of the Fund. Each","page_number":35,"box":{"x":83,"y":99,"width":395,"height":11}},{"id":"aaf33d01-fd95-4db7-8d15-c7cab5734fab","block_type":"box","text":"Portfolio Manager supervises a portfolio management team. Ms.","page_number":35,"box":{"x":84,"y":113,"width":410,"height":11}},{"id":"d9cb80fb-dea3-4734-9e35-df7e2165b70f","block_type":"box","text":"Hsui, Mr. Waldron, Mr. Sietsema and Mr. White have been","page_number":35,"box":{"x":84,"y":128,"width":366,"height":10}},{"id":"76677de3-28d2-452c-abe4-228e129af339","block_type":"box","text":"Portfolio Managers of the Fund since 2013, 2025, 2025, and","page_number":35,"box":{"x":84,"y":142,"width":384,"height":11}},{"id":"30d72f50-7070-4087-9f25-aec11fdf57e1","block_type":"box","text":"2025, respectively.","page_number":35,"box":{"x":83,"y":156,"width":121,"height":11}},{"id":"863f975f-0caa-4ce2-ad19-cc04b65213d5","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":35,"box":{"x":84,"y":185,"width":290,"height":10}},{"id":"2c97db28-9e56-49ab-8f3f-46f7556e633c","block_type":"box","text":"The Fund is an exchange-traded fund (commonly referred to as an","page_number":35,"box":{"x":82,"y":210,"width":422,"height":11}},{"id":"bb234d8e-3c73-402b-835f-93cdf156aad2","block_type":"box","text":"“ETF”). Individual shares of the Fund may only be bought and sold","page_number":35,"box":{"x":83,"y":224,"width":419,"height":11}},{"id":"17e9f192-dadb-46c6-a708-4d6bdf424844","block_type":"box","text":"in the secondary market through a broker-dealer. Because ETF","page_number":35,"box":{"x":83,"y":238,"width":400,"height":11}},{"id":"7f97f7da-ade9-46ec-ace8-17b47cb1bed4","block_type":"box","text":"shares trade at market prices rather than at NAV, shares may","page_number":35,"box":{"x":83,"y":253,"width":392,"height":10}},{"id":"4a006854-5228-47bd-bc24-16b8798b753c","block_type":"box","text":"trade at a price greater than NAV (a premium) or less than NAV (a","page_number":35,"box":{"x":83,"y":267,"width":418,"height":11}},{"id":"5c9553a6-f3af-4cf4-a60d-ca7ea6d86f91","block_type":"box","text":"discount). An investor may incur costs attributable to the","page_number":35,"box":{"x":83,"y":281,"width":364,"height":11}},{"id":"65fea979-cf56-4a24-897f-fbf86db0b434","block_type":"box","text":"difference between the highest price a buyer is willing to pay to","page_number":35,"box":{"x":83,"y":295,"width":404,"height":11}},{"id":"bdd7544b-8089-47d6-b5ce-75feacf4cbf6","block_type":"box","text":"purchase shares of the Fund (bid) and the lowest price a seller is","page_number":35,"box":{"x":83,"y":309,"width":412,"height":11}},{"id":"660c872f-76c9-4dfc-9e0e-872e9481c8be","block_type":"box","text":"willing to accept for shares of the Fund (ask) when buying or","page_number":35,"box":{"x":82,"y":323,"width":387,"height":11}},{"id":"e28ad887-7316-46a9-b5cf-b0453af6e749","block_type":"box","text":"selling shares in the secondary market (the “bid-ask spread”).","page_number":35,"box":{"x":83,"y":338,"width":394,"height":11}},{"id":"0cf6d165-8bfa-443a-b39a-569328cae581","block_type":"box","text":"Tax Information","page_number":35,"box":{"x":548,"y":22,"width":133,"height":11}},{"id":"55e630e8-6b6b-46fd-afa6-b3c7f2e7120d","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you","page_number":35,"box":{"x":549,"y":48,"width":422,"height":10}},{"id":"5778d065-04c7-41e2-817e-3823e74c9aef","block_type":"box","text":"as ordinary income or capital gains, unless you are investing","page_number":35,"box":{"x":549,"y":62,"width":385,"height":11}},{"id":"e76330d8-3b54-4271-bfa5-e605762c0140","block_type":"box","text":"through a tax-deferred arrangement such as a 401(k) plan or an","page_number":35,"box":{"x":549,"y":76,"width":406,"height":11}},{"id":"a80cb93e-3514-4590-a602-30f4722947f6","block_type":"box","text":"IRA, in which case, your distributions generally will be taxed when","page_number":35,"box":{"x":550,"y":90,"width":418,"height":11}},{"id":"ce95e0a0-8fb3-4e31-8693-8e9ce5f68b5f","block_type":"box","text":"withdrawn.","page_number":35,"box":{"x":549,"y":104,"width":69,"height":9}},{"id":"dfd33040-702f-448d-885f-5e5d7f60ec3d","block_type":"box","text":"Payments to Broker-Dealers and Other Financial","page_number":35,"box":{"x":550,"y":133,"width":410,"height":14}},{"id":"e8e2c52c-294b-4428-8f6d-7134e5b2c594","block_type":"box","text":"Intermediaries","page_number":35,"box":{"x":550,"y":150,"width":123,"height":11}},{"id":"3a4b2e3c-d1c4-4af2-8eb9-867154865564","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or","page_number":35,"box":{"x":550,"y":175,"width":393,"height":11}},{"id":"7dd2fc07-3342-4832-bd44-e805e89885c5","block_type":"box","text":"other financial intermediary (such as a bank), BFA or other related","page_number":35,"box":{"x":549,"y":189,"width":421,"height":11}},{"id":"747e50ea-e973-4e4a-8422-517858cee2c5","block_type":"box","text":"companies may pay the intermediary for marketing activities and","page_number":35,"box":{"x":549,"y":204,"width":415,"height":10}},{"id":"6651f4d5-3ebd-4976-8734-12ff17000510","block_type":"box","text":"presentations, educational training programs, conferences, the","page_number":35,"box":{"x":549,"y":218,"width":403,"height":11}},{"id":"2dea77b0-d66a-4b62-92d5-e39f251c59c2","block_type":"box","text":"development of technology platforms and reporting systems or","page_number":35,"box":{"x":549,"y":232,"width":403,"height":11}},{"id":"2cd16491-6761-4d3e-b822-cde857f12555","block_type":"box","text":"other services related to the sale or promotion of the Fund. These","page_number":35,"box":{"x":549,"y":246,"width":420,"height":11}},{"id":"d3dd851d-d773-488a-b803-f0e3f81d05eb","block_type":"box","text":"payments may create a conflict of interest by influencing the","page_number":35,"box":{"x":549,"y":260,"width":387,"height":11}},{"id":"968bf7a1-0c3c-4f23-9514-9eac00233888","block_type":"box","text":"broker-dealer or other intermediary and your salesperson to","page_number":35,"box":{"x":549,"y":275,"width":384,"height":10}},{"id":"183dcf94-2a04-4d51-a23d-b64af164b731","block_type":"box","text":"recommend the Fund over another investment. Ask your","page_number":35,"box":{"x":549,"y":289,"width":361,"height":11}},{"id":"a18d60d7-0301-4d7a-9a7f-44e9b230e73b","block_type":"box","text":"salesperson or visit your financial intermediary’s website for more","page_number":35,"box":{"x":549,"y":303,"width":421,"height":11}},{"id":"4747b3f0-de7b-4582-9311-bb3a23d0b67e","block_type":"box","text":"information.","page_number":35,"box":{"x":549,"y":317,"width":76,"height":9}},{"id":"6fc019e7-c148-41e9-80be-33b42d5593f7","block_type":"box","text":"S-24","page_number":35,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"b19ad1e9-357c-44ea-9c72-156c94eb31f5","block_type":"box","text":"iSHARES","page_number":36,"box":{"x":266,"y":24,"width":119,"height":15}},{"id":"6ef65e03-9169-4137-b164-a4b9c9b63c49","block_type":"box","text":"®","page_number":36,"box":{"x":388,"y":17,"width":11,"height":8}},{"id":"c55e39de-c0cf-46b3-9e87-cbb1517f408f","block_type":"box","text":"MSCI USA SIZE FACTOR ETF","page_number":36,"box":{"x":410,"y":24,"width":382,"height":15}},{"id":"3ce29c97-b2e2-400f-81d7-1e85ec3c3e2a","block_type":"box","text":"Ticker: SIZE Stock Exchange: NYSE Arca","page_number":36,"box":{"x":284,"y":53,"width":484,"height":12}},{"id":"5aa01e20-59d7-4c5f-8005-959e4b4d94d2","block_type":"box","text":"Investment Objective","page_number":36,"box":{"x":84,"y":91,"width":181,"height":13}},{"id":"2949221f-129d-43cf-8001-e388b72b5e6f","block_type":"box","text":"The iShares MSCI USA Size Factor ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. large- and mid","page_number":36,"box":{"x":82,"y":116,"width":865,"height":11}},{"id":"263ea538-4911-40e9-94b7-3a8198bf3a88","block_type":"box","text":"capitalization stocks with relatively smaller average market capitalization.","page_number":36,"box":{"x":83,"y":130,"width":470,"height":11}},{"id":"2c43a611-89ca-408e-8942-7ebb35f7aa41","block_type":"box","text":"Fees and Expenses","page_number":36,"box":{"x":84,"y":159,"width":160,"height":13}},{"id":"061a308b-9461-4318-b4d8-128353b9bff9","block_type":"box","text":"The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts in the table","page_number":36,"box":{"x":82,"y":184,"width":869,"height":11}},{"id":"1143ca1a-80a7-48da-926b-2f355dbdf964","block_type":"box","text":"are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement between iShares Trust","page_number":36,"box":{"x":83,"y":198,"width":863,"height":11}},{"id":"32b9ca10-deac-4f27-856b-d8398526d645","block_type":"box","text":"(the “Trust”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that BFA will pay all operating","page_number":36,"box":{"x":83,"y":213,"width":825,"height":10}},{"id":"6d512bdb-5e9e-4b3c-a406-0eb523b1aab6","block_type":"box","text":"expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, (iv) expenses incurred with respect to the","page_number":36,"box":{"x":83,"y":227,"width":834,"height":11}},{"id":"3f77254d-9d43-4947-b76e-22a8d3d83ba2","block_type":"box","text":"acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, (v)","page_number":36,"box":{"x":83,"y":241,"width":833,"height":11}},{"id":"fa46395d-726a-4524-bd57-98534f7e3ba9","block_type":"box","text":"distribution fees or expenses, and (vi) litigation expenses and any extraordinary expenses.","page_number":36,"box":{"x":83,"y":255,"width":575,"height":11}},{"id":"99309ad9-93c3-4926-a7b3-551bdd21d105","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in","page_number":36,"box":{"x":82,"y":278,"width":883,"height":12}},{"id":"d6441e36-c4bf-436e-a4c4-e23d18f26d9e","block_type":"box","text":"the tables and examples below.","page_number":36,"box":{"x":83,"y":293,"width":220,"height":10}},{"id":"9ee208f7-c7b0-4117-a5d8-1ac64bdac6fd","block_type":"box","text":"Annual Fund Operating 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investments)","page_number":36,"box":{"x":385,"y":333,"width":280,"height":10}},{"id":"c33b205f-52e2-4ceb-9d45-6b4a0b8f462b","block_type":"box","text":"1","page_number":36,"box":{"x":668,"y":332,"width":2,"height":5}},{"id":"a42e347b-f673-4a4c-b654-464aaf05e3f8","block_type":"box","text":"Management","page_number":36,"box":{"x":170,"y":374,"width":80,"height":9}},{"id":"48331dcc-1c12-4068-b54f-08131b506f1e","block_type":"box","text":"Fees","page_number":36,"box":{"x":196,"y":384,"width":27,"height":7}},{"id":"20798cfc-d554-40da-9828-80430c1cfa70","block_type":"box","text":"Distribution","page_number":36,"box":{"x":394,"y":363,"width":72,"height":8}},{"id":"2aa035d2-85b9-4f85-8b60-8f8e45d577b8","block_type":"box","text":"and Service","page_number":36,"box":{"x":394,"y":373,"width":72,"height":8}},{"id":"4f6b5497-6b3a-4430-a0f4-5b650b343214","block_type":"box","text":"(12b-1) Fees","page_number":36,"box":{"x":393,"y":384,"width":73,"height":9}},{"id":"12c22905-06d9-42a8-afe4-5923ff5774a4","block_type":"box","text":"Other","page_number":36,"box":{"x":621,"y":373,"width":35,"height":8}},{"id":"c9323fe6-3eb9-4544-a7f7-0f373d446934","block_type":"box","text":"Expenses","page_number":36,"box":{"x":610,"y":384,"width":57,"height":9}},{"id":"a2037312-d36e-4997-97d1-6591a20773f2","block_type":"box","text":"Total Annual","page_number":36,"box":{"x":810,"y":353,"width":76,"height":7}},{"id":"f266c0b0-aef5-411b-b9cc-a9a6bd2bc923","block_type":"box","text":"Fund","page_number":36,"box":{"x":834,"y":363,"width":29,"height":8}},{"id":"5fb07604-d6d8-487a-b8d9-13648f431320","block_type":"box","text":"Operating","page_number":36,"box":{"x":818,"y":373,"width":61,"height":10}},{"id":"67ddcaf6-5625-4eae-a09a-beb212bc6f3f","block_type":"box","text":"Expenses","page_number":36,"box":{"x":820,"y":384,"width":58,"height":9}},{"id":"d80f8702-27ac-4f3f-bfce-be6ca3769c3b","block_type":"box","text":"0.15% None 0.00% 0.15%","page_number":36,"box":{"x":195,"y":403,"width":669,"height":8}},{"id":"926cc460-865b-412a-9ca6-c14c7a6bc76d","block_type":"box","text":"1","page_number":36,"box":{"x":112,"y":434,"width":2,"height":5}},{"id":"362175d0-37b0-4fd8-8ba7-e8d67083b956","block_type":"box","text":"Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any.","page_number":36,"box":{"x":123,"y":435,"width":706,"height":10}},{"id":"1d7edca5-4a53-444f-aec2-b9e05ce144a2","block_type":"box","text":"Example.","page_number":36,"box":{"x":83,"y":455,"width":62,"height":11}},{"id":"097e43cb-8a84-435d-abe4-a599fa100b1f","block_type":"box","text":"This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds.","page_number":36,"box":{"x":150,"y":455,"width":800,"height":11}},{"id":"1aad764a-26ed-4883-889e-b273fb5482e1","block_type":"box","text":"The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those","page_number":36,"box":{"x":82,"y":468,"width":891,"height":12}},{"id":"1804deb7-5bd3-419c-bcf1-402088561683","block_type":"box","text":"periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the","page_number":36,"box":{"x":83,"y":483,"width":862,"height":11}},{"id":"d6c07ab8-59b8-44cd-9191-bf811bbdcf10","block_type":"box","text":"same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:","page_number":36,"box":{"x":83,"y":498,"width":694,"height":10}},{"id":"932fb573-d5b0-45af-9cd1-14677e3de5d6","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":36,"box":{"x":195,"y":528,"width":668,"height":8}},{"id":"98ad89d0-c004-4742-a1d5-72331a060c0e","block_type":"box","text":"$15 $48 $85 $192","page_number":36,"box":{"x":203,"y":548,"width":647,"height":9}},{"id":"a315aad6-6851-47e0-bd27-744f7a4a6031","block_type":"box","text":"Portfolio Turnover.","page_number":36,"box":{"x":83,"y":588,"width":129,"height":8}},{"id":"fd9a1f9f-fc51-48fb-b695-e9af6a410840","block_type":"box","text":"The Fund may pay transaction costs, such as","page_number":36,"box":{"x":216,"y":588,"width":287,"height":11}},{"id":"49925351-4805-4906-b12e-e10415aad9fb","block_type":"box","text":"commissions, when it buys and sells securities (or “turns over” its","page_number":36,"box":{"x":83,"y":602,"width":420,"height":11}},{"id":"2fe271cf-9832-4fc5-bc69-a6b90cbe67b9","block_type":"box","text":"portfolio). 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The Fund may or may not hold all of","page_number":37,"box":{"x":83,"y":348,"width":410,"height":11}},{"id":"078175a5-aa65-442f-96b5-0cbaa1b57ee2","block_type":"box","text":"the components of the Underlying Index.","page_number":37,"box":{"x":83,"y":362,"width":259,"height":11}},{"id":"9c0f3a3a-628b-4541-b51c-dfd10f372ef9","block_type":"box","text":"The Fund generally will invest at least 80% of its assets in the","page_number":37,"box":{"x":82,"y":385,"width":390,"height":11}},{"id":"a3bdf4a5-de50-43b0-b0e9-b3828513841c","block_type":"box","text":"component securities of its Underlying Index and may invest up to","page_number":37,"box":{"x":83,"y":400,"width":422,"height":10}},{"id":"13f6bb50-adda-4360-98e9-b1b46ed75d3f","block_type":"box","text":"20% of its assets in certain futures, options and swap contracts,","page_number":37,"box":{"x":83,"y":414,"width":408,"height":10}},{"id":"80cebf53-2ce1-44cd-be54-c9d09b7c569d","block_type":"box","text":"cash and cash equivalents, including shares of money market","page_number":37,"box":{"x":83,"y":428,"width":392,"height":11}},{"id":"9c06846e-e59e-4395-8f02-f4d16bccefd8","block_type":"box","text":"funds advised by BFA or its affiliates, as well as in securities not","page_number":37,"box":{"x":82,"y":442,"width":407,"height":11}},{"id":"83702840-1918-4a07-9dfe-f67b68b9ef84","block_type":"box","text":"included in the Underlying Index, but which BFA believes will help","page_number":37,"box":{"x":83,"y":456,"width":415,"height":11}},{"id":"d3791538-f970-40f9-b060-907e628e08fb","block_type":"box","text":"the Fund track the Underlying Index. 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The Index Provider","page_number":37,"box":{"x":82,"y":630,"width":396,"height":11}},{"id":"f069790a-81d8-4b48-8661-ff769e0861bf","block_type":"box","text":"determines the composition and relative weightings of the","page_number":37,"box":{"x":83,"y":644,"width":371,"height":11}},{"id":"2bd6592b-b8e6-4c60-98a1-a26805981680","block_type":"box","text":"securities in the Underlying Index and Parent Index and publishes","page_number":37,"box":{"x":83,"y":659,"width":417,"height":11}},{"id":"5c72a105-6569-485f-88cd-fa100a83e631","block_type":"box","text":"information regarding the market value of the Underlying","page_number":37,"box":{"x":83,"y":673,"width":363,"height":11}},{"id":"e14212e3-cec4-444b-be4f-23f39aec03c8","block_type":"box","text":"Index and Parent Index.","page_number":37,"box":{"x":83,"y":687,"width":149,"height":9}},{"id":"a5ecf3a4-9fed-4731-8d76-412888c2bbdc","block_type":"box","text":"Industry Concentration Policy.","page_number":37,"box":{"x":83,"y":710,"width":210,"height":11}},{"id":"91c5a860-c8c7-4993-84cf-be822a9875db","block_type":"box","text":"The Fund will concentrate its","page_number":37,"box":{"x":298,"y":710,"width":184,"height":9}},{"id":"67f3bca8-cc0f-45f7-9165-9f8b97feb85a","block_type":"box","text":"investments (","page_number":37,"box":{"x":83,"y":724,"width":85,"height":11}},{"id":"67c6a4ce-5303-439a-a598-8b909a507a72","block_type":"box","text":"i.e.","page_number":37,"box":{"x":169,"y":724,"width":17,"height":9}},{"id":"902cf14d-a8fa-4334-bf81-f94fe99f1a42","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":37,"box":{"x":189,"y":724,"width":264,"height":11}},{"id":"972b0251-0aba-4261-9c5c-97df9f086fe5","block_type":"box","text":"particular industry or group of industries to approximately the","page_number":37,"box":{"x":83,"y":739,"width":394,"height":10}},{"id":"6430326a-0cd8-420a-ac6a-b2d4ce233739","block_type":"box","text":"same extent that the Underlying Index is concentrated. 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Risk Weighted Index through December 2, 2018 and the MSCI","page_number":40,"box":{"x":123,"y":582,"width":825,"height":10}},{"id":"cf240720-0a4e-44d3-8ca4-eafb5852829d","block_type":"box","text":"USA Low Size Index thereafter, which reflect the times when each index was the Underlying Index of the Fund.","page_number":40,"box":{"x":124,"y":593,"width":626,"height":9}},{"id":"0be82f9a-c93a-433c-8944-58942f49f680","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":40,"box":{"x":82,"y":612,"width":882,"height":11}},{"id":"9d766383-3cc4-445f-a8e7-ff7cfe8084b3","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":40,"box":{"x":83,"y":626,"width":871,"height":11}},{"id":"89ca25e2-4fd8-4211-bacf-7a6774745018","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":40,"box":{"x":83,"y":641,"width":860,"height":10}},{"id":"b558b014-5c5f-4c27-a014-1e441f070812","block_type":"box","text":"such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are","page_number":40,"box":{"x":83,"y":655,"width":855,"height":11}},{"id":"6487d075-7d41-4fc3-9663-22b942f1bce0","block_type":"box","text":"calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses","page_number":40,"box":{"x":83,"y":669,"width":883,"height":11}},{"id":"4e2ceb3a-842c-40b4-8aa6-24b8fd89145e","block_type":"box","text":"from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns","page_number":40,"box":{"x":82,"y":683,"width":861,"height":11}},{"id":"e7156561-d21e-4c01-b072-12568b60153f","block_type":"box","text":"before taxes and/or returns after taxes on distributions.","page_number":40,"box":{"x":83,"y":697,"width":359,"height":11}},{"id":"ac82dcb0-bd3c-4794-8c09-8bffd950c079","block_type":"box","text":"S-29","page_number":40,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"747106eb-44ca-4cfd-b4bf-363c90acdfee","block_type":"box","text":"Management","page_number":41,"box":{"x":84,"y":23,"width":109,"height":13}},{"id":"98834eb3-b29e-4308-a2e8-ff2d1c5144b2","block_type":"box","text":"Investment Adviser.","page_number":41,"box":{"x":83,"y":48,"width":138,"height":8}},{"id":"72eec3d8-3aac-4b4f-85cb-dab72d08e301","block_type":"box","text":"BlackRock Fund Advisors.","page_number":41,"box":{"x":227,"y":48,"width":163,"height":8}},{"id":"635b8d0a-b50d-43f7-8c21-a0df769d0111","block_type":"box","text":"Portfolio Managers.","page_number":41,"box":{"x":83,"y":71,"width":135,"height":11}},{"id":"1ee0f5e3-2b50-420f-af0e-22cb61179600","block_type":"box","text":"Jennifer Hsui, Matt Waldron, Peter Sietsema","page_number":41,"box":{"x":223,"y":71,"width":281,"height":10}},{"id":"91c229f8-2894-4735-b0cb-63e0630a0c20","block_type":"box","text":"and Steven White (the “Portfolio Managers”) are primarily","page_number":41,"box":{"x":83,"y":85,"width":367,"height":11}},{"id":"f235f425-cb3e-4c6c-b40b-026de63d0a0a","block_type":"box","text":"responsible for the day-to-day management of the Fund. Each","page_number":41,"box":{"x":83,"y":99,"width":395,"height":11}},{"id":"94aa94b9-cd16-44c5-aba7-ff120ab29e8e","block_type":"box","text":"Portfolio Manager supervises a portfolio management team. Ms.","page_number":41,"box":{"x":84,"y":113,"width":410,"height":11}},{"id":"e654fb26-9ef7-44d0-a33c-c3ce2d717cdc","block_type":"box","text":"Hsui, Mr. Waldron, Mr. Sietsema and Mr. White have been","page_number":41,"box":{"x":84,"y":128,"width":366,"height":10}},{"id":"44d79337-9c74-442a-9380-87946b13bd1d","block_type":"box","text":"Portfolio Managers of the Fund since 2013, 2025, 2025 and 2025,","page_number":41,"box":{"x":84,"y":142,"width":422,"height":11}},{"id":"d5305c6b-9adb-44cb-af67-9c8d403d3ac3","block_type":"box","text":"respectively.","page_number":41,"box":{"x":83,"y":156,"width":79,"height":11}},{"id":"a0658858-4d12-45cd-81a3-baddc9e33bfd","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":41,"box":{"x":84,"y":185,"width":290,"height":10}},{"id":"17981d07-1e18-4a37-a0ec-8909a8419abf","block_type":"box","text":"The Fund is an exchange-traded fund (commonly referred to as an","page_number":41,"box":{"x":82,"y":210,"width":422,"height":11}},{"id":"1b55c592-3c45-4067-a73b-e9f4aa6bb224","block_type":"box","text":"“ETF”). Individual shares of the Fund may only be bought and sold","page_number":41,"box":{"x":83,"y":224,"width":419,"height":11}},{"id":"91dec69a-7a17-425e-b4e4-9b88a883d501","block_type":"box","text":"in the secondary market through a broker-dealer. Because ETF","page_number":41,"box":{"x":83,"y":238,"width":400,"height":11}},{"id":"2cf8f004-3044-4b93-b4ba-e1b28441dc83","block_type":"box","text":"shares trade at market prices rather than at NAV, shares may","page_number":41,"box":{"x":83,"y":253,"width":392,"height":10}},{"id":"22f562b5-15c6-4d18-a51c-cc4908dd6779","block_type":"box","text":"trade at a price greater than NAV (a premium) or less than NAV (a","page_number":41,"box":{"x":83,"y":267,"width":418,"height":11}},{"id":"f1f2e880-af2f-431c-8aea-bdd2afc8fdae","block_type":"box","text":"discount). An investor may incur costs attributable to the","page_number":41,"box":{"x":83,"y":281,"width":364,"height":11}},{"id":"25641bc7-166c-4f32-834b-8eaacdf50fb6","block_type":"box","text":"difference between the highest price a buyer is willing to pay to","page_number":41,"box":{"x":83,"y":295,"width":404,"height":11}},{"id":"d9ba38c3-d49b-44bb-9adb-10a17086d11b","block_type":"box","text":"purchase shares of the Fund (bid) and the lowest price a seller is","page_number":41,"box":{"x":83,"y":309,"width":412,"height":11}},{"id":"1002855b-431f-4cc4-bbb9-d0b3df89ffd6","block_type":"box","text":"willing to accept for shares of the Fund (ask) when buying or","page_number":41,"box":{"x":82,"y":323,"width":387,"height":11}},{"id":"b812aee6-85b2-4458-ad48-49eecca4663a","block_type":"box","text":"selling shares in the secondary market (the “bid-ask spread”).","page_number":41,"box":{"x":83,"y":338,"width":394,"height":11}},{"id":"d7f4c674-f821-461e-83a5-cec49ed647c2","block_type":"box","text":"Tax Information","page_number":41,"box":{"x":548,"y":22,"width":133,"height":11}},{"id":"a4a0af45-91bf-4b76-af2e-70e2acdf3047","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you","page_number":41,"box":{"x":549,"y":48,"width":422,"height":10}},{"id":"ad421264-d911-47aa-b6b6-e5a792a70954","block_type":"box","text":"as ordinary income or capital gains, unless you are investing","page_number":41,"box":{"x":549,"y":62,"width":385,"height":11}},{"id":"b045414e-3311-454a-98f1-2f3e7a213622","block_type":"box","text":"through a tax-deferred arrangement such as a 401(k) plan or an","page_number":41,"box":{"x":549,"y":76,"width":406,"height":11}},{"id":"70b5c44b-a71d-44a1-b326-7328f106fc8f","block_type":"box","text":"IRA, in which case, your distributions generally will be taxed when","page_number":41,"box":{"x":550,"y":90,"width":418,"height":11}},{"id":"678c8f41-6076-4533-978c-6b912d62431b","block_type":"box","text":"withdrawn.","page_number":41,"box":{"x":549,"y":104,"width":69,"height":9}},{"id":"64f028ed-5b65-4cb1-a6d4-6ba78de8679b","block_type":"box","text":"Payments to Broker-Dealers and Other Financial","page_number":41,"box":{"x":550,"y":133,"width":410,"height":14}},{"id":"de435a76-f963-481c-8cc3-7ddda33afbfc","block_type":"box","text":"Intermediaries","page_number":41,"box":{"x":550,"y":150,"width":123,"height":11}},{"id":"2a43fcf5-8930-45db-8c31-1fa2b3819f2e","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or","page_number":41,"box":{"x":550,"y":175,"width":393,"height":11}},{"id":"fe337262-ac65-412a-9a84-d10eae2b14e6","block_type":"box","text":"other financial intermediary (such as a bank), BFA or other related","page_number":41,"box":{"x":549,"y":189,"width":421,"height":11}},{"id":"d0bafc9a-68ca-4870-ba2c-d2f1916953b4","block_type":"box","text":"companies may pay the intermediary for marketing activities and","page_number":41,"box":{"x":549,"y":204,"width":415,"height":10}},{"id":"88c8d8c1-bef5-4300-93da-fb56a76a20ab","block_type":"box","text":"presentations, educational training programs, conferences, the","page_number":41,"box":{"x":549,"y":218,"width":403,"height":11}},{"id":"f44607b8-5735-4c61-b696-acdf5040ee24","block_type":"box","text":"development of technology platforms and reporting systems or","page_number":41,"box":{"x":549,"y":232,"width":403,"height":11}},{"id":"c4053440-8f77-4e90-84c9-1cc1308f0642","block_type":"box","text":"other services related to the sale or promotion of the Fund. These","page_number":41,"box":{"x":549,"y":246,"width":420,"height":11}},{"id":"340ce000-8b3f-438e-84f9-8a3b40180bc0","block_type":"box","text":"payments may create a conflict of interest by influencing the","page_number":41,"box":{"x":549,"y":260,"width":387,"height":11}},{"id":"7fdf53b5-1fbb-4eb4-a46e-db8fe7c919f1","block_type":"box","text":"broker-dealer or other intermediary and your salesperson to","page_number":41,"box":{"x":549,"y":275,"width":384,"height":10}},{"id":"b82c3fac-5ca1-4059-8616-6e339233f3f3","block_type":"box","text":"recommend the Fund over another investment. Ask your","page_number":41,"box":{"x":549,"y":289,"width":361,"height":11}},{"id":"bdf488a8-2816-4dd6-80bf-481f7199d346","block_type":"box","text":"salesperson or visit your financial intermediary’s website for more","page_number":41,"box":{"x":549,"y":303,"width":421,"height":11}},{"id":"fe70bd6f-ff0d-4f3f-82d7-6271692cd87a","block_type":"box","text":"information.","page_number":41,"box":{"x":549,"y":317,"width":76,"height":9}},{"id":"07780f02-5a1b-4c22-be86-b8d846aeea1a","block_type":"box","text":"S-30","page_number":41,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"8e4023a1-dc5f-4dec-9861-f9b694e1ecf5","block_type":"box","text":"iSHARES","page_number":42,"box":{"x":303,"y":24,"width":118,"height":15}},{"id":"13f3f91c-2328-4b28-aa56-3a547b830d89","block_type":"box","text":"®","page_number":42,"box":{"x":425,"y":17,"width":10,"height":8}},{"id":"6cc5c81c-3c66-4798-9d17-c44829aa1340","block_type":"box","text":"MSCI USA SMALL-CAP","page_number":42,"box":{"x":447,"y":24,"width":308,"height":15}},{"id":"1d5ee74a-39b7-40b8-bc13-911d87addf9f","block_type":"box","text":"MIN VOL FACTOR ETF","page_number":42,"box":{"x":380,"y":46,"width":299,"height":15}},{"id":"d387ef91-c454-47f0-8e8c-e0cf66370c66","block_type":"box","text":"Ticker: SMMV Stock Exchange: Cboe BZX","page_number":42,"box":{"x":281,"y":75,"width":490,"height":12}},{"id":"15d00f5b-a308-4acb-8d86-1358e69b25b8","block_type":"box","text":"Investment Objective","page_number":42,"box":{"x":84,"y":113,"width":181,"height":13}},{"id":"dd3e661b-b1e2-457c-a5cb-ecad0c3b7a6e","block_type":"box","text":"The iShares MSCI USA Small-Cap Min Vol Factor ETF (the “Fund”) seeks to track the investment results of an index composed of small","page_number":42,"box":{"x":82,"y":138,"width":867,"height":11}},{"id":"45a6c65b-3db0-458d-92f9-bf53666c544e","block_type":"box","text":"capitalization U.S. equities that, in the aggregate, have lower volatility characteristics relative to the small-capitalization U.S. equity","page_number":42,"box":{"x":83,"y":152,"width":839,"height":11}},{"id":"7a8856a2-ca4d-4fe1-bbbc-acb68589d2df","block_type":"box","text":"market.","page_number":42,"box":{"x":83,"y":166,"width":48,"height":9}},{"id":"4b82bcad-f3ad-4a27-8458-0828f73b153b","block_type":"box","text":"Fees and Expenses","page_number":42,"box":{"x":84,"y":195,"width":160,"height":13}},{"id":"a14dea05-5602-4090-8a61-caa02bc7a487","block_type":"box","text":"The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts in the table","page_number":42,"box":{"x":82,"y":220,"width":869,"height":11}},{"id":"70ebffac-80a3-4364-beb0-f33f0fd85b39","block_type":"box","text":"are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement between iShares Trust","page_number":42,"box":{"x":83,"y":235,"width":863,"height":10}},{"id":"baf1c3c0-f024-46f2-bee9-e5848a936a0d","block_type":"box","text":"(the “Trust”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that BFA will pay all operating","page_number":42,"box":{"x":83,"y":249,"width":825,"height":11}},{"id":"14987f38-913c-4af7-9c50-60298345c069","block_type":"box","text":"expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, (iv) expenses incurred with respect to the","page_number":42,"box":{"x":83,"y":263,"width":834,"height":11}},{"id":"db75cf55-cc76-41bb-80b6-8ded90c8f070","block_type":"box","text":"acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, (v)","page_number":42,"box":{"x":83,"y":277,"width":833,"height":11}},{"id":"0da269aa-e7c2-4ad2-8a7c-4b05f2915421","block_type":"box","text":"distribution fees or expenses, and (vi) litigation expenses and any extraordinary expenses.","page_number":42,"box":{"x":83,"y":291,"width":575,"height":11}},{"id":"afdba37c-dd92-41f8-abf7-a0e9dcda9a68","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in","page_number":42,"box":{"x":82,"y":314,"width":883,"height":12}},{"id":"67520d63-c6f3-41c9-b3f9-249620c50418","block_type":"box","text":"the tables and examples below.","page_number":42,"box":{"x":83,"y":329,"width":220,"height":10}},{"id":"de24144a-0045-43ad-ad2c-3b07b8286f02","block_type":"box","text":"Annual Fund Operating 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investments)","page_number":42,"box":{"x":385,"y":369,"width":280,"height":10}},{"id":"74f148e4-4dfe-4ae9-8bba-415ff9daca2a","block_type":"box","text":"1","page_number":42,"box":{"x":668,"y":368,"width":2,"height":5}},{"id":"2dec5b03-38aa-4f69-88e1-4a37b6fec00b","block_type":"box","text":"Management","page_number":42,"box":{"x":170,"y":410,"width":80,"height":9}},{"id":"cea19ecc-05b4-4ad3-91c7-620e6c33ec6a","block_type":"box","text":"Fees","page_number":42,"box":{"x":196,"y":420,"width":27,"height":7}},{"id":"1582f43d-d6fb-486e-a6b5-6501321cbefa","block_type":"box","text":"Distribution","page_number":42,"box":{"x":394,"y":399,"width":72,"height":8}},{"id":"4e0a1a0d-7c40-4f03-8390-960f93bd0d26","block_type":"box","text":"and Service","page_number":42,"box":{"x":394,"y":410,"width":72,"height":7}},{"id":"d25b59f8-f1e7-44ae-884b-c17b8a679e74","block_type":"box","text":"(12b-1) Fees","page_number":42,"box":{"x":393,"y":420,"width":73,"height":9}},{"id":"71d141e3-a88b-4885-b888-db22a6c686a5","block_type":"box","text":"Other","page_number":42,"box":{"x":621,"y":410,"width":35,"height":7}},{"id":"280587d2-331d-4d10-a4c5-fa1070ac87a9","block_type":"box","text":"Expenses","page_number":42,"box":{"x":610,"y":420,"width":57,"height":9}},{"id":"29adf00f-3800-4323-9057-22360fdc2939","block_type":"box","text":"Total Annual","page_number":42,"box":{"x":810,"y":389,"width":76,"height":7}},{"id":"81cbeaba-7974-4a2c-8378-2b3872230eb7","block_type":"box","text":"Fund","page_number":42,"box":{"x":834,"y":399,"width":29,"height":8}},{"id":"0df34c23-5121-43ef-a3aa-99514e6e3b57","block_type":"box","text":"Operating","page_number":42,"box":{"x":818,"y":410,"width":61,"height":9}},{"id":"1bffe942-edcd-40c9-a4d2-8a8bf010f831","block_type":"box","text":"Expenses","page_number":42,"box":{"x":820,"y":420,"width":58,"height":9}},{"id":"9bfad80f-db76-466e-afb7-0e4de61ed4ee","block_type":"box","text":"0.20% None 0.00% 0.20%","page_number":42,"box":{"x":193,"y":439,"width":673,"height":8}},{"id":"0af93750-aafc-44f5-9b30-64d07f68cbac","block_type":"box","text":"1","page_number":42,"box":{"x":112,"y":470,"width":2,"height":5}},{"id":"bd82db73-a28c-4b24-8420-401dddbf4ef3","block_type":"box","text":"Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any.","page_number":42,"box":{"x":123,"y":471,"width":706,"height":10}},{"id":"a65d4991-d41a-474d-ae90-1db8017e760a","block_type":"box","text":"Example.","page_number":42,"box":{"x":83,"y":491,"width":62,"height":11}},{"id":"867830f6-624b-4cd3-a9ee-0a202df0d8c9","block_type":"box","text":"This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds.","page_number":42,"box":{"x":150,"y":491,"width":800,"height":11}},{"id":"f235ac36-8368-4e29-ae1d-eada357f69ed","block_type":"box","text":"The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those","page_number":42,"box":{"x":82,"y":504,"width":891,"height":12}},{"id":"984867ce-5335-4e92-ad9b-bb8f1cf87364","block_type":"box","text":"periods. 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Although your actual costs may be higher or lower, based on these assumptions, your costs would be:","page_number":42,"box":{"x":83,"y":534,"width":694,"height":10}},{"id":"a620cfdf-37e1-4dc1-8451-77f68097b68a","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":42,"box":{"x":195,"y":564,"width":668,"height":8}},{"id":"6b258290-30dc-401b-9321-9c826f845ea7","block_type":"box","text":"$20 $64 $113 $255","page_number":42,"box":{"x":202,"y":584,"width":649,"height":9}},{"id":"83084552-2b28-4e3c-b490-f67a075e2a87","block_type":"box","text":"Portfolio Turnover.","page_number":42,"box":{"x":83,"y":624,"width":129,"height":8}},{"id":"1e5f09f6-6bba-443d-ab74-674bbf321ac6","block_type":"box","text":"The Fund may pay transaction costs, such as","page_number":42,"box":{"x":216,"y":624,"width":287,"height":11}},{"id":"13a2c205-48ae-4106-b752-9aaf12163ac6","block_type":"box","text":"commissions, when it buys and sells securities (or “turns over” its","page_number":42,"box":{"x":83,"y":638,"width":420,"height":11}},{"id":"dc6438e0-962f-4069-ac02-26692b334144","block_type":"box","text":"portfolio). 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The Index Provider","page_number":43,"box":{"x":82,"y":545,"width":396,"height":11}},{"id":"490c2524-0251-4be2-888e-ce45fe1cded8","block_type":"box","text":"determines the composition and relative weightings of the","page_number":43,"box":{"x":83,"y":558,"width":371,"height":11}},{"id":"b1f52029-1529-4c3e-afc5-631d63e0c739","block_type":"box","text":"securities in the Underlying Index and Parent Index and publishes","page_number":43,"box":{"x":83,"y":571,"width":417,"height":11}},{"id":"3f2fca6d-7332-4bfd-b277-f44b859d595c","block_type":"box","text":"information regarding the market value of the Underlying","page_number":43,"box":{"x":83,"y":584,"width":363,"height":11}},{"id":"e7838b36-5c4f-4320-98ba-9a0cd91f737b","block_type":"box","text":"Index and Parent Index.","page_number":43,"box":{"x":83,"y":597,"width":149,"height":8}},{"id":"40a67479-a01b-460c-9c3c-b145519f52ec","block_type":"box","text":"Industry Concentration Policy.","page_number":43,"box":{"x":83,"y":619,"width":210,"height":11}},{"id":"9460716d-52e6-4ab0-a417-69540424ec72","block_type":"box","text":"The Fund will concentrate its","page_number":43,"box":{"x":298,"y":619,"width":184,"height":8}},{"id":"b01ba1f5-f477-412e-b328-5d164c841a82","block_type":"box","text":"investments (","page_number":43,"box":{"x":83,"y":632,"width":85,"height":10}},{"id":"f4d49df0-db33-4c53-bc80-7a7070e54adc","block_type":"box","text":"i.e.","page_number":43,"box":{"x":169,"y":632,"width":17,"height":8}},{"id":"bc9cead7-9774-45b3-bf74-0123d7c802b6","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":43,"box":{"x":189,"y":632,"width":264,"height":10}},{"id":"15c47f01-688f-4c31-b372-2f75cdf76a6f","block_type":"box","text":"particular industry or group of industries to approximately the","page_number":43,"box":{"x":83,"y":644,"width":394,"height":11}},{"id":"adc43245-3185-4f72-a637-dda73ab2229a","block_type":"box","text":"same extent that the Underlying Index is concentrated. 