{"annotation_id":"65c528f0-1b3b-427a-b2b8-4ef096b4cfcd","file_hash":"7899383423da97f68a87402bfdea9f88241cefce8fc3ba8fc0c2223950f4a099","schema_id":"open/document-extraction","schema_version":"0.5.0","record":{"extraction_type":"boxes","producer":"pdf-extractor-v0.5.0","blocks":[{"id":"8ee75fed-bfc2-402d-997f-c68d5dc03543","block_type":"box","text":"iShares, Inc. and iShares Trust","page_number":1,"box":{"x":386,"y":69,"width":231,"height":12}},{"id":"8ae0243e-dc7c-4555-ba3d-3c656cbb70bc","block_type":"box","text":"Supplement dated October 15, 2026","page_number":1,"box":{"x":367,"y":92,"width":269,"height":13}},{"id":"fddcefe8-c37e-4157-bddb-3450626900a5","block_type":"box","text":"to the currently effective Prospectus and Statement of Additional Information","page_number":1,"box":{"x":218,"y":108,"width":567,"height":13}},{"id":"f4a47c5d-dc9c-424c-b601-14cad593eeac","block_type":"box","text":"(the “SAI”) for the Funds listed in Appendix A (each, a “Fund”)","page_number":1,"box":{"x":274,"y":123,"width":456,"height":13}},{"id":"94bcaee4-d8ce-4580-87b9-9ab1ba29795f","block_type":"box","text":"Effective October 14, 2026, each Fund was added as a borrower to the syndicated line of credit for which","page_number":1,"box":{"x":117,"y":147,"width":764,"height":12}},{"id":"ab816444-bb78-4b98-b16d-bbcdf0b2e551","block_type":"box","text":"the Bank of New York Mellon serves as administrative agent for itself and the other banks.","page_number":1,"box":{"x":116,"y":162,"width":656,"height":13}},{"id":"2b4d41ac-da62-45d7-816d-29c0c1222abe","block_type":"box","text":"Effective immediately, the following changes are made:","page_number":1,"box":{"x":117,"y":185,"width":404,"height":13}},{"id":"c7d93cd5-6d70-44de-9711-8ed50d3e0553","block_type":"box","text":"1) Each Fund is added to the “Borrowing” section of its Prospectus, and ”Borrowing Risk” is marked as","page_number":1,"box":{"x":118,"y":209,"width":759,"height":12}},{"id":"e5ef0960-c144-4094-8600-ea188ff1290c","block_type":"box","text":"an “Other Risk” for each Fund in the chart included in the “Additional Information About the Funds’","page_number":1,"box":{"x":150,"y":224,"width":726,"height":10}},{"id":"b8ca76ae-a70d-4d31-b3f1-55c5c36c0189","block_type":"box","text":"Risks” section of its Prospectus.","page_number":1,"box":{"x":151,"y":240,"width":233,"height":12}},{"id":"f3a503bf-d754-478d-84b2-10ee9e777dac","block_type":"box","text":"2) As applicable, the following language is either added to the “Borrowing” section of each Fund’s SAI","page_number":1,"box":{"x":117,"y":263,"width":755,"height":13}},{"id":"97e49810-776e-444d-a9d7-bab47aea6651","block_type":"box","text":"or updated to include a reference to the particular Fund:","page_number":1,"box":{"x":150,"y":278,"width":411,"height":13}},{"id":"f13b77de-e206-41ec-8b20-ddcff32e02b4","block_type":"box","text":"The Fund may borrow for temporary or emergency purposes, including to meet payments due from","page_number":1,"box":{"x":149,"y":302,"width":730,"height":12}},{"id":"f64b4058-fda6-430d-98fa-9dfe0c67021f","block_type":"box","text":"redemptions or to facilitate the settlement of securities or other transactions. The Fund, along with","page_number":1,"box":{"x":151,"y":317,"width":719,"height":13}},{"id":"02173de9-47f7-4139-ac28-6de978e15ff1","block_type":"box","text":"certain other iShares funds, has entered into a syndicated line of credit with the Bank of New York","page_number":1,"box":{"x":150,"y":333,"width":713,"height":12}},{"id":"d1e02e36-430c-4ded-8cbe-89764513c47c","block_type":"box","text":"Mellon (“BNY”), which serves as administrative agent for itself and the other banks. The syndicated","page_number":1,"box":{"x":150,"y":348,"width":723,"height":13}},{"id":"9f4fd750-34dc-43dd-b809-5c2ea219b5ff","block_type":"box","text":"line of credit may be used for temporary or emergency purposes, including redemption, settlement","page_number":1,"box":{"x":151,"y":364,"width":720,"height":12}},{"id":"41dbf694-1544-48b2-93f8-b8244dc07087","block_type":"box","text":"of trades and rebalancing of portfolio holdings.","page_number":1,"box":{"x":150,"y":379,"width":345,"height":13}},{"id":"4ab0a8f4-a6ef-4e94-9080-a757ea084375","block_type":"box","text":"Interest rates related to the syndicated line of credit are based on the Secured Overnight Financing","page_number":1,"box":{"x":151,"y":402,"width":717,"height":13}},{"id":"41795415-1330-4a7e-832d-20a79e6cfa15","block_type":"box","text":"Rate (“SOFR”) published by the Federal Reserve Bank of New York plus a spread. Pursuant to the","page_number":1,"box":{"x":151,"y":418,"width":704,"height":13}},{"id":"2e4c1bea-c71c-4b31-b2f7-8e08007c1750","block_type":"box","text":"terms of the credit agreement, if SOFR were to cease being published or representative, it would be","page_number":1,"box":{"x":149,"y":433,"width":723,"height":13}},{"id":"febb4fd5-2b8f-4b63-a3cd-079f3b604bf9","block_type":"box","text":"replaced by a rate based on an alternate benchmark selected by BNY.","page_number":1,"box":{"x":151,"y":449,"width":504,"height":13}},{"id":"dc68fb21-4ac4-462a-b102-8f0f3edba1fa","block_type":"box","text":"Appendix A","page_number":1,"box":{"x":456,"y":472,"width":92,"height":13}},{"id":"282a460f-4bcc-4ca2-980e-57ab4a4f7d73","block_type":"box","text":"iShares Blockchain and Tech ETF","page_number":1,"box":{"x":117,"y":495,"width":242,"height":10}},{"id":"2bc7cf4e-5029-4089-b195-bd224190153a","block_type":"box","text":"iShares China Large-Cap ETF","page_number":1,"box":{"x":117,"y":511,"width":213,"height":13}},{"id":"1b48b958-3c3b-471b-bc25-c1777a67ea70","block_type":"box","text":"iShares Core MSCI Pacific ETF","page_number":1,"box":{"x":117,"y":526,"width":220,"height":10}},{"id":"96593e7e-1007-466a-a567-077a400a9fa5","block_type":"box","text":"iShares Currency Hedged MSCI ACWI ex U.S. ETF","page_number":1,"box":{"x":117,"y":542,"width":359,"height":13}},{"id":"eaca6130-53b3-48c5-bbda-aa807b3678bb","block_type":"box","text":"iShares Global Healthcare ETF","page_number":1,"box":{"x":117,"y":557,"width":221,"height":10}},{"id":"43f7a4c3-3c62-4665-ac35-c2cdf58ea51a","block_type":"box","text":"iShares International Developed Real Estate ETF","page_number":1,"box":{"x":511,"y":495,"width":349,"height":13}},{"id":"8cc88bbd-e8ff-492a-b501-f607186dd014","block_type":"box","text":"iShares MSCI Global Gold Miners ETF","page_number":1,"box":{"x":511,"y":511,"width":273,"height":10}},{"id":"1ba1a34e-1677-468d-b975-e7b5192b471e","block_type":"box","text":"iShares MSCI Global Silver and Metals Miners ETF","page_number":1,"box":{"x":511,"y":526,"width":363,"height":10}},{"id":"a9017305-959f-41e4-9edd-adfc460c11c9","block_type":"box","text":"iShares MSCI Pacific ex Japan ETF","page_number":1,"box":{"x":511,"y":542,"width":246,"height":13}},{"id":"f8b3e45b-c1cb-49cd-92d9-11ccc6c1f483","block_type":"box","text":"iShares Neuroscience and Healthcare ETF","page_number":1,"box":{"x":511,"y":557,"width":304,"height":10}},{"id":"15c01551-7c77-498a-9f2d-b64e213da7bc","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":581,"width":521,"height":12}},{"id":"eb05ea45-001f-498a-86df-04923e907b45","block_type":"box","text":"iShares","page_number":1,"box":{"x":117,"y":869,"width":40,"height":8}},{"id":"ad9cf9c4-d65b-46a4-b66a-05e075f30c49","block_type":"box","text":"®","page_number":1,"box":{"x":158,"y":869,"width":8,"height":5}},{"id":"33440567-81df-428f-83d2-5e17b06d9631","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":"8df7d056-ef4d-479e-8705-464560a2d2d1","block_type":"box","text":"IS-A-LOC-1026","page_number":1,"box":{"x":794,"y":887,"width":89,"height":8}},{"id":"a94b6b6c-96d3-4fbd-b852-405eb53cdfb5","block_type":"box","text":"PLEASE RETAIN THIS SUPPLEMENT","page_number":1,"box":{"x":368,"y":911,"width":265,"height":9}},{"id":"d8cf414f-6d71-4f01-85ab-689dc1f93366","block_type":"box","text":"FOR FUTURE REFERENCE","page_number":1,"box":{"x":407,"y":926,"width":186,"height":10}},{"id":"cb7c5110-11d4-4110-aa8f-742fb43b1549","block_type":"box","text":"[THIS PAGE INTENTIONALLY LEFT BLANK]","page_number":2,"box":{"x":360,"y":333,"width":268,"height":10}},{"id":"78d30005-d50f-43dd-be76-84684b80756f","block_type":"box","text":"[THIS PAGE INTENTIONALLY LEFT BLANK]","page_number":3,"box":{"x":360,"y":333,"width":268,"height":10}},{"id":"4752769d-dd91-4359-8be8-9b4fe0865e49","block_type":"box","text":"[THIS PAGE INTENTIONALLY LEFT BLANK]","page_number":4,"box":{"x":360,"y":333,"width":268,"height":10}},{"id":"01a487db-e412-4b39-a467-6fd861566b60","block_type":"box","text":"iShares Trust","page_number":5,"box":{"x":450,"y":69,"width":103,"height":10}},{"id":"31d2b3a3-05a7-42eb-b808-ce468ff792a0","block_type":"box","text":"Supplement dated October 5, 2026","page_number":5,"box":{"x":367,"y":85,"width":269,"height":12}},{"id":"e3bfebb9-2189-4214-8c32-d38c111e6218","block_type":"box","text":"to the currently effective Summary Prospectus, Prospectus,","page_number":5,"box":{"x":273,"y":100,"width":456,"height":13}},{"id":"73b14cc2-b964-4555-93d3-e643238a3c84","block_type":"box","text":"and Statement of Additional Information (the “SAI”)","page_number":5,"box":{"x":302,"y":116,"width":400,"height":12}},{"id":"b0380446-8d23-4506-8e9b-619b84920f1b","block_type":"box","text":"for the iShares MSCI EAFE Growth ETF (EFG), iShares MSCI EAFE Value ETF (EFV), iShares MSCI USA","page_number":5,"box":{"x":123,"y":131,"width":757,"height":13}},{"id":"57dea592-1386-46a3-82f6-651b801e2528","block_type":"box","text":"Momentum Factor ETF (MTUM), iShares MSCI USA Quality Factor ETF (QUAL) and iShares U.S.","page_number":5,"box":{"x":144,"y":147,"width":716,"height":12}},{"id":"8470df93-c585-40b8-b47d-7203cdc8cae1","block_type":"box","text":"Aerospace & Defense ETF (ITA) (each, a 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The Creation Unit size for each Fund will remain unchanged, as set out below.","page_number":5,"box":{"x":116,"y":201,"width":649,"height":13}},{"id":"637e6a81-82ae-432f-af58-a016f893f325","block_type":"box","text":"Fund Name Ticker","page_number":5,"box":{"x":321,"y":228,"width":350,"height":10}},{"id":"d7ce8bbc-8b28-4a93-bb7c-d43fea5eca7f","block_type":"box","text":"Forward","page_number":5,"box":{"x":692,"y":222,"width":67,"height":10}},{"id":"75dac849-315d-4f68-844c-737f60196dc3","block_type":"box","text":"Split Ratio","page_number":5,"box":{"x":684,"y":235,"width":82,"height":12}},{"id":"522f2120-2127-4755-93c3-c44bf0621c0e","block_type":"box","text":"Shares Per","page_number":5,"box":{"x":786,"y":222,"width":84,"height":10}},{"id":"01ad4109-c3fc-4849-a4b7-7c9552583fd6","block_type":"box","text":"Creation Unit","page_number":5,"box":{"x":776,"y":235,"width":104,"height":9}},{"id":"cdc1119f-d39e-474f-afb8-4f66d91d8287","block_type":"box","text":"iShares MSCI EAFE Growth ETF EFG 3:1 400,000","page_number":5,"box":{"x":123,"y":255,"width":737,"height":12}},{"id":"ac049add-0249-421b-bd9c-bb13a5829f96","block_type":"box","text":"iShares MSCI EAFE Value ETF EFV 2:1 400,000","page_number":5,"box":{"x":123,"y":278,"width":737,"height":12}},{"id":"56704b06-9743-4346-bcda-76d1834498af","block_type":"box","text":"iShares MSCI USA Momentum Factor ETF MTUM 4:1 50,000","page_number":5,"box":{"x":123,"y":302,"width":733,"height":11}},{"id":"c0960a6a-74d3-435d-9e19-7f382793ac6d","block_type":"box","text":"iShares MSCI USA Quality Factor ETF QUAL 4:1 50,000","page_number":5,"box":{"x":123,"y":325,"width":733,"height":13}},{"id":"d44cb38f-84cc-4e9a-a6e4-1950b24db265","block_type":"box","text":"iShares U.S. Aerospace & Defense ETF ITA 3:1 50,000","page_number":5,"box":{"x":123,"y":348,"width":733,"height":13}},{"id":"535d66db-ac01-4f0c-ba49-ad876f46ecee","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":5,"box":{"x":116,"y":379,"width":749,"height":13}},{"id":"b4253e2b-f236-4a38-a265-1f802fbb18c6","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":5,"box":{"x":116,"y":395,"width":758,"height":12}},{"id":"7e9f466f-475f-42f5-9d07-4eaa1d4744d4","block_type":"box","text":"on a split-adjusted basis on November 5, 2026, the ex-date.","page_number":5,"box":{"x":116,"y":410,"width":436,"height":13}},{"id":"b0746770-0865-48d2-a14d-fed3de667145","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":433,"width":521,"height":13}},{"id":"afdf1b87-55f8-4ab1-856f-ce97aede516c","block_type":"box","text":"iShares","page_number":5,"box":{"x":117,"y":869,"width":40,"height":8}},{"id":"b5e5128d-07d9-4f3f-9865-8316e2fa0559","block_type":"box","text":"®","page_number":5,"box":{"x":158,"y":869,"width":8,"height":5}},{"id":"e01e70d2-1b92-4c9e-9d89-a5cec378a7fc","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":"cc4a0a14-173b-4104-903c-4a72503eb8c5","block_type":"box","text":"IS-A-FS-1026","page_number":5,"box":{"x":805,"y":887,"width":78,"height":8}},{"id":"90cbd292-4591-456a-a3b2-1870c1912e8d","block_type":"box","text":"PLEASE RETAIN THIS SUPPLEMENT","page_number":5,"box":{"x":368,"y":911,"width":265,"height":9}},{"id":"f3ca5324-252e-4adb-9f14-832ae1df8cf0","block_type":"box","text":"FOR FUTURE REFERENCE","page_number":5,"box":{"x":407,"y":926,"width":186,"height":10}},{"id":"45699aec-0acb-4de9-9de2-4fc5981e686c","block_type":"box","text":"[THIS PAGE INTENTIONALLY LEFT BLANK]","page_number":6,"box":{"x":390,"y":309,"width":268,"height":11}},{"id":"d468b52d-c77e-404d-9215-93f24ac40ed2","block_type":"box","text":"[THIS PAGE INTENTIONALLY LEFT BLANK]","page_number":7,"box":{"x":390,"y":309,"width":268,"height":11}},{"id":"115eedb3-8729-4955-8334-e1cdd20e5fd0","block_type":"box","text":"[THIS PAGE INTENTIONALLY LEFT BLANK]","page_number":8,"box":{"x":390,"y":309,"width":268,"height":11}},{"id":"03564ce6-8abd-4780-af08-f33028a328d5","block_type":"box","text":"iShares","page_number":9,"box":{"x":423,"y":71,"width":128,"height":24}},{"id":"a3c744e1-b219-4dfc-9819-ee7ed5d6c5b4","block_type":"box","text":"®","page_number":9,"box":{"x":554,"y":70,"width":23,"height":17}},{"id":"c52587af-c889-438b-a9b5-ca990deea1de","block_type":"box","text":"iShares, Inc.","page_number":9,"box":{"x":454,"y":108,"width":95,"height":12}},{"id":"553d9b81-a297-4223-ad5a-29660ebfe616","block_type":"box","text":"iShares Trust","page_number":9,"box":{"x":450,"y":123,"width":103,"height":10}},{"id":"7854c7e1-fa32-4037-9b98-055f5c5443d9","block_type":"box","text":"Supplement dated February 13, 2026 to the","page_number":9,"box":{"x":335,"y":139,"width":333,"height":13}},{"id":"264b6484-b9fe-4cde-806f-3e4f3108d7da","block_type":"box","text":"currently effective Prospectus and Statement of Additional Information (“SAI”)","page_number":9,"box":{"x":199,"y":154,"width":605,"height":13}},{"id":"4133bb38-176a-42f1-8cfe-317396863216","block_type":"box","text":"for each of the funds listed in Appendix A (each, a “Fund”)","page_number":9,"box":{"x":278,"y":170,"width":447,"height":13}},{"id":"276f5e87-778b-4929-b70a-c38d120b46d2","block_type":"box","text":"On or around March 16, 2026, Citibank, N.A. (“Citibank”) will become the administrator, custodian and","page_number":9,"box":{"x":116,"y":193,"width":751,"height":13}},{"id":"4e220f02-2d1e-4b63-9719-aa3404297323","block_type":"box","text":"transfer agent for each Fund. Effective upon this change, the following changes will be made:","page_number":9,"box":{"x":116,"y":209,"width":680,"height":12}},{"id":"4705e783-e2ca-409b-a58e-7df9037e8e4b","block_type":"box","text":"1) In the “Administrator, Custodian and Transfer Agent” table in each Fund’s Prospectus, Citibank","page_number":9,"box":{"x":151,"y":232,"width":726,"height":13}},{"id":"022aa4e9-e854-4363-ba95-df2797a0f389","block_type":"box","text":"is checked for the applicable Fund.","page_number":9,"box":{"x":184,"y":247,"width":255,"height":13}},{"id":"779b7b10-fa8d-42f6-ace6-9575bf7dc7ce","block_type":"box","text":"2) In the “Administrator, Custodian and Transfer Agent” section of each Fund’s SAI, the following","page_number":9,"box":{"x":150,"y":271,"width":725,"height":12}},{"id":"1a347c5c-c6af-4c26-9cae-36fcf5e6b1f8","block_type":"box","text":"language is included to apply to the applicable Fund:","page_number":9,"box":{"x":184,"y":286,"width":385,"height":13}},{"id":"71b5d208-4fd0-4f74-bc56-809194260de6","block_type":"box","text":"Administrator, Custodian and Transfer Agent.","page_number":9,"box":{"x":183,"y":309,"width":353,"height":13}},{"id":"8501db72-cc53-40d0-86b1-5d6e758d7d4e","block_type":"box","text":"Citibank serves as administrator, custodian and","page_number":9,"box":{"x":536,"y":309,"width":348,"height":12}},{"id":"dfd1c48f-d867-4645-a9af-d164bba92f79","block_type":"box","text":"transfer agent for the Funds under the Master Services Agreement (the “Master Services","page_number":9,"box":{"x":183,"y":325,"width":646,"height":13}},{"id":"58631087-f4e1-448b-a77b-977fad50c966","block_type":"box","text":"Agreement”). Citibank’s principal address is 388 Greenwich Street, New York, NY 10013.","page_number":9,"box":{"x":183,"y":340,"width":646,"height":13}},{"id":"ff8c7e77-b6ae-4412-941a-4df91db02dab","block_type":"box","text":"Pursuant to the Master Services Agreement with the Trust, Citibank provides necessary","page_number":9,"box":{"x":184,"y":356,"width":637,"height":13}},{"id":"ba3a529b-0301-4163-8276-7699fb89233f","block_type":"box","text":"administrative, tax and accounting and financial reporting services for the maintenance and","page_number":9,"box":{"x":184,"y":371,"width":669,"height":13}},{"id":"81aa4e64-1b0d-477c-89d8-e3b9483a62ba","block_type":"box","text":"operations of the Trust and each Fund. In addition, Citibank makes available the office space,","page_number":9,"box":{"x":184,"y":387,"width":677,"height":13}},{"id":"322a01e7-ffcc-4a0b-b94d-378d26ba63b1","block_type":"box","text":"equipment, personnel and facilities required to provide such services. Pursuant to the Master","page_number":9,"box":{"x":184,"y":402,"width":676,"height":13}},{"id":"753b11a9-80e0-4903-8c35-0594c12b5ce1","block_type":"box","text":"Services Agreement with the Trust, Citibank maintains, in separate accounts, cash, securities","page_number":9,"box":{"x":184,"y":418,"width":676,"height":13}},{"id":"0f8ef637-f747-4e31-90c3-0037e0f4865a","block_type":"box","text":"and other assets of the Trust and each Fund, keeps all necessary accounts and records and","page_number":9,"box":{"x":184,"y":433,"width":664,"height":13}},{"id":"1ffcb9bb-74ab-43ca-9d8f-c355d6ff6d55","block_type":"box","text":"provides other services. Citibank is required, upon the order of the Trust, to deliver securities","page_number":9,"box":{"x":184,"y":449,"width":673,"height":13}},{"id":"5d2ee3b6-0412-4e9f-9bf1-231c777726dc","block_type":"box","text":"held by Citibank and to make payments for securities purchased by the Trust for each Fund.","page_number":9,"box":{"x":184,"y":464,"width":670,"height":13}},{"id":"46507304-bb94-41b2-9edf-44a5f870ab70","block_type":"box","text":"Citibank is authorized to appoint certain foreign custodians or foreign custody managers for","page_number":9,"box":{"x":184,"y":480,"width":671,"height":13}},{"id":"dcc693e2-5517-4dba-bcfb-3104a2e2fed8","block_type":"box","text":"Fund investments outside the U.S. Pursuant to the Master Services Agreement with the Trust,","page_number":9,"box":{"x":184,"y":495,"width":682,"height":13}},{"id":"56ac5d89-b1f0-406f-880f-b56c61cf1b96","block_type":"box","text":"Citibank acts as a transfer agent for each Fund’s authorized and issued shares of beneficial","page_number":9,"box":{"x":184,"y":511,"width":660,"height":13}},{"id":"441370b4-b145-4d31-820b-84229f533399","block_type":"box","text":"interest, and as dividend disbursing agent of the Trust. As compensation for these services,","page_number":9,"box":{"x":184,"y":526,"width":664,"height":13}},{"id":"f0912c05-cba6-4b86-8614-c7b3ebc514f3","block_type":"box","text":"Citibank receives certain out-of-pocket costs, transaction fees and asset-based fees which are","page_number":9,"box":{"x":184,"y":542,"width":685,"height":13}},{"id":"03ff17dd-3859-457d-bd3a-83dfb05ad310","block_type":"box","text":"accrued daily and paid monthly by BFA. BFA pays the compensation because it has agreed to","page_number":9,"box":{"x":184,"y":557,"width":679,"height":13}},{"id":"52d7e983-463d-4def-80b7-7053069c1a86","block_type":"box","text":"pay these operating expenses under the Investment Advisory Agreement as described therein.","page_number":9,"box":{"x":184,"y":573,"width":687,"height":13}},{"id":"7f920322-8f88-4aeb-b6a5-1714ae24417b","block_type":"box","text":"Prior to March 16, 2026, State Street Bank and Trust Company (“State Street”) served as","page_number":9,"box":{"x":184,"y":596,"width":645,"height":13}},{"id":"945c8b6f-533d-471d-a5c2-3eec7568daf3","block_type":"box","text":"administrator, custodian and transfer agent for each Fund.","page_number":9,"box":{"x":184,"y":612,"width":428,"height":12}},{"id":"4142a6fd-a4f5-43cf-bd17-b94c001842ec","block_type":"box","text":"3) For each Fund, references to “State Street” are replaced with references to “Citibank” in the","page_number":9,"box":{"x":150,"y":635,"width":700,"height":13}},{"id":"b3387929-cbd4-40e6-8dc5-a015234f6ad1","block_type":"box","text":"sections of the SAI entitled “Placement of Creation Orders,” “Acceptance of Orders for Creation","page_number":9,"box":{"x":184,"y":651,"width":695,"height":12}},{"id":"983ec02a-b1dc-48c8-9c1c-77a714ffa132","block_type":"box","text":"Units” and “Placement of Redemption Orders.”","page_number":9,"box":{"x":184,"y":666,"width":339,"height":13}},{"id":"f6b2c452-0b08-4948-91d1-55ca0c89648d","block_type":"box","text":"4) For each Fund, the section of the SAI entitled “Costs Associated with Creation Transactions” is","page_number":9,"box":{"x":150,"y":689,"width":717,"height":13}},{"id":"582b38c1-8b33-4f33-92ec-ed1d8237a62b","block_type":"box","text":"deleted in its entirety and replaced with the following, although each SAI will include a","page_number":9,"box":{"x":184,"y":705,"width":623,"height":12}},{"id":"09ef36f4-06b2-4a62-b976-9daa76614aab","block_type":"box","text":"“Standard Creation Transaction Fee” table only for applicable Funds","page_number":9,"box":{"x":184,"y":720,"width":491,"height":13}},{"id":"769b05d4-8933-4b41-84ba-d4e683406f1f","block_type":"box","text":":","page_number":9,"box":{"x":677,"y":724,"width":2,"height":6}},{"id":"c8fbe67c-adf3-4e24-bd51-d14bfc2a814f","block_type":"box","text":"Costs Associated with Creation Transactions.","page_number":9,"box":{"x":184,"y":744,"width":342,"height":10}},{"id":"5c741fef-8f40-4b8f-9ba3-ff44ddf5b201","block_type":"box","text":"A standard creation transaction fee is imposed to offset the transfer and other transaction costs","page_number":9,"box":{"x":183,"y":767,"width":695,"height":12}},{"id":"05075117-6cf9-4899-befa-867ace1d107c","block_type":"box","text":"associated with the issuance of Creation Units. Under an ETF Services Agreement, the Funds","page_number":9,"box":{"x":184,"y":782,"width":668,"height":13}},{"id":"5cffa821-e0b1-4d38-91a6-12bafd6322aa","block_type":"box","text":"have retained BRIL, an affiliate of BFA, to perform the ETF Services. BRIL will receive from an","page_number":9,"box":{"x":184,"y":798,"width":664,"height":12}},{"id":"d7d19961-9cdf-41c2-8401-36abacaf8561","block_type":"box","text":"Authorized Participant a standard transaction fee on each creation order, which consists of (1) a","page_number":9,"box":{"x":183,"y":813,"width":698,"height":13}},{"id":"9c81d9a6-5280-49ff-9fa6-fce886cefa35","block_type":"box","text":"fee for providing the ETF Services (the “ETF Servicing Fee”) and (2) transfer, processing and","page_number":9,"box":{"x":183,"y":829,"width":670,"height":12}},{"id":"1b45d394-0363-40c7-97e3-c3e5c2c02d07","block_type":"box","text":"other transaction costs charged by a Fund custodian in connection with the issuance of","page_number":9,"box":{"x":184,"y":844,"width":639,"height":13}},{"id":"2182c46c-2d09-48eb-8bc7-770839f39233","block_type":"box","text":"Creation Units for such creation order (“Custody Transaction Costs”). BRIL is entitled to retain","page_number":9,"box":{"x":184,"y":860,"width":684,"height":12}},{"id":"90a7811f-0e0d-4ae3-995a-b40bb56c758f","block_type":"box","text":"the ETF Servicing Fee pursuant to the ETF Services Agreement, but BRIL will reimburse any","page_number":9,"box":{"x":183,"y":875,"width":662,"height":13}},{"id":"14fad791-7778-4b6f-8a2a-e68aadcf7cdc","block_type":"box","text":"Custody Transaction Costs to the applicable Fund custodian according to the amounts invoiced","page_number":9,"box":{"x":184,"y":891,"width":698,"height":12}},{"id":"9e57e160-f75c-4ba5-8d4c-33eeb33f3f2b","block_type":"box","text":"by such custodian.","page_number":9,"box":{"x":184,"y":906,"width":139,"height":13}},{"id":"6d38bd98-6482-41df-8aa6-fb89ab33509d","block_type":"box","text":"The ETF Servicing Fee is a flat fee per order regardless of the number of Creation Units being","page_number":10,"box":{"x":183,"y":69,"width":674,"height":13}},{"id":"5e7ea684-e28e-4da3-8541-f20428210bba","block_type":"box","text":"purchased, which amount will vary among different Funds based on a number of factors,","page_number":10,"box":{"x":184,"y":85,"width":649,"height":12}},{"id":"ec7eaa65-cc3d-4a9f-a1cd-90b24e97f2dd","block_type":"box","text":"including the complexity of the order and the types of securities or instruments included in a","page_number":10,"box":{"x":184,"y":100,"width":674,"height":13}},{"id":"d74ed0f0-97f6-4e44-b126-2bb51127ac88","block_type":"box","text":"Fund’s Creation Basket, among other variables. The ETF Servicing Fee may be equal to zero in","page_number":10,"box":{"x":184,"y":116,"width":681,"height":12}},{"id":"b603f3d8-5057-4b96-bfd7-ffb4da94cb4a","block_type":"box","text":"certain instances, such as for creation transactions that consist solely of cash. The actual","page_number":10,"box":{"x":184,"y":131,"width":648,"height":13}},{"id":"d1b97d5d-bb5e-4d3d-a8aa-9a4f7de69f4d","block_type":"box","text":"Custody Transaction Costs vary per order based on the number of trades, underlying markets","page_number":10,"box":{"x":184,"y":147,"width":682,"height":12}},{"id":"bfa0a0fd-5d21-4af0-ba83-be16a42ee5f6","block_type":"box","text":"and settlement locations associated with the issuance of a Creation Unit. The following table","page_number":10,"box":{"x":184,"y":162,"width":675,"height":13}},{"id":"8297ccb8-b041-4457-9182-0d97a7c4e6fb","block_type":"box","text":"sets forth, for each Fund, an estimate of the creation transaction fee for a Creation Unit based","page_number":10,"box":{"x":184,"y":178,"width":682,"height":11}},{"id":"9db7c459-482c-42fb-a8da-daf2421ff62a","block_type":"box","text":"on data as of February 2, 2026. The actual fee charged to an Authorized Participant in","page_number":10,"box":{"x":184,"y":193,"width":625,"height":13}},{"id":"6410000d-bc7b-41ae-8277-3c459ac640d3","block_type":"box","text":"connection with a creation order will vary over time depending on the factors discussed above,","page_number":10,"box":{"x":184,"y":209,"width":692,"height":12}},{"id":"c41d4b35-ada4-4f74-919a-58011fe5f2e6","block_type":"box","text":"and may be higher than the fee set forth below.","page_number":10,"box":{"x":184,"y":224,"width":348,"height":13}},{"id":"3c35adad-b679-4d9d-a8af-9c315a5f42ab","block_type":"box","text":"In order to defray transaction expenses for a Fund and protect against possible shareholder","page_number":10,"box":{"x":184,"y":247,"width":666,"height":13}},{"id":"2562bba7-5a6c-4921-a57d-af177fe71590","block_type":"box","text":"dilution, if a creation transaction consists solely or partially of cash, the Authorized Participant","page_number":10,"box":{"x":184,"y":263,"width":684,"height":13}},{"id":"1fae0df5-45e6-433c-ad72-4791bd5f53c6","block_type":"box","text":"may also be required to cover (up to the maximum amount shown below) certain brokerage,","page_number":10,"box":{"x":184,"y":278,"width":678,"height":13}},{"id":"b2357609-20e4-49aa-98a4-cfdb8ffb28f2","block_type":"box","text":"tax, foreign exchange, execution and other costs and expenses related to the execution of","page_number":10,"box":{"x":183,"y":294,"width":656,"height":13}},{"id":"5d00070a-9a5c-4aed-b68d-adcb0483afe4","block_type":"box","text":"trades resulting from such transaction (which may, in certain instances, be based on a good","page_number":10,"box":{"x":183,"y":309,"width":672,"height":13}},{"id":"dec6330b-e7f7-41cd-8e62-3c8124f544a9","block_type":"box","text":"faith estimate of transaction costs based on historical data or other inputs, at BlackRock’s","page_number":10,"box":{"x":183,"y":325,"width":654,"height":13}},{"id":"c453bdfe-821b-4a1e-ad37-f7bbe674997c","block_type":"box","text":"discretion, and may include part or all of the spread between the expected bid and offer side of","page_number":10,"box":{"x":184,"y":340,"width":691,"height":13}},{"id":"0a777988-06ac-42e6-8e70-4a4b239b460c","block_type":"box","text":"the market and anticipated market impact). However, a Fund is not obligated to trade identical","page_number":10,"box":{"x":183,"y":356,"width":691,"height":13}},{"id":"ca9dc2d7-cf32-44bb-832d-a9504e24db50","block_type":"box","text":"securities to the securities identified by BlackRock in estimating these transaction and other","page_number":10,"box":{"x":184,"y":371,"width":668,"height":13}},{"id":"78f27bfb-8372-45b3-a1d9-86aaf877ea39","block_type":"box","text":"costs and expenses. In certain cases, BlackRock or an affiliate may determine in its discretion to","page_number":10,"box":{"x":184,"y":387,"width":695,"height":13}},{"id":"74114ac1-8acc-4ce6-9c85-51a72baeead2","block_type":"box","text":"deviate from the regular charge, subject to the maximum amounts shown below.","page_number":10,"box":{"x":184,"y":402,"width":593,"height":13}},{"id":"4d0fee12-8f36-498c-8f86-4752bd28b57f","block_type":"box","text":"Authorized Participants will also bear the costs of transferring the Deposit Securities to the","page_number":10,"box":{"x":183,"y":426,"width":661,"height":12}},{"id":"4b9aa2e6-b40d-490c-90c2-4de1635a81e6","block_type":"box","text":"Funds. Certain fees/costs associated with creation transactions may be waived in certain","page_number":10,"box":{"x":184,"y":441,"width":649,"height":13}},{"id":"326fc56b-22af-4d0e-882b-b059401fc759","block_type":"box","text":"circumstances. Investors who use the services of a broker or other financial intermediary to","page_number":10,"box":{"x":184,"y":457,"width":666,"height":12}},{"id":"6c381f0e-9188-42cf-a96c-8a3df66f357f","block_type":"box","text":"acquire Fund shares may be charged a fee for such services.","page_number":10,"box":{"x":184,"y":472,"width":439,"height":13}},{"id":"e63a8ec6-d1c4-4f2d-88ce-f73c89e1ccfa","block_type":"box","text":"The following table sets forth each Fund’s estimated creation transaction fee based on data as","page_number":10,"box":{"x":183,"y":495,"width":688,"height":13}},{"id":"aadccc68-14c2-4588-b8aa-8d2956a10a1c","block_type":"box","text":"of February 2, 2026 and maximum additional charge (as described above):","page_number":10,"box":{"x":184,"y":511,"width":545,"height":13}},{"id":"8877a3ee-6cc8-48b7-9003-d3d144eaadc1","block_type":"box","text":"Fund","page_number":10,"box":{"x":184,"y":541,"width":29,"height":8}},{"id":"33a8cf01-4438-41c4-b997-023990dcc307","block_type":"box","text":"Standard Creation","page_number":10,"box":{"x":608,"y":531,"width":109,"height":8}},{"id":"e29f765c-b3f7-4e1c-94f1-9eaadd18dbe9","block_type":"box","text":"Transaction Fee","page_number":10,"box":{"x":614,"y":542,"width":97,"height":7}},{"id":"72687441-da00-4ae7-bce4-b98a7f4cb9a0","block_type":"box","text":"Maximum Additional","page_number":10,"box":{"x":756,"y":531,"width":127,"height":8}},{"id":"dce80234-64bc-4882-959a-27c226dbfb7c","block_type":"box","text":"Charge*","page_number":10,"box":{"x":794,"y":541,"width":51,"height":11}},{"id":"175d1ad9-3c04-4418-b527-1f762768e808","block_type":"box","text":"iShares Core MSCI Pacific ETF $4,700 7.0%","page_number":10,"box":{"x":184,"y":564,"width":668,"height":12}},{"id":"857ebaa8-83c8-4bb7-8f09-8450597e4b8e","block_type":"box","text":"iShares ESG Advanced MSCI EAFE ETF $1,950 3.0%","page_number":10,"box":{"x":184,"y":583,"width":668,"height":12}},{"id":"da643e38-b85d-4699-a096-6ffcbc282d68","block_type":"box","text":"iShares ESG Advanced MSCI EM ETF $6,720 7.0%","page_number":10,"box":{"x":184,"y":603,"width":668,"height":11}},{"id":"05eb8f1b-1435-44a5-95e3-c07dcab03393","block_type":"box","text":"iShares ESG Aware MSCI EAFE ETF $1,970 3.0%","page_number":10,"box":{"x":184,"y":622,"width":668,"height":12}},{"id":"459258de-e37c-4a12-a8aa-f453320cb1af","block_type":"box","text":"iShares ESG Aware MSCI EM ETF $3,600 3.0%","page_number":10,"box":{"x":184,"y":641,"width":668,"height":12}},{"id":"587a03c2-5409-440f-8c5d-c463bd2a6ff9","block_type":"box","text":"iShares ESG MSCI EM Leaders ETF $5,540 7.0%","page_number":10,"box":{"x":184,"y":661,"width":663,"height":11}},{"id":"00531049-89b0-47a8-ad86-994be7ef5975","block_type":"box","text":"iShares JPX-Nikkei 400 ETF $1,270 3.0%","page_number":10,"box":{"x":184,"y":680,"width":663,"height":12}},{"id":"d9432249-e7da-49da-a356-aed0e40242a9","block_type":"box","text":"iShares Low Carbon Optimized MSCI ACWI ETF $6,160 7.0%","page_number":10,"box":{"x":184,"y":700,"width":663,"height":12}},{"id":"53ba9e1b-9e92-4b70-960c-ca80830f6cc9","block_type":"box","text":"iShares MSCI ACWI ETF $14,710 7.0%","page_number":10,"box":{"x":184,"y":719,"width":663,"height":12}},{"id":"d5b10efe-7fca-43a7-b725-b950161a9171","block_type":"box","text":"iShares MSCI ACWI ex U.S. ETF $14,320 7.0%","page_number":10,"box":{"x":184,"y":738,"width":663,"height":12}},{"id":"12555bfc-6dea-4751-8c30-401e305c2314","block_type":"box","text":"iShares MSCI Agriculture Producers ETF $1,640 7.0%","page_number":10,"box":{"x":184,"y":758,"width":663,"height":12}},{"id":"9df2f2c5-fbb1-4415-99a4-a46d423e0a08","block_type":"box","text":"iShares MSCI Belgium ETF $450 3.0%","page_number":10,"box":{"x":184,"y":777,"width":663,"height":13}},{"id":"a7ef01b9-55ee-432f-a0c9-5834c9fa442c","block_type":"box","text":"iShares MSCI BIC ETF $8,630 7.0%","page_number":10,"box":{"x":184,"y":797,"width":663,"height":11}},{"id":"e38bc27c-30b5-4214-bef7-21a8651332ab","block_type":"box","text":"iShares MSCI Brazil ETF $860 7.0%","page_number":10,"box":{"x":184,"y":816,"width":663,"height":11}},{"id":"728d8c52-1056-4bb2-8773-7076ca7f8344","block_type":"box","text":"iShares MSCI Brazil Small-Cap ETF $1,020 3.0%","page_number":10,"box":{"x":184,"y":835,"width":668,"height":13}},{"id":"87f52d01-6ac4-427a-aa1f-ebdf4da6de72","block_type":"box","text":"iShares MSCI Canada ETF $630 3.0%","page_number":10,"box":{"x":184,"y":855,"width":668,"height":10}},{"id":"0ba090a1-7adf-4c7d-bf70-b2cc367977b3","block_type":"box","text":"iShares MSCI Chile ETF $960 3.0%","page_number":10,"box":{"x":184,"y":874,"width":668,"height":11}},{"id":"55cb5612-5a9b-481a-97bb-84ba8173384f","block_type":"box","text":"iShares MSCI China A ETF $7,080 7.0%","page_number":10,"box":{"x":184,"y":893,"width":668,"height":12}},{"id":"74583e95-21e7-49b9-abdb-71b06a214015","block_type":"box","text":"iShares MSCI China ETF $9,190 7.0%","page_number":10,"box":{"x":184,"y":913,"width":663,"height":11}},{"id":"2d8e49ba-3526-461f-803d-4bb87d14f234","block_type":"box","text":"Fund","page_number":11,"box":{"x":184,"y":76,"width":29,"height":8}},{"id":"8c635206-9862-443f-a3f0-3f2a5336b7a8","block_type":"box","text":"Standard Creation","page_number":11,"box":{"x":608,"y":66,"width":109,"height":8}},{"id":"7a40bc0b-8886-4b44-888b-75f71595500b","block_type":"box","text":"Transaction 