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Securities lending involves the risk that the Fund may","page_number":44,"box":{"x":549,"y":367,"width":397,"height":11}},{"id":"08eb06ad-ce7c-40fc-8d83-0d2f1f5d33d6","block_type":"box","text":"lose money because the borrower of the loaned securities fails to","page_number":44,"box":{"x":549,"y":381,"width":418,"height":11}},{"id":"e739f403-fd00-4ae4-97f9-80364a81caaa","block_type":"box","text":"return the securities in a timely manner or at all. The Fund could","page_number":44,"box":{"x":549,"y":396,"width":409,"height":10}},{"id":"f61f76dc-a8ef-4626-9fad-a977a9d8301f","block_type":"box","text":"also lose money in the event of a decline in the value of collateral","page_number":44,"box":{"x":549,"y":410,"width":416,"height":11}},{"id":"b9a9f6b7-f5f7-45da-8819-1e0ce5658334","block_type":"box","text":"provided for loaned securities or a decline in the value of any","page_number":44,"box":{"x":549,"y":424,"width":389,"height":11}},{"id":"9e994e11-924c-4e07-8ada-5f287d49df59","block_type":"box","text":"investments made with cash collateral. These events could also","page_number":44,"box":{"x":549,"y":438,"width":406,"height":9}},{"id":"db3abb5d-0dc0-43b9-bb43-e2580e057de8","block_type":"box","text":"trigger adverse tax consequences for the Fund.","page_number":44,"box":{"x":549,"y":452,"width":301,"height":11}},{"id":"953989f8-5ba3-4f19-a293-46087df8d29a","block_type":"box","text":"Tracking Error Risk","page_number":44,"box":{"x":550,"y":476,"width":128,"height":10}},{"id":"eded435c-f3cc-4056-a2e2-1273452085ee","block_type":"box","text":".","page_number":44,"box":{"x":678,"y":482,"width":3,"height":2}},{"id":"7c15acf9-63b6-42e5-924b-5cd966ba62e5","block_type":"box","text":"The Fund may be subject to “tracking error,”","page_number":44,"box":{"x":686,"y":476,"width":284,"height":10}},{"id":"d6c44c4d-4b8a-44d6-ab48-8ea07cec18de","block_type":"box","text":"which is the divergence of the Fund’s performance from that of","page_number":44,"box":{"x":549,"y":490,"width":404,"height":11}},{"id":"33e002d9-b300-4d97-bc03-bba8d3521567","block_type":"box","text":"the Underlying Index. Tracking error may occur due to a number of","page_number":44,"box":{"x":549,"y":504,"width":425,"height":11}},{"id":"ad4cf332-ea12-49b4-94f6-45070ebc04b8","block_type":"box","text":"factors, including differences between the securities and other","page_number":44,"box":{"x":549,"y":518,"width":401,"height":11}},{"id":"b6acf53f-6dc7-4091-b1af-708cd261e3b0","block_type":"box","text":"assets held in the Fund’s portfolio and those included in the","page_number":44,"box":{"x":549,"y":532,"width":381,"height":11}},{"id":"b123279b-4895-46e6-b1a6-ceed3f8d04b5","block_type":"box","text":"Underlying Index; differences in the timing and methodologies","page_number":44,"box":{"x":550,"y":547,"width":396,"height":10}},{"id":"e8cf9f0c-cfff-4472-88fa-7b5810baf51a","block_type":"box","text":"used to value securities and other assets; transaction costs and","page_number":44,"box":{"x":549,"y":561,"width":407,"height":10}},{"id":"945d10be-eb0d-4f6c-84d8-26cbc3230d09","block_type":"box","text":"other expenses incurred by the Fund that the Underlying Index","page_number":44,"box":{"x":549,"y":575,"width":400,"height":11}},{"id":"e703e424-d682-48c6-a5ef-b300985dc3f9","block_type":"box","text":"does not incur; the Fund’s holding of uninvested cash; differences","page_number":44,"box":{"x":549,"y":589,"width":421,"height":11}},{"id":"116aea23-97dd-4e01-bf0f-e7f8ce609e7a","block_type":"box","text":"in the timing of the accrual or the valuation of dividends or","page_number":44,"box":{"x":549,"y":603,"width":374,"height":11}},{"id":"37fcc203-d299-4efe-8404-5d0ce905fe06","block_type":"box","text":"interest received by the Fund or distributions paid to Fund","page_number":44,"box":{"x":549,"y":617,"width":370,"height":11}},{"id":"7f289dd0-9a46-481e-b2c2-7783baa0dec2","block_type":"box","text":"shareholders; tax gains or losses; differences between the","page_number":44,"box":{"x":549,"y":632,"width":372,"height":10}},{"id":"1b92135b-8791-40bd-a20b-daea0ebab802","block_type":"box","text":"amount and/or timing of withholding taxes on dividends reflected","page_number":44,"box":{"x":549,"y":646,"width":420,"height":11}},{"id":"3acf2b70-65ff-4f1f-912a-b8acc04f0d24","block_type":"box","text":"in the Underlying Index from the Fund’s obligation, if any, for","page_number":44,"box":{"x":549,"y":660,"width":387,"height":11}},{"id":"ebfbbf22-e31e-41b3-b264-c5fb12ace7c6","block_type":"box","text":"foreign withholding taxes; the requirements for the Fund to","page_number":44,"box":{"x":549,"y":674,"width":377,"height":11}},{"id":"d50b92f6-57fb-4a0e-aa80-f39ee74b1267","block_type":"box","text":"maintain pass-through tax treatment; portfolio transactions","page_number":44,"box":{"x":549,"y":688,"width":380,"height":11}},{"id":"50777e3f-0684-42e8-a169-d957ac6cf04c","block_type":"box","text":"carried out to minimize the distribution of capital gains to","page_number":44,"box":{"x":549,"y":702,"width":366,"height":11}},{"id":"19be2cee-8062-4985-8544-dfcfdf31fdd8","block_type":"box","text":"shareholders; the acceptance of custom baskets; changes to the","page_number":44,"box":{"x":549,"y":717,"width":414,"height":11}},{"id":"8cc29fef-41f5-4594-8ab9-0d03eb89b61f","block_type":"box","text":"Underlying Index; and impacts to the Fund of complying with","page_number":44,"box":{"x":550,"y":731,"width":386,"height":11}},{"id":"09e03ac9-332d-4445-aec3-54504296d379","block_type":"box","text":"certain regulatory requirements or limits. Tracking error risk may","page_number":44,"box":{"x":549,"y":745,"width":414,"height":11}},{"id":"e35c5a4a-261b-40ec-9ba9-c4052fe531dd","block_type":"box","text":"be heightened during times of increased market volatility or other","page_number":44,"box":{"x":549,"y":759,"width":420,"height":11}},{"id":"23fd3932-3259-4861-a9be-6334eca51ccb","block_type":"box","text":"unusual market conditions.","page_number":44,"box":{"x":549,"y":773,"width":172,"height":9}},{"id":"1ee0a44a-abd1-4bcf-89f4-f1073dffb3a4","block_type":"box","text":"S-33","page_number":44,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"6568ed09-3140-40fc-922a-956c0982ae4f","block_type":"box","text":"Performance Information","page_number":45,"box":{"x":84,"y":22,"width":213,"height":11}},{"id":"14d4b359-e648-4f2a-9faf-9e9f029707c2","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":45,"box":{"x":82,"y":48,"width":887,"height":10}},{"id":"177494ba-8dd4-4a9b-8291-f92fb91875ae","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":45,"box":{"x":83,"y":62,"width":872,"height":11}},{"id":"c29eee4d-a9a5-41c4-b5a3-c621207f2c59","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":45,"box":{"x":83,"y":76,"width":867,"height":11}},{"id":"b281a620-515b-478f-9e72-d6606ec5919e","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":45,"box":{"x":83,"y":90,"width":863,"height":11}},{"id":"9a4fd5b3-b2c0-4b1d-b54c-d416c69bafd3","block_type":"box","text":"agreements to waive or reimburse expenses, which would reduce performance if not in effect. 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Although your actual costs may be higher or lower, based on these assumptions, your costs would be:","page_number":47,"box":{"x":83,"y":519,"width":694,"height":11}},{"id":"8d8f9b31-c3bf-4cf3-bffb-40dedc79ac10","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":47,"box":{"x":195,"y":550,"width":668,"height":8}},{"id":"c30e135b-a30a-45d2-b85b-bd96fc205520","block_type":"box","text":"$15 $48 $85 $192","page_number":47,"box":{"x":203,"y":570,"width":647,"height":9}},{"id":"6d4f2bcd-72b8-454c-bb4f-a5527e73a9ce","block_type":"box","text":"Portfolio Turnover.","page_number":47,"box":{"x":83,"y":610,"width":129,"height":8}},{"id":"8aa26052-8b9f-4875-9f6f-6c8140cfb838","block_type":"box","text":"The Fund may pay transaction costs, such as","page_number":47,"box":{"x":216,"y":610,"width":287,"height":11}},{"id":"ab84893b-f74c-43e6-9819-7662660c2575","block_type":"box","text":"commissions, when it buys and sells securities (or “turns over” its","page_number":47,"box":{"x":83,"y":624,"width":420,"height":11}},{"id":"eea395d1-6a86-4882-ba41-ccc2462601e0","block_type":"box","text":"portfolio). 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Certain key risks are prioritized below (with others","page_number":48,"box":{"x":83,"y":839,"width":387,"height":11}},{"id":"accacb31-90d4-48e2-9d9f-e1e3ccd141b8","block_type":"box","text":"following in alphabetical order), but the relative significance of any","page_number":48,"box":{"x":82,"y":852,"width":426,"height":11}},{"id":"6f27c6b8-a311-4211-a5ef-4742672a7726","block_type":"box","text":"risk is difficult to predict and may change over time. 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Errors in index data, index computations or the","page_number":48,"box":{"x":549,"y":549,"width":366,"height":11}},{"id":"2a1f8713-4d13-4e5f-9729-179fe20a3071","block_type":"box","text":"construction of the Underlying Index in accordance with its","page_number":48,"box":{"x":549,"y":562,"width":377,"height":11}},{"id":"ce9fcca8-b080-49b2-90bd-510f624f6f3f","block_type":"box","text":"methodology may occur, and the Index Provider may not identify","page_number":48,"box":{"x":549,"y":575,"width":413,"height":11}},{"id":"4c0b0951-328c-4587-a6cb-ac2c50494fe3","block_type":"box","text":"or correct them promptly or at all, which may have an adverse","page_number":48,"box":{"x":549,"y":588,"width":396,"height":11}},{"id":"2f5e731d-da28-4aff-b6d0-3f52453eb030","block_type":"box","text":"impact on the Fund and its shareholders. 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No Authorized","page_number":48,"box":{"x":549,"y":864,"width":378,"height":10}},{"id":"f147f9d7-488f-4b6a-bd2d-124760b52f76","block_type":"box","text":"Participant is obligated to engage in creation or redemption","page_number":48,"box":{"x":550,"y":877,"width":379,"height":10}},{"id":"0423393c-d518-47e9-8a79-fb38c3c04480","block_type":"box","text":"S-37","page_number":48,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"e4609942-62d9-4195-805e-848efcd1eda0","block_type":"box","text":"transactions. 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The value of securities or other assets may","page_number":49,"box":{"x":84,"y":327,"width":401,"height":11}},{"id":"0cd2b112-3e6b-42b5-88fa-25f2f263edaf","block_type":"box","text":"decline, or perform differently from the market as a whole, due to","page_number":49,"box":{"x":83,"y":342,"width":418,"height":10}},{"id":"9d67fb56-266b-49f8-9a00-1617b8150bde","block_type":"box","text":"changes in the financial condition or credit rating of the issuer or","page_number":49,"box":{"x":83,"y":356,"width":414,"height":11}},{"id":"0d7ea093-5a07-4454-8b80-bbd016f44143","block_type":"box","text":"counterparty.","page_number":49,"box":{"x":83,"y":371,"width":84,"height":10}},{"id":"62d6be4d-bfd3-4c96-a121-dfb140771d54","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":49,"box":{"x":83,"y":393,"width":252,"height":11}},{"id":"2f7932bf-5ebc-404d-a189-d0ac333a9fb0","block_type":"box","text":"Large-capitalization","page_number":49,"box":{"x":342,"y":393,"width":124,"height":11}},{"id":"af12714d-fd7a-4f0f-8899-9cf97a0dba2e","block_type":"box","text":"companies may be less able than smaller-capitalization","page_number":49,"box":{"x":83,"y":407,"width":352,"height":11}},{"id":"b3724f55-e12f-4b4f-a280-6303f03d4fef","block_type":"box","text":"companies to adapt to changing market conditions and","page_number":49,"box":{"x":83,"y":422,"width":352,"height":10}},{"id":"d8ae28eb-ad48-43a4-9695-0de9ed704465","block_type":"box","text":"competitive challenges. Large-capitalization companies may be","page_number":49,"box":{"x":83,"y":436,"width":405,"height":10}},{"id":"3263b681-8593-4609-b5b9-fa2122ba4e71","block_type":"box","text":"more mature and subject to more limited growth potential","page_number":49,"box":{"x":83,"y":450,"width":371,"height":11}},{"id":"4243eb70-9714-4022-b42e-2c5b6ca8e96d","block_type":"box","text":"compared with smaller-capitalization companies. The","page_number":49,"box":{"x":83,"y":464,"width":339,"height":11}},{"id":"8d2aeb03-a0d0-4312-bad8-af5b89189201","block_type":"box","text":"performance of large-capitalization companies could trail the","page_number":49,"box":{"x":83,"y":478,"width":390,"height":11}},{"id":"f4426d4f-b09b-4678-b880-46dc813ea58b","block_type":"box","text":"overall performance of the broader securities markets.","page_number":49,"box":{"x":83,"y":492,"width":349,"height":11}},{"id":"e15d6361-25e9-4a93-b42b-a255ea26282e","block_type":"box","text":"Management Risk","page_number":49,"box":{"x":83,"y":516,"width":122,"height":10}},{"id":"4afa5f9f-81e1-4023-827b-1ea8c49da82b","block_type":"box","text":".","page_number":49,"box":{"x":206,"y":522,"width":2,"height":2}},{"id":"c52e0ce8-e9b0-4035-b6f4-3606358d20a5","block_type":"box","text":"The Fund generally does not attempt to take","page_number":49,"box":{"x":213,"y":516,"width":283,"height":10}},{"id":"e579be6d-f518-4887-8921-c341d1bd8752","block_type":"box","text":"defensive positions under any market conditions, including","page_number":49,"box":{"x":83,"y":530,"width":376,"height":11}},{"id":"d0d3af70-0cf6-414c-9ea5-48ede42aefb6","block_type":"box","text":"declining markets. As the Fund will not fully replicate the","page_number":49,"box":{"x":83,"y":544,"width":362,"height":11}},{"id":"ac6c1156-595c-41a9-91c5-62aad46723a0","block_type":"box","text":"Underlying Index and may hold securities or other assets not","page_number":49,"box":{"x":83,"y":558,"width":388,"height":11}},{"id":"dafabbb2-159e-46dc-a3f5-3352bd1a7456","block_type":"box","text":"included in the Underlying Index, it is subject to the risk that the","page_number":49,"box":{"x":83,"y":572,"width":409,"height":11}},{"id":"c6b98667-4d16-43dd-84ac-679bfe6421d9","block_type":"box","text":"investment strategy of BFA may not produce the intended results.","page_number":49,"box":{"x":83,"y":586,"width":419,"height":11}},{"id":"5733fa93-3789-493f-868c-8e23623fed44","block_type":"box","text":"There is no guarantee that the Fund’s investment results will have","page_number":49,"box":{"x":82,"y":601,"width":420,"height":11}},{"id":"d61ecb32-b0a3-46de-9ddd-6250142e7fa9","block_type":"box","text":"a high degree of correlation to those of the Underlying Index or","page_number":49,"box":{"x":83,"y":615,"width":402,"height":11}},{"id":"1bd72aae-7448-47f5-a31f-e4142a874692","block_type":"box","text":"that the Fund will achieve its investment objective.","page_number":49,"box":{"x":83,"y":629,"width":323,"height":11}},{"id":"666237ff-5b8c-4af1-98aa-3f6a54d04890","block_type":"box","text":"Market Trading Risk","page_number":49,"box":{"x":83,"y":652,"width":136,"height":11}},{"id":"52d03d60-dbe7-47b9-a0c6-6a4e34920b7b","block_type":"box","text":".","page_number":49,"box":{"x":219,"y":659,"width":2,"height":2}},{"id":"f033287d-2056-446f-a8de-3eac0501ebc8","block_type":"box","text":"The Fund faces numerous market trading","page_number":49,"box":{"x":226,"y":652,"width":263,"height":11}},{"id":"ba46d1e3-a299-40d9-9d43-9098374d6eea","block_type":"box","text":"risks, including the potential lack of an active market for Fund","page_number":49,"box":{"x":83,"y":666,"width":394,"height":11}},{"id":"3e2c6d8b-74a2-4753-b6ed-3e6c2b31a85f","block_type":"box","text":"shares (including through a trading halt), losses from trading in","page_number":49,"box":{"x":83,"y":681,"width":401,"height":10}},{"id":"b982568c-b639-4c7d-bf01-e5e33ab2dae8","block_type":"box","text":"secondary markets, periods of high volatility, and disruptions in","page_number":49,"box":{"x":83,"y":695,"width":404,"height":11}},{"id":"1820239b-7d84-4d69-a74c-cb467d0d1e9b","block_type":"box","text":"the process of creating and redeeming Fund shares. Any of these","page_number":49,"box":{"x":83,"y":709,"width":416,"height":11}},{"id":"0e973f92-fc15-40ff-ac66-f021cd846044","block_type":"box","text":"factors, among others, may lead to the Fund’s shares trading in","page_number":49,"box":{"x":82,"y":723,"width":405,"height":11}},{"id":"a4288181-1e0d-424c-99d7-e4e92834a294","block_type":"box","text":"the secondary market at a premium or discount to NAV or to the","page_number":49,"box":{"x":83,"y":737,"width":411,"height":11}},{"id":"ff0bbec8-aa02-4b38-acba-3faf89ac663f","block_type":"box","text":"intraday value of the Fund’s portfolio holdings. If you buy Fund","page_number":49,"box":{"x":83,"y":751,"width":397,"height":11}},{"id":"4cb128a7-cf45-4780-b66b-b99e0416c14c","block_type":"box","text":"shares at a time when the market price is at a premium to NAV or","page_number":49,"box":{"x":83,"y":766,"width":419,"height":10}},{"id":"8556ab1f-84fa-4a26-8f6c-52b128a3285e","block_type":"box","text":"sell Fund shares at a time when the market price is at a discount","page_number":49,"box":{"x":83,"y":780,"width":412,"height":11}},{"id":"d8182daf-61a2-4716-8109-6102e8709000","block_type":"box","text":"to NAV, you may pay significantly more or receive significantly","page_number":49,"box":{"x":83,"y":794,"width":397,"height":11}},{"id":"cabac413-2c18-40fd-a512-e019a50366d4","block_type":"box","text":"less than the underlying value of the Fund shares.","page_number":49,"box":{"x":83,"y":808,"width":316,"height":11}},{"id":"97e0e0a6-655f-4c76-9f7c-62843b1c7620","block_type":"box","text":"Mid-Capitalization Companies Risk","page_number":49,"box":{"x":83,"y":831,"width":238,"height":11}},{"id":"82fafb4e-b39e-4bcd-bf66-8dfb77d494f0","block_type":"box","text":".","page_number":49,"box":{"x":321,"y":838,"width":3,"height":2}},{"id":"f3cbcb68-7b48-4d12-9b65-4acf8419e0af","block_type":"box","text":"Compared to large","page_number":49,"box":{"x":329,"y":831,"width":124,"height":11}},{"id":"7b07c54c-aaf5-4114-b455-1f45a572801f","block_type":"box","text":"capitalization companies, mid-capitalization companies may be","page_number":49,"box":{"x":83,"y":846,"width":403,"height":10}},{"id":"e15923bb-6d13-4c2b-8400-c5518b0277ed","block_type":"box","text":"less stable and more susceptible to adverse developments. The","page_number":49,"box":{"x":83,"y":860,"width":405,"height":11}},{"id":"7daa1afe-5c84-4d4a-ab1e-ea09d35a7498","block_type":"box","text":"securities of mid-capitalization companies may be more volatile","page_number":49,"box":{"x":83,"y":874,"width":407,"height":11}},{"id":"4cd2e0cb-52c1-40fb-a61b-3b3e7e473081","block_type":"box","text":"and less liquid than those of large-capitalization companies. As a","page_number":49,"box":{"x":549,"y":23,"width":414,"height":11}},{"id":"dd25c699-026a-4059-b80b-ff45d4e83e38","block_type":"box","text":"result, the Fund’s share price may be more volatile than that of a","page_number":49,"box":{"x":549,"y":37,"width":413,"height":11}},{"id":"e53465c7-7c9c-4801-a852-d070100a8c4e","block_type":"box","text":"fund with a greater investment in large-capitalization stocks.","page_number":49,"box":{"x":549,"y":51,"width":386,"height":11}},{"id":"5641676c-3426-45ab-9950-094157236b62","block_type":"box","text":"Operational and Technology Risks","page_number":49,"box":{"x":549,"y":75,"width":230,"height":10}},{"id":"04b7d4a5-ca75-47a3-8b0d-318a7ce86733","block_type":"box","text":".","page_number":49,"box":{"x":780,"y":81,"width":2,"height":2}},{"id":"a2dad56a-157d-4e36-8fa7-a0d1e97cb53a","block_type":"box","text":"The Fund is directly and","page_number":49,"box":{"x":787,"y":75,"width":152,"height":11}},{"id":"d75cf5df-1f3f-41cc-bf81-bdeb89120371","block_type":"box","text":"indirectly susceptible to operational and technology risks,","page_number":49,"box":{"x":549,"y":89,"width":368,"height":11}},{"id":"d6460c5d-fb0e-4d6a-b8af-a68fbe677ef5","block_type":"box","text":"including those related to human errors, processing errors,","page_number":49,"box":{"x":549,"y":103,"width":376,"height":11}},{"id":"10c99f6c-4a1d-4270-bdf2-26d130031ca9","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents,","page_number":49,"box":{"x":549,"y":117,"width":413,"height":11}},{"id":"7fbf2af4-f869-42fd-8636-72e241ecbbb6","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”),","page_number":49,"box":{"x":549,"y":131,"width":404,"height":11}},{"id":"7afc69ca-1061-4ad3-8f8d-242505dcab55","block_type":"box","text":"which may result in losses for the Fund and its shareholders or","page_number":49,"box":{"x":549,"y":146,"width":401,"height":10}},{"id":"35381a62-0fba-481f-9460-7d9bc9a09526","block_type":"box","text":"may impair the Fund’s operations. While the Fund’s service","page_number":49,"box":{"x":549,"y":160,"width":377,"height":11}},{"id":"483d4920-4b1e-445f-afb6-62a9298660c7","block_type":"box","text":"providers are required to have appropriate operational,","page_number":49,"box":{"x":549,"y":174,"width":350,"height":11}},{"id":"2c2513db-30e9-4fd9-a205-81b5c4134337","block_type":"box","text":"information security and cybersecurity risk management policies","page_number":49,"box":{"x":549,"y":188,"width":414,"height":11}},{"id":"e82df9d4-c8ec-487e-936b-b9c86c08f16f","block_type":"box","text":"and procedures, their methods of risk management may differ","page_number":49,"box":{"x":549,"y":202,"width":397,"height":11}},{"id":"ab2f2ea6-cf4b-4fdb-8dd9-28cde6949ecf","block_type":"box","text":"from those of the Fund. Operational and technology risks for the","page_number":49,"box":{"x":549,"y":216,"width":411,"height":11}},{"id":"e8a0d576-ee6e-4802-b13f-1deb085f6a5b","block_type":"box","text":"issuers in which the Fund invests could also result in material","page_number":49,"box":{"x":549,"y":231,"width":391,"height":8}},{"id":"122e0b50-b80c-4c3d-9f81-4dcb2d92e189","block_type":"box","text":"adverse consequences for such issuers and may cause the Fund’s","page_number":49,"box":{"x":549,"y":245,"width":422,"height":11}},{"id":"b99d9247-e07e-4428-9e70-2d9f84fd0639","block_type":"box","text":"investments in such issuers to lose value.","page_number":49,"box":{"x":549,"y":259,"width":264,"height":9}},{"id":"59379ede-5f60-4802-b087-96f4804a2e45","block_type":"box","text":"Securities Lending Risk.","page_number":49,"box":{"x":548,"y":282,"width":162,"height":11}},{"id":"7a5a917d-602f-4c85-b3e7-74ac93c4d52f","block_type":"box","text":"The Fund may engage in securities","page_number":49,"box":{"x":716,"y":282,"width":221,"height":11}},{"id":"670ffec1-36b3-4980-8217-16c619b2ac8a","block_type":"box","text":"lending. Securities lending involves the risk that the Fund may","page_number":49,"box":{"x":549,"y":296,"width":397,"height":11}},{"id":"989687e4-b8d7-4994-9477-98231ddc51e7","block_type":"box","text":"lose money because the borrower of the loaned securities fails to","page_number":49,"box":{"x":549,"y":311,"width":418,"height":10}},{"id":"0770f670-90d9-47d1-827d-2cb08bbb717a","block_type":"box","text":"return the securities in a timely manner or at all. The Fund could","page_number":49,"box":{"x":549,"y":325,"width":409,"height":11}},{"id":"75eb9408-d935-4bb7-adab-e94e234aa39f","block_type":"box","text":"also lose money in the event of a decline in the value of collateral","page_number":49,"box":{"x":549,"y":339,"width":416,"height":11}},{"id":"cb4e2ebd-6d95-4be5-ac56-74e79aed85d5","block_type":"box","text":"provided for loaned securities or a decline in the value of any","page_number":49,"box":{"x":549,"y":353,"width":389,"height":11}},{"id":"a750eec4-729e-4f15-a8f4-ccab644aefc3","block_type":"box","text":"investments made with cash collateral. These events could also","page_number":49,"box":{"x":549,"y":367,"width":406,"height":9}},{"id":"2ece8774-1337-4e03-b46b-dfbe1123421c","block_type":"box","text":"trigger adverse tax consequences for the Fund.","page_number":49,"box":{"x":549,"y":381,"width":301,"height":11}},{"id":"41db8b45-cace-49fd-b3ff-818f34818fb4","block_type":"box","text":"Technology Companies Risk","page_number":49,"box":{"x":550,"y":405,"width":190,"height":10}},{"id":"743aafdc-6c06-4d97-a03e-26133d8e43ff","block_type":"box","text":".","page_number":49,"box":{"x":740,"y":411,"width":3,"height":2}},{"id":"c6ba541a-6b75-4131-b4a0-3d8108dc3852","block_type":"box","text":"Technology companies and","page_number":49,"box":{"x":748,"y":405,"width":172,"height":11}},{"id":"114c76b2-4307-405a-a7a6-76dcd7110c64","block_type":"box","text":"companies that rely heavily on technological advances may have","page_number":49,"box":{"x":549,"y":419,"width":413,"height":11}},{"id":"8a0f45ac-8343-41d8-9be9-b648a07406b2","block_type":"box","text":"limited product lines, markets, financial resources, supply chains","page_number":49,"box":{"x":549,"y":433,"width":414,"height":11}},{"id":"32e4e84e-c971-4c95-b648-daa45283b95e","block_type":"box","text":"and personnel. These companies typically face intense","page_number":49,"box":{"x":549,"y":447,"width":348,"height":11}},{"id":"036f86af-8dcd-42ad-94a9-1502d8aa0ce0","block_type":"box","text":"competition, potentially rapid product obsolescence and changes","page_number":49,"box":{"x":549,"y":461,"width":418,"height":11}},{"id":"20410981-e468-40fc-98ff-e9a2c010b95a","block_type":"box","text":"in product cycles and customer preferences. They may face","page_number":49,"box":{"x":549,"y":476,"width":381,"height":10}},{"id":"2615b4f9-fae8-4d36-b939-44c4af3568a1","block_type":"box","text":"unexpected risks and costs associated with technological","page_number":49,"box":{"x":549,"y":490,"width":367,"height":11}},{"id":"55ff5b53-7a57-45e0-8a21-d5dc6b0efb7a","block_type":"box","text":"developments, such as artificial intelligence and machine learning.","page_number":49,"box":{"x":549,"y":504,"width":424,"height":11}},{"id":"d81ed054-b765-4bd1-8269-2d447ca05708","block_type":"box","text":"Technology companies also depend heavily on intellectual","page_number":49,"box":{"x":549,"y":518,"width":368,"height":11}},{"id":"224be30d-8cc6-40d4-b8f9-c5f5e153b4c8","block_type":"box","text":"property rights and may be adversely affected by the loss or","page_number":49,"box":{"x":549,"y":532,"width":384,"height":11}},{"id":"2a38f626-30fd-408e-adb1-4aaaed81f43c","block_type":"box","text":"impairment of those rights. Technology companies may face","page_number":49,"box":{"x":549,"y":546,"width":384,"height":11}},{"id":"392b8d0c-b321-4a41-9816-df8c9ff85a03","block_type":"box","text":"increased government scrutiny and may be subject to adverse","page_number":49,"box":{"x":549,"y":561,"width":397,"height":11}},{"id":"01251d52-788a-429a-a0ef-9d17386d5f02","block_type":"box","text":"government or legal action.","page_number":49,"box":{"x":549,"y":575,"width":174,"height":11}},{"id":"4f6430fb-a990-4eed-89f5-9310cbb1bb45","block_type":"box","text":"Tracking Error Risk","page_number":49,"box":{"x":550,"y":598,"width":128,"height":11}},{"id":"c1a26258-ff84-459f-97c0-d6385f857aa8","block_type":"box","text":".","page_number":49,"box":{"x":678,"y":605,"width":3,"height":1}},{"id":"880cc4ec-e1a9-42ed-9951-5197b7ea3985","block_type":"box","text":"The Fund may be subject to “tracking error,”","page_number":49,"box":{"x":686,"y":598,"width":284,"height":11}},{"id":"9e259f4f-c82b-4a12-9769-beb53f9be24b","block_type":"box","text":"which is the divergence of the Fund’s performance from that of","page_number":49,"box":{"x":549,"y":612,"width":404,"height":11}},{"id":"1ee7efd0-0f3c-4219-afc5-30cc67582791","block_type":"box","text":"the Underlying Index. Tracking error may occur due to a number of","page_number":49,"box":{"x":549,"y":626,"width":425,"height":11}},{"id":"7c32d8a8-4cfe-4d2d-84e8-97b9b9c327a7","block_type":"box","text":"factors, including differences between the securities and other","page_number":49,"box":{"x":549,"y":641,"width":401,"height":10}},{"id":"1c019925-1e66-4163-8c1c-68b80067772c","block_type":"box","text":"assets held in the Fund’s portfolio and those included in the","page_number":49,"box":{"x":549,"y":655,"width":381,"height":11}},{"id":"31b07379-79cb-479c-8b31-274abe5920d2","block_type":"box","text":"Underlying Index; differences in the timing and methodologies","page_number":49,"box":{"x":550,"y":669,"width":396,"height":11}},{"id":"c0fba9c5-b1f0-4b89-9a02-853c2ac9e99f","block_type":"box","text":"used to value securities and other assets; transaction costs and","page_number":49,"box":{"x":549,"y":683,"width":407,"height":10}},{"id":"b8e26be2-046a-4a81-a1c8-f003e8ce05f3","block_type":"box","text":"other expenses incurred by the Fund that the Underlying Index","page_number":49,"box":{"x":549,"y":697,"width":400,"height":11}},{"id":"5e8dfa1f-7247-415b-a893-12d9cf3411aa","block_type":"box","text":"does not incur; the Fund’s holding of uninvested cash; differences","page_number":49,"box":{"x":549,"y":712,"width":421,"height":10}},{"id":"c872fd3a-3809-4fff-8a21-e0c7e5b6585f","block_type":"box","text":"in the timing of the accrual or the valuation of dividends or","page_number":49,"box":{"x":549,"y":726,"width":374,"height":11}},{"id":"6ecdb9af-b4ee-4c58-90cc-5143b91ee093","block_type":"box","text":"interest received by the Fund or distributions paid to Fund","page_number":49,"box":{"x":549,"y":740,"width":370,"height":11}},{"id":"596ab974-5576-4348-8542-a5535c29c454","block_type":"box","text":"shareholders; tax gains or losses; differences between the","page_number":49,"box":{"x":549,"y":754,"width":372,"height":11}},{"id":"c8f51864-a34c-4be9-ad48-45030afb1470","block_type":"box","text":"amount and/or timing of withholding taxes on dividends reflected","page_number":49,"box":{"x":549,"y":768,"width":420,"height":11}},{"id":"2fda44e8-9cca-4284-800b-13dff33e4341","block_type":"box","text":"in the Underlying Index from the Fund’s obligation, if any, for","page_number":49,"box":{"x":549,"y":782,"width":387,"height":11}},{"id":"0cbfe863-2263-4bc6-a05d-8a3cd7353b62","block_type":"box","text":"foreign withholding taxes; the requirements for the Fund to","page_number":49,"box":{"x":549,"y":797,"width":377,"height":10}},{"id":"93da5ef1-5939-44da-a6c1-20dfe8a63772","block_type":"box","text":"maintain pass-through tax treatment; portfolio transactions","page_number":49,"box":{"x":549,"y":811,"width":380,"height":11}},{"id":"12ef1a52-b0df-4192-af4a-79abc6e65ad2","block_type":"box","text":"carried out to minimize the distribution of capital gains to","page_number":49,"box":{"x":549,"y":825,"width":366,"height":11}},{"id":"c95ca05a-7bcd-46a0-a0e2-03cba6f7fb1e","block_type":"box","text":"shareholders; the acceptance of custom baskets; changes to the","page_number":49,"box":{"x":549,"y":839,"width":414,"height":11}},{"id":"6bdce1e4-4749-4ab8-b6ad-23e2f3436191","block_type":"box","text":"Underlying Index; and impacts to the Fund of complying with","page_number":49,"box":{"x":550,"y":853,"width":386,"height":11}},{"id":"e757e9b4-6494-436c-9c9f-3db526729363","block_type":"box","text":"certain regulatory requirements or limits. Tracking error risk may","page_number":49,"box":{"x":549,"y":868,"width":414,"height":10}},{"id":"e880224b-18d8-4f79-b486-da91435341f9","block_type":"box","text":"be heightened during times of increased market volatility or other","page_number":49,"box":{"x":549,"y":882,"width":420,"height":11}},{"id":"9da1d687-fe2c-4c8b-9085-e8147449afce","block_type":"box","text":"unusual market conditions.","page_number":49,"box":{"x":549,"y":896,"width":172,"height":8}},{"id":"18b141d7-390a-44f2-85a3-6213ec7ee748","block_type":"box","text":"S-38","page_number":49,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"2959c4e3-d489-4b5b-96a1-c83fd24a1f15","block_type":"box","text":"Performance Information","page_number":50,"box":{"x":84,"y":22,"width":213,"height":11}},{"id":"1c6ef8e4-d780-432f-9b12-1205744c98ae","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":50,"box":{"x":82,"y":48,"width":887,"height":10}},{"id":"8b4e1863-28b4-4355-9fd2-daecc938a9d0","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":50,"box":{"x":83,"y":62,"width":872,"height":11}},{"id":"ca63f936-2a23-4f7e-a4a2-1639f4ca4248","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":50,"box":{"x":83,"y":76,"width":867,"height":11}},{"id":"403982e2-b339-498e-a0cf-031aff05ca3c","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":50,"box":{"x":83,"y":90,"width":863,"height":11}},{"id":"4b1e1083-2f84-4b43-b9f7-5a4f14c55233","block_type":"box","text":"agreements to waive or reimburse expenses, which would reduce performance if not in effect. 