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MSCI EAFE Small-Cap ETF $8,440 7.0%","page_number":11,"box":{"x":184,"y":157,"width":668,"height":13}},{"id":"06231c45-dd6b-4f43-850c-daa7a09322cd","block_type":"box","text":"iShares MSCI Emerging Markets Asia ETF $10,090 7.0%","page_number":11,"box":{"x":184,"y":176,"width":668,"height":13}},{"id":"29866f80-b25c-4586-9ef5-8924537d4516","block_type":"box","text":"iShares MSCI Emerging Markets Min Vol Factor ETF $5,150 7.0%","page_number":11,"box":{"x":184,"y":196,"width":668,"height":12}},{"id":"03c4c3c8-fc5d-49dc-90eb-b02c2a2cfae4","block_type":"box","text":"iShares MSCI Emerging Markets Quality Factor ETF $3,970 7.0%","page_number":11,"box":{"x":184,"y":215,"width":668,"height":13}},{"id":"8382bf8b-8cab-4cc2-b9c0-c3d39d2d0823","block_type":"box","text":"iShares MSCI Emerging Markets Small-Cap ETF $14,990 7.0%","page_number":11,"box":{"x":184,"y":235,"width":668,"height":12}},{"id":"a4495365-e82d-4fe8-ac17-921c92c3a0f6","block_type":"box","text":"iShares MSCI Emerging Markets Value Factor ETF $3,500 7.0%","page_number":11,"box":{"x":184,"y":254,"width":668,"height":13}},{"id":"2695f6c7-d41b-4518-a40c-fb3a4adad3ef","block_type":"box","text":"iShares MSCI France ETF $500 3.0%","page_number":11,"box":{"x":184,"y":273,"width":668,"height":11}},{"id":"1da9388e-0760-46ac-a7c2-65f13ca7187d","block_type":"box","text":"iShares MSCI Germany ETF $460 3.0%","page_number":11,"box":{"x":184,"y":293,"width":668,"height":12}},{"id":"c2956efb-ecb8-41a7-8601-df747b9ffb17","block_type":"box","text":"iShares MSCI Global Gold Miners ETF $820 7.0%","page_number":11,"box":{"x":184,"y":312,"width":668,"height":11}},{"id":"3049e1c0-831d-49bb-902a-e9445a715d76","block_type":"box","text":"iShares MSCI Global Min Vol Factor ETF $3,220 7.0%","page_number":11,"box":{"x":184,"y":331,"width":668,"height":12}},{"id":"752d09d5-7f51-4e85-aaeb-c0f680bef719","block_type":"box","text":"iShares MSCI Global Quality Factor ETF $2,500 7.0%","page_number":11,"box":{"x":184,"y":351,"width":668,"height":12}},{"id":"9144ed00-b8e4-422c-83ec-95ea423dfe4b","block_type":"box","text":"iShares MSCI Global Silver and Metals Miners ETF $430 7.0%","page_number":11,"box":{"x":184,"y":370,"width":668,"height":11}},{"id":"c18cb014-174f-4a3e-8e3c-0132cadd43db","block_type":"box","text":"iShares MSCI Global Sustainable Development Goals","page_number":11,"box":{"x":184,"y":390,"width":384,"height":12}},{"id":"454e4054-065f-4e5e-bca1-0aac384888e2","block_type":"box","text":"ETF $1,420 7.0%","page_number":11,"box":{"x":201,"y":405,"width":651,"height":12}},{"id":"a8608f12-ccd2-464e-ba08-21f19df7d030","block_type":"box","text":"iShares MSCI Hong Kong ETF $430 7.0%","page_number":11,"box":{"x":184,"y":424,"width":668,"height":13}},{"id":"3e976f25-027b-4eaf-ab57-1db490e81501","block_type":"box","text":"iShares MSCI India ETF $1,230 3.0%","page_number":11,"box":{"x":184,"y":444,"width":668,"height":11}},{"id":"7c4c406f-ae6e-4f05-beb6-d21ae3c28282","block_type":"box","text":"iShares MSCI India Small-Cap ETF $2,700 3.0%","page_number":11,"box":{"x":184,"y":463,"width":668,"height":13}},{"id":"210fbb1a-d846-4f9d-8170-8da8e98a82fe","block_type":"box","text":"iShares MSCI Indonesia ETF $1,070 3.0%","page_number":11,"box":{"x":184,"y":483,"width":668,"height":11}},{"id":"c9b22b25-72b3-4b3b-9477-719afab7ab2b","block_type":"box","text":"iShares MSCI Intl Momentum Factor ETF $1,500 7.0%","page_number":11,"box":{"x":184,"y":502,"width":668,"height":12}},{"id":"4068d241-3903-4b65-b49f-db86bc1d93d8","block_type":"box","text":"iShares MSCI Intl Quality Factor ETF $1,350 7.0%","page_number":11,"box":{"x":184,"y":521,"width":668,"height":13}},{"id":"083cb2ee-8e06-4695-9a5e-9e46a976f6c7","block_type":"box","text":"iShares MSCI Intl Value Factor ETF $1,570 7.0%","page_number":11,"box":{"x":184,"y":541,"width":668,"height":11}},{"id":"c0372dd4-02f1-4b20-a519-b07fd8c6eea8","block_type":"box","text":"iShares MSCI Japan Small-Cap ETF $2,590 3.0%","page_number":11,"box":{"x":184,"y":560,"width":668,"height":13}},{"id":"65e09d14-249f-455d-a458-1b3c5e457a90","block_type":"box","text":"iShares MSCI Japan Value ETF $580 3.0%","page_number":11,"box":{"x":184,"y":579,"width":668,"height":13}},{"id":"615bb484-64ba-4a3e-bc45-a2ddba0328b7","block_type":"box","text":"iShares MSCI Kokusai ETF $4,020 7.0%","page_number":11,"box":{"x":184,"y":599,"width":668,"height":11}},{"id":"1e54b630-d9f5-4c5c-9584-9f7bd5bb242b","block_type":"box","text":"iShares MSCI Kuwait ETF $2,040 7.0%","page_number":11,"box":{"x":184,"y":618,"width":668,"height":12}},{"id":"79221c36-e492-4b51-8cc8-02ec1638d7e1","block_type":"box","text":"iShares MSCI Malaysia ETF $900 3.0%","page_number":11,"box":{"x":184,"y":638,"width":668,"height":12}},{"id":"bb7063b4-d87a-4454-8028-db3e193e03aa","block_type":"box","text":"iShares MSCI New Zealand ETF $500 3.0%","page_number":11,"box":{"x":184,"y":657,"width":668,"height":11}},{"id":"a36ea18e-4156-4441-a779-6283e8f85433","block_type":"box","text":"iShares MSCI Norway ETF $770 3.0%","page_number":11,"box":{"x":184,"y":676,"width":663,"height":13}},{"id":"133bfa25-c35b-42b0-9aeb-63cde25174c7","block_type":"box","text":"iShares MSCI Pacific ex Japan ETF $820 7.0%","page_number":11,"box":{"x":184,"y":696,"width":663,"height":12}},{"id":"a5be6dbf-70a9-4091-8725-a3498a4fe164","block_type":"box","text":"iShares MSCI Peru and Global Exposure ETF $1,020 3.0%","page_number":11,"box":{"x":184,"y":715,"width":663,"height":13}},{"id":"0bca4226-2666-4987-93fa-9868ec386c29","block_type":"box","text":"iShares MSCI Philippines ETF $800 3.0%","page_number":11,"box":{"x":184,"y":734,"width":663,"height":13}},{"id":"3fac27fa-cfa9-4821-8d43-37d5c1b3f5c9","block_type":"box","text":"iShares MSCI Poland ETF $530 3.0%","page_number":11,"box":{"x":184,"y":754,"width":663,"height":11}},{"id":"9dc185b7-2294-4f7c-90bf-1105b81bc556","block_type":"box","text":"iShares MSCI Qatar ETF $2,250 3.0%","page_number":11,"box":{"x":184,"y":773,"width":663,"height":12}},{"id":"b683b523-6395-4310-8204-b9da01524406","block_type":"box","text":"iShares MSCI Singapore ETF $480 3.0%","page_number":11,"box":{"x":184,"y":793,"width":663,"height":12}},{"id":"e74c0968-a570-42db-b405-a646631276b0","block_type":"box","text":"iShares MSCI South Africa ETF $550 3.0%","page_number":11,"box":{"x":184,"y":812,"width":663,"height":11}},{"id":"2f10777e-1499-4010-a9cf-01829abea612","block_type":"box","text":"iShares MSCI South Korea ETF $850 3.0%","page_number":11,"box":{"x":184,"y":831,"width":668,"height":11}},{"id":"13dd22d2-6794-4ad6-8d56-9b8e0526f418","block_type":"box","text":"iShares MSCI Spain ETF $360 3.0%","page_number":11,"box":{"x":184,"y":851,"width":668,"height":12}},{"id":"d44c30b0-38f0-4063-8b13-3fc457015061","block_type":"box","text":"iShares MSCI Sweden ETF $480 3.0%","page_number":11,"box":{"x":184,"y":870,"width":668,"height":11}},{"id":"007ebe90-8c0f-43bc-a3cc-e5e8ef5ab5aa","block_type":"box","text":"iShares MSCI Thailand ETF $1,200 3.0%","page_number":11,"box":{"x":184,"y":890,"width":668,"height":11}},{"id":"daefbc07-20a7-476d-9340-521536c9eca1","block_type":"box","text":"iShares MSCI United Kingdom ETF $420 3.0%","page_number":11,"box":{"x":184,"y":909,"width":663,"height":13}},{"id":"ad37afa7-4bc9-41aa-916b-d7784f545a09","block_type":"box","text":"Fund","page_number":12,"box":{"x":184,"y":76,"width":29,"height":8}},{"id":"a2943911-18ac-46c5-a01a-ac6ed0d3f793","block_type":"box","text":"Standard Creation","page_number":12,"box":{"x":608,"y":66,"width":109,"height":8}},{"id":"3278cfa5-09a6-49a2-a5ad-fe733fcc6050","block_type":"box","text":"Transaction Fee","page_number":12,"box":{"x":614,"y":77,"width":97,"height":7}},{"id":"8ff38bb6-4e81-453d-b47f-6568944adb68","block_type":"box","text":"Maximum Additional","page_number":12,"box":{"x":756,"y":66,"width":127,"height":8}},{"id":"2473f3a9-436c-43cd-ad9f-7dec61cc836f","block_type":"box","text":"Charge*","page_number":12,"box":{"x":794,"y":76,"width":51,"height":10}},{"id":"e4ae6195-870b-4421-80b4-f96e6aaa5b22","block_type":"box","text":"iShares MSCI World ETF $4,480 7.0%","page_number":12,"box":{"x":184,"y":99,"width":668,"height":11}},{"id":"dae290e2-f097-4984-92a2-dddb784a9159","block_type":"box","text":"iShares MSCI World Small-Cap ETF $10,090 7.0%","page_number":12,"box":{"x":184,"y":118,"width":668,"height":13}},{"id":"6baa4b96-441e-47f2-a7ed-b2b608328934","block_type":"box","text":"iShares Paris-Aligned Climate Optimized MSCI World ex","page_number":12,"box":{"x":184,"y":138,"width":408,"height":12}},{"id":"50a94506-56a5-47dc-b9e3-1c2984bbba56","block_type":"box","text":"USA ETF $2,140 3.0%","page_number":12,"box":{"x":201,"y":153,"width":651,"height":12}},{"id":"a05e8e13-0d4f-4716-a11d-1e83320e865c","block_type":"box","text":"iShares U.S. Power Infrastructure ETF $240 3.0%","page_number":12,"box":{"x":184,"y":172,"width":668,"height":11}},{"id":"e57ada1c-bee4-4e51-bbf3-07f474c1027d","block_type":"box","text":"* As a percentage of the net asset value per Creation Unit.","page_number":12,"box":{"x":184,"y":201,"width":445,"height":13}},{"id":"e89ed29f-c831-415d-b965-91ef3fb883cb","block_type":"box","text":"5) For each Fund, the section of the SAI entitled “Costs Associated with Redemption Transactions”","page_number":12,"box":{"x":150,"y":224,"width":734,"height":13}},{"id":"7888c10f-8884-4dd5-a283-831ab0eeaba4","block_type":"box","text":"is deleted in its entirety and replaced with the following, although each SAI will include a","page_number":12,"box":{"x":184,"y":240,"width":644,"height":12}},{"id":"64947c1c-824d-4893-bd28-5630d01d8729","block_type":"box","text":"“Standard Redemption Transaction Fee” table only for applicable Funds","page_number":12,"box":{"x":184,"y":255,"width":519,"height":13}},{"id":"caedc030-fcf9-4ef5-af12-2ae2af7cac16","block_type":"box","text":":","page_number":12,"box":{"x":704,"y":259,"width":7,"height":6}},{"id":"638b5d1d-31f4-49ee-90dc-43609775abe3","block_type":"box","text":"Costs Associated with Redemption Transactions.","page_number":12,"box":{"x":184,"y":278,"width":374,"height":13}},{"id":"65f67230-0ad3-4c09-b9f3-fe2aa6722e0a","block_type":"box","text":"A standard redemption transaction fee is imposed to offset transfer and other transaction costs","page_number":12,"box":{"x":183,"y":302,"width":697,"height":12}},{"id":"d3cb3e46-764c-4fbb-bd7b-4df28b64cd93","block_type":"box","text":"that may be incurred by the relevant Fund. As described above, under an ETF Services","page_number":12,"box":{"x":183,"y":317,"width":626,"height":13}},{"id":"9561346e-31af-41c9-be8f-65cdc61274a6","block_type":"box","text":"Agreement, the Funds have retained BRIL, an affiliate of BFA, to perform certain ETF Services.","page_number":12,"box":{"x":183,"y":333,"width":680,"height":12}},{"id":"ea97cdb8-605d-4fe8-bb3c-058256447db5","block_type":"box","text":"BRIL will receive from an Authorized Participant a standard transaction fee on each redemption","page_number":12,"box":{"x":184,"y":348,"width":694,"height":13}},{"id":"a725f167-298d-4996-b68c-64f8a97b4637","block_type":"box","text":"order, which consists of (1) the ETF Servicing Fee and (2) Custody Transaction Costs. BRIL is","page_number":12,"box":{"x":184,"y":364,"width":675,"height":12}},{"id":"d445b2d5-dc9a-4eb6-a1cc-da48b965a5dc","block_type":"box","text":"entitled to retain the ETF Servicing Fee pursuant to the ETF Services Agreement, but BRIL will","page_number":12,"box":{"x":184,"y":379,"width":677,"height":13}},{"id":"32d8443a-9fcd-4ffc-9124-b8961f1e78a0","block_type":"box","text":"reimburse any Custody Transaction Costs to the applicable Fund custodian according to the","page_number":12,"box":{"x":184,"y":395,"width":672,"height":12}},{"id":"0c9bd435-43e1-4ab6-aebc-7cf3b27c0488","block_type":"box","text":"amounts invoiced by such custodian.","page_number":12,"box":{"x":184,"y":410,"width":273,"height":13}},{"id":"957a6a9a-5187-463b-9a55-55599f719566","block_type":"box","text":"The ETF Servicing Fee is a flat fee per order regardless of the number of Creation Units being","page_number":12,"box":{"x":183,"y":433,"width":674,"height":13}},{"id":"acd1b261-456e-4125-bfd1-8d69b5133dfe","block_type":"box","text":"redeemed, which amount will vary among different Funds based on a number of factors,","page_number":12,"box":{"x":184,"y":449,"width":646,"height":13}},{"id":"275b6d8e-d6fc-4a21-a2e6-edf513bccaad","block_type":"box","text":"including the complexity of the order and the types of securities or instruments included in a","page_number":12,"box":{"x":184,"y":464,"width":674,"height":13}},{"id":"a0c2b4e0-443c-4c68-8764-fa13f64870a5","block_type":"box","text":"Fund’s Redemption Basket, among other variables. The ETF Servicing Fee may be equal to zero","page_number":12,"box":{"x":184,"y":480,"width":690,"height":13}},{"id":"2fc86359-c29e-4c55-84e9-77217183f119","block_type":"box","text":"in certain instances, such as for redemption transactions that consist solely of cash. The actual","page_number":12,"box":{"x":184,"y":495,"width":690,"height":13}},{"id":"fc8d2836-84d9-4ea2-b471-6802033371bf","block_type":"box","text":"Custody Transaction Costs vary per order based on the number of trades, underlying markets,","page_number":12,"box":{"x":184,"y":511,"width":686,"height":13}},{"id":"f67e9ee8-5051-4eda-ae82-954260e3acb4","block_type":"box","text":"and settlement locations associated with the redemption of a Creation Unit. The following table","page_number":12,"box":{"x":184,"y":526,"width":696,"height":13}},{"id":"b5081b3a-2546-4784-80d0-3ef0bd9f4f7a","block_type":"box","text":"sets forth, for each Fund, an estimate of the redemption transaction fee for a Creation Unit","page_number":12,"box":{"x":184,"y":542,"width":660,"height":13}},{"id":"b0275216-662e-4e0f-8040-3cbc645aab96","block_type":"box","text":"based on data as of February 2, 2026. The actual fee charged to an Authorized Participant in","page_number":12,"box":{"x":184,"y":557,"width":672,"height":13}},{"id":"8e2bc21d-6ea9-4ae6-9412-8d244676bb61","block_type":"box","text":"connection with a redemption order will vary over time depending on the factors discussed","page_number":12,"box":{"x":184,"y":573,"width":665,"height":13}},{"id":"df9f7dc3-6d07-4623-af4a-677b5a1f1590","block_type":"box","text":"above, and may be higher than the fee set forth below.","page_number":12,"box":{"x":184,"y":589,"width":400,"height":12}},{"id":"95479b7a-7782-4846-8e8b-d1d075165dbb","block_type":"box","text":"In order to defray transaction expenses for a Fund and protect against possible shareholder","page_number":12,"box":{"x":184,"y":612,"width":666,"height":12}},{"id":"074c5cc2-cac2-48b2-be7b-58b89af8e287","block_type":"box","text":"dilution, if a redemption transaction consists solely or partially of cash, the Authorized","page_number":12,"box":{"x":184,"y":627,"width":626,"height":13}},{"id":"edc99122-157a-4d18-bf72-42a9ce15a651","block_type":"box","text":"Participant may also be required to cover (up to the maximum amount shown below) certain","page_number":12,"box":{"x":184,"y":643,"width":679,"height":12}},{"id":"4a97a501-f2d3-4f75-91e7-b45cbba58f1b","block_type":"box","text":"brokerage, tax, foreign exchange, execution and other costs and expenses related to the","page_number":12,"box":{"x":184,"y":658,"width":642,"height":13}},{"id":"4e401dc5-ef10-4516-8200-9739f9796050","block_type":"box","text":"execution of trades resulting from such transaction (which may, in certain instances, be based","page_number":12,"box":{"x":184,"y":674,"width":682,"height":12}},{"id":"8a0407a1-2c86-4109-9f9f-5d6a5b3048a0","block_type":"box","text":"on a good faith estimate of transaction costs based on historical data or other inputs, at","page_number":12,"box":{"x":184,"y":689,"width":636,"height":13}},{"id":"bf62bec6-df5b-4f32-8ff4-281310ce4ad7","block_type":"box","text":"BlackRock’s discretion, and may include part or all of the spread between the expected bid and","page_number":12,"box":{"x":184,"y":705,"width":686,"height":12}},{"id":"497f6d34-1871-4711-a2da-15b338d27ab9","block_type":"box","text":"offer side of the market and anticipated market impact). However, a Fund is not obligated to","page_number":12,"box":{"x":184,"y":720,"width":668,"height":13}},{"id":"c5d9c79a-e01d-473e-9253-6ce501b0870c","block_type":"box","text":"trade identical securities to the securities identified by BlackRock in estimating these transaction","page_number":12,"box":{"x":183,"y":736,"width":697,"height":12}},{"id":"8ba7d411-6d6f-4812-94f0-0d487ff8936f","block_type":"box","text":"and other costs and expenses. In certain cases, BlackRock or an affiliate may determine in its","page_number":12,"box":{"x":184,"y":751,"width":670,"height":13}},{"id":"cddbba08-e8c5-47a2-af03-a9c83e1bddde","block_type":"box","text":"discretion to deviate from the regular charge, subject to the maximum amounts shown below.","page_number":12,"box":{"x":184,"y":767,"width":683,"height":12}},{"id":"c122f611-24ab-4d84-8add-557129ef6d33","block_type":"box","text":"Authorized Participants will also bear the costs of transferring the Fund Securities from a Fund","page_number":12,"box":{"x":183,"y":790,"width":683,"height":13}},{"id":"7f4e8538-c230-4d98-ac25-9030fb4600c2","block_type":"box","text":"to their account on their order. Certain fees/costs associated with redemption transactions may","page_number":12,"box":{"x":183,"y":806,"width":696,"height":12}},{"id":"1986d272-a8c9-46eb-ac44-477bf62ba349","block_type":"box","text":"be waived in certain circumstances. Investors who use the services of a broker or other financial","page_number":12,"box":{"x":184,"y":821,"width":694,"height":10}},{"id":"4f8d7808-bd05-402e-8a83-b38ed4302bd1","block_type":"box","text":"intermediary to dispose of Fund shares may be charged a fee for such services.","page_number":12,"box":{"x":184,"y":837,"width":575,"height":12}},{"id":"33da9457-dbde-47a2-b09f-d0a39966ea6a","block_type":"box","text":"The following table sets forth each Fund’s estimated redemption transaction fee based on data","page_number":13,"box":{"x":183,"y":69,"width":693,"height":13}},{"id":"dbed7716-a9d5-4f8f-8e0b-989f1445c1f4","block_type":"box","text":"as of February 2, 2026 and maximum additional charge (as described above):","page_number":13,"box":{"x":184,"y":85,"width":565,"height":12}},{"id":"fc65aba2-a7b0-469a-b3f0-f17300e421df","block_type":"box","text":"Fund","page_number":13,"box":{"x":184,"y":115,"width":29,"height":8}},{"id":"4811491a-cf2d-4ffe-9c1a-b30d9ac37861","block_type":"box","text":"Standard Redemption","page_number":13,"box":{"x":586,"y":105,"width":131,"height":10}},{"id":"8ca757e9-ae4f-4348-8cfa-62fa431247d2","block_type":"box","text":"Transaction Fee","page_number":13,"box":{"x":603,"y":115,"width":97,"height":8}},{"id":"38f0a809-c5d8-43f4-ab6f-295589baa381","block_type":"box","text":"Maximum Additional","page_number":13,"box":{"x":756,"y":105,"width":127,"height":8}},{"id":"069fc10d-f762-45d9-ab36-23ee3520fdbd","block_type":"box","text":"Charge*","page_number":13,"box":{"x":794,"y":115,"width":51,"height":10}},{"id":"454bc782-d2c4-43fb-b7e8-257761e932b1","block_type":"box","text":"iShares Core MSCI Pacific ETF $4,700 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Chinese companies with securities listed on U.S.","page_number":21,"box":{"x":549,"y":811,"width":378,"height":11}},{"id":"f8f878cb-3f36-41df-a67b-d1b469d8176a","block_type":"box","text":"exchanges may be delisted if they do not meet U.S. accounting","page_number":21,"box":{"x":549,"y":825,"width":403,"height":11}},{"id":"6ecb1bad-a6f4-4b30-86da-50e7934d431e","block_type":"box","text":"standards and auditor oversight requirements, or for other","page_number":21,"box":{"x":549,"y":839,"width":374,"height":11}},{"id":"be43410d-501e-4dbf-b25c-f372c52bc208","block_type":"box","text":"reasons, which would significantly decrease the liquidity and value","page_number":21,"box":{"x":549,"y":853,"width":424,"height":11}},{"id":"c6431b01-0bae-443c-9974-d7f8303eec4d","block_type":"box","text":"of the securities. There may be significant obstacles to obtaining","page_number":21,"box":{"x":549,"y":867,"width":413,"height":11}},{"id":"c0536a69-3e8d-4f2c-b86b-d3b0e9b57090","block_type":"box","text":"S-2","page_number":21,"box":{"x":525,"y":920,"width":20,"height":9}},{"id":"58f473fb-a7a9-425f-88f2-f3b7dc9c873e","block_type":"box","text":"information necessary for investigations into or litigation against","page_number":22,"box":{"x":83,"y":23,"width":412,"height":11}},{"id":"1be26b7d-031c-4ee5-95d6-7dd940301928","block_type":"box","text":"Chinese companies, and shareholders may have limited legal","page_number":22,"box":{"x":83,"y":37,"width":389,"height":11}},{"id":"964f66ac-428b-4fc0-a767-a719f676d2ed","block_type":"box","text":"remedies.","page_number":22,"box":{"x":83,"y":52,"width":62,"height":8}},{"id":"9e6cf67e-f2eb-4f5a-aec4-9784420201d1","block_type":"box","text":"Many Chinese companies listed on U.S. exchanges use variable","page_number":22,"box":{"x":83,"y":75,"width":405,"height":11}},{"id":"bc05ca1e-b9d7-435a-b94c-05a2eb31a01a","block_type":"box","text":"interest entities or “VIEs” in their structure as a result of foreign","page_number":22,"box":{"x":83,"y":89,"width":408,"height":11}},{"id":"ad1b0168-4257-4769-9b62-f802095af0a5","block_type":"box","text":"ownership restrictions. 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Large-capitalization companies may be","page_number":22,"box":{"x":83,"y":240,"width":405,"height":11}},{"id":"c5860e1d-f589-4529-b8b9-538d25743b3f","block_type":"box","text":"more mature and subject to more limited growth potential","page_number":22,"box":{"x":83,"y":254,"width":371,"height":11}},{"id":"a6db1022-a470-4c45-a197-78cb8786fd40","block_type":"box","text":"compared with smaller-capitalization companies. 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Errors in index data, index computations or the","page_number":22,"box":{"x":83,"y":692,"width":366,"height":11}},{"id":"3616e8d1-b6c0-4074-a0b7-546dbdc963cc","block_type":"box","text":"construction of the Underlying Index in accordance with its","page_number":22,"box":{"x":83,"y":706,"width":377,"height":11}},{"id":"323f63b4-3fbb-48fa-926f-eb547bff4338","block_type":"box","text":"methodology may occur, and the Index Provider may not identify","page_number":22,"box":{"x":83,"y":721,"width":413,"height":10}},{"id":"3d20440e-2e40-4cf0-8c70-a1b0fa57d703","block_type":"box","text":"or correct them promptly or at all, which may have an adverse","page_number":22,"box":{"x":83,"y":735,"width":396,"height":11}},{"id":"a65ed8f8-653b-46c3-99e5-4e6a80518362","block_type":"box","text":"impact on the Fund and its shareholders. 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No Authorized","page_number":22,"box":{"x":549,"y":188,"width":378,"height":11}},{"id":"7aa057a0-5fcd-4699-ac78-f87ba1fec3ed","block_type":"box","text":"Participant is obligated to engage in creation or redemption","page_number":22,"box":{"x":550,"y":202,"width":379,"height":11}},{"id":"c5a02349-c9cd-4ef6-a4c9-e697b8e81b2e","block_type":"box","text":"transactions. 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Currency exchange rates can be very volatile and can","page_number":22,"box":{"x":549,"y":556,"width":404,"height":10}},{"id":"0c4f93ec-7ba1-4aa1-a481-c4480e1f0d53","block_type":"box","text":"change quickly and unpredictably. As a result, the Fund’s NAV","page_number":22,"box":{"x":549,"y":570,"width":395,"height":11}},{"id":"f9bd8733-d583-489d-a2b3-835a79472f15","block_type":"box","text":"may change quickly and without warning. 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or","page_number":25,"box":{"x":346,"y":528,"width":319,"height":10}},{"id":"b77c731d-25b8-41d0-8354-19bbcf00bc0b","block_type":"box","text":"taxes except for withholding taxes on reinvested dividends) 11.62% 3.27% 4.35%","page_number":25,"box":{"x":136,"y":541,"width":786,"height":10}},{"id":"64bd60ba-079f-4008-bf19-a2ede4fef248","block_type":"box","text":"FTSE China 50 Index (Net)","page_number":25,"box":{"x":124,"y":553,"width":160,"height":9}},{"id":"4e5846f4-b69d-4704-8cc6-e81dd4415b8a","block_type":"box","text":"1","page_number":25,"box":{"x":286,"y":551,"width":3,"height":5}},{"id":"1f6f98ea-9834-41d2-8066-d5640a37532a","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes except","page_number":25,"box":{"x":295,"y":553,"width":394,"height":9}},{"id":"522a03a0-a71e-4ad0-a5d2-e5e2b6ba1257","block_type":"box","text":"for withholding taxes on reinvested dividends) 31.98% -3.84% 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Such indices use withholding tax rates that are often at a higher rate","page_number":25,"box":{"x":123,"y":605,"width":843,"height":10}},{"id":"557e1b32-5681-4ef5-9669-d8d5099c093e","block_type":"box","text":"than the rates to which the Fund is subject in each country, including for countries where the Fund is not subject to withholding taxes. 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The Index Provider","page_number":28,"box":{"x":549,"y":584,"width":395,"height":11}},{"id":"052dd7f9-f87b-408c-9b3b-a17e85425340","block_type":"box","text":"determines the composition and relative weightings of the","page_number":28,"box":{"x":549,"y":598,"width":372,"height":11}},{"id":"2fd2e8f5-246d-410b-8bd9-284e157f9776","block_type":"box","text":"securities in the Underlying Index and Parent Index and publishes","page_number":28,"box":{"x":549,"y":612,"width":417,"height":11}},{"id":"6fa776e9-7d22-4ad2-93ff-04daed312262","block_type":"box","text":"information regarding the market value of the Underlying","page_number":28,"box":{"x":549,"y":626,"width":363,"height":11}},{"id":"60a72b98-8a08-464b-aabc-6edeecc4c3cb","block_type":"box","text":"Index and Parent Index.","page_number":28,"box":{"x":550,"y":641,"width":148,"height":8}},{"id":"e427abdb-1ec5-4f23-92f4-96cf9955be95","block_type":"box","text":"Industry Concentration Policy.","page_number":28,"box":{"x":550,"y":664,"width":209,"height":11}},{"id":"56e66a52-55b2-4a75-ae30-f77f99df86ab","block_type":"box","text":"The Fund will concentrate its","page_number":28,"box":{"x":764,"y":664,"width":184,"height":8}},{"id":"60cb20ec-ae33-4452-96d7-f460dd8b8726","block_type":"box","text":"investments (","page_number":28,"box":{"x":549,"y":678,"width":86,"height":11}},{"id":"def77392-04cd-45ee-9d5d-79cab0171343","block_type":"box","text":"i.e.","page_number":28,"box":{"x":635,"y":678,"width":17,"height":8}},{"id":"69423ce7-2904-4715-90e8-12655aba38c5","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":28,"box":{"x":655,"y":678,"width":264,"height":11}},{"id":"eeb1ebeb-6af7-4c3a-8c86-4a79f3e8d9b6","block_type":"box","text":"particular industry or group of industries to approximately the","page_number":28,"box":{"x":549,"y":692,"width":394,"height":11}},{"id":"1d1ab4c3-04b2-4ce1-816d-7436383d2a19","block_type":"box","text":"same extent that the Underlying Index is concentrated. 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The Fund is subject to certain risks,","page_number":28,"box":{"x":549,"y":846,"width":396,"height":10}},{"id":"d2b43005-b30d-43d5-99cb-e8a4f8216ff7","block_type":"box","text":"including the principal risks noted below, any of which may","page_number":28,"box":{"x":549,"y":860,"width":376,"height":11}},{"id":"eb4261d3-698b-462e-85d6-5cf295591742","block_type":"box","text":"adversely affect the Fund’s net asset value per share (“NAV”),","page_number":28,"box":{"x":549,"y":874,"width":392,"height":11}},{"id":"f7088b2d-f6af-4202-8e35-fdbb42e6946c","block_type":"box","text":"S-9","page_number":28,"box":{"x":526,"y":920,"width":20,"height":9}},{"id":"278ae1d4-dd4a-41d8-a62f-d7bd4a9a05a0","block_type":"box","text":"trading price, yield, total return and ability to meet its investment","page_number":29,"box":{"x":83,"y":23,"width":416,"height":11}},{"id":"d9a1e2e2-6d42-4b2c-9f32-41370dd20fd7","block_type":"box","text":"objective. 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Securities that previously exhibited","page_number":29,"box":{"x":230,"y":499,"width":231,"height":11}},{"id":"954a3388-fbbb-42f2-8c55-329a5f9fbd9b","block_type":"box","text":"greater momentum characteristics may not continue to","page_number":29,"box":{"x":83,"y":513,"width":354,"height":11}},{"id":"d1de3ecc-20e7-43ca-a01d-a3fe4e28f59c","block_type":"box","text":"experience positive momentum, and such a change could occur","page_number":29,"box":{"x":83,"y":527,"width":407,"height":11}},{"id":"672d717a-e067-49ed-a686-5efbd01f8504","block_type":"box","text":"quickly. Momentum securities may experience more volatility than","page_number":29,"box":{"x":83,"y":541,"width":423,"height":11}},{"id":"0660b583-0525-4d46-8964-96b8191acabe","block_type":"box","text":"the market as a whole.","page_number":29,"box":{"x":83,"y":556,"width":144,"height":8}},{"id":"b1a1d573-a452-4731-8812-229953adc28f","block_type":"box","text":"Quality Factor Risk","page_number":29,"box":{"x":83,"y":579,"width":118,"height":11}},{"id":"026b02c5-8656-4933-b4f0-f0c9df259a27","block_type":"box","text":". Securities that previously exhibited greater","page_number":29,"box":{"x":201,"y":579,"width":283,"height":11}},{"id":"086c4a11-ab3b-4d13-9605-ef502391437c","block_type":"box","text":"quality characteristics than other securities may not continue to","page_number":29,"box":{"x":83,"y":593,"width":409,"height":11}},{"id":"97fafe97-f022-4519-a584-eaf4800009d6","block_type":"box","text":"be quality securities. 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Such securities may","page_number":29,"box":{"x":83,"y":673,"width":380,"height":11}},{"id":"5f7453e9-cf24-4516-b183-2e006b2fbc80","block_type":"box","text":"decline in price or fail to appreciate for long periods of time, and","page_number":29,"box":{"x":83,"y":687,"width":410,"height":11}},{"id":"0f03e65c-b3d6-4fda-9894-24576437609c","block_type":"box","text":"they may never realize their full potential value.","page_number":29,"box":{"x":83,"y":701,"width":301,"height":11}},{"id":"5decad38-c10b-4ff3-8b60-99faa4dd6db0","block_type":"box","text":"Low Volatility Factor Risk","page_number":29,"box":{"x":83,"y":724,"width":157,"height":11}},{"id":"2391edb6-d3ac-40e4-a3f8-d52ea4b1cf39","block_type":"box","text":". Low volatility securities may","page_number":29,"box":{"x":240,"y":724,"width":188,"height":11}},{"id":"2cc76a44-cfd7-48e3-a06a-689bc8ccf5fa","block_type":"box","text":"underperform the broader market during periods of strong, rising","page_number":29,"box":{"x":83,"y":739,"width":416,"height":10}},{"id":"9bdf45fa-d8f3-4edb-b175-a745a297201d","block_type":"box","text":"or speculative stock prices. 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Companies with relatively smaller market","page_number":29,"box":{"x":213,"y":804,"width":271,"height":11}},{"id":"5cb0b8bf-b75c-4ec6-9925-75942e9f9a24","block_type":"box","text":"capitalization within the Fund’s capitalization range may be less","page_number":29,"box":{"x":83,"y":819,"width":406,"height":10}},{"id":"654c317c-b6b6-4197-afba-5b9409617f49","block_type":"box","text":"stable and more susceptible to adverse developments. Low size","page_number":29,"box":{"x":83,"y":833,"width":408,"height":10}},{"id":"9272629d-405e-4df5-8497-8a5a95a416fd","block_type":"box","text":"securities may be more volatile and less liquid than securities on","page_number":29,"box":{"x":83,"y":847,"width":412,"height":11}},{"id":"0e31d5ac-49d6-4755-abf9-c34c93c9f531","block_type":"box","text":"the larger end of the Fund’s capitalization range.","page_number":29,"box":{"x":83,"y":861,"width":308,"height":11}},{"id":"e7a959e3-2ae4-4a6f-bbc8-c230892abd4d","block_type":"box","text":"Equity Securities Risk","page_number":29,"box":{"x":549,"y":23,"width":148,"height":11}},{"id":"5783e60b-eb90-4fbc-97bf-d5a9ee16c1f3","block_type":"box","text":".","page_number":29,"box":{"x":697,"y":30,"width":2,"height":2}},{"id":"0541660e-0a16-4f68-81c0-8b664155ee66","block_type":"box","text":"Equity securities are subject to changes","page_number":29,"box":{"x":705,"y":23,"width":254,"height":11}},{"id":"3e5ad4d4-94eb-447f-a861-14cbd4d8ab85","block_type":"box","text":"in value, and their values may be more volatile than those of other","page_number":29,"box":{"x":549,"y":37,"width":422,"height":11}},{"id":"35bb39c5-c2f2-45d2-84ed-360b2c91a6d2","block_type":"box","text":"asset classes. 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Common stock has the lowest priority, and the","page_number":29,"box":{"x":549,"y":108,"width":412,"height":11}},{"id":"f130d3a1-3ff3-454b-8a53-11e28c53d002","block_type":"box","text":"greatest risk, with respect to dividends and any liquidation","page_number":29,"box":{"x":549,"y":122,"width":373,"height":11}},{"id":"fcad35a5-aae4-491d-b5df-04df3d89a506","block_type":"box","text":"payments in the event of an issuer’s bankruptcy.","page_number":29,"box":{"x":549,"y":137,"width":309,"height":10}},{"id":"084ce7cb-1af7-4af1-b61c-df45d10b9d4b","block_type":"box","text":"Market Risk","page_number":29,"box":{"x":549,"y":160,"width":82,"height":8}},{"id":"5eab873c-e940-4f27-8312-da906db41350","block_type":"box","text":".","page_number":29,"box":{"x":631,"y":166,"width":3,"height":2}},{"id":"2e1ea8d7-b256-47b9-816d-bdc7a360c451","block_type":"box","text":"The Fund could lose money over short periods due","page_number":29,"box":{"x":639,"y":160,"width":322,"height":11}},{"id":"d2e95768-4929-4f97-b6bc-60660391aa90","block_type":"box","text":"to short-term market movements and over longer periods during","page_number":29,"box":{"x":549,"y":174,"width":413,"height":11}},{"id":"21755b05-95b0-4057-baef-c102be5a49aa","block_type":"box","text":"more prolonged market downturns. 