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The size score seeks to measure","page_number":53,"box":{"x":83,"y":180,"width":420,"height":11}},{"id":"bf87ffcc-d609-4376-bb48-dbb581f66329","block_type":"box","text":"an issuer’s market capitalization relative to other companies in","page_number":53,"box":{"x":83,"y":195,"width":400,"height":10}},{"id":"ac79b0e9-37a1-4d59-83b6-0e6e24c9d7c8","block_type":"box","text":"the Parent Index.","page_number":53,"box":{"x":83,"y":209,"width":107,"height":8}},{"id":"29d587f2-3c73-45c8-81e4-e7f58e2b497a","block_type":"box","text":"The maximum weight of a single security is 10%, and the sum of","page_number":53,"box":{"x":82,"y":231,"width":407,"height":11}},{"id":"40d5bd58-a60e-4e31-8a6d-e868c903cf46","block_type":"box","text":"security weights that are individually greater than 4.5% must be","page_number":53,"box":{"x":83,"y":245,"width":405,"height":11}},{"id":"fb3d4ccd-243c-4c0e-9ec0-805e31bfada6","block_type":"box","text":"less than 22.5% of the Underlying Index. The Index Provider also","page_number":53,"box":{"x":83,"y":259,"width":409,"height":11}},{"id":"14f96dfa-77c5-4b3f-acd2-1a3f92a7d084","block_type":"box","text":"applies other constraints, such as sector exposures relative to the","page_number":53,"box":{"x":83,"y":273,"width":422,"height":11}},{"id":"7db5d41e-764c-4ab0-8f47-89eadff566cd","block_type":"box","text":"Parent Index, among others. The Underlying Index is reviewed and","page_number":53,"box":{"x":84,"y":287,"width":420,"height":11}},{"id":"e6755515-42eb-41e8-beb0-fed99036706e","block_type":"box","text":"rebalanced quarterly.","page_number":53,"box":{"x":83,"y":302,"width":134,"height":10}},{"id":"f45ddfc6-0f01-4015-ba9e-da02faf91cca","block_type":"box","text":"As of July 31, 2025, the Underlying Index consisted of","page_number":53,"box":{"x":82,"y":323,"width":342,"height":11}},{"id":"ecf2e45d-062e-4df5-ab7f-83b495a58ea4","block_type":"box","text":"approximately 285 constituents, and a significant portion of the","page_number":53,"box":{"x":83,"y":338,"width":407,"height":11}},{"id":"368b921a-f710-4237-929e-87c6d9075ec2","block_type":"box","text":"Underlying Index is represented by securities of companies in the","page_number":53,"box":{"x":83,"y":352,"width":418,"height":11}},{"id":"26a88d1a-6e62-45c6-a97a-d1ae46c7efcc","block_type":"box","text":"consumer goods and services and technology industries or","page_number":53,"box":{"x":83,"y":366,"width":376,"height":11}},{"id":"eeb10252-84c3-4aab-a113-574ea9679227","block_type":"box","text":"sectors. The components of the Underlying Index are likely to","page_number":53,"box":{"x":83,"y":380,"width":391,"height":11}},{"id":"5bdf4d39-b283-4e21-b738-7639946fb851","block_type":"box","text":"change over time.","page_number":53,"box":{"x":83,"y":394,"width":113,"height":11}},{"id":"1bde0171-dbf9-45dc-8490-b42f339a5901","block_type":"box","text":"BFA uses an indexing approach to try to achieve the Fund’s","page_number":53,"box":{"x":84,"y":418,"width":376,"height":10}},{"id":"52912df8-27cb-46e4-ad76-e2108e538946","block_type":"box","text":"investment objective. The Fund does not try to “beat” the index it","page_number":53,"box":{"x":83,"y":432,"width":417,"height":11}},{"id":"865c0507-b49a-4bb4-8fb2-90ed06f8359d","block_type":"box","text":"tracks and does not seek temporary defensive positions when","page_number":53,"box":{"x":83,"y":446,"width":396,"height":11}},{"id":"a98fc78b-5368-4fcf-ae54-bda2c992c220","block_type":"box","text":"markets decline or appear overvalued.","page_number":53,"box":{"x":83,"y":460,"width":244,"height":11}},{"id":"90f0341b-147a-43c5-8082-50b220edd657","block_type":"box","text":"Indexing may eliminate the chance that the Fund will substantially","page_number":53,"box":{"x":83,"y":483,"width":421,"height":11}},{"id":"526e2e0f-0960-4d53-9b18-eb8e7c73bcba","block_type":"box","text":"outperform the Underlying Index but also may reduce some of the","page_number":53,"box":{"x":83,"y":498,"width":421,"height":10}},{"id":"bd66bec7-3407-412c-be99-1e2c909c0052","block_type":"box","text":"risks of active management, such as poor security selection.","page_number":53,"box":{"x":83,"y":512,"width":386,"height":11}},{"id":"099a86e3-246d-4406-8797-1bd1908970a3","block_type":"box","text":"Indexing seeks to achieve lower costs and better after-tax","page_number":53,"box":{"x":83,"y":526,"width":370,"height":11}},{"id":"970389a9-81eb-4c01-abc2-fb22d73d0f0c","block_type":"box","text":"performance by aiming to keep portfolio turnover low in","page_number":53,"box":{"x":83,"y":540,"width":356,"height":11}},{"id":"edd22026-518f-4d75-a214-4337bf852067","block_type":"box","text":"comparison to actively managed investment companies.","page_number":53,"box":{"x":83,"y":554,"width":359,"height":11}},{"id":"d4f1ab4d-7c7b-4652-97c6-d46fd1e360aa","block_type":"box","text":"BFA uses a representative sampling indexing strategy to manage","page_number":53,"box":{"x":84,"y":577,"width":411,"height":11}},{"id":"ef8983bc-e6f4-4732-a0f7-5fabd7e89e1e","block_type":"box","text":"the Fund. “Representative sampling” is an indexing strategy that","page_number":53,"box":{"x":83,"y":592,"width":411,"height":10}},{"id":"a3ac1b48-4a34-4e7a-891c-3e5e31d5dedf","block_type":"box","text":"involves investing in a representative sample of securities or other","page_number":53,"box":{"x":83,"y":606,"width":424,"height":11}},{"id":"43386ea1-592a-4985-9693-2ff1156a42e2","block_type":"box","text":"instruments that collectively has an investment profile similar to","page_number":53,"box":{"x":83,"y":620,"width":410,"height":11}},{"id":"38a82d26-2175-4ac2-87b8-e99f8ac0693f","block_type":"box","text":"that of an applicable underlying index. The instruments selected","page_number":53,"box":{"x":83,"y":634,"width":408,"height":11}},{"id":"4598b482-e868-4c9f-8449-5ca8021c2169","block_type":"box","text":"are expected to have, in the aggregate, investment characteristics","page_number":53,"box":{"x":83,"y":648,"width":423,"height":11}},{"id":"52d1d1d6-634f-4a9e-b5e7-dff6a927f8c7","block_type":"box","text":"(based on factors such as market capitalization and industry","page_number":53,"box":{"x":83,"y":663,"width":386,"height":10}},{"id":"368eb552-a075-4f09-b13a-be52a44442b9","block_type":"box","text":"weightings), fundamental characteristics (such as return","page_number":53,"box":{"x":82,"y":677,"width":360,"height":11}},{"id":"8747849c-8c8a-4d70-bd1e-123a5cbc28bf","block_type":"box","text":"variability and yield) and liquidity measures similar to those of an","page_number":53,"box":{"x":82,"y":691,"width":414,"height":11}},{"id":"cdd31aa5-13a1-40ae-8a27-58c79c52d98e","block_type":"box","text":"applicable underlying index. The Fund may or may not hold all of","page_number":53,"box":{"x":83,"y":705,"width":410,"height":11}},{"id":"e9cf4816-656c-4ea0-a17a-2169cde6c859","block_type":"box","text":"the components of the Underlying Index.","page_number":53,"box":{"x":83,"y":719,"width":259,"height":11}},{"id":"a88006b1-287c-4f5c-a591-3457b1cea2d3","block_type":"box","text":"The Fund generally will invest at least 80% of its assets in the","page_number":53,"box":{"x":82,"y":742,"width":390,"height":11}},{"id":"f842a7dd-c0f3-4382-851c-d80b4f5b1001","block_type":"box","text":"component securities of its Underlying Index and may invest up to","page_number":53,"box":{"x":83,"y":757,"width":422,"height":10}},{"id":"2cccf2af-da8a-48c8-9e6f-643de217d637","block_type":"box","text":"20% of its assets in certain futures, options and swap contracts,","page_number":53,"box":{"x":83,"y":771,"width":408,"height":11}},{"id":"4c7f3bc6-bbdb-463e-ae0e-eb5f5ff2574d","block_type":"box","text":"cash and cash equivalents, including shares of money market","page_number":53,"box":{"x":83,"y":785,"width":392,"height":11}},{"id":"745223ac-d69e-4f43-9b6b-85c141fa865c","block_type":"box","text":"funds advised by BFA or its affiliates, as well as in securities not","page_number":53,"box":{"x":82,"y":799,"width":407,"height":11}},{"id":"d585dd0b-592c-420b-b317-416b94291917","block_type":"box","text":"included in the Underlying Index, but which BFA believes will help","page_number":53,"box":{"x":83,"y":813,"width":415,"height":11}},{"id":"d7ace011-c05a-4ea3-ad9d-a2f0926c2edb","block_type":"box","text":"the Fund track the Underlying Index. Cash and cash equivalent","page_number":53,"box":{"x":83,"y":828,"width":400,"height":10}},{"id":"7a8d3b6d-65ba-4339-b1ea-ed19303cbe88","block_type":"box","text":"investments associated with a derivative position will be treated","page_number":53,"box":{"x":83,"y":842,"width":409,"height":10}},{"id":"0834ef38-5aea-4ecf-8df7-a2ae35206f12","block_type":"box","text":"as part of that position for the purposes of calculating the","page_number":53,"box":{"x":83,"y":856,"width":368,"height":11}},{"id":"e260941d-f4c8-4b7d-9ff6-6163d186bc6c","block_type":"box","text":"percentage of investments included in the Underlying Index. 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The Index Provider","page_number":53,"box":{"x":549,"y":126,"width":395,"height":11}},{"id":"bf4accc5-2b88-419f-a1a9-b3167a0856ef","block_type":"box","text":"determines the composition and relative weightings of the","page_number":53,"box":{"x":549,"y":140,"width":372,"height":11}},{"id":"04588f39-c449-4808-91cf-5de6a124b965","block_type":"box","text":"securities in the Underlying Index and Parent Index and publishes","page_number":53,"box":{"x":549,"y":155,"width":417,"height":10}},{"id":"5e49fac6-b1bb-4c91-a8a5-9d2892868cc5","block_type":"box","text":"information regarding the market value of the Underlying","page_number":53,"box":{"x":549,"y":169,"width":363,"height":11}},{"id":"7c82f082-b503-4f07-ac96-6cb5cc4a5d4c","block_type":"box","text":"Index and Parent Index.","page_number":53,"box":{"x":550,"y":183,"width":148,"height":8}},{"id":"05e53ade-3748-4696-a02d-9f2ad3001448","block_type":"box","text":"Industry Concentration Policy.","page_number":53,"box":{"x":550,"y":206,"width":209,"height":11}},{"id":"42f86737-4cfd-49cd-b322-4ecbedbc4343","block_type":"box","text":"The Fund will concentrate its","page_number":53,"box":{"x":764,"y":206,"width":184,"height":9}},{"id":"a0e13a2a-a84a-4936-823a-3f1f5b59311a","block_type":"box","text":"investments (","page_number":53,"box":{"x":549,"y":220,"width":86,"height":11}},{"id":"e5d60d06-3533-44bf-99d1-361727e92101","block_type":"box","text":"i.e.","page_number":53,"box":{"x":635,"y":220,"width":17,"height":9}},{"id":"aa41d1e3-b5a2-41c9-b89e-16e2275433a6","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":53,"box":{"x":655,"y":220,"width":264,"height":11}},{"id":"c02cb562-45ec-4406-ae48-8b3dd921a060","block_type":"box","text":"particular industry or group of industries to approximately the","page_number":53,"box":{"x":549,"y":235,"width":394,"height":10}},{"id":"a93abf86-cacb-424d-ac06-2d60df173993","block_type":"box","text":"same extent that the Underlying Index is concentrated. 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Securities that previously exhibited","page_number":53,"box":{"x":696,"y":670,"width":231,"height":11}},{"id":"fdba5a57-a8f0-4846-8537-f5b17d107b8f","block_type":"box","text":"greater momentum characteristics may not continue to","page_number":53,"box":{"x":549,"y":684,"width":354,"height":11}},{"id":"b525cd1c-9397-4ef1-89a1-58ba3face07a","block_type":"box","text":"experience positive momentum, and such a change could occur","page_number":53,"box":{"x":549,"y":699,"width":407,"height":10}},{"id":"25732ac8-2ab5-413c-99dc-667297371b73","block_type":"box","text":"quickly. Momentum securities may experience more volatility than","page_number":53,"box":{"x":549,"y":713,"width":423,"height":11}},{"id":"40418af1-26a5-47a4-b14c-6e0800c8a12c","block_type":"box","text":"the market as a whole.","page_number":53,"box":{"x":549,"y":727,"width":144,"height":8}},{"id":"71d11294-3246-4174-a17f-203286a13b85","block_type":"box","text":"Quality Factor Risk","page_number":53,"box":{"x":549,"y":750,"width":118,"height":11}},{"id":"8b6c98a0-e202-4a64-add6-c5022d234016","block_type":"box","text":". Securities that previously exhibited greater","page_number":53,"box":{"x":668,"y":750,"width":282,"height":11}},{"id":"98859bad-cfbb-40b0-8466-0a2c5d259b95","block_type":"box","text":"quality characteristics than other securities may not continue to","page_number":53,"box":{"x":549,"y":764,"width":409,"height":11}},{"id":"0298b16b-32a2-4250-bc1c-17ad184bd80d","block_type":"box","text":"be quality securities. 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Low volatility securities may","page_number":54,"box":{"x":240,"y":23,"width":188,"height":11}},{"id":"e1438221-788c-488a-b437-15eb04aa25c7","block_type":"box","text":"underperform the broader market during periods of strong, rising","page_number":54,"box":{"x":83,"y":37,"width":416,"height":11}},{"id":"97ac3f25-c9fe-426c-b270-0048ddac448c","block_type":"box","text":"or speculative stock prices. The prices of such securities may not","page_number":54,"box":{"x":83,"y":51,"width":417,"height":11}},{"id":"73a6e3f3-7e11-4e60-9283-bffc09ea9abf","block_type":"box","text":"be any less volatile (and could be more volatile) than the market","page_number":54,"box":{"x":83,"y":66,"width":409,"height":10}},{"id":"48e23574-f628-4c1b-846a-f9d89744ed2b","block_type":"box","text":"as a whole.","page_number":54,"box":{"x":83,"y":80,"width":70,"height":8}},{"id":"145427b4-5352-4df1-ae5a-f4333acee316","block_type":"box","text":"Low Size Factor Risk","page_number":54,"box":{"x":83,"y":103,"width":129,"height":9}},{"id":"25368285-93e9-4724-b3ca-e2a7155678ff","block_type":"box","text":". Companies with relatively smaller market","page_number":54,"box":{"x":213,"y":103,"width":271,"height":11}},{"id":"959f6453-da45-4d3c-8277-b40416cd312a","block_type":"box","text":"capitalization within the Fund’s capitalization range may be less","page_number":54,"box":{"x":83,"y":117,"width":406,"height":11}},{"id":"afc0577a-251d-4abb-96dc-9b15787f0b7f","block_type":"box","text":"stable and more susceptible to adverse developments. Low size","page_number":54,"box":{"x":83,"y":131,"width":408,"height":11}},{"id":"7249c9b7-dcff-4ed7-99b8-9456523b857f","block_type":"box","text":"securities may be more volatile and less liquid than securities on","page_number":54,"box":{"x":83,"y":146,"width":412,"height":10}},{"id":"6f5fb463-e2f7-41ad-b928-55e206baf4a9","block_type":"box","text":"the larger end of the Fund’s capitalization range.","page_number":54,"box":{"x":83,"y":160,"width":308,"height":11}},{"id":"bfc18451-94cf-4325-b31b-953ff5b17947","block_type":"box","text":"Equity Securities Risk","page_number":54,"box":{"x":83,"y":183,"width":147,"height":11}},{"id":"e83a1b2f-59f1-4fa8-a316-3fb3465e202a","block_type":"box","text":".","page_number":54,"box":{"x":230,"y":190,"width":3,"height":1}},{"id":"d94b3a4f-4023-4748-9bef-4a7e69277f30","block_type":"box","text":"Equity securities are subject to changes","page_number":54,"box":{"x":239,"y":183,"width":254,"height":11}},{"id":"ac3f5825-4552-40a9-9348-401527cc3bde","block_type":"box","text":"in value, and their values may be more volatile than those of other","page_number":54,"box":{"x":83,"y":197,"width":422,"height":11}},{"id":"d70b6412-34f0-4842-a6a9-2905eb661a00","block_type":"box","text":"asset classes. The value of a security may decline for a number of","page_number":54,"box":{"x":83,"y":211,"width":420,"height":11}},{"id":"292a585e-3536-44e4-aa8b-5fde7ac2c62e","block_type":"box","text":"reasons that may directly relate to the issuer as well as due to","page_number":54,"box":{"x":83,"y":226,"width":396,"height":10}},{"id":"b3dd4a2c-88b5-4e67-8bf5-055a331f12ed","block_type":"box","text":"general industry or market conditions. Common stock is","page_number":54,"box":{"x":83,"y":240,"width":359,"height":11}},{"id":"014ac951-8c6a-4122-b1f7-fc369381cc21","block_type":"box","text":"subordinated to preferred securities and debt in a company’s","page_number":54,"box":{"x":83,"y":254,"width":390,"height":11}},{"id":"01fe11cb-3231-4a58-ad1f-0c1e17f5166b","block_type":"box","text":"capital structure. Common stock has the lowest priority, and the","page_number":54,"box":{"x":83,"y":268,"width":412,"height":11}},{"id":"f5468d9b-8c07-4fc2-8b21-92817c4ace07","block_type":"box","text":"greatest risk, with respect to dividends and any liquidation","page_number":54,"box":{"x":83,"y":282,"width":372,"height":11}},{"id":"f4590693-56df-4199-ba0d-a38e12403460","block_type":"box","text":"payments in the event of an issuer’s bankruptcy.","page_number":54,"box":{"x":83,"y":296,"width":309,"height":11}},{"id":"2597eeb9-fa18-428a-bce4-4718b841b723","block_type":"box","text":"Market Risk","page_number":54,"box":{"x":83,"y":320,"width":82,"height":8}},{"id":"dcbbacb3-f360-4eae-b6ab-05ad0db3c13a","block_type":"box","text":".","page_number":54,"box":{"x":165,"y":326,"width":2,"height":2}},{"id":"9f35e18d-c693-42f5-bab5-29e63072262c","block_type":"box","text":"The Fund could lose money over short periods due","page_number":54,"box":{"x":172,"y":320,"width":323,"height":10}},{"id":"a456788d-3de5-4281-9b50-600569a67ad5","block_type":"box","text":"to short-term market movements and over longer periods during","page_number":54,"box":{"x":83,"y":334,"width":413,"height":11}},{"id":"4436cf60-9146-49c3-bef8-c30461fbe6c2","block_type":"box","text":"more prolonged market downturns. 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The","page_number":54,"box":{"x":549,"y":806,"width":340,"height":10}},{"id":"be97aeac-caeb-458f-85a8-2143ccd495e0","block_type":"box","text":"performance of large-capitalization companies could trail the","page_number":54,"box":{"x":549,"y":820,"width":390,"height":11}},{"id":"18a6f13e-a5ff-4804-b7c6-8d6e41095803","block_type":"box","text":"overall performance of the broader securities markets.","page_number":54,"box":{"x":549,"y":834,"width":349,"height":11}},{"id":"1b4a895b-c20c-4b8a-ae52-d75b17099b13","block_type":"box","text":"Management Risk","page_number":54,"box":{"x":549,"y":857,"width":123,"height":11}},{"id":"e9448b2d-031b-45e3-9242-b2e5fe3e0582","block_type":"box","text":".","page_number":54,"box":{"x":672,"y":864,"width":2,"height":2}},{"id":"2d5097fa-c128-4244-8ecc-15dd57845666","block_type":"box","text":"The Fund generally does not attempt to take","page_number":54,"box":{"x":679,"y":857,"width":283,"height":11}},{"id":"ffb11b67-b50e-486b-afa1-44a5d40d7b40","block_type":"box","text":"defensive positions under any market conditions, including","page_number":54,"box":{"x":549,"y":871,"width":376,"height":11}},{"id":"730fdd13-0566-4d1e-97cb-cc333bc4527d","block_type":"box","text":"S-43","page_number":54,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"9f3d74a4-3bc6-44b5-9b4f-02842566bb5c","block_type":"box","text":"declining markets. 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They may face","page_number":55,"box":{"x":549,"y":131,"width":381,"height":11}},{"id":"e2c31e05-792f-4430-8f97-8fd19bfb3280","block_type":"box","text":"unexpected risks and costs associated with technological","page_number":55,"box":{"x":549,"y":146,"width":367,"height":10}},{"id":"c7a9b37c-583b-4d4d-9674-5c1c966b6804","block_type":"box","text":"developments, such as artificial intelligence and machine learning.","page_number":55,"box":{"x":549,"y":160,"width":424,"height":11}},{"id":"1193615b-da9a-421c-aa39-e8bb83b41d03","block_type":"box","text":"Technology companies also depend heavily on intellectual","page_number":55,"box":{"x":549,"y":174,"width":368,"height":11}},{"id":"f42e96f4-fa3b-489d-bb0c-7369009992d7","block_type":"box","text":"property rights and may be adversely affected by the loss or","page_number":55,"box":{"x":549,"y":188,"width":384,"height":11}},{"id":"109bec18-553e-4aac-92d3-0e01435ee203","block_type":"box","text":"impairment of those rights. Technology companies may face","page_number":55,"box":{"x":549,"y":202,"width":384,"height":11}},{"id":"59a0715d-e57a-44d0-8668-3d3211ef53da","block_type":"box","text":"increased government scrutiny and may be subject to adverse","page_number":55,"box":{"x":549,"y":217,"width":397,"height":10}},{"id":"7658ec5c-7f2f-46ca-893f-749ba708b96b","block_type":"box","text":"government or legal action.","page_number":55,"box":{"x":549,"y":231,"width":174,"height":11}},{"id":"aed6280b-6acc-4dc5-b857-86ee5088c098","block_type":"box","text":"Tracking Error Risk","page_number":55,"box":{"x":550,"y":254,"width":128,"height":11}},{"id":"229d538d-7cd1-4cf8-bbfd-779cd3fcc7ef","block_type":"box","text":".","page_number":55,"box":{"x":678,"y":260,"width":3,"height":2}},{"id":"ecb6c146-9f61-4edb-8b94-374a013f2811","block_type":"box","text":"The Fund may be subject to “tracking error,”","page_number":55,"box":{"x":686,"y":254,"width":284,"height":11}},{"id":"89264ea9-4f84-4c2d-8639-a7087056dcd5","block_type":"box","text":"which is the divergence of the Fund’s performance from that of","page_number":55,"box":{"x":549,"y":268,"width":404,"height":11}},{"id":"a9c10012-c051-41c8-9153-62252a115128","block_type":"box","text":"the Underlying Index. Tracking error may occur due to a number of","page_number":55,"box":{"x":549,"y":282,"width":425,"height":11}},{"id":"3016a7b5-6bf6-4cf6-b8e1-2c0bc50868a8","block_type":"box","text":"factors, including differences between the securities and other","page_number":55,"box":{"x":549,"y":296,"width":401,"height":11}},{"id":"acd92dc6-656d-4cfd-bac1-cfd3e4887876","block_type":"box","text":"assets held in the Fund’s portfolio and those included in the","page_number":55,"box":{"x":549,"y":311,"width":381,"height":10}},{"id":"0bfc99a7-6d35-4750-9c47-374290e9b8e1","block_type":"box","text":"Underlying Index; differences in the timing and methodologies","page_number":55,"box":{"x":550,"y":325,"width":396,"height":11}},{"id":"09063e2b-d466-408e-b158-207deb1b28c9","block_type":"box","text":"used to value securities and other assets; transaction costs and","page_number":55,"box":{"x":549,"y":339,"width":407,"height":10}},{"id":"7768a3c8-61af-4c91-8c05-9111d7e2f6f7","block_type":"box","text":"other expenses incurred by the Fund that the Underlying Index","page_number":55,"box":{"x":549,"y":353,"width":400,"height":11}},{"id":"ea2f6b8a-dbce-4829-a420-f30a34c91bf3","block_type":"box","text":"does not incur; the Fund’s holding of uninvested cash; differences","page_number":55,"box":{"x":549,"y":367,"width":421,"height":11}},{"id":"568e1b42-e21d-45ff-ac57-c93eb4145a67","block_type":"box","text":"in the timing of the accrual or the valuation of dividends or","page_number":55,"box":{"x":549,"y":381,"width":374,"height":11}},{"id":"6b7b7ef8-fab9-496c-bf2c-576f389a8113","block_type":"box","text":"interest received by the Fund or distributions paid to Fund","page_number":55,"box":{"x":549,"y":396,"width":370,"height":10}},{"id":"e227accb-ad20-435b-92a5-700e172f21ab","block_type":"box","text":"shareholders; tax gains or losses; differences between the","page_number":55,"box":{"x":549,"y":410,"width":372,"height":11}},{"id":"08ff6b98-b6ff-4195-a61d-fab151d83128","block_type":"box","text":"amount and/or timing of withholding taxes on dividends reflected","page_number":55,"box":{"x":549,"y":424,"width":420,"height":11}},{"id":"aedaadae-0adc-4077-a539-f1236acbd2e6","block_type":"box","text":"in the Underlying Index from the Fund’s obligation, if any, for","page_number":55,"box":{"x":549,"y":438,"width":387,"height":11}},{"id":"ab7fd87a-26f2-4926-b103-5551d856ca73","block_type":"box","text":"foreign withholding taxes; the requirements for the Fund to","page_number":55,"box":{"x":549,"y":452,"width":377,"height":11}},{"id":"3089bdca-5819-404c-b185-5508738ea0f4","block_type":"box","text":"maintain pass-through tax treatment; portfolio transactions","page_number":55,"box":{"x":549,"y":467,"width":380,"height":10}},{"id":"cc989534-e59c-4a13-9e1d-4a57fc6a03a8","block_type":"box","text":"carried out to minimize the distribution of capital gains to","page_number":55,"box":{"x":549,"y":481,"width":366,"height":11}},{"id":"59f79985-b38b-4e52-b785-2f0744e1f18c","block_type":"box","text":"shareholders; the acceptance of custom baskets; changes to the","page_number":55,"box":{"x":549,"y":495,"width":414,"height":11}},{"id":"3c84116b-5deb-4e0a-a850-7ee9f6a0d23e","block_type":"box","text":"Underlying Index; and impacts to the Fund of complying with","page_number":55,"box":{"x":550,"y":509,"width":386,"height":11}},{"id":"b19bb758-49f3-4f3d-a3ea-70e0af5bd9be","block_type":"box","text":"certain regulatory requirements or limits. 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These","page_number":57,"box":{"x":549,"y":246,"width":420,"height":11}},{"id":"4803e3e2-fad2-4ead-bb87-32655fd40eb1","block_type":"box","text":"payments may create a conflict of interest by influencing the","page_number":57,"box":{"x":549,"y":260,"width":387,"height":11}},{"id":"b0280641-7db7-43ba-b3a2-38afc04af38b","block_type":"box","text":"broker-dealer or other intermediary and your salesperson to","page_number":57,"box":{"x":549,"y":275,"width":384,"height":10}},{"id":"7f96fb92-0645-4aea-b0f7-b664547f8aac","block_type":"box","text":"recommend the Fund over another investment. Ask your","page_number":57,"box":{"x":549,"y":289,"width":361,"height":11}},{"id":"7ead296a-38fb-4634-8c9a-b772690ebbe4","block_type":"box","text":"salesperson or visit your financial intermediary’s website for more","page_number":57,"box":{"x":549,"y":303,"width":421,"height":11}},{"id":"15451921-33ba-4650-8c98-1d7afa5e807f","block_type":"box","text":"information.","page_number":57,"box":{"x":549,"y":317,"width":76,"height":9}},{"id":"17dbaad5-a085-4e44-81a4-c12972bda62f","block_type":"box","text":"S-46","page_number":57,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"6a366e9e-30e1-418c-9250-0ab41192002a","block_type":"box","text":"iSHARES","page_number":58,"box":{"x":346,"y":24,"width":118,"height":15}},{"id":"c3bdff54-e691-4160-bf76-23f5d1935e47","block_type":"box","text":"®","page_number":58,"box":{"x":468,"y":17,"width":10,"height":8}},{"id":"1516c799-df21-47a2-a310-6180cdb5c259","block_type":"box","text":"U.S. SMALL-CAP","page_number":58,"box":{"x":489,"y":24,"width":223,"height":15}},{"id":"396136f0-3223-4544-b3c8-66d32c54c2e8","block_type":"box","text":"EQUITY FACTOR ETF","page_number":58,"box":{"x":388,"y":46,"width":282,"height":17}},{"id":"811a43b3-1bc6-4477-b6d6-d3f7e2efb6ec","block_type":"box","text":"Ticker: SMLF Stock Exchange: NYSE Arca","page_number":58,"box":{"x":281,"y":75,"width":489,"height":12}},{"id":"b6f7ea14-152c-4b2b-9e96-613eca363af9","block_type":"box","text":"Investment Objective","page_number":58,"box":{"x":84,"y":113,"width":181,"height":13}},{"id":"d3ae4dc3-2170-45e2-9f8c-1d597afb8078","block_type":"box","text":"The iShares U.S. Small-Cap Equity Factor ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. small","page_number":58,"box":{"x":82,"y":138,"width":850,"height":11}},{"id":"38020aed-2ef8-45aa-90c5-ca8ba2e55ebe","block_type":"box","text":"capitalization stocks that have favorable exposure to target style factors subject to constraints.","page_number":58,"box":{"x":83,"y":152,"width":609,"height":11}},{"id":"3dc5c6da-cc00-446d-9dd7-0bbffa9444eb","block_type":"box","text":"Fees and Expenses","page_number":58,"box":{"x":84,"y":181,"width":160,"height":13}},{"id":"2398ff8f-be15-4144-a6ac-b702029f7a9f","block_type":"box","text":"The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. 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portfolio securities and the execution of portfolio transactions, including brokerage commissions, (v)","page_number":58,"box":{"x":83,"y":263,"width":833,"height":11}},{"id":"846b978c-3fe6-44ec-bfef-b4d5dfb9ada5","block_type":"box","text":"distribution fees or expenses, and (vi) litigation expenses and any extraordinary expenses.","page_number":58,"box":{"x":83,"y":277,"width":575,"height":11}},{"id":"3eea9dce-640b-49b6-a7fb-72510c4aebf7","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in","page_number":58,"box":{"x":82,"y":300,"width":883,"height":11}},{"id":"6cec13f8-77f8-443e-a9f9-28cf5f1864c8","block_type":"box","text":"the tables and examples below.","page_number":58,"box":{"x":83,"y":315,"width":220,"height":10}},{"id":"bc5dcab1-8fd4-40e3-8ab1-6ffc72e66549","block_type":"box","text":"Annual Fund Operating 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The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the","page_number":58,"box":{"x":83,"y":505,"width":862,"height":11}},{"id":"8ad962a9-3955-4f12-8ba3-880d1ff28fa4","block_type":"box","text":"same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:","page_number":58,"box":{"x":83,"y":519,"width":694,"height":11}},{"id":"39283ab8-af67-4e15-aa9c-294aa077a093","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":58,"box":{"x":195,"y":550,"width":668,"height":8}},{"id":"7faf7f44-1133-4d50-9e23-86493a088319","block_type":"box","text":"$15 $48 $85 $192","page_number":58,"box":{"x":203,"y":570,"width":647,"height":9}},{"id":"397b3f95-3759-4e6f-9b32-75bf37264b90","block_type":"box","text":"Portfolio Turnover.","page_number":58,"box":{"x":83,"y":610,"width":129,"height":8}},{"id":"b0456aa7-fd03-4473-bdec-68a7d970ada1","block_type":"box","text":"The Fund may pay transaction costs, such as","page_number":58,"box":{"x":216,"y":610,"width":287,"height":11}},{"id":"4f688fe8-3ccf-4a49-bde6-2d3d119b6a3f","block_type":"box","text":"commissions, when it buys and sells securities (or “turns over” its","page_number":58,"box":{"x":83,"y":624,"width":420,"height":11}},{"id":"43d3be83-5093-4be8-b881-873d6dd13009","block_type":"box","text":"portfolio). A higher portfolio turnover rate may indicate higher","page_number":58,"box":{"x":83,"y":638,"width":395,"height":11}},{"id":"c0c42ad4-a879-4dcd-801d-ff88ecc7d0fc","block_type":"box","text":"transaction costs and may result in higher taxes when Fund","page_number":58,"box":{"x":83,"y":652,"width":380,"height":11}},{"id":"f1b29d1a-a93e-4cf4-bf24-0f80b2f2d605","block_type":"box","text":"shares are held in a taxable account. These costs, which are not","page_number":58,"box":{"x":83,"y":666,"width":409,"height":11}},{"id":"ca576923-de70-4910-bea6-579512d24625","block_type":"box","text":"reflected in the Annual Fund Operating Expenses or in the","page_number":58,"box":{"x":83,"y":681,"width":368,"height":10}},{"id":"ef112e53-8d6b-40fa-82c8-1df8aeaa3233","block_type":"box","text":"Example, affect the Fund’s performance. 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The Underlying Index is composed of","page_number":58,"box":{"x":84,"y":820,"width":383,"height":11}},{"id":"f2dd9742-e2bc-49ec-894b-1f17de4e6638","block_type":"box","text":"small-capitalization equity securities from the STOXX US Small","page_number":58,"box":{"x":83,"y":834,"width":400,"height":11}},{"id":"3af326b3-a360-489d-b8dc-f3cd84cde7a6","block_type":"box","text":"Cap Index (the “Parent Index”) that are selected and weighted","page_number":58,"box":{"x":83,"y":848,"width":395,"height":11}},{"id":"050a06e1-93d5-4e3d-87a6-7ee313fecef5","block_type":"box","text":"using an optimization process designed to maximize exposure to","page_number":58,"box":{"x":83,"y":862,"width":413,"height":11}},{"id":"e1cd4a53-67f2-4070-ae76-7e0e32da8065","block_type":"box","text":"four target factors: momentum, quality, value, and low volatility.","page_number":58,"box":{"x":82,"y":877,"width":408,"height":10}},{"id":"9f5bf5bf-7160-4a41-8002-04b7cb82d8ea","block_type":"box","text":"The Underlying Index seeks to control exposure to, among other","page_number":58,"box":{"x":549,"y":602,"width":410,"height":11}},{"id":"eac5ebfe-ed46-444b-88f0-b63153a23423","block_type":"box","text":"things, industries, limit turnover and maintain a level of risk","page_number":58,"box":{"x":549,"y":616,"width":378,"height":11}},{"id":"c394505c-865d-43e8-8df6-4b8f1c3610b9","block_type":"box","text":"similar to that of the Parent Index. 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The Index Provider also","page_number":59,"box":{"x":83,"y":316,"width":409,"height":11}},{"id":"b71a6c1a-a1d4-4673-b666-55098bcaf360","block_type":"box","text":"applies other constraints, such as country and sector exposures","page_number":59,"box":{"x":83,"y":330,"width":409,"height":11}},{"id":"fb9d6f32-7bee-4a6b-951a-e288da1347ea","block_type":"box","text":"relative to the Parent Index, among others. 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The Fund does not try to “beat” the index it","page_number":59,"box":{"x":83,"y":489,"width":417,"height":10}},{"id":"2e9c6784-9452-4a4c-85f3-75271ecbb764","block_type":"box","text":"tracks and does not seek temporary defensive positions when","page_number":59,"box":{"x":83,"y":503,"width":396,"height":11}},{"id":"8f3f8f09-2a32-48ef-9cbb-ed2689364ef8","block_type":"box","text":"markets decline or appear overvalued.","page_number":59,"box":{"x":83,"y":517,"width":244,"height":11}},{"id":"6e89575d-ed19-41e8-bfff-e357ffa29bf6","block_type":"box","text":"Indexing may eliminate the chance that the Fund will substantially","page_number":59,"box":{"x":83,"y":540,"width":421,"height":11}},{"id":"690fd16e-4681-4ec5-b118-ab2e43487a4d","block_type":"box","text":"outperform the Underlying Index but also may reduce some of the","page_number":59,"box":{"x":83,"y":554,"width":421,"height":11}},{"id":"27d2e605-08ab-4876-9f44-b1795d818505","block_type":"box","text":"risks of active management, such as poor security selection.","page_number":59,"box":{"x":83,"y":568,"width":386,"height":11}},{"id":"e8afbf29-fb81-4481-80d7-b497568b1ebe","block_type":"box","text":"Indexing seeks to achieve lower costs and better after-tax","page_number":59,"box":{"x":83,"y":583,"width":370,"height":10}},{"id":"d1b2e25f-634f-4072-9f7b-f4fd03c1881b","block_type":"box","text":"performance by aiming to keep portfolio turnover low in","page_number":59,"box":{"x":83,"y":597,"width":356,"height":11}},{"id":"d9a7e0eb-2ee5-4164-8719-cf27ef90e80c","block_type":"box","text":"comparison to actively managed investment companies.","page_number":59,"box":{"x":83,"y":611,"width":359,"height":11}},{"id":"d1e93c7d-083e-47c7-b6e4-6617d5a4ed4d","block_type":"box","text":"BFA uses a representative sampling indexing strategy to manage","page_number":59,"box":{"x":84,"y":634,"width":411,"height":11}},{"id":"7c5e883c-36b4-4089-a868-47a27c416d3b","block_type":"box","text":"the Fund. “Representative sampling” is an indexing strategy that","page_number":59,"box":{"x":83,"y":648,"width":411,"height":11}},{"id":"beb534b6-479b-4a04-b65d-f0e2fa50aa92","block_type":"box","text":"involves investing in a representative sample of securities or other","page_number":59,"box":{"x":83,"y":663,"width":424,"height":10}},{"id":"5d3060a7-d429-40ae-8288-244f7c9e240d","block_type":"box","text":"instruments that collectively has an investment profile similar to","page_number":59,"box":{"x":83,"y":677,"width":410,"height":11}},{"id":"9fef5a94-fa5c-4f47-91e1-4f3f6213185e","block_type":"box","text":"that of an applicable underlying index. 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The Fund may or may not hold all of","page_number":59,"box":{"x":83,"y":762,"width":410,"height":11}},{"id":"277caa8a-b8e7-4250-8a53-1249372e7478","block_type":"box","text":"the components of the Underlying Index.","page_number":59,"box":{"x":83,"y":776,"width":259,"height":11}},{"id":"77e0b4e0-091f-4be5-b0d8-4c3b7b33b83b","block_type":"box","text":"The Fund generally will invest at least 80% of its assets in the","page_number":59,"box":{"x":82,"y":799,"width":390,"height":11}},{"id":"6da025a4-405d-4b03-8eb1-457f70406cfb","block_type":"box","text":"component securities of its Underlying Index and may invest up to","page_number":59,"box":{"x":83,"y":813,"width":422,"height":11}},{"id":"c2ecebff-3a2a-4f85-9755-1bab29cf8491","block_type":"box","text":"20% of its assets in certain futures, options and swap contracts,","page_number":59,"box":{"x":83,"y":828,"width":408,"height":10}},{"id":"8adff511-1025-4b04-ada1-0bb48a633f2a","block_type":"box","text":"cash and cash equivalents, including shares of money market","page_number":59,"box":{"x":83,"y":842,"width":392,"height":11}},{"id":"3f1b1e1b-ca65-4b27-aa36-e0cea3ced124","block_type":"box","text":"funds advised by BFA or its affiliates, as well as in securities not","page_number":59,"box":{"x":82,"y":856,"width":407,"height":11}},{"id":"4061667f-b7be-494e-b422-aa694a416c34","block_type":"box","text":"included in the Underlying Index, but which BFA believes will help","page_number":59,"box":{"x":83,"y":870,"width":415,"height":11}},{"id":"0aebe445-1fa1-40f6-8392-f70c529845fd","block_type":"box","text":"the Fund track the Underlying Index. Cash and cash equivalent","page_number":59,"box":{"x":549,"y":23,"width":400,"height":11}},{"id":"16e42753-1187-49eb-af6e-7202990e6164","block_type":"box","text":"investments associated with a derivative position will be treated","page_number":59,"box":{"x":549,"y":37,"width":409,"height":11}},{"id":"ab2bba1c-877f-47d1-8cf7-ef5774f41cad","block_type":"box","text":"as part of that position for the purposes of calculating the","page_number":59,"box":{"x":549,"y":51,"width":368,"height":11}},{"id":"1eddbdd9-88d0-4f7d-9cd7-00437b7330b4","block_type":"box","text":"percentage of investments included in the Underlying Index. 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Low volatility securities may","page_number":60,"box":{"x":240,"y":206,"width":188,"height":11}},{"id":"9ffe67f7-982f-4e46-823e-8ddfa7c403a1","block_type":"box","text":"underperform the broader market during periods of strong, rising","page_number":60,"box":{"x":83,"y":220,"width":416,"height":11}},{"id":"587f120d-e88c-42f9-a872-aaa1845fe5c6","block_type":"box","text":"or speculative stock prices. 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The value of securities or other assets may","page_number":61,"box":{"x":84,"y":240,"width":401,"height":11}},{"id":"efbfc85b-47eb-4829-a39d-04d7fdb4d195","block_type":"box","text":"decline, or perform differently from the market as a whole, due to","page_number":61,"box":{"x":83,"y":254,"width":418,"height":11}},{"id":"52c33724-6be8-48bb-bc06-96a73df1233f","block_type":"box","text":"changes in the financial condition or credit rating of the issuer or","page_number":61,"box":{"x":83,"y":268,"width":414,"height":11}},{"id":"8188a443-a77d-4560-879e-e1cacdd33eb1","block_type":"box","text":"counterparty.","page_number":61,"box":{"x":83,"y":283,"width":84,"height":10}},{"id":"594ba8f5-5a48-4484-a389-56f7373968e9","block_type":"box","text":"Management Risk","page_number":61,"box":{"x":83,"y":305,"width":122,"height":11}},{"id":"b3555af6-0d37-4087-b6c5-b445a2529889","block_type":"box","text":".","page_number":61,"box":{"x":206,"y":312,"width":2,"height":2}},{"id":"1aaa09a1-8ff5-4af1-b506-a58a36020125","block_type":"box","text":"The Fund generally does not attempt to take","page_number":61,"box":{"x":213,"y":306,"width":283,"height":10}},{"id":"7e30ac42-26b9-459d-9eff-91fda9b7e0ef","block_type":"box","text":"defensive positions under any market conditions, including","page_number":61,"box":{"x":83,"y":320,"width":376,"height":10}},{"id":"7fa4062d-eca4-4fe6-b975-b42ecbd039cd","block_type":"box","text":"declining markets. As the Fund will not fully replicate the","page_number":61,"box":{"x":83,"y":334,"width":362,"height":11}},{"id":"a7adb447-2002-4c68-b6b5-ed3343c85a0c","block_type":"box","text":"Underlying Index and may hold securities or other assets not","page_number":61,"box":{"x":83,"y":348,"width":388,"height":11}},{"id":"75378ba9-9d95-497d-84a1-e60531eedce4","block_type":"box","text":"included in the Underlying Index, it is subject to the risk that the","page_number":61,"box":{"x":83,"y":362,"width":409,"height":11}},{"id":"1ce497bb-ac9a-4983-9329-be2d8a121c8b","block_type":"box","text":"investment strategy of BFA may not produce the intended results.","page_number":61,"box":{"x":83,"y":376,"width":419,"height":11}},{"id":"0060c431-970f-42e9-a3ab-6b3c5a2e7dfe","block_type":"box","text":"There is no guarantee that the Fund’s investment results will have","page_number":61,"box":{"x":82,"y":391,"width":420,"height":10}},{"id":"d55a765b-d55c-4af7-bcf9-4f3636159933","block_type":"box","text":"a high degree of correlation to those of the Underlying Index or","page_number":61,"box":{"x":83,"y":405,"width":402,"height":11}},{"id":"759b3e57-8575-4f05-a133-76ad850db5a8","block_type":"box","text":"that the Fund will achieve its investment objective.","page_number":61,"box":{"x":83,"y":419,"width":323,"height":11}},{"id":"aae7d505-ea4b-458d-aff1-44a43c040785","block_type":"box","text":"Market Trading Risk","page_number":61,"box":{"x":83,"y":442,"width":136,"height":11}},{"id":"293adf5c-d66a-4b41-abc4-58250529df17","block_type":"box","text":".","page_number":61,"box":{"x":219,"y":449,"width":2,"height":2}},{"id":"8226816b-e523-4128-a65a-ec5d0b2095e0","block_type":"box","text":"The Fund faces numerous market trading","page_number":61,"box":{"x":226,"y":442,"width":263,"height":11}},{"id":"1d811447-09a0-45bc-ac5f-a661dd87d8ab","block_type":"box","text":"risks, including the potential lack of an active market for Fund","page_number":61,"box":{"x":83,"y":456,"width":394,"height":11}},{"id":"b60d2110-97ac-4bba-bb32-3240dc83a996","block_type":"box","text":"shares (including through a trading halt), losses from trading in","page_number":61,"box":{"x":83,"y":470,"width":401,"height":11}},{"id":"2651181a-8e07-443a-9179-8849aa8d78e9","block_type":"box","text":"secondary markets, periods of high volatility, and disruptions in","page_number":61,"box":{"x":83,"y":485,"width":404,"height":10}},{"id":"2f7732c1-d20f-4bd8-83a2-7cdd07136bbf","block_type":"box","text":"the process of creating and redeeming Fund shares. 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If you buy Fund","page_number":61,"box":{"x":83,"y":541,"width":397,"height":11}},{"id":"b90ddf57-2cfb-495e-82df-8fe79f01abc2","block_type":"box","text":"shares at a time when the market price is at a premium to NAV or","page_number":61,"box":{"x":83,"y":556,"width":419,"height":10}},{"id":"a437e7de-e24a-4360-8d49-6d02d3296e03","block_type":"box","text":"sell Fund shares at a time when the market price is at a discount","page_number":61,"box":{"x":83,"y":570,"width":412,"height":10}},{"id":"53ededbe-ba42-4cdb-a3eb-7f95e64adea6","block_type":"box","text":"to NAV, you may pay significantly more or receive significantly","page_number":61,"box":{"x":83,"y":584,"width":397,"height":11}},{"id":"140749e3-4c9e-4152-87d7-22ef569bae87","block_type":"box","text":"less than the underlying value of the Fund shares.","page_number":61,"box":{"x":83,"y":598,"width":316,"height":11}},{"id":"d214c51d-8a3a-4289-9217-1167062dbb1e","block_type":"box","text":"Operational and Technology Risks","page_number":61,"box":{"x":83,"y":621,"width":230,"height":11}},{"id":"16eaca3e-7d5f-4d68-b07b-006766d6df24","block_type":"box","text":".","page_number":61,"box":{"x":314,"y":628,"width":2,"height":2}},{"id":"019fb85c-7157-43d7-bc5d-d514f0b3fe19","block_type":"box","text":"The Fund is directly and","page_number":61,"box":{"x":321,"y":621,"width":151,"height":11}},{"id":"c29acd13-6ed3-4338-b5ab-6c1d94cded27","block_type":"box","text":"indirectly susceptible to operational and technology risks,","page_number":61,"box":{"x":83,"y":636,"width":368,"height":10}},{"id":"1650a2a5-1a31-449e-8e6e-824443c754d8","block_type":"box","text":"including those related to human errors, processing errors,","page_number":61,"box":{"x":83,"y":650,"width":376,"height":10}},{"id":"eb135849-435f-4a48-baa8-561fb7a3975a","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents,","page_number":61,"box":{"x":549,"y":23,"width":413,"height":11}},{"id":"f859271b-a6f6-431f-a0ff-26bd8d81b90a","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”),","page_number":61,"box":{"x":549,"y":37,"width":404,"height":11}},{"id":"01714806-c412-4b9d-b307-88c15d2eebc0","block_type":"box","text":"which may result in losses for the Fund and its shareholders or","page_number":61,"box":{"x":549,"y":51,"width":401,"height":11}},{"id":"ab2a8b1c-67b3-47b3-9626-b87e0bb3ef6a","block_type":"box","text":"may impair the Fund’s operations. While the Fund’s service","page_number":61,"box":{"x":549,"y":66,"width":377,"height":10}},{"id":"47dc2d94-5023-499c-8f8b-babdc89130d2","block_type":"box","text":"providers are required to have appropriate operational,","page_number":61,"box":{"x":549,"y":80,"width":350,"height":11}},{"id":"4aa43043-a7a1-4c5a-ace9-ab4eeedc937b","block_type":"box","text":"information security and cybersecurity risk management policies","page_number":61,"box":{"x":549,"y":94,"width":414,"height":11}},{"id":"1c7af6a9-ee18-41e0-9773-a97204739783","block_type":"box","text":"and procedures, their methods of risk management may differ","page_number":61,"box":{"x":549,"y":108,"width":397,"height":11}},{"id":"62928270-39fe-4db4-a737-d7c16d8d32f1","block_type":"box","text":"from those of the Fund. Operational and technology risks for the","page_number":61,"box":{"x":549,"y":122,"width":411,"height":11}},{"id":"256c7fef-63be-41c2-9db8-0ad2d344e4ca","block_type":"box","text":"issuers in which the Fund invests could also result in material","page_number":61,"box":{"x":549,"y":137,"width":391,"height":8}},{"id":"aaa655b4-2cf1-4446-a3a5-1988247a5a5d","block_type":"box","text":"adverse consequences for such issuers and may cause the Fund’s","page_number":61,"box":{"x":549,"y":151,"width":422,"height":11}},{"id":"72c39941-6874-49f8-b913-35b85d48bb86","block_type":"box","text":"investments in such issuers to lose value.","page_number":61,"box":{"x":549,"y":165,"width":264,"height":8}},{"id":"eec72899-d594-47c1-bac4-c1bd7ebe70a3","block_type":"box","text":"Securities Lending Risk.","page_number":61,"box":{"x":548,"y":188,"width":162,"height":11}},{"id":"4e225d34-3594-4cdf-980f-6b1f44689206","block_type":"box","text":"The Fund may engage in securities","page_number":61,"box":{"x":716,"y":188,"width":221,"height":11}},{"id":"f4fdc14d-7f2c-4303-bef4-a1c425d2ebd4","block_type":"box","text":"lending. Securities lending involves the risk that the Fund may","page_number":61,"box":{"x":549,"y":202,"width":397,"height":11}},{"id":"68647916-fca8-489c-8081-91289a994876","block_type":"box","text":"lose money because the borrower of the loaned securities fails to","page_number":61,"box":{"x":549,"y":216,"width":418,"height":11}},{"id":"4c836008-6326-4224-9391-55bfa8601a94","block_type":"box","text":"return the securities in a timely manner or at all. The Fund could","page_number":61,"box":{"x":549,"y":231,"width":409,"height":10}},{"id":"c5529dfd-aa34-4cf8-829a-dbe72525cbad","block_type":"box","text":"also lose money in the event of a decline in the value of collateral","page_number":61,"box":{"x":549,"y":245,"width":416,"height":11}},{"id":"914bc146-8a01-40b6-8a1e-9d0f7a31c9ad","block_type":"box","text":"provided for loaned securities or a decline in the value of any","page_number":61,"box":{"x":549,"y":259,"width":389,"height":11}},{"id":"3b3a4625-2537-4aa5-8d43-60b66ac182e8","block_type":"box","text":"investments made with cash collateral. These events could also","page_number":61,"box":{"x":549,"y":273,"width":406,"height":9}},{"id":"07ee984b-e64f-47e4-a803-b22c82213990","block_type":"box","text":"trigger adverse tax consequences for the Fund.","page_number":61,"box":{"x":549,"y":287,"width":301,"height":11}},{"id":"0335f54d-5373-495a-9851-1e6f4feb62fb","block_type":"box","text":"Tracking Error Risk","page_number":61,"box":{"x":550,"y":311,"width":128,"height":10}},{"id":"a4c51f16-8efd-42dc-95fd-bcc972e3993a","block_type":"box","text":".","page_number":61,"box":{"x":678,"y":317,"width":3,"height":2}},{"id":"7ae78ecc-388b-4721-8867-f8132d1950e2","block_type":"box","text":"The Fund may be subject to “tracking error,”","page_number":61,"box":{"x":686,"y":311,"width":284,"height":10}},{"id":"cfe4642e-5503-4cf9-84a7-ecf092b2b954","block_type":"box","text":"which is the divergence of the Fund’s performance from that of","page_number":61,"box":{"x":549,"y":325,"width":404,"height":11}},{"id":"eb0152c5-d60c-47e7-8d27-6bef18a399ab","block_type":"box","text":"the Underlying Index. Tracking error may occur due to a number of","page_number":61,"box":{"x":549,"y":339,"width":425,"height":11}},{"id":"6324cfb4-31f1-4bef-8c74-94ce66740e46","block_type":"box","text":"factors, including differences between the securities and other","page_number":61,"box":{"x":549,"y":353,"width":401,"height":11}},{"id":"bfa6a5c1-77ea-4908-ac24-aed4e4aa1cc6","block_type":"box","text":"assets held in the Fund’s portfolio and those included in the","page_number":61,"box":{"x":549,"y":367,"width":381,"height":11}},{"id":"51c516fa-36c8-4ace-866f-7c5ce8afd774","block_type":"box","text":"Underlying Index; differences in the timing and methodologies","page_number":61,"box":{"x":550,"y":381,"width":396,"height":11}},{"id":"5ac0bcdb-9de7-4ab8-8e81-9ca75a3f7678","block_type":"box","text":"used to value securities and other assets; transaction costs and","page_number":61,"box":{"x":549,"y":396,"width":407,"height":10}},{"id":"267da923-d338-42ec-96d6-aff98f56bcd4","block_type":"box","text":"other expenses incurred by the Fund that the Underlying Index","page_number":61,"box":{"x":549,"y":410,"width":400,"height":11}},{"id":"f97877a1-cf6e-4639-a98c-afe8d665df07","block_type":"box","text":"does not incur; the Fund’s holding of uninvested cash; differences","page_number":61,"box":{"x":549,"y":424,"width":421,"height":11}},{"id":"dc46799f-86cf-490d-8552-0cefb26528cd","block_type":"box","text":"in the timing of the accrual or the valuation of dividends or","page_number":61,"box":{"x":549,"y":438,"width":374,"height":11}},{"id":"aa2a100f-c970-40d9-87f2-adae28a66063","block_type":"box","text":"interest received by the Fund or distributions paid to Fund","page_number":61,"box":{"x":549,"y":452,"width":370,"height":11}},{"id":"36242e5c-dcf7-4589-9730-bf5e217e0237","block_type":"box","text":"shareholders; tax gains or losses; differences between the","page_number":61,"box":{"x":549,"y":467,"width":372,"height":10}},{"id":"1a81976f-3f11-4982-963a-68bcb501bd46","block_type":"box","text":"amount and/or timing of withholding taxes on dividends reflected","page_number":61,"box":{"x":549,"y":481,"width":420,"height":11}},{"id":"56d2389d-ad21-4df5-b704-b47cb563f4b0","block_type":"box","text":"in the Underlying Index from the Fund’s obligation, if any, for","page_number":61,"box":{"x":549,"y":495,"width":387,"height":11}},{"id":"bc265033-0f60-4b33-8315-8118cd3b973d","block_type":"box","text":"foreign withholding taxes; the requirements for the Fund to","page_number":61,"box":{"x":549,"y":509,"width":377,"height":11}},{"id":"aee076a6-e911-4054-b1ab-fc68e0c6cdd3","block_type":"box","text":"maintain pass-through tax treatment; portfolio transactions","page_number":61,"box":{"x":549,"y":523,"width":380,"height":11}},{"id":"acbc8b4d-708f-4e6a-9712-a68ef20fcb59","block_type":"box","text":"carried out to minimize the distribution of capital gains to","page_number":61,"box":{"x":549,"y":537,"width":366,"height":11}},{"id":"611804ac-9de4-4506-8cd0-1c3bdd2d6baa","block_type":"box","text":"shareholders; the acceptance of custom baskets; changes to the","page_number":61,"box":{"x":549,"y":552,"width":414,"height":11}},{"id":"b748d024-341d-4886-bffd-50eb10b3faed","block_type":"box","text":"Underlying Index; and impacts to the Fund of complying with","page_number":61,"box":{"x":550,"y":566,"width":386,"height":11}},{"id":"1a18c639-2273-4b3a-85ed-539d613ebe06","block_type":"box","text":"certain regulatory requirements or limits. Tracking error risk may","page_number":61,"box":{"x":549,"y":580,"width":414,"height":11}},{"id":"7ed2da45-6f86-4f35-b571-617b790971af","block_type":"box","text":"be heightened during times of increased market volatility or other","page_number":61,"box":{"x":549,"y":594,"width":420,"height":11}},{"id":"c360a28e-e511-450c-b8ff-f938a7fefd27","block_type":"box","text":"unusual market conditions.","page_number":61,"box":{"x":549,"y":608,"width":172,"height":9}},{"id":"6ebd78a4-70cf-4dfe-a154-70b156fdba9e","block_type":"box","text":"S-50","page_number":61,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"c914d4ca-f915-41d5-a413-39181fc9633d","block_type":"box","text":"Performance Information","page_number":62,"box":{"x":84,"y":22,"width":213,"height":11}},{"id":"d138e002-f170-4ff2-a268-f3e436a5eace","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":62,"box":{"x":82,"y":48,"width":887,"height":10}},{"id":"94c4731d-9aa9-4682-81be-fe97bd5bf9f8","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":62,"box":{"x":83,"y":62,"width":872,"height":11}},{"id":"ec5fd742-b670-46c7-927d-295594a14fa4","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":62,"box":{"x":83,"y":76,"width":867,"height":11}},{"id":"44e518e7-87d1-4e99-a7d4-cfe4f110ea9c","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":62,"box":{"x":83,"y":90,"width":863,"height":11}},{"id":"c1cd0e2a-e9d9-4181-a546-09ce37519155","block_type":"box","text":"agreements to waive or reimburse expenses, which would reduce performance if not in effect. 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Various types of securities, other assets and indexes may experience cycles of outperformance and underperformance in","page_number":68,"box":{"x":76,"y":377,"width":869,"height":10}},{"id":"a641c237-f256-4165-ba3a-2afb8b1f97b2","block_type":"box","text":"comparison to financial markets generally. This divergence may be due to a number of factors including, among other things, inflation,","page_number":68,"box":{"x":76,"y":391,"width":857,"height":11}},{"id":"b6fd5abc-48f2-4d3b-b611-f05f12e04c09","block_type":"box","text":"interest rates, productivity, global demand for local products or resources, and regulation and governmental controls. This may cause a Fund","page_number":68,"box":{"x":76,"y":405,"width":900,"height":11}},{"id":"ede0d909-3007-4bf6-83fc-a3c69a43cddd","block_type":"box","text":"to underperform other investment vehicles that invest in different asset classes.","page_number":68,"box":{"x":76,"y":419,"width":512,"height":11}},{"id":"01a032b7-fa47-4e55-97ca-b8650f9928ae","block_type":"box","text":"Assets Under Management (AUM) Risk.","page_number":68,"box":{"x":76,"y":442,"width":273,"height":11}},{"id":"a5bfc8ff-7033-49f2-a89e-4a97ce20e12d","block_type":"box","text":"From time to time, an Authorized Participant, a third-party investor, a Fund’s adviser, an affiliate","page_number":68,"box":{"x":355,"y":442,"width":613,"height":11}},{"id":"b18ca4f8-e198-46ea-8ecf-315b082126b8","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":68,"box":{"x":76,"y":457,"width":879,"height":10}},{"id":"7b594a28-9f3a-4489-bb9a-c1f2149fc2bb","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":68,"box":{"x":76,"y":471,"width":841,"height":11}},{"id":"e750aedf-3efb-486a-b4c1-3c2b6f2414a5","block_type":"box","text":"maintained at such levels, which could negatively impact the Fund.","page_number":68,"box":{"x":76,"y":485,"width":426,"height":11}},{"id":"2fd8a072-288b-4cf1-a9ab-4a3f19d89307","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":68,"box":{"x":76,"y":508,"width":296,"height":11}},{"id":"8cd361d8-99c9-408f-8343-92a341763d3f","block_type":"box","text":"Only an Authorized Participant may engage in creation or redemption transactions directly","page_number":68,"box":{"x":378,"y":508,"width":578,"height":11}},{"id":"b7b07889-c5a2-4731-8e31-f6efc098d767","block_type":"box","text":"with a Fund. There are a limited number of institutions that may act as Authorized Participants for the Fund, including on an agency basis on","page_number":68,"box":{"x":76,"y":522,"width":894,"height":11}},{"id":"950afb0d-f618-4d84-b894-ed4aeb30b1e3","block_type":"box","text":"behalf of other market participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent","page_number":68,"box":{"x":76,"y":537,"width":882,"height":10}},{"id":"b6cfa855-1999-4b2c-922f-5f8ffc62c31a","block_type":"box","text":"that Authorized Participants exit the business or do not place creation or redemption orders for a Fund and no other Authorized Participant","page_number":68,"box":{"x":76,"y":551,"width":888,"height":10}},{"id":"2a1f82cc-8678-4c28-98d6-b5a76ac8ff80","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":68,"box":{"x":76,"y":565,"width":889,"height":11}},{"id":"7ace6bca-5531-4e9a-a00a-ff7f938831dc","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":68,"box":{"x":77,"y":579,"width":885,"height":11}},{"id":"c4f77c7f-caf9-4599-919c-cf582f5745fd","block_type":"box","text":"trading volume. Such assets often entail greater settlement and operational complexity and higher capital costs for Authorized Participants,","page_number":68,"box":{"x":76,"y":593,"width":893,"height":11}},{"id":"45195756-8e27-4262-9224-2ab7a29a1bf1","block_type":"box","text":"which may limit the number of Authorized Participants that engage with the Fund.","page_number":68,"box":{"x":76,"y":607,"width":521,"height":11}},{"id":"1977167e-6c93-43a1-9d62-947677faffde","block_type":"box","text":"Close-Out Risk for Qualified Financial Contracts.","page_number":68,"box":{"x":76,"y":631,"width":336,"height":8}},{"id":"7704d225-ffc6-4ba7-82bf-25282841ffc6","block_type":"box","text":"Regulations adopted by global prudential regulators require counterparties that are part","page_number":68,"box":{"x":418,"y":631,"width":562,"height":10}},{"id":"597d9690-b961-4886-b70d-556f40f22f3c","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":68,"box":{"x":76,"y":645,"width":880,"height":11}},{"id":"309dc5ca-5b34-4639-b725-e34908ac54ae","block_type":"box","text":"agreements relating to qualified financial contracts. Qualified financial contracts include agreements relating to swaps, currency forwards","page_number":68,"box":{"x":76,"y":659,"width":881,"height":11}},{"id":"a21d5309-9920-4031-b4a4-66ae928ddae2","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":68,"box":{"x":76,"y":673,"width":896,"height":11}},{"id":"ed404314-8e7e-45ca-ad67-59b9a4b466a4","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":68,"box":{"x":76,"y":687,"width":889,"height":11}},{"id":"8063d438-c24d-45d3-9619-d7f3e8e2cb52","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":68,"box":{"x":76,"y":702,"width":903,"height":10}},{"id":"32c89b8c-9e09-47a6-92bd-e5e41d9b22e3","block_type":"box","text":"credit risk and other risks to a Fund.","page_number":68,"box":{"x":76,"y":716,"width":231,"height":8}},{"id":"26a230b7-eb80-4a62-b71e-d62871152b8f","block_type":"box","text":"Communications Companies Risk.","page_number":68,"box":{"x":76,"y":739,"width":236,"height":11}},{"id":"df941f0a-32fe-4a35-bf28-66d52c1bad30","block_type":"box","text":"Communications companies may face rapid product obsolescence as well as unexpected risks and","page_number":68,"box":{"x":317,"y":739,"width":633,"height":11}},{"id":"ff13f1f2-fba7-479d-a990-458381fc920a","block_type":"box","text":"costs related to product compatibility and standardization, new product introduction and technological developments, such as artificial","page_number":68,"box":{"x":76,"y":753,"width":863,"height":11}},{"id":"8e055095-f086-4053-9d0d-e683b6a00520","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":68,"box":{"x":76,"y":767,"width":897,"height":11}},{"id":"393ede3c-24db-4316-9047-e137947f2773","block_type":"box","text":"products and services. Demographic shifts and changes in consumer preferences and expectations may have negative impacts on their","page_number":68,"box":{"x":76,"y":781,"width":868,"height":11}},{"id":"4bf6810c-7ebb-4fd7-b0a2-51cad1b64cb5","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":68,"box":{"x":76,"y":796,"width":881,"height":10}},{"id":"03ae743b-7aea-4948-b5fb-da39302f58fd","block_type":"box","text":"information or disruptions in service could have a material adverse effect on their operations and reputation.","page_number":68,"box":{"x":76,"y":810,"width":694,"height":11}},{"id":"460a1c13-0553-40d7-8d96-1b9e899c4cb4","block_type":"box","text":"Communications companies are subject to extensive government regulation, including licensing and franchise requirements. The costs of","page_number":68,"box":{"x":76,"y":833,"width":880,"height":11}},{"id":"30b699d9-eb7c-487c-825c-40112b81443a","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":68,"box":{"x":76,"y":847,"width":897,"height":11}},{"id":"7a4342e0-f776-479d-b7b5-6354ed88960d","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":68,"box":{"x":76,"y":861,"width":898,"height":11}},{"id":"0fe25749-5cd5-4643-9253-38cf65f015f7","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":68,"box":{"x":76,"y":876,"width":805,"height":10}},{"id":"bb121d01-c400-43fe-b59b-0d2cea174ca3","block_type":"box","text":"5","page_number":68,"box":{"x":526,"y":921,"width":6,"height":8}},{"id":"2875432a-ca94-4df1-8438-e6462414a4df","block_type":"box","text":"Concentration Risk.","page_number":69,"box":{"x":76,"y":23,"width":136,"height":9}},{"id":"9072198b-7fd1-4ca2-a116-c53602134ef9","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":69,"box":{"x":217,"y":23,"width":744,"height":11}},{"id":"46731baf-bb56-4283-a3bf-592460d7cdd5","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":69,"box":{"x":76,"y":37,"width":903,"height":10}},{"id":"24398c4a-16b1-4441-8e35-1defc2893aca","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":69,"box":{"x":76,"y":52,"width":853,"height":10}},{"id":"4d703b87-330c-4aaa-ab70-1ce426afcdc1","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":69,"box":{"x":76,"y":66,"width":897,"height":11}},{"id":"366335db-b9a8-43f0-961a-b21cab6d45cc","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":69,"box":{"x":76,"y":80,"width":905,"height":11}},{"id":"9612cd1b-096b-4258-9c5f-41997c033d2a","block_type":"box","text":"its investments.","page_number":69,"box":{"x":76,"y":94,"width":100,"height":9}},{"id":"a2a9488a-7119-4e0b-8785-ef9b38025a7d","block_type":"box","text":"Consumer Goods and Services Com","page_number":69,"box":{"x":76,"y":117,"width":247,"height":9}},{"id":"0a8b5333-6218-448e-8e87-93c5ac8706da","block_type":"box","text":"panies Risk.","page_number":69,"box":{"x":325,"y":117,"width":83,"height":11}},{"id":"83080379-85b7-41a1-b6f8-64d748f14a24","block_type":"box","text":"Many consumer goods and services companies (“consumer companies”) rely heavily on","page_number":69,"box":{"x":414,"y":117,"width":561,"height":11}},{"id":"894c27c2-5616-4b05-a0ae-55d1750205eb","block_type":"box","text":"disposable household income and consumer spending and may be impacted by social trends, marketing campaigns, demographic shifts and","page_number":69,"box":{"x":76,"y":131,"width":897,"height":11}},{"id":"c9ce5d5f-5e3c-4ae1-851a-832da80e4095","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":69,"box":{"x":76,"y":146,"width":860,"height":10}},{"id":"0811bed4-869a-4594-9c09-cfa331df0230","block_type":"box","text":"adverse impact on consumer companies.","page_number":69,"box":{"x":76,"y":160,"width":262,"height":11}},{"id":"3167681f-d544-4b77-a505-3bb7fe781c8d","block_type":"box","text":"Certain consumer companies, such as those providing discretionary goods or services, may depend more on business cycles, overall","page_number":69,"box":{"x":76,"y":183,"width":849,"height":11}},{"id":"eb0ca842-1d3c-4deb-bb0a-c8d45c97874e","block_type":"box","text":"economic conditions and consumer confidence. Many consumer goods and services are subject to government regulation and the related","page_number":69,"box":{"x":76,"y":197,"width":883,"height":11}},{"id":"88260aa2-dcaa-4592-93dd-730a5ecba3ca","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":69,"box":{"x":76,"y":211,"width":856,"height":11}},{"id":"9f1da50b-9446-4dac-af9d-fcf9e94c7249","block_type":"box","text":"affected by volatility in commodity prices, supply chain disruptions and labor shortages.","page_number":69,"box":{"x":76,"y":226,"width":561,"height":10}},{"id":"a8995a94-12ad-4b66-b763-5401c1270d0c","block_type":"box","text":"Energy Companies Risk.","page_number":69,"box":{"x":77,"y":249,"width":165,"height":11}},{"id":"016260c9-3afb-4a0e-bc88-195d0666af92","block_type":"box","text":"The energy sector tends to be closely tied to the economic cycle and can be significantly affected by supply","page_number":69,"box":{"x":247,"y":249,"width":695,"height":11}},{"id":"3231982d-a589-4020-a05f-11786d08e92c","block_type":"box","text":"demand dynamics and volatility in commodity prices. Energy companies also may be adversely affected by exchange rate fluctuations, war or","page_number":69,"box":{"x":76,"y":263,"width":904,"height":11}},{"id":"2b4f42e0-1a5e-4081-8c0f-7a4eacb907ff","block_type":"box","text":"other conflicts, sanctions, import/export controls, depletion of resources, technological advances and labor relations. This sector generally i","page_number":69,"box":{"x":76,"y":277,"width":898,"height":11}},{"id":"fb052f9f-3acc-4933-a9f9-c98c6a817acb","block_type":"box","text":"s","page_number":69,"box":{"x":976,"y":279,"width":6,"height":7}},{"id":"6840b48d-f3d1-4750-a102-fd44279cce8f","block_type":"box","text":"subject to substantial government regulation, and companies may incur significant costs in complying with environmental and other laws.","page_number":69,"box":{"x":76,"y":291,"width":880,"height":11}},{"id":"a624bc14-22fa-4203-8a4a-04d7d3633e18","block_type":"box","text":"Policies that promote energy conservation, clean energy or the transition to low carbon alternatives also may affect the performance of","page_number":69,"box":{"x":77,"y":305,"width":866,"height":11}},{"id":"cbf825c3-2b70-47b1-b980-b51e99def4da","block_type":"box","text":"energy companies.","page_number":69,"box":{"x":76,"y":320,"width":120,"height":10}},{"id":"a4871150-fa69-45cd-a367-be515342e200","block_type":"box","text":"Energy companies may depend on a relatively small number of customers, including governmental entities and utilities. The exploration and","page_number":69,"box":{"x":77,"y":343,"width":892,"height":11}},{"id":"5e892a0c-cfba-4156-81c0-745c9b527354","block_type":"box","text":"production of energy sources and the development of energy infrastructure often require significant capital expenditures, and companies","page_number":69,"box":{"x":76,"y":357,"width":878,"height":11}},{"id":"de334371-42ae-40d0-9e3f-b7d971037fee","block_type":"box","text":"may face high interest costs and difficulty in raising capital. Energy companies also may face challenges from operating in countries with a","page_number":69,"box":{"x":76,"y":371,"width":885,"height":11}},{"id":"ed4c1fef-138e-4284-a279-0f040a19512f","block_type":"box","text":"history of adverse policies or events, such as expropriation, confiscation of assets, corruption, political instability and social unrest. The","page_number":69,"box":{"x":77,"y":385,"width":866,"height":11}},{"id":"76c53fb6-c363-495a-b488-3015f4a934df","block_type":"box","text":"operations of energy companies may be disrupted by events that target or damage energy infrastructure, including cyber or other attacks,","page_number":69,"box":{"x":76,"y":400,"width":883,"height":10}},{"id":"0afb720d-9f5a-4aa6-86f9-67bb0da5b31e","block_type":"box","text":"accidents and natural disasters. Energy companies are at risk of liability for environmental harm and other types of damages.","page_number":69,"box":{"x":76,"y":414,"width":800,"height":11}},{"id":"23ff7dca-260e-4a06-aedc-3aa4fc6b2352","block_type":"box","text":"The energy sector may experience significant market volatility. For example, Russia’s large-scale invasion of Ukraine in 2022 led to","page_number":69,"box":{"x":76,"y":437,"width":837,"height":11}},{"id":"43e83200-e8ff-4978-be4a-1300c81814df","block_type":"box","text":"disruptions and increased volatility in the energy and commodity futures markets due to actual and potential disruptions in the supply and","page_number":69,"box":{"x":76,"y":451,"width":882,"height":11}},{"id":"e124b15e-cce5-42c0-be71-52854089acb0","block_type":"box","text":"demand for certain commodities, including oil and natural gas. The U.S. and other actors have imposed various sanctions and restrictions on","page_number":69,"box":{"x":76,"y":465,"width":899,"height":11}},{"id":"b28895c0-6722-4346-b101-fcf4b885ed8d","block_type":"box","text":"business dealings with Russia, which include restrictions on imports of oil, natural gas and coal. It is impossible to predict the effect of","page_number":69,"box":{"x":76,"y":479,"width":860,"height":11}},{"id":"354392dc-e52a-4532-b078-14da164c6bc8","block_type":"box","text":"current or future sanctions and restrictions, the extent and duration of the conflict, and associated disruptions in the energy sector. The","page_number":69,"box":{"x":76,"y":494,"width":868,"height":11}},{"id":"951e4137-896f-406e-8c71-8c23dd9c90ed","block_type":"box","text":"effect of these events or any related developments could be significant and may have a severe adverse effect on a Fund’s performance.","page_number":69,"box":{"x":76,"y":508,"width":867,"height":11}},{"id":"6cf76b15-7cd5-470d-8e53-314264319ef7","block_type":"box","text":"Equity Securities Risk.","page_number":69,"box":{"x":77,"y":531,"width":154,"height":11}},{"id":"1a18ba3f-3773-4cce-8651-ba778be66046","block_type":"box","text":"Equity securities are subject to changes in value due to general market or economic conditions, perceptions about","page_number":69,"box":{"x":237,"y":531,"width":732,"height":11}},{"id":"e6e0f892-e99f-49bd-8e14-2e37fe87da90","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":69,"box":{"x":76,"y":545,"width":877,"height":11}},{"id":"5f1f400d-542e-49dc-a5f7-7f275abd9d1f","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":69,"box":{"x":76,"y":559,"width":905,"height":11}},{"id":"3b32e2e6-acb8-4ee1-91e2-1d26f8160ee3","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":69,"box":{"x":76,"y":574,"width":875,"height":10}},{"id":"0f5ef8c3-69af-492b-855f-166da72002f6","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":69,"box":{"x":76,"y":588,"width":812,"height":11}},{"id":"297b07ed-d67c-4bab-8a2b-4dd8bd8299cc","block_type":"box","text":"ESG Risk.","page_number":69,"box":{"x":77,"y":611,"width":64,"height":8}},{"id":"f864bb3f-b92f-42a0-a5c0-c919c217e378","block_type":"box","text":"To the extent that a Fund’s Underlying Index uses criteria related to the ESG characteristics of issuers, this may limit the types and","page_number":69,"box":{"x":146,"y":611,"width":836,"height":11}},{"id":"90a196fc-24a5-4ea3-a2e8-7462e605b867","block_type":"box","text":"number of investment opportunities available to the Fund and, as a result, the Fund may underperform other funds whose underlying index","page_number":69,"box":{"x":76,"y":625,"width":888,"height":11}},{"id":"c64e3555-507c-43c0-adbf-094a802db7ce","block_type":"box","text":"does not use ESG criteria. An Underlying Index’s use of ESG criteria may result in a Fund investing in, or allocating greater weight to,","page_number":69,"box":{"x":76,"y":639,"width":846,"height":11}},{"id":"6a142fbe-d973-494b-b80e-72265f6e025c","block_type":"box","text":"securities or market sectors that underperform the market as a whole or underperform other funds that use ESG criteria. In addition, the use","page_number":69,"box":{"x":76,"y":654,"width":901,"height":10}},{"id":"0a75082e-3eda-4cf4-93f1-6d40a8825968","block_type":"box","text":"of representative sampling may result in the divergence of a Fund’s overall ESG characteristics or ESG risk from those of the Underlying","page_number":69,"box":{"x":76,"y":668,"width":869,"height":11}},{"id":"94de5537-fa67-4e93-b3bc-c8fb797f3840","block_type":"box","text":"Index.","page_number":69,"box":{"x":77,"y":682,"width":36,"height":8}},{"id":"32460f15-7ce6-49ed-9abc-f4dd7d1402d7","block_type":"box","text":"An Index Provider evaluates securities for inclusion and/or weighting in such an Underlying Index based on ESG criteria and data provided by","page_number":69,"box":{"x":76,"y":705,"width":903,"height":11}},{"id":"67c4c169-b459-428c-9e3d-b2d70a26e2ab","block_type":"box","text":"the Index Provider or third parties. The Index Provider’s evaluation of securities’ ESG characteristics depends on these criteria and data,","page_number":69,"box":{"x":76,"y":719,"width":869,"height":11}},{"id":"c1fe8801-0640-458c-a5f4-99a18be71037","block_type":"box","text":"which may vary by index provider, and no assurance can be given that they will be complete, accurate or current. In addition, an Index","page_number":69,"box":{"x":76,"y":733,"width":857,"height":11}},{"id":"1e0b8b46-9c0a-46bf-b023-eb2ddf9476f5","block_type":"box","text":"Provider may evaluate security-level ESG data (including ratings) and, if applicable, ESG objectives or constraints that are relevant to an","page_number":69,"box":{"x":77,"y":748,"width":867,"height":10}},{"id":"d40a5980-af18-430f-b2b3-542f3b9049e5","block_type":"box","text":"Underlying Index only at index reviews or rebalances. Securities included in an Underlying Index may cease to meet the relevant ESG criteria","page_number":69,"box":{"x":77,"y":762,"width":898,"height":11}},{"id":"e3782e31-15fe-45c4-88d9-90ab161a8f8c","block_type":"box","text":"but may nevertheless remain in the Underlying Index and in the Fund using the Underlying Index until the next review or rebalance by the","page_number":69,"box":{"x":76,"y":776,"width":875,"height":11}},{"id":"49ba8ea0-f7cd-4497-9031-2edf907027f9","block_type":"box","text":"Index Provider. As a result, certain securities in the Underlying Index, or the Underlying Index as a whole, may not meet the relevant ESG","page_number":69,"box":{"x":77,"y":790,"width":871,"height":11}},{"id":"31a8a59d-8cb6-4d3a-95b7-2ebb8d62dc1e","block_type":"box","text":"objectives or constraints at all times. If the ESG assessment of a security in an Underlying Index or a Fund changes, neither the Fund nor BFA","page_number":69,"box":{"x":76,"y":804,"width":903,"height":11}},{"id":"49a91c1e-478e-4979-a711-69cc7921ef90","block_type":"box","text":"accepts any liability in relation to such change. BFA does not monitor securities in an Underlying Index with respect to ESG objectives or","page_number":69,"box":{"x":76,"y":819,"width":872,"height":10}},{"id":"2378d266-e6f4-4d47-9404-2889c17657fe","block_type":"box","text":"constraints applied by the Index Provider and is not responsible for changes to the ESG assessment of a security in an Underlying Index","page_number":69,"box":{"x":76,"y":833,"width":868,"height":11}},{"id":"ebedcfb5-6195-4516-93a5-0e42e857a2d8","block_type":"box","text":"between rebalances. In addition, BFA does not assess the validity of an Index Provider’s evaluation of the ESG characteristics of securities or","page_number":69,"box":{"x":76,"y":847,"width":900,"height":11}},{"id":"49984cdc-95dc-40e8-b732-093df47e7288","block_type":"box","text":"the criteria and data used in such evaluation.","page_number":69,"box":{"x":76,"y":861,"width":286,"height":9}},{"id":"1a0a7d22-9e67-4d96-9bc3-ba60917d4eea","block_type":"box","text":"6","page_number":69,"box":{"x":526,"y":921,"width":6,"height":8}},{"id":"6b94944c-e013-4662-893e-046123beb3ee","block_type":"box","text":"The impacts of risks related to ESG investing are likely to change over time, and new ESG risks may be identified as further data and","page_number":70,"box":{"x":76,"y":23,"width":844,"height":11}},{"id":"4226c37d-4efd-4af7-8549-6ce9cfc2302c","block_type":"box","text":"information regarding ESG factors and impacts become available. In addition, methodologies for ESG investing continue to develop, and the","page_number":70,"box":{"x":76,"y":37,"width":895,"height":11}},{"id":"6a41699f-e271-495e-9d6f-f68751e87291","block_type":"box","text":"ESG methodology applied by an Index Provider may change over time.","page_number":70,"box":{"x":77,"y":52,"width":446,"height":10}},{"id":"2fb64133-4d2f-4362-996a-859db9b9fca5","block_type":"box","text":"Financial Companies Risk.","page_number":70,"box":{"x":77,"y":75,"width":180,"height":10}},{"id":"fa8b6cdd-4998-438f-881a-94ee146cd12e","block_type":"box","text":"Financial services companies are subject to extensive governmental regulation and intervention, which may","page_number":70,"box":{"x":263,"y":75,"width":689,"height":11}},{"id":"a32bbd6a-e8f4-4671-90ac-b2830466f5a1","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":70,"box":{"x":76,"y":89,"width":892,"height":11}},{"id":"25b360fd-8fa6-49e2-90d4-6006bc606b87","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":70,"box":{"x":76,"y":103,"width":891,"height":11}},{"id":"6e7d8229-f214-443c-9214-310927451b00","block_type":"box","text":"among other things, interest rates, economic conditions, credit rating downgrades, adverse public perception and exposure