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Neither the Fund nor BFA can offer","page_number":29,"box":{"x":549,"y":339,"width":406,"height":11}},{"id":"602121d2-8d88-4b9b-b357-9cbb26e2435d","block_type":"box","text":"assurances that the Index Provider’s methodology or sources of","page_number":29,"box":{"x":549,"y":353,"width":408,"height":11}},{"id":"c97a4925-16ff-4728-a36b-7bf427ec3e4c","block_type":"box","text":"information will provide an accurate assessment of included","page_number":29,"box":{"x":549,"y":367,"width":384,"height":11}},{"id":"b35ca265-7373-4beb-a721-85d3158fbf33","block_type":"box","text":"components or will result in the Fund meeting its investment","page_number":29,"box":{"x":549,"y":382,"width":388,"height":10}},{"id":"d8fefc81-c60a-459a-8b4f-dc22cc04eb81","block_type":"box","text":"objective. Errors in index data, index computations or the","page_number":29,"box":{"x":549,"y":396,"width":366,"height":10}},{"id":"eda446b8-da27-46a0-8bf0-a5b132c0dfb3","block_type":"box","text":"construction of the Underlying Index in accordance with its","page_number":29,"box":{"x":549,"y":410,"width":377,"height":11}},{"id":"bd3b0be9-fc3d-4283-a889-dc0dac8b70d8","block_type":"box","text":"methodology may occur, and the Index Provider may not identify","page_number":29,"box":{"x":549,"y":424,"width":413,"height":11}},{"id":"69522315-eae8-4689-a5de-ec90f8347e1c","block_type":"box","text":"or correct them promptly or at all, which may have an adverse","page_number":29,"box":{"x":549,"y":438,"width":396,"height":11}},{"id":"7901c38c-35b2-409b-9cd4-56bf901bc2c9","block_type":"box","text":"impact on the Fund and its shareholders. Unusual market","page_number":29,"box":{"x":549,"y":452,"width":367,"height":11}},{"id":"dec2a7dc-0b61-4973-a718-333aefec4865","block_type":"box","text":"conditions or other unforeseen circumstances (such as natural","page_number":29,"box":{"x":549,"y":467,"width":400,"height":10}},{"id":"c2a3e55a-8ddd-42ba-b363-ef14c7c4c096","block_type":"box","text":"disasters, political unrest or war) may impact the Index Provider","page_number":29,"box":{"x":549,"y":481,"width":409,"height":11}},{"id":"08e4442d-ebd9-46b2-a6aa-14fc48fc8396","block_type":"box","text":"or a third-party data provider and could cause the Index Provider","page_number":29,"box":{"x":549,"y":495,"width":414,"height":11}},{"id":"fa9b2bac-1c0e-407b-aacd-f97fbe07c777","block_type":"box","text":"to postpone a scheduled rebalance. This could cause the","page_number":29,"box":{"x":549,"y":509,"width":362,"height":11}},{"id":"a5fa3781-5d84-4c7c-a726-2d496b794707","block_type":"box","text":"Underlying Index to vary from its normal or expected composition.","page_number":29,"box":{"x":550,"y":523,"width":422,"height":11}},{"id":"056a7ccb-d407-46af-bb37-8695aa93645f","block_type":"box","text":"Asset Class Risk.","page_number":29,"box":{"x":548,"y":546,"width":114,"height":9}},{"id":"9de0accc-ee04-4b71-87e2-16e396e94e36","block_type":"box","text":"The securities and other assets in the","page_number":29,"box":{"x":668,"y":547,"width":239,"height":8}},{"id":"0edab26e-5fe5-49e2-9908-42439d711085","block_type":"box","text":"Underlying Index or in the Fund’s portfolio may underperform in","page_number":29,"box":{"x":550,"y":561,"width":405,"height":11}},{"id":"896b15bb-e034-4513-a068-2cfe6c70b436","block_type":"box","text":"comparison to financial markets generally, a particular financial","page_number":29,"box":{"x":549,"y":575,"width":405,"height":11}},{"id":"ca09ea22-9815-476a-8195-59750d582dc3","block_type":"box","text":"market, another index, or other asset classes.","page_number":29,"box":{"x":549,"y":589,"width":292,"height":10}},{"id":"1bf157c0-7cca-4625-8a0e-4f0b6f266fcd","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":29,"box":{"x":548,"y":612,"width":290,"height":11}},{"id":"f50105a5-672a-456e-b047-c8a3d6bd9396","block_type":"box","text":"An “Authorized","page_number":29,"box":{"x":847,"y":612,"width":93,"height":9}},{"id":"a8b79add-d111-43f9-b687-39ab98719e10","block_type":"box","text":"Participant” is a member or participant of a clearing agency","page_number":29,"box":{"x":550,"y":626,"width":379,"height":11}},{"id":"e63fe63f-b97b-45af-8a60-c76394ab79e4","block_type":"box","text":"registered with the SEC, which has a written agreement with the","page_number":29,"box":{"x":549,"y":641,"width":411,"height":10}},{"id":"a1aabf35-7c73-4430-8f5c-5058e290614c","block_type":"box","text":"Fund or one of its service providers that allows the Authorized","page_number":29,"box":{"x":550,"y":655,"width":395,"height":11}},{"id":"b60ded1e-02bf-4713-8fda-cc9747d1b96c","block_type":"box","text":"Participant to place orders for the purchase and redemption of","page_number":29,"box":{"x":550,"y":669,"width":399,"height":11}},{"id":"c832446a-1694-4184-9c36-d4f16ffa799f","block_type":"box","text":"creation units (“Creation Units”). Only an Authorized Participant","page_number":29,"box":{"x":549,"y":683,"width":407,"height":11}},{"id":"ebfa926b-edcf-44bc-9de7-004043875e15","block_type":"box","text":"may engage in creation or redemption transactions directly with","page_number":29,"box":{"x":549,"y":697,"width":409,"height":11}},{"id":"4468752a-fe4e-4f13-a8a2-8884ee529321","block_type":"box","text":"the Fund. There are a limited number of institutions that may act","page_number":29,"box":{"x":549,"y":712,"width":412,"height":10}},{"id":"65287230-bfa5-4739-bd33-43b3c2c0e39a","block_type":"box","text":"as Authorized Participants for the Fund, including on an agency","page_number":29,"box":{"x":549,"y":726,"width":403,"height":11}},{"id":"b034e3e2-c892-4437-b250-07a1ba6f1c7c","block_type":"box","text":"basis on behalf of other market participants. No Authorized","page_number":29,"box":{"x":549,"y":740,"width":378,"height":11}},{"id":"f59e0cd9-09ca-4692-ba78-2cc4b1148f01","block_type":"box","text":"Participant is obligated to engage in creation or redemption","page_number":29,"box":{"x":550,"y":754,"width":379,"height":11}},{"id":"6d638fd0-f389-4f8d-a5a2-3c93999d9738","block_type":"box","text":"transactions. 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among","page_number":30,"box":{"x":83,"y":146,"width":403,"height":10}},{"id":"1ca80377-b28a-4f2b-86f0-c8567c5965e4","block_type":"box","text":"other things.","page_number":30,"box":{"x":83,"y":160,"width":79,"height":11}},{"id":"f256537a-adeb-461f-85a9-eff97aa4c4d1","block_type":"box","text":"Currency Risk","page_number":30,"box":{"x":83,"y":183,"width":95,"height":11}},{"id":"9ec2315b-7686-42a0-b5b5-bc574bbb8752","block_type":"box","text":".","page_number":30,"box":{"x":179,"y":190,"width":2,"height":1}},{"id":"e5d7491c-763f-4af7-b843-9e0a9a2eddf7","block_type":"box","text":"Because the Fund’s NAV is determined in U.S.","page_number":30,"box":{"x":187,"y":183,"width":292,"height":8}},{"id":"bfa25725-114b-4ac5-a786-03446f1063d2","block_type":"box","text":"dollars, the NAV could decline if the currency of a non-U.S. market","page_number":30,"box":{"x":83,"y":197,"width":424,"height":11}},{"id":"1fc7c02f-68d7-4816-8c58-9f08e9908767","block_type":"box","text":"in which the Fund invests 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Securities","page_number":30,"box":{"x":83,"y":504,"width":407,"height":11}},{"id":"91dad0ed-512a-43ce-afd0-8b571bfd0c74","block_type":"box","text":"included in the Underlying Index may cease to meet the relevant","page_number":30,"box":{"x":83,"y":518,"width":411,"height":11}},{"id":"71b57c4b-ccde-4ec9-bd70-7a7977e55d90","block_type":"box","text":"ESG criteria but may nevertheless remain in the Underlying Index","page_number":30,"box":{"x":84,"y":532,"width":416,"height":11}},{"id":"7f95658b-e787-4889-a410-705670867d36","block_type":"box","text":"and the Fund until the next review or rebalance by the Index","page_number":30,"box":{"x":83,"y":547,"width":384,"height":10}},{"id":"9665f317-6287-4d70-91e8-5f1d34ae280c","block_type":"box","text":"Provider. 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Financial services companies also may be significantly","page_number":30,"box":{"x":83,"y":683,"width":395,"height":11}},{"id":"d540e83e-db23-42fe-8839-1c896523b7d0","block_type":"box","text":"affected by, among other things, interest rates, economic","page_number":30,"box":{"x":83,"y":697,"width":367,"height":11}},{"id":"4de92a00-ea0c-4c89-8b5f-7156a781bff4","block_type":"box","text":"conditions, volatility in financial markets, credit rating","page_number":30,"box":{"x":83,"y":712,"width":343,"height":10}},{"id":"c0a87cd9-82b0-4603-a6c8-caf83867c82f","block_type":"box","text":"downgrades, adverse public perception, exposure concentration","page_number":30,"box":{"x":83,"y":726,"width":410,"height":11}},{"id":"e60db1ec-45be-47aa-88ed-c6728e24f058","block_type":"box","text":"and counterparty risk.","page_number":30,"box":{"x":83,"y":740,"width":140,"height":11}},{"id":"c7bf8ada-3535-43e8-b4c8-f2e0ba14456f","block_type":"box","text":"Issuer Risk","page_number":30,"box":{"x":83,"y":763,"width":75,"height":9}},{"id":"e7bf6515-5b74-4523-9418-07f77b6aabca","block_type":"box","text":".","page_number":30,"box":{"x":158,"y":770,"width":3,"height":2}},{"id":"6a8d489d-9443-49e6-ba69-0578da903e2f","block_type":"box","text":"The performance of the Fund depends on the","page_number":30,"box":{"x":166,"y":763,"width":288,"height":11}},{"id":"b42298fe-53c2-4dfa-abbb-cc967e9616df","block_type":"box","text":"performance of individual securities or other assets to which the","page_number":30,"box":{"x":83,"y":777,"width":412,"height":11}},{"id":"70b046b0-2a81-41b0-82ad-233acc38b6a6","block_type":"box","text":"Fund has exposure. The value of securities or other assets may","page_number":30,"box":{"x":84,"y":791,"width":401,"height":11}},{"id":"08c28fac-ffc3-46d6-bf6b-6781b09ff72c","block_type":"box","text":"decline, or perform differently from the market as a whole, due to","page_number":30,"box":{"x":83,"y":806,"width":418,"height":10}},{"id":"844f8a7e-2737-41ed-baaa-8bef7d7bddc8","block_type":"box","text":"changes in the financial condition or credit rating of the issuer or","page_number":30,"box":{"x":83,"y":820,"width":414,"height":11}},{"id":"70a75c9e-a9f7-4177-afe4-6a1ace2ddbdf","block_type":"box","text":"counterparty.","page_number":30,"box":{"x":83,"y":835,"width":84,"height":10}},{"id":"598a9ed5-32ab-494f-93f7-41b9b7404762","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":30,"box":{"x":83,"y":857,"width":252,"height":11}},{"id":"9ddcaece-4a37-4300-96da-427bb2dfc372","block_type":"box","text":"Large-capitalization","page_number":30,"box":{"x":342,"y":857,"width":124,"height":11}},{"id":"1e7dfb3f-f3b6-4a85-a517-cb6ecd58efe8","block_type":"box","text":"companies may be less able than smaller-capitalization","page_number":30,"box":{"x":83,"y":871,"width":352,"height":11}},{"id":"6a5e9881-1bf1-4c56-89b5-3f4d16f792ae","block_type":"box","text":"companies to adapt to changing market conditions and","page_number":30,"box":{"x":549,"y":23,"width":352,"height":11}},{"id":"44e4c661-9e9a-4c1c-8f5c-8e5561e798da","block_type":"box","text":"competitive challenges. Large-capitalization companies may be","page_number":30,"box":{"x":549,"y":37,"width":405,"height":11}},{"id":"aefca605-380f-4ea0-b68d-59513cb8cb66","block_type":"box","text":"more mature and subject to more limited growth potential","page_number":30,"box":{"x":549,"y":52,"width":371,"height":10}},{"id":"67129ad2-6fbc-4265-9d04-5038df2c1cd5","block_type":"box","text":"compared with smaller-capitalization companies. The","page_number":30,"box":{"x":549,"y":66,"width":340,"height":10}},{"id":"8698e50e-c6d0-4f12-a096-6ecfb7e618ee","block_type":"box","text":"performance of large-capitalization companies could trail the","page_number":30,"box":{"x":549,"y":80,"width":390,"height":11}},{"id":"93fca5f9-a0bd-4b66-818e-e747a1a38afe","block_type":"box","text":"overall performance of the broader securities markets.","page_number":30,"box":{"x":549,"y":94,"width":349,"height":11}},{"id":"d89293b8-ca76-4005-bcc9-264c46a65110","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk.","page_number":30,"box":{"x":549,"y":117,"width":360,"height":11}},{"id":"8ae6991f-27f0-470b-8c5a-41082d7c6949","block_type":"box","text":"Certain","page_number":30,"box":{"x":915,"y":117,"width":45,"height":9}},{"id":"07dbfecb-3d54-4839-a219-ce11ea348478","block_type":"box","text":"shareholders of the Fund, including an Authorized Participant, a","page_number":30,"box":{"x":549,"y":131,"width":405,"height":11}},{"id":"6ca92204-f79f-47f0-91b8-2da78fcbb75b","block_type":"box","text":"third-party investor, the Fund’s adviser, an affiliate of the Fund’s","page_number":30,"box":{"x":549,"y":146,"width":409,"height":10}},{"id":"b7e240c6-03cd-4dac-9938-d20c15cc7183","block_type":"box","text":"adviser, a market maker, or another entity, may from time to time","page_number":30,"box":{"x":549,"y":160,"width":419,"height":11}},{"id":"175e4287-40f8-4b5b-acb5-76cc4d824186","block_type":"box","text":"own or manage a substantial amount of Fund shares, or may hold","page_number":30,"box":{"x":549,"y":174,"width":417,"height":11}},{"id":"fc21d228-abca-4732-875a-2bc7c7eb51d8","block_type":"box","text":"their investment in the Fund for a limited period of time. There can","page_number":30,"box":{"x":549,"y":188,"width":424,"height":11}},{"id":"1163734a-6a11-4d82-98f0-f20b437a844c","block_type":"box","text":"be no assurance that any large shareholder or large group of","page_number":30,"box":{"x":549,"y":202,"width":387,"height":11}},{"id":"ace97d6d-73f1-4c41-9ca9-dd75a8075ab0","block_type":"box","text":"shareholders would not redeem their investment. Redemptions of","page_number":30,"box":{"x":549,"y":216,"width":421,"height":11}},{"id":"9917c71c-6448-4ed4-87a8-e561c34c140e","block_type":"box","text":"a large number of Fund shares could require the Fund to dispose","page_number":30,"box":{"x":549,"y":231,"width":413,"height":11}},{"id":"a8af1dba-1f5e-49ee-a97d-faab6eb63f4f","block_type":"box","text":"of assets to meet the redemption requests, which can accelerate","page_number":30,"box":{"x":549,"y":245,"width":416,"height":11}},{"id":"c72c2374-09ba-4cb9-8e33-42bc8e0c2bfc","block_type":"box","text":"the realization of taxable income and/or capital gains and cause","page_number":30,"box":{"x":549,"y":259,"width":411,"height":11}},{"id":"35564441-6ec0-4995-b2d0-87b5b3b60b7a","block_type":"box","text":"the Fund to make taxable distributions to its shareholders earlier","page_number":30,"box":{"x":549,"y":273,"width":415,"height":9}},{"id":"de29ab52-2d49-479e-bc66-a56c86bfc538","block_type":"box","text":"than the Fund otherwise would have. 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Internal","page_number":31,"box":{"x":83,"y":646,"width":416,"height":11}},{"id":"0c0f8910-7bd4-4564-b95b-689a36963ef8","block_type":"box","text":"social unrest or confrontations with other countries, including","page_number":31,"box":{"x":83,"y":660,"width":394,"height":11}},{"id":"5e1d3113-e3a3-462b-b4ef-13f7e80b82b7","block_type":"box","text":"military conflicts in response to such events, may disrupt China’s","page_number":31,"box":{"x":83,"y":674,"width":415,"height":11}},{"id":"2cd0cd56-4aee-4839-ad9a-14fc4fa9ea9b","block_type":"box","text":"economy and markets and result in a greater risk of currency","page_number":31,"box":{"x":83,"y":688,"width":390,"height":11}},{"id":"2a4c02af-336c-46f7-91a2-fe6845427255","block_type":"box","text":"fluctuations, currency non-convertibility, interest rate fluctuations","page_number":31,"box":{"x":82,"y":702,"width":422,"height":11}},{"id":"935fcc79-caeb-4768-9744-fea0e0531039","block_type":"box","text":"and higher inflation.","page_number":31,"box":{"x":83,"y":717,"width":126,"height":11}},{"id":"9e181106-f0da-4cf0-b6c5-b3514bd4f119","block_type":"box","text":"China has experienced security concerns, such as terrorism and","page_number":31,"box":{"x":83,"y":740,"width":409,"height":11}},{"id":"9030ed5d-a30d-4d12-9662-756f921e8bba","block_type":"box","text":"strained international relations. 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Russian companies may be unable to","page_number":32,"box":{"x":83,"y":443,"width":398,"height":11}},{"id":"2ddc6048-51aa-4b90-81bb-d61923624c4e","block_type":"box","text":"pay dividends and, if they pay dividends, the Fund may be unable","page_number":32,"box":{"x":83,"y":458,"width":414,"height":10}},{"id":"61cfdf9f-5f1a-4d8b-9a9c-0f12aedaa28c","block_type":"box","text":"to receive them. As a result of sanctions, the Fund is currently","page_number":32,"box":{"x":83,"y":472,"width":397,"height":11}},{"id":"12bd11bf-f6bb-4936-af36-18cf8545fe6f","block_type":"box","text":"restricted from trading in Russian securities, including those in its","page_number":32,"box":{"x":83,"y":486,"width":419,"height":11}},{"id":"30af9bb6-d9e3-4098-9648-0c705f903141","block_type":"box","text":"portfolio, and the Underlying Index has removed Russian","page_number":32,"box":{"x":83,"y":500,"width":360,"height":11}},{"id":"4996d421-a731-4ec0-9192-b2268eb6ca6e","block_type":"box","text":"securities. 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The","page_number":32,"box":{"x":83,"y":580,"width":421,"height":11}},{"id":"2e5ba321-c163-4478-bfc2-38df3bf4898d","block_type":"box","text":"economy of Saudi Arabia is dominated by petroleum exports. A","page_number":32,"box":{"x":83,"y":594,"width":403,"height":11}},{"id":"8900cf90-85e5-4326-89c5-3aed102c6aef","block_type":"box","text":"sustained decrease in petroleum prices could have a negative","page_number":32,"box":{"x":83,"y":608,"width":394,"height":11}},{"id":"f6d56d83-7c94-4f00-91b3-d5c60d6e0aeb","block_type":"box","text":"impact on all aspects of the economy. Investments in the","page_number":32,"box":{"x":83,"y":623,"width":365,"height":10}},{"id":"2abdafda-ea01-4e15-8dc2-96ddf40297db","block_type":"box","text":"securities of Saudi Arabian issuers involve risks not typically","page_number":32,"box":{"x":83,"y":637,"width":384,"height":11}},{"id":"855e36bd-54f6-4b3a-a76b-183ce2ddde26","block_type":"box","text":"associated with investments in securities of issuers in more","page_number":32,"box":{"x":83,"y":651,"width":381,"height":8}},{"id":"f9632f6d-d4a6-4118-87c9-b552c85e062c","block_type":"box","text":"developed countries, which may negatively affect the value of the","page_number":32,"box":{"x":83,"y":665,"width":418,"height":11}},{"id":"fd21301a-26b1-4484-a5cc-3c6a59609474","block_type":"box","text":"Fund’s investments. Such heightened risks may include, among","page_number":32,"box":{"x":84,"y":679,"width":404,"height":11}},{"id":"8eaeccf4-1590-4751-a77a-1034c43573ff","block_type":"box","text":"others, the expropriation and/or nationalization of assets,","page_number":32,"box":{"x":83,"y":693,"width":371,"height":11}},{"id":"2e00b612-516f-4c3b-a8b6-dc1dffc95fe2","block_type":"box","text":"restrictions on and government intervention in international trade,","page_number":32,"box":{"x":83,"y":708,"width":423,"height":10}},{"id":"0617d80a-7222-4724-8d3a-0b60c2d5bc8f","block_type":"box","text":"confiscatory taxation, political instability, including authoritarian","page_number":32,"box":{"x":83,"y":722,"width":409,"height":11}},{"id":"bff7458f-a388-4b83-8699-190331a6314b","block_type":"box","text":"and/or military involvement in governmental decision-making,","page_number":32,"box":{"x":83,"y":736,"width":399,"height":11}},{"id":"884a1890-81d1-48f0-87f5-85859ea9aae1","block_type":"box","text":"armed conflict, crime and instability as a result of religious, ethnic","page_number":32,"box":{"x":83,"y":750,"width":421,"height":11}},{"id":"40aa30bb-95e1-4df6-a590-59e2e10921a0","block_type":"box","text":"and/or socioeconomic unrest. Instability in the Middle East region","page_number":32,"box":{"x":83,"y":764,"width":423,"height":11}},{"id":"d9465c8b-5785-49be-a8d4-86df24ce5762","block_type":"box","text":"could adversely impact the economy of Saudi Arabia, and there is","page_number":32,"box":{"x":83,"y":779,"width":418,"height":10}},{"id":"cad0ca34-9328-437c-83a3-178140741e18","block_type":"box","text":"no assurance of political stability in Saudi Arabia.","page_number":32,"box":{"x":83,"y":793,"width":313,"height":11}},{"id":"3b0365a3-8cc7-4c7f-a598-ff05a323bd64","block_type":"box","text":"The ability of foreign investors to invest in the securities of Saudi","page_number":32,"box":{"x":82,"y":816,"width":413,"height":11}},{"id":"66718017-9c3d-4d55-8baf-137a5a33a2c7","block_type":"box","text":"Arabian companies could be restricted by the Saudi Arabian","page_number":32,"box":{"x":82,"y":830,"width":383,"height":11}},{"id":"b4488204-c444-4d9a-8ff8-003c2028cb8c","block_type":"box","text":"government at any time, and unforeseen risks could materialize","page_number":32,"box":{"x":83,"y":844,"width":406,"height":11}},{"id":"94c22235-88c5-4021-ba27-8d849a57d069","block_type":"box","text":"with respect to foreign ownership of such securities. There are a","page_number":32,"box":{"x":82,"y":858,"width":411,"height":11}},{"id":"4c902f7c-eabe-48c8-83fb-44ec24fa27a4","block_type":"box","text":"number of ways to conduct transactions in equity securities in the","page_number":32,"box":{"x":83,"y":873,"width":422,"height":10}},{"id":"559ac5d8-3614-4022-bd08-507591ac45c5","block_type":"box","text":"Saudi Arabian market. The Fund generally expects to transact in a","page_number":32,"box":{"x":549,"y":23,"width":420,"height":11}},{"id":"4b0dd0b1-d0ed-43a7-aa7c-6bfc4595e8d2","block_type":"box","text":"manner so that it is not limited by Saudi Arabian regulations to a","page_number":32,"box":{"x":549,"y":37,"width":410,"height":11}},{"id":"2a37606d-0f49-4e9a-9cee-977bda1bcf8c","block_type":"box","text":"single broker. However, there may be a limited number of brokers","page_number":32,"box":{"x":549,"y":51,"width":419,"height":11}},{"id":"dc6c68cc-146d-42b7-8691-ff1e247c87d1","block_type":"box","text":"who can provide services to the Fund, which may have an adverse","page_number":32,"box":{"x":549,"y":66,"width":422,"height":10}},{"id":"bb290e50-cfa7-4773-b33c-14840994fd68","block_type":"box","text":"impact on the prices, quantity or timing of Fund transactions.","page_number":32,"box":{"x":549,"y":80,"width":391,"height":11}},{"id":"77c2c1c0-7050-4ede-9548-a675acc26880","block_type":"box","text":"Securities Lending Risk.","page_number":32,"box":{"x":548,"y":103,"width":162,"height":11}},{"id":"75de0e61-8562-45cc-a101-7cea9bce27d3","block_type":"box","text":"The Fund may engage in securities","page_number":32,"box":{"x":716,"y":103,"width":221,"height":11}},{"id":"50e5c739-b22f-43c4-bece-083cf1193e18","block_type":"box","text":"lending. Securities lending involves the risk that the Fund may","page_number":32,"box":{"x":549,"y":117,"width":397,"height":11}},{"id":"c926f9b8-5dba-4410-9bb6-a2417fe583ab","block_type":"box","text":"lose money because the borrower of the loaned securities fails to","page_number":32,"box":{"x":549,"y":131,"width":418,"height":11}},{"id":"7a9b9dcf-d4c2-40c8-ac4d-db6d3838c566","block_type":"box","text":"return the securities in a timely manner or at all. The Fund could","page_number":32,"box":{"x":549,"y":146,"width":409,"height":10}},{"id":"0fac25a7-e296-4834-8023-9ce438efd9f0","block_type":"box","text":"also lose money in the event of a decline in the value of collateral","page_number":32,"box":{"x":549,"y":160,"width":416,"height":11}},{"id":"4ba8b5dc-03fb-40e8-841c-de956e24c692","block_type":"box","text":"provided for loaned securities or a decline in the value of any","page_number":32,"box":{"x":549,"y":174,"width":389,"height":11}},{"id":"f6347257-2c60-48b8-8b09-e674199f3bae","block_type":"box","text":"investments made with cash collateral. These events could also","page_number":32,"box":{"x":549,"y":188,"width":406,"height":9}},{"id":"8fe5d712-c46e-4482-a5e5-a10dafe0caa6","block_type":"box","text":"trigger adverse tax consequences for the Fund.","page_number":32,"box":{"x":549,"y":202,"width":301,"height":11}},{"id":"877070c8-d56f-4448-a15c-d26916315c28","block_type":"box","text":"Technology Companies Risk","page_number":32,"box":{"x":550,"y":225,"width":190,"height":11}},{"id":"5761a61d-4a6b-4c58-ae6d-22473841b858","block_type":"box","text":".","page_number":32,"box":{"x":740,"y":232,"width":3,"height":2}},{"id":"871ec345-c510-46b3-98e2-c6a37476dd77","block_type":"box","text":"Technology companies and","page_number":32,"box":{"x":748,"y":226,"width":172,"height":10}},{"id":"9e1769c4-f7b2-4413-a306-43fa2ffb6889","block_type":"box","text":"companies that rely heavily on technological advances may have","page_number":32,"box":{"x":549,"y":240,"width":413,"height":11}},{"id":"af0a1ebf-fbb0-4eeb-860d-3e4c8d623a99","block_type":"box","text":"limited product lines, markets, financial resources, supply chains","page_number":32,"box":{"x":549,"y":254,"width":414,"height":11}},{"id":"d4a5f18f-bf47-41aa-9888-02cb9b2e107b","block_type":"box","text":"and personnel. These companies typically face intense","page_number":32,"box":{"x":549,"y":268,"width":348,"height":11}},{"id":"caa335c8-9201-48bc-b3f6-451376c08988","block_type":"box","text":"competition, potentially rapid product obsolescence and changes","page_number":32,"box":{"x":549,"y":282,"width":418,"height":11}},{"id":"a329c25e-cddc-47d3-bba7-cee60268ec1b","block_type":"box","text":"in product cycles and customer preferences. They may face","page_number":32,"box":{"x":549,"y":296,"width":381,"height":11}},{"id":"fd49d93e-6974-46dc-a7f9-6bd7c3be72d5","block_type":"box","text":"unexpected risks and costs associated with technological","page_number":32,"box":{"x":549,"y":311,"width":367,"height":10}},{"id":"99a9ce13-0b1e-4a91-a14e-7736d071afb1","block_type":"box","text":"developments, such as artificial intelligence and machine learning.","page_number":32,"box":{"x":549,"y":325,"width":424,"height":11}},{"id":"dbbe566e-8c95-48cc-817b-e7e34be1076b","block_type":"box","text":"Technology companies also depend heavily on intellectual","page_number":32,"box":{"x":549,"y":339,"width":368,"height":11}},{"id":"2cb4763d-2731-4a97-893b-3ab61a3c50eb","block_type":"box","text":"property rights and may be adversely affected by the loss or","page_number":32,"box":{"x":549,"y":353,"width":384,"height":11}},{"id":"74cd6d6f-9800-4159-b558-a975361b0b65","block_type":"box","text":"impairment of those rights. Technology companies may face","page_number":32,"box":{"x":549,"y":367,"width":384,"height":11}},{"id":"398c9ac8-02aa-4c0e-aae0-51c96cf76115","block_type":"box","text":"increased government scrutiny and may be subject to adverse","page_number":32,"box":{"x":549,"y":382,"width":397,"height":10}},{"id":"807f9e80-9e9e-4b7d-a421-7399f28c9f11","block_type":"box","text":"government or legal action.","page_number":32,"box":{"x":549,"y":396,"width":174,"height":11}},{"id":"f3a52b84-7619-4229-835a-68bae7ba157d","block_type":"box","text":"Tracking Error Risk","page_number":32,"box":{"x":550,"y":419,"width":128,"height":11}},{"id":"6ec36b39-cd60-456c-885c-9aaf01724e10","block_type":"box","text":".","page_number":32,"box":{"x":678,"y":425,"width":3,"height":2}},{"id":"fe04c69c-14aa-49dd-8adf-c76d1dfdeec5","block_type":"box","text":"The Fund may be subject to “tracking error,”","page_number":32,"box":{"x":686,"y":419,"width":284,"height":11}},{"id":"7eaa6560-44d3-42a4-b07c-8e11de560289","block_type":"box","text":"which is the divergence of the Fund’s performance from that of","page_number":32,"box":{"x":549,"y":433,"width":404,"height":11}},{"id":"f1d925cc-b10e-4f21-bd6d-b1456e0e07a2","block_type":"box","text":"the Underlying Index. Tracking error may occur due to a number of","page_number":32,"box":{"x":549,"y":447,"width":425,"height":11}},{"id":"928a0f49-7c88-4d3b-8b41-d49f4f395a25","block_type":"box","text":"factors, including differences between the securities and other","page_number":32,"box":{"x":549,"y":461,"width":401,"height":11}},{"id":"f75e00ed-75f6-4eb3-b056-12caba60ab43","block_type":"box","text":"assets held in the Fund’s portfolio and those included in the","page_number":32,"box":{"x":549,"y":476,"width":381,"height":10}},{"id":"fbeab33f-1ba5-4e87-8c03-e17fe500c79b","block_type":"box","text":"Underlying Index; differences in the timing and methodologies","page_number":32,"box":{"x":550,"y":490,"width":396,"height":11}},{"id":"516a16f8-f4db-48de-8326-c8b1b6ae37c1","block_type":"box","text":"used to value securities and other assets; transaction costs and","page_number":32,"box":{"x":549,"y":504,"width":407,"height":10}},{"id":"61c38556-cef0-4e43-99fa-cfe3cda294a0","block_type":"box","text":"other expenses incurred by the Fund that the Underlying Index","page_number":32,"box":{"x":549,"y":518,"width":400,"height":11}},{"id":"474b8098-636b-4b28-871b-8665db361da9","block_type":"box","text":"does not incur; the Fund’s holding of uninvested cash; differences","page_number":32,"box":{"x":549,"y":532,"width":421,"height":11}},{"id":"24a42f3b-fc5a-4a9c-a3c9-cfc7a48f977a","block_type":"box","text":"in the timing of the accrual or the valuation of dividends or","page_number":32,"box":{"x":549,"y":546,"width":374,"height":11}},{"id":"33083997-ed18-4f64-9544-1ecae0ddb3e0","block_type":"box","text":"interest received by the Fund or distributions paid to Fund","page_number":32,"box":{"x":549,"y":561,"width":370,"height":11}},{"id":"35d1aa75-79b6-4454-866c-1d79cd254029","block_type":"box","text":"shareholders; tax gains or losses; differences between the","page_number":32,"box":{"x":549,"y":575,"width":372,"height":11}},{"id":"9a2f3253-cde7-481d-93d4-1c876214fdc4","block_type":"box","text":"amount and/or timing of withholding taxes on dividends reflected","page_number":32,"box":{"x":549,"y":589,"width":420,"height":11}},{"id":"ac864243-2a45-4ed9-8f16-1a10d1c5d912","block_type":"box","text":"in the Underlying Index from the Fund’s obligation, if any, for","page_number":32,"box":{"x":549,"y":603,"width":387,"height":11}},{"id":"ee315caf-e667-4b4f-83ab-3bae996dc5cb","block_type":"box","text":"foreign withholding taxes; the requirements for the Fund to","page_number":32,"box":{"x":549,"y":617,"width":377,"height":11}},{"id":"e94e956f-cb1b-4844-b0c4-8fce61ed7915","block_type":"box","text":"maintain pass-through tax treatment; portfolio transactions","page_number":32,"box":{"x":549,"y":632,"width":380,"height":10}},{"id":"f6d725a2-f16c-4312-a7d5-b07fd6ce8f1e","block_type":"box","text":"carried out to minimize the distribution of capital gains to","page_number":32,"box":{"x":549,"y":646,"width":366,"height":11}},{"id":"5f56a68c-0ad3-45ea-925c-721469ce0a4c","block_type":"box","text":"shareholders; the acceptance of custom baskets; changes to the","page_number":32,"box":{"x":549,"y":660,"width":414,"height":11}},{"id":"bfd7ddc9-3bf1-46d4-a4c8-c246dbb498bd","block_type":"box","text":"Underlying Index; and impacts to the Fund of complying with","page_number":32,"box":{"x":550,"y":674,"width":386,"height":11}},{"id":"1f73b36e-33c5-48ab-8371-a6928d11f64e","block_type":"box","text":"certain regulatory requirements or limits. Tracking error risk may","page_number":32,"box":{"x":549,"y":688,"width":414,"height":11}},{"id":"737265b8-770f-4c18-af07-3a9a677809e6","block_type":"box","text":"be heightened during times of increased market volatility or other","page_number":32,"box":{"x":549,"y":702,"width":420,"height":11}},{"id":"c980cdc1-7a2f-47f3-92a4-587a7b93de00","block_type":"box","text":"unusual market conditions. A Fund that tracks an index with","page_number":32,"box":{"x":549,"y":717,"width":383,"height":8}},{"id":"e20f940c-3f60-4f37-93bc-a9175a54607a","block_type":"box","text":"exposure to non-U.S. issuers may experience higher tracking","page_number":32,"box":{"x":549,"y":731,"width":390,"height":11}},{"id":"6d6bff9a-73d9-4136-8f56-5cc94a2ac028","block_type":"box","text":"error than ETFs that do not track such indexes.","page_number":32,"box":{"x":549,"y":745,"width":299,"height":9}},{"id":"cff5f03f-01a8-48fd-a4c5-a64466274043","block_type":"box","text":"Valuation Risk","page_number":32,"box":{"x":550,"y":768,"width":96,"height":9}},{"id":"d7b03a9f-901f-40e7-9a5c-fece18472b12","block_type":"box","text":".","page_number":32,"box":{"x":646,"y":775,"width":2,"height":2}},{"id":"ac539f64-0f20-4ece-b51f-ddaa9a57080a","block_type":"box","text":"The price that the Fund could receive upon the","page_number":32,"box":{"x":653,"y":768,"width":298,"height":11}},{"id":"8334941b-7726-4bed-acbd-3bdcb17b6f1c","block_type":"box","text":"sale (or other disposition) of a security or other asset may differ","page_number":32,"box":{"x":549,"y":782,"width":408,"height":11}},{"id":"4e8f9c1d-4a51-476f-a853-2b40e69af2c3","block_type":"box","text":"from the Fund’s valuation of the security or other asset,","page_number":32,"box":{"x":549,"y":797,"width":355,"height":10}},{"id":"ddd219ac-7e88-4961-9979-6606fc07cc6d","block_type":"box","text":"particularly for securities or other assets that trade in low volume","page_number":32,"box":{"x":549,"y":811,"width":418,"height":11}},{"id":"fdeb2c30-9eb9-4a02-ab7c-b454b2d0f640","block_type":"box","text":"or volatile markets or that are valued using a fair value","page_number":32,"box":{"x":549,"y":825,"width":347,"height":11}},{"id":"993aac88-45f8-4c34-a480-be07a392711a","block_type":"box","text":"methodology. The price received by the Fund also may differ from","page_number":32,"box":{"x":549,"y":839,"width":418,"height":11}},{"id":"e80568e5-de46-4294-ad2a-f9ad3360a89b","block_type":"box","text":"the value used by the Underlying Index. In addition, the value of","page_number":32,"box":{"x":549,"y":853,"width":406,"height":11}},{"id":"016ce637-3df7-4adc-aa0e-d55e7e2958af","block_type":"box","text":"the securities or other assets in the Fund’s portfolio may change","page_number":32,"box":{"x":549,"y":867,"width":411,"height":11}},{"id":"dab2a572-6d75-49f9-a923-3a092160bcb4","block_type":"box","text":"S-13","page_number":32,"box":{"x":522,"y":920,"width":27,"height":9}},{"id":"106d711f-79e3-40e3-a5af-d784f40e785f","block_type":"box","text":"on days or during time periods when investors are not able to","page_number":33,"box":{"x":83,"y":23,"width":392,"height":11}},{"id":"4187efc6-983e-47bb-8c21-9740bbc25fac","block_type":"box","text":"purchase or sell Fund shares. Authorized Participants that create","page_number":33,"box":{"x":83,"y":37,"width":414,"height":11}},{"id":"7ffbe708-8d4d-4e86-9ca4-10b5574ed221","block_type":"box","text":"or redeem Fund shares on days when the Fund is holding fair","page_number":33,"box":{"x":83,"y":51,"width":394,"height":11}},{"id":"780c8d6c-1215-4e31-bad7-2de81472cd4c","block_type":"box","text":"valued securities or other assets may receive fewer or more","page_number":33,"box":{"x":82,"y":66,"width":383,"height":10}},{"id":"bcb4c2ab-fc04-4794-8c0e-3ac731993bcc","block_type":"box","text":"shares, or lower or higher redemption proceeds, than they would","page_number":33,"box":{"x":83,"y":80,"width":414,"height":11}},{"id":"e77a3546-0e8e-49d4-9079-09bbffca60b1","block_type":"box","text":"have received had the securities or other assets not been fair","page_number":33,"box":{"x":549,"y":23,"width":392,"height":9}},{"id":"b1c8ac17-978d-4930-96b6-8f15b75b3309","block_type":"box","text":"valued or been valued using a different methodology. The ability to","page_number":33,"box":{"x":548,"y":37,"width":425,"height":11}},{"id":"9a7fd545-fa98-4545-a552-f11b846bd4bf","block_type":"box","text":"value investments may be impacted by technological issues or","page_number":33,"box":{"x":548,"y":52,"width":400,"height":10}},{"id":"3bcc9392-ef0a-40a1-a685-70f2409feead","block_type":"box","text":"errors by pricing services or other third-party service providers.","page_number":33,"box":{"x":549,"y":66,"width":405,"height":11}},{"id":"61a84901-e8ee-4288-a260-91f47d60a38a","block_type":"box","text":"S-14","page_number":33,"box":{"x":522,"y":920,"width":27,"height":9}},{"id":"0e4dcedd-340b-401d-818e-87fd7e5f59d5","block_type":"box","text":"Performance Information","page_number":34,"box":{"x":84,"y":22,"width":213,"height":11}},{"id":"b1135e5b-6778-4804-b7bd-e772419c912c","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":34,"box":{"x":82,"y":48,"width":887,"height":10}},{"id":"45cdda89-71ca-4bb5-bdcf-ed2293baab22","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":34,"box":{"x":83,"y":62,"width":872,"height":11}},{"id":"f7d42860-a74e-4710-b1d9-956d6c5962b4","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":34,"box":{"x":83,"y":76,"width":867,"height":11}},{"id":"c355acd9-c435-4028-8e32-b1b18daff270","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":34,"box":{"x":83,"y":90,"width":863,"height":11}},{"id":"8c41025d-777e-49b3-b9b7-59fc856eaa5b","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":37,"box":{"x":83,"y":180,"width":420,"height":11}},{"id":"4c2f9a95-3bc8-4d47-b7ff-1f59abe9416b","block_type":"box","text":"an issuer’s market capitalization relative to other companies in","page_number":37,"box":{"x":83,"y":195,"width":400,"height":10}},{"id":"fba92c08-800f-4a5c-adca-3a335f282407","block_type":"box","text":"the Parent Index.","page_number":37,"box":{"x":83,"y":209,"width":107,"height":8}},{"id":"7fb930a2-75ea-4ecc-9e70-6731d9114b09","block_type":"box","text":"The maximum weight of a single security is 10%, and the sum of","page_number":37,"box":{"x":82,"y":231,"width":407,"height":11}},{"id":"1550f1fe-51db-4df6-a54c-d02e8e9ede01","block_type":"box","text":"security weights that are individually greater than 4.5% must be","page_number":37,"box":{"x":83,"y":245,"width":405,"height":11}},{"id":"17d70f71-f731-4fc8-ae2a-ca64961d6b9a","block_type":"box","text":"less than 22.5% of the Underlying Index. The Index Provider also","page_number":37,"box":{"x":83,"y":259,"width":409,"height":11}},{"id":"245e2461-88d2-4872-82e4-d16a496dc283","block_type":"box","text":"applies other constraints, such as country and sector exposures","page_number":37,"box":{"x":83,"y":273,"width":409,"height":11}},{"id":"35ed8c9e-c9d9-40c4-bc6d-c31cdc2acb07","block_type":"box","text":"relative to the Parent Index, among others. The Underlying Index","page_number":37,"box":{"x":83,"y":287,"width":411,"height":11}},{"id":"25952ce5-6d9e-469d-af38-41a6a28cd0b6","block_type":"box","text":"is reviewed and rebalanced quarterly.","page_number":37,"box":{"x":83,"y":302,"width":238,"height":10}},{"id":"4bbbcf9b-e5f5-4c82-a5f8-d479fdb90532","block_type":"box","text":"As of July 31, 2025, the Underlying Index consisted of","page_number":37,"box":{"x":82,"y":323,"width":342,"height":11}},{"id":"15641903-a50a-44e1-add5-2b1cb65bd876","block_type":"box","text":"approximately 457 constituents from companies from the","page_number":37,"box":{"x":83,"y":338,"width":369,"height":10}},{"id":"1267e2dc-2df5-4d69-a493-f0413e739ff3","block_type":"box","text":"following countries or regions: Australia, Austria, Belgium,","page_number":37,"box":{"x":82,"y":352,"width":370,"height":11}},{"id":"8b4e1728-be06-46c8-ac0f-10c5118a1394","block_type":"box","text":"Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland,","page_number":37,"box":{"x":83,"y":366,"width":418,"height":11}},{"id":"d0ad79c5-df05-4c3e-abb6-3a9450684df9","block_type":"box","text":"Italy, Japan, the Netherlands, New Zealand, Norway, Poland,","page_number":37,"box":{"x":83,"y":380,"width":383,"height":11}},{"id":"8fd53133-42d1-413f-849b-c57dea6e4f30","block_type":"box","text":"Portugal, Singapore, Spain, Sweden, Switzerland and the United","page_number":37,"box":{"x":84,"y":394,"width":406,"height":11}},{"id":"8ed7c04d-565e-4cdf-9531-856a7da01e0d","block_type":"box","text":"Kingdom (the “U.K.”). 