concentration.","page_number":70,"box":{"x":76,"y":117,"width":888,"height":11}},{"id":"de0f0ba3-23dc-4037-be08-569ac778a1d0","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":70,"box":{"x":77,"y":131,"width":870,"height":11}},{"id":"47d56362-db94-4fca-9ea3-064ebbbf2068","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":70,"box":{"x":77,"y":146,"width":766,"height":10}},{"id":"3fc88634-7c98-4f1c-b533-52313e0e51d2","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":70,"box":{"x":77,"y":169,"width":890,"height":11}},{"id":"3f951e19-c088-402a-a208-7883d073e9eb","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":70,"box":{"x":76,"y":183,"width":848,"height":11}},{"id":"eccba33b-aac6-4604-bba0-d97458fd1ebd","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":70,"box":{"x":76,"y":197,"width":884,"height":11}},{"id":"977fedb4-d6d9-4af7-a3bb-4244ea077a27","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":70,"box":{"x":76,"y":211,"width":889,"height":11}},{"id":"d2fa4ad1-3188-4827-853a-92138abbc801","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":70,"box":{"x":76,"y":226,"width":856,"height":10}},{"id":"b5b003e4-4660-4929-804f-37b00e98085c","block_type":"box","text":"financial sector generally.","page_number":70,"box":{"x":76,"y":240,"width":162,"height":11}},{"id":"b629908d-7256-47e0-98d6-04631615932c","block_type":"box","text":"Healthcare Companies Risk.","page_number":70,"box":{"x":77,"y":263,"width":194,"height":11}},{"id":"0862f970-7532-414e-a258-9f26f7f161b2","block_type":"box","text":"The profitability of healthcare companies may be adversely affected by the following factors, among others:","page_number":70,"box":{"x":276,"y":263,"width":688,"height":11}},{"id":"1e65f73c-7b93-4933-8704-04bd863b1406","block_type":"box","text":"extensive government regulations, restrictions on government reimbursement for medical expenses, rising costs of medical products and","page_number":70,"box":{"x":76,"y":277,"width":879,"height":11}},{"id":"7a1539b2-49ab-449a-b270-4393d24ba971","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":70,"box":{"x":76,"y":291,"width":899,"height":11}},{"id":"7e479701-78f6-454b-b1fc-c565e63d09d6","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":70,"box":{"x":76,"y":305,"width":888,"height":11}},{"id":"0e6eac9c-157f-40d3-b20f-9afe0cc3ba75","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":70,"box":{"x":76,"y":320,"width":891,"height":10}},{"id":"f3b244cb-976b-404d-8d03-656be2779ebc","block_type":"box","text":"costly, and may be adversely affected by the expiration of patents. Healthcare companies also are subject to extensive litigation based on","page_number":70,"box":{"x":76,"y":334,"width":882,"height":11}},{"id":"15aac722-8e89-4bbe-8050-a1049ae2beb3","block_type":"box","text":"product liability and similar claims.","page_number":70,"box":{"x":76,"y":348,"width":221,"height":11}},{"id":"bbb82377-807e-4ab2-a928-03cf84c8b23d","block_type":"box","text":"High Portfolio Turnover Risk.","page_number":70,"box":{"x":77,"y":371,"width":199,"height":11}},{"id":"a08e1655-0083-49be-9484-5ba9b730b998","block_type":"box","text":"The sale and purchase of securities and other assets in a Fund’s portfolio generally involve transaction costs","page_number":70,"box":{"x":281,"y":371,"width":694,"height":11}},{"id":"b91b1aab-7ae5-4f2d-8635-8b4c18e49c5d","block_type":"box","text":"to the Fund (","page_number":70,"box":{"x":76,"y":385,"width":81,"height":11}},{"id":"2c0b30d6-690a-43a9-8cc3-0f36234d1a47","block_type":"box","text":"e.g","page_number":70,"box":{"x":158,"y":388,"width":19,"height":8}},{"id":"df8d5ca4-4d6b-403b-a78b-bb8b3543c11b","block_type":"box","text":"., brokerage commissions, dealer mark-ups). Higher portfolio turnover may cause the Fund to incur additional transaction","page_number":70,"box":{"x":177,"y":385,"width":777,"height":11}},{"id":"bbcdacc9-efbd-4c04-986c-19f6326b57ec","block_type":"box","text":"costs, which have the effect of reducing the Fund’s investment return. In addition, greater frequency in the sale of securities or other assets","page_number":70,"box":{"x":76,"y":400,"width":894,"height":10}},{"id":"666d0f15-54ec-4c85-b45c-404a054c3abd","block_type":"box","text":"may result in the realization or distribution to Fund shareholders of greater capital gains (including short-term gains) compared to a fund with","page_number":70,"box":{"x":76,"y":414,"width":903,"height":11}},{"id":"0eda9e20-4948-45ad-81b5-0c1b0e70e974","block_type":"box","text":"less turnover. These effects of high portfolio turnover may adversely affect a Fund’s performance and could result in undesirable tax","page_number":70,"box":{"x":77,"y":428,"width":844,"height":11}},{"id":"a85136d3-aaa4-4dcc-b555-f9c85b657af7","block_type":"box","text":"consequences for shareholders. Certain investment strategies (","page_number":70,"box":{"x":76,"y":442,"width":407,"height":11}},{"id":"3a3564a7-7a4c-46e2-b0ce-c2e9ed62ceb2","block_type":"box","text":"e.g","page_number":70,"box":{"x":484,"y":445,"width":19,"height":8}},{"id":"44b5f1df-da68-40e3-8d01-0fb600cf322b","block_type":"box","text":"., active management, investing in dollar rolls or to-be-announced","page_number":70,"box":{"x":503,"y":442,"width":419,"height":11}},{"id":"bbeee230-7e7c-48c1-9736-b9ab81e2cdaa","block_type":"box","text":"mortgage trades) and volatile market conditions may be more likely to involve higher portfolio turnover.","page_number":70,"box":{"x":76,"y":456,"width":661,"height":11}},{"id":"5c90bdd1-fbbe-4151-bbc9-cbd505da3474","block_type":"box","text":"Illiquid Investments Risk.","page_number":70,"box":{"x":77,"y":479,"width":174,"height":11}},{"id":"ad71f54f-0b53-45bc-b510-3060d942ab5b","block_type":"box","text":"An illiquid investment is any investment that a Fund reasonably expects cannot be sold or disposed of in current","page_number":70,"box":{"x":256,"y":479,"width":719,"height":11}},{"id":"6c7de394-6f37-4aef-a8e3-746db1eff648","block_type":"box","text":"market conditions in seven calendar days or less without significantly changing the market value of the investment. An investment may be","page_number":70,"box":{"x":76,"y":494,"width":883,"height":11}},{"id":"8b809b5e-e75d-433e-9207-7b7b4bc439e8","block_type":"box","text":"illiquid due to, among other things, fewer participants or less capacity to make a market in the investment, the lack of an active market for","page_number":70,"box":{"x":76,"y":508,"width":885,"height":11}},{"id":"763ecda6-7443-49a7-908a-5c52ce4abb57","block_type":"box","text":"the investment, capital controls, delays or limits on repatriation of local currency, and the insolvency of local governments. To the extent that","page_number":70,"box":{"x":76,"y":522,"width":902,"height":11}},{"id":"43f4bfe7-5e87-439a-9859-0d58b524e40b","block_type":"box","text":"a Fund invests in securities or other assets with substantial market and/or credit risk, the Fund will tend to have increased exposure to the","page_number":70,"box":{"x":76,"y":536,"width":890,"height":11}},{"id":"214656fb-f0e3-4f9d-ac35-f8eac09efa2a","block_type":"box","text":"risks associated with illiquid investments. Illiquid investments may be harder to value, especially in changing markets.","page_number":70,"box":{"x":77,"y":550,"width":751,"height":11}},{"id":"bab11630-9085-499f-bc87-f11a5a607085","block_type":"box","text":"Liquid investments may become illiquid after purchase by a Fund, particularly during periods of market turmoil. There can be no assurance","page_number":70,"box":{"x":77,"y":574,"width":884,"height":10}},{"id":"314ccaf3-c687-443c-8e7a-17130408e58c","block_type":"box","text":"that a security or other asset that is deemed to be liquid when purchased will continue to be liquid for as long as it is held by a Fund, and any","page_number":70,"box":{"x":76,"y":588,"width":900,"height":11}},{"id":"5c9d0705-2508-4980-8373-d6531438a930","block_type":"box","text":"security or other asset held by a Fund may be deemed an illiquid investment pursuant to the Fund’s liquidity risk management program.","page_number":70,"box":{"x":76,"y":602,"width":867,"height":11}},{"id":"cdba2f9a-426b-4847-88d3-61c435c9891a","block_type":"box","text":"Holdings of illiquid investments may reduce a Fund’s returns because the Fund may be unable to transact at advantageous times or prices. If","page_number":70,"box":{"x":77,"y":625,"width":900,"height":11}},{"id":"b9753b19-0053-451f-abff-7e8b7d60959c","block_type":"box","text":"a Fund is forced to sell underlying investments at reduced prices or under unfavorable conditions to meet redemption requests or for other","page_number":70,"box":{"x":76,"y":639,"width":890,"height":11}},{"id":"a4a9ea66-aa3d-4ea6-a3bd-56f016fa85b6","block_type":"box","text":"cash needs, the Fund may suffer a loss. This may be magnified in a rising interest rate environment or other circumstances where","page_number":70,"box":{"x":76,"y":654,"width":828,"height":10}},{"id":"6ba31e73-3739-4f08-813a-84f0e2950b95","block_type":"box","text":"redemptions of Fund shares may be greater than normal. If other market participants attempt to liquidate holdings at the same time as a","page_number":70,"box":{"x":77,"y":668,"width":873,"height":11}},{"id":"b80b8e2e-4b87-460b-bd20-4765785eef3e","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":70,"box":{"x":77,"y":682,"width":887,"height":11}},{"id":"ff8a85af-7b2a-420d-872e-dc7a695bd1a6","block_type":"box","text":"risk and downward pricing pressure. In addition, if a Fund is limited in its ability to sell illiquid investments during periods when shareholders","page_number":70,"box":{"x":77,"y":696,"width":896,"height":11}},{"id":"48de9884-36af-4176-aa92-0cdcf7e80fef","block_type":"box","text":"are redeeming their shares, the Fund will need to sell liquid securities to meet redemption requests, and illiquid securities will become a","page_number":70,"box":{"x":76,"y":710,"width":869,"height":11}},{"id":"d89cf5bb-6e3f-4a89-af80-bdd29f9cec3f","block_type":"box","text":"larger portion of the Fund’s holdings. During periods of market volatility, liquidity in the market for a Fund’s shares may be impacted by the","page_number":70,"box":{"x":77,"y":724,"width":886,"height":11}},{"id":"702ebd6e-3d26-41c3-8146-fa4749995dab","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":70,"box":{"x":77,"y":739,"width":858,"height":10}},{"id":"6d176b55-9887-41e7-a1cf-ec259eeb04c8","block_type":"box","text":"premium or discount to the Fund’s NAV.","page_number":70,"box":{"x":76,"y":753,"width":254,"height":11}},{"id":"2b395982-7861-4cf0-9314-bf9cbc7b6f14","block_type":"box","text":"Index-Related Risk.","page_number":70,"box":{"x":77,"y":776,"width":132,"height":8}},{"id":"db37d045-f32d-47f6-8523-d47307932b92","block_type":"box","text":"A Fund that tracks an Underlying Index seeks to achieve a return that corresponds generally to the price and yield","page_number":70,"box":{"x":214,"y":776,"width":728,"height":11}},{"id":"1fa1b10a-e94a-42e2-9177-8bf6ff29b236","block_type":"box","text":"performance, before fees and expenses, of its Underlying Index as published by the Index Provider. There is no assurance that the Index","page_number":70,"box":{"x":76,"y":790,"width":869,"height":11}},{"id":"8f8532ef-dbf1-4aef-ad16-11b889e5afc5","block_type":"box","text":"Provider or its agents will construct or calculate the Underlying Index accurately. While the Index Provider describes what the Underlying","page_number":70,"box":{"x":77,"y":804,"width":872,"height":11}},{"id":"50c45eb7-bdae-4c70-847d-1c3bca6046c0","block_type":"box","text":"Index is designed to achieve, neither the Index Provider nor its agents provide any warranty or accept any liability regarding the quality,","page_number":70,"box":{"x":77,"y":819,"width":862,"height":10}},{"id":"b20f547d-7241-468b-901b-ab84295d9f02","block_type":"box","text":"accuracy or completeness of the Underlying Index or its related data, and they do not guarantee that the Underlying Index will be in line with","page_number":70,"box":{"x":76,"y":833,"width":897,"height":11}},{"id":"19fcab0b-a8bb-492e-b3eb-2db3d149e332","block_type":"box","text":"the Index Provider’s methodology. BFA also does not provide any warranty or guarantee against the Index Provider’s or any agent’s errors.","page_number":70,"box":{"x":76,"y":847,"width":881,"height":11}},{"id":"6d74650c-f0de-479f-ab22-60feba1db0b7","block_type":"box","text":"The Index Provider may rely on various sources of information to assess the criteria of components of the Underlying Index, including","page_number":70,"box":{"x":76,"y":870,"width":852,"height":11}},{"id":"fe49e88c-ad56-4f12-a217-ca6244e65dac","block_type":"box","text":"information that may be based on assumptions and estimates. Neither a Fund nor BFA can offer assurances that the Index Provider’s","page_number":70,"box":{"x":76,"y":884,"width":850,"height":11}},{"id":"01fd7be6-520b-4587-81ea-74f7511442d5","block_type":"box","text":"7","page_number":70,"box":{"x":526,"y":921,"width":6,"height":8}},{"id":"b4bbd55f-01e0-4ad9-b81b-9ff57d89439d","block_type":"box","text":"methodology or sources of information will provide an accurate assessment of included components or will result in the Fund meeting its","page_number":71,"box":{"x":76,"y":23,"width":877,"height":11}},{"id":"ef223602-0b23-49e1-a333-8098acf54f58","block_type":"box","text":"investment objective. Errors in index data, index computations or the construction of an Underlying Index in accordance with its methodology","page_number":71,"box":{"x":76,"y":37,"width":906,"height":11}},{"id":"24a4b5be-02d8-48f0-beb2-68d827395282","block_type":"box","text":"may occur, and the Index Provider may not identify or correct them promptly or at all, particularly for indexes that are less commonly used as","page_number":71,"box":{"x":76,"y":51,"width":904,"height":11}},{"id":"78386b2f-4827-4f89-a497-86b2dad6f96f","block_type":"box","text":"benchmarks. In addition, there may be heightened risks associated with the adequacy and reliability of information about emerging markets","page_number":71,"box":{"x":76,"y":66,"width":894,"height":11}},{"id":"a671389a-9b82-475c-be95-99ee1d37a22f","block_type":"box","text":"constituents, as such markets may have less information available or less regulatory oversight. Errors related to an Underlying Index may","page_number":71,"box":{"x":76,"y":80,"width":877,"height":11}},{"id":"4a248c8e-03b8-482b-ad6f-b5757210dea3","block_type":"box","text":"negatively or positively impact a Fund and its shareholders. For example, if the Underlying Index contains incorrect constituents, the Fund","page_number":71,"box":{"x":76,"y":94,"width":881,"height":11}},{"id":"7a30b29e-e64d-4f72-b70f-4e1739af585a","block_type":"box","text":"will have exposure to such constituents and will be underexposed to the Underlying Index’s other constituents. Shareholders should","page_number":71,"box":{"x":76,"y":108,"width":844,"height":11}},{"id":"b45569d5-5ebb-4d35-8b90-11c82b3846e5","block_type":"box","text":"understand that any gains from an Index Provider’s errors will be kept by the Fund and its shareholders and any losses or costs from such","page_number":71,"box":{"x":77,"y":122,"width":879,"height":11}},{"id":"01f647d5-5309-4dd8-bfe8-6132fe683fc5","block_type":"box","text":"errors will be borne by the Fund and its shareholders.","page_number":71,"box":{"x":76,"y":137,"width":340,"height":10}},{"id":"41e2a8e8-3ef4-484f-be87-71bcb02b6b64","block_type":"box","text":"Unusual market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact an Index","page_number":71,"box":{"x":77,"y":160,"width":857,"height":11}},{"id":"912d5da1-4430-4575-ac08-323d605c18a0","block_type":"box","text":"Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance to an Underlying Index. This","page_number":71,"box":{"x":77,"y":174,"width":880,"height":11}},{"id":"f0853d66-1ce8-437d-95fe-f35f13e83e31","block_type":"box","text":"could cause the Underlying Index to vary from its normal or expected composition. If a scheduled rebalance is postponed, index constituents","page_number":71,"box":{"x":76,"y":188,"width":902,"height":11}},{"id":"153e3c75-2c31-43ef-9608-a2aab766e846","block_type":"box","text":"that would otherwise be removed at the rebalance (due to, for example, changes in market capitalization or issuer credit ratings) may remain,","page_number":71,"box":{"x":76,"y":202,"width":905,"height":11}},{"id":"660ca2aa-4f51-4f5e-aef4-f5777892b238","block_type":"box","text":"causing the performance and constituents of the Underlying Index to vary from those expected under normal conditions. In addition, to the","page_number":71,"box":{"x":76,"y":216,"width":889,"height":11}},{"id":"a6708ea9-5079-42c7-9213-58524c54bde7","block_type":"box","text":"extent circumstances evolve between periodic index reviews and reconstitutions, an Underlying Index may include constituents that do not","page_number":71,"box":{"x":76,"y":231,"width":890,"height":11}},{"id":"908a8ef2-482e-492c-b97f-b88dc9447521","block_type":"box","text":"align with its objective or selection criteria, and the Fund tracking the Underlying Index may be similarly affected.","page_number":71,"box":{"x":76,"y":245,"width":723,"height":11}},{"id":"ab8d9462-5b4e-42e3-a7aa-65d39a939ce0","block_type":"box","text":"In addition to scheduled rebalances, an Index Provider or its agents may carry out ad hoc index rebalances due to reaching certain weighting","page_number":71,"box":{"x":77,"y":268,"width":899,"height":11}},{"id":"301387b8-d692-4b92-bbc4-74d76c57b23c","block_type":"box","text":"constraints, unusual market conditions, corporate events, or corrections of errors. The relevant Fund will in turn rebalance its portfolio to","page_number":71,"box":{"x":76,"y":282,"width":876,"height":11}},{"id":"95514891-8d82-4ab0-9cf1-f6ca15b37b5a","block_type":"box","text":"attempt to increase the correlation between the portfolio and the Underlying Index. The Fund and its shareholders will directly bear any","page_number":71,"box":{"x":76,"y":296,"width":865,"height":11}},{"id":"9fe62158-096d-446d-83ac-3e42616d35c8","block_type":"box","text":"transaction costs and market exposure from such portfolio rebalancing. Therefore, index-related errors and ad hoc rebalances may increase","page_number":71,"box":{"x":76,"y":311,"width":897,"height":10}},{"id":"45f5d48c-527b-4538-a259-336a8077f707","block_type":"box","text":"a Fund’s costs and tracking error.","page_number":71,"box":{"x":76,"y":325,"width":213,"height":11}},{"id":"e9b8a797-9d76-434e-9d7d-619e356b2d21","block_type":"box","text":"Industrial Companies Risk.","page_number":71,"box":{"x":77,"y":348,"width":184,"height":11}},{"id":"2cd0e12d-a2f4-4df7-b3a2-bdaff1e9376f","block_type":"box","text":"Industrial companies face a number of risks, including supply chain and distribution disruptions, business","page_number":71,"box":{"x":267,"y":348,"width":673,"height":11}},{"id":"86dd1406-ae0b-4b99-b1b5-1328980860d5","block_type":"box","text":"interruptions, third-party vendor risks, cyber attacks, trade disputes, product recalls, liability and environmental damage claims, scarcity of","page_number":71,"box":{"x":76,"y":362,"width":889,"height":11}},{"id":"7b449182-919b-4511-91cb-b6bd085dc500","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":71,"box":{"x":76,"y":376,"width":878,"height":11}},{"id":"042256f1-00bb-47e3-9238-bb42a56014a8","block_type":"box","text":"industrial companies may face obsolescence due to technological developments and new product introduction. Furthermore, changes in","page_number":71,"box":{"x":76,"y":391,"width":873,"height":10}},{"id":"15d5acb4-21a8-43cf-96c4-6edf5ca3589d","block_type":"box","text":"trade restrictions and tariffs as well as broader geopolitical developments could adversely affect industrial companies. These companies also","page_number":71,"box":{"x":76,"y":405,"width":902,"height":11}},{"id":"fa20f382-1bce-4fe5-af54-e44e2d0e2778","block_type":"box","text":"may be significantly affected by domestic and international economic conditions, legislative and regulatory changes, and labor relations.","page_number":71,"box":{"x":76,"y":419,"width":872,"height":11}},{"id":"f4af8671-e776-43a1-8bdf-10bdbe5f09f9","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":71,"box":{"x":77,"y":433,"width":881,"height":11}},{"id":"543a3fe2-a80f-45ef-8cd0-8d33805cbf22","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":71,"box":{"x":76,"y":447,"width":892,"height":11}},{"id":"01b2e07f-57c4-490a-9de9-d8ecd5108a2e","block_type":"box","text":"infringing the intellectual property rights of others.","page_number":71,"box":{"x":76,"y":461,"width":322,"height":11}},{"id":"a1563b03-0544-4209-abd0-f482f8646d32","block_type":"box","text":"Issuer Risk.","page_number":71,"box":{"x":77,"y":485,"width":79,"height":8}},{"id":"cae4dc63-a5dc-43c5-8cee-b3978d7dd221","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":71,"box":{"x":161,"y":485,"width":755,"height":10}},{"id":"d208c12e-4cd8-44f0-8554-bf2ac7921f1b","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":71,"box":{"x":76,"y":499,"width":861,"height":11}},{"id":"a5d2dd79-1952-4a10-b689-1f83d6079f6a","block_type":"box","text":"financial condition or credit rating of the issuer or counterparty.","page_number":71,"box":{"x":76,"y":513,"width":406,"height":11}},{"id":"94aedcdb-9947-4a95-930a-04a206723ad2","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":71,"box":{"x":77,"y":536,"width":256,"height":11}},{"id":"64b24482-9a09-4bb1-bcf0-b1075d9dace9","block_type":"box","text":"Large-capitalization companies may be less able than smaller-capitalization companies to adapt to","page_number":71,"box":{"x":340,"y":536,"width":630,"height":11}},{"id":"dfa811de-caf2-46d4-82f8-327cee670177","block_type":"box","text":"changing market conditions and competitive challenges. Large-capitalization companies may be more mature and subject to more limited","page_number":71,"box":{"x":76,"y":550,"width":881,"height":11}},{"id":"ae242d61-3617-4d01-b0d2-ccb7653a767c","block_type":"box","text":"growth potential compared with smaller-capitalization companies. The performance of large-capitalization companies could trail the overall","page_number":71,"box":{"x":76,"y":565,"width":890,"height":10}},{"id":"8c01ea04-33de-4c34-ab23-3aca312ba7b3","block_type":"box","text":"performance of the broader securities markets.","page_number":71,"box":{"x":76,"y":579,"width":303,"height":11}},{"id":"ed3a37b6-df7a-45f0-b018-66aabced1154","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk.","page_number":71,"box":{"x":77,"y":602,"width":368,"height":11}},{"id":"44f4367a-06c8-442a-a3b3-a9cdbee729e4","block_type":"box","text":"Certain shareholders of a Fund, including an Authorized Participant, a third-party","page_number":71,"box":{"x":450,"y":602,"width":518,"height":11}},{"id":"0c06855e-3972-4a55-ac88-8260b7c21d87","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":71,"box":{"x":76,"y":616,"width":875,"height":11}},{"id":"a07d84aa-0cef-4603-ab50-a4da8d98206a","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":71,"box":{"x":76,"y":630,"width":899,"height":11}},{"id":"149ea05b-7cc3-4eb7-bbe7-5e145f82e827","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":71,"box":{"x":76,"y":644,"width":901,"height":11}},{"id":"12e61516-7bd0-4ab3-9470-fe34a9b1e7d8","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":71,"box":{"x":76,"y":659,"width":888,"height":11}},{"id":"3df7cc9f-b39e-484a-967f-a05075af329c","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":71,"box":{"x":76,"y":673,"width":882,"height":11}},{"id":"2e1cb952-3cab-402f-b1bf-2bd2fb93d61b","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":71,"box":{"x":76,"y":687,"width":889,"height":11}},{"id":"2c897cb0-a256-4f07-b436-8549b5983d38","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":71,"box":{"x":76,"y":701,"width":906,"height":11}},{"id":"1868629b-a31c-4f0e-876f-5025ef9f44a3","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":71,"box":{"x":76,"y":715,"width":904,"height":11}},{"id":"04938f54-dbe4-4450-9f14-5f65fee1d8e1","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":71,"box":{"x":76,"y":730,"width":855,"height":10}},{"id":"bf4382c6-5544-4236-b7d3-79a81ffdd6d0","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":71,"box":{"x":77,"y":744,"width":892,"height":11}},{"id":"728b74f0-1a9f-49e6-a845-b39ff7ab9a6c","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":71,"box":{"x":77,"y":758,"width":901,"height":11}},{"id":"1ff3e77b-b21a-4808-9910-49ddf4f24254","block_type":"box","text":"to price.","page_number":71,"box":{"x":76,"y":772,"width":52,"height":11}},{"id":"0ee3fa63-d3f7-47f5-84c3-9e05eabf4bb6","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":71,"box":{"x":76,"y":795,"width":840,"height":11}},{"id":"60258791-58cf-4990-8ecc-fdcdaa154f82","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":71,"box":{"x":76,"y":809,"width":898,"height":11}},{"id":"f244fcb0-cacf-487b-b11f-75262d591d72","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":71,"box":{"x":76,"y":824,"width":878,"height":11}},{"id":"62b7217e-f659-4462-bbe3-bd6a18673c6b","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":71,"box":{"x":76,"y":838,"width":792,"height":11}},{"id":"9f32acd3-c7a3-4e27-9706-05dfb047fb94","block_type":"box","text":"Low Size Securities Risk.","page_number":71,"box":{"x":77,"y":861,"width":171,"height":9}},{"id":"d7583072-f84a-4e9d-a798-7ccbd5289288","block_type":"box","text":"Investments in low size securities may be riskier, less liquid, more volatile and more susceptible to economic,","page_number":71,"box":{"x":254,"y":861,"width":700,"height":11}},{"id":"47533667-9496-454b-a622-174778e57fca","block_type":"box","text":"market and industry changes than investments in the securities of relatively larger-capitalized companies. Low size companies may have","page_number":71,"box":{"x":76,"y":875,"width":874,"height":11}},{"id":"78a3a191-e9cb-4ded-b953-3aa777145e5e","block_type":"box","text":"8","page_number":71,"box":{"x":526,"y":921,"width":6,"height":8}},{"id":"0ef27fd4-7371-428b-97aa-c68b3feb79d7","block_type":"box","text":"more limited product lines, markets, financial resources, personnel and management experience and thus may be more vulnerable to","page_number":72,"box":{"x":76,"y":23,"width":852,"height":11}},{"id":"fab878a1-0164-4dc2-9cb7-31cef8627b62","block_type":"box","text":"adverse business and economic developments. Low size securities may be more be more volatile and less liquid than securities on the larger","page_number":72,"box":{"x":76,"y":37,"width":901,"height":11}},{"id":"5ab8d78b-1d4b-406b-b115-45d50fe9e26b","block_type":"box","text":"end of a Fund’s capitalization range, and it may be more difficult for a Fund to buy and sell them. As a result, the share price of a Fund with a","page_number":72,"box":{"x":76,"y":51,"width":897,"height":11}},{"id":"d65964d5-5288-43d3-b11f-1b11a171eaea","block_type":"box","text":"low size strategy may be more volatile than that of a fund with a greater investment in the securities of relatively larger-capitalized","page_number":72,"box":{"x":77,"y":66,"width":831,"height":11}},{"id":"725af985-e15b-4f52-b60b-35f7717ee210","block_type":"box","text":"companies.","page_number":72,"box":{"x":76,"y":80,"width":72,"height":11}},{"id":"7897f829-1d22-44b4-96b1-e7380f1972d2","block_type":"box","text":"Low Volatility Risk.","page_number":72,"box":{"x":77,"y":103,"width":130,"height":11}},{"id":"2606baf1-bbaa-4658-8dee-c7a835296bfc","block_type":"box","text":"A low volatility strategy may underperform the broader market during periods of strong, rising or speculative stock","page_number":72,"box":{"x":212,"y":103,"width":733,"height":11}},{"id":"ca389e2d-35e9-4d80-88cc-8e5a40b7f81a","block_type":"box","text":"prices. In addition, there is a risk that a Fund with such an investment strategy may experience more than minimum volatility. Securities in a","page_number":72,"box":{"x":76,"y":117,"width":895,"height":11}},{"id":"272eb622-91cf-47b6-9376-fdce63066896","block_type":"box","text":"Fund’s portfolio may be subject to price volatility, and their prices may not be less volatile (and could be more volatile) than the market as a","page_number":72,"box":{"x":77,"y":131,"width":892,"height":11}},{"id":"b0680be9-5bbc-49a2-b903-f4085598ce4b","block_type":"box","text":"whole, which could adversely affect the Fund’s NAV.","page_number":72,"box":{"x":76,"y":146,"width":331,"height":10}},{"id":"36803a2e-1b2b-459b-988a-2d07c9e96fc3","block_type":"box","text":"Management Risk.","page_number":72,"box":{"x":77,"y":169,"width":126,"height":11}},{"id":"ae2428fe-89ba-41e2-9610-bd9963ed6944","block_type":"box","text":"An index Fund invests in securities or other assets included in, or representative of, its Underlying Index, regardless of","page_number":72,"box":{"x":208,"y":169,"width":757,"height":11}},{"id":"c811030c-db75-4d23-b6e9-2a6aabd9b32e","block_type":"box","text":"their investment merits. Such a Fund may be affected by a general decline in market segments related to its Underlying Index, and BFA","page_number":72,"box":{"x":76,"y":183,"width":863,"height":11}},{"id":"d469a449-df6c-49b9-bd20-eecf46a654fd","block_type":"box","text":"generally does not attempt to invest the Fund’s assets in defensive positions under any market conditions, including declining markets.","page_number":72,"box":{"x":76,"y":197,"width":864,"height":11}},{"id":"e86066ca-88e3-4ac1-8482-4cca64596a1c","block_type":"box","text":"Market disruptions and regulatory restrictions could have an adverse effect on a Fund’s ability to adjust its exposure to the required levels in","page_number":72,"box":{"x":77,"y":211,"width":898,"height":11}},{"id":"1787129d-0318-46e4-80e7-876340677fb0","block_type":"box","text":"order to track its Underlying Index. Because BFA uses a representative sampling indexing strategy, a Fund will not fully replicate its","page_number":72,"box":{"x":76,"y":226,"width":837,"height":10}},{"id":"cfc49e15-f70c-49ba-89fa-19dc63d020ca","block_type":"box","text":"Underlying Index and may hold securities or other assets not included in the Underlying Index. As a result, a Fund is subject to the risk that","page_number":72,"box":{"x":77,"y":240,"width":888,"height":11}},{"id":"115eafda-9c2a-48f9-b514-dc8318e274e9","block_type":"box","text":"BFA’s investment strategy, whose implementation is subject to a number of constraints, may not produce the intended results. There is no","page_number":72,"box":{"x":77,"y":254,"width":883,"height":11}},{"id":"2529ec21-80cb-4ec6-a095-6564e5e98045","block_type":"box","text":"guarantee that a Fund’s investment results will have a high degree of correlation to those of its Underlying Index or that a Fund will achieve","page_number":72,"box":{"x":76,"y":268,"width":889,"height":11}},{"id":"a9631cba-b277-4960-8504-e3c591ce8b69","block_type":"box","text":"its investment objective.","page_number":72,"box":{"x":76,"y":282,"width":156,"height":11}},{"id":"8bd73e97-4d8d-4380-98cf-960214b411f4","block_type":"box","text":"Market Risk.","page_number":72,"box":{"x":77,"y":305,"width":85,"height":9}},{"id":"01a81014-f7b4-4fdb-8b63-0743912f3559","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":72,"box":{"x":167,"y":305,"width":764,"height":11}},{"id":"18314479-211c-4ec1-b3f2-7bd9340a53d4","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":72,"box":{"x":76,"y":320,"width":879,"height":10}},{"id":"48b0d69b-7c2b-4a3e-af56-ad9d801058c7","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":72,"box":{"x":76,"y":334,"width":884,"height":11}},{"id":"8b3517bc-1d3d-4dfa-8d4b-a4996295e93a","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":72,"box":{"x":76,"y":348,"width":904,"height":11}},{"id":"c12f295f-c30f-4f52-bae1-bf62f82584f5","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":72,"box":{"x":76,"y":362,"width":858,"height":11}},{"id":"12546d43-e7dd-42b2-b9aa-07091c03e28a","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":72,"box":{"x":76,"y":376,"width":869,"height":11}},{"id":"b7ca614e-01a3-48c8-9350-3322944a69b4","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":72,"box":{"x":76,"y":391,"width":885,"height":10}},{"id":"b02b113b-3691-4fbb-b204-2de944511fed","block_type":"box","text":"and assets.","page_number":72,"box":{"x":76,"y":405,"width":71,"height":8}},{"id":"93b12675-2fd0-4f03-a156-06ca912ca27f","block_type":"box","text":"Market Trading Risk.","page_number":72,"box":{"x":77,"y":428,"width":140,"height":11}},{"id":"3d5479b7-d239-42eb-9d49-a954c7f08c31","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":72,"box":{"x":222,"y":428,"width":753,"height":11}},{"id":"4df63be4-823d-4226-b043-923e1c51b9c5","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":72,"box":{"x":76,"y":442,"width":896,"height":11}},{"id":"b9ad5498-e840-44b8-a0e3-6e28d938ca51","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":72,"box":{"x":76,"y":456,"width":877,"height":11}},{"id":"1dff74d0-2d40-46c8-8eaf-40b274b8c52f","block_type":"box","text":"receive significantly less than the underlying value of the Fund shares.","page_number":72,"box":{"x":77,"y":470,"width":446,"height":11}},{"id":"6bcc12ce-d6ff-48ea-89a8-184140312f68","block_type":"box","text":"Absence of an Active Primary Market.","page_number":72,"box":{"x":75,"y":494,"width":236,"height":10}},{"id":"2bb44775-231d-4e8f-be25-9dd298c81381","block_type":"box","text":"Although Fund shares are listed for trading on one or more stock exchanges, there can be no assurance","page_number":72,"box":{"x":317,"y":494,"width":663,"height":11}},{"id":"25b129f5-2048-40a3-89d4-ac09d3821de1","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":72,"box":{"x":76,"y":508,"width":826,"height":11}},{"id":"49c91629-1da9-4f42-82b9-d23c565fa185","block_type":"box","text":"Secondary Listing Risks.","page_number":72,"box":{"x":76,"y":531,"width":151,"height":11}},{"id":"096680b4-a7e3-49c1-befb-042ba47afc7b","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":72,"box":{"x":233,"y":531,"width":732,"height":11}},{"id":"d8e54ea4-e213-4be0-8fb5-bdf78bda7397","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":72,"box":{"x":76,"y":545,"width":841,"height":11}},{"id":"7df8effc-2640-400f-a469-1bb85ecb3fc1","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":72,"box":{"x":76,"y":559,"width":890,"height":11}},{"id":"ecc1688d-dab0-445f-9908-0dcc374294bc","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":72,"box":{"x":76,"y":574,"width":880,"height":10}},{"id":"2a774f97-11f5-4669-85fd-8c225229bd8a","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":72,"box":{"x":76,"y":588,"width":872,"height":11}},{"id":"8f247a1f-adc0-40de-8d91-44ebfecd4ea8","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":72,"box":{"x":76,"y":602,"width":897,"height":11}},{"id":"18eba3b0-cece-40eb-963a-d1ff8a076f9b","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":72,"box":{"x":76,"y":616,"width":862,"height":11}},{"id":"52803b15-f8da-44fd-aa43-5b75057b74d4","block_type":"box","text":"markets, which may result in secondary market prices in such markets being less efficient.","page_number":72,"box":{"x":76,"y":630,"width":579,"height":11}},{"id":"b7c75d9c-15ec-4881-8e57-6d564f792490","block_type":"box","text":"Secondary Market Trading Risk.","page_number":72,"box":{"x":76,"y":654,"width":196,"height":10}},{"id":"5a32e75b-b54d-40fb-a22d-a9f138135331","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":72,"box":{"x":279,"y":654,"width":703,"height":10}},{"id":"fc1f93c7-d7a7-4138-8418-077976f6ecd2","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":72,"box":{"x":76,"y":668,"width":896,"height":11}},{"id":"1e62252b-b68c-4f92-ab93-63aaf9d01225","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":72,"box":{"x":76,"y":682,"width":880,"height":11}},{"id":"9c97c8f6-8735-4c75-a0ab-4df6fb916f5c","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":72,"box":{"x":76,"y":696,"width":900,"height":11}},{"id":"f01cea85-8dec-483c-ae2b-7e1d953abac5","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":72,"box":{"x":76,"y":710,"width":893,"height":11}},{"id":"e53f2d99-a892-43eb-955d-93a2fd3eea9e","block_type":"box","text":"may be wider bid/ask spreads on the exchange and a greater premium or discount to NAV.","page_number":72,"box":{"x":76,"y":724,"width":581,"height":11}},{"id":"6c2142bf-e7b7-4ff5-b7f2-5c3ea8034d26","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":72,"box":{"x":77,"y":748,"width":900,"height":10}},{"id":"44312a76-16cb-4ae4-8e53-6187903ae465","block_type":"box","text":"the Fund’s portfolio holdings, and an investor may be unable to sell their Fund