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The components of the Underlying Index are","page_number":37,"box":{"x":83,"y":451,"width":422,"height":11}},{"id":"d7a0c721-d810-4f82-a0d9-125efb136b44","block_type":"box","text":"likely to change over time.","page_number":37,"box":{"x":83,"y":465,"width":167,"height":11}},{"id":"e36a9d5d-0635-482e-ba3e-d9aad20a292d","block_type":"box","text":"BFA uses an indexing approach to try to achieve the Fund’s","page_number":37,"box":{"x":84,"y":489,"width":376,"height":10}},{"id":"dd6753a0-a40f-4375-b069-89d02c044a0c","block_type":"box","text":"investment objective. The Fund does not try to “beat” the index it","page_number":37,"box":{"x":83,"y":503,"width":417,"height":11}},{"id":"060dd684-d94e-4d37-96db-984ac682d17f","block_type":"box","text":"tracks and does not seek temporary defensive positions when","page_number":37,"box":{"x":83,"y":517,"width":396,"height":11}},{"id":"bc0c0f53-9183-45cd-bd39-d831b3e0847a","block_type":"box","text":"markets decline or appear overvalued.","page_number":37,"box":{"x":83,"y":531,"width":244,"height":11}},{"id":"c6420d48-ffab-4f3a-8b41-8dbbcdff7dcf","block_type":"box","text":"Indexing may eliminate the chance that the Fund will substantially","page_number":37,"box":{"x":83,"y":554,"width":421,"height":11}},{"id":"91ba278a-6d6a-4b2c-9f9c-fc9241e33db7","block_type":"box","text":"outperform the Underlying Index but also may reduce some of the","page_number":37,"box":{"x":83,"y":568,"width":421,"height":11}},{"id":"b2cde291-30f0-4e23-9a14-f9e7edb48bc0","block_type":"box","text":"risks of active management, such as poor security selection.","page_number":37,"box":{"x":83,"y":583,"width":386,"height":10}},{"id":"b6d4ffc6-966b-45d1-9077-aa788671dc5e","block_type":"box","text":"Indexing seeks to achieve lower costs and better after-tax","page_number":37,"box":{"x":83,"y":597,"width":370,"height":11}},{"id":"9af43971-ceb9-4c84-90f4-fd97f9af8827","block_type":"box","text":"performance by aiming to keep portfolio turnover low in","page_number":37,"box":{"x":83,"y":611,"width":356,"height":11}},{"id":"608d4290-46ba-4a42-ba81-20d5d7c912d0","block_type":"box","text":"comparison to actively managed investment companies.","page_number":37,"box":{"x":83,"y":625,"width":359,"height":11}},{"id":"9d56b52b-a171-47d9-affe-378efa692314","block_type":"box","text":"BFA uses a representative sampling indexing strategy to manage","page_number":37,"box":{"x":84,"y":648,"width":411,"height":11}},{"id":"5067867f-89c8-41e6-a18d-10da356669fb","block_type":"box","text":"the Fund. “Representative sampling” is an indexing strategy that","page_number":37,"box":{"x":83,"y":663,"width":411,"height":10}},{"id":"28180d48-2b90-4aa6-bc35-5e560ce218a5","block_type":"box","text":"involves investing in a representative sample of securities or other","page_number":37,"box":{"x":83,"y":677,"width":424,"height":11}},{"id":"47a1c279-93f4-40ff-98d1-abc2c1d528c9","block_type":"box","text":"instruments that collectively has an investment profile similar to","page_number":37,"box":{"x":83,"y":691,"width":410,"height":11}},{"id":"5560125f-32c1-4924-88e7-328226f87415","block_type":"box","text":"that of an applicable underlying index. The instruments selected","page_number":37,"box":{"x":83,"y":705,"width":408,"height":11}},{"id":"078e9e91-7309-4555-a4f2-6afc9440c28a","block_type":"box","text":"are expected to have, in the aggregate, investment characteristics","page_number":37,"box":{"x":83,"y":719,"width":423,"height":11}},{"id":"e5282463-1acc-4118-b6ad-ca9893de437f","block_type":"box","text":"(based on factors such as market capitalization and industry","page_number":37,"box":{"x":83,"y":733,"width":386,"height":11}},{"id":"dfd6ccea-786c-4e78-aa0e-30091e8cef5c","block_type":"box","text":"weightings), fundamental characteristics (such as return","page_number":37,"box":{"x":82,"y":748,"width":360,"height":10}},{"id":"a2b5ae06-c7a5-427d-92a9-b18211e47ce1","block_type":"box","text":"variability and yield) and liquidity measures similar to those of an","page_number":37,"box":{"x":82,"y":762,"width":414,"height":11}},{"id":"a6c6897f-e20d-44ce-8091-50ae2546a3db","block_type":"box","text":"applicable underlying index. The Fund may or may not hold all of","page_number":37,"box":{"x":83,"y":776,"width":410,"height":11}},{"id":"c80c46da-42de-4625-a99c-e4e7aec548cf","block_type":"box","text":"the components of the Underlying Index.","page_number":37,"box":{"x":83,"y":790,"width":259,"height":11}},{"id":"907a4442-ab95-48fa-ac49-209e7ea6b858","block_type":"box","text":"The Fund generally will invest at least 80% of its assets in the","page_number":37,"box":{"x":82,"y":813,"width":390,"height":11}},{"id":"16bb198f-4047-4d3d-ac03-31cab3282143","block_type":"box","text":"component securities of its Underlying Index and in investments","page_number":37,"box":{"x":83,"y":828,"width":410,"height":10}},{"id":"f90c1e21-8444-435e-8a25-dcf5e2bb2dc8","block_type":"box","text":"that have economic characteristics that are substantially identical","page_number":37,"box":{"x":83,"y":842,"width":421,"height":11}},{"id":"e3d8779c-88a3-40e3-b22e-97845e54fffd","block_type":"box","text":"to the component securities of its Underlying Index (","page_number":37,"box":{"x":83,"y":856,"width":335,"height":11}},{"id":"0439e18f-175b-4008-b5bc-093f3acdd32a","block_type":"box","text":"i.e","page_number":37,"box":{"x":419,"y":856,"width":14,"height":8}},{"id":"a32078ee-ed1a-4d12-a8f2-70f51200b526","block_type":"box","text":".,","page_number":37,"box":{"x":435,"y":863,"width":6,"height":3}},{"id":"fa451aac-fd6b-4181-a600-00058f1528d8","block_type":"box","text":"depositary receipts representing securities of the Underlying","page_number":37,"box":{"x":83,"y":870,"width":388,"height":11}},{"id":"aa7adb7e-83e7-4eb0-a4f6-ecb8d6c83e10","block_type":"box","text":"Index) and may invest up to 20% of its assets in certain futures,","page_number":37,"box":{"x":550,"y":23,"width":403,"height":11}},{"id":"af5ecfff-beb1-4f3e-a575-ad1025e23174","block_type":"box","text":"options and swap contracts, cash and cash equivalents, including","page_number":37,"box":{"x":549,"y":37,"width":418,"height":11}},{"id":"3eb4e691-f2a6-4208-a977-40ea1212e737","block_type":"box","text":"shares of money market funds advised by BFA or its affiliates, as","page_number":37,"box":{"x":549,"y":51,"width":411,"height":11}},{"id":"e26f06ff-f882-4ee8-ad1d-65c853a0e576","block_type":"box","text":"well as in securities not included in the Underlying Index, but","page_number":37,"box":{"x":549,"y":66,"width":388,"height":11}},{"id":"5d17fee7-c95c-4d03-8f46-f8d536eeb50b","block_type":"box","text":"which BFA believes will help the Fund track the Underlying Index.","page_number":37,"box":{"x":549,"y":80,"width":414,"height":11}},{"id":"ac9a7bbc-19da-4aba-8323-46e69aec264a","block_type":"box","text":"Cash and cash equivalent investments associated with a","page_number":37,"box":{"x":549,"y":94,"width":360,"height":11}},{"id":"0493fa58-4b23-4c6f-8f8f-d85aaf6827a2","block_type":"box","text":"derivative position will be treated as part of that position for the","page_number":37,"box":{"x":549,"y":108,"width":407,"height":11}},{"id":"bec047a4-8daf-4776-b197-e5ecdc38ae9c","block_type":"box","text":"purposes of calculating the percentage of investments included in","page_number":37,"box":{"x":549,"y":122,"width":421,"height":11}},{"id":"c83cd242-e386-4842-b97c-515cc24a8f66","block_type":"box","text":"the Underlying Index. The Fund seeks to track the investment","page_number":37,"box":{"x":549,"y":137,"width":392,"height":10}},{"id":"88074b46-d654-42fc-a677-1fe4012f0160","block_type":"box","text":"results of the Underlying Index before fees and expenses of the","page_number":37,"box":{"x":549,"y":151,"width":404,"height":11}},{"id":"262f9da2-0c75-422f-9ba3-49ced4cabada","block_type":"box","text":"Fund.","page_number":37,"box":{"x":550,"y":165,"width":33,"height":8}},{"id":"2d8a8ca1-1513-4cf5-9de4-4f9b6acf5251","block_type":"box","text":"The Fund may lend securities representing up to one-third of the","page_number":37,"box":{"x":549,"y":188,"width":411,"height":11}},{"id":"63290abc-cbfc-47ae-9112-ca285ac69091","block_type":"box","text":"value of the Fund’s total assets (including the value of any","page_number":37,"box":{"x":548,"y":202,"width":371,"height":11}},{"id":"580a1598-c0d8-4b43-bedd-f6bda20c0332","block_type":"box","text":"collateral received).","page_number":37,"box":{"x":549,"y":217,"width":125,"height":10}},{"id":"cced575a-5b53-42d1-928b-f8216db7f918","block_type":"box","text":"The Underlying Index and Parent Index are sponsored by STOXX,","page_number":37,"box":{"x":549,"y":240,"width":410,"height":11}},{"id":"a5c361b3-2589-4b18-a058-8e9e851453bc","block_type":"box","text":"which is independent of the Fund and BFA. 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The Fund is subject to certain risks,","page_number":37,"box":{"x":549,"y":516,"width":396,"height":10}},{"id":"c3a8b655-fcc5-4d87-8484-06be083544d4","block_type":"box","text":"including the principal risks noted below, any of which may","page_number":37,"box":{"x":549,"y":530,"width":376,"height":11}},{"id":"005ab541-d24d-41f1-85c2-cd1353441a6d","block_type":"box","text":"adversely affect the Fund’s net asset value per share (“NAV”),","page_number":37,"box":{"x":549,"y":544,"width":392,"height":11}},{"id":"9761058d-ddb6-4388-adde-142711675962","block_type":"box","text":"trading price, yield, total return and ability to meet its investment","page_number":37,"box":{"x":549,"y":558,"width":416,"height":11}},{"id":"e8336f86-1f11-4d26-a847-c855f7f299ea","block_type":"box","text":"objective. 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Securities that previously exhibited","page_number":38,"box":{"x":230,"y":103,"width":231,"height":11}},{"id":"91cae169-ff91-4c2e-8165-ce20a36fdc1a","block_type":"box","text":"greater momentum characteristics may not continue to","page_number":38,"box":{"x":83,"y":117,"width":354,"height":11}},{"id":"695e3960-c88a-4a57-b9e7-fea9bb69ace4","block_type":"box","text":"experience positive momentum, and such a change could occur","page_number":38,"box":{"x":83,"y":131,"width":407,"height":11}},{"id":"72958526-212f-4f8c-93e1-8e5807387702","block_type":"box","text":"quickly. Momentum securities may experience more volatility than","page_number":38,"box":{"x":83,"y":146,"width":423,"height":10}},{"id":"c526f32d-42cc-481a-bc49-a9370c248913","block_type":"box","text":"the market as a whole.","page_number":38,"box":{"x":83,"y":160,"width":144,"height":8}},{"id":"f7f4ece3-dedc-4baa-84e2-ae8d192cbfe9","block_type":"box","text":"Quality Factor Risk","page_number":38,"box":{"x":83,"y":183,"width":118,"height":11}},{"id":"80831614-e82f-4078-8428-cdf86094d200","block_type":"box","text":". Securities that previously exhibited greater","page_number":38,"box":{"x":201,"y":183,"width":283,"height":11}},{"id":"158c2de9-b6c3-4dfd-b3fe-57b3be2bfaa1","block_type":"box","text":"quality characteristics than other securities may not continue to","page_number":38,"box":{"x":83,"y":197,"width":409,"height":11}},{"id":"6f48415f-4c8a-4031-bd4c-014a731ed892","block_type":"box","text":"be quality securities. 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Such securities may","page_number":38,"box":{"x":83,"y":277,"width":380,"height":11}},{"id":"4ad00cca-5d8d-4d6c-9e7b-47a7ed8f10d5","block_type":"box","text":"decline in price or fail to appreciate for long periods of time, and","page_number":38,"box":{"x":83,"y":291,"width":410,"height":11}},{"id":"bc72aa13-4f48-47d8-a1e5-6b18b16b9f16","block_type":"box","text":"they may never realize their full potential value.","page_number":38,"box":{"x":83,"y":305,"width":301,"height":11}},{"id":"02ef679b-1b8a-47a1-93f6-9a3495771a26","block_type":"box","text":"Low Volatility Factor Risk","page_number":38,"box":{"x":83,"y":329,"width":157,"height":10}},{"id":"67367b60-92a4-4384-a0fb-531f935ba85f","block_type":"box","text":". Low volatility securities may","page_number":38,"box":{"x":240,"y":329,"width":188,"height":10}},{"id":"ce0927ff-408c-4453-a76c-3379d6652954","block_type":"box","text":"underperform the broader market during periods of strong, rising","page_number":38,"box":{"x":83,"y":343,"width":416,"height":11}},{"id":"aa8f22a7-7f49-4340-9f37-117ce6b5fd73","block_type":"box","text":"or speculative stock prices. 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Errors in index data, index computations or the","page_number":38,"box":{"x":83,"y":861,"width":366,"height":11}},{"id":"50fd5b2b-4ecd-4bce-9786-8c9d44d29c23","block_type":"box","text":"construction of the Underlying Index in accordance with its","page_number":38,"box":{"x":83,"y":875,"width":377,"height":11}},{"id":"63752734-4f01-4c1e-bf84-32c63be83c76","block_type":"box","text":"methodology may occur, and the Index Provider may not identify","page_number":38,"box":{"x":549,"y":23,"width":413,"height":11}},{"id":"bab8111a-1678-4af3-8e49-cbd4704fb6b8","block_type":"box","text":"or correct them promptly or at all, which may have an adverse","page_number":38,"box":{"x":549,"y":37,"width":396,"height":11}},{"id":"3b3a3ca8-3663-453c-9cfa-707b648d5254","block_type":"box","text":"impact on the Fund and its shareholders. 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in","page_number":38,"box":{"x":549,"y":570,"width":399,"height":11}},{"id":"dbd2fab4-fad2-4d02-97e3-4a4baa4ff88c","block_type":"box","text":"consumer preferences and disposable income, commodity prices,","page_number":38,"box":{"x":549,"y":584,"width":421,"height":11}},{"id":"9d791c02-ebb7-4599-960a-045ecaa34a49","block_type":"box","text":"government regulation, supply chain disruptions, damage to brand","page_number":38,"box":{"x":549,"y":598,"width":423,"height":11}},{"id":"a7caba16-a01c-4633-8621-a265a3a65d3a","block_type":"box","text":"or reputation, economic slowdown and labor shortages, among","page_number":38,"box":{"x":549,"y":612,"width":404,"height":11}},{"id":"c7c22e7c-7b33-4514-98f7-f8c66ab4b02f","block_type":"box","text":"other things.","page_number":38,"box":{"x":549,"y":626,"width":80,"height":11}},{"id":"d1e58ec9-2a23-4817-8a3d-6658a8cafe6a","block_type":"box","text":"Currency 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As a result, the Fund’s NAV may","page_number":38,"box":{"x":549,"y":721,"width":375,"height":10}},{"id":"ecc36542-011f-4cfa-a67c-18789c8342be","block_type":"box","text":"change quickly and without warning. In addition, the Fund may","page_number":38,"box":{"x":549,"y":735,"width":399,"height":11}},{"id":"b1846196-f759-4c69-b074-aa31f04d7527","block_type":"box","text":"incur costs in connection with conversions between U.S. dollars","page_number":38,"box":{"x":549,"y":749,"width":409,"height":8}},{"id":"95242559-cee0-4883-98b6-d97303b61649","block_type":"box","text":"and foreign currencies.","page_number":38,"box":{"x":549,"y":763,"width":146,"height":11}},{"id":"a210e486-fda9-4915-9f75-569ace69cdcf","block_type":"box","text":"ESG Risk.","page_number":38,"box":{"x":549,"y":786,"width":63,"height":9}},{"id":"44ae3e75-a574-4904-96c8-7273c7087952","block_type":"box","text":"To the extent that the Underlying Index uses criteria","page_number":38,"box":{"x":617,"y":786,"width":331,"height":11}},{"id":"95098f6f-754c-48f3-8d61-e9e000d244d9","block_type":"box","text":"related to the ESG characteristics of issuers, this may limit the","page_number":38,"box":{"x":549,"y":800,"width":399,"height":11}},{"id":"7af96df7-3660-452e-b090-5318264c9266","block_type":"box","text":"types and number of investment opportunities available to the","page_number":38,"box":{"x":549,"y":815,"width":397,"height":10}},{"id":"b75bd2c6-fcfb-4d1c-9363-93876a4ed70b","block_type":"box","text":"Fund and, as a result, the Fund may underperform other funds","page_number":38,"box":{"x":550,"y":829,"width":396,"height":11}},{"id":"ed23d367-0a26-49f2-8cfa-ce733a50e1bc","block_type":"box","text":"whose underlying index does not use ESG criteria. 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Developed countries","page_number":40,"box":{"x":549,"y":103,"width":407,"height":11}},{"id":"5db901cd-e949-444f-a4f2-ee50b86ef6c4","block_type":"box","text":"tend to represent a significant portion of the global economy and","page_number":40,"box":{"x":549,"y":117,"width":415,"height":11}},{"id":"3723747b-e251-4abf-921c-c39a1a15bab2","block_type":"box","text":"have generally experienced slower economic growth than some","page_number":40,"box":{"x":549,"y":131,"width":406,"height":11}},{"id":"7a64546f-c772-4d57-b8bc-daf19b9ae447","block_type":"box","text":"less developed countries. Certain developed countries have","page_number":40,"box":{"x":549,"y":146,"width":381,"height":10}},{"id":"e1d7af2f-5f2b-4a2e-b5de-9753f88d80c2","block_type":"box","text":"experienced security concerns, such as war, terrorism and","page_number":40,"box":{"x":549,"y":160,"width":373,"height":11}},{"id":"a5ffb606-d706-4043-9247-4a966565ef40","block_type":"box","text":"strained international relations. 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In","page_number":40,"box":{"x":549,"y":202,"width":383,"height":11}},{"id":"275906c5-c046-4055-a464-647ca8f3aaf1","block_type":"box","text":"addition, developed countries may be adversely impacted by","page_number":40,"box":{"x":549,"y":217,"width":387,"height":10}},{"id":"87326361-31d2-45df-847e-9cf2b6ec3af3","block_type":"box","text":"changes to the economic conditions of certain key trading","page_number":40,"box":{"x":549,"y":231,"width":372,"height":11}},{"id":"1cfeff1d-67da-48e2-ac01-0718e07003c9","block_type":"box","text":"partners, regulatory burdens, debt burdens and the price or","page_number":40,"box":{"x":549,"y":245,"width":381,"height":11}},{"id":"5f1c62e5-0a5e-4996-a0ce-d69e2f8377dd","block_type":"box","text":"availability of certain commodities.","page_number":40,"box":{"x":549,"y":259,"width":222,"height":11}},{"id":"87f830fa-caab-460a-89a1-742bf59964f0","block_type":"box","text":"Risk of Investing in Japan","page_number":40,"box":{"x":549,"y":282,"width":170,"height":11}},{"id":"17eb3d09-0e67-4c80-be5f-24dbe8ec4b28","block_type":"box","text":".","page_number":40,"box":{"x":721,"y":289,"width":2,"height":2}},{"id":"09f6285e-3441-4107-9ce6-4b042cbcb95c","block_type":"box","text":"Investing in Japanese issuers subjects","page_number":40,"box":{"x":729,"y":282,"width":242,"height":11}},{"id":"596ef04d-e9d8-49d7-86f7-6ece546e7d9e","block_type":"box","text":"the Fund to legal, regulatory, political, economic, currency,","page_number":40,"box":{"x":549,"y":296,"width":375,"height":11}},{"id":"f71b66ab-9116-4618-a60c-b65c8f86a0d2","block_type":"box","text":"geographic and security risks that are specific to Japan. Japan’s","page_number":40,"box":{"x":549,"y":311,"width":405,"height":10}},{"id":"d25a82e8-8e9d-4dd1-b6c2-5c4f5b528828","block_type":"box","text":"economy depends heavily on international trade, oil and other","page_number":40,"box":{"x":549,"y":325,"width":396,"height":11}},{"id":"0de3770d-73a9-44a9-b70c-4e3f9f329f38","block_type":"box","text":"commodity imports, and government policy supporting its","page_number":40,"box":{"x":549,"y":339,"width":369,"height":11}},{"id":"27b51bdb-581f-499a-90e7-bcb0846f4fc9","block_type":"box","text":"exports. 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Japan is also","page_number":40,"box":{"x":549,"y":410,"width":393,"height":11}},{"id":"ff5da317-935c-4a6b-bd99-0a3ef03b61f7","block_type":"box","text":"vulnerable to natural disasters.","page_number":40,"box":{"x":548,"y":424,"width":198,"height":9}},{"id":"03bdb405-d9fb-4a51-85d0-18a29724020f","block_type":"box","text":"Securities Lending Risk.","page_number":40,"box":{"x":548,"y":447,"width":162,"height":11}},{"id":"893185be-ee3e-4f54-90bc-63131009f6a3","block_type":"box","text":"The Fund may engage in securities","page_number":40,"box":{"x":716,"y":447,"width":221,"height":11}},{"id":"7a03c1cc-a94d-4283-9628-4ce51a0e7330","block_type":"box","text":"lending. Securities lending involves the risk that the Fund may","page_number":40,"box":{"x":549,"y":461,"width":397,"height":11}},{"id":"ad916d66-579d-488e-a5e2-603ea94067ab","block_type":"box","text":"lose money because the borrower of the loaned securities fails to","page_number":40,"box":{"x":549,"y":476,"width":418,"height":10}},{"id":"216019d1-5102-49c5-b707-d4b56f646097","block_type":"box","text":"return the securities in a timely manner or at all. The Fund could","page_number":40,"box":{"x":549,"y":490,"width":409,"height":11}},{"id":"b790443e-1024-437b-9801-ee1d0dcb8c2e","block_type":"box","text":"also lose money in the event of a decline in the value of collateral","page_number":40,"box":{"x":549,"y":504,"width":416,"height":11}},{"id":"4f7533ec-593c-49a5-9a46-27f8f86e4dcb","block_type":"box","text":"provided for loaned securities or a decline in the value of any","page_number":40,"box":{"x":549,"y":518,"width":389,"height":11}},{"id":"35e8466e-7266-444f-932a-9d9a43103fc3","block_type":"box","text":"investments made with cash collateral. These events could also","page_number":40,"box":{"x":549,"y":532,"width":406,"height":9}},{"id":"af7ad5d4-a832-4204-be7d-9e16347b5cc0","block_type":"box","text":"trigger adverse tax consequences for the Fund.","page_number":40,"box":{"x":549,"y":546,"width":301,"height":11}},{"id":"e2de4510-dfa8-4080-9cad-21353e3ea0df","block_type":"box","text":"Tracking Error Risk","page_number":40,"box":{"x":550,"y":570,"width":128,"height":10}},{"id":"2f5e2987-4736-4296-b6cf-240f5d9faf56","block_type":"box","text":".","page_number":40,"box":{"x":678,"y":576,"width":3,"height":2}},{"id":"66c2334a-3761-4120-b992-89e9fdf811be","block_type":"box","text":"The Fund may be subject to “tracking error,”","page_number":40,"box":{"x":686,"y":570,"width":284,"height":11}},{"id":"68b4473a-323d-4e6e-87ee-1001e1ea0142","block_type":"box","text":"which is the divergence of the Fund’s performance from that of","page_number":40,"box":{"x":549,"y":584,"width":404,"height":11}},{"id":"e3a9c3b7-3f48-401f-9e23-5d59e666625f","block_type":"box","text":"the Underlying Index. Tracking error may occur due to a number of","page_number":40,"box":{"x":549,"y":598,"width":425,"height":11}},{"id":"3b05137d-448e-4fab-85c1-0d3fefb0febb","block_type":"box","text":"factors, including differences between the securities and other","page_number":40,"box":{"x":549,"y":612,"width":401,"height":11}},{"id":"bd2920da-d784-497f-aed9-63d7fd9ce01a","block_type":"box","text":"assets held in the Fund’s portfolio and those included in the","page_number":40,"box":{"x":549,"y":626,"width":381,"height":11}},{"id":"903a5125-0513-417d-a987-9334fa472cfc","block_type":"box","text":"Underlying Index; differences in the timing and methodologies","page_number":40,"box":{"x":550,"y":641,"width":396,"height":10}},{"id":"a65e9690-dc6f-42c6-a015-a7e22d60b2dd","block_type":"box","text":"used to value securities and other assets; transaction costs and","page_number":40,"box":{"x":549,"y":655,"width":407,"height":10}},{"id":"b79b6024-1aec-40a6-8c16-1132a9cb38c9","block_type":"box","text":"other expenses incurred by the Fund that the Underlying Index","page_number":40,"box":{"x":549,"y":669,"width":400,"height":11}},{"id":"3d312801-6681-4850-a321-dabed1adf879","block_type":"box","text":"does not incur; the Fund’s holding of uninvested cash; differences","page_number":40,"box":{"x":549,"y":683,"width":421,"height":11}},{"id":"0be12ac5-9504-4447-a38a-ab1574c67e08","block_type":"box","text":"in the timing of the accrual or the valuation of dividends or","page_number":40,"box":{"x":549,"y":697,"width":374,"height":11}},{"id":"53ae6c6a-a828-4129-9638-2fb2e633ee6e","block_type":"box","text":"interest received by the Fund or distributions paid to Fund","page_number":40,"box":{"x":549,"y":712,"width":370,"height":10}},{"id":"c44a49e1-9a4e-4783-bf8a-745cdf823cbe","block_type":"box","text":"shareholders; tax gains or losses; differences between the","page_number":40,"box":{"x":549,"y":726,"width":372,"height":11}},{"id":"755e6a35-7b55-4db3-b871-063c3b325bac","block_type":"box","text":"amount and/or timing of withholding taxes on dividends reflected","page_number":40,"box":{"x":549,"y":740,"width":420,"height":11}},{"id":"56f71477-1738-4499-834f-7561b4ec1b67","block_type":"box","text":"in the Underlying Index from the Fund’s obligation, if any, for","page_number":40,"box":{"x":549,"y":754,"width":387,"height":11}},{"id":"849ee3ca-2189-4ae4-9806-927206e4781b","block_type":"box","text":"foreign withholding taxes; the requirements for the Fund to","page_number":40,"box":{"x":549,"y":768,"width":377,"height":11}},{"id":"993cabdf-ea1d-48e4-bba2-582fc537e041","block_type":"box","text":"maintain pass-through tax treatment; portfolio transactions","page_number":40,"box":{"x":549,"y":782,"width":380,"height":11}},{"id":"5b5ca8b9-1d4e-401d-92f5-e68df7ba9f97","block_type":"box","text":"carried out to minimize the distribution of capital gains to","page_number":40,"box":{"x":549,"y":797,"width":366,"height":10}},{"id":"57bdbf50-5828-4e85-ba09-74c142c5f0b9","block_type":"box","text":"shareholders; the acceptance of custom baskets; changes to the","page_number":40,"box":{"x":549,"y":811,"width":414,"height":11}},{"id":"5957bd59-07fc-4192-9616-ee0beff43c2f","block_type":"box","text":"Underlying Index; and impacts to the Fund of complying with","page_number":40,"box":{"x":550,"y":825,"width":386,"height":11}},{"id":"78ed4643-7325-4436-9618-4f6cf226d15f","block_type":"box","text":"certain regulatory requirements or limits. 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A Fund that tracks an index with","page_number":40,"box":{"x":549,"y":868,"width":383,"height":8}},{"id":"a4998faf-c459-4954-beb1-63d10cb41ba3","block_type":"box","text":"S-21","page_number":40,"box":{"x":522,"y":920,"width":26,"height":9}},{"id":"c5fa3850-b5e3-49ba-8a0f-2dacbd616727","block_type":"box","text":"exposure to non-U.S. issuers may experience higher tracking","page_number":41,"box":{"x":83,"y":23,"width":390,"height":11}},{"id":"553842e4-8f34-47ae-aa65-10b35995f5a7","block_type":"box","text":"error than ETFs that do not track such indexes.","page_number":41,"box":{"x":83,"y":37,"width":299,"height":9}},{"id":"42ed80b2-b85a-4274-b9a1-8eed58bd67b9","block_type":"box","text":"Valuation Risk","page_number":41,"box":{"x":84,"y":60,"width":96,"height":9}},{"id":"8e52aa7d-e5f8-4fd4-919d-9d7348512328","block_type":"box","text":".","page_number":41,"box":{"x":180,"y":67,"width":2,"height":2}},{"id":"57860720-7a17-4874-8bc6-e2008df35455","block_type":"box","text":"The price that the Fund could receive upon the","page_number":41,"box":{"x":187,"y":61,"width":298,"height":10}},{"id":"104a301c-d645-44d5-b871-732a342b00b8","block_type":"box","text":"sale (or other disposition) of a security or other asset may differ","page_number":41,"box":{"x":83,"y":73,"width":408,"height":11}},{"id":"704e3314-69b1-4cfb-90a6-06fbd9621547","block_type":"box","text":"from the Fund’s valuation of the security or other asset,","page_number":41,"box":{"x":82,"y":86,"width":356,"height":11}},{"id":"3dbdbb17-503b-4073-bfd1-1ea6256b2bf6","block_type":"box","text":"particularly for securities or other assets that trade in low volume","page_number":41,"box":{"x":83,"y":99,"width":418,"height":11}},{"id":"e2766c7f-7ff5-4bbf-a8a1-e1792b8eb0d3","block_type":"box","text":"or volatile markets or that are valued using a fair value","page_number":41,"box":{"x":83,"y":112,"width":347,"height":11}},{"id":"5ceb01b1-f286-4fb7-a67a-68967428cd5e","block_type":"box","text":"methodology. The price received by the Fund also may differ from","page_number":41,"box":{"x":83,"y":125,"width":418,"height":11}},{"id":"9c99c47e-b06e-4d37-99bb-4dae7dea6bbb","block_type":"box","text":"the value used by the Underlying Index. In addition, the value of","page_number":41,"box":{"x":83,"y":138,"width":406,"height":11}},{"id":"d3110c91-d14c-4103-bbf3-835bba79bcaf","block_type":"box","text":"the securities or other assets in the Fund’s portfolio may change","page_number":41,"box":{"x":83,"y":151,"width":411,"height":11}},{"id":"41e2db3d-b439-4016-abc3-d6b84384e767","block_type":"box","text":"on days or during time periods when investors are not able to","page_number":41,"box":{"x":549,"y":23,"width":392,"height":11}},{"id":"ff94a9d4-8198-4315-8d8e-50dece789ae2","block_type":"box","text":"purchase or sell Fund shares. Authorized Participants that create","page_number":41,"box":{"x":549,"y":36,"width":414,"height":11}},{"id":"9a03c827-898e-4bf8-9743-e3ead5ccb99f","block_type":"box","text":"or redeem Fund shares on days when the Fund is holding fair","page_number":41,"box":{"x":549,"y":49,"width":394,"height":11}},{"id":"a04caf7c-c1dc-45c9-81e1-f11d08795608","block_type":"box","text":"valued securities or other assets may receive fewer or more","page_number":41,"box":{"x":548,"y":62,"width":383,"height":11}},{"id":"1c840ed2-3070-4500-b96c-bc651f1f8862","block_type":"box","text":"shares, or lower or higher redemption proceeds, than they would","page_number":41,"box":{"x":549,"y":75,"width":414,"height":11}},{"id":"ef79ba2f-1bfc-4000-8f0a-82b3436fe717","block_type":"box","text":"have received had the securities or other assets not been fair","page_number":41,"box":{"x":549,"y":88,"width":392,"height":8}},{"id":"5dc9c844-54ad-42cc-a88d-d3712e029a41","block_type":"box","text":"valued or been valued using a different methodology. The ability to","page_number":41,"box":{"x":548,"y":100,"width":425,"height":11}},{"id":"1214c78f-01ce-4e88-a2e7-bba0bf38562f","block_type":"box","text":"value investments may be impacted by technological issues or","page_number":41,"box":{"x":548,"y":113,"width":400,"height":11}},{"id":"f24b3fb9-4f31-4992-82fe-b4dd03cc4015","block_type":"box","text":"errors by pricing services or other third-party service providers.","page_number":41,"box":{"x":549,"y":126,"width":405,"height":11}},{"id":"aa8ffbac-2e5c-4b90-9693-1062c65d4e4e","block_type":"box","text":"S-22","page_number":41,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"a970400e-1661-491c-b83c-309a0fcedc3d","block_type":"box","text":"Performance Information","page_number":42,"box":{"x":84,"y":22,"width":213,"height":11}},{"id":"8b6329ba-f86b-4117-ab61-176879f72684","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":42,"box":{"x":82,"y":48,"width":887,"height":10}},{"id":"009c5d1b-a6cd-4e8b-9aeb-6b52aae27f13","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":42,"box":{"x":83,"y":61,"width":872,"height":10}},{"id":"63981a0c-6da3-41c4-b63b-491688a48877","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":42,"box":{"x":83,"y":73,"width":867,"height":11}},{"id":"37553400-d054-4891-b7d5-3c7b11557c6a","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":42,"box":{"x":83,"y":86,"width":863,"height":11}},{"id":"1be0ad4f-280c-42b6-a791-c1c586591202","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":42,"box":{"x":83,"y":99,"width":874,"height":11}},{"id":"5533f593-05ab-448c-9b51-2efc5e938dcb","block_type":"box","text":"does not necessarily indicate how the Fund will perform in the future. 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portfolio securities and the execution of portfolio transactions, including brokerage commissions,","page_number":44,"box":{"x":83,"y":255,"width":814,"height":11}},{"id":"bf9e1389-0c15-4c47-b3ad-46b9e39f62ae","block_type":"box","text":"(v) distribution fees or expenses, and (vi) litigation expenses and any extraordinary expenses.","page_number":44,"box":{"x":83,"y":269,"width":595,"height":11}},{"id":"c6ed407f-4956-41e1-9065-34b36b62129c","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":44,"box":{"x":82,"y":292,"width":883,"height":12}},{"id":"5169e2b4-b536-4fd6-a193-ad03880800c0","block_type":"box","text":"the tables and examples below.","page_number":44,"box":{"x":83,"y":307,"width":220,"height":10}},{"id":"0924be79-3e96-4bf0-bc73-3fd6d923f5e1","block_type":"box","text":"Annual Fund Operating 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Carbon emissions intensity is based on the","page_number":44,"box":{"x":549,"y":865,"width":392,"height":11}},{"id":"8ff542ea-8a88-4821-80b9-fb81164c39bf","block_type":"box","text":"issuer’s Scope 1 and Scope 2 GHG emissions","page_number":44,"box":{"x":549,"y":879,"width":290,"height":11}},{"id":"fa6d9037-d158-4e7f-a0ea-2ee671636456","block_type":"box","text":"(i.e.","page_number":44,"box":{"x":844,"y":879,"width":22,"height":11}},{"id":"1bae9acf-8ba7-415f-978a-a98ac3b99e81","block_type":"box","text":", direct","page_number":44,"box":{"x":868,"y":879,"width":44,"height":10}},{"id":"665d7957-1c3a-41b0-bec1-99b607b074b6","block_type":"box","text":"S-25","page_number":44,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"798fecc5-5e58-4f8b-982f-2b5f4cb030f3","block_type":"box","text":"emissions from sources that an issuer owns or controls and","page_number":45,"box":{"x":83,"y":23,"width":381,"height":9}},{"id":"4aa8644d-af63-44ae-81a8-6a1a3ebd004c","block_type":"box","text":"indirect emissions from the issuer’s purchase of energy) relative","page_number":45,"box":{"x":83,"y":37,"width":410,"height":11}},{"id":"1e45e39c-87cf-48e8-b82c-a87b140e8973","block_type":"box","text":"to peers in its Industry Classification Benchmark (“ICB”)","page_number":45,"box":{"x":83,"y":51,"width":356,"height":11}},{"id":"9cfe00e9-dc4c-44de-9a33-1c6be8ce83a2","block_type":"box","text":"Supersector, as reported by Institutional Shareholder Services","page_number":45,"box":{"x":83,"y":66,"width":398,"height":10}},{"id":"8c28097a-9b8e-44a3-87bd-80e34404fad4","block_type":"box","text":"(“ISS”). The GHG targets signal is based on the robustness of an","page_number":45,"box":{"x":83,"y":80,"width":409,"height":11}},{"id":"9596e916-1165-4871-be00-8fdb58dc53ad","block_type":"box","text":"issuer’s GHG reduction targets, including whether they are part of","page_number":45,"box":{"x":83,"y":94,"width":421,"height":11}},{"id":"4ea53c02-243f-44bb-8a1a-b74064b4af5b","block_type":"box","text":"the Science Based Targets initiative (“SBTi”) framework; this is","page_number":45,"box":{"x":83,"y":108,"width":398,"height":11}},{"id":"7cb73843-df5c-4ebd-8e89-befa8c5bafaf","block_type":"box","text":"assessed by ISS based on its own ESG ratings data and SBTi data.","page_number":45,"box":{"x":83,"y":122,"width":421,"height":11}},{"id":"df2931c6-e796-4b0f-9922-ffe48873b2c4","block_type":"box","text":"The value score is calculated from the following signals: current","page_number":45,"box":{"x":82,"y":144,"width":407,"height":11}},{"id":"f6c5b9c8-5531-4bdd-b3ba-8ae16b2bb66f","block_type":"box","text":"book value-to-price ratio, dividend yield (","page_number":45,"box":{"x":83,"y":159,"width":261,"height":10}},{"id":"c31bdbc7-3898-4cf1-bc86-71dd05fbaec5","block_type":"box","text":"i.e.","page_number":45,"box":{"x":345,"y":159,"width":17,"height":8}},{"id":"c511d60e-93e6-4cc4-bf49-b36e08428753","block_type":"box","text":", 12-month trailing","page_number":45,"box":{"x":364,"y":159,"width":116,"height":10}},{"id":"ccd9db21-dbd5-4a79-9506-89f092ef9e22","block_type":"box","text":"dividend divided by total market capitalization), earnings yield","page_number":45,"box":{"x":83,"y":173,"width":394,"height":11}},{"id":"fd930bbd-0d31-4b5f-a406-dc35071d6f5d","block_type":"box","text":"(","page_number":45,"box":{"x":83,"y":187,"width":3,"height":11}},{"id":"d013b138-f089-4307-a050-a3fe91883a16","block_type":"box","text":"i.e.","page_number":45,"box":{"x":87,"y":187,"width":17,"height":8}},{"id":"6b57988b-35f7-47b1-9469-aa456b2e5bad","block_type":"box","text":", 12-month net income divided by total market capitalization),","page_number":45,"box":{"x":106,"y":187,"width":392,"height":11}},{"id":"2e24270d-4401-4fd5-8cb9-81534fb1ac7c","block_type":"box","text":"cash flow yield (","page_number":45,"box":{"x":83,"y":201,"width":101,"height":11}},{"id":"12bd4b98-a497-4605-8e84-8b177162976e","block_type":"box","text":"i.e.","page_number":45,"box":{"x":185,"y":201,"width":17,"height":9}},{"id":"b900d81d-1758-4aa5-8b79-f60938dd3695","block_type":"box","text":", 12-month cash flow divided by total market","page_number":45,"box":{"x":205,"y":201,"width":283,"height":11}},{"id":"f6d13b44-8013-41e9-ac18-fb50c8af5719","block_type":"box","text":"capitalization) and time series normalized cash flow yield over the","page_number":45,"box":{"x":83,"y":215,"width":420,"height":11}},{"id":"d5a097b5-3389-4b8d-b06e-4376d343749c","block_type":"box","text":"previous 36 months.","page_number":45,"box":{"x":83,"y":229,"width":130,"height":11}},{"id":"f5a0065c-c608-4d29-bb48-a0cd9821cc89","block_type":"box","text":"The low volatility score is based on prior 12-month volatility, as","page_number":45,"box":{"x":82,"y":251,"width":401,"height":11}},{"id":"253a7893-eaf7-498b-a70b-8bbb7cbf7762","block_type":"box","text":"calculated by the Index Provider.","page_number":45,"box":{"x":83,"y":266,"width":207,"height":10}},{"id":"984c4bb6-2b9f-4789-9c6a-ddb869106f38","block_type":"box","text":"The maximum weight of a single security is 10%, and the sum of","page_number":45,"box":{"x":82,"y":287,"width":407,"height":11}},{"id":"414d1e05-5699-4808-8d93-dd60ea07b75a","block_type":"box","text":"security weights that are individually greater than 4.5% must be","page_number":45,"box":{"x":83,"y":302,"width":405,"height":10}},{"id":"f27aebf7-3dc6-4b92-beb1-41ea1b869937","block_type":"box","text":"less than 22.5% of the Underlying Index. The Index Provider also","page_number":45,"box":{"x":83,"y":316,"width":409,"height":11}},{"id":"05815546-5469-423a-9427-c0d9f8f25a59","block_type":"box","text":"applies other constraints, such as country and sector exposures","page_number":45,"box":{"x":83,"y":330,"width":409,"height":11}},{"id":"409bc102-99f9-4837-9a8b-688ea203eaae","block_type":"box","text":"relative to the Parent Index, among others. The Underlying Index","page_number":45,"box":{"x":83,"y":344,"width":411,"height":11}},{"id":"c2ac4b0a-2146-4f71-a554-1c01e5979765","block_type":"box","text":"is reviewed and rebalanced quarterly.","page_number":45,"box":{"x":83,"y":358,"width":238,"height":11}},{"id":"3b497bf6-8e4f-4b7f-9659-8f7ee78efe72","block_type":"box","text":"As of July 31, 2025, the Underlying Index consisted of","page_number":45,"box":{"x":82,"y":380,"width":342,"height":11}},{"id":"16b58217-5e9e-4fab-be8c-06bc59a85fa6","block_type":"box","text":"approximately 1,092 constituents from companies in the following","page_number":45,"box":{"x":83,"y":394,"width":423,"height":11}},{"id":"4d959160-b4b2-410e-b25a-e5c18e8216d3","block_type":"box","text":"countries or regions: Australia, Austria, Belgium, Canada,","page_number":45,"box":{"x":83,"y":409,"width":364,"height":10}},{"id":"8558be87-f3e8-42ec-8f9d-dda93ce75a59","block_type":"box","text":"Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel,","page_number":45,"box":{"x":83,"y":423,"width":405,"height":11}},{"id":"fe5b5688-b4d8-428a-88a5-15202ede7db7","block_type":"box","text":"Italy, Japan, the Netherlands, New Zealand, Norway, Portugal,","page_number":45,"box":{"x":83,"y":437,"width":393,"height":11}},{"id":"7e11bbb7-18b6-42de-940b-e6f25ce88d7b","block_type":"box","text":"Singapore, Spain, Sweden, Switzerland and the United Kingdom","page_number":45,"box":{"x":83,"y":451,"width":406,"height":11}},{"id":"24f3f2a8-fbf8-404d-90b1-62d3bafd910e","block_type":"box","text":"(the “U.K.”).","page_number":45,"box":{"x":83,"y":465,"width":76,"height":11}},{"id":"ac7a2fe6-ed07-4092-9694-b07c169129b2","block_type":"box","text":"As of July 31, 2025, a significant portion of the Underlying Index is","page_number":45,"box":{"x":82,"y":487,"width":421,"height":11}},{"id":"c8a47d6b-022e-472d-9aa8-df4194238e49","block_type":"box","text":"represented by securities of companies in the consumer goods","page_number":45,"box":{"x":83,"y":501,"width":402,"height":11}},{"id":"671a7795-bbec-48c2-9bdd-473168eab785","block_type":"box","text":"and services and industrials industries or sectors. The","page_number":45,"box":{"x":83,"y":516,"width":344,"height":8}},{"id":"c4d83b50-3558-48a1-b4cf-e755d2e0a183","block_type":"box","text":"components of the Underlying Index are likely to change over","page_number":45,"box":{"x":83,"y":530,"width":392,"height":11}},{"id":"d10d764f-c314-49b5-bad3-57ce85750259","block_type":"box","text":"time.","page_number":45,"box":{"x":83,"y":544,"width":31,"height":8}},{"id":"c3f3a9c3-d29f-4b46-9a61-630d6a861ab5","block_type":"box","text":"BFA uses an indexing approach to try to achieve the Fund’s","page_number":45,"box":{"x":84,"y":567,"width":376,"height":11}},{"id":"49abb87e-43e4-4c35-8724-48e3f822bcb0","block_type":"box","text":"investment objective. The Fund does not try to “beat” the index it","page_number":45,"box":{"x":83,"y":581,"width":417,"height":11}},{"id":"5492f070-fffe-4416-9716-74fdae4d3107","block_type":"box","text":"tracks and does not seek temporary defensive positions when","page_number":45,"box":{"x":83,"y":595,"width":396,"height":11}},{"id":"36cee952-6dc3-430d-a1b9-5d7928712537","block_type":"box","text":"markets decline or appear overvalued.","page_number":45,"box":{"x":83,"y":610,"width":244,"height":10}},{"id":"38f225cc-373b-478a-9eb8-b4998c316bdb","block_type":"box","text":"Indexing may eliminate the chance that the Fund will substantially","page_number":45,"box":{"x":83,"y":633,"width":421,"height":11}},{"id":"04f591f3-af3b-42b6-8228-a27bd118fd34","block_type":"box","text":"outperform the Underlying Index but also may reduce some of the","page_number":45,"box":{"x":83,"y":647,"width":421,"height":11}},{"id":"ccf221fc-66b3-4c30-88ba-e8e1098e83f7","block_type":"box","text":"risks of active management, such as poor security selection.","page_number":45,"box":{"x":83,"y":661,"width":386,"height":11}},{"id":"16b05516-866d-4e03-ac1e-26e73a3f932f","block_type":"box","text":"Indexing seeks to achieve lower costs and better after-tax","page_number":45,"box":{"x":83,"y":675,"width":370,"height":11}},{"id":"f60d0c11-bdb6-4a83-bd5a-e1e2ffda0804","block_type":"box","text":"performance by aiming to keep portfolio turnover low in","page_number":45,"box":{"x":83,"y":690,"width":356,"height":10}},{"id":"b58a21da-29b4-4a35-a3c2-78b14b917de2","block_type":"box","text":"comparison to actively managed investment companies.","page_number":45,"box":{"x":83,"y":704,"width":359,"height":11}},{"id":"4b24e3f6-80ba-4cb4-b3eb-72a4c50311f3","block_type":"box","text":"BFA uses a representative sampling indexing strategy to manage","page_number":45,"box":{"x":84,"y":727,"width":411,"height":11}},{"id":"f90cd553-61e2-4505-83f4-75ef4579e22e","block_type":"box","text":"the Fund. “Representative sampling” is an indexing strategy that","page_number":45,"box":{"x":83,"y":741,"width":411,"height":11}},{"id":"3b4aed12-5bb6-4085-b76b-4bf0f31ffcd3","block_type":"box","text":"involves investing in a representative sample of securities or other","page_number":45,"box":{"x":83,"y":755,"width":424,"height":11}},{"id":"70030689-26c7-4b85-9a88-fcaf7cb563fb","block_type":"box","text":"instruments that collectively has an investment profile similar to","page_number":45,"box":{"x":83,"y":770,"width":410,"height":10}},{"id":"f397ed98-8740-4eb0-bbfc-dc36eeb62e7d","block_type":"box","text":"that of an applicable underlying index. 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Low volatility securities may","page_number":46,"box":{"x":240,"y":531,"width":188,"height":11}},{"id":"6347fe10-3584-43a5-b1f5-2b4139757438","block_type":"box","text":"underperform the broader market during periods of strong, rising","page_number":46,"box":{"x":83,"y":545,"width":416,"height":11}},{"id":"ae5c5871-8e17-4bb3-afcf-ab2462688be2","block_type":"box","text":"or speculative stock prices. The prices of such securities may not","page_number":46,"box":{"x":83,"y":559,"width":417,"height":11}},{"id":"a5e7ccc2-425d-4109-ad69-88681787c76e","block_type":"box","text":"be any less volatile (and could be more volatile) than the market","page_number":46,"box":{"x":83,"y":574,"width":409,"height":10}},{"id":"daf20552-cb69-45b4-aadc-531f8d3973c2","block_type":"box","text":"as a whole.","page_number":46,"box":{"x":83,"y":588,"width":70,"height":8}},{"id":"15398b8e-c346-468d-af06-07f16bb02005","block_type":"box","text":"Equity Securities Risk","page_number":46,"box":{"x":83,"y":611,"width":147,"height":11}},{"id":"9b8dc2c4-a533-47ea-aa53-7e546968bb3f","block_type":"box","text":".","page_number":46,"box":{"x":230,"y":618,"width":3,"height":1}},{"id":"187a99dd-919c-4971-9a45-61a2db00026d","block_type":"box","text":"Equity securities are subject to changes","page_number":46,"box":{"x":239,"y":611,"width":254,"height":11}},{"id":"d46dd838-ecf8-4af8-a390-76592b2d81e1","block_type":"box","text":"in value, and their values may be more volatile than those of other","page_number":46,"box":{"x":83,"y":625,"width":422,"height":11}},{"id":"331ecde9-ca57-49c3-9088-b0a068c41f69","block_type":"box","text":"asset classes. 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Common stock has the lowest priority, and the","page_number":46,"box":{"x":83,"y":696,"width":412,"height":11}},{"id":"1c52bac6-69e8-49a0-873f-47a1864d7b97","block_type":"box","text":"greatest risk, with respect to dividends and any liquidation","page_number":46,"box":{"x":83,"y":710,"width":372,"height":11}},{"id":"ea09ac4f-ecd1-4582-9411-2e523185704b","block_type":"box","text":"payments in the event of an issuer’s bankruptcy.","page_number":46,"box":{"x":83,"y":724,"width":309,"height":11}},{"id":"8e25a691-afc8-42ea-887b-41d63a80e1da","block_type":"box","text":"Market Risk","page_number":46,"box":{"x":83,"y":748,"width":82,"height":8}},{"id":"e7dde94f-9bd1-4640-8b2c-945f4c705686","block_type":"box","text":".","page_number":46,"box":{"x":165,"y":754,"width":2,"height":2}},{"id":"5380c207-db7d-4c22-8be6-4b5af8ff9a44","block_type":"box","text":"The Fund could lose money over short periods due","page_number":46,"box":{"x":172,"y":748,"width":323,"height":10}},{"id":"49502f4b-ce29-4916-b89f-09aaf7363a36","block_type":"box","text":"to short-term market movements and over longer periods during","page_number":46,"box":{"x":83,"y":762,"width":413,"height":11}},{"id":"3b36878f-a0f1-4454-92de-28856a83619b","block_type":"box","text":"more prolonged market downturns. 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Neither the Fund nor BFA can offer","page_number":46,"box":{"x":549,"y":66,"width":406,"height":10}},{"id":"505411a8-17f6-438e-9a80-b41f1e5085d8","block_type":"box","text":"assurances that the Index Provider’s methodology or sources of","page_number":46,"box":{"x":549,"y":80,"width":408,"height":11}},{"id":"99c7c9df-9339-4d95-8fa5-c6974ce33fa9","block_type":"box","text":"information will provide an accurate assessment of included","page_number":46,"box":{"x":549,"y":94,"width":384,"height":11}},{"id":"40ceab0a-52fa-4a5e-b112-281d88228023","block_type":"box","text":"components or will result in the Fund meeting its investment","page_number":46,"box":{"x":549,"y":108,"width":388,"height":11}},{"id":"4bd6e1fc-b547-4534-b8a3-391120ab52cc","block_type":"box","text":"objective. Errors in index data, index computations or the","page_number":46,"box":{"x":549,"y":122,"width":366,"height":11}},{"id":"afaad07a-3aa7-4b81-beda-06e3926ce7c0","block_type":"box","text":"construction of the Underlying Index in accordance with its","page_number":46,"box":{"x":549,"y":137,"width":377,"height":10}},{"id":"45f7ee15-592f-4e5b-8b41-47082bc7564f","block_type":"box","text":"methodology may occur, and the Index Provider may not identify","page_number":46,"box":{"x":549,"y":151,"width":413,"height":11}},{"id":"e6089bab-6e8e-451d-a29e-e055ad528455","block_type":"box","text":"or correct them promptly or at all, which may have an adverse","page_number":46,"box":{"x":549,"y":165,"width":396,"height":11}},{"id":"e850297f-ec3d-4d9c-81e4-a0cfc5b01e1c","block_type":"box","text":"impact on the Fund and its shareholders. Unusual market","page_number":46,"box":{"x":549,"y":179,"width":367,"height":11}},{"id":"9b98fcdc-1151-45cc-b816-8dd377fb26df","block_type":"box","text":"conditions or other unforeseen circumstances (such as natural","page_number":46,"box":{"x":549,"y":193,"width":400,"height":11}},{"id":"ad5cb072-aaa0-450c-9f19-e9cbddddb71f","block_type":"box","text":"disasters, political unrest or war) may impact the Index Provider","page_number":46,"box":{"x":549,"y":208,"width":409,"height":10}},{"id":"09099d83-557c-43b6-aa82-34634b73be47","block_type":"box","text":"or a third-party data provider and could cause the Index Provider","page_number":46,"box":{"x":549,"y":222,"width":414,"height":10}},{"id":"02671e40-95d6-4061-a908-f9454737311a","block_type":"box","text":"to postpone a scheduled rebalance. This could cause the","page_number":46,"box":{"x":549,"y":236,"width":362,"height":11}},{"id":"17fa6e89-30be-4cc6-8f40-26b2020f166b","block_type":"box","text":"Underlying Index to vary from its normal or expected composition.","page_number":46,"box":{"x":550,"y":250,"width":422,"height":11}},{"id":"0bb42823-f74e-45ca-ae4b-fb04c376e492","block_type":"box","text":"Asset Class Risk.","page_number":46,"box":{"x":548,"y":273,"width":114,"height":9}},{"id":"f16accf7-9f95-4aab-a9a5-e2887fa8f8b0","block_type":"box","text":"The securities and other assets in the","page_number":46,"box":{"x":668,"y":273,"width":239,"height":9}},{"id":"e23e7105-9261-4270-ae58-872bf29ce3d8","block_type":"box","text":"Underlying Index or in the Fund’s portfolio may underperform in","page_number":46,"box":{"x":550,"y":287,"width":405,"height":11}},{"id":"fc11d6a0-bbbe-40a0-b77c-4861b2711ea6","block_type":"box","text":"comparison to financial markets generally, a particular financial","page_number":46,"box":{"x":549,"y":302,"width":405,"height":10}},{"id":"dfb61e27-cd4c-44ee-aa7d-f5b56bd27b60","block_type":"box","text":"market, another index, or other asset classes.","page_number":46,"box":{"x":549,"y":316,"width":292,"height":10}},{"id":"268f6f8e-e7e5-4dcb-b744-1c7232363311","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":46,"box":{"x":548,"y":339,"width":290,"height":11}},{"id":"357763bd-4a27-4d63-aafb-b602cef3f561","block_type":"box","text":"An “Authorized","page_number":46,"box":{"x":847,"y":339,"width":93,"height":8}},{"id":"7337c23b-fd64-4ae4-9987-f8a541d57627","block_type":"box","text":"Participant” is a member or participant of a clearing agency","page_number":46,"box":{"x":550,"y":353,"width":379,"height":11}},{"id":"62f15d44-aeeb-44dd-ba1d-1bdc7fb367df","block_type":"box","text":"registered with the SEC, which has a written agreement with the","page_number":46,"box":{"x":549,"y":367,"width":411,"height":11}},{"id":"cc640c06-2d15-4058-9ad0-5353e82adb86","block_type":"box","text":"Fund or one of its service providers that allows the Authorized","page_number":46,"box":{"x":550,"y":381,"width":395,"height":11}},{"id":"eb8670ec-3503-4d53-962c-a8afd91835dc","block_type":"box","text":"Participant to place orders for the purchase and redemption of","page_number":46,"box":{"x":550,"y":396,"width":399,"height":10}},{"id":"19bdce73-bc0d-470f-aacf-80f431458600","block_type":"box","text":"creation units (“Creation Units”). Only an Authorized Participant","page_number":46,"box":{"x":549,"y":410,"width":407,"height":11}},{"id":"724789c3-2167-46b8-97a8-67ed4962b025","block_type":"box","text":"may engage in creation or redemption transactions directly with","page_number":46,"box":{"x":549,"y":424,"width":409,"height":11}},{"id":"f393883d-edc8-44a8-abe3-2a11bd58f0db","block_type":"box","text":"the Fund. There are a limited number of institutions that may act","page_number":46,"box":{"x":549,"y":438,"width":412,"height":11}},{"id":"303a7522-e495-4f7f-bfe2-20892d421784","block_type":"box","text":"as Authorized Participants for the Fund, including on an agency","page_number":46,"box":{"x":549,"y":452,"width":403,"height":11}},{"id":"58b6ed57-1a7b-4d7c-83a5-9d061fe2787a","block_type":"box","text":"basis on behalf of other market participants. No Authorized","page_number":46,"box":{"x":549,"y":467,"width":378,"height":10}},{"id":"b0cb04b3-8347-4d36-8cc0-d49eb4f5b0dc","block_type":"box","text":"Participant is obligated to engage in creation or redemption","page_number":46,"box":{"x":550,"y":481,"width":379,"height":11}},{"id":"bf4148d2-3794-4ed7-807e-1cebbdf0947d","block_type":"box","text":"transactions. To the extent that Authorized Participants exit the","page_number":46,"box":{"x":549,"y":495,"width":404,"height":11}},{"id":"e0825a0a-a209-44d6-b26b-d923b6595a54","block_type":"box","text":"business or do not place creation or redemption orders for the","page_number":46,"box":{"x":549,"y":509,"width":399,"height":11}},{"id":"994e273b-320e-4a7f-a008-bbaa2c6371ba","block_type":"box","text":"Fund and no other Authorized Participant places orders, Fund","page_number":46,"box":{"x":550,"y":523,"width":391,"height":11}},{"id":"5e910b7a-cdcd-4ea2-9509-291617a352a4","block_type":"box","text":"shares are more likely to trade at a premium or discount to NAV","page_number":46,"box":{"x":549,"y":538,"width":408,"height":10}},{"id":"36e0db7c-d3bc-4459-96f5-a9e988da7590","block_type":"box","text":"and possibly face trading halts or delisting.","page_number":46,"box":{"x":549,"y":552,"width":273,"height":11}},{"id":"c9478524-7f3c-40aa-836b-35d9a3badec5","block_type":"box","text":"Concentration 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or","page_number":46,"box":{"x":549,"y":632,"width":395,"height":10}},{"id":"b73f2921-60de-4d94-b172-7e48ba712ed4","block_type":"box","text":"other geographic units, markets, industries, project types, or","page_number":46,"box":{"x":549,"y":646,"width":388,"height":11}},{"id":"9c7868e2-9963-4d8c-bcf8-82a4d9feb563","block_type":"box","text":"asset classes.","page_number":46,"box":{"x":549,"y":660,"width":88,"height":8}},{"id":"0b91bae6-e0b0-4792-8e38-981279a5ce18","block_type":"box","text":"Consumer Goods and Services Companies Risk.","page_number":46,"box":{"x":549,"y":683,"width":325,"height":11}},{"id":"3a88ba7f-2a56-40bd-bcc8-8e18769c229d","block_type":"box","text":"Consumer","page_number":46,"box":{"x":880,"y":683,"width":65,"height":9}},{"id":"190bf869-6e6d-432b-8212-f4e6c7587440","block_type":"box","text":"goods and services companies face risks related to changes in","page_number":46,"box":{"x":549,"y":697,"width":399,"height":11}},{"id":"d012e90f-ae38-48ee-bcd2-d2e8f9cfd145","block_type":"box","text":"consumer preferences and disposable income, commodity prices,","page_number":46,"box":{"x":549,"y":712,"width":421,"height":10}},{"id":"616b10bf-3018-4691-b9a8-d821c0fff1bc","block_type":"box","text":"government regulation, supply chain disruptions, damage to brand","page_number":46,"box":{"x":549,"y":726,"width":423,"height":11}},{"id":"0241531e-1c28-4a4b-a515-c8e0dc7c47b9","block_type":"box","text":"or reputation, economic slowdown and labor shortages, among","page_number":46,"box":{"x":549,"y":740,"width":404,"height":11}},{"id":"05279958-a910-4dce-8b78-8b312216908a","block_type":"box","text":"other things.","page_number":46,"box":{"x":549,"y":754,"width":80,"height":11}},{"id":"e7279046-0a1d-4712-8e7f-21a46582dd32","block_type":"box","text":"Currency Risk","page_number":46,"box":{"x":549,"y":777,"width":96,"height":11}},{"id":"36394d88-38cb-49fd-b2da-d9bbca265995","block_type":"box","text":".","page_number":46,"box":{"x":645,"y":784,"width":2,"height":2}},{"id":"05ada7f6-8e82-4782-82f8-878a288a9ac6","block_type":"box","text":"Because the Fund’s NAV is determined in U.S.","page_number":46,"box":{"x":653,"y":777,"width":292,"height":9}},{"id":"4045b06e-a87b-4bc4-8a16-4b49869d2af3","block_type":"box","text":"dollars, the NAV could decline if the currency of a non-U.S. market","page_number":46,"box":{"x":549,"y":791,"width":424,"height":11}},{"id":"aa4208e5-61df-41db-aeb0-abd04704ccfb","block_type":"box","text":"in which the Fund invests depreciates against the U.S. dollar or if","page_number":46,"box":{"x":549,"y":806,"width":416,"height":10}},{"id":"4a3335ba-511e-40bf-b53c-624e2304c612","block_type":"box","text":"there are delays or limits on the repatriation of foreign currency.","page_number":46,"box":{"x":549,"y":820,"width":409,"height":11}},{"id":"884787f9-4a10-4713-b035-141933f9d5a7","block_type":"box","text":"Currency exchange rates can be very volatile and can change","page_number":46,"box":{"x":549,"y":834,"width":391,"height":11}},{"id":"493de74f-7773-4c2b-9684-9e4ebb180df8","block_type":"box","text":"quickly and unpredictably. 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These","page_number":47,"box":{"x":549,"y":188,"width":360,"height":11}},{"id":"e863586f-601d-4282-9928-a8489ce60968","block_type":"box","text":"deviations could result in premiums or discounts to the Fund’s","page_number":47,"box":{"x":549,"y":202,"width":398,"height":11}},{"id":"1569fabf-6ec6-4d39-9101-0dbab3117f88","block_type":"box","text":"NAV that may be greater than those experienced by other funds.","page_number":47,"box":{"x":550,"y":216,"width":410,"height":11}},{"id":"86b246c3-e995-4a1d-a908-5110a523da62","block_type":"box","text":"Operational and Technology Risks","page_number":47,"box":{"x":549,"y":240,"width":230,"height":10}},{"id":"5cce603d-3a0f-4c54-8786-efd96962e25b","block_type":"box","text":".","page_number":47,"box":{"x":780,"y":246,"width":2,"height":2}},{"id":"26e2d489-a4ad-4ad3-8a7f-bda4fa0a724c","block_type":"box","text":"The Fund is directly and","page_number":47,"box":{"x":787,"y":240,"width":152,"height":11}},{"id":"b223ac7e-1073-461c-978b-b75faf01c823","block_type":"box","text":"indirectly susceptible to operational and technology risks,","page_number":47,"box":{"x":549,"y":254,"width":368,"height":11}},{"id":"30fbf34f-622e-4b0d-888f-1852190ed892","block_type":"box","text":"including those related to human errors, processing errors,","page_number":47,"box":{"x":549,"y":268,"width":376,"height":11}},{"id":"963c95b3-9c0e-4e22-a0fd-9f6da7699076","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents,","page_number":47,"box":{"x":549,"y":282,"width":413,"height":11}},{"id":"698f3460-6bfb-447b-9ed0-8f41e8d66107","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”),","page_number":47,"box":{"x":549,"y":296,"width":404,"height":11}},{"id":"d084e057-d333-4485-a68a-e6199fb6fe71","block_type":"box","text":"which may result in losses for the Fund and its shareholders or","page_number":47,"box":{"x":549,"y":311,"width":401,"height":10}},{"id":"53f91e9f-e0dd-4614-b4bd-13d8c3c22cec","block_type":"box","text":"may impair the Fund’s operations. 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Ask your","page_number":50,"box":{"x":549,"y":289,"width":361,"height":11}},{"id":"d026aa0b-1504-4379-8fa4-09c0cd7b04c8","block_type":"box","text":"salesperson or visit your financial intermediary’s website for more","page_number":50,"box":{"x":549,"y":303,"width":421,"height":11}},{"id":"6f0b35f0-238a-4b07-9bf9-aeae53b069c7","block_type":"box","text":"information.","page_number":50,"box":{"x":549,"y":317,"width":76,"height":9}},{"id":"2ed0e230-e731-4fd2-933f-adda288488e7","block_type":"box","text":"S-31","page_number":50,"box":{"x":522,"y":920,"width":26,"height":9}},{"id":"773191a1-f7de-48b5-adf4-2e301e6a4a45","block_type":"box","text":"iSHARES","page_number":51,"box":{"x":284,"y":24,"width":118,"height":15}},{"id":"5b9ff3ae-05c3-416b-9c9f-6579b0d08232","block_type":"box","text":"®","page_number":51,"box":{"x":406,"y":17,"width":10,"height":8}},{"id":"fbb1866f-8954-42e5-8073-d6b81b773b38","block_type":"box","text":"MSCI EAFE GROWTH ETF","page_number":51,"box":{"x":428,"y":24,"width":346,"height":15}},{"id":"e0da1b8d-4cc5-45fc-af64-593429bd9a22","block_type":"box","text":"Ticker: EFG Stock Exchange: Cboe BZX","page_number":51,"box":{"x":287,"y":53,"width":478,"height":12}},{"id":"b40467ac-cbd3-4ab8-898e-7d1647c1d279","block_type":"box","text":"Investment Objective","page_number":51,"box":{"x":84,"y":91,"width":181,"height":13}},{"id":"fea25483-26d6-4cb1-bd6e-5d33e752476e","block_type":"box","text":"The iShares MSCI EAFE Growth ETF (the “Fund”) seeks to track the investment results of an index composed of developed market equities,","page_number":51,"box":{"x":82,"y":116,"width":891,"height":11}},{"id":"d55680a8-2d83-4e06-822d-fd41fc51f248","block_type":"box","text":"excluding the U.S. and Canada, that exhibit growth characteristics.","page_number":51,"box":{"x":83,"y":130,"width":426,"height":11}},{"id":"f526a07b-17f0-442f-8ba6-d73a5bf87350","block_type":"box","text":"Fees and Expenses","page_number":51,"box":{"x":84,"y":159,"width":160,"height":13}},{"id":"c29fba2b-752f-4954-ba40-56a31fd90edb","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,","page_number":51,"box":{"x":83,"y":241,"width":814,"height":11}},{"id":"16aae40e-237c-4a19-92f4-2fb29020195b","block_type":"box","text":"(v) distribution fees or expenses, and (vi) litigation expenses and any extraordinary expenses.","page_number":51,"box":{"x":83,"y":255,"width":595,"height":11}},{"id":"8e862b21-8ae6-4128-b7d5-686bd175eb32","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":51,"box":{"x":82,"y":278,"width":883,"height":12}},{"id":"f5f5bfb9-8c3d-45fb-b4e6-de59747aa804","block_type":"box","text":"the tables and examples below.","page_number":51,"box":{"x":83,"y":293,"width":220,"height":10}},{"id":"c0de50da-e7fc-4085-8760-9ea0f55477d4","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":51,"box":{"x":83,"y":483,"width":862,"height":11}},{"id":"95d41c14-1b17-47c5-9a1c-1b91b91e0f41","block_type":"box","text":"same. 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During the most recent","page_number":51,"box":{"x":84,"y":673,"width":411,"height":11}},{"id":"c4844af4-7b14-4501-bbd5-ed9277f809e8","block_type":"box","text":"fiscal year, the Fund’s portfolio turnover rate was 23% of the","page_number":51,"box":{"x":82,"y":687,"width":385,"height":11}},{"id":"e4f7e9f1-e11c-49ae-9d73-1b1abb28cccc","block_type":"box","text":"average value of its portfolio.","page_number":51,"box":{"x":83,"y":701,"width":184,"height":11}},{"id":"9e053a6e-6c2b-4253-b235-9ff47b4170d5","block_type":"box","text":"Principal Investment Strategies","page_number":51,"box":{"x":84,"y":730,"width":268,"height":14}},{"id":"de1de26c-d4f1-4db6-a161-a249058d1778","block_type":"box","text":"The Fund seeks to track the investment results of the MSCI EAFE","page_number":51,"box":{"x":82,"y":755,"width":417,"height":9}},{"id":"57df8ffe-2b8c-4d61-94ed-a4576bfd451f","block_type":"box","text":"Growth Index (the “Underlying Index”), which is a subset of the","page_number":51,"box":{"x":83,"y":770,"width":400,"height":10}},{"id":"7ec6872b-b511-4cca-a920-a058681ffeab","block_type":"box","text":"MSCI EAFE Index. The MSCI EAFE Index has been developed by","page_number":51,"box":{"x":83,"y":784,"width":407,"height":11}},{"id":"c1fdbaef-e5fb-408e-b40e-dcc282933d88","block_type":"box","text":"MSCI Inc. (the “Index Provider” or “MSCI”) to measure the equity","page_number":51,"box":{"x":83,"y":798,"width":417,"height":11}},{"id":"65a8da23-0c02-4cf6-9e75-c0a5b8f84739","block_type":"box","text":"market performance of developed markets outside of the U.S. and","page_number":51,"box":{"x":83,"y":812,"width":423,"height":11}},{"id":"7911b774-cb9d-4186-8c2c-cc05a4109dbd","block_type":"box","text":"Canada.","page_number":51,"box":{"x":83,"y":826,"width":51,"height":9}},{"id":"78243b16-06ae-4ff8-be17-b0d633a0507b","block_type":"box","text":"Constituents of the Underlying Index include securities of","page_number":51,"box":{"x":83,"y":848,"width":367,"height":11}},{"id":"1f7c4fc4-7b05-4028-9bb3-633be751da64","block_type":"box","text":"companies located in Europe, Australasia and the Far East. The","page_number":51,"box":{"x":83,"y":862,"width":402,"height":11}},{"id":"4e77f4b6-5948-4b05-ac7d-6ab2b483b56b","block_type":"box","text":"Underlying Index generally represents approximately 50% of the","page_number":51,"box":{"x":83,"y":877,"width":407,"height":10}},{"id":"afa81b0a-3baf-4872-ad2d-1d85c1e948e2","block_type":"box","text":"free float-adjusted market capitalization of the MSCI EAFE Index","page_number":51,"box":{"x":549,"y":580,"width":412,"height":11}},{"id":"a449bdc4-0313-4523-8fa7-8d27b1656db2","block_type":"box","text":"and consists of those securities classified by MSCI as most","page_number":51,"box":{"x":549,"y":594,"width":379,"height":11}},{"id":"141c574c-966b-43ea-9459-3642e5cebb10","block_type":"box","text":"representing the growth style. MSCI uses five variables to identify","page_number":51,"box":{"x":549,"y":608,"width":421,"height":11}},{"id":"ba6224ca-c2f4-4e38-86f5-39be8b848f85","block_type":"box","text":"growth style securities: long-term forward earnings per share","page_number":51,"box":{"x":549,"y":623,"width":392,"height":10}},{"id":"9ab78677-7bab-48d0-b555-5394a5804bb4","block_type":"box","text":"(“EPS”) growth rate, short-term forward EPS growth rate, current","page_number":51,"box":{"x":549,"y":637,"width":416,"height":11}},{"id":"57d2308a-e96a-4df8-a188-85153b1a314e","block_type":"box","text":"internal growth rate, long-term historical EPS growth trend and","page_number":51,"box":{"x":549,"y":651,"width":402,"height":11}},{"id":"78be1924-bd3c-48d3-b277-182334adb702","block_type":"box","text":"long-term historical sales per share growth trend. MSCI uses a","page_number":51,"box":{"x":549,"y":665,"width":400,"height":11}},{"id":"8ae2a36c-1560-4649-8d1f-9b31ffd7ad0e","block_type":"box","text":"specialized framework to attribute both value and growth style","page_number":51,"box":{"x":549,"y":679,"width":399,"height":11}},{"id":"74ff2476-6f08-4018-ab5f-11e926c41207","block_type":"box","text":"characteristics to each security within the MSCI EAFE Index. Each","page_number":51,"box":{"x":549,"y":693,"width":421,"height":11}},{"id":"0ed3ab0a-db20-4969-b623-09ca10c57ff8","block_type":"box","text":"security is evaluated based on certain value factors and growth","page_number":51,"box":{"x":549,"y":708,"width":403,"height":11}},{"id":"c749d5d4-52b2-4a69-b8b4-4f80e9f89791","block_type":"box","text":"factors, which are then used to calculate a value score and a","page_number":51,"box":{"x":549,"y":722,"width":387,"height":10}},{"id":"c09a170f-00e3-471e-9a22-095858c8d50d","block_type":"box","text":"growth score. 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For","page_number":52,"box":{"x":83,"y":880,"width":377,"height":11}},{"id":"1730a10e-2b9e-4bff-b04b-c15a3b2b0ac5","block_type":"box","text":"purposes of this limitation, securities of the U.S. government","page_number":52,"box":{"x":549,"y":23,"width":389,"height":11}},{"id":"86168cae-5dea-4e36-b978-9e1d5a275b5a","block_type":"box","text":"(including its agencies and instrumentalities) and repurchase","page_number":52,"box":{"x":549,"y":37,"width":389,"height":11}},{"id":"112285c2-681e-43c1-95e5-2b7829bcf890","block_type":"box","text":"agreements collateralized by U.S. government securities are not","page_number":52,"box":{"x":549,"y":51,"width":410,"height":11}},{"id":"850a8c1b-5ed2-4028-92d0-852e6e49caab","block_type":"box","text":"considered to be issued by members of any industry.","page_number":52,"box":{"x":549,"y":66,"width":337,"height":10}},{"id":"3c3baf9d-5f6d-4b1c-8896-0d7c52a6c1a7","block_type":"box","text":"Summary of Principal Risks","page_number":52,"box":{"x":549,"y":95,"width":235,"height":13}},{"id":"58278ff3-d183-4987-94f8-dff959a035ae","block_type":"box","text":"As with any investment, you could lose all or part of your","page_number":52,"box":{"x":549,"y":120,"width":362,"height":11}},{"id":"d618fde3-192d-4003-9b82-b10fa324147b","block_type":"box","text":"investment in the Fund, and the Fund’s performance could trail","page_number":52,"box":{"x":549,"y":134,"width":402,"height":11}},{"id":"7de3d431-e6ce-40f4-885d-91493094a5e1","block_type":"box","text":"that of other investments. The Fund is subject to certain risks,","page_number":52,"box":{"x":549,"y":148,"width":396,"height":11}},{"id":"cfac0d9b-5f87-45b7-abb7-5d4b3d5d12f0","block_type":"box","text":"including the principal risks noted below, any of which may","page_number":52,"box":{"x":549,"y":162,"width":376,"height":11}},{"id":"ea5eb72b-8ff4-4443-b01d-7623c9a3792f","block_type":"box","text":"adversely affect the Fund’s net asset value per share (“NAV”),","page_number":52,"box":{"x":549,"y":177,"width":392,"height":10}},{"id":"178ac18d-9b4e-4668-9352-47851549765d","block_type":"box","text":"trading price, yield, total return and ability to meet its investment","page_number":52,"box":{"x":549,"y":191,"width":416,"height":11}},{"id":"146754b0-2aec-4b42-a425-6ef401c72a29","block_type":"box","text":"objective. Certain key risks are prioritized below (with others","page_number":52,"box":{"x":549,"y":205,"width":388,"height":11}},{"id":"8d6d6f98-3751-485a-b782-e32a39598145","block_type":"box","text":"following in alphabetical order), but the relative significance of any","page_number":52,"box":{"x":549,"y":219,"width":425,"height":11}},{"id":"5f3c1bbf-922a-4303-af81-0d89ab1ab12f","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":53,"box":{"x":83,"y":174,"width":366,"height":11}},{"id":"46cc650e-130c-4fd7-b630-69b2c495b25b","block_type":"box","text":"construction of the Underlying Index in accordance with its","page_number":53,"box":{"x":83,"y":188,"width":377,"height":11}},{"id":"e489a0ad-80c6-4ac4-a7f2-00bb19af1c9c","block_type":"box","text":"methodology may occur, and the Index Provider may not identify","page_number":53,"box":{"x":83,"y":202,"width":413,"height":11}},{"id":"5ab444f3-056c-4b4d-9fd1-e33f25eb0e31","block_type":"box","text":"or correct them promptly or at all, which may have an adverse","page_number":53,"box":{"x":83,"y":217,"width":396,"height":10}},{"id":"e10014c4-176c-49c8-bbc9-114b1f99d73d","block_type":"box","text":"impact on the Fund and its shareholders. 