shares.","page_number":72,"box":{"x":76,"y":762,"width":547,"height":11}},{"id":"d346a631-25cb-40ad-b79b-a34e0c913e00","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":72,"box":{"x":76,"y":785,"width":894,"height":11}},{"id":"4bc91a34-6414-4a18-af15-ac0f716be5f0","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":72,"box":{"x":76,"y":799,"width":905,"height":11}},{"id":"292059f8-599f-40ce-8078-62ac7915d370","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":72,"box":{"x":77,"y":813,"width":874,"height":11}},{"id":"f78c3d79-061b-4697-98bf-261b314001b7","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":72,"box":{"x":76,"y":828,"width":890,"height":10}},{"id":"c3c3c5e6-8960-4b6e-83af-4e8b3e13be09","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":72,"box":{"x":76,"y":842,"width":857,"height":11}},{"id":"98f098f3-315f-4d71-b7f3-d32de3c44e96","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":72,"box":{"x":76,"y":856,"width":891,"height":11}},{"id":"cada7383-9d56-4c48-bb61-b17fb6bb47e0","block_type":"box","text":"substantial trading losses.","page_number":72,"box":{"x":76,"y":870,"width":166,"height":11}},{"id":"080f90b3-6b70-4813-b9f8-1a791bf285d9","block_type":"box","text":"9","page_number":72,"box":{"x":526,"y":921,"width":6,"height":8}},{"id":"4393a0e9-ada5-4eb9-98d3-ebc91c630642","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":73,"box":{"x":76,"y":23,"width":874,"height":11}},{"id":"aa81b67c-5dec-44f0-9319-4deacfa0fcc3","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":73,"box":{"x":76,"y":37,"width":893,"height":11}},{"id":"6666f5df-d3dc-4028-a1c6-22308bd34786","block_type":"box","text":"may lead to increased trading volume and volatility in the secondary market for the shares of the Fund.","page_number":73,"box":{"x":76,"y":51,"width":658,"height":11}},{"id":"60521555-8d50-45ba-b639-c6fb3454af1d","block_type":"box","text":"Fund Shares May Trade at Prices Other Than NAV.","page_number":73,"box":{"x":76,"y":75,"width":310,"height":10}},{"id":"06dde210-c055-475f-b04f-ab3aec50ed2b","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":73,"box":{"x":385,"y":75,"width":572,"height":11}},{"id":"55337444-3651-497b-87d7-e19f577b5ad9","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":73,"box":{"x":77,"y":89,"width":852,"height":11}},{"id":"212ca320-a7c7-4ba2-b438-1950430fbbd5","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":73,"box":{"x":76,"y":103,"width":892,"height":11}},{"id":"41e53d71-4967-474a-8d25-e11bcf6acb30","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":73,"box":{"x":77,"y":117,"width":885,"height":11}},{"id":"fa129c39-43bf-4838-96f3-54fbe913374b","block_type":"box","text":"significantly from NAV during times of market volatility, significant redemption requests, or other unusual market conditions","page_number":73,"box":{"x":76,"y":131,"width":792,"height":11}},{"id":"d337981b-613a-44a9-b638-4f03e219edc3","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":73,"box":{"x":77,"y":155,"width":886,"height":10}},{"id":"525b445c-6feb-499f-9b99-9c3a3a07c3cc","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":73,"box":{"x":77,"y":169,"width":891,"height":11}},{"id":"db7c1988-6e2a-4267-be93-6d19d97b1b52","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":73,"box":{"x":76,"y":183,"width":899,"height":11}},{"id":"6e453cb6-595b-4805-940d-f0fcc10d34ed","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":73,"box":{"x":77,"y":197,"width":899,"height":11}},{"id":"644e0eee-27cf-43c4-b0bb-10c9725368b6","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":73,"box":{"x":76,"y":211,"width":878,"height":11}},{"id":"830d4fc8-095d-4ea0-b2fc-aabaee2debb5","block_type":"box","text":"creations and redemptions, including disruptions at market makers, Authorized Participants, or other market participants, and during periods","page_number":73,"box":{"x":76,"y":226,"width":902,"height":10}},{"id":"7a85ca1b-6ec4-4ffa-add1-22c34225704e","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":73,"box":{"x":76,"y":240,"width":891,"height":11}},{"id":"2b3064c7-0070-4722-b751-00a8363df250","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":73,"box":{"x":76,"y":254,"width":849,"height":11}},{"id":"2aa1ec4c-de24-415d-ad77-86a7a7294909","block_type":"box","text":"investments, which may contribute to the Fund’s shares trading at a premium or discount to NAV.","page_number":73,"box":{"x":76,"y":268,"width":622,"height":11}},{"id":"de1fb7d2-032c-4179-9772-986b197f0ff2","block_type":"box","text":"Costs of Buying or Selling Fund Shares.","page_number":73,"box":{"x":76,"y":291,"width":245,"height":11}},{"id":"9db30dfa-6ccb-4309-9538-c26479218731","block_type":"box","text":"Buying or selling Fund shares on an exchange involves two types of costs that apply to all securities","page_number":73,"box":{"x":328,"y":291,"width":636,"height":11}},{"id":"bef1d3d8-45f0-4fd0-878c-7f81ae736cfa","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":73,"box":{"x":76,"y":305,"width":853,"height":11}},{"id":"ae886ae2-a458-4cb7-add6-077b5d3248d8","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":73,"box":{"x":76,"y":320,"width":895,"height":10}},{"id":"ae616ef3-6083-463f-b09b-ab153149ad77","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":73,"box":{"x":76,"y":334,"width":865,"height":11}},{"id":"a8644829-8ac4-4987-8732-dff83acafe7b","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":73,"box":{"x":76,"y":348,"width":885,"height":11}},{"id":"c255b585-365f-4b09-a154-85bf41821ba0","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":73,"box":{"x":77,"y":362,"width":891,"height":11}},{"id":"b18e56b4-b1e4-4af7-b857-10f5c53c9f44","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":73,"box":{"x":76,"y":376,"width":901,"height":11}},{"id":"1f5df0b7-7439-4dc6-8895-43f53fce64be","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":73,"box":{"x":76,"y":391,"width":858,"height":10}},{"id":"fc886324-81e3-4905-b56c-284d76ab06aa","block_type":"box","text":"regularly making small investments through a brokerage account.","page_number":73,"box":{"x":77,"y":405,"width":418,"height":11}},{"id":"8f8d6d65-9867-4754-b2e8-55f0f620e475","block_type":"box","text":"Materials Companies Risk.","page_number":73,"box":{"x":77,"y":428,"width":182,"height":11}},{"id":"8951e4cf-44e6-43a2-93c5-273b754cbecf","block_type":"box","text":"The materials sector tends to be closely tied to the economic cycle and can be significantly affected by supply","page_number":73,"box":{"x":264,"y":428,"width":710,"height":11}},{"id":"97b08de9-8cf4-41ed-b6a7-246ab1b6a27f","block_type":"box","text":"demand dynamics. Materials companies may be adversely affected by commodity price volatility, exchange rate fluctuations, social and","page_number":73,"box":{"x":76,"y":442,"width":868,"height":11}},{"id":"04daaf3d-ef98-46c7-b5a0-ad6eee4f396f","block_type":"box","text":"political unrest, war, import and export controls, supply chain disruption, increased competition, depletion of resources, technical advances,","page_number":73,"box":{"x":76,"y":456,"width":897,"height":11}},{"id":"1b87a06e-b3f1-4959-8244-4087f8c56b34","block_type":"box","text":"labor relations, litigation and government regulations, among other factors. Materials companies are at risk of liability for environmental","page_number":73,"box":{"x":77,"y":470,"width":868,"height":11}},{"id":"19766b62-579a-4d4d-b601-a43b66d16ebd","block_type":"box","text":"damage and product liability claims and may incur significant costs in complying with environmental laws.","page_number":73,"box":{"x":76,"y":485,"width":676,"height":10}},{"id":"888d3107-95f4-4fc5-8cc0-4f30015c331b","block_type":"box","text":"Mid-Capitalization Companies Risk.","page_number":73,"box":{"x":77,"y":508,"width":243,"height":11}},{"id":"38660bfa-5676-4d06-b895-6c57550512ae","block_type":"box","text":"Investments in mid-capitalization companies may be riskier, less liquid, more volatile and more","page_number":73,"box":{"x":326,"y":508,"width":607,"height":11}},{"id":"505903ec-958d-4bfd-a79a-b35a9ffb76bd","block_type":"box","text":"susceptible to economic, market and industry changes than investments in large-capitalization companies. Mid-capitalization companies","page_number":73,"box":{"x":76,"y":522,"width":875,"height":11}},{"id":"f13d4ab5-4f7a-4214-8867-b044a3167f77","block_type":"box","text":"may have more limited product lines, markets, financial resources and management experience. As a result, they generally are more","page_number":73,"box":{"x":76,"y":536,"width":847,"height":11}},{"id":"54b0b9f3-c673-4a58-80ad-50b1b3c4332e","block_type":"box","text":"vulnerable than large-capitalization companies to adverse business and economic developments. Mid-capitalization companies may have a","page_number":73,"box":{"x":76,"y":550,"width":889,"height":11}},{"id":"6a0a4d83-0aa8-4cb7-b0a1-7b7b4f5c82d1","block_type":"box","text":"shorter business track record, with relatively less information available to investors. The securities of mid-sized companies may trade less","page_number":73,"box":{"x":76,"y":565,"width":882,"height":10}},{"id":"3207cc7f-a092-4cc0-acda-5f398e635c83","block_type":"box","text":"frequently and in smaller volumes than the securities of larger companies.","page_number":73,"box":{"x":76,"y":579,"width":473,"height":11}},{"id":"4eed030f-93e6-4ddb-b299-87ca2d041ce4","block_type":"box","text":"Momentum Securities Risk.","page_number":73,"box":{"x":77,"y":602,"width":190,"height":8}},{"id":"2860fd06-ff9e-4f95-8481-6002abf7dc18","block_type":"box","text":"Securities that previously exhibited greater momentum characteristics than other securities may not continue","page_number":73,"box":{"x":272,"y":602,"width":704,"height":11}},{"id":"27db6308-841d-4dce-ae96-e3af0d99fd9b","block_type":"box","text":"to experience positive momentum, and such a change could occur quickly. Momentum securities may experience more volatility than the","page_number":73,"box":{"x":76,"y":616,"width":877,"height":11}},{"id":"3659a14c-1483-4a51-8fbb-aa6da827fef4","block_type":"box","text":"market as a whole, and their returns may be less than the returns of other styles of investing or the overall stock market. A Fund that invests","page_number":73,"box":{"x":76,"y":630,"width":899,"height":11}},{"id":"1c6c1324-7fb7-43f3-abd0-4f5faa3bf2a0","block_type":"box","text":"in momentum securities may experience significant losses if momentum stops, reverses or otherwise behaves differently than predicted. In","page_number":73,"box":{"x":76,"y":644,"width":892,"height":11}},{"id":"5dc2be66-bdda-4e58-8771-7704e4a64344","block_type":"box","text":"addition, there may be periods when the momentum style of investing is out of favor, and the investment performance of a Fund may suffer","page_number":73,"box":{"x":76,"y":659,"width":892,"height":11}},{"id":"a785f34b-4fb3-4905-acad-e0b4e7d9dd5f","block_type":"box","text":"during such period.","page_number":73,"box":{"x":76,"y":673,"width":122,"height":11}},{"id":"695afdf5-b95e-4eea-9058-84d5bece1922","block_type":"box","text":"Operational and Technology Risks.","page_number":73,"box":{"x":76,"y":696,"width":239,"height":11}},{"id":"8dbd499f-5e69-4a40-bbca-a5aeac8290b0","block_type":"box","text":"A Fund and the entities with which it interacts directly or indirectly are susceptible to operational and","page_number":73,"box":{"x":320,"y":696,"width":648,"height":11}},{"id":"1622615c-a1d6-4368-9d85-debc3d8468c9","block_type":"box","text":"technology risks, including those related to human errors, processing errors, communication errors, systems failures, cybersecurity","page_number":73,"box":{"x":76,"y":710,"width":842,"height":11}},{"id":"ccdd0329-f906-4ed8-936a-872314dc0291","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":73,"box":{"x":76,"y":724,"width":877,"height":11}},{"id":"1dc32a0d-38d7-4aa7-bd9f-687436135e1f","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":73,"box":{"x":76,"y":739,"width":844,"height":10}},{"id":"d2b2f435-70d6-44cc-9655-d6cc524bcd17","block_type":"box","text":"providers (e.g., index and benchmark providers, accountants, custodians, and transfer agents), financial intermediaries, counterparties,","page_number":73,"box":{"x":76,"y":753,"width":866,"height":11}},{"id":"b0f4b8ae-2127-4867-a19e-a2ec3d8a4094","block_type":"box","text":"market makers, Authorized Participants, listing exchanges, other financial market operators, and governmental authorities. Operational and","page_number":73,"box":{"x":76,"y":767,"width":892,"height":11}},{"id":"ea96ba6a-f901-4425-874f-b9e8a719ba0b","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":73,"box":{"x":76,"y":781,"width":889,"height":11}},{"id":"cb1aade6-4137-4e48-8116-edb174385536","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":73,"box":{"x":76,"y":795,"width":870,"height":11}},{"id":"6af18ec3-b631-4ab5-8494-ef642c93ab26","block_type":"box","text":"risks.","page_number":73,"box":{"x":77,"y":810,"width":32,"height":8}},{"id":"25523016-f296-42db-ab07-414988c55d7a","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":73,"box":{"x":76,"y":833,"width":895,"height":11}},{"id":"c28da17b-95cd-44c3-a0b5-c007a84850e1","block_type":"box","text":"of its service providers. 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Cybersecurity incidents may result in","page_number":73,"box":{"x":76,"y":875,"width":885,"height":11}},{"id":"9c7d7054-878a-4d0c-9d64-e2d8bd0389f6","block_type":"box","text":"10","page_number":73,"box":{"x":524,"y":921,"width":12,"height":8}},{"id":"4628747f-4621-4349-ae87-d395aa987a38","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":74,"box":{"x":76,"y":23,"width":828,"height":11}},{"id":"aaf18b30-a419-4806-a271-69a7c69d2a98","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":74,"box":{"x":76,"y":37,"width":898,"height":11}},{"id":"1bd4881f-da4f-44f8-bce0-47704748767c","block_type":"box","text":"its service providers to transact business; violations of applicable privacy and other laws; regulatory fines; penalties; reputational damage;","page_number":74,"box":{"x":76,"y":51,"width":884,"height":11}},{"id":"1314b82e-b2c1-4703-8494-5a8d8ee48b71","block_type":"box","text":"reimbursement or other compensation costs; and other legal and compliance expenses. 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Power outages, natural disasters, equipment malfunctions and processing","page_number":74,"box":{"x":76,"y":94,"width":866,"height":11}},{"id":"49b7a227-1a72-41ac-a050-0b93468c89ee","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":74,"box":{"x":76,"y":108,"width":906,"height":11}},{"id":"a48d8bfd-959d-4b14-9f58-be334d7560e3","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":74,"box":{"x":76,"y":122,"width":904,"height":11}},{"id":"deaf34ef-02c2-44d5-b350-7ffdc6b36da7","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":74,"box":{"x":76,"y":137,"width":885,"height":10}},{"id":"f5332257-daba-4f5d-98ee-9fdb24343e93","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":74,"box":{"x":77,"y":151,"width":872,"height":11}},{"id":"3759e5d7-b2f9-4d08-a8e2-b4f0e2b6ed8f","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":74,"box":{"x":76,"y":165,"width":855,"height":11}},{"id":"1d1be7f8-70f1-4f9a-8fb2-c6851e0b8a96","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":74,"box":{"x":76,"y":179,"width":857,"height":11}},{"id":"4a8c72f3-7dc5-41b8-89c0-b3dde345dc89","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":74,"box":{"x":76,"y":193,"width":897,"height":11}},{"id":"0123557c-1879-47e4-8c6a-777f93ff4d1e","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":74,"box":{"x":76,"y":207,"width":886,"height":11}},{"id":"bba4a4a9-1853-48c8-b0cf-6f2891d547c7","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":74,"box":{"x":76,"y":222,"width":876,"height":10}},{"id":"1279a236-00b5-49d6-af84-b1e63c89ee3e","block_type":"box","text":"anticipate the full scope of future AI capabilities or rules and the associated risks to a Fund.","page_number":74,"box":{"x":76,"y":236,"width":585,"height":11}},{"id":"c4f5d7df-1bb7-460e-8d77-508579c5511f","block_type":"box","text":"While a Fund’s service providers are required to have appropriate operational, information security and cybersecurity risk management","page_number":74,"box":{"x":76,"y":259,"width":864,"height":11}},{"id":"47f0fb4f-5ccb-4142-ade4-f150b5818f74","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":74,"box":{"x":76,"y":273,"width":889,"height":11}},{"id":"d2cb00f5-dc59-4d8d-8f28-fb67d029318b","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":74,"box":{"x":77,"y":287,"width":839,"height":11}},{"id":"88ba9d83-515a-4ddc-a835-3ae23c4a3a09","block_type":"box","text":"procedures and oversight, including establishing business continuity plans and risk management systems. However, there are inherent","page_number":74,"box":{"x":76,"y":302,"width":862,"height":10}},{"id":"2e4d5bb4-6ec8-4e9c-a7e4-7d330041fd20","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":74,"box":{"x":77,"y":316,"width":863,"height":11}},{"id":"a89fa0f1-45cb-4e48-9d55-405deb960bc8","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":74,"box":{"x":76,"y":330,"width":871,"height":11}},{"id":"3e989762-2c20-478e-869f-2a1296f11927","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":74,"box":{"x":76,"y":344,"width":895,"height":11}},{"id":"a9a4cd9e-e31b-4d1e-9139-58d631c03ba0","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":74,"box":{"x":76,"y":358,"width":882,"height":11}},{"id":"14d0bf70-3f21-4317-ac4b-b403d514d31f","block_type":"box","text":"invests or its service providers, counterparties, and other third parties whose activities affect the Fund.","page_number":74,"box":{"x":76,"y":372,"width":659,"height":11}},{"id":"ac132889-bfc9-450d-854a-55c2343f5396","block_type":"box","text":"Lastly, the regulatory climate governing cybersecurity and data protection is developing quickly and may vary considerably across","page_number":74,"box":{"x":77,"y":396,"width":830,"height":11}},{"id":"4878d8a7-61f3-40f3-adf8-708eb07fe023","block_type":"box","text":"jurisdictions. Regulators continue to develop new rules and standards related to cybersecurity and data protection. Compliance with evolving","page_number":74,"box":{"x":75,"y":410,"width":905,"height":11}},{"id":"ef0ea90c-8853-4aa8-a426-06dc4b6c44f2","block_type":"box","text":"regulations can be demanding and costly, requiring substantial resources to monitor and implement required changes.","page_number":74,"box":{"x":77,"y":424,"width":756,"height":11}},{"id":"e1f3f2bf-0b25-4e98-bdc0-109c53b2811b","block_type":"box","text":"Ownership Limitations Risk.","page_number":74,"box":{"x":76,"y":447,"width":195,"height":11}},{"id":"87af550c-2444-43a3-b1fa-a48dd02eae30","block_type":"box","text":"If certain aggregate and/or fund-level ownership thresholds are reached through transactions undertaken by","page_number":74,"box":{"x":277,"y":447,"width":697,"height":11}},{"id":"33d3e3b7-07f6-49cf-a95e-ad6687997b2d","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":74,"box":{"x":77,"y":461,"width":900,"height":11}},{"id":"1769933b-2867-4ee0-93a8-45cf2ce40faf","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":74,"box":{"x":76,"y":476,"width":851,"height":10}},{"id":"5262cf9c-0421-4094-ac6c-7f036ba92359","block_type":"box","text":"restricted by law, regulation or rules or otherwise impaired. The capacity of a Fund to invest in certain securities or other assets may be","page_number":74,"box":{"x":77,"y":490,"width":866,"height":11}},{"id":"563017af-8622-49ca-85c9-e7d1c2bdf56f","block_type":"box","text":"affected by the relevant threshold limits, and such limitations may have adverse effects on the liquidity and performance of a Fund’s portfolio","page_number":74,"box":{"x":76,"y":504,"width":903,"height":11}},{"id":"e77c8970-610f-4b57-ad3e-fa3a8d05835c","block_type":"box","text":"holdings.","page_number":74,"box":{"x":77,"y":518,"width":55,"height":11}},{"id":"3ff9311a-89f7-44bd-b734-4869015222ff","block_type":"box","text":"For example, ownership limits may apply to securities whose issuers operate in certain regulated industries or in certain international","page_number":74,"box":{"x":77,"y":541,"width":851,"height":11}},{"id":"00d879d2-234a-44dd-a4f2-7b15de507e29","block_type":"box","text":"markets. Such limits also may apply where the investing entity (such as a Fund) is subject to corporate or regulatory ownership restrictions","page_number":74,"box":{"x":76,"y":556,"width":890,"height":10}},{"id":"b83a4394-40cf-4f5e-b67c-6a293e35b8b1","block_type":"box","text":"or invests in certain futures or other derivative transactions. In certain circumstances, aggregate and/or fund-level amounts invested or","page_number":74,"box":{"x":76,"y":570,"width":870,"height":11}},{"id":"450f3afd-b49c-4a05-97d2-b268d76103b5","block_type":"box","text":"voted by BFA and its affiliates for client funds and accounts managed by BFA (including a Fund) may not exceed the relevant limits without","page_number":74,"box":{"x":76,"y":584,"width":884,"height":11}},{"id":"47905304-ecbd-4512-bc12-0036206a310f","block_type":"box","text":"the grant of a license or other regulatory or corporate approval, order, consent, relief or non-disapproval. However, there is no guarantee that","page_number":74,"box":{"x":76,"y":598,"width":906,"height":11}},{"id":"60512158-0f83-4ca2-8c8d-4a79a2040398","block_type":"box","text":"permission will be granted or that, once granted, it will not be modified or revoked at a later date with minimal or no notice. In other cases,","page_number":74,"box":{"x":76,"y":612,"width":886,"height":11}},{"id":"d7389677-0c37-4eaf-9ebc-13f61fa8ea67","block_type":"box","text":"exceeding such thresholds may cause BFA and its affiliates, a Fund or other client accounts to suffer disadvantages or business restrictions.","page_number":74,"box":{"x":76,"y":626,"width":896,"height":11}},{"id":"21e9c38b-4aae-4f7d-b81f-35348f8622e9","block_type":"box","text":"Ownership limitations are highly complex. It is possible that, despite BFA’s intent to either comply with or be granted permission to exceed","page_number":74,"box":{"x":76,"y":650,"width":885,"height":10}},{"id":"afe43284-e70f-455d-97e9-462a22860531","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":74,"box":{"x":76,"y":664,"width":854,"height":11}},{"id":"33f0e745-e395-4cca-9b1d-4a5b21ecb41f","block_type":"box","text":"disapproval that was obtained.","page_number":74,"box":{"x":76,"y":678,"width":195,"height":11}},{"id":"dc82eee2-78b7-4814-a123-d7d36248cda7","block_type":"box","text":"Quality Securities Risk.","page_number":74,"box":{"x":76,"y":701,"width":161,"height":11}},{"id":"34761341-8fb0-4c73-a153-4ad9d7ec2973","block_type":"box","text":"Securities that previously exhibited greater quality characteristics than other securities may not continue to be","page_number":74,"box":{"x":243,"y":701,"width":709,"height":11}},{"id":"72d2b06d-3ef3-4026-ab5d-8c2aeabc93ca","block_type":"box","text":"quality securities. Many factors can impact a security’s quality and performance, and such factors and their impact may be difficult to","page_number":74,"box":{"x":76,"y":715,"width":854,"height":11}},{"id":"be9c53fb-a8f3-4484-ab52-be6ee0dae047","block_type":"box","text":"predict. The returns of quality securities may be less than the returns of other styles of investing or the overall stock market. In addition,","page_number":74,"box":{"x":76,"y":730,"width":871,"height":10}},{"id":"5ab47242-4346-45b4-9abb-39d297245039","block_type":"box","text":"there may be periods when the quality style of investing is out of favor, and the investment performance of a Fund may suffer during such","page_number":74,"box":{"x":76,"y":744,"width":879,"height":11}},{"id":"554049a6-bb7d-4b27-8f20-25c1e4346cda","block_type":"box","text":"period.","page_number":74,"box":{"x":76,"y":758,"width":43,"height":11}},{"id":"ac86ba17-44d0-4882-8b0c-ed40cd985d2a","block_type":"box","text":"Real Estate Companies Risk.","page_number":74,"box":{"x":77,"y":781,"width":196,"height":11}},{"id":"cfc03e43-4029-4f80-9adb-eb70a6a327b4","block_type":"box","text":"Real estate companies, which include real estate investment trusts, real estate holding and operating","page_number":74,"box":{"x":279,"y":781,"width":649,"height":11}},{"id":"80166d41-343e-4dc5-89eb-2d7a4dd7dc45","block_type":"box","text":"companies, and real estate management or development companies, expose investors to the risks of owning real estate directly as well as to","page_number":74,"box":{"x":76,"y":795,"width":903,"height":11}},{"id":"ab7865eb-5352-4ed9-ada2-8f08c6c7a372","block_type":"box","text":"the risks from the way that such companies operate. Real estate companies and property values may be adversely affected by regulations","page_number":74,"box":{"x":76,"y":809,"width":883,"height":11}},{"id":"522a5943-8d3c-42f4-beb8-16dfa61bfa8b","block_type":"box","text":"and other governmental actions, including tax increases, zoning changes and other usage restrictions, environmental regulations, regulatory","page_number":74,"box":{"x":76,"y":824,"width":897,"height":11}},{"id":"38464ba8-9bc2-4d27-99ef-76b231fd11f5","block_type":"box","text":"limitations on rent or eviction, and eminent domain.","page_number":74,"box":{"x":77,"y":838,"width":329,"height":10}},{"id":"54ad62d7-640a-47bb-b711-dc3bd81f142f","block_type":"box","text":"Real estate is highly sensitive to general and local economic conditions and can be subject to intense competition and periodic overbuilding.","page_number":74,"box":{"x":77,"y":861,"width":897,"height":11}},{"id":"6c9ebec0-397a-4c66-80a0-3179e423c4d5","block_type":"box","text":"Real estate companies may own a limited number of properties and concentrate their investments in a particular geographic region, industry","page_number":74,"box":{"x":77,"y":875,"width":900,"height":11}},{"id":"dfac050e-58b0-441a-8a8a-19dd35253141","block_type":"box","text":"11","page_number":74,"box":{"x":524,"y":921,"width":10,"height":8}},{"id":"40db3a7b-0ef1-4496-8f03-81c1cef59e22","block_type":"box","text":"or property type. Economic downturns or other adverse events (","page_number":75,"box":{"x":76,"y":23,"width":409,"height":11}},{"id":"318e1094-1113-49eb-8744-fb5cb3648bde","block_type":"box","text":"e.g.","page_number":75,"box":{"x":487,"y":26,"width":20,"height":8}},{"id":"1f1ed1f7-8b98-410b-9b02-cd140ef1b2af","block_type":"box","text":", natural disasters) that affect a particular region, industry or property","page_number":75,"box":{"x":510,"y":23,"width":446,"height":11}},{"id":"ce0ee608-15e5-4085-ad24-7c89e045f7a0","block_type":"box","text":"type may lead to decreases in property values, leasing declines and defaults by borrowers or tenants. In the event of a default, a real estate","page_number":75,"box":{"x":76,"y":37,"width":891,"height":11}},{"id":"fedbd546-00f9-4390-a4e5-0b066470e811","block_type":"box","text":"company may experience substantial delays and costs in enforcing its rights with respect to the property and protecting its investment. In","page_number":75,"box":{"x":76,"y":51,"width":882,"height":11}},{"id":"826195cc-fa72-49d1-8e90-51960a9f2b44","block_type":"box","text":"addition, because real estate is relatively illiquid, a company may be constrained in its ability to diversify or liquidate its investments in","page_number":75,"box":{"x":76,"y":66,"width":858,"height":10}},{"id":"5d6de1cf-2372-4be3-a6b2-6720463fe9b3","block_type":"box","text":"response to economic conditions or other events.","page_number":75,"box":{"x":77,"y":80,"width":316,"height":11}},{"id":"983a6313-78c9-4faf-809f-1801e8f6b9bf","block_type":"box","text":"Real estate companies may depend on the management skills of a few key individuals and may have limited financial resources. They may be","page_number":75,"box":{"x":77,"y":103,"width":900,"height":11}},{"id":"e49b2365-c41b-471a-a8d6-6ff4a60c52c9","block_type":"box","text":"highly leveraged, which can magnify losses, and interest rate increases can make it difficult for them, as well as borrowers and tenants, to","page_number":75,"box":{"x":77,"y":117,"width":881,"height":11}},{"id":"77246549-f4b8-4b05-987f-ba668584475c","block_type":"box","text":"obtain debt financing and meet payment obligations. Declining interest rates could result in increased prepayment on loans and require","page_number":75,"box":{"x":76,"y":131,"width":867,"height":11}},{"id":"52d0ee3c-ed9b-46f4-9590-c8c486ba4729","block_type":"box","text":"redeployment of capital in less desirable investments.","page_number":75,"box":{"x":77,"y":146,"width":343,"height":10}},{"id":"fd32fa60-f976-4eab-aa5f-37e44694fc96","block_type":"box","text":"Certain real estate companies, such as REITs, could fail to qualify for favorable tax or regulatory treatment, which could produce adverse","page_number":75,"box":{"x":76,"y":169,"width":875,"height":11}},{"id":"5e0b1548-724e-463e-8fee-00d4dff99601","block_type":"box","text":"economic consequences for the company and its investors, including a Fund.","page_number":75,"box":{"x":76,"y":183,"width":492,"height":11}},{"id":"ac826730-131d-41e9-89eb-054e0a404da9","block_type":"box","text":"Risk of Investing in the U.S.","page_number":75,"box":{"x":77,"y":206,"width":190,"height":11}},{"id":"e879aa6b-a5d9-4a67-8492-02053d437560","block_type":"box","text":"Investing in U.S. issuers involves legal, regulatory, political, currency, security, and economic risks that are","page_number":75,"box":{"x":273,"y":206,"width":683,"height":11}},{"id":"775e2a31-9484-43a5-8be2-518e15d595c9","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":75,"box":{"x":76,"y":220,"width":897,"height":11}},{"id":"4ad80016-593b-4a22-95ad-262e1554ba64","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":75,"box":{"x":76,"y":235,"width":902,"height":10}},{"id":"87cff737-3038-46ea-8a6c-43ddd67da247","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":75,"box":{"x":76,"y":249,"width":887,"height":11}},{"id":"d63e8628-32e2-4d9e-b69e-039125325c36","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":75,"box":{"x":76,"y":263,"width":894,"height":11}},{"id":"bdfc5a24-2187-4287-8c05-dc383516dd34","block_type":"box","text":"financial markets or issuers.","page_number":75,"box":{"x":76,"y":277,"width":179,"height":9}},{"id":"7fae364f-5b3b-4406-8240-e5ce1e35e7a1","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":75,"box":{"x":76,"y":300,"width":868,"height":11}},{"id":"8f9ea055-6852-4a58-a602-06e6dff09568","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":75,"box":{"x":77,"y":314,"width":867,"height":11}},{"id":"7399f2ad-a466-4137-8e21-5d9eeafe93ca","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":75,"box":{"x":76,"y":329,"width":868,"height":10}},{"id":"67e48cf3-dbdf-40c6-b6ff-4dd38dcd5784","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":75,"box":{"x":77,"y":343,"width":899,"height":11}},{"id":"6a584d0c-d9d5-4850-932a-0e54c07c6d47","block_type":"box","text":"system.","page_number":75,"box":{"x":76,"y":358,"width":49,"height":10}},{"id":"d9713025-0906-4eb5-9c3e-ae6cb62b792a","block_type":"box","text":"Securities Lending Risk.","page_number":75,"box":{"x":76,"y":380,"width":166,"height":11}},{"id":"bb82d154-736a-452d-8e72-46327dd1770d","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":75,"box":{"x":247,"y":380,"width":730,"height":11}},{"id":"7e0e703a-3151-487e-8767-2212358b8967","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":75,"box":{"x":76,"y":394,"width":898,"height":11}},{"id":"6d1eecb3-389f-42fa-940f-867431247e8e","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":75,"box":{"x":76,"y":409,"width":892,"height":10}},{"id":"9f17f196-6fba-4b45-aaa5-6177d3a48919","block_type":"box","text":"events could also trigger adverse tax consequences for a Fund.","page_number":75,"box":{"x":76,"y":423,"width":403,"height":11}},{"id":"35549c51-9cee-4cdb-b842-fa8a3d7bee02","block_type":"box","text":"Small-Capitalization Companies Risk.","page_number":75,"box":{"x":76,"y":446,"width":257,"height":11}},{"id":"c93e1498-c2de-4d1b-a7f3-b658837ca3b0","block_type":"box","text":"Investments in small-capitalization companies may be riskier, less liquid, more volatile and more","page_number":75,"box":{"x":339,"y":446,"width":617,"height":11}},{"id":"12f7ce7f-fb79-4242-b87f-2f890393f0d3","block_type":"box","text":"susceptible to economic, market and industry changes than investments in large- or mid-capitalization companies. Small-capitalization","page_number":75,"box":{"x":76,"y":460,"width":863,"height":11}},{"id":"efdc5c19-4819-4520-9d49-0202551db66e","block_type":"box","text":"companies may have more limited product lines, markets, financial resources, personnel and management experience. As a result, they","page_number":75,"box":{"x":76,"y":474,"width":868,"height":11}},{"id":"ce105c70-805d-4c1e-b9bd-2135f3c0ea1a","block_type":"box","text":"generally are more vulnerable than larger companies to adverse business and economic developments. Small-capitalization companies may","page_number":75,"box":{"x":76,"y":489,"width":895,"height":10}},{"id":"ca22c1ad-7334-4021-9926-d9cc46d48925","block_type":"box","text":"have a short business track record, with relatively less information available to investors. The securities of smaller companies may trade less","page_number":75,"box":{"x":77,"y":503,"width":898,"height":11}},{"id":"db5a38c1-5375-4514-9a31-b1328c7a19cc","block_type":"box","text":"frequently and in lower volumes than the securities of larger companies. Some securities of smaller issuers may be illiquid or restricted as to","page_number":75,"box":{"x":76,"y":517,"width":900,"height":11}},{"id":"c3724442-55c5-4c7c-a00d-d808d6694b8f","block_type":"box","text":"resale, and their values may have significant volatility. A Fund may be unable to liquidate its positions in such securities at any time, or at a","page_number":75,"box":{"x":77,"y":531,"width":885,"height":11}},{"id":"026b67ff-46da-4cc7-b5e4-dd7f85c615ce","block_type":"box","text":"favorable price, in order to meet the Fund’s obligations.","page_number":75,"box":{"x":76,"y":545,"width":354,"height":11}},{"id":"66572c91-a887-41a9-912d-e461085bc7bf","block_type":"box","text":"Small Fund Risk.","page_number":75,"box":{"x":76,"y":568,"width":114,"height":9}},{"id":"1969b24f-cc50-42e5-aa97-388f24a8642a","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":75,"box":{"x":195,"y":568,"width":704,"height":11}},{"id":"97db6436-c812-4cb7-b08f-73b15db45610","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":75,"box":{"x":76,"y":583,"width":904,"height":10}},{"id":"016a64de-c470-4e17-85d0-1b58afb343b1","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":75,"box":{"x":76,"y":597,"width":898,"height":11}},{"id":"f3513eac-8931-4a51-bc21-db4a1b7fabfb","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":75,"box":{"x":76,"y":611,"width":873,"height":11}},{"id":"d6f176ca-6ee5-42c5-8608-c38190746cfc","block_type":"box","text":"Fund could lead to elevated transaction costs for the Fund and negative tax consequences for its shareholders.","page_number":75,"box":{"x":77,"y":625,"width":710,"height":11}},{"id":"3bf1832c-fb5a-4072-8666-cb8b9e093cfc","block_type":"box","text":"Style Factors Risk.","page_number":75,"box":{"x":76,"y":648,"width":128,"height":11}},{"id":"60d6b12c-6a34-4a5d-9dbb-9398f29d1e84","block_type":"box","text":"The applicable style factors for a Fund based on its Underlying Index have characteristics that may cause the Fund to","page_number":75,"box":{"x":209,"y":648,"width":749,"height":11}},{"id":"f3210f4a-415a-41ee-aaa7-d6c3fbdc823d","block_type":"box","text":"underperform the applicable Parent Index or the market as a whole. There may be periods when a particular style of equity investing is out of","page_number":75,"box":{"x":77,"y":663,"width":900,"height":10}},{"id":"a1f39011-ebf5-4d6d-a16b-7f8c32ca7b2e","block_type":"box","text":"favor, and the investment performance of a Fund may suffer during such a period.","page_number":75,"box":{"x":76,"y":677,"width":522,"height":11}},{"id":"0e68c240-4f42-41ac-a687-e37e3a81e79f","block_type":"box","text":"Momentum Factor Risk","page_number":75,"box":{"x":76,"y":700,"width":146,"height":8}},{"id":"ea21e29a-d845-4f9f-ba3e-c7c70bdf9976","block_type":"box","text":". Securities that previously exhibited greater momentum characteristics than other securities may not continue to","page_number":75,"box":{"x":223,"y":700,"width":727,"height":11}},{"id":"5f6e155b-87cd-4296-ac41-e059180b590b","block_type":"box","text":"experience positive momentum, and such a change could occur quickly. Momentum securities may experience more volatility than the","page_number":75,"box":{"x":76,"y":714,"width":861,"height":11}},{"id":"09617e8f-306b-40d8-8206-557bcbdff212","block_type":"box","text":"market as a whole.","page_number":75,"box":{"x":76,"y":728,"width":120,"height":9}},{"id":"ee3673d7-e719-47d1-b217-1e2a57925c53","block_type":"box","text":"Quality