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This could cause the","page_number":53,"box":{"x":83,"y":287,"width":362,"height":11}},{"id":"a7b7ac1e-af37-47f0-a328-587e0adbdb3b","block_type":"box","text":"Underlying Index to vary from its normal or expected composition.","page_number":53,"box":{"x":83,"y":302,"width":423,"height":10}},{"id":"1f2d9be4-7034-497b-9e6c-da1e9590335c","block_type":"box","text":"Asset Class Risk.","page_number":53,"box":{"x":81,"y":325,"width":115,"height":8}},{"id":"3a78e87a-3c1c-4448-a56f-ad8d6ab20b9d","block_type":"box","text":"The securities and other assets in the","page_number":53,"box":{"x":202,"y":325,"width":239,"height":8}},{"id":"3bcc272c-d20b-40b6-bfcf-d1de6bbb1787","block_type":"box","text":"Underlying Index or in the Fund’s portfolio may underperform in","page_number":53,"box":{"x":83,"y":339,"width":406,"height":11}},{"id":"70fcedbb-cd47-4464-8f1e-a8ba5338938e","block_type":"box","text":"comparison to financial markets generally, a particular financial","page_number":53,"box":{"x":83,"y":353,"width":405,"height":11}},{"id":"e66764d2-2b5a-4b9a-8ff1-9707c10521b6","block_type":"box","text":"market, another index, or other asset classes.","page_number":53,"box":{"x":83,"y":367,"width":292,"height":10}},{"id":"54d7b406-a63d-47cc-974e-17194742cae2","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":53,"box":{"x":81,"y":391,"width":290,"height":10}},{"id":"43cb54af-915e-4859-a2e7-0b60068c6817","block_type":"box","text":"An “Authorized","page_number":53,"box":{"x":381,"y":391,"width":93,"height":8}},{"id":"dbc1b056-7112-47de-8309-c3775191c891","block_type":"box","text":"Participant” is a member or participant of a clearing agency","page_number":53,"box":{"x":84,"y":405,"width":379,"height":11}},{"id":"d4df3054-008e-4477-b93e-cae129354123","block_type":"box","text":"registered with the SEC, which has a written agreement with the","page_number":53,"box":{"x":83,"y":419,"width":411,"height":11}},{"id":"2fd04a40-9eea-4ba1-81e7-a0942a055d01","block_type":"box","text":"Fund or one of its service providers that allows the Authorized","page_number":53,"box":{"x":84,"y":433,"width":395,"height":11}},{"id":"3be78bec-8dc2-40cf-ad22-e8dba02e0e00","block_type":"box","text":"Participant to place orders for the purchase and redemption of","page_number":53,"box":{"x":84,"y":447,"width":399,"height":11}},{"id":"fa2b19b3-ba98-409e-9b92-46ebf563f2a3","block_type":"box","text":"creation units (“Creation Units”). 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No Authorized","page_number":53,"box":{"x":83,"y":518,"width":378,"height":11}},{"id":"b3270738-b026-45e6-8a5b-0b580dbf6a29","block_type":"box","text":"Participant is obligated to engage in creation or redemption","page_number":53,"box":{"x":84,"y":532,"width":379,"height":11}},{"id":"f59e27fc-1676-4192-9763-fa3652adc661","block_type":"box","text":"transactions. 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or","page_number":53,"box":{"x":83,"y":683,"width":395,"height":10}},{"id":"56a2bbff-5089-46c2-b8ac-92d0dc0f45f7","block_type":"box","text":"other geographic units, markets, industries, project types, or","page_number":53,"box":{"x":83,"y":697,"width":388,"height":11}},{"id":"948a6f4b-8340-420c-9720-5f7606846aac","block_type":"box","text":"asset classes.","page_number":53,"box":{"x":83,"y":712,"width":88,"height":8}},{"id":"e9b1116b-170f-43cd-9b47-1a724293fb8f","block_type":"box","text":"Consumer Goods and Services Companies Risk.","page_number":53,"box":{"x":83,"y":735,"width":325,"height":10}},{"id":"8a2487a0-e46b-41dd-8b8e-759657a7907d","block_type":"box","text":"Consumer","page_number":53,"box":{"x":414,"y":735,"width":65,"height":8}},{"id":"a25e866e-82b9-4cc8-b58c-93d2da6b0206","block_type":"box","text":"goods and services companies face risks related to changes in","page_number":53,"box":{"x":83,"y":749,"width":399,"height":11}},{"id":"d047af11-88ea-46fd-b3d1-8abe8129c744","block_type":"box","text":"consumer preferences and disposable income, commodity prices,","page_number":53,"box":{"x":83,"y":763,"width":420,"height":11}},{"id":"7f554901-1949-4fdb-b4e5-d2330b634401","block_type":"box","text":"government regulation, supply chain disruptions, damage to brand","page_number":53,"box":{"x":83,"y":777,"width":423,"height":11}},{"id":"b5920e96-7704-47ad-992b-0ef598f4611f","block_type":"box","text":"or reputation, economic slowdown and labor shortages, among","page_number":53,"box":{"x":83,"y":791,"width":403,"height":11}},{"id":"597939e6-1ca5-4155-9c84-dba6dc2db3c5","block_type":"box","text":"other things.","page_number":53,"box":{"x":83,"y":806,"width":79,"height":10}},{"id":"6918528a-483d-4b09-8492-e7d248814f01","block_type":"box","text":"Currency 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Any reduction in this trading may have an","page_number":54,"box":{"x":82,"y":583,"width":383,"height":10}},{"id":"4ebdbcb7-c4ab-449d-b38c-51a3e8519e74","block_type":"box","text":"adverse impact on the Fund’s investments. Through its holdings of","page_number":54,"box":{"x":83,"y":595,"width":424,"height":11}},{"id":"d3097b04-1421-4c4b-a9d3-09a062dde755","block_type":"box","text":"securities of certain issuers, the Fund is specifically exposed to","page_number":54,"box":{"x":83,"y":608,"width":403,"height":11}},{"id":"68a92449-58df-409e-8610-0caff6724772","block_type":"box","text":"Asian Economic Risk","page_number":54,"box":{"x":82,"y":621,"width":145,"height":9}},{"id":"211edae4-391b-4aad-a70e-85ea8ba39d55","block_type":"box","text":",","page_number":54,"box":{"x":227,"y":628,"width":3,"height":3}},{"id":"166d785e-500a-4bb4-bd21-9f6c2f35fd6f","block_type":"box","text":"European Economic Risk","page_number":54,"box":{"x":236,"y":621,"width":171,"height":11}},{"id":"c5ecdd6c-bc33-401e-a01e-9a843a641f02","block_type":"box","text":"and","page_number":54,"box":{"x":412,"y":621,"width":22,"height":9}},{"id":"8f86f344-5eb7-4af5-9d3e-82d3a9fb1053","block_type":"box","text":"U.S.","page_number":54,"box":{"x":441,"y":621,"width":26,"height":9}},{"id":"f3555c38-8193-47ae-9e05-b39653db6811","block_type":"box","text":"Economic Risk","page_number":54,"box":{"x":83,"y":634,"width":101,"height":9}},{"id":"0c13d2e9-07f8-47e1-981b-6ed531c675c7","block_type":"box","text":".","page_number":54,"box":{"x":186,"y":641,"width":1,"height":2}},{"id":"f8fbaac5-0bd8-4d5a-a047-6f18462399cf","block_type":"box","text":"Risk of Investing in Japan","page_number":54,"box":{"x":83,"y":656,"width":170,"height":11}},{"id":"191d6005-1a82-4046-a93a-54c80a9744f1","block_type":"box","text":".","page_number":54,"box":{"x":255,"y":663,"width":2,"height":2}},{"id":"167b5b47-30fb-4565-8ef2-b5399520d17e","block_type":"box","text":"Investing in Japanese issuers subjects","page_number":54,"box":{"x":263,"y":656,"width":242,"height":11}},{"id":"12417bdd-d9b7-43b0-8cc6-079b0150fcfa","block_type":"box","text":"the Fund to legal, regulatory, political, economic, currency,","page_number":54,"box":{"x":83,"y":669,"width":375,"height":11}},{"id":"43e97eaf-d8bb-45b3-820c-6cdf506869bc","block_type":"box","text":"geographic and security risks that are specific to Japan. 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The Fund could","page_number":54,"box":{"x":549,"y":122,"width":409,"height":11}},{"id":"55255365-3dc8-4bad-93e9-5972144f8c62","block_type":"box","text":"also lose money in the event of a decline in the value of collateral","page_number":54,"box":{"x":549,"y":135,"width":416,"height":11}},{"id":"84ea5b27-1b96-4200-a53b-aae29ae3764f","block_type":"box","text":"provided for loaned securities or a decline in the value of any","page_number":54,"box":{"x":549,"y":148,"width":389,"height":11}},{"id":"1ec6dd4d-76fb-43c9-bcf9-48460023b120","block_type":"box","text":"investments made with cash collateral. These events could also","page_number":54,"box":{"x":549,"y":161,"width":406,"height":9}},{"id":"6183eae0-3494-44b5-b97b-6d58cd3b7e99","block_type":"box","text":"trigger adverse tax consequences for the Fund.","page_number":54,"box":{"x":549,"y":174,"width":301,"height":11}},{"id":"598e8b21-aec4-42f6-bcee-b02874291c19","block_type":"box","text":"Tracking Error Risk","page_number":54,"box":{"x":550,"y":196,"width":128,"height":11}},{"id":"8339322d-1aaf-4610-ba15-e95423281bec","block_type":"box","text":".","page_number":54,"box":{"x":678,"y":202,"width":3,"height":2}},{"id":"291b0161-5f0d-4476-a7b5-7d4f39747c3a","block_type":"box","text":"The Fund may be subject to “tracking error,”","page_number":54,"box":{"x":686,"y":196,"width":284,"height":11}},{"id":"ceeb4f90-24e6-4903-b7d0-c65df6108ff6","block_type":"box","text":"which is the divergence of the Fund’s performance from that of","page_number":54,"box":{"x":549,"y":209,"width":404,"height":11}},{"id":"69012f33-990e-483d-8911-67d05291bc8f","block_type":"box","text":"the Underlying Index. Tracking error may occur due to a number of","page_number":54,"box":{"x":549,"y":222,"width":425,"height":10}},{"id":"3a546de2-b687-4a38-ad07-350d953eef6d","block_type":"box","text":"factors, including differences between the securities and other","page_number":54,"box":{"x":549,"y":235,"width":401,"height":10}},{"id":"ca836e01-b267-4497-98a2-48adef2022b0","block_type":"box","text":"assets held in the Fund’s portfolio and those included in the","page_number":54,"box":{"x":549,"y":247,"width":381,"height":11}},{"id":"0a3e0e7e-a953-42ef-974d-1178292f5a28","block_type":"box","text":"Underlying Index; differences in the timing and methodologies","page_number":54,"box":{"x":550,"y":260,"width":396,"height":11}},{"id":"3d72029d-bcca-48ac-b68c-c39cd0558b14","block_type":"box","text":"used to value securities and other assets; transaction costs and","page_number":54,"box":{"x":549,"y":273,"width":407,"height":10}},{"id":"74d3c0a1-8cef-48b4-8c0d-027a23f61902","block_type":"box","text":"other expenses incurred by the Fund that the Underlying Index","page_number":54,"box":{"x":549,"y":286,"width":400,"height":11}},{"id":"43348fa6-2db7-4d48-9b0d-40995144f41c","block_type":"box","text":"does not incur; the Fund’s holding of uninvested cash; differences","page_number":54,"box":{"x":549,"y":299,"width":421,"height":11}},{"id":"3babbd6d-2c6b-4f48-852e-4e6617229a42","block_type":"box","text":"in the timing of the accrual or the valuation of dividends or","page_number":54,"box":{"x":549,"y":312,"width":374,"height":11}},{"id":"f1833d50-0903-4878-8949-db07311aebb7","block_type":"box","text":"interest received by the Fund or distributions paid to Fund","page_number":54,"box":{"x":549,"y":325,"width":370,"height":11}},{"id":"fbb3c615-1b44-4b69-94e1-627a6722e933","block_type":"box","text":"shareholders; tax gains or losses; differences between the","page_number":54,"box":{"x":549,"y":338,"width":372,"height":11}},{"id":"ebf380d1-4d33-42be-ae88-54e8e8ef23b3","block_type":"box","text":"amount and/or timing of withholding taxes on dividends reflected","page_number":54,"box":{"x":549,"y":351,"width":420,"height":10}},{"id":"007fb7ab-1f95-4e70-98df-e325cfbaeec4","block_type":"box","text":"in the Underlying Index from the Fund’s obligation, if any, for","page_number":54,"box":{"x":549,"y":363,"width":387,"height":11}},{"id":"700bac1e-26af-4fed-bbdb-e8c7f6e7743a","block_type":"box","text":"foreign withholding taxes; the requirements for the Fund to","page_number":54,"box":{"x":549,"y":376,"width":377,"height":11}},{"id":"e86ecf9d-c957-4e5f-bda9-1ab2d50bea56","block_type":"box","text":"maintain pass-through tax treatment; portfolio transactions","page_number":54,"box":{"x":549,"y":389,"width":380,"height":11}},{"id":"10f9923e-2d10-4bbb-ae5e-609c0e2ecca4","block_type":"box","text":"carried out to minimize the distribution of capital gains to","page_number":54,"box":{"x":549,"y":402,"width":366,"height":11}},{"id":"d342219c-42a1-4eda-aa96-231c2673fa16","block_type":"box","text":"shareholders; the acceptance of custom baskets; changes to the","page_number":54,"box":{"x":549,"y":415,"width":414,"height":11}},{"id":"9cb14060-982d-42cf-b64c-e19661a15ff4","block_type":"box","text":"Underlying Index; and impacts to the Fund of complying with","page_number":54,"box":{"x":550,"y":428,"width":386,"height":11}},{"id":"e75ec493-7270-43ed-9e82-bb9c22073119","block_type":"box","text":"certain regulatory requirements or limits. Tracking error risk may","page_number":54,"box":{"x":549,"y":441,"width":414,"height":11}},{"id":"b2e9d277-fe59-4e8f-9800-656f8629b7e7","block_type":"box","text":"be heightened during times of increased market volatility or other","page_number":54,"box":{"x":549,"y":454,"width":420,"height":11}},{"id":"18e9fe68-7619-4b1f-b157-51713ae7e59e","block_type":"box","text":"unusual market conditions. A Fund that tracks an index with","page_number":54,"box":{"x":549,"y":467,"width":383,"height":8}},{"id":"938b0555-3678-4423-acef-def0a298fe69","block_type":"box","text":"exposure to non-U.S. issuers may experience higher tracking","page_number":54,"box":{"x":549,"y":479,"width":390,"height":11}},{"id":"2a745470-76e7-405c-abc9-a03bff26ef3e","block_type":"box","text":"error than ETFs that do not track such indexes.","page_number":54,"box":{"x":549,"y":492,"width":299,"height":9}},{"id":"c0bf1134-8fc1-4b88-b36c-0dd99dc42512","block_type":"box","text":"Valuation Risk","page_number":54,"box":{"x":550,"y":514,"width":96,"height":9}},{"id":"fc01dbca-60e0-4caf-8b95-0b09f271941b","block_type":"box","text":".","page_number":54,"box":{"x":646,"y":521,"width":2,"height":2}},{"id":"ddcefb62-530e-4bba-9309-67ec0e4b41c2","block_type":"box","text":"The price that the Fund could receive upon the","page_number":54,"box":{"x":653,"y":514,"width":298,"height":11}},{"id":"daf8027a-8a45-4229-bacd-a8f2487ddeaf","block_type":"box","text":"sale (or other disposition) of a security or other asset may differ","page_number":54,"box":{"x":549,"y":527,"width":408,"height":11}},{"id":"d036024a-5902-49a9-a588-9483c5f29cd2","block_type":"box","text":"from the Fund’s valuation of the security or other asset,","page_number":54,"box":{"x":549,"y":540,"width":355,"height":11}},{"id":"3deee050-ff90-466a-9fa3-c7586de22a3e","block_type":"box","text":"particularly for securities or other assets that trade in low volume","page_number":54,"box":{"x":549,"y":553,"width":418,"height":11}},{"id":"10639af3-5c86-4237-bb83-a9323e2046b2","block_type":"box","text":"or volatile markets or that are valued using a fair value","page_number":54,"box":{"x":549,"y":566,"width":347,"height":11}},{"id":"92e665e8-8e07-47da-a654-fd4ca9f5eaf1","block_type":"box","text":"methodology. The price received by the Fund also may differ from","page_number":54,"box":{"x":549,"y":579,"width":418,"height":11}},{"id":"fa79991b-724d-4197-bb28-844e594655db","block_type":"box","text":"the value used by the Underlying Index. In addition, the value of","page_number":54,"box":{"x":549,"y":592,"width":406,"height":10}},{"id":"b8c3e6a1-e132-4840-8962-0abeb4180ff0","block_type":"box","text":"the securities or other assets in the Fund’s portfolio may change","page_number":54,"box":{"x":549,"y":605,"width":411,"height":10}},{"id":"45eb1ce9-6c2a-432a-bf87-a3f7f495558c","block_type":"box","text":"on days or during time periods when investors are not able to","page_number":54,"box":{"x":549,"y":617,"width":392,"height":11}},{"id":"7fff8048-8f19-4a65-9341-fcc39308ab93","block_type":"box","text":"purchase or sell Fund shares. Authorized Participants that create","page_number":54,"box":{"x":549,"y":630,"width":414,"height":11}},{"id":"effb4794-c086-4b9b-a97b-e550195db801","block_type":"box","text":"or redeem Fund shares on days when the Fund is holding fair","page_number":54,"box":{"x":549,"y":643,"width":394,"height":11}},{"id":"4ae749ed-077b-4a2c-87bf-6f67b93821dc","block_type":"box","text":"valued securities or other assets may receive fewer or more","page_number":54,"box":{"x":548,"y":656,"width":383,"height":11}},{"id":"d1e8f8a5-f65d-4520-a143-cbe2519cf742","block_type":"box","text":"shares, or lower or higher redemption proceeds, than they would","page_number":54,"box":{"x":549,"y":669,"width":414,"height":11}},{"id":"63800c10-99ac-41fb-8d37-9ba7de4a751d","block_type":"box","text":"have received had the securities or other assets not been fair","page_number":54,"box":{"x":549,"y":682,"width":392,"height":8}},{"id":"18c86cd6-f795-4259-9b16-ca95eb6c20cd","block_type":"box","text":"valued or been valued using a different methodology. The ability to","page_number":54,"box":{"x":548,"y":695,"width":425,"height":11}},{"id":"908f6792-182c-4605-bc39-f5fa11a8779e","block_type":"box","text":"value investments may be impacted by technological issues or","page_number":54,"box":{"x":548,"y":708,"width":400,"height":10}},{"id":"dc50ec5b-02fa-4dbe-b3a4-5d6df1191902","block_type":"box","text":"errors by pricing services or other third-party service providers.","page_number":54,"box":{"x":549,"y":721,"width":405,"height":10}},{"id":"d0fa6e57-7a26-4f54-9920-cc6fe0f1eeee","block_type":"box","text":"S-35","page_number":54,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"4d23977d-2c3c-4814-98ab-faee43f16f7c","block_type":"box","text":"Performance Information","page_number":55,"box":{"x":84,"y":22,"width":213,"height":11}},{"id":"8b3501fc-c6e0-4285-ba71-94f0272a31f0","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":55,"box":{"x":82,"y":48,"width":887,"height":10}},{"id":"ac79d43b-3cbe-4d4b-9c42-5ac640c7bfde","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":55,"box":{"x":83,"y":61,"width":872,"height":10}},{"id":"255e899f-8b3c-4bcf-a04e-30151995a80c","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":55,"box":{"x":83,"y":73,"width":867,"height":11}},{"id":"2455f034-2c96-440a-bb35-0745b2a782d8","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":55,"box":{"x":83,"y":86,"width":863,"height":11}},{"id":"f58c8213-fdf9-4bd7-8501-a7515f3a8d4a","block_type":"box","text":"agreements to waive or reimburse expenses, which would reduce performance if not in effect. 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Individual shares of the Fund may only be","page_number":56,"box":{"x":82,"y":200,"width":391,"height":11}},{"id":"58c43aa9-8136-466e-b6f1-55af4be0a741","block_type":"box","text":"bought and sold in the secondary market through a broker-dealer.","page_number":56,"box":{"x":83,"y":213,"width":420,"height":10}},{"id":"48a1c47f-be74-46da-91d9-426da4573113","block_type":"box","text":"Because ETF shares trade at market prices rather than at NAV,","page_number":56,"box":{"x":84,"y":226,"width":399,"height":10}},{"id":"284d26e9-5eab-4263-a475-dc04816e123d","block_type":"box","text":"shares may trade at a price greater than NAV (a premium) or less","page_number":56,"box":{"x":83,"y":238,"width":416,"height":11}},{"id":"285e1c2a-419d-4d1b-921f-0a5414cb97ce","block_type":"box","text":"than NAV (a discount). 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These","page_number":56,"box":{"x":549,"y":233,"width":420,"height":11}},{"id":"8a2c804a-a5af-4a4a-91db-dfa7734b555e","block_type":"box","text":"payments may create a conflict of interest by influencing the","page_number":56,"box":{"x":549,"y":246,"width":387,"height":11}},{"id":"4e832b66-4ab6-4374-9344-69cad2c7859e","block_type":"box","text":"broker-dealer or other intermediary and your salesperson to","page_number":56,"box":{"x":549,"y":259,"width":384,"height":11}},{"id":"a112e834-e7c3-4fd4-bb77-64444c8e5a8c","block_type":"box","text":"recommend the Fund over another investment. Ask your","page_number":56,"box":{"x":549,"y":272,"width":361,"height":11}},{"id":"665915d1-da95-4369-9718-cab9b3ecc4f0","block_type":"box","text":"salesperson or visit your financial intermediary’s website for more","page_number":56,"box":{"x":549,"y":285,"width":421,"height":11}},{"id":"dd5a52b1-3ad1-4fb7-87e8-e5a7e07dffc0","block_type":"box","text":"information.","page_number":56,"box":{"x":549,"y":298,"width":76,"height":8}},{"id":"69e6e061-1009-4a6a-93a8-2872a3ef85df","block_type":"box","text":"S-37","page_number":56,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"1f89b43d-4ce4-4c2b-ae77-47696a2d9bc2","block_type":"box","text":"iSHARES","page_number":57,"box":{"x":349,"y":24,"width":119,"height":15}},{"id":"caf7e9e7-6ef2-48ff-8731-430f36e8cfa5","block_type":"box","text":"®","page_number":57,"box":{"x":471,"y":17,"width":10,"height":8}},{"id":"449a8470-b52e-46da-a137-cec867aedbad","block_type":"box","text":"MSCI EAFE MIN","page_number":57,"box":{"x":493,"y":24,"width":213,"height":15}},{"id":"51650f96-8e51-44b7-ba79-f7dffbbd5e2b","block_type":"box","text":"VOL FACTOR ETF","page_number":57,"box":{"x":410,"y":46,"width":236,"height":15}},{"id":"ce7d3d22-c467-4bcc-980e-18e55adac4d4","block_type":"box","text":"Ticker: EFAV Stock Exchange: Cboe BZX","page_number":57,"box":{"x":285,"y":75,"width":482,"height":12}},{"id":"f561aaae-0578-45ec-a9ed-7c9b746134ec","block_type":"box","text":"Investment Objective","page_number":57,"box":{"x":84,"y":113,"width":181,"height":13}},{"id":"b90fd661-d5f2-4ad4-98ea-5f694ad9f820","block_type":"box","text":"The iShares MSCI EAFE Min Vol Factor ETF (the “Fund”) seeks to track the investment results of an index composed of developed market","page_number":57,"box":{"x":82,"y":138,"width":879,"height":11}},{"id":"add6e356-c68d-40d8-813f-e680b623ae3e","block_type":"box","text":"equities that, in the aggregate, have lower volatility characteristics relative to the broader developed equity markets, excluding the U.S.","page_number":57,"box":{"x":83,"y":151,"width":865,"height":11}},{"id":"28669bfd-0550-4dd0-8851-1ed1a1b61858","block_type":"box","text":"and Canada.","page_number":57,"box":{"x":83,"y":164,"width":78,"height":8}},{"id":"09527e9c-90e0-4df3-9825-a6048e521d90","block_type":"box","text":"Fees and Expenses","page_number":57,"box":{"x":84,"y":192,"width":160,"height":13}},{"id":"039588f2-b0c4-41bb-94ca-de5203fbb4a9","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,","page_number":57,"box":{"x":83,"y":268,"width":814,"height":11}},{"id":"1f3cd8b4-b91b-4fda-a377-638e435b3213","block_type":"box","text":"(v) distribution fees or expenses, and (vi) litigation expenses and any extraordinary expenses.","page_number":57,"box":{"x":83,"y":281,"width":595,"height":11}},{"id":"80dbc21f-ad27-4959-9c62-36bf12cc11ab","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":57,"box":{"x":82,"y":303,"width":883,"height":11}},{"id":"5572f968-5529-46b3-8f8b-c7143da4a4ee","block_type":"box","text":"the tables and examples below.","page_number":57,"box":{"x":83,"y":316,"width":220,"height":11}},{"id":"ef5b9c2c-e3ad-4d24-88fa-abc14ed56b3c","block_type":"box","text":"Annual Fund Operating 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Fees","page_number":57,"box":{"x":393,"y":406,"width":73,"height":9}},{"id":"8b87b8f8-a8f0-4ab3-85c8-a7407f680630","block_type":"box","text":"Other","page_number":57,"box":{"x":621,"y":395,"width":35,"height":8}},{"id":"18427e93-6205-45ee-9ca7-fe2ae7bf3e05","block_type":"box","text":"Expenses","page_number":57,"box":{"x":610,"y":406,"width":57,"height":9}},{"id":"ec2d0f60-5de7-4ccd-bb4f-28a225f024d5","block_type":"box","text":"Total 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any.","page_number":57,"box":{"x":123,"y":457,"width":706,"height":10}},{"id":"49245dec-33fd-4602-82ab-447fd931626a","block_type":"box","text":"Example.","page_number":57,"box":{"x":83,"y":477,"width":62,"height":11}},{"id":"d1f1cf14-4792-4f01-90c7-cc18c43e90ee","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":57,"box":{"x":150,"y":477,"width":800,"height":11}},{"id":"80e53911-9162-46ae-b4d8-7515ebf87a99","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":57,"box":{"x":82,"y":489,"width":891,"height":12}},{"id":"10616097-bac1-4a4f-9bfd-a492a601ecd9","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":57,"box":{"x":83,"y":503,"width":862,"height":11}},{"id":"8e545db4-32bd-425f-98a1-fb61ccc9a4d2","block_type":"box","text":"same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:","page_number":57,"box":{"x":83,"y":516,"width":694,"height":10}},{"id":"7316aae9-fa2b-43a0-96e0-029f147d63bf","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":57,"box":{"x":195,"y":545,"width":668,"height":7}},{"id":"aeb15acc-f6a4-4879-b471-81e3efc544cd","block_type":"box","text":"$20 $64 $113 $255","page_number":57,"box":{"x":202,"y":565,"width":649,"height":9}},{"id":"d55ccf06-5009-46dc-8a6e-b13f4ba3f83b","block_type":"box","text":"Portfolio Turnover.","page_number":57,"box":{"x":83,"y":604,"width":129,"height":9}},{"id":"d6d2d926-9348-4c80-ac34-1513d98a0e17","block_type":"box","text":"The Fund may pay transaction costs, such as","page_number":57,"box":{"x":216,"y":605,"width":287,"height":10}},{"id":"23987004-c87d-423c-a51e-cac5d87c6d61","block_type":"box","text":"commissions, when it buys and sells securities (or “turns over” its","page_number":57,"box":{"x":83,"y":619,"width":420,"height":11}},{"id":"b391adb8-bf20-40f0-a67e-d15c13fc0fa4","block_type":"box","text":"portfolio). A higher portfolio turnover rate may indicate higher","page_number":57,"box":{"x":83,"y":633,"width":395,"height":11}},{"id":"4cca5d5d-299e-433f-9e4c-f57c4c9cccdd","block_type":"box","text":"transaction costs and may result in higher taxes when Fund","page_number":57,"box":{"x":83,"y":647,"width":380,"height":11}},{"id":"339095d7-8a7d-4287-95d3-05d674f6af70","block_type":"box","text":"shares are held in a taxable account. These costs, which are not","page_number":57,"box":{"x":83,"y":661,"width":409,"height":10}},{"id":"e1b31e3a-65a9-4642-b178-bf899808c974","block_type":"box","text":"reflected in the Annual Fund Operating Expenses or in the","page_number":57,"box":{"x":83,"y":675,"width":368,"height":11}},{"id":"b4cf63c0-d344-4dc6-9946-bf739e053212","block_type":"box","text":"Example, affect the Fund’s performance. During the most recent","page_number":57,"box":{"x":84,"y":690,"width":411,"height":10}},{"id":"f6ddec91-283d-4316-b0c4-cf4e001e7062","block_type":"box","text":"fiscal year, the Fund’s portfolio turnover rate was 24% of the","page_number":57,"box":{"x":82,"y":704,"width":385,"height":11}},{"id":"3a3445c0-31dc-485a-932b-cc02470dc962","block_type":"box","text":"average value of its portfolio.","page_number":57,"box":{"x":83,"y":718,"width":184,"height":11}},{"id":"c6a6a5ff-e5ad-498b-b0c2-27f19c8ffe53","block_type":"box","text":"Principal Investment Strategies","page_number":57,"box":{"x":84,"y":747,"width":268,"height":13}},{"id":"f13de4aa-f22c-4992-b1fa-ed821f2ad30d","block_type":"box","text":"The Fund seeks to track the investment results of the MSCI EAFE","page_number":57,"box":{"x":82,"y":772,"width":417,"height":9}},{"id":"90802ed4-e55c-4cdd-8688-2a8c870f5412","block_type":"box","text":"Minimum Volatility (USD) Index (the “Underlying Index”), which","page_number":57,"box":{"x":83,"y":786,"width":401,"height":11}},{"id":"43763d13-9beb-4f85-8b27-a156b8018e7b","block_type":"box","text":"has been developed by MSCI Inc. (the “Index Provider” or “MSCI”)","page_number":57,"box":{"x":83,"y":801,"width":422,"height":10}},{"id":"48ba8ef1-d532-431c-9b53-c896bbe89884","block_type":"box","text":"to measure the performance of international equity securities","page_number":57,"box":{"x":83,"y":815,"width":393,"height":10}},{"id":"1a419f5a-7a53-480f-9e77-e0f7a47e57b5","block_type":"box","text":"(excluding the U.S. and Canada) that in the aggregate have lower","page_number":57,"box":{"x":83,"y":829,"width":416,"height":11}},{"id":"862d9624-f962-4a0d-ac8e-7f24ba2e7083","block_type":"box","text":"volatility relative to the MSCI EAFE Index (the “Parent Index”),","page_number":57,"box":{"x":82,"y":843,"width":395,"height":11}},{"id":"d053a9c1-b1dc-4aa5-9f01-b111199f38d7","block_type":"box","text":"which is a capitalization-weighted index. In constructing the","page_number":57,"box":{"x":82,"y":857,"width":382,"height":11}},{"id":"68c48a3b-1da3-4317-9feb-ed0c9579ca9d","block_type":"box","text":"Underlying Index, MSCI uses a rules-based methodology to select","page_number":57,"box":{"x":83,"y":871,"width":420,"height":11}},{"id":"2bd3d848-1724-4ea7-b464-9fde3df43d08","block_type":"box","text":"securities from the Parent Index and to determine their","page_number":57,"box":{"x":549,"y":597,"width":352,"height":8}},{"id":"d00821d7-e1a8-4ab6-8b5c-e534ae0c69a2","block_type":"box","text":"weightings. 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The Underlying Index is reconstituted quarterly. 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The Fund seeks to track the investment","page_number":58,"box":{"x":83,"y":584,"width":392,"height":11}},{"id":"1c971936-610d-4ebc-90ea-656fddfbc06e","block_type":"box","text":"results of the Underlying Index before fees and expenses of the","page_number":58,"box":{"x":83,"y":598,"width":404,"height":11}},{"id":"c07c42f1-2f15-4a1f-ab2d-6813483c407c","block_type":"box","text":"Fund.","page_number":58,"box":{"x":84,"y":612,"width":33,"height":9}},{"id":"3342fde0-6534-4fc7-ba56-ad653ae590d8","block_type":"box","text":"The Fund may lend securities representing up to one-third of the","page_number":58,"box":{"x":82,"y":635,"width":412,"height":11}},{"id":"90ee8dcf-350a-4c67-94e2-80980337184c","block_type":"box","text":"value of the Fund’s total assets (including the value of any","page_number":58,"box":{"x":82,"y":650,"width":371,"height":10}},{"id":"a4f18d30-f4de-4b27-87f1-a6f26f279740","block_type":"box","text":"collateral received).","page_number":58,"box":{"x":83,"y":664,"width":125,"height":11}},{"id":"5ed3fd2a-cee3-4ba5-8bc1-6008f8afa87e","block_type":"box","text":"The Underlying Index and Parent Index are sponsored by MSCI,","page_number":58,"box":{"x":82,"y":687,"width":403,"height":11}},{"id":"1ea466b3-0c8e-4602-8c27-750ae0cd6e87","block_type":"box","text":"which is independent of the Fund and BFA. 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For","page_number":58,"box":{"x":83,"y":824,"width":377,"height":11}},{"id":"86602b46-15e2-45e3-9a64-a65814bec96f","block_type":"box","text":"purposes of this limitation, securities of the U.S. government","page_number":58,"box":{"x":83,"y":838,"width":389,"height":11}},{"id":"aba15353-2b21-4415-b78a-ebd9029a5eaf","block_type":"box","text":"(including its agencies and instrumentalities) and repurchase","page_number":58,"box":{"x":83,"y":852,"width":389,"height":11}},{"id":"5c5b7105-3751-4183-9994-9d30f7d6ee6b","block_type":"box","text":"agreements collateralized by U.S. government securities are not","page_number":58,"box":{"x":83,"y":866,"width":410,"height":11}},{"id":"fde559b5-2597-4025-ac69-11541b66d259","block_type":"box","text":"considered to be issued by members of any industry.","page_number":58,"box":{"x":83,"y":880,"width":337,"height":11}},{"id":"92fd7b0d-0314-41c9-a0e4-327ec0b96e6c","block_type":"box","text":"Summary of Principal Risks","page_number":58,"box":{"x":549,"y":22,"width":235,"height":14}},{"id":"0788869e-0679-4e3b-848c-351b59dcc7a7","block_type":"box","text":"As with any investment, you could lose all or part of your","page_number":58,"box":{"x":549,"y":48,"width":362,"height":10}},{"id":"110c9e0e-28e2-4d64-b503-ac1f1fe78967","block_type":"box","text":"investment in the Fund, and the Fund’s performance could trail","page_number":58,"box":{"x":549,"y":62,"width":402,"height":11}},{"id":"7f796802-d8ee-4186-b0fd-0318a33ddd6c","block_type":"box","text":"that of other investments. The Fund is subject to certain risks,","page_number":58,"box":{"x":549,"y":76,"width":396,"height":11}},{"id":"4287679a-1d96-482e-a6d2-4722c1cbceb8","block_type":"box","text":"including the principal risks noted below, any of which may","page_number":58,"box":{"x":549,"y":90,"width":376,"height":11}},{"id":"e1238e53-d5f4-4d4e-a659-db264cf4bd84","block_type":"box","text":"adversely affect the Fund’s net asset value per share (“NAV”),","page_number":58,"box":{"x":549,"y":104,"width":392,"height":11}},{"id":"8ffa74f0-3051-4675-bff5-ec446e6250e1","block_type":"box","text":"trading price, yield, total return and ability to meet its investment","page_number":58,"box":{"x":549,"y":119,"width":416,"height":10}},{"id":"6330c390-3280-46a2-a5d8-4a561b014b7f","block_type":"box","text":"objective. Certain key risks are prioritized below (with others","page_number":58,"box":{"x":549,"y":133,"width":388,"height":11}},{"id":"b3940936-5a8f-41dd-9d84-29178e32801d","block_type":"box","text":"following in alphabetical order), but the relative significance of any","page_number":58,"box":{"x":549,"y":147,"width":425,"height":11}},{"id":"3e494c6d-2a67-4564-a2ea-e7eeeb86871d","block_type":"box","text":"risk is difficult to predict and may change over time. 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In","page_number":58,"box":{"x":549,"y":340,"width":383,"height":11}},{"id":"4a0a9715-4950-4e5d-9774-8afa801a7f06","block_type":"box","text":"addition, developed countries may be adversely impacted by","page_number":58,"box":{"x":549,"y":354,"width":387,"height":11}},{"id":"19566ad3-0392-4d91-bd02-f77123dedb61","block_type":"box","text":"changes to the economic conditions of certain key trading","page_number":58,"box":{"x":549,"y":369,"width":372,"height":10}},{"id":"78f4ed86-d454-43b6-9d5f-dd3b313752df","block_type":"box","text":"partners, regulatory burdens, debt burdens and the price or","page_number":58,"box":{"x":549,"y":383,"width":381,"height":11}},{"id":"900b6b9f-c92a-4c2c-811d-ac6e5991354d","block_type":"box","text":"availability of certain commodities.","page_number":58,"box":{"x":549,"y":397,"width":222,"height":11}},{"id":"cc74db3f-47e8-4678-b5ef-fff3689e2f9b","block_type":"box","text":"Low Volatility Risk","page_number":58,"box":{"x":549,"y":420,"width":124,"height":11}},{"id":"ca3e8068-9924-45eb-b9ff-6a650e8ba0eb","block_type":"box","text":".","page_number":58,"box":{"x":673,"y":427,"width":2,"height":2}},{"id":"73f0dbf2-4694-4f57-895e-34476f4e9433","block_type":"box","text":"A low volatility strategy may underperform","page_number":58,"box":{"x":680,"y":420,"width":272,"height":11}},{"id":"d3cffe81-bba2-4730-a88d-35fe196e96b0","block_type":"box","text":"the broader market during periods of strong, rising or speculative","page_number":58,"box":{"x":549,"y":434,"width":417,"height":11}},{"id":"de724b3f-7154-4259-a7d2-fc8615595d89","block_type":"box","text":"stock prices. 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Neither the Fund nor BFA can offer","page_number":58,"box":{"x":549,"y":844,"width":406,"height":11}},{"id":"4a13b0a4-811c-444a-b224-f55d6d9c49a2","block_type":"box","text":"assurances that the Index Provider’s methodology or sources of","page_number":58,"box":{"x":549,"y":858,"width":408,"height":11}},{"id":"af7ef766-adff-4916-b08c-a33cb54823de","block_type":"box","text":"information will provide an accurate assessment of included","page_number":58,"box":{"x":549,"y":873,"width":384,"height":10}},{"id":"0cb798f4-60c3-465c-bfb4-df9f5420a31f","block_type":"box","text":"S-39","page_number":58,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"1f147044-fd34-41d4-9525-2242e9cd8a34","block_type":"box","text":"components or will result in the Fund meeting its investment","page_number":59,"box":{"x":83,"y":23,"width":387,"height":11}},{"id":"9cc8027f-bbd7-4977-a3be-95e251915b09","block_type":"box","text":"objective. Errors in index data, index computations or the","page_number":59,"box":{"x":83,"y":37,"width":366,"height":11}},{"id":"0dbf824e-a7ab-4911-9cac-9ff400ab0e87","block_type":"box","text":"construction of the Underlying Index in accordance with its","page_number":59,"box":{"x":83,"y":51,"width":377,"height":11}},{"id":"9a56a531-0084-4909-b334-fb48500291e4","block_type":"box","text":"methodology may occur, and the Index Provider may not identify","page_number":59,"box":{"x":83,"y":66,"width":413,"height":11}},{"id":"d6caebd8-6e00-4197-acb0-7055c2c6bcfc","block_type":"box","text":"or correct them promptly or at all, which may have an adverse","page_number":59,"box":{"x":83,"y":80,"width":396,"height":11}},{"id":"54303aef-93ab-4ce0-bada-31fe82a84314","block_type":"box","text":"impact on the Fund and its shareholders. Unusual market","page_number":59,"box":{"x":83,"y":94,"width":367,"height":11}},{"id":"4c970547-881b-4250-830a-396b4966d52d","block_type":"box","text":"conditions or other unforeseen circumstances (such as natural","page_number":59,"box":{"x":83,"y":108,"width":400,"height":11}},{"id":"c25257e0-f7d1-476f-9eec-c8c641dcc3b5","block_type":"box","text":"disasters, political unrest or war) may impact the Index Provider","page_number":59,"box":{"x":83,"y":122,"width":409,"height":11}},{"id":"7fe75e8d-f93e-46de-9a62-66ac37df53e3","block_type":"box","text":"or a third-party data provider and could cause the Index Provider","page_number":59,"box":{"x":83,"y":137,"width":414,"height":10}},{"id":"816fe07d-8492-4057-a833-b4a8232f93e8","block_type":"box","text":"to postpone a scheduled rebalance. This could cause the","page_number":59,"box":{"x":83,"y":151,"width":362,"height":11}},{"id":"8642429b-486a-4bdb-acac-7b4108ba7d33","block_type":"box","text":"Underlying Index to vary from its normal or expected composition.","page_number":59,"box":{"x":83,"y":165,"width":423,"height":11}},{"id":"222b23f0-1a31-4d29-8b1c-62beba1fe020","block_type":"box","text":"Asset Class Risk.","page_number":59,"box":{"x":81,"y":188,"width":115,"height":9}},{"id":"81d766aa-c98d-413f-a012-1119e94c9925","block_type":"box","text":"The securities and other assets in the","page_number":59,"box":{"x":202,"y":188,"width":239,"height":9}},{"id":"cbbcdb8d-d739-4c19-b188-85937a7fcd39","block_type":"box","text":"Underlying Index or in the Fund’s portfolio may underperform in","page_number":59,"box":{"x":83,"y":202,"width":406,"height":11}},{"id":"3a28eeb3-d848-46e7-9d95-07eb610232a6","block_type":"box","text":"comparison to financial markets generally, a particular financial","page_number":59,"box":{"x":83,"y":216,"width":405,"height":11}},{"id":"4546e08c-1792-43eb-89b0-94c82a77006e","block_type":"box","text":"market, another index, or other asset classes.","page_number":59,"box":{"x":83,"y":231,"width":292,"height":10}},{"id":"75b80305-3cfa-43af-99bb-7e2b5f40ede5","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":59,"box":{"x":81,"y":254,"width":290,"height":11}},{"id":"70f11abb-fc90-41bd-a3d7-de1d83467194","block_type":"box","text":"An “Authorized","page_number":59,"box":{"x":381,"y":254,"width":93,"height":8}},{"id":"610fe4bc-2e17-4c2a-9600-573b26739724","block_type":"box","text":"Participant” is a member or participant of a clearing agency","page_number":59,"box":{"x":84,"y":268,"width":379,"height":11}},{"id":"b71e902f-ce65-41b6-a731-de8a4124de04","block_type":"box","text":"registered with the SEC, which has a written agreement with the","page_number":59,"box":{"x":83,"y":282,"width":411,"height":11}},{"id":"9f37e4b4-e7c1-4d07-ba66-561d467b3ac4","block_type":"box","text":"Fund or one of its service providers that allows the Authorized","page_number":59,"box":{"x":84,"y":296,"width":395,"height":11}},{"id":"eaf6c6ee-3953-4d62-803a-d968caa7236c","block_type":"box","text":"Participant to place orders for the purchase and redemption of","page_number":59,"box":{"x":84,"y":311,"width":399,"height":10}},{"id":"5733b3b8-1e80-40f0-971f-082bb8ca62e0","block_type":"box","text":"creation units (“Creation Units”). 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No Authorized","page_number":59,"box":{"x":83,"y":382,"width":378,"height":10}},{"id":"8fc92f6e-96b4-431e-bc46-5e3530e80cd9","block_type":"box","text":"Participant is obligated to engage in creation or redemption","page_number":59,"box":{"x":84,"y":396,"width":379,"height":11}},{"id":"7ead4ce4-19d9-4e16-bd8a-74fa47328704","block_type":"box","text":"transactions. To the extent that Authorized Participants exit the","page_number":59,"box":{"x":83,"y":410,"width":404,"height":11}},{"id":"d7d95fc6-9232-4b5e-aa4f-4b05beba3556","block_type":"box","text":"business or do not place creation or redemption orders for the","page_number":59,"box":{"x":83,"y":424,"width":399,"height":11}},{"id":"ae46d380-d8e9-4908-8bd5-139d89613fd5","block_type":"box","text":"Fund and no other Authorized Participant places orders, Fund","page_number":59,"box":{"x":84,"y":438,"width":391,"height":11}},{"id":"0e405cf4-b73f-410e-b929-7e1622f94dd4","block_type":"box","text":"shares are more likely to trade at a premium or discount to NAV","page_number":59,"box":{"x":83,"y":452,"width":408,"height":11}},{"id":"1a102b23-fe78-4806-a317-c9ca5272b2d9","block_type":"box","text":"and possibly face trading halts or delisting.","page_number":59,"box":{"x":83,"y":467,"width":273,"height":10}},{"id":"3a9d6c27-b357-43ff-9411-51b2d6232c33","block_type":"box","text":"Concentration 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or","page_number":59,"box":{"x":83,"y":547,"width":395,"height":10}},{"id":"ef1ec342-f1ba-4c97-a848-d5cdb4b9ccaf","block_type":"box","text":"other geographic units, markets, industries, project types, or","page_number":59,"box":{"x":83,"y":561,"width":388,"height":11}},{"id":"0702c48a-d538-47e2-ba9e-f673a1c14775","block_type":"box","text":"asset classes.","page_number":59,"box":{"x":83,"y":575,"width":88,"height":8}},{"id":"88a68f83-b4bf-4ee0-9991-e139f9462e77","block_type":"box","text":"Consumer Goods and Services Companies Risk.","page_number":59,"box":{"x":83,"y":598,"width":325,"height":11}},{"id":"c124a443-67e5-4346-8b14-59f8e1c41a93","block_type":"box","text":"Consumer","page_number":59,"box":{"x":414,"y":598,"width":65,"height":9}},{"id":"20220921-bbf0-4d5a-91ad-d94f4ea1dd8a","block_type":"box","text":"goods and services companies face risks related to changes in","page_number":59,"box":{"x":83,"y":612,"width":399,"height":11}},{"id":"ab612b1a-7b14-4c08-8239-78e6bcff216d","block_type":"box","text":"consumer preferences and disposable income, commodity prices,","page_number":59,"box":{"x":83,"y":626,"width":420,"height":11}},{"id":"42c0f8bd-9d3c-4c33-ad6d-de0484ca8997","block_type":"box","text":"government regulation, supply chain disruptions, damage to brand","page_number":59,"box":{"x":83,"y":641,"width":423,"height":10}},{"id":"d7fcaa8d-2e13-439d-ac26-8cd18633e74a","block_type":"box","text":"or reputation, economic slowdown and labor shortages, among","page_number":59,"box":{"x":83,"y":655,"width":403,"height":11}},{"id":"0bdba907-5bec-4c1b-963c-f06bff5e0310","block_type":"box","text":"other things.","page_number":59,"box":{"x":83,"y":669,"width":79,"height":11}},{"id":"0c58d741-58fc-411d-9ff6-eb4bfdb8323d","block_type":"box","text":"Currency Risk","page_number":59,"box":{"x":83,"y":692,"width":95,"height":11}},{"id":"0fb49a97-0ac1-4ed3-b8f1-d783615f957c","block_type":"box","text":".","page_number":59,"box":{"x":179,"y":699,"width":2,"height":2}},{"id":"7de806a0-380c-447a-bebb-ce4ec5e46582","block_type":"box","text":"Because the Fund’s NAV is determined in U.S.","page_number":59,"box":{"x":187,"y":692,"width":292,"height":9}},{"id":"a92546c7-e6a7-41d7-bd84-4c723ecd281b","block_type":"box","text":"dollars, the NAV could decline if the currency of a non-U.S. market","page_number":59,"box":{"x":83,"y":706,"width":424,"height":11}},{"id":"bfe57d1f-dc5d-4955-ad8f-e3b637460530","block_type":"box","text":"in which the Fund invests depreciates against the U.S. dollar or if","page_number":59,"box":{"x":83,"y":721,"width":415,"height":10}},{"id":"8b1700b5-1d93-4bd1-819c-50e1a7d82eea","block_type":"box","text":"there are delays or limits on the repatriation of foreign 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These","page_number":60,"box":{"x":82,"y":23,"width":361,"height":11}},{"id":"35244ea3-5f53-4160-9a33-fa8bf3363fdf","block_type":"box","text":"deviations could result in premiums or discounts to the Fund’s","page_number":60,"box":{"x":83,"y":37,"width":398,"height":11}},{"id":"13d62b9f-a7bf-48ec-a864-355f6c215762","block_type":"box","text":"NAV that may be greater than those experienced by other funds.","page_number":60,"box":{"x":84,"y":51,"width":410,"height":11}},{"id":"b0ceda10-3d7c-4b28-b952-b0bd304f0f73","block_type":"box","text":"Non-U.S. Securities Risk","page_number":60,"box":{"x":83,"y":75,"width":165,"height":8}},{"id":"fd69738a-6060-47e2-9d46-00e163df5b92","block_type":"box","text":".","page_number":60,"box":{"x":248,"y":81,"width":2,"height":2}},{"id":"2139a8ff-b2f2-4e9f-ba46-05f898e6c6f1","block_type":"box","text":"Securities issued by non-U.S. issuers","page_number":60,"box":{"x":256,"y":75,"width":236,"height":11}},{"id":"6ce75a47-1c80-4916-a87b-c805d44b35f6","block_type":"box","text":"(including depositary receipts) are subject to different legal,","page_number":60,"box":{"x":83,"y":89,"width":382,"height":11}},{"id":"99ba1f68-87ca-40a2-a71d-01c7421cca78","block_type":"box","text":"regulatory, political, economic, and market risks than securities","page_number":60,"box":{"x":83,"y":103,"width":406,"height":11}},{"id":"fd6bd2da-dfa9-4a7c-a815-330579371c88","block_type":"box","text":"issued by U.S. issuers. 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Tracking error may occur due to a number of","page_number":60,"box":{"x":549,"y":211,"width":425,"height":11}},{"id":"8ab7646e-fa53-4f15-ae87-6546cdf33af2","block_type":"box","text":"factors, including differences between the securities and other","page_number":60,"box":{"x":549,"y":226,"width":401,"height":10}},{"id":"cd67cbe5-9b0a-435e-b4e0-fe851c41667f","block_type":"box","text":"assets held in the Fund’s portfolio and those included in the","page_number":60,"box":{"x":549,"y":240,"width":381,"height":10}},{"id":"7e497cc6-ecc0-4628-b04b-5f294e039bab","block_type":"box","text":"Underlying Index; differences in the timing and methodologies","page_number":60,"box":{"x":550,"y":254,"width":396,"height":11}},{"id":"a6db1378-b8fa-44ee-be72-23ab94367603","block_type":"box","text":"used to value securities and other assets; transaction costs and","page_number":60,"box":{"x":549,"y":268,"width":407,"height":10}},{"id":"535f7160-1c41-4b0e-a760-4eaf8a059fbf","block_type":"box","text":"other expenses incurred by the Fund that the Underlying Index","page_number":60,"box":{"x":549,"y":282,"width":400,"height":11}},{"id":"4a3228ff-92c4-4c48-8b66-1687d01b0edd","block_type":"box","text":"does not incur; the Fund’s holding of uninvested cash; differences","page_number":60,"box":{"x":549,"y":296,"width":421,"height":11}},{"id":"fadefa3d-44ef-48d5-9b88-e63670369f3e","block_type":"box","text":"in the timing of the accrual or the valuation of dividends or","page_number":60,"box":{"x":549,"y":311,"width":374,"height":10}},{"id":"696999de-6fa3-411c-b10c-05fb601098ff","block_type":"box","text":"interest received by the Fund or distributions paid to Fund","page_number":60,"box":{"x":549,"y":325,"width":370,"height":11}},{"id":"7e533eec-34c2-427d-9723-c6a5736b8859","block_type":"box","text":"shareholders; tax gains or losses; differences between the","page_number":60,"box":{"x":549,"y":339,"width":372,"height":11}},{"id":"899e80fe-4903-424d-a619-8dda603537c6","block_type":"box","text":"amount and/or timing of withholding taxes on dividends reflected","page_number":60,"box":{"x":549,"y":353,"width":420,"height":11}},{"id":"43d6d22d-7d43-448a-ab67-b2fd4f86261e","block_type":"box","text":"in the Underlying Index from the Fund’s obligation, if any, for","page_number":60,"box":{"x":549,"y":367,"width":387,"height":11}},{"id":"deccc30c-79f1-47cd-9ca1-29e731b77492","block_type":"box","text":"foreign withholding taxes; the requirements for the Fund to","page_number":60,"box":{"x":549,"y":381,"width":377,"height":11}},{"id":"53506bd1-3dc8-4649-9f07-48724e82fe1c","block_type":"box","text":"maintain pass-through tax treatment; portfolio transactions","page_number":60,"box":{"x":549,"y":396,"width":380,"height":11}},{"id":"f4265a72-0a87-47ab-a63f-c088d464eb00","block_type":"box","text":"carried out to minimize the distribution of capital gains to","page_number":60,"box":{"x":549,"y":410,"width":366,"height":11}},{"id":"a2ccd563-fe00-4843-96c5-d89ea2342a79","block_type":"box","text":"shareholders; the acceptance of custom baskets; changes to the","page_number":60,"box":{"x":549,"y":424,"width":414,"height":11}},{"id":"68300959-f2b7-4e2f-af0b-423d6c825607","block_type":"box","text":"Underlying Index; and impacts to the Fund of complying with","page_number":60,"box":{"x":550,"y":438,"width":386,"height":11}},{"id":"75a5c5cf-e514-4e6e-aaef-29f8505f1f79","block_type":"box","text":"certain regulatory requirements or limits. 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A Fund that tracks an index with","page_number":60,"box":{"x":549,"y":481,"width":383,"height":8}},{"id":"88123b11-756f-48af-ad77-869c527f686e","block_type":"box","text":"exposure to non-U.S. issuers may experience higher tracking","page_number":60,"box":{"x":549,"y":495,"width":390,"height":11}},{"id":"faca0e5d-7a74-4d44-9e05-872ed0de0bea","block_type":"box","text":"error than ETFs that do not track such indexes.","page_number":60,"box":{"x":549,"y":509,"width":299,"height":9}},{"id":"b5efa0e2-66d4-4dc5-a7fc-181b6918d77e","block_type":"box","text":"Valuation Risk","page_number":60,"box":{"x":550,"y":532,"width":96,"height":9}},{"id":"1a6a68d7-0946-4ed9-abf3-e0dc991dadbe","block_type":"box","text":".","page_number":60,"box":{"x":646,"y":539,"width":2,"height":2}},{"id":"f91265a7-e6d0-480f-9dd3-e3e31fc0713c","block_type":"box","text":"The price that the Fund could receive upon the","page_number":60,"box":{"x":653,"y":532,"width":298,"height":11}},{"id":"0a280337-2c13-49ee-921d-551a5ab4f387","block_type":"box","text":"sale (or other disposition) of a security or other asset may differ","page_number":60,"box":{"x":549,"y":546,"width":408,"height":11}},{"id":"c7a75b89-ef02-4d45-9805-0364f0fb4664","block_type":"box","text":"from the Fund’s valuation of the security or other asset,","page_number":60,"box":{"x":549,"y":561,"width":355,"height":11}},{"id":"f6f7441d-75a9-4f73-911e-6d77f6439b8d","block_type":"box","text":"particularly for securities or other assets that trade in low volume","page_number":60,"box":{"x":549,"y":575,"width":418,"height":11}},{"id":"c1232093-4901-4b83-808d-f47b339d35e2","block_type":"box","text":"or volatile markets or that are valued using a fair value","page_number":60,"box":{"x":549,"y":589,"width":347,"height":11}},{"id":"b1bf9ebd-e99d-457c-88e0-f35698dc52dd","block_type":"box","text":"methodology. The price received by the Fund also may differ from","page_number":60,"box":{"x":549,"y":603,"width":418,"height":11}},{"id":"99db2e45-bc0b-4f27-aad0-66e7bc11bbfc","block_type":"box","text":"the value used by the Underlying Index. In addition, the value of","page_number":60,"box":{"x":549,"y":617,"width":406,"height":11}},{"id":"18d96982-08d9-4401-ad2a-b24131c751c4","block_type":"box","text":"the securities or other assets in the Fund’s portfolio may change","page_number":60,"box":{"x":549,"y":632,"width":411,"height":10}},{"id":"fa854921-d0f7-4f2a-b41c-5860cb9fa0d0","block_type":"box","text":"on days or during time periods when investors are not able to","page_number":60,"box":{"x":549,"y":646,"width":392,"height":11}},{"id":"30dd5a05-ac1e-44fc-8681-8900d9969d0a","block_type":"box","text":"purchase or sell Fund shares. Authorized Participants that create","page_number":60,"box":{"x":549,"y":660,"width":414,"height":11}},{"id":"f7d18a07-94cf-4969-b3ad-b23fe8d0939c","block_type":"box","text":"or redeem Fund shares on days when the Fund is holding fair","page_number":60,"box":{"x":549,"y":674,"width":394,"height":11}},{"id":"bb7e7ec9-e853-46b6-87c9-31f3d7a430d8","block_type":"box","text":"valued securities or other assets may receive fewer or more","page_number":60,"box":{"x":548,"y":688,"width":383,"height":11}},{"id":"f58d8b24-5507-44a3-8244-e810ed61c39e","block_type":"box","text":"shares, or lower or higher redemption proceeds, than they would","page_number":60,"box":{"x":549,"y":703,"width":414,"height":10}},{"id":"184fc914-1f5c-4bf3-acc5-8b5c8a95b14d","block_type":"box","text":"have received had the securities or other assets not been fair","page_number":60,"box":{"x":549,"y":717,"width":392,"height":8}},{"id":"e8c9c42f-9a07-4ab0-8d8c-de107c50211d","block_type":"box","text":"valued or been valued using a different methodology. 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Individual shares of the Fund may only be","page_number":62,"box":{"x":82,"y":210,"width":391,"height":11}},{"id":"a80d49df-c67f-4a06-8237-94e641906ae0","block_type":"box","text":"bought and sold in the secondary market through a broker-dealer.","page_number":62,"box":{"x":83,"y":224,"width":420,"height":11}},{"id":"ae6f5db2-f3d2-459a-ac3b-f949dd15e423","block_type":"box","text":"Because ETF shares trade at market prices rather than at NAV,","page_number":62,"box":{"x":84,"y":238,"width":399,"height":11}},{"id":"14299f86-b2f7-413a-826d-24d38a70ac69","block_type":"box","text":"shares may trade at a price greater than NAV (a premium) or less","page_number":62,"box":{"x":83,"y":253,"width":416,"height":10}},{"id":"3e263ced-9380-461a-bfc9-545cdd76ee8e","block_type":"box","text":"than NAV (a discount). 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These","page_number":62,"box":{"x":549,"y":246,"width":420,"height":11}},{"id":"7cf69ecb-5389-4106-a94b-7fafc62311be","block_type":"box","text":"payments may create a conflict of interest by influencing the","page_number":62,"box":{"x":549,"y":260,"width":387,"height":11}},{"id":"903ecb9c-482c-4d99-9509-4cf338030c9c","block_type":"box","text":"broker-dealer or other intermediary and your salesperson to","page_number":62,"box":{"x":549,"y":275,"width":384,"height":10}},{"id":"0f368a88-ca7f-44ff-9fd1-37b58ffebff0","block_type":"box","text":"recommend the Fund over another investment. Ask your","page_number":62,"box":{"x":549,"y":289,"width":361,"height":11}},{"id":"183f9c5f-f022-4dea-a38c-dc9621e81cc3","block_type":"box","text":"salesperson or visit your financial intermediary’s website for more","page_number":62,"box":{"x":549,"y":303,"width":421,"height":11}},{"id":"753dac0b-39fa-47e9-b610-0626b5c9de4a","block_type":"box","text":"information.","page_number":62,"box":{"x":549,"y":317,"width":76,"height":9}},{"id":"1715528d-afc9-472f-beb3-6ca15756d198","block_type":"box","text":"S-43","page_number":62,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"fff0cee9-4fb7-4a44-a1d7-db749e3a4598","block_type":"box","text":"iSHARES","page_number":63,"box":{"x":264,"y":24,"width":119,"height":15}},{"id":"cc9f8f6b-cbc4-4016-8116-a1dcf7575c49","block_type":"box","text":"®","page_number":63,"box":{"x":386,"y":17,"width":11,"height":8}},{"id":"ec5540d2-e515-4794-97fa-8f80d2551722","block_type":"box","text":"MSCI EAFE SMALL-CAP ETF","page_number":63,"box":{"x":408,"y":24,"width":386,"height":15}},{"id":"0eb3072b-46a5-4f05-8ecf-8db4dd6520cc","block_type":"box","text":"Ticker: SCZ Stock Exchange: Nasdaq","page_number":63,"box":{"x":292,"y":53,"width":467,"height":12}},{"id":"271c5a7b-4a9b-4b8d-8961-2f1c34aaad4c","block_type":"box","text":"Investment Objective","page_number":63,"box":{"x":84,"y":91,"width":181,"height":13}},{"id":"367a247f-5a41-4a4b-ab5f-9b27ce3c915b","block_type":"box","text":"The iShares MSCI EAFE Small-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization","page_number":63,"box":{"x":82,"y":116,"width":861,"height":11}},{"id":"694585ee-917d-4725-839f-534bfc5495eb","block_type":"box","text":"developed market equities, excluding the U.S. and Canada.","page_number":63,"box":{"x":83,"y":130,"width":376,"height":11}},{"id":"6d3b1d75-c4ec-44af-a9d4-16aed9768eb0","block_type":"box","text":"Fees and Expenses","page_number":63,"box":{"x":84,"y":159,"width":160,"height":13}},{"id":"2b771932-4b8e-4bd2-beb8-6e8e2057bd2f","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,","page_number":63,"box":{"x":83,"y":241,"width":814,"height":11}},{"id":"570beb43-82ab-44d3-aa3c-5cf2fef4aedf","block_type":"box","text":"(v) distribution fees or expenses, and (vi) litigation expenses and any extraordinary expenses.","page_number":63,"box":{"x":83,"y":255,"width":595,"height":11}},{"id":"bb3911e5-4299-4ee4-9690-3d4673bca8dc","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":63,"box":{"x":82,"y":278,"width":883,"height":12}},{"id":"03235fa1-07ea-4780-acaa-f7f44f61e887","block_type":"box","text":"the tables and examples below.","page_number":63,"box":{"x":83,"y":293,"width":220,"height":10}},{"id":"2c1be97f-2e3b-45f0-93fb-3a141355442e","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":63,"box":{"x":83,"y":483,"width":862,"height":11}},{"id":"ab106a51-b5c9-4cd4-8c01-40e361b99038","block_type":"box","text":"same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:","page_number":63,"box":{"x":83,"y":498,"width":694,"height":10}},{"id":"1c6b3199-bc61-45d6-a773-812f7c7d923e","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":63,"box":{"x":195,"y":528,"width":668,"height":8}},{"id":"00ff8a51-5819-4675-a43d-09fee230eccf","block_type":"box","text":"$41 $128 $224 $505","page_number":63,"box":{"x":203,"y":548,"width":648,"height":9}},{"id":"9a49a0f7-8a6c-4066-a5b5-aab82a2f96cb","block_type":"box","text":"Portfolio Turnover.","page_number":63,"box":{"x":83,"y":588,"width":129,"height":8}},{"id":"fefa286b-3166-4409-ba09-1f1ea081ab87","block_type":"box","text":"The Fund may pay transaction costs, such as","page_number":63,"box":{"x":216,"y":588,"width":287,"height":11}},{"id":"8a922fcf-851c-467a-85bb-37a25ae8f08d","block_type":"box","text":"commissions, when it buys and sells securities (or “turns over” its","page_number":63,"box":{"x":83,"y":602,"width":420,"height":11}},{"id":"86c8b2a5-9b5f-497f-9549-e264000229a0","block_type":"box","text":"portfolio). A higher portfolio turnover rate may indicate higher","page_number":63,"box":{"x":83,"y":616,"width":395,"height":11}},{"id":"e376cd0c-25c8-41bc-ae0b-a8606500f5f5","block_type":"box","text":"transaction costs and may result in higher taxes when Fund","page_number":63,"box":{"x":83,"y":630,"width":380,"height":11}},{"id":"663efa20-d340-49e1-9e96-517c7b66dc69","block_type":"box","text":"shares are held in a taxable account. These costs, which are not","page_number":63,"box":{"x":83,"y":645,"width":409,"height":10}},{"id":"8e5221c1-a05a-4a08-b493-c82429d975f6","block_type":"box","text":"reflected in the Annual Fund Operating Expenses or in the","page_number":63,"box":{"x":83,"y":659,"width":368,"height":11}},{"id":"83929c9a-bdf2-4583-95f7-e792e9dc38cb","block_type":"box","text":"Example, affect the Fund’s performance. During the most recent","page_number":63,"box":{"x":84,"y":673,"width":411,"height":11}},{"id":"a5cf9362-5e8a-4fe5-9cde-170cc6739b7f","block_type":"box","text":"fiscal year, the Fund’s portfolio turnover rate was 18% of the","page_number":63,"box":{"x":82,"y":687,"width":384,"height":11}},{"id":"9a629da0-88fd-4fc8-838d-75bb51d70652","block_type":"box","text":"average value of its portfolio.","page_number":63,"box":{"x":83,"y":701,"width":184,"height":11}},{"id":"801cc40e-379d-45ea-bda1-43bbd8d59f70","block_type":"box","text":"Principal Investment Strategies","page_number":63,"box":{"x":84,"y":730,"width":268,"height":14}},{"id":"fe392b13-0eef-4f01-9126-f34bbb695f4c","block_type":"box","text":"The Fund seeks to track the investment results of the MSCI EAFE","page_number":63,"box":{"x":82,"y":755,"width":417,"height":9}},{"id":"a9ecbf5a-b11b-4bbb-bc5b-5910b3ae1f29","block_type":"box","text":"Small Cap Index (the “Underlying Index”), which represents the","page_number":63,"box":{"x":83,"y":768,"width":402,"height":11}},{"id":"a363f9a6-1c81-4afd-b5c2-ae21066d27bb","block_type":"box","text":"small-capitalization segment of the MSCI EAFE IMI Index. The","page_number":63,"box":{"x":83,"y":781,"width":394,"height":11}},{"id":"ad9b2a0b-27a0-4f73-9d58-10e8cf06bd17","block_type":"box","text":"MSCI EAFE IMI Index is an equity index developed by MSCI Inc.","page_number":63,"box":{"x":83,"y":794,"width":405,"height":11}},{"id":"b5e045c0-27d3-4478-8122-bb0e907ef094","block_type":"box","text":"(the “Index Provider” or “MSCI”) that captures large-, mid- and","page_number":63,"box":{"x":83,"y":807,"width":399,"height":11}},{"id":"d5fbb6ae-ca6a-4b30-baa4-fece44ead7c2","block_type":"box","text":"small-capitalization representation across developed markets","page_number":63,"box":{"x":83,"y":820,"width":394,"height":11}},{"id":"b46a7617-26c3-49d1-9be9-3f9f71f36b19","block_type":"box","text":"outside of the U.S. and Canada. Constituents of the Underlying","page_number":63,"box":{"x":83,"y":833,"width":402,"height":11}},{"id":"4e619712-c4da-416f-8e2f-241c3baef0c0","block_type":"box","text":"Index include securities from Europe, Australasia and the Far East.","page_number":63,"box":{"x":83,"y":846,"width":423,"height":10}},{"id":"4304811c-446a-4d40-b0f2-b3520efb9221","block_type":"box","text":"Under MSCI’s Global Investable Market Index (IMI) methodology,","page_number":63,"box":{"x":83,"y":859,"width":415,"height":10}},{"id":"34489837-fdfe-4c70-a55c-8459fb0b506d","block_type":"box","text":"the small-capitalization universe consists of securities of those","page_number":63,"box":{"x":83,"y":871,"width":401,"height":11}},{"id":"0c19733d-0bbe-4c93-9d2a-54c5491502f9","block_type":"box","text":"companies not included in the large-capitalization or mid","page_number":63,"box":{"x":549,"y":580,"width":368,"height":11}},{"id":"e130be4f-cf1b-4f3c-b319-b63ae6dc5c33","block_type":"box","text":"capitalization segments of a particular market, which together","page_number":63,"box":{"x":549,"y":593,"width":397,"height":11}},{"id":"17fb515f-ca5c-4cd3-8159-e09e91dc13fe","block_type":"box","text":"comprise approximately 85% of each market’s free float-adjusted","page_number":63,"box":{"x":549,"y":606,"width":416,"height":11}},{"id":"5d967f3e-a171-4f06-9c12-60defb9e9a7f","block_type":"box","text":"market capitalization. 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Errors in index data, index computations or the","page_number":64,"box":{"x":549,"y":626,"width":366,"height":11}},{"id":"02f49029-b2d3-4e1d-93fe-cc49eedd8b0e","block_type":"box","text":"construction of the Underlying Index in accordance with its","page_number":64,"box":{"x":549,"y":639,"width":377,"height":11}},{"id":"0bec946e-31e1-4c47-998a-a3885a882a03","block_type":"box","text":"methodology may occur, and the Index Provider may not identify","page_number":64,"box":{"x":549,"y":652,"width":413,"height":11}},{"id":"a9fbb83e-718e-44eb-9e01-ab32d768a826","block_type":"box","text":"or correct them promptly or at all, which may have an adverse","page_number":64,"box":{"x":549,"y":665,"width":396,"height":11}},{"id":"7bf11fd8-537a-47bd-9f4e-b3e9f69654b1","block_type":"box","text":"impact on the Fund and its shareholders. Unusual market","page_number":64,"box":{"x":549,"y":678,"width":367,"height":11}},{"id":"d5baf6ce-633c-4b9a-9656-932c4bd153ab","block_type":"box","text":"conditions or other unforeseen circumstances (such as natural","page_number":64,"box":{"x":549,"y":691,"width":400,"height":11}},{"id":"614eaa56-cf39-482e-95ad-0db640f8ade3","block_type":"box","text":"disasters, political unrest or war) may impact the Index Provider","page_number":64,"box":{"x":549,"y":704,"width":409,"height":11}},{"id":"a59ba541-085c-40e9-baf5-480e1d64893d","block_type":"box","text":"or a third-party data provider and could cause the Index Provider","page_number":64,"box":{"x":549,"y":717,"width":414,"height":11}},{"id":"5243cd08-070a-4e8f-93ce-392e894f0f32","block_type":"box","text":"to postpone a scheduled rebalance. 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No Authorized","page_number":65,"box":{"x":83,"y":75,"width":378,"height":10}},{"id":"b5be210f-8ab0-4809-b742-0b1c2afb6cdd","block_type":"box","text":"Participant is obligated to engage in creation or redemption","page_number":65,"box":{"x":84,"y":88,"width":379,"height":10}},{"id":"3f42f726-c618-469e-bffb-860a1f527b79","block_type":"box","text":"transactions. To the extent that Authorized Participants exit the","page_number":65,"box":{"x":83,"y":101,"width":404,"height":10}},{"id":"37263776-20f8-4368-8582-5d80e0ee0740","block_type":"box","text":"business or do not place creation or redemption orders for the","page_number":65,"box":{"x":83,"y":113,"width":399,"height":11}},{"id":"35954beb-6522-46b7-8cfc-08902a18957a","block_type":"box","text":"Fund and no other Authorized Participant places orders, Fund","page_number":65,"box":{"x":84,"y":126,"width":391,"height":11}},{"id":"e195f7ce-ff34-4acf-a263-7a877dd4d0e2","block_type":"box","text":"shares are more likely to trade at a premium or discount to NAV","page_number":65,"box":{"x":83,"y":139,"width":408,"height":11}},{"id":"96de3ea7-b413-4b42-a245-3d57a1e4ff55","block_type":"box","text":"and possibly face trading halts or delisting.","page_number":65,"box":{"x":83,"y":152,"width":273,"height":11}},{"id":"24511167-ecef-4a1e-93c1-8bb60fa1ecc3","block_type":"box","text":"Concentration 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An investor may incur costs attributable to","page_number":68,"box":{"x":83,"y":267,"width":419,"height":11}},{"id":"fa3d5594-47d3-4f45-a228-a1f711d3f1c7","block_type":"box","text":"the difference between the highest price a buyer is willing to pay","page_number":68,"box":{"x":83,"y":281,"width":412,"height":11}},{"id":"62715d29-d4c6-41b9-a64c-f6bac3ea55b5","block_type":"box","text":"to purchase shares of the Fund (bid) and the lowest price a seller","page_number":68,"box":{"x":83,"y":295,"width":416,"height":11}},{"id":"e8f4a519-c78a-4d35-a33c-9ccbf621faee","block_type":"box","text":"is willing to accept for shares of the Fund (ask) when buying or","page_number":68,"box":{"x":83,"y":309,"width":400,"height":11}},{"id":"3a055b36-a2e4-426e-9043-a1459bd38c64","block_type":"box","text":"selling shares in the secondary market (the “bid-ask spread”).","page_number":68,"box":{"x":83,"y":324,"width":394,"height":10}},{"id":"b1bbb616-b545-483e-bcdb-1b6e7c674290","block_type":"box","text":"Tax Information","page_number":68,"box":{"x":548,"y":22,"width":133,"height":11}},{"id":"2ed7ed2b-bb83-457e-81f5-fd72f77712d9","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you","page_number":68,"box":{"x":549,"y":48,"width":422,"height":10}},{"id":"67246fd4-6dba-4616-b09d-1000612f83a5","block_type":"box","text":"as ordinary income or capital gains, unless you are investing","page_number":68,"box":{"x":549,"y":62,"width":385,"height":11}},{"id":"11cd2a46-c1d2-485e-acc0-fa526b77f083","block_type":"box","text":"through a tax-deferred arrangement such as a 401(k) plan or an","page_number":68,"box":{"x":549,"y":76,"width":406,"height":11}},{"id":"472932a7-b2d6-4a15-a029-0935b1cbb0ac","block_type":"box","text":"IRA, in which case, your distributions generally will be taxed when","page_number":68,"box":{"x":550,"y":90,"width":418,"height":11}},{"id":"b6b44bdc-1efb-4330-9cec-23532df2f21c","block_type":"box","text":"withdrawn.","page_number":68,"box":{"x":549,"y":104,"width":69,"height":9}},{"id":"4fbf6eea-3018-45a7-a0d3-b188d1456645","block_type":"box","text":"Payments to Broker-Dealers and Other Financial","page_number":68,"box":{"x":550,"y":133,"width":410,"height":14}},{"id":"22c1979a-fb42-4f5f-9fbf-73e882d3359c","block_type":"box","text":"Intermediaries","page_number":68,"box":{"x":550,"y":150,"width":123,"height":11}},{"id":"4bbfa711-d5e9-4613-bd93-e095605c5ce3","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or","page_number":68,"box":{"x":550,"y":175,"width":393,"height":11}},{"id":"5a93af66-e4dd-4e97-9465-de7b8a37cc43","block_type":"box","text":"other financial intermediary (such as a bank), BFA or other related","page_number":68,"box":{"x":549,"y":189,"width":421,"height":11}},{"id":"354f9b7b-6289-4c9b-abea-22c9acab3e05","block_type":"box","text":"companies may pay the intermediary for marketing activities and","page_number":68,"box":{"x":549,"y":204,"width":415,"height":10}},{"id":"51a95744-5dac-4a44-9b00-ebff4adf69b1","block_type":"box","text":"presentations, educational training programs, conferences, the","page_number":68,"box":{"x":549,"y":218,"width":403,"height":11}},{"id":"ef158cd1-e031-4510-85da-7254a6ab1233","block_type":"box","text":"development of technology platforms and reporting systems or","page_number":68,"box":{"x":549,"y":232,"width":403,"height":11}},{"id":"70b509de-278f-48cd-a905-b60d91f4fe43","block_type":"box","text":"other services related to the sale or promotion of the Fund. These","page_number":68,"box":{"x":549,"y":246,"width":420,"height":11}},{"id":"63b6234f-e088-4912-a603-1fd128e2db08","block_type":"box","text":"payments may create a conflict of interest by influencing the","page_number":68,"box":{"x":549,"y":260,"width":387,"height":11}},{"id":"bfae469a-2b66-4628-a354-807c7c107849","block_type":"box","text":"broker-dealer or other intermediary and your salesperson to","page_number":68,"box":{"x":549,"y":275,"width":384,"height":10}},{"id":"b09b84d4-78d8-442b-834d-9e0734d0eb5f","block_type":"box","text":"recommend the Fund over another investment. 