Factor Risk","page_number":75,"box":{"x":76,"y":751,"width":118,"height":11}},{"id":"ca3064b3-1336-4a0e-a3ea-ddfa2ee214c1","block_type":"box","text":". Securities that previously exhibited greater quality characteristics than other securities may not continue to be quality","page_number":75,"box":{"x":195,"y":752,"width":763,"height":10}},{"id":"e0d2b5f4-607d-476b-b4d0-0c697cbc2182","block_type":"box","text":"securities. Many factors can impact a security’s quality and performance, and such factors and their impact may be difficult to predict.","page_number":75,"box":{"x":76,"y":766,"width":861,"height":10}},{"id":"a0bd1de0-21b9-404a-bce1-efbf330c7120","block_type":"box","text":"Value Factor Risk","page_number":75,"box":{"x":77,"y":789,"width":107,"height":8}},{"id":"17a91ba0-4424-41d7-be78-65963378acd3","block_type":"box","text":". Value securities may decline in price or fail to appreciate for long periods of time, and they may never realize their full","page_number":75,"box":{"x":185,"y":789,"width":758,"height":11}},{"id":"6b5f6d50-5887-404d-b3dc-39e0fec7db6d","block_type":"box","text":"potential value. Although value securities have generally performed better than non-value securities during periods of economic recovery,","page_number":75,"box":{"x":76,"y":803,"width":881,"height":11}},{"id":"97a819d9-8db9-4695-8feb-0bcb1bd08250","block_type":"box","text":"there is no assurance that they will continue to do so.","page_number":75,"box":{"x":76,"y":817,"width":342,"height":11}},{"id":"78937072-7d89-4821-a275-9b32bfe970b2","block_type":"box","text":"Low Volatility Factor Risk","page_number":75,"box":{"x":76,"y":840,"width":157,"height":11}},{"id":"b83f741f-6503-4508-9473-47f5f6390cb0","block_type":"box","text":". Low volatility securities may underperform the broader market during periods of strong, rising or speculative stock","page_number":75,"box":{"x":234,"y":840,"width":740,"height":11}},{"id":"9ce4722a-3e4a-4ef5-afd7-59f383bbc73c","block_type":"box","text":"prices. The prices of such securities may not be any less volatile (and could be more volatile) than the market as a whole.","page_number":75,"box":{"x":76,"y":855,"width":774,"height":10}},{"id":"ab1697fa-a299-4c99-9a7a-96f066069c36","block_type":"box","text":"12","page_number":75,"box":{"x":524,"y":921,"width":11,"height":8}},{"id":"7f5db89c-4f77-46ec-b47b-a33b93a4136a","block_type":"box","text":"Low Size Factor Risk","page_number":76,"box":{"x":76,"y":23,"width":130,"height":9}},{"id":"8e9b74fc-b718-4b1e-a773-9ec3b31f7561","block_type":"box","text":". Low size companies may have more limited product lines, markets, financial resources, personnel and management","page_number":76,"box":{"x":206,"y":23,"width":748,"height":11}},{"id":"839ee7a0-7a82-4d9b-a5f6-14585cc0e884","block_type":"box","text":"experience and thus may be more vulnerable to adverse business and economic developments than relatively larger-capitalized companies.","page_number":76,"box":{"x":76,"y":37,"width":893,"height":11}},{"id":"349a26cc-da6f-4feb-b23b-5db97f5a071a","block_type":"box","text":"Low size securities may be more be more volatile and less liquid than securities on the larger end of a Fund’s capitalization range, and it may","page_number":76,"box":{"x":77,"y":51,"width":899,"height":11}},{"id":"3bb6a7e8-46b8-4ffa-80df-e7b9e9fc204f","block_type":"box","text":"be more difficult for a Fund to buy and sell them.","page_number":76,"box":{"x":76,"y":66,"width":310,"height":10}},{"id":"7e68f8ff-9102-4fec-9cc0-33b45f15318a","block_type":"box","text":"Technology Companies Risk.","page_number":76,"box":{"x":76,"y":89,"width":198,"height":11}},{"id":"db4fe219-9096-4753-8686-14f6b34f506a","block_type":"box","text":"Technology companies and companies that rely heavily on technological advances may have limited product","page_number":76,"box":{"x":278,"y":89,"width":693,"height":11}},{"id":"2f34e671-1b5e-4bf3-b946-b1ecd5f8484d","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":76,"box":{"x":77,"y":103,"width":882,"height":11}},{"id":"8a5936b1-ade1-486e-ace1-b8b992a040e8","block_type":"box","text":"costs related to new product introduction and technological developments, such as artificial intelligence and machine learning. Technology","page_number":76,"box":{"x":76,"y":117,"width":888,"height":11}},{"id":"dca6df62-7527-4a27-8688-f6d8fa3a3d6b","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":76,"box":{"x":76,"y":131,"width":905,"height":11}},{"id":"7981d981-08bf-43ab-994f-18707932fad8","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":76,"box":{"x":76,"y":146,"width":891,"height":10}},{"id":"8c1b2b9c-77d9-4593-b0dd-f1e8068cf470","block_type":"box","text":"profitability. Technology companies may face increased government scrutiny and may be subject to adverse government or legal action.","page_number":76,"box":{"x":76,"y":160,"width":868,"height":11}},{"id":"367afdc5-5b00-4078-907c-cd95c615a21e","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":76,"box":{"x":76,"y":174,"width":898,"height":11}},{"id":"6cb0c248-8f15-4b9a-8549-83b752b9922b","block_type":"box","text":"products and services, which may result in lawsuits, government enforcement actions and other remediation costs.","page_number":76,"box":{"x":76,"y":188,"width":738,"height":11}},{"id":"611d5eb8-e0dd-4861-a41b-aaee841621d5","block_type":"box","text":"Tracking Error Risk.","page_number":76,"box":{"x":76,"y":211,"width":135,"height":11}},{"id":"7c4504ac-c7f4-4196-aea8-ca7994cb7b51","block_type":"box","text":"A Fund that tracks an index is subject to the risk of “tracking error,” which is the divergence of a Fund’s performance","page_number":76,"box":{"x":216,"y":211,"width":749,"height":11}},{"id":"9bbe342e-93f1-4b9a-b531-5e4beafe5c4a","block_type":"box","text":"from that of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities and","page_number":76,"box":{"x":76,"y":226,"width":871,"height":10}},{"id":"32e2cf6f-69ca-4574-b7bd-05806452c0a1","block_type":"box","text":"other assets held in a Fund’s portfolio and those included in the Underlying Index; differences in the timing and methodologies used to value","page_number":76,"box":{"x":76,"y":240,"width":897,"height":11}},{"id":"2618d759-8b14-455c-af51-8fc7cb62b05a","block_type":"box","text":"securities and other assets; transaction costs and other expenses incurred by a Fund that the Underlying Index does not incur; a Fund’s","page_number":76,"box":{"x":76,"y":254,"width":868,"height":11}},{"id":"85d7f65d-08d3-4061-9e79-ca96e3622ac7","block_type":"box","text":"holding of uninvested cash; differences in the timing of the accrual or the valuation of dividends or interest received by a Fund or","page_number":76,"box":{"x":77,"y":268,"width":823,"height":11}},{"id":"55c6301d-21bd-496b-b1b6-e01c38286c98","block_type":"box","text":"distributions paid to Fund shareholders; tax gains or losses; differences between the amount and/or timing of withholding taxes on dividends","page_number":76,"box":{"x":76,"y":282,"width":905,"height":11}},{"id":"b7e10ab2-e236-46fb-8b29-e79242ff2106","block_type":"box","text":"reflected in the Underlying Index from a Fund’s obligation, if any, for foreign withholding taxes; the requirements for a Fund to maintain pass","page_number":76,"box":{"x":77,"y":296,"width":901,"height":11}},{"id":"3698c056-4c99-4f99-bdb4-e40192935153","block_type":"box","text":"through tax treatment; portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of","page_number":76,"box":{"x":76,"y":311,"width":869,"height":10}},{"id":"74a9190b-df62-4eb1-b801-b07c486a7399","block_type":"box","text":"custom baskets; changes to the Underlying Index, such as during a rebalancing or reconstitution; and impacts to a Fund of complying with","page_number":76,"box":{"x":76,"y":325,"width":884,"height":11}},{"id":"eaf10263-a48b-4087-9b96-4cfc2defea76","block_type":"box","text":"certain regulatory requirements or limits. A Fund that tracks an index composed of a large number of securities or other assets may","page_number":76,"box":{"x":76,"y":339,"width":844,"height":11}},{"id":"f88a2c71-1785-4368-a487-ef6b83d5f0f2","block_type":"box","text":"experience greater tracking error than a Fund that tracks a more narrow index. Tracking error risk may be heightened during times of","page_number":76,"box":{"x":76,"y":353,"width":851,"height":11}},{"id":"52e8482b-52c7-4092-9234-e04ae6aa5335","block_type":"box","text":"increased market volatility or other unusual market conditions.","page_number":76,"box":{"x":76,"y":367,"width":401,"height":11}},{"id":"5d51cd7d-83ae-4da6-94cf-229c72db7877","block_type":"box","text":"Utility Companies Risk.","page_number":76,"box":{"x":77,"y":391,"width":160,"height":10}},{"id":"91acb386-c13d-4b9a-86ce-3dd5289ca6c7","block_type":"box","text":"Utility infrastructure often requires significant capital expenditures, and utility companies may face high interest","page_number":76,"box":{"x":243,"y":391,"width":717,"height":10}},{"id":"d7351565-6f26-446b-8986-c964bd1c2be5","block_type":"box","text":"costs and difficulty in raising capital. Technological innovations may render existing equipment or products obsolete, and companies may","page_number":76,"box":{"x":76,"y":405,"width":878,"height":11}},{"id":"80b98a01-de8e-46e5-b41a-d9a0704c36e2","block_type":"box","text":"experience difficulty in obtaining regulatory approval of new technologies. Utility operations may be disrupted by events that target or","page_number":76,"box":{"x":76,"y":419,"width":856,"height":11}},{"id":"9746b278-86af-49f9-bd34-5ac79602685e","block_type":"box","text":"damage utility infrastructure, including natural disasters and cyber or other attacks. Utilities companies may be adversely affected by","page_number":76,"box":{"x":76,"y":433,"width":853,"height":11}},{"id":"0d01263b-37d1-4339-86ea-98cfe6ba1f23","block_type":"box","text":"volatility in the price of certain energy resources.","page_number":76,"box":{"x":76,"y":447,"width":312,"height":11}},{"id":"5e72f01f-c582-40d6-b70b-90e15b2f6777","block_type":"box","text":"Utility companies face risks from government regulation and oversight as well as from deregulation (if applicable). Regulators may monitor","page_number":76,"box":{"x":77,"y":470,"width":886,"height":11}},{"id":"40d677ff-632f-4b3a-a575-a88b46ea4921","block_type":"box","text":"and control companies’ revenues and costs. There is no assurance that regulators will grant rate increases or that rate levels will be","page_number":76,"box":{"x":76,"y":485,"width":842,"height":10}},{"id":"e8673543-83cd-41c7-bd3c-76c2c5415f6c","block_type":"box","text":"adequate to permit the payment of stock dividends or bond coupon payments. In addition, there may be regulatory restrictions on the ability","page_number":76,"box":{"x":76,"y":499,"width":899,"height":11}},{"id":"c1fe9b90-826b-4436-bc22-3129643f35cd","block_type":"box","text":"of utility companies to enter new lines of business and geographic areas. Utility companies incur costs in complying with environmental and","page_number":76,"box":{"x":76,"y":513,"width":894,"height":11}},{"id":"b0a70f2b-5781-452f-9840-723299e43189","block_type":"box","text":"other regulations and may face significant challenges in obtaining regulatory approval for certain projects, such as nuclear power plants.","page_number":76,"box":{"x":76,"y":527,"width":873,"height":11}},{"id":"2ad81f1f-f017-46d2-9af0-c0ccda1987bb","block_type":"box","text":"Utility companies are at risk of liability for environmental harm and other types of damages. Energy conservation, climate change and other","page_number":76,"box":{"x":77,"y":541,"width":891,"height":11}},{"id":"9f535d8c-78c6-4ecb-b998-a344a4c9116d","block_type":"box","text":"sustainability policies also may impact utility companies. Deregulation may subject companies to greater competition, may adversely affect","page_number":76,"box":{"x":76,"y":556,"width":893,"height":10}},{"id":"f5dabc97-179e-4940-bc97-3b9697c9e191","block_type":"box","text":"their profitability and may lead them to engage in riskier ventures.","page_number":76,"box":{"x":76,"y":570,"width":421,"height":11}},{"id":"3795a71f-affe-4295-80a5-ca8faaa6d94e","block_type":"box","text":"Value Securities Risk.","page_number":76,"box":{"x":76,"y":593,"width":149,"height":8}},{"id":"b5c4e2b1-ff0b-4ff6-a38b-d002846965e6","block_type":"box","text":"Value securities are those issued by companies that may be perceived as undervalued. Such securities may decline","page_number":76,"box":{"x":230,"y":593,"width":739,"height":11}},{"id":"13726614-5fa5-4162-a90e-877d88834162","block_type":"box","text":"in price or fail to appreciate for long periods of time, and they may never realize their full potential value because the market fails to","page_number":76,"box":{"x":76,"y":607,"width":842,"height":11}},{"id":"928e5e3d-ef7a-4440-8bd7-88873d274990","block_type":"box","text":"recognize the stock’s intrinsic worth. Value securities may underperform growth securities and other types of assets as well as the overall","page_number":76,"box":{"x":77,"y":621,"width":880,"height":11}},{"id":"97daf3b8-a775-4a22-bea5-27e5c4a16903","block_type":"box","text":"stock market. Although value securities have generally performed better than non-value securities during periods of economic recovery,","page_number":76,"box":{"x":76,"y":635,"width":871,"height":11}},{"id":"337a4726-f23f-4440-98b6-bce199ed3438","block_type":"box","text":"there is no assurance that they will continue to do so. Value securities may go in and out of favor over time, which could affect the","page_number":76,"box":{"x":76,"y":650,"width":832,"height":10}},{"id":"3b176a8d-37da-4252-9298-032157f9e0b3","block_type":"box","text":"performance of a Fund with such holdings.","page_number":76,"box":{"x":76,"y":664,"width":271,"height":11}},{"id":"fd8c6282-8c19-471b-a6d4-edce68f6a4b8","block_type":"box","text":"Portfolio Holdings Information","page_number":76,"box":{"x":78,"y":693,"width":296,"height":17}},{"id":"1f489b63-9423-4358-b4db-2079e7b0d9b7","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":76,"box":{"x":76,"y":722,"width":896,"height":11}},{"id":"744f00d4-f5e1-4158-8db8-3979eb8caed0","block_type":"box","text":"is available in the applicable Statement of Additional Information (“SAI”). 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A Fund may also invest in issuances (such as debt offerings or structured notes) for which an Affiliate is","page_number":78,"box":{"x":76,"y":559,"width":864,"height":11}},{"id":"d13898d9-81d7-4ef7-b67d-eac6c32016f3","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":78,"box":{"x":76,"y":573,"width":845,"height":11}},{"id":"92f28095-9912-4d31-abc2-e51166853407","block_type":"box","text":"transactions with, entities for which an Affiliate provides or may provide research coverage or other analysis.","page_number":78,"box":{"x":76,"y":587,"width":695,"height":11}},{"id":"7fb8f6b3-4e10-422a-ba27-9e3840c01e34","block_type":"box","text":"An Affiliate may have business relationships with, and receive compensation from, distributors, consultants or others who recommend a","page_number":78,"box":{"x":76,"y":610,"width":871,"height":11}},{"id":"a1b72fb5-b087-468d-a264-8c5a30b7b29a","block_type":"box","text":"Fund or who engage in transactions with or for a Fund.","page_number":78,"box":{"x":77,"y":625,"width":347,"height":10}},{"id":"3478b438-9c68-4a40-8bc6-be75b1c83e6c","block_type":"box","text":"Neither BlackRock nor any Affiliate is under any obligation to share any investment opportunity, idea or strategy with a Fund. As a result, an","page_number":78,"box":{"x":77,"y":648,"width":891,"height":11}},{"id":"cd9b9794-2fce-4231-969a-4bfd341fb8db","block_type":"box","text":"Affiliate may compete with a Fund for appropriate investment opportunities. The results of a Fund’s investment activities, therefore, may","page_number":78,"box":{"x":76,"y":662,"width":873,"height":11}},{"id":"57aa2cec-2975-4f66-977f-52968c7eee19","block_type":"box","text":"differ from those of an Affiliate and of other accounts managed by an Affiliate. It is possible that a Fund could sustain losses during periods in","page_number":78,"box":{"x":76,"y":676,"width":903,"height":11}},{"id":"b2d5fd39-c9bb-4425-951e-5ec2e54b8855","block_type":"box","text":"which one or more Affiliates and other accounts achieve profits on their trading for proprietary or other accounts. The opposite result is also","page_number":78,"box":{"x":76,"y":690,"width":897,"height":11}},{"id":"a9799cd5-16ca-457e-a83c-68951ba34c13","block_type":"box","text":"possible.","page_number":78,"box":{"x":76,"y":704,"width":56,"height":11}},{"id":"89f431a2-1ec2-40fe-837c-12cddae3f585","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":78,"box":{"x":77,"y":728,"width":888,"height":10}},{"id":"446a4277-f7c6-4920-a96f-94e9ed4eff4b","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":78,"box":{"x":76,"y":742,"width":857,"height":11}},{"id":"a6a95ba6-66a3-4830-ae5e-e697c6ec2365","block_type":"box","text":"employees or clients.","page_number":78,"box":{"x":76,"y":756,"width":135,"height":11}},{"id":"c08ee6eb-4f61-4699-935c-16cad4fcfbe6","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":78,"box":{"x":77,"y":779,"width":876,"height":11}},{"id":"0a6527b9-8913-4e36-bf1b-9f88b881382b","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":78,"box":{"x":76,"y":793,"width":851,"height":11}},{"id":"63e63120-e05e-48a2-8614-a0f22436c3f5","block_type":"box","text":"purchases and sales of the Fund by BlackRock or its advisory clients.","page_number":78,"box":{"x":76,"y":808,"width":440,"height":10}},{"id":"ac4dfdbe-ac0b-4279-9463-82dc6835f8bf","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":78,"box":{"x":76,"y":831,"width":901,"height":11}},{"id":"dcc3499b-0acd-4d81-8739-1d7719530800","block_type":"box","text":"such restrictions.","page_number":78,"box":{"x":76,"y":845,"width":110,"height":8}},{"id":"073c324d-b5ef-4e7d-b273-7c3352b2807b","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":78,"box":{"x":77,"y":868,"width":863,"height":11}},{"id":"b745af76-2eda-4829-b422-7533e024beda","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":78,"box":{"x":77,"y":882,"width":854,"height":11}},{"id":"a6301909-1465-4096-bf57-943d6ff05e21","block_type":"box","text":"15","page_number":78,"box":{"x":524,"y":921,"width":11,"height":8}},{"id":"c8007b4d-2d16-4280-87f0-c29e2f944c77","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":79,"box":{"x":77,"y":23,"width":862,"height":11}},{"id":"6b8f0ff6-d7ad-4604-8275-10fb4a9aa1cc","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":79,"box":{"x":77,"y":37,"width":876,"height":11}},{"id":"f6048ad5-4313-49d2-abe6-e0371772ce36","block_type":"box","text":"portfolio securities under the securities lending program.","page_number":79,"box":{"x":76,"y":51,"width":363,"height":11}},{"id":"41c08d32-b9d5-4450-9c4b-33c4f7b85dd6","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":79,"box":{"x":77,"y":75,"width":894,"height":11}},{"id":"75eb2082-390b-44e0-b2ae-665c045c5fbb","block_type":"box","text":"to perform certain order processing, Authorized Participant communications, and related services in connection with the issuance and","page_number":79,"box":{"x":76,"y":89,"width":860,"height":11}},{"id":"0d0060db-af10-4723-8861-0c13ea697146","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":79,"box":{"x":77,"y":103,"width":854,"height":11}},{"id":"865be277-3942-4ce7-a092-806976362681","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":79,"box":{"x":76,"y":117,"width":894,"height":11}},{"id":"f02e9d60-0670-4d01-807d-0fea5bcaee5d","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":79,"box":{"x":76,"y":131,"width":871,"height":11}},{"id":"a6c40aa1-2954-4794-8fd4-bbb52ab53c44","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":79,"box":{"x":76,"y":146,"width":848,"height":10}},{"id":"d56e21d9-3e07-4aeb-90e6-52c769c452de","block_type":"box","text":"BlackRock or funds managed by BFA and its Affiliates.","page_number":79,"box":{"x":77,"y":160,"width":342,"height":11}},{"id":"b172d032-9b01-4b31-9f02-ff2babcf2c66","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":79,"box":{"x":77,"y":183,"width":893,"height":11}},{"id":"d4cab84e-32c8-4631-a290-c6bc34aa9200","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":79,"box":{"x":76,"y":197,"width":885,"height":11}},{"id":"e561b703-04c9-4857-96f2-441d36285a86","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":79,"box":{"x":76,"y":211,"width":897,"height":11}},{"id":"8283e6db-d6cb-4f3e-a729-3748a1d55def","block_type":"box","text":"licensees.","page_number":79,"box":{"x":77,"y":226,"width":61,"height":8}},{"id":"ad040fb6-abf6-43f5-a69f-3dae7e7829e9","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":79,"box":{"x":76,"y":249,"width":875,"height":11}},{"id":"1e756ab9-4786-44b7-ac20-c13e9e5b435b","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":79,"box":{"x":76,"y":263,"width":886,"height":11}},{"id":"7b5d686e-e340-4fa8-93c2-1772324f3c47","block_type":"box","text":"interest. Please see the SAI for further information.","page_number":79,"box":{"x":76,"y":277,"width":326,"height":9}},{"id":"b923d8f5-afbf-4a2b-8cd5-710a0d7cdb4b","block_type":"box","text":"Shareholder Information","page_number":79,"box":{"x":77,"y":306,"width":240,"height":13}},{"id":"9c4a3d91-862d-4ba9-9f1d-4f1130bf22a9","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":79,"box":{"x":75,"y":335,"width":821,"height":11}},{"id":"6172f6e6-2dfb-4648-b53d-5cdd0d6c2844","block_type":"box","text":"1-800-iShares (1-800-474-2737) or visiting www.iShares.com.","page_number":79,"box":{"x":78,"y":349,"width":383,"height":11}},{"id":"ee907ea6-4360-4689-bd6b-63fed5809f6e","block_type":"box","text":"Buying and Selling Shares","page_number":79,"box":{"x":77,"y":372,"width":180,"height":11}},{"id":"73b7f23e-3f9f-488c-978c-4ec4c202d959","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":79,"box":{"x":76,"y":396,"width":839,"height":11}},{"id":"db9d1f00-32a9-46ae-b411-a3357224592d","block_type":"box","text":"“creations” and “redemptions,” occur only between the Funds and Authorized Participants (","page_number":79,"box":{"x":76,"y":410,"width":584,"height":11}},{"id":"cb445ecf-b6e2-415c-b5ac-96daa365753d","block_type":"box","text":"i.e","page_number":79,"box":{"x":661,"y":410,"width":14,"height":8}},{"id":"f0170a14-c03d-44ad-8c51-899430b12b03","block_type":"box","text":"., financial institutions that are authorized to","page_number":79,"box":{"x":677,"y":410,"width":282,"height":10}},{"id":"8b89dac6-bf94-4a0e-aff4-6bb3af7037f3","block_type":"box","text":"participate in such transactions), as described in the","page_number":79,"box":{"x":76,"y":424,"width":335,"height":11}},{"id":"6572b5b3-4045-4061-97f5-34e7225f688d","block_type":"box","text":"Creations and Redemptions","page_number":79,"box":{"x":417,"y":424,"width":173,"height":11}},{"id":"a2dff9e2-cfdd-42a4-8a4d-361f2334a7a4","block_type":"box","text":"section below.","page_number":79,"box":{"x":595,"y":424,"width":90,"height":9}},{"id":"48403a73-fa3e-4bae-ac1a-834ca5b533cb","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":79,"box":{"x":77,"y":447,"width":904,"height":11}},{"id":"a2fd5028-4d7e-41d9-81c2-3c6a7707ddc8","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":79,"box":{"x":77,"y":461,"width":860,"height":11}},{"id":"1c0d2a15-7406-402d-8b4a-b36ddff19b1c","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":79,"box":{"x":76,"y":476,"width":857,"height":10}},{"id":"3594405c-797d-4153-8911-af55c869485f","block_type":"box","text":"investment for Fund shares purchased on an exchange or otherwise in the secondary market.","page_number":79,"box":{"x":76,"y":490,"width":598,"height":11}},{"id":"c2252aec-c6f4-4f73-ad3e-ebd149d9183a","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":79,"box":{"x":77,"y":513,"width":899,"height":11}},{"id":"b53454cf-5e9c-4fad-8584-9b41e483ed23","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":79,"box":{"x":76,"y":527,"width":869,"height":11}},{"id":"b2aa7593-4c70-4c97-ba37-d41b8079c854","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":79,"box":{"x":76,"y":541,"width":888,"height":11}},{"id":"79a0fd50-da02-4017-812b-99b1a4151cf9","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":79,"box":{"x":76,"y":556,"width":884,"height":10}},{"id":"36350ac7-46ec-4f50-b37f-d1e6142d3739","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":79,"box":{"x":76,"y":570,"width":904,"height":11}},{"id":"38fd75bd-cea5-41a5-8a87-ceb64a81d549","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":79,"box":{"x":76,"y":584,"width":897,"height":11}},{"id":"8fec258f-cae2-427c-b58e-674797c593e9","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":79,"box":{"x":76,"y":598,"width":887,"height":11}},{"id":"772a4f9b-5085-4402-bdb8-c0256701aa76","block_type":"box","text":"particularly for newly launched or smaller funds, or by instances of significant volatility of the underlying assets.","page_number":79,"box":{"x":76,"y":612,"width":713,"height":11}},{"id":"f5e68702-e40e-4ac3-91a3-b185b7ec2b31","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":79,"box":{"x":76,"y":635,"width":902,"height":11}},{"id":"c6655515-ff3b-4ef7-8c2c-67c845bc68c5","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":79,"box":{"x":76,"y":650,"width":856,"height":10}},{"id":"0b48f3ae-d285-449d-9e07-18e13de01c84","block_type":"box","text":"Memorial Day, Juneteenth, Independence Day, Labor Day, Thanksgiving Day and Christmas Day.","page_number":79,"box":{"x":77,"y":664,"width":612,"height":11}},{"id":"10dc3cbf-abae-4ce2-9f86-c963b2702eec","block_type":"box","text":"Investments in Investment Companies","page_number":79,"box":{"x":77,"y":687,"width":268,"height":11}},{"id":"1e2d35dc-ed86-4567-972e-91ed4970e8f6","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":79,"box":{"x":76,"y":710,"width":873,"height":11}},{"id":"7fd82021-93ac-4885-9d0b-a8ab86e50d67","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":79,"box":{"x":76,"y":724,"width":889,"height":11}},{"id":"900109e7-a80e-47d5-ba58-70d5578388c1","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":79,"box":{"x":76,"y":739,"width":847,"height":10}},{"id":"1790975e-60c5-48f3-87c8-81bce85e8610","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":79,"box":{"x":76,"y":753,"width":897,"height":11}},{"id":"7da7892c-d1a7-44c7-b895-11ec42f1c39e","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":79,"box":{"x":76,"y":767,"width":890,"height":11}},{"id":"8e51ef81-c1c0-436d-b840-0b7b5524c9e8","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":79,"box":{"x":76,"y":781,"width":904,"height":11}},{"id":"aec47f90-3f5e-45c4-836f-b363148a5efb","block_type":"box","text":"investment companies and companies controlled by them.","page_number":79,"box":{"x":76,"y":795,"width":374,"height":11}},{"id":"22728bad-646c-4a31-8d05-e6b2974f9010","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":79,"box":{"x":77,"y":819,"width":867,"height":10}},{"id":"692c200a-d808-425e-a1a1-d15a28ec9177","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":79,"box":{"x":78,"y":833,"width":871,"height":11}},{"id":"1c8efe71-6e8a-4a97-91e2-865b79d089fb","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":79,"box":{"x":77,"y":847,"width":855,"height":11}},{"id":"059aeb43-495e-42f5-a051-4517f86eddc3","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":79,"box":{"x":76,"y":861,"width":874,"height":11}},{"id":"e816791d-6f33-4631-9df4-102b78a10be6","block_type":"box","text":"16","page_number":79,"box":{"x":524,"y":921,"width":11,"height":8}},{"id":"0dfa5913-2798-4ec7-aeb7-0b718994340c","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":80,"box":{"x":78,"y":23,"width":894,"height":11}},{"id":"22986647-c25f-46ba-bbc2-67dea98aa5aa","block_type":"box","text":"the limits set forth in Section 12(d)(1) should contact BFA.","page_number":80,"box":{"x":76,"y":37,"width":367,"height":11}},{"id":"d13ef3b5-d3fb-4173-8688-cbf3fd037d55","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":80,"box":{"x":77,"y":61,"width":883,"height":10}},{"id":"b8e0ca3c-2012-4969-b827-86305d3a3b21","block_type":"box","text":"SEC no-action relief.","page_number":80,"box":{"x":76,"y":75,"width":130,"height":8}},{"id":"f203b2d7-da39-4ed1-9c14-17d11ede0ea7","block_type":"box","text":"Book Entry","page_number":80,"box":{"x":77,"y":98,"width":76,"height":11}},{"id":"55bd0735-1d57-483e-a03e-49de5a6a5db3","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":80,"box":{"x":76,"y":121,"width":892,"height":11}},{"id":"aab8b4eb-5003-4963-83ee-0f1f7da8bb26","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":80,"box":{"x":76,"y":135,"width":832,"height":11}},{"id":"5fe89a5b-a003-4f40-a42c-c2f591a726fa","block_type":"box","text":"outstanding shares of the Funds.","page_number":80,"box":{"x":76,"y":149,"width":209,"height":11}},{"id":"7ab54d6d-4512-488c-8718-51001cb489ad","block_type":"box","text":"Investors owning Fund shares are beneficial owners as shown on the records of DTC or its participants. 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This could, in turn, result in a difference between the","page_number":81,"box":{"x":77,"y":296,"width":870,"height":11}},{"id":"b4ebd59e-4890-4f4d-ab66-d49212844352","block_type":"box","text":"Fund’s performance and the performance of its underlying index.","page_number":81,"box":{"x":77,"y":311,"width":414,"height":10}},{"id":"f61c2e25-8987-47d2-b307-50ecbcc592d9","block_type":"box","text":"Dividends and Distributions","page_number":81,"box":{"x":77,"y":334,"width":192,"height":8}},{"id":"beb25b50-ca0e-4bb7-82b0-214b4e54f74c","block_type":"box","text":"General Policies.","page_number":81,"box":{"x":76,"y":357,"width":103,"height":9}},{"id":"c8a27083-5d3c-4cb4-949f-4dc8795422e1","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":81,"box":{"x":185,"y":357,"width":782,"height":11}},{"id":"d6bc5a91-e30f-4eba-b385-697907b854d1","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":81,"box":{"x":77,"y":371,"width":887,"height":11}},{"id":"7a35f352-dad9-41ba-94f3-309878a38866","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":81,"box":{"x":76,"y":385,"width":904,"height":11}},{"id":"326cc8e1-e11c-487d-b575-08daf62b9134","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":81,"box":{"x":76,"y":400,"width":893,"height":10}},{"id":"4afd8027-db01-4ba9-8333-951b55ed6cec","block_type":"box","text":"or realized gains.","page_number":81,"box":{"x":76,"y":414,"width":107,"height":11}},{"id":"8d05480f-54e6-455c-bb47-f92342e94dae","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":81,"box":{"x":77,"y":437,"width":885,"height":11}},{"id":"a9d64104-2ac0-4e52-95dc-1b5791714903","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":81,"box":{"x":76,"y":451,"width":856,"height":11}},{"id":"5457e90b-11c8-4fe7-95ca-eabc24508cab","block_type":"box","text":"received from the Funds.","page_number":81,"box":{"x":77,"y":465,"width":157,"height":9}},{"id":"f6f9c516-85ba-4bbd-952a-0c3647f729af","block_type":"box","text":"Dividend Reinvestment Service.","page_number":81,"box":{"x":76,"y":489,"width":197,"height":8}},{"id":"57154bd9-8057-4285-8571-07a0a35bd37e","block_type":"box","text":"No dividend reinvestment service is provided by the Trust. Broker-dealers may make the DTC book-entry","page_number":81,"box":{"x":280,"y":489,"width":667,"height":10}},{"id":"0deedd51-67ea-47bf-8d21-1a6a3c2f2396","block_type":"box","text":"Dividend Reinvestment Program available to beneficial owners of Fund shares for the reinvestment of distributions. Beneficial owners should","page_number":81,"box":{"x":77,"y":503,"width":899,"height":11}},{"id":"6b9c847d-e47f-4ccb-9c93-c6f5aae2edf2","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":81,"box":{"x":76,"y":517,"width":869,"height":11}},{"id":"96a68f2f-975a-4300-b88e-3a504f0b6023","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":81,"box":{"x":76,"y":531,"width":895,"height":11}},{"id":"c28fac25-d901-4f98-a0a2-18b5beee3922","block_type":"box","text":"be automatically reinvested in additional whole Fund shares purchased in the secondary market.","page_number":81,"box":{"x":76,"y":545,"width":617,"height":11}},{"id":"a11fcdef-7b7a-4889-bb61-67c7570b4f13","block_type":"box","text":"Note on Tax Information.","page_number":81,"box":{"x":76,"y":568,"width":167,"height":9}},{"id":"599dc431-3f4f-4f55-a0e7-22cd4184c5f1","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":81,"box":{"x":249,"y":568,"width":723,"height":11}},{"id":"a6235aaa-8ac8-4947-bc62-fd77d7608e1e","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":81,"box":{"x":76,"y":583,"width":905,"height":10}},{"id":"222f763f-a341-491a-9c51-4235a2da2e1a","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":81,"box":{"x":76,"y":597,"width":893,"height":11}},{"id":"87ab8281-a845-471f-b950-71575a98efb7","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":81,"box":{"x":76,"y":611,"width":893,"height":11}},{"id":"ace1d57b-28c5-4bfc-bdc1-604da8fa9266","block_type":"box","text":"laws.","page_number":81,"box":{"x":76,"y":625,"width":30,"height":9}},{"id":"f4d21d51-a91b-4936-bfb3-5724ffa70d38","block_type":"box","text":"Taxes","page_number":81,"box":{"x":76,"y":649,"width":38,"height":8}},{"id":"5f05e49a-ade1-4818-93b3-24befb256315","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":81,"box":{"x":76,"y":672,"width":874,"height":10}},{"id":"1c1d50a0-bfc4-4b8c-afdf-e8478a14e59a","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":81,"box":{"x":76,"y":686,"width":877,"height":11}},{"id":"2b3cfbc1-7acb-4afc-a3b7-7c5f99684004","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":81,"box":{"x":76,"y":700,"width":895,"height":11}},{"id":"068472e5-7651-49f5-8dab-2b124e763af5","block_type":"box","text":"is no guarantee that shares of a Fund will receive certain regulatory or accounting treatment.","page_number":81,"box":{"x":76,"y":714,"width":594,"height":11}},{"id":"16953d72-8406-4374-b71f-98a48c686b88","block_type":"box","text":"Taxes on Fund Distributions","page_number":81,"box":{"x":76,"y":737,"width":194,"height":9}},{"id":"e90d665b-3a14-4c48-974d-4a82b9ce3ea6","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":81,"box":{"x":76,"y":761,"width":863,"height":10}},{"id":"1eb48107-777d-44a8-b424-22e555ab35c8","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":81,"box":{"x":76,"y":775,"width":873,"height":11}},{"id":"fd86ffba-18ce-44f2-ba7e-3d3e819389ab","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":81,"box":{"x":76,"y":789,"width":713,"height":11}},{"id":"38d0dee0-d771-4418-b684-4362c33765ac","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":81,"box":{"x":77,"y":812,"width":902,"height":11}},{"id":"5fc926d6-4386-4afc-8c25-ebbd11cd599d","block_type":"box","text":"may be treated as paid on December 31 of the prior year.","page_number":81,"box":{"x":76,"y":826,"width":365,"height":11}},{"id":"8b1d221e-3dde-4e5f-86c8-3f06b80513aa","block_type":"box","text":"Capital Gains.","page_number":81,"box":{"x":76,"y":849,"width":86,"height":11}},{"id":"3c656d27-6d98-412f-a999-866a9171d801","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":81,"box":{"x":169,"y":849,"width":785,"height":11}},{"id":"f5dd1449-0815-4ec1-a821-f5f29561ca9a","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":81,"box":{"x":76,"y":864,"width":857,"height":10}},{"id":"020ba451-0361-4b52-b064-04b59d8ebb23","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":81,"box":{"x":76,"y":878,"width":878,"height":11}},{"id":"45147514-2a14-4de6-8beb-c8b299014d55","block_type":"box","text":"18","page_number":81,"box":{"x":524,"y":921,"width":12,"height":8}},{"id":"e94fead7-d6ad-447d-bbdd-77410ca9718f","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":82,"box":{"x":77,"y":23,"width":871,"height":11}},{"id":"ecb9b58e-9f3e-4f35-a008-57658cdd0ec1","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":82,"box":{"x":76,"y":37,"width":892,"height":11}},{"id":"534a8557-e4ce-496c-be3e-0e5ee0646fe6","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":82,"box":{"x":76,"y":51,"width":878,"height":11}},{"id":"7d8cbe7b-93c7-4563-902d-20a4113fbb3e","block_type":"box","text":"real estate investment trusts (“REITs”), if any.","page_number":82,"box":{"x":77,"y":66,"width":289,"height":10}},{"id":"8e54dd3e-e274-4603-bb3e-d4248b054b98","block_type":"box","text":"Return of Capital.","page_number":82,"box":{"x":76,"y":89,"width":108,"height":11}},{"id":"be023fbb-91e2-4686-b78b-8db463d85cf2","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":82,"box":{"x":191,"y":89,"width":775,"height":11}},{"id":"8472f1a9-54b6-4c7a-ae69-3dc40d1894b4","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":82,"box":{"x":76,"y":103,"width":904,"height":11}},{"id":"9cd15012-c1c2-4f67-bdc7-c1133da5b821","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":82,"box":{"x":76,"y":117,"width":888,"height":11}},{"id":"61c1bf4e-426f-4534-8b5c-4b2f957dec14","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":82,"box":{"x":76,"y":131,"width":843,"height":11}},{"id":"b8901cf6-4bc3-465e-b9b8-fcbc04129db5","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":82,"box":{"x":76,"y":146,"width":874,"height":10}},{"id":"d3551e5c-106b-4918-b0c7-945b6af7e356","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":82,"box":{"x":76,"y":160,"width":803,"height":11}},{"id":"563cfa9d-8543-45b3-96b6-9e561b5650be","block_type":"box","text":"Qualified Dividend Income.","page_number":82,"box":{"x":76,"y":183,"width":167,"height":8}},{"id":"a40a95d5-3a2c-40a4-b67b-12e42e8b1c97","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":82,"box":{"x":249,"y":183,"width":702,"height":11}},{"id":"10bce0a0-0133-4052-8fce-f68fb1683e65","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":82,"box":{"x":76,"y":197,"width":848,"height":11}},{"id":"437d20f4-fbe7-4be9-96b8-54f180f730e5","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":82,"box":{"x":76,"y":211,"width":846,"height":11}},{"id":"67ddabb9-13e9-4d8f-940b-3eda1c32275b","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":82,"box":{"x":76,"y":226,"width":872,"height":10}},{"id":"ec3021ec-9ffa-4761-8c8b-c2da5cc5e8f0","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":82,"box":{"x":76,"y":240,"width":892,"height":11}},{"id":"49ab2ec4-4e76-4bcd-884e-c41dea0acb65","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":82,"box":{"x":76,"y":254,"width":886,"height":11}},{"id":"c52272dd-c6f6-4849-8583-08b413d6e6b8","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":82,"box":{"x":76,"y":268,"width":854,"height":11}},{"id":"8e6f2045-7235-4858-b07b-31324c7a2dca","block_type":"box","text":"company.","page_number":82,"box":{"x":76,"y":285,"width":60,"height":8}},{"id":"72207bed-c57b-4565-bc08-69aec8faf19f","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":82,"box":{"x":77,"y":305,"width":904,"height":11}},{"id":"1e4b1b82-fd2c-4ba0-9a57-e02b7b228e09","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":82,"box":{"x":76,"y":320,"width":901,"height":10}},{"id":"45891bbc-d44d-4234-9097-a7b2ced9dd6e","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":82,"box":{"x":76,"y":334,"width":865,"height":11}},{"id":"20cb00c9-e569-4d60-9eb7-39bbb6dd604b","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":82,"box":{"x":76,"y":348,"width":895,"height":11}},{"id":"8d8ae605-7c89-42e4-a470-c08816a2dfb3","block_type":"box","text":"from ordinary REIT dividends, reduced by allocable Fund expenses.","page_number":82,"box":{"x":76,"y":362,"width":428,"height":11}},{"id":"24858a53-0edb-46c4-b2f2-31aca2e979f8","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":82,"box":{"x":77,"y":385,"width":891,"height":11}},{"id":"e5c9be3f-2249-4698-9bf6-a188b0b0ac0e","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":82,"box":{"x":77,"y":400,"width":861,"height":10}},{"id":"18c5aedf-bcda-4217-895d-498d4eaa0a25","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":82,"box":{"x":76,"y":414,"width":883,"height":11}},{"id":"f6815524-c601-4e9a-8bd0-360688a4d128","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":82,"box":{"x":76,"y":428,"width":682,"height":11}},{"id":"819371cc-33f5-47ea-884f-dc7d9538f0de","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":82,"box":{"x":77,"y":451,"width":872,"height":11}},{"id":"1292a961-452e-42fa-a9e3-e6f9ed78589b","block_type":"box","text":"Fund shareholders that are corporations, subject to certain hedging and holding requirements.","page_number":82,"box":{"x":77,"y":465,"width":603,"height":11}},{"id":"4046d09f-2670-4cc0-ba6f-6eae5cd06ef3","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":82,"box":{"x":76,"y":489,"width":876,"height":10}},{"id":"83483486-3512-4deb-929d-60b75741f436","block_type":"box","text":"Medicare Tax.","page_number":82,"box":{"x":76,"y":512,"width":85,"height":8}},{"id":"8da733bf-4fe1-4b31-841b-c9561a07bcf4","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":82,"box":{"x":167,"y":512,"width":791,"height":11}},{"id":"43f49844-a2c3-4d26-9541-2de32b651236","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":82,"box":{"x":76,"y":525,"width":876,"height":12}},{"id":"fc1e382d-d531-4f86-b624-8fd101bb9198","block_type":"box","text":"trusts.","page_number":82,"box":{"x":76,"y":541,"width":40,"height":8}},{"id":"1076ee86-1cc1-4a16-a600-4970e39e3be5","block_type":"box","text":"Alternative Minimum Tax.","page_number":82,"box":{"x":75,"y":563,"width":157,"height":9}},{"id":"664b561b-cd1e-4e89-96d5-147afae92c87","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":82,"box":{"x":238,"y":563,"width":738,"height":11}},{"id":"fca675de-2b5e-492b-8c8c-db6f2fe5facd","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":82,"box":{"x":76,"y":577,"width":833,"height":11}},{"id":"07216689-da99-4fae-8e98-c023df6b2f12","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":82,"box":{"x":76,"y":592,"width":877,"height":10}},{"id":"c65d6e4a-5267-4a57-ad30-5d362221f9a7","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":82,"box":{"x":77,"y":606,"width":903,"height":11}},{"id":"107c7997-1b96-4f8d-b7cd-8b738a65700c","block_type":"box","text":"liability and the regular income tax liability.","page_number":82,"box":{"x":77,"y":620,"width":271,"height":11}},{"id":"6f4895f2-985a-4c62-a3fb-f8bf8caf1c68","block_type":"box","text":"Original Issue Discount and Inflation-Related Adjustments","page_number":82,"box":{"x":76,"y":643,"width":406,"height":11}},{"id":"cf051262-d8ab-41e7-ab44-0c46fafe741d","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":82,"box":{"x":76,"y":666,"width":892,"height":11}},{"id":"82fd68d9-1d49-4ec2-bb9c-638594024b8c","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":82,"box":{"x":76,"y":681,"width":874,"height":10}},{"id":"2abbfc1f-42b0-4ca9-887c-214f46e11121","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":82,"box":{"x":76,"y":695,"width":864,"height":11}},{"id":"d913527c-a7d1-457f-91c7-4e2be56425bb","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":82,"box":{"x":76,"y":709,"width":895,"height":11}},{"id":"9008fde2-f0b1-479f-8cc5-27d4e435fc4a","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":82,"box":{"x":77,"y":723,"width":896,"height":11}},{"id":"8ba387f0-528e-4d89-b392-be1c3b039ba9","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":82,"box":{"x":76,"y":737,"width":905,"height":11}},{"id":"38dd2a39-dd19-47fa-af1f-c01310b833a5","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":82,"box":{"x":76,"y":751,"width":707,"height":11}},{"id":"f87895eb-1d13-4e90-82ff-5a2d00b5b62a","block_type":"box","text":"Market Discount Bonds","page_number":82,"box":{"x":77,"y":775,"width":162,"height":8}},{"id":"37338dcd-f0ba-42fc-b3e6-883c0724ce59","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":82,"box":{"x":76,"y":798,"width":898,"height":11}},{"id":"27a7dd70-7d10-463b-950b-86e291695dc7","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":82,"box":{"x":76,"y":812,"width":903,"height":11}},{"id":"18626c67-2064-487e-97c9-494a9938e356","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":82,"box":{"x":76,"y":826,"width":898,"height":11}},{"id":"cc3eafb5-55de-450e-8437-24ac8849aa5b","block_type":"box","text":"treated as ordinary income rather than capital gains to the extent of the accrued market discount.","page_number":82,"box":{"x":76,"y":840,"width":626,"height":11}},{"id":"6e5a50fb-df1f-4a0d-85be-c0873dab743f","block_type":"box","text":"19","page_number":82,"box":{"x":524,"y":921,"width":11,"height":8}},{"id":"fcf4d07c-8648-4b90-9b87-8f50dc9b3538","block_type":"box","text":"Derivatives and Other Complex Instruments","page_number":83,"box":{"x":77,"y":23,"width":307,"height":11}},{"id":"bf578119-eb05-4e04-b8a6-2bde4bbda253","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":83,"box":{"x":76,"y":46,"width":874,"height":11}},{"id":"342c9771-49e3-4813-81b8-6288b00eb876","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":83,"box":{"x":76,"y":61,"width":860,"height":10}},{"id":"edf2e6e7-98be-41c6-a3f4-1f7c9054f93e","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":83,"box":{"x":77,"y":75,"width":852,"height":11}},{"id":"1f79e82a-318b-476b-be99-2819d33f9815","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":83,"box":{"x":76,"y":89,"width":863,"height":11}},{"id":"6121b46c-a658-40c4-9b89-101559162c27","block_type":"box","text":"Non-U.S. Income Taxes","page_number":83,"box":{"x":77,"y":112,"width":158,"height":9}},{"id":"405c46dc-dcd3-4d6c-92ff-4d810abb400d","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":83,"box":{"x":77,"y":135,"width":837,"height":11}},{"id":"cbd9923c-93f2-4935-b316-3b2e59d4de7d","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":83,"box":{"x":76,"y":149,"width":863,"height":11}},{"id":"b92af32d-66b8-411b-b16d-3c0fc945c66b","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":83,"box":{"x":77,"y":164,"width":865,"height":10}},{"id":"caeb90ad-c0b1-4fc3-bb14-2ab832677267","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":83,"box":{"x":77,"y":178,"width":875,"height":11}},{"id":"94f673fb-333d-4aa3-90c6-e72576675338","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":83,"box":{"x":77,"y":192,"width":895,"height":11}},{"id":"b2930140-9927-4e5a-a828-5af74d33dccd","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":83,"box":{"x":76,"y":206,"width":888,"height":11}},{"id":"7f92a8bb-8d18-46df-a372-0e235d3b38ff","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":83,"box":{"x":76,"y":220,"width":875,"height":11}},{"id":"36c232f9-ab22-427f-bf89-cf57552a80c6","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":83,"box":{"x":76,"y":235,"width":896,"height":10}},{"id":"67cf7303-f1c1-472f-8442-a0ec91c7b86e","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":83,"box":{"x":76,"y":249,"width":635,"height":11}},{"id":"0fc4cf5e-fb5b-467d-89f6-bab696cfd8ef","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":83,"box":{"x":77,"y":272,"width":896,"height":11}},{"id":"b37f56d3-54f5-4bd3-adee-47b1bce82986","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":83,"box":{"x":76,"y":286,"width":903,"height":11}},{"id":"f90460a9-dee6-486c-b3a3-82e1af18e075","block_type":"box","text":"could be reduced.","page_number":83,"box":{"x":76,"y":300,"width":114,"height":9}},{"id":"76c341c0-0ce3-4b8f-a70f-fc8caf56c354","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":83,"box":{"x":77,"y":323,"width":853,"height":11}},{"id":"e850da40-2b18-4bd2-a57a-fd333c6b1e1d","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":83,"box":{"x":76,"y":338,"width":900,"height":10}},{"id":"5849b34e-e30b-4e78-835e-eadd36bbb478","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":83,"box":{"x":76,"y":352,"width":876,"height":11}},{"id":"34027a4e-45e5-4018-b089-eb5c824e7d2b","block_type":"box","text":"paid by the Fund or, if its assets meet these requirements, the Underlying Fund.","page_number":83,"box":{"x":76,"y":366,"width":509,"height":11}},{"id":"5f0e34c0-9216-4900-8800-b9b96ccf372b","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":83,"box":{"x":77,"y":389,"width":879,"height":11}},{"id":"60a044d1-47dc-4ba1-a33b-9f30f18db097","block_type":"box","text":"income, limiting the availability of such credits for U.S. persons.","page_number":83,"box":{"x":76,"y":403,"width":407,"height":11}},{"id":"d2916e96-a3ca-4e73-b4b3-18d07731e15a","block_type":"box","text":"Non-U.S. Shareholders","page_number":83,"box":{"x":77,"y":427,"width":156,"height":8}},{"id":"b89dc2b0-907c-410c-b169-13d7dafc8d9b","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":83,"box":{"x":77,"y":450,"width":888,"height":11}},{"id":"258e2aba-b3db-4795-8fd7-bb2c097d0092","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":83,"box":{"x":77,"y":464,"width":904,"height":11}},{"id":"a79f4377-8afb-44a5-90ac-10d47b9cf6f2","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":83,"box":{"x":77,"y":478,"width":868,"height":11}},{"id":"eb55d2ac-925d-40cd-9dcc-210ab14edc54","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":83,"box":{"x":76,"y":492,"width":886,"height":11}},{"id":"90902438-e008-4560-a242-42ee5c702e2c","block_type":"box","text":"gain dividends, interest-related dividends or short-term capital gain dividends.","page_number":83,"box":{"x":76,"y":507,"width":499,"height":10}},{"id":"002843bc-02d2-4166-b5a4-3dc30cecc83e","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":83,"box":{"x":76,"y":530,"width":896,"height":11}},{"id":"3917f4a6-8d1f-44a3-a6ae-9fdbfdd43b88","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":83,"box":{"x":76,"y":544,"width":894,"height":11}},{"id":"05ab644b-0c22-4e8d-aa64-4a6b613588b8","block_type":"box","text":"U.S.-owned foreign investment accounts.","page_number":83,"box":{"x":77,"y":558,"width":262,"height":11}},{"id":"00b61f00-8889-4ab0-b4b2-afc64494722e","block_type":"box","text":"Backup Withholding","page_number":83,"box":{"x":77,"y":581,"width":139,"height":11}},{"id":"49dd3d19-60c4-40b6-bde8-4ec7d9ce4dfa","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":83,"box":{"x":77,"y":605,"width":890,"height":10}},{"id":"cc29ff5d-eb0b-40dd-89b2-7ef800abab4e","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":83,"box":{"x":76,"y":619,"width":789,"height":11}},{"id":"b73116cd-9a04-4a27-9648-a69fdf8fedb2","block_type":"box","text":"Securities Lending","page_number":83,"box":{"x":76,"y":642,"width":129,"height":11}},{"id":"3c20d083-a71e-4d97-bb12-19cae49add3a","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":83,"box":{"x":77,"y":665,"width":901,"height":11}},{"id":"0ec3f804-e4cd-4250-89a8-34c2e802a226","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":83,"box":{"x":76,"y":679,"width":892,"height":11}},{"id":"4fd29ab9-44de-4ad3-b2d5-6b04a294d60a","block_type":"box","text":"through by the Fund.","page_number":83,"box":{"x":76,"y":694,"width":132,"height":10}},{"id":"1529c7b6-6de1-4c10-8888-d47c88333c6a","block_type":"box","text":"Fund of Funds","page_number":83,"box":{"x":77,"y":717,"width":98,"height":8}},{"id":"06b08e05-6080-40ff-80c6-6745dbf4e3a9","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":83,"box":{"x":77,"y":740,"width":844,"height":11}},{"id":"3bab3e4b-7e69-45af-89ea-8fb11e8d3ea8","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":83,"box":{"x":76,"y":754,"width":870,"height":11}},{"id":"8cda975d-d4fd-4213-98a8-bcde3182a4ba","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":83,"box":{"x":77,"y":768,"width":864,"height":11}},{"id":"4b217657-816c-4d00-bc2a-b472024228bd","block_type":"box","text":"Capital loss carryforwards of the Underlying Fund, if any, will not offset net capital gains of the Fund.","page_number":83,"box":{"x":76,"y":782,"width":643,"height":11}},{"id":"a5bb8d5d-4165-4dcf-9911-a3d9b3ed4a17","block_type":"box","text":"Taxes on the Sale of Exchange-Listed Fund Shares","page_number":83,"box":{"x":76,"y":806,"width":350,"height":10}},{"id":"ec1982a4-865f-4afd-8b31-06ef788e65c7","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":83,"box":{"x":76,"y":829,"width":876,"height":11}},{"id":"6b8af67a-09d5-4206-a742-6466dae926fb","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":83,"box":{"x":77,"y":843,"width":896,"height":11}},{"id":"d8f49585-5721-4103-a7c1-6009cc306a03","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":83,"box":{"x":76,"y":857,"width":870,"height":11}},{"id":"cac84329-2f13-4d54-80ee-03164788b297","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":83,"box":{"x":77,"y":871,"width":892,"height":11}},{"id":"3463d2bf-0635-4e3c-9ab1-18d265dd1bdc","block_type":"box","text":"20","page_number":83,"box":{"x":522,"y":921,"width":15,"height":8}},{"id":"ef256263-8474-4f1e-a8cf-fb7607400ca0","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":84,"box":{"x":76,"y":23,"width":892,"height":11}},{"id":"12fe46fd-e320-403a-8f55-fd5982bb23d5","block_type":"box","text":"contribution tax mentioned above.","page_number":84,"box":{"x":76,"y":37,"width":219,"height":9}},{"id":"9e172700-b84a-4957-8e70-f0b61e4f0ffa","block_type":"box","text":"Creations and Redemptions","page_number":84,"box":{"x":76,"y":61,"width":193,"height":10}},{"id":"8a3364fd-2fdb-484b-880e-6dd490a21ee2","block_type":"box","text":"Prior to being traded in the secondary market, Fund shares are “created” at NAV by Authorized Participants (","page_number":84,"box":{"x":77,"y":84,"width":693,"height":11}},{"id":"e03f566f-a096-4239-9b82-26e06bc77a42","block_type":"box","text":"i.e.","page_number":84,"box":{"x":771,"y":84,"width":17,"height":8}},{"id":"68589fda-24bd-4d4a-a608-5f567b68af64","block_type":"box","text":", market makers, large","page_number":84,"box":{"x":790,"y":84,"width":143,"height":11}},{"id":"11ee66a2-f7f4-42bf-bb01-a7629d5c553b","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":84,"box":{"x":76,"y":98,"width":866,"height":11}},{"id":"e6aabcf3-4178-4c8c-8ab4-9b3dbcea6894","block_type":"box","text":"Creation Units, and only Authorized Participants may create or redeem Creation Units with the Funds.","page_number":84,"box":{"x":76,"y":112,"width":650,"height":11}},{"id":"d2a128a8-f55f-445f-932a-3605fe1ed011","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":84,"box":{"x":77,"y":135,"width":832,"height":11}},{"id":"88c430b7-0b04-42f5-9786-c3e8041f5dab","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":84,"box":{"x":76,"y":149,"width":891,"height":11}},{"id":"a71a664d-b81f-4353-b26c-a55ffb40fa1f","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":84,"box":{"x":76,"y":164,"width":874,"height":10}},{"id":"ef5e12a1-58a2-4044-acd9-b6a4da21c108","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":84,"box":{"x":76,"y":178,"width":904,"height":11}},{"id":"8052bede-106c-4eab-a681-173535fda894","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":84,"box":{"x":76,"y":201,"width":875,"height":11}},{"id":"213c0581-6003-49b4-b3a3-0db9b618ac29","block_type":"box","text":"cash.","page_number":84,"box":{"x":76,"y":215,"width":33,"height":9}},{"id":"2a23146b-074a-4e59-90a7-ef91b99f4655","block_type":"box","text":"In-Kind","page_number":84,"box":{"x":76,"y":238,"width":45,"height":9}},{"id":"a250645b-58f7-4198-9f27-b715c5f4d133","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":84,"box":{"x":122,"y":238,"width":860,"height":11}},{"id":"2dd21644-5595-4b64-97df-71ef66d2a4b0","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":84,"box":{"x":76,"y":253,"width":898,"height":10}},{"id":"280551f3-c1bb-4d00-a238-e6bb0a52f64c","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":84,"box":{"x":77,"y":267,"width":851,"height":11}},{"id":"fb1daa03-d300-4071-a12e-a52d25b1fd73","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":84,"box":{"x":76,"y":281,"width":686,"height":11}},{"id":"ff85fd28-86d4-4648-a730-b29c1081c045","block_type":"box","text":"Partial Cash","page_number":84,"box":{"x":76,"y":304,"width":74,"height":9}},{"id":"96f4cc27-fdd9-4b3a-80b0-198d9a15d3af","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":84,"box":{"x":152,"y":304,"width":806,"height":11}},{"id":"b2ac1cf6-3d18-43b5-93a2-18eaadfae186","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":84,"box":{"x":76,"y":318,"width":870,"height":11}},{"id":"eb1d19b0-d165-4711-b161-091b19705629","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":84,"box":{"x":77,"y":333,"width":870,"height":10}},{"id":"d7ada4fb-948a-4c56-8bbd-7862c88cb34a","block_type":"box","text":"replaces a security or other asset in the redemption basket.","page_number":84,"box":{"x":77,"y":347,"width":380,"height":11}},{"id":"3211399c-7941-4a85-8216-799f446ce576","block_type":"box","text":"All Cash","page_number":84,"box":{"x":75,"y":370,"width":51,"height":8}},{"id":"8ac4ae2b-fe88-4bc4-b260-0156c40acf7e","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":84,"box":{"x":128,"y":370,"width":833,"height":11}},{"id":"3a49a07c-3d20-4513-8f0f-4ca4d507b924","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":84,"box":{"x":76,"y":384,"width":869,"height":11}},{"id":"1369de7d-14c7-4bcb-9b71-52c4b01743e7","block_type":"box","text":"specified amount of cash.","page_number":84,"box":{"x":76,"y":398,"width":164,"height":11}},{"id":"a1170c8a-9146-4a08-a06d-598983ba227a","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":84,"box":{"x":76,"y":421,"width":845,"height":11}},{"id":"5923f627-35ec-4f0f-babb-e57a571e6d35","block_type":"box","text":"information about custom baskets is provided in the Funds’ SAI.","page_number":84,"box":{"x":76,"y":436,"width":408,"height":10}},{"id":"937e069f-4c4a-49c7-846c-4fe05c16183d","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":84,"box":{"x":77,"y":459,"width":855,"height":11}},{"id":"39bcef42-c403-41cd-a384-fdd3976068c5","block_type":"box","text":"circumstances, however, a Fund may use another transaction method (","page_number":84,"box":{"x":76,"y":473,"width":455,"height":11}},{"id":"f4158df5-840a-4133-b7f1-cc24cc0be53c","block_type":"box","text":"e.g.","page_number":84,"box":{"x":532,"y":475,"width":21,"height":9}},{"id":"72364645-d7d7-452a-a469-b3dd395a8431","block_type":"box","text":", an in-kind Fund may transact partially or fully in cash).","page_number":84,"box":{"x":555,"y":473,"width":354,"height":11}},{"id":"9f51c9b4-5a1b-4807-8c74-9e811c4704cc","block_type":"box","text":"Fund","page_number":84,"box":{"x":87,"y":504,"width":33,"height":9}},{"id":"1d6dd9f6-0ddb-4afd-8154-12c308a8200b","block_type":"box","text":"In-Kind Partial Cash All Cash","page_number":84,"box":{"x":621,"y":504,"width":296,"height":9}},{"id":"bc5324bb-f4ac-4ddf-840e-3a262e889360","block_type":"box","text":"iShares ESG Optimized MSCI USA Min Vol Factor ETF","page_number":84,"box":{"x":87,"y":522,"width":341,"height":11}},{"id":"7034487c-c5d3-4c94-a0a2-5cfd824aaa51","block_type":"box","text":"iShares MSCI USA Min Vol Factor ETF","page_number":84,"box":{"x":87,"y":540,"width":241,"height":9}},{"id":"e7aff8b5-2ac9-4f05-9469-786fedb99179","block_type":"box","text":"iShares MSCI USA Momentum Factor ETF","page_number":84,"box":{"x":87,"y":558,"width":267,"height":9}},{"id":"d01cb9f5-c62e-4a51-8950-57055fdbd83a","block_type":"box","text":"iShares MSCI USA Quality Factor ETF","page_number":84,"box":{"x":87,"y":577,"width":239,"height":10}},{"id":"de63eec3-82a3-49a4-a130-af2380a1b1ba","block_type":"box","text":"iShares MSCI USA Size Factor ETF","page_number":84,"box":{"x":87,"y":595,"width":220,"height":8}},{"id":"573c9f7c-de76-45da-9e18-7d242841914d","block_type":"box","text":"iShares MSCI USA Small-Cap Min Vol Factor ETF","page_number":84,"box":{"x":87,"y":613,"width":311,"height":10}},{"id":"534abc22-bee0-498c-b1f4-69ab0982091e","block_type":"box","text":"iShares MSCI USA Value Factor ETF","page_number":84,"box":{"x":87,"y":631,"width":228,"height":8}},{"id":"e5bdd18c-af3a-42bf-9aff-96d150f043fd","block_type":"box","text":"iShares U.S. Equity Factor ETF","page_number":84,"box":{"x":87,"y":649,"width":193,"height":11}},{"id":"8964fc68-8401-4496-bc6d-f31f24954300","block_type":"box","text":"iShares U.S. Small-Cap Equity Factor ETF","page_number":84,"box":{"x":87,"y":667,"width":263,"height":11}},{"id":"a9b36152-eea1-42a6-acd6-3501161ab20c","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":84,"box":{"x":76,"y":697,"width":897,"height":10}},{"id":"c1477a9a-7b22-4648-b662-788c883832dc","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":84,"box":{"x":76,"y":711,"width":905,"height":11}},{"id":"f4341d0a-1a6c-4d97-9098-dd5ab6a65ab7","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":84,"box":{"x":76,"y":725,"width":849,"height":11}},{"id":"c4d13815-7c07-483f-8c2e-00714a74597a","block_type":"box","text":"instructions or may not be executed at all.","page_number":84,"box":{"x":76,"y":739,"width":269,"height":11}},{"id":"1be04542-28e0-4f13-8f43-c3345eca8d50","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":84,"box":{"x":76,"y":762,"width":854,"height":11}},{"id":"ed82e6fd-1928-48fc-bbf6-844416a7974c","block_type":"box","text":"redemption orders) is included in the Funds’ SAI.","page_number":84,"box":{"x":77,"y":777,"width":310,"height":10}},{"id":"06b71ae7-79c4-4bd1-a4d7-f30ebd88a438","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":84,"box":{"x":76,"y":800,"width":848,"height":11}},{"id":"4fba7c77-c428-4f3c-9cea-45e0f962865e","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":84,"box":{"x":76,"y":814,"width":876,"height":11}},{"id":"f4eb117c-721a-46e8-b0ae-f010318c5a21","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":84,"box":{"x":76,"y":828,"width":894,"height":11}},{"id":"10d96d0f-0cd7-4202-88c3-ebc5c70782bf","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":84,"box":{"x":76,"y":842,"width":898,"height":11}},{"id":"e4f1d1e8-4ed7-4efb-a821-dd102e2b47ca","block_type":"box","text":"taken certain measures (","page_number":84,"box":{"x":76,"y":857,"width":158,"height":10}},{"id":"1b8c7d58-ac9c-4017-89ad-6d7379ae6d76","block_type":"box","text":"e.g.","page_number":84,"box":{"x":235,"y":859,"width":21,"height":8}},{"id":"82c69555-6e48-430a-abc0-b1b7c0bdaf60","block_type":"box","text":", imposing transaction fees on purchases and redemptions of Creation Units and reserving the right to reject","page_number":84,"box":{"x":259,"y":857,"width":694,"height":10}},{"id":"074827dc-3c67-4a2a-8bee-ecbe19681d66","block_type":"box","text":"purchases of Creation Units under certain circumstances) to minimize the potential consequences of frequent cash purchases and","page_number":84,"box":{"x":76,"y":871,"width":835,"height":11}},{"id":"8783ad7a-4373-47d4-8098-2ba9ef74b774","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":84,"box":{"x":77,"y":885,"width":894,"height":11}},{"id":"e7ce98cd-0546-4660-8787-a75da699942d","block_type":"box","text":"21","page_number":84,"box":{"x":522,"y":921,"width":12,"height":8}},{"id":"344a1ebb-02a1-4231-8bc7-dfc4e3992158","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":85,"box":{"x":76,"y":23,"width":900,"height":11}},{"id":"2523a01a-bc7e-424c-ad64-32bf657d7299","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":85,"box":{"x":77,"y":37,"width":892,"height":11}},{"id":"7b56a574-c3fa-4507-9ebd-a95011adbe61","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":85,"box":{"x":76,"y":61,"width":898,"height":10}},{"id":"a2898808-533a-4198-95f9-83ecdfa063aa","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":85,"box":{"x":76,"y":75,"width":896,"height":11}},{"id":"10693eda-345d-45ab-80fe-70338bcaa9a5","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":85,"box":{"x":76,"y":89,"width":844,"height":11}},{"id":"0664f0be-ccab-4f70-9367-61dd1552f358","block_type":"box","text":"Securities Act of 1933, as amended (the “1933 Act”). Further, an Authorized Participant that is not a “qualified institutional buyer,” as such","page_number":85,"box":{"x":76,"y":103,"width":885,"height":11}},{"id":"bbb2f0ff-eeac-44c6-8297-9317fde8ac8b","block_type":"box","text":"term is defined in Rule 144A under the 1933 Act, will not be able to receive restricted securities eligible for resale under Rule 144A.","page_number":85,"box":{"x":76,"y":117,"width":838,"height":11}},{"id":"cf1c9372-a6c3-4980-9b46-905fe8bb75b9","block_type":"box","text":"Because Fund shares may be created and issued on an ongoing basis, at any point during the life of a Fund a “distribution,” as such term is","page_number":85,"box":{"x":77,"y":140,"width":886,"height":11}},{"id":"acf828d2-eebe-4051-a33b-ceb0a2a58f13","block_type":"box","text":"used in the 1933 Act, may be occurring. Broker-dealers and other persons are cautioned that some activities on their part may, depending on","page_number":85,"box":{"x":77,"y":155,"width":902,"height":10}},{"id":"35919e93-13e5-46dd-992c-08108bd8cb29","block_type":"box","text":"the circumstances, result in their being deemed participants in a distribution in a manner that could render them statutory underwriters","page_number":85,"box":{"x":76,"y":169,"width":868,"height":11}},{"id":"e3091b4d-7e66-4379-a336-814a2d3d7fcb","block_type":"box","text":"subject to the prospectus delivery and liability provisions of the 1933 Act. Any determination of whether one is an underwriter must take into","page_number":85,"box":{"x":76,"y":183,"width":901,"height":11}},{"id":"6b0b8be1-15ea-4638-99d7-ecb973a05b72","block_type":"box","text":"account all the relevant facts and circumstances of each particular case.","page_number":85,"box":{"x":76,"y":197,"width":464,"height":11}},{"id":"f7ba52dd-083d-4ca9-aa6e-3482dbc7d5af","block_type":"box","text":"Broker-dealers should also note that dealers who are not “underwriters” but are participating in a distribution (as contrasted to ordinary","page_number":85,"box":{"x":77,"y":220,"width":868,"height":11}},{"id":"eba7b1de-55ea-440d-a9ba-1358fa018b16","block_type":"box","text":"secondary transactions), and thus dealing with shares that are part of an “unsold allotment” within the meaning of Section 4(a)(3)(C) of the","page_number":85,"box":{"x":76,"y":235,"width":889,"height":10}},{"id":"9a9e6592-769e-4bb1-b6d1-912cda49dcd2","block_type":"box","text":"1933 Act, would be unable to take advantage of the prospectus delivery exemption provided by Section 4(a)(3) of the 1933 Act. For delivery","page_number":85,"box":{"x":78,"y":249,"width":892,"height":11}},{"id":"d1917304-4e79-4882-b618-79884abf6097","block_type":"box","text":"of prospectuses to exchange members, the prospectus delivery mechanism of Rule 153 under the 1933 Act is available only with respect to","page_number":85,"box":{"x":76,"y":263,"width":892,"height":11}},{"id":"2813a954-fd17-4986-b954-72ad75333199","block_type":"box","text":"transactions on a national securities exchange.","page_number":85,"box":{"x":76,"y":277,"width":300,"height":11}},{"id":"84ff66fe-afb7-4c7e-be46-07ea746e9f98","block_type":"box","text":"Householding","page_number":85,"box":{"x":77,"y":300,"width":95,"height":11}},{"id":"e93dbbca-12a1-42ef-8228-351c57daabd2","block_type":"box","text":"Householding is an option available to certain Fund investors. Householding is a method of delivery, based on the preference of the individual","page_number":85,"box":{"x":77,"y":323,"width":903,"height":11}},{"id":"ad8f42f5-5d38-410f-8e94-6e3cb942fa50","block_type":"box","text":"investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their","page_number":85,"box":{"x":76,"y":338,"width":880,"height":11}},{"id":"08466db9-d4f0-43ac-ab3b-ff17e7267020","block_type":"box","text":"accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and","page_number":85,"box":{"x":76,"y":352,"width":862,"height":11}},{"id":"7b8db16a-a905-43f6-b801-3b93c0b1245c","block_type":"box","text":"receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to","page_number":85,"box":{"x":77,"y":366,"width":855,"height":11}},{"id":"04b16645-ab7f-4a6e-9df9-247fc1a6c90f","block_type":"box","text":"change your householding status.","page_number":85,"box":{"x":76,"y":380,"width":214,"height":11}},{"id":"8861b650-b2f8-4761-b38a-135878ccd98a","block_type":"box","text":"Distribution","page_number":85,"box":{"x":78,"y":409,"width":113,"height":13}},{"id":"d668f903-a308-41c9-9b5f-7781dcdeac4d","block_type":"box","text":"The Distributor or its agent distributes Creation Units for the Funds on an agency basis. The Distributor does not maintain a secondary","page_number":85,"box":{"x":76,"y":438,"width":859,"height":11}},{"id":"a1129bc4-30e7-41da-a68c-340f0c67fd5c","block_type":"box","text":"market in shares of the Funds. The Distributor has no role in determining the policies of the Funds or the securities or other assets (as","page_number":85,"box":{"x":76,"y":452,"width":857,"height":11}},{"id":"19987305-d3d3-424a-9234-e1708fd1f43d","block_type":"box","text":"applicable) that are purchased or sold by the Funds. The Distributor’s principal address is 50 Hudson Yards, New York, NY 10001.","page_number":85,"box":{"x":76,"y":467,"width":824,"height":10}},{"id":"90d8406d-1313-405d-a47a-18eb759a17f0","block_type":"box","text":"BFA or its affiliates make payments to broker-dealers, registered investment advisers, banks or other intermediaries (together,","page_number":85,"box":{"x":77,"y":490,"width":808,"height":11}},{"id":"0e207226-b02a-49f4-8940-9461c46de1f1","block_type":"box","text":"“intermediaries”) related to marketing activities and presentations, educational training programs, conferences, the development of","page_number":85,"box":{"x":76,"y":504,"width":844,"height":11}},{"id":"670ac18e-20ab-490f-82a7-c2e66f857a81","block_type":"box","text":"technology platforms and reporting systems, data provision services, or their making shares of the Funds available to their customers","page_number":85,"box":{"x":76,"y":518,"width":855,"height":11}},{"id":"04e632e8-d203-45bc-be74-593470f87614","block_type":"box","text":"generally and in certain investment programs. Such payments, which may be significant to the intermediary, are not made by the Funds.","page_number":85,"box":{"x":76,"y":532,"width":871,"height":11}},{"id":"9c7ed699-468f-4ea3-aa7e-b62d33eb0fac","block_type":"box","text":"Rather, such payments are made by BFA or its affiliates from their own resources, which come directly or indirectly in part from fees paid by","page_number":85,"box":{"x":77,"y":547,"width":894,"height":10}},{"id":"2ea41673-81a2-49fd-881a-7142c31dbbae","block_type":"box","text":"the Funds. Payments of this type are sometimes referred to as revenue-sharing payments. A financial intermediary may make decisions","page_number":85,"box":{"x":76,"y":561,"width":867,"height":11}},{"id":"9f0c1671-4111-49e4-be04-85cab72831e2","block_type":"box","text":"about which investment options it recommends or makes available, or the level of services provided, to its customers based on the payments","page_number":85,"box":{"x":76,"y":575,"width":905,"height":11}},{"id":"fd56f47a-d608-49bc-981b-ae34e78981a4","block_type":"box","text":"or other financial incentives the intermediary is eligible to receive. Therefore, such payments or other financial incentives that are offered or","page_number":85,"box":{"x":76,"y":589,"width":896,"height":11}},{"id":"0096779c-a3b0-4e7c-91f2-fe2f9b785b26","block_type":"box","text":"made to an intermediary create conflicts of interest between the intermediary and its customers and may cause the intermediary to","page_number":85,"box":{"x":76,"y":603,"width":844,"height":11}},{"id":"26dbfe7c-e9a1-4312-96aa-dff2ca709efe","block_type":"box","text":"recommend the Funds over another investment. More information regarding these payments is contained in the applicable SAI.","page_number":85,"box":{"x":77,"y":617,"width":814,"height":11}},{"id":"3842f4a2-96a6-464e-9039-f33df211a927","block_type":"box","text":"Please","page_number":85,"box":{"x":897,"y":618,"width":44,"height":8}},{"id":"8fabeae2-0abe-4737-81a3-f487694eba00","block_type":"box","text":"contact your salesperson or other investment professional for more information regarding any such payments that their firm","page_number":85,"box":{"x":76,"y":632,"width":879,"height":10}},{"id":"30ec22df-e7f5-49c2-a98d-d1279cdab88d","block_type":"box","text":"may receive from BFA or its affiliates.","page_number":85,"box":{"x":76,"y":646,"width":263,"height":11}},{"id":"2d3cd464-d06a-4684-ab7f-c7be03afe2c8","block_type":"box","text":"Financial Highlights","page_number":85,"box":{"x":78,"y":675,"width":191,"height":17}},{"id":"140806db-4c6e-4d29-8f22-2d00843b014b","block_type":"box","text":"The financial highlights table for each Fund is intended to help you understand the Fund’s financial performance for the past five fiscal years","page_number":85,"box":{"x":76,"y":704,"width":895,"height":11}},{"id":"639a045d-c35c-43e5-b124-9ea5c8c34219","block_type":"box","text":"or, if shorter, the period since the Fund’s inception. Certain information reflects financial results for a single Fund share. The total return","page_number":85,"box":{"x":76,"y":718,"width":870,"height":11}},{"id":"ec3614a4-bdd3-4f3d-8a4b-9f98a41daf46","block_type":"box","text":"information represents the rate that an investor would have earned (or lost) on an investment in the Fund, assuming reinvestment of all","page_number":85,"box":{"x":76,"y":732,"width":865,"height":11}},{"id":"c0586ec6-46b6-4b06-ac8b-9dd2c07d2af7","block_type":"box","text":"dividends and distributions. 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