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portfolio securities and the execution of portfolio transactions, including brokerage commissions,","page_number":69,"box":{"x":83,"y":241,"width":814,"height":11}},{"id":"f30c1c93-e953-4d31-8f31-1f8073e55d6d","block_type":"box","text":"(v) distribution fees or expenses, and (vi) litigation expenses and any extraordinary expenses.","page_number":69,"box":{"x":83,"y":255,"width":595,"height":11}},{"id":"b6bd3a56-a22d-46e1-87f6-34ab94dac0f4","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":69,"box":{"x":82,"y":278,"width":883,"height":12}},{"id":"9cc73780-2761-4e75-8ce2-cb4f832b4768","block_type":"box","text":"the tables and examples below.","page_number":69,"box":{"x":83,"y":293,"width":220,"height":10}},{"id":"61a21ba2-0472-431c-9596-4bf2631a9b3b","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":69,"box":{"x":83,"y":483,"width":862,"height":11}},{"id":"d95f9aaf-a82e-42fa-a9be-9987d184c33f","block_type":"box","text":"same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:","page_number":69,"box":{"x":83,"y":498,"width":694,"height":10}},{"id":"d4f89211-ae1e-4ff3-9276-071a02fdcb30","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":69,"box":{"x":195,"y":528,"width":668,"height":8}},{"id":"bf486e25-d729-4d4a-b91a-ad41e1c5d38a","block_type":"box","text":"$32 $100 $174 $393","page_number":69,"box":{"x":202,"y":548,"width":649,"height":9}},{"id":"fa850d1f-caac-4b34-9968-3f474b92b5fe","block_type":"box","text":"Portfolio Turnover.","page_number":69,"box":{"x":83,"y":588,"width":129,"height":8}},{"id":"554f3c82-f1cc-4129-a7f4-94494cf726fa","block_type":"box","text":"The Fund may pay transaction costs, such as","page_number":69,"box":{"x":216,"y":588,"width":287,"height":11}},{"id":"0c53f695-81d3-4599-a4a5-c3b1a729a1cb","block_type":"box","text":"commissions, when it buys and sells securities (or “turns over” its","page_number":69,"box":{"x":83,"y":602,"width":420,"height":11}},{"id":"5e4786b0-c9d4-4615-b93c-2fd5689fe8bc","block_type":"box","text":"portfolio). A higher portfolio turnover rate may indicate higher","page_number":69,"box":{"x":83,"y":616,"width":395,"height":11}},{"id":"0a81a898-b964-499d-98f3-2f6ab43616a8","block_type":"box","text":"transaction costs and may result in higher taxes when Fund","page_number":69,"box":{"x":83,"y":630,"width":380,"height":11}},{"id":"47c1daf1-0dc3-4756-ae2b-fba2a362e9d0","block_type":"box","text":"shares are held in a taxable account. These costs, which are not","page_number":69,"box":{"x":83,"y":645,"width":409,"height":10}},{"id":"63e9661c-0d9a-4003-8cde-185e2cabb964","block_type":"box","text":"reflected in the Annual Fund Operating Expenses or in the","page_number":69,"box":{"x":83,"y":659,"width":368,"height":11}},{"id":"ec94a77c-50e2-4740-be5e-7bde823395b9","block_type":"box","text":"Example, affect the Fund’s performance. During the most recent","page_number":69,"box":{"x":84,"y":673,"width":411,"height":11}},{"id":"7913869b-2737-446a-8bcb-92fc83ba76df","block_type":"box","text":"fiscal year, the Fund’s portfolio turnover rate was 23% of the","page_number":69,"box":{"x":82,"y":687,"width":385,"height":11}},{"id":"0c46e1c6-3742-4238-a5d4-0845ae05f987","block_type":"box","text":"average value of its portfolio.","page_number":69,"box":{"x":83,"y":701,"width":184,"height":11}},{"id":"35e950d7-f965-48bb-9f36-a305232c6d76","block_type":"box","text":"Principal Investment Strategies","page_number":69,"box":{"x":84,"y":730,"width":268,"height":14}},{"id":"1f840396-5bb0-4b15-9ce4-a6de6230fa46","block_type":"box","text":"The Fund seeks to track the investment results of the MSCI EAFE","page_number":69,"box":{"x":82,"y":755,"width":417,"height":9}},{"id":"76f9a9ae-6498-4c02-b818-7a21482c1b4b","block_type":"box","text":"Value Index (the “Underlying Index”), which is a subset of the","page_number":69,"box":{"x":82,"y":768,"width":390,"height":11}},{"id":"13384101-61f7-4be1-a51e-57e6975c4de8","block_type":"box","text":"MSCI EAFE Index. The MSCI EAFE Index has been developed by","page_number":69,"box":{"x":83,"y":781,"width":407,"height":11}},{"id":"a4e2453c-302b-4b7b-88f9-f6b3deb74283","block_type":"box","text":"MSCI Inc. (the “Index Provider” or “MSCI”) to measure the equity","page_number":69,"box":{"x":83,"y":794,"width":417,"height":11}},{"id":"431dc866-9a34-4234-84d0-a808b7bbaf6c","block_type":"box","text":"market performance of developed markets outside of the U.S. and","page_number":69,"box":{"x":83,"y":807,"width":423,"height":11}},{"id":"e1b7cd8f-1a52-4e5a-a799-2a05b293d281","block_type":"box","text":"Canada.","page_number":69,"box":{"x":83,"y":820,"width":51,"height":8}},{"id":"97f99869-0a47-480e-8b74-c2b0f335d7d0","block_type":"box","text":"Constituents of the Underlying Index include securities from","page_number":69,"box":{"x":83,"y":840,"width":383,"height":11}},{"id":"81818927-d780-4ccd-ba59-233b5588802d","block_type":"box","text":"Europe, Australasia and the Far East. The Underlying Index targets","page_number":69,"box":{"x":84,"y":853,"width":421,"height":11}},{"id":"066997d5-5e3a-4f7b-b400-d14863021754","block_type":"box","text":"approximately 50% coverage of the free float-adjusted market","page_number":69,"box":{"x":83,"y":866,"width":395,"height":11}},{"id":"447f107c-f267-408d-b933-4ca2c7493207","block_type":"box","text":"capitalization of the MSCI EAFE Index and consists of those","page_number":69,"box":{"x":83,"y":879,"width":380,"height":11}},{"id":"a7385042-2f77-41c8-8d12-1abbf6d4e89f","block_type":"box","text":"securities classified by MSCI as most representing the value style","page_number":69,"box":{"x":549,"y":580,"width":419,"height":11}},{"id":"03ac3387-2ef6-421e-b7b3-113e26c0259c","block_type":"box","text":"of investing. Securities classified in this style generally tend to","page_number":69,"box":{"x":549,"y":593,"width":397,"height":11}},{"id":"6f868ca1-8eab-4ee1-a737-d3af90b31872","block_type":"box","text":"have higher value characteristics (","page_number":69,"box":{"x":549,"y":606,"width":218,"height":11}},{"id":"94626ab4-d8f2-4791-befd-06c1f1d2e801","block_type":"box","text":"i.e.","page_number":69,"box":{"x":768,"y":606,"width":17,"height":8}},{"id":"5927d99f-b753-4896-9f3b-4b319ae26e9a","block_type":"box","text":", higher book value to price,","page_number":69,"box":{"x":787,"y":606,"width":177,"height":11}},{"id":"c66c4102-f6bb-49a4-86cd-db34c2a89d18","block_type":"box","text":"12-month forward earnings to price and dividend yield). MSCI","page_number":69,"box":{"x":551,"y":619,"width":390,"height":11}},{"id":"bff4d5ed-44a6-4a59-b7fb-8000341b7cc4","block_type":"box","text":"uses a specialized framework to attribute both value and growth","page_number":69,"box":{"x":549,"y":632,"width":410,"height":10}},{"id":"dd478c42-a24a-4450-a8a8-3aef5fcd8a78","block_type":"box","text":"style characteristics to each security within the MSCI EAFE Index.","page_number":69,"box":{"x":549,"y":645,"width":420,"height":10}},{"id":"bbf4e0dc-6dd8-4ba0-8ee0-613d108861ca","block_type":"box","text":"Each security is evaluated based on certain value factors and","page_number":69,"box":{"x":550,"y":657,"width":389,"height":11}},{"id":"8bbc9537-2c0e-4847-9c71-8f350c58dced","block_type":"box","text":"growth factors, which are then used to calculate a value score and","page_number":69,"box":{"x":549,"y":670,"width":424,"height":11}},{"id":"e1688932-703c-43ba-a674-d2d9579491db","block_type":"box","text":"growth score. Based upon these two scores, MSCI determines the","page_number":69,"box":{"x":549,"y":683,"width":423,"height":11}},{"id":"75d9baa7-6881-44f2-b02e-3a0afc117165","block_type":"box","text":"extent to which each security is assigned to the value or growth","page_number":69,"box":{"x":549,"y":696,"width":406,"height":11}},{"id":"87ff2680-d800-445d-aec7-7138f41d9eb0","block_type":"box","text":"style. It is possible for a single security to have representation in","page_number":69,"box":{"x":549,"y":709,"width":411,"height":11}},{"id":"9b3081d2-2278-4997-9dcb-79a03a266558","block_type":"box","text":"both the value and growth style indexes; however, no more than","page_number":69,"box":{"x":549,"y":722,"width":409,"height":11}},{"id":"f27de0a0-fd9f-4e42-b3b6-6b14e6c864e4","block_type":"box","text":"100% of a security’s float-adjusted market capitalization will be","page_number":69,"box":{"x":551,"y":735,"width":399,"height":11}},{"id":"dea5e474-4d42-4f2b-9bf3-31b36cdec777","block_type":"box","text":"included within the combined style framework. The Underlying","page_number":69,"box":{"x":549,"y":748,"width":399,"height":10}},{"id":"b303c7b9-3bca-4b6c-b6de-ca2d70fb602c","block_type":"box","text":"Index includes large- and mid-capitalization companies and may","page_number":69,"box":{"x":550,"y":761,"width":408,"height":10}},{"id":"b3d7d170-750d-4176-a5c2-a77f7422aa9d","block_type":"box","text":"change over time.","page_number":69,"box":{"x":549,"y":773,"width":113,"height":11}},{"id":"8af7b151-ce20-45fa-b910-e20903c1ae0a","block_type":"box","text":"As of July 31, 2025, the Underlying Index consisted of securities","page_number":69,"box":{"x":549,"y":794,"width":407,"height":11}},{"id":"46b83f24-2dd7-4a63-8ebc-93249fff44d8","block_type":"box","text":"from the following countries or regions: Australia, Austria,","page_number":69,"box":{"x":549,"y":807,"width":369,"height":11}},{"id":"b41f7bde-9527-48cf-987b-7ef41507af18","block_type":"box","text":"Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland,","page_number":69,"box":{"x":550,"y":820,"width":421,"height":11}},{"id":"813f9bf8-c01c-4cca-8806-086c334aeafb","block_type":"box","text":"Israel, Italy, Japan, the Netherlands, New Zealand, Norway,","page_number":69,"box":{"x":550,"y":833,"width":373,"height":11}},{"id":"cb766e40-18ee-493e-aa44-d19c15598043","block_type":"box","text":"Portugal, Singapore, Spain, Sweden, Switzerland and the United","page_number":69,"box":{"x":550,"y":846,"width":407,"height":10}},{"id":"dfd409c1-06a6-43e2-96ef-a5fd54f2df20","block_type":"box","text":"Kingdom (the “U.K.”). 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The components of the Underlying Index are likely to","page_number":70,"box":{"x":83,"y":36,"width":391,"height":11}},{"id":"c0cabb81-3714-4df8-aa58-71f6d0e3bc76","block_type":"box","text":"change over time.","page_number":70,"box":{"x":83,"y":49,"width":113,"height":11}},{"id":"25539ee6-3ac6-47f2-b8a8-adfd7f7995a2","block_type":"box","text":"BFA uses an indexing approach to try to achieve the Fund’s","page_number":70,"box":{"x":84,"y":71,"width":376,"height":11}},{"id":"dec258ce-a8d9-4569-9189-537ed5421c0a","block_type":"box","text":"investment objective. 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Financial services companies also may be significantly","page_number":71,"box":{"x":83,"y":709,"width":395,"height":11}},{"id":"d9e25aa7-1edb-417c-837d-d9b7d6fdf972","block_type":"box","text":"affected by, among other things, interest rates, economic","page_number":71,"box":{"x":83,"y":722,"width":367,"height":11}},{"id":"259634dd-f738-42c8-b1b7-99edc1a970bd","block_type":"box","text":"conditions, volatility in financial markets, credit rating","page_number":71,"box":{"x":83,"y":735,"width":343,"height":11}},{"id":"c0f62bce-1762-4271-a2c5-d85daec11e7d","block_type":"box","text":"downgrades, adverse public perception, exposure concentration","page_number":71,"box":{"x":83,"y":748,"width":410,"height":10}},{"id":"9421ce63-f091-4a48-b793-122fae76d800","block_type":"box","text":"and counterparty risk.","page_number":71,"box":{"x":83,"y":761,"width":140,"height":10}},{"id":"d0c9032a-56a6-4a67-b345-e0cd3e0231e4","block_type":"box","text":"Issuer Risk","page_number":71,"box":{"x":83,"y":782,"width":75,"height":9}},{"id":"6be0e562-49cd-4ba2-acdc-fa57e8a945fd","block_type":"box","text":".","page_number":71,"box":{"x":158,"y":789,"width":3,"height":2}},{"id":"36826bf8-03e5-4621-95c1-05e70c865308","block_type":"box","text":"The performance of the Fund depends on the","page_number":71,"box":{"x":166,"y":782,"width":288,"height":11}},{"id":"a36b85cc-826c-45ff-8f84-da49ee8016ea","block_type":"box","text":"performance of individual securities or other assets to which the","page_number":71,"box":{"x":83,"y":795,"width":412,"height":11}},{"id":"9f9a3026-1fcb-4800-af77-b6fa1afff5e3","block_type":"box","text":"Fund has exposure. 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Through its holdings of","page_number":72,"box":{"x":83,"y":308,"width":424,"height":11}},{"id":"14142a43-87a1-4876-90f3-2cfefd7825c8","block_type":"box","text":"securities of certain issuers, the Fund is specifically exposed to","page_number":72,"box":{"x":83,"y":322,"width":403,"height":11}},{"id":"d6071b92-a078-4005-a4a2-bbf9569b6c28","block_type":"box","text":"Asian Economic Risk, European Economic Risk","page_number":72,"box":{"x":82,"y":336,"width":326,"height":12}},{"id":"9a39d92f-c506-4135-95fd-d0dd5a0eb222","block_type":"box","text":"and","page_number":72,"box":{"x":414,"y":337,"width":22,"height":8}},{"id":"384abada-38af-4cc2-bfe1-5cde9b45be9a","block_type":"box","text":"U.S.","page_number":72,"box":{"x":442,"y":336,"width":26,"height":9}},{"id":"84ffdb90-2fa1-4445-bb85-b51c39b82c16","block_type":"box","text":"Economic Risk","page_number":72,"box":{"x":83,"y":351,"width":101,"height":8}},{"id":"36aaaa1a-9ef0-464b-a49b-db6619e03a47","block_type":"box","text":".","page_number":72,"box":{"x":186,"y":358,"width":1,"height":1}},{"id":"7f6c2bf5-b193-4e2c-8971-0e1a9fc6f55d","block_type":"box","text":"Risk of Investing in Japan","page_number":72,"box":{"x":83,"y":374,"width":170,"height":11}},{"id":"dba3ac7d-bc90-494d-b9af-cf826134c239","block_type":"box","text":".","page_number":72,"box":{"x":255,"y":380,"width":2,"height":2}},{"id":"eaebbcb0-620d-4b75-b72c-93b836224025","block_type":"box","text":"Investing in Japanese issuers subjects","page_number":72,"box":{"x":263,"y":374,"width":242,"height":11}},{"id":"ccc84757-eaa0-4329-ac65-d79fec2dd811","block_type":"box","text":"the Fund to legal, regulatory, political, economic, currency,","page_number":72,"box":{"x":83,"y":388,"width":375,"height":11}},{"id":"02663ded-2c40-45fe-a199-caebae1fed77","block_type":"box","text":"geographic and security risks that are specific to Japan. 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portfolio securities and the execution of portfolio transactions, including brokerage commissions,","page_number":75,"box":{"x":83,"y":241,"width":814,"height":11}},{"id":"ddfffef1-b709-4888-8c5d-3012b8d2dd5e","block_type":"box","text":"(v) distribution fees or expenses, and (vi) litigation expenses and any extraordinary expenses.","page_number":75,"box":{"x":83,"y":255,"width":595,"height":11}},{"id":"e4479804-8f98-49c6-a18b-89248f914d34","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":75,"box":{"x":82,"y":278,"width":883,"height":12}},{"id":"2bf1b70f-f3ac-49b3-9431-ba08fc78c542","block_type":"box","text":"the tables and examples below.","page_number":75,"box":{"x":83,"y":293,"width":220,"height":10}},{"id":"26bd0edd-d90e-4314-8383-a2a63554b5d8","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":75,"box":{"x":83,"y":483,"width":862,"height":11}},{"id":"60097707-e248-470a-8546-f87dffc96caa","block_type":"box","text":"same. 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In","page_number":78,"box":{"x":549,"y":617,"width":383,"height":11}},{"id":"ad99d960-10f7-477d-aa5d-3fd31ea962d0","block_type":"box","text":"addition, developed countries may be adversely impacted by","page_number":78,"box":{"x":549,"y":632,"width":387,"height":10}},{"id":"5fc54896-c33d-43a5-b338-57f42e9489e8","block_type":"box","text":"changes to the economic conditions of certain key trading","page_number":78,"box":{"x":549,"y":646,"width":372,"height":11}},{"id":"641e6317-38c8-450a-92e5-bdc7b00f4226","block_type":"box","text":"partners, regulatory burdens, debt burdens and the price or","page_number":78,"box":{"x":549,"y":660,"width":381,"height":11}},{"id":"934e4982-8e21-4589-8984-ac3146715cf4","block_type":"box","text":"availability of certain commodities.","page_number":78,"box":{"x":549,"y":674,"width":222,"height":11}},{"id":"1a01870d-2f0d-4161-b485-e8bd55e0f7d0","block_type":"box","text":"Risk of Investing in the U.K.","page_number":78,"box":{"x":549,"y":697,"width":186,"height":11}},{"id":"0fe11168-1443-483c-82f3-08f598527d3a","block_type":"box","text":"Investing in U.K. issuers subjects","page_number":78,"box":{"x":742,"y":697,"width":211,"height":11}},{"id":"1c121350-fc30-4c73-a041-21d99446a0bf","block_type":"box","text":"the Fund to legal, regulatory, political, economic, currency,","page_number":78,"box":{"x":549,"y":712,"width":375,"height":10}},{"id":"6e6b21cf-95d5-4349-bb41-9c4acf66f5bf","block_type":"box","text":"geographic and security risks that are specific to the U.K.","page_number":78,"box":{"x":549,"y":726,"width":366,"height":11}},{"id":"c578e4c8-5278-461d-bbdc-32309dbd937b","block_type":"box","text":"Economic downturns or political instability in its key trading","page_number":78,"box":{"x":550,"y":740,"width":380,"height":11}},{"id":"bd4cd925-31dc-496b-a6ea-22c6ce63f172","block_type":"box","text":"partners, which include the United States and other European","page_number":78,"box":{"x":549,"y":754,"width":394,"height":11}},{"id":"afc37d0e-03db-4ca8-84e5-cfa72d1bf6c8","block_type":"box","text":"countries, could have an adverse effect on the U.K. economy.","page_number":78,"box":{"x":549,"y":768,"width":392,"height":11}},{"id":"5ec7869e-6606-4392-935e-2317e38242ac","block_type":"box","text":"Following Brexit, certain trading matters between the U.K. and the","page_number":78,"box":{"x":550,"y":782,"width":422,"height":11}},{"id":"f40aff9b-fdf7-49b4-8076-4c64cb478f4d","block_type":"box","text":"European Union (the “EU”) remain unresolved, including with","page_number":78,"box":{"x":550,"y":797,"width":387,"height":10}},{"id":"1336b680-4ba3-4a3e-8b9e-ffa773e8297e","block_type":"box","text":"respect to financial services. 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(the “Index Provider” or “MSCI”). 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The Fund seeks to track the investment","page_number":83,"box":{"x":83,"y":804,"width":392,"height":11}},{"id":"b7b04a2d-6645-4b5b-bf9b-47f7e2fbb17d","block_type":"box","text":"results of the Underlying Index before fees and expenses of the","page_number":83,"box":{"x":83,"y":819,"width":404,"height":10}},{"id":"1760a22c-9987-4d75-a8ec-58ce39af2e15","block_type":"box","text":"Fund.","page_number":83,"box":{"x":84,"y":833,"width":33,"height":8}},{"id":"a2467e6e-2ef6-477e-b509-ff13ffebc3b2","block_type":"box","text":"The Fund may lend securities representing up to one-third of the","page_number":83,"box":{"x":549,"y":23,"width":411,"height":11}},{"id":"3ae7be34-0dd1-478a-8620-28cddc650266","block_type":"box","text":"value of the Fund’s total assets (including the value of any","page_number":83,"box":{"x":548,"y":37,"width":371,"height":11}},{"id":"a3997b60-4818-4615-ae6a-ed121b692ac3","block_type":"box","text":"collateral received).","page_number":83,"box":{"x":549,"y":52,"width":125,"height":10}},{"id":"43052fc0-b142-452c-bef1-faf5f55bd239","block_type":"box","text":"The Underlying Index and Parent Index are sponsored by MSCI,","page_number":83,"box":{"x":549,"y":75,"width":402,"height":11}},{"id":"218b368a-dc6f-40f5-b921-d6ecc5a7a9e9","block_type":"box","text":"which is independent of the Fund and BFA. The Index Provider","page_number":83,"box":{"x":549,"y":89,"width":395,"height":11}},{"id":"4cf4025d-b9f2-4180-8fa3-d383f5e1225f","block_type":"box","text":"determines the composition and relative weightings of the","page_number":83,"box":{"x":549,"y":103,"width":372,"height":11}},{"id":"a5af3961-97d0-420b-b832-616d82654eb8","block_type":"box","text":"securities in the Underlying Index and Parent Index and publishes","page_number":83,"box":{"x":549,"y":117,"width":417,"height":11}},{"id":"85921f80-7b69-4aa2-9cdc-09a527f32f2a","block_type":"box","text":"information regarding the market value of the Underlying","page_number":83,"box":{"x":549,"y":131,"width":363,"height":11}},{"id":"42c123ff-eb5e-4921-a6bf-539de6ae2ea6","block_type":"box","text":"Index and Parent Index.","page_number":83,"box":{"x":550,"y":146,"width":148,"height":8}},{"id":"7ecbb47a-f7b5-474e-8e93-a3bc42b4d185","block_type":"box","text":"Industry Concentration Policy.","page_number":83,"box":{"x":550,"y":169,"width":209,"height":11}},{"id":"43180784-9dc7-4f2e-86e6-cd246bc4e3d4","block_type":"box","text":"The Fund will concentrate its","page_number":83,"box":{"x":764,"y":169,"width":184,"height":8}},{"id":"a58e8b4e-73d3-4aa9-9e49-7d1bb812a625","block_type":"box","text":"investments (","page_number":83,"box":{"x":549,"y":183,"width":86,"height":11}},{"id":"6fa6b2a3-4ae1-4084-aa2d-27d43e601cba","block_type":"box","text":"i.e.","page_number":83,"box":{"x":635,"y":183,"width":17,"height":8}},{"id":"5525f0fd-3f9c-4be7-8c09-d07ca42a66c2","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":83,"box":{"x":655,"y":183,"width":264,"height":11}},{"id":"aa221184-9618-4efc-becc-32f581fa29b9","block_type":"box","text":"particular industry or group of industries to approximately the","page_number":83,"box":{"x":549,"y":197,"width":394,"height":11}},{"id":"785684ee-8571-4d16-b766-4f306f3b2e55","block_type":"box","text":"same extent that the Underlying Index is concentrated. For","page_number":83,"box":{"x":549,"y":211,"width":377,"height":11}},{"id":"7dfbdeab-e127-404b-803b-f3cebd2ea21a","block_type":"box","text":"purposes of this limitation, securities of the U.S. government","page_number":83,"box":{"x":549,"y":226,"width":389,"height":10}},{"id":"9ace7dcf-eaf5-4167-a898-7c29aeb0ad66","block_type":"box","text":"(including its agencies and instrumentalities) and repurchase","page_number":83,"box":{"x":549,"y":240,"width":389,"height":11}},{"id":"e0fb58bf-6731-485a-a0d6-a2c02a15a33a","block_type":"box","text":"agreements collateralized by U.S. government securities are not","page_number":83,"box":{"x":549,"y":254,"width":410,"height":11}},{"id":"3848306d-ca0c-44e0-9803-e8f40479ba4d","block_type":"box","text":"considered to be issued by members of any industry.","page_number":83,"box":{"x":549,"y":268,"width":337,"height":11}},{"id":"b1b64714-1877-4ec1-81c1-682246011330","block_type":"box","text":"Summary of Principal Risks","page_number":83,"box":{"x":549,"y":297,"width":235,"height":13}},{"id":"822a0c8a-845e-4cd3-85d7-489dab345138","block_type":"box","text":"As with any investment, you could lose all or part of your","page_number":83,"box":{"x":549,"y":322,"width":362,"height":11}},{"id":"bf4e8710-82df-4cd8-bd2c-79f1e47625d1","block_type":"box","text":"investment in the Fund, and the Fund’s performance could trail","page_number":83,"box":{"x":549,"y":336,"width":402,"height":11}},{"id":"d84180b7-d04b-4fd7-afb4-f64091b15610","block_type":"box","text":"that of other investments. The Fund is subject to certain risks,","page_number":83,"box":{"x":549,"y":351,"width":396,"height":10}},{"id":"c191a0c6-0fb2-4131-82e1-360e39d1e5c6","block_type":"box","text":"including the principal risks noted below, any of which may","page_number":83,"box":{"x":549,"y":365,"width":376,"height":11}},{"id":"5a052807-b061-4562-b936-199df415325e","block_type":"box","text":"adversely affect the Fund’s net asset value per share (“NAV”),","page_number":83,"box":{"x":549,"y":379,"width":392,"height":11}},{"id":"b5f9449b-9fa3-42f4-8045-1573ed4cccfe","block_type":"box","text":"trading price, yield, total return and ability to meet its investment","page_number":83,"box":{"x":549,"y":393,"width":416,"height":11}},{"id":"157d5caf-e27f-4a20-8cc5-396f3543ffd2","block_type":"box","text":"objective. Certain key risks are prioritized below (with others","page_number":83,"box":{"x":549,"y":407,"width":388,"height":11}},{"id":"461c070d-a55f-4157-a5d7-2f15ca869c76","block_type":"box","text":"following in alphabetical order), but the relative significance of any","page_number":83,"box":{"x":549,"y":421,"width":425,"height":11}},{"id":"d70ff289-5d4c-400e-b811-8cf04fbf4af3","block_type":"box","text":"risk is difficult to predict and may change over time. 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No Authorized","page_number":84,"box":{"x":83,"y":712,"width":378,"height":10}},{"id":"50fa6867-8cc8-43b9-b483-af9bd64982d6","block_type":"box","text":"Participant is obligated to engage in creation or redemption","page_number":84,"box":{"x":84,"y":726,"width":379,"height":11}},{"id":"5863a425-6e85-4321-8124-3fe17f9f9a28","block_type":"box","text":"transactions. 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In","page_number":98,"box":{"x":549,"y":37,"width":383,"height":11}},{"id":"2f6bdaf3-0b58-4201-af62-b2a7a75b08fd","block_type":"box","text":"addition, developed countries may be adversely impacted by","page_number":98,"box":{"x":549,"y":52,"width":387,"height":10}},{"id":"3fe1e24a-a035-4259-a0bd-7e7b4a99332f","block_type":"box","text":"changes to the economic conditions of certain key trading","page_number":98,"box":{"x":549,"y":66,"width":372,"height":11}},{"id":"c445167b-257a-4eb3-b917-37eda79ed387","block_type":"box","text":"partners, regulatory burdens, debt burdens and the price or","page_number":98,"box":{"x":549,"y":80,"width":381,"height":11}},{"id":"9631cd7f-9bba-4008-a9ec-60ae0a5db955","block_type":"box","text":"availability of certain commodities.","page_number":98,"box":{"x":549,"y":94,"width":222,"height":11}},{"id":"c129a33e-859d-4170-8fcb-311e51382f35","block_type":"box","text":"Risk of Investing in Japan","page_number":98,"box":{"x":549,"y":117,"width":170,"height":11}},{"id":"db9148fd-92d1-48c9-8f07-855198fc8eb1","block_type":"box","text":".","page_number":98,"box":{"x":721,"y":124,"width":2,"height":2}},{"id":"5a95826f-b78c-4927-a537-711534499954","block_type":"box","text":"Investing in Japanese issuers subjects","page_number":98,"box":{"x":729,"y":117,"width":242,"height":11}},{"id":"f48113d5-c294-4053-bc40-93484a003023","block_type":"box","text":"the Fund to legal, regulatory, political, economic, currency,","page_number":98,"box":{"x":549,"y":131,"width":375,"height":11}},{"id":"05719fb4-f790-4a0e-8522-d4ffdc674ca2","block_type":"box","text":"geographic and security risks that are specific to Japan. Japan’s","page_number":98,"box":{"x":549,"y":146,"width":405,"height":10}},{"id":"f811fdc4-b7ee-49b1-984a-a0830d3936d5","block_type":"box","text":"economy depends heavily on international trade, oil and other","page_number":98,"box":{"x":549,"y":160,"width":396,"height":11}},{"id":"d5bbac21-d4df-403a-9a2e-50d8aadfa22f","block_type":"box","text":"commodity imports, and government policy supporting its","page_number":98,"box":{"x":549,"y":174,"width":369,"height":11}},{"id":"90a8abf2-371a-4d86-b19d-535d04410654","block_type":"box","text":"exports. 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Tracking error may occur due to a number of","page_number":98,"box":{"x":549,"y":433,"width":425,"height":11}},{"id":"7e9eb4f1-a997-48fa-a10f-9b6686f351e8","block_type":"box","text":"factors, including differences between the securities and other","page_number":98,"box":{"x":549,"y":447,"width":401,"height":11}},{"id":"7fcd0960-863a-4995-93d8-30a7474c5d14","block_type":"box","text":"assets held in the Fund’s portfolio and those included in the","page_number":98,"box":{"x":549,"y":461,"width":381,"height":11}},{"id":"8da17fd1-a732-4ae8-8b8a-a32c1d168df8","block_type":"box","text":"Underlying Index; differences in the timing and methodologies","page_number":98,"box":{"x":550,"y":476,"width":396,"height":10}},{"id":"3806fdb2-c523-4abe-abf0-7e39746d14fc","block_type":"box","text":"used to value securities and other assets; transaction costs and","page_number":98,"box":{"x":549,"y":490,"width":407,"height":10}},{"id":"3d7c93dc-6c67-4a8f-acad-f29df5b804dd","block_type":"box","text":"other expenses incurred by the Fund that the Underlying Index","page_number":98,"box":{"x":549,"y":504,"width":400,"height":11}},{"id":"6784a4d3-fae4-4ca7-a144-5aa25f99d44f","block_type":"box","text":"does not incur; the Fund’s holding of uninvested cash; differences","page_number":98,"box":{"x":549,"y":518,"width":421,"height":11}},{"id":"3723f491-75ae-41fd-b45b-dfd961de5791","block_type":"box","text":"in the timing of the accrual or the valuation of dividends or","page_number":98,"box":{"x":549,"y":532,"width":374,"height":11}},{"id":"b4a13fbc-b11e-4159-a85a-d6d3fd0865e9","block_type":"box","text":"interest received by the Fund or distributions paid to Fund","page_number":98,"box":{"x":549,"y":547,"width":370,"height":10}},{"id":"9b0a894a-83d4-4a31-b819-b10e8007171d","block_type":"box","text":"shareholders; tax gains or losses; differences between the","page_number":98,"box":{"x":549,"y":561,"width":372,"height":11}},{"id":"286b1f87-b7f3-413b-baf0-72dc8667036c","block_type":"box","text":"amount and/or timing of withholding taxes on dividends reflected","page_number":98,"box":{"x":549,"y":575,"width":420,"height":11}},{"id":"52c9e470-2474-4bf2-be44-cd6ee809f73f","block_type":"box","text":"in the Underlying Index from the Fund’s obligation, if any, for","page_number":98,"box":{"x":549,"y":589,"width":387,"height":11}},{"id":"6275821c-2782-4947-a9c4-c4f3506f040b","block_type":"box","text":"foreign withholding taxes; the requirements for the Fund to","page_number":98,"box":{"x":549,"y":603,"width":377,"height":11}},{"id":"a1417a08-897d-42d1-9af6-4190c9377081","block_type":"box","text":"maintain pass-through tax treatment; portfolio transactions","page_number":98,"box":{"x":549,"y":617,"width":380,"height":11}},{"id":"7cb10f56-684f-42df-9859-0b0fd7b3d759","block_type":"box","text":"carried out to minimize the distribution of capital gains to","page_number":98,"box":{"x":549,"y":632,"width":366,"height":10}},{"id":"8290205d-5663-4443-a3d8-ae2bb3257628","block_type":"box","text":"shareholders; the acceptance of custom baskets; changes to the","page_number":98,"box":{"x":549,"y":646,"width":414,"height":11}},{"id":"382620ee-c614-4070-9228-87d3156f6b89","block_type":"box","text":"Underlying Index; and impacts to the Fund of complying with","page_number":98,"box":{"x":550,"y":660,"width":386,"height":11}},{"id":"126349ac-9154-4758-9c78-79ec27014d9d","block_type":"box","text":"certain regulatory requirements or limits. 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A Fund that tracks an index with","page_number":98,"box":{"x":549,"y":703,"width":383,"height":8}},{"id":"cbc325e4-a5c9-43b0-8d43-90235413b63f","block_type":"box","text":"exposure to non-U.S. issuers may experience higher tracking","page_number":98,"box":{"x":549,"y":717,"width":390,"height":11}},{"id":"ac7d542a-e700-487b-a767-19e767e8e4ef","block_type":"box","text":"error than ETFs that do not track such indexes.","page_number":98,"box":{"x":549,"y":731,"width":299,"height":8}},{"id":"e4b5850f-f5d2-44ed-88ae-d306b01d4c15","block_type":"box","text":"Valuation Risk","page_number":98,"box":{"x":550,"y":754,"width":96,"height":9}},{"id":"f2cb7c23-e752-4a9e-9669-00b6d9513eef","block_type":"box","text":".","page_number":98,"box":{"x":646,"y":761,"width":2,"height":1}},{"id":"0d53dd2f-0991-494a-8427-9c9aa76974dd","block_type":"box","text":"The price that the Fund could receive upon the","page_number":98,"box":{"x":653,"y":754,"width":298,"height":11}},{"id":"6b5c7481-58ce-40a7-bcfa-d895a3757411","block_type":"box","text":"sale (or other disposition) of a security or other asset may differ","page_number":98,"box":{"x":549,"y":768,"width":408,"height":11}},{"id":"19e3eee7-cae5-4926-a02d-ae43a900c88d","block_type":"box","text":"from the Fund’s valuation of the security or other asset,","page_number":98,"box":{"x":549,"y":782,"width":355,"height":11}},{"id":"e905883a-945c-4c9a-a282-9aa9c61e3649","block_type":"box","text":"particularly for securities or other assets that trade in low volume","page_number":98,"box":{"x":549,"y":797,"width":418,"height":10}},{"id":"63c6f596-2db5-4e62-8e4c-b20b886fa5b9","block_type":"box","text":"or volatile markets or that are valued using a fair value","page_number":98,"box":{"x":549,"y":811,"width":347,"height":11}},{"id":"a2690790-b9b5-4c2f-b09d-1672b1fd365f","block_type":"box","text":"methodology. The price received by the Fund also may differ from","page_number":98,"box":{"x":549,"y":825,"width":418,"height":11}},{"id":"9e407b99-7133-48cd-aea6-13e498809021","block_type":"box","text":"the value used by the Underlying Index. In addition, the value of","page_number":98,"box":{"x":549,"y":839,"width":406,"height":11}},{"id":"ffd2e7f5-5717-4f8d-ba23-f416ddf228e8","block_type":"box","text":"the securities or other assets in the Fund’s portfolio may change","page_number":98,"box":{"x":549,"y":853,"width":411,"height":11}},{"id":"018ed9db-c640-47b9-a066-7e7680f7c7a7","block_type":"box","text":"on days or during time periods when investors are not able to","page_number":98,"box":{"x":549,"y":868,"width":392,"height":10}},{"id":"f7f51513-4e5b-4870-9b24-af77d2e07892","block_type":"box","text":"S-79","page_number":98,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"71418a46-a50f-43aa-9f35-42a0f6a1a81c","block_type":"box","text":"purchase or sell Fund shares. Authorized Participants that create","page_number":99,"box":{"x":83,"y":23,"width":414,"height":11}},{"id":"05c0ca55-7ed8-4822-8fc4-585806179ea0","block_type":"box","text":"or redeem Fund shares on days when the Fund is holding fair","page_number":99,"box":{"x":83,"y":37,"width":394,"height":11}},{"id":"ac001ec2-39c5-4116-8692-a713e4ab0268","block_type":"box","text":"valued securities or other assets may receive fewer or more","page_number":99,"box":{"x":82,"y":51,"width":383,"height":11}},{"id":"ae50b2dc-1fb5-4e57-8455-ba47b3171277","block_type":"box","text":"shares, or lower or higher redemption proceeds, than they would","page_number":99,"box":{"x":83,"y":66,"width":414,"height":11}},{"id":"388dbeea-c439-4265-bd3c-9fb9a264e92e","block_type":"box","text":"have received had the securities or other assets not been fair","page_number":99,"box":{"x":549,"y":23,"width":392,"height":9}},{"id":"268a3548-c0b7-4071-bb60-490e9faaae7f","block_type":"box","text":"valued or been valued using a different methodology. The ability to","page_number":99,"box":{"x":548,"y":37,"width":425,"height":11}},{"id":"703f1102-bb38-491e-ace1-11356ac05007","block_type":"box","text":"value investments may be impacted by technological issues or","page_number":99,"box":{"x":548,"y":52,"width":400,"height":10}},{"id":"0034002a-eea5-4749-bf71-76a5447b166d","block_type":"box","text":"errors by pricing services or other third-party service providers.","page_number":99,"box":{"x":549,"y":66,"width":405,"height":11}},{"id":"7247e34d-58fd-41af-8b38-7d99a371bf21","block_type":"box","text":"S-80","page_number":99,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"ebe5ed75-f39c-4c1c-b09d-8c51ffbe0592","block_type":"box","text":"Performance Information","page_number":100,"box":{"x":84,"y":22,"width":213,"height":11}},{"id":"e211abc3-089e-4051-89e6-fb01e671c145","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":100,"box":{"x":82,"y":48,"width":887,"height":10}},{"id":"7117fa24-3212-4ce0-96bc-ed720edde030","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":100,"box":{"x":83,"y":62,"width":872,"height":11}},{"id":"879aabfd-2208-4ae5-a901-055fdab38330","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":100,"box":{"x":83,"y":76,"width":867,"height":11}},{"id":"d29446b7-e054-4ab2-a2f2-d11a4a1a327c","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":100,"box":{"x":83,"y":90,"width":863,"height":11}},{"id":"1abdb54d-48db-4655-860e-39a1b9291204","block_type":"box","text":"agreements to waive or reimburse expenses, which would reduce performance if not in effect. 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no","page_number":107,"box":{"x":228,"y":449,"width":694,"height":11}},{"id":"08af27f7-118a-46d1-ba3d-ac494246e1d4","block_type":"box","text":"assurance that this growth rate will be maintained. Other Asian economies have experienced high inflation, high unemployment, currency","page_number":107,"box":{"x":76,"y":463,"width":880,"height":11}},{"id":"34589add-84cf-48b3-ab71-263d85dca688","block_type":"box","text":"devaluations and restrictions, and over-extension of credit. Geopolitical hostility, political instability, and economic or environmental even","page_number":107,"box":{"x":76,"y":477,"width":880,"height":11}},{"id":"24e18a80-9dc0-4116-b847-7ba517138ee8","block_type":"box","text":"ts","page_number":107,"box":{"x":958,"y":478,"width":10,"height":8}},{"id":"e5a7fef3-4ae7-4c41-98bf-f734426d45dd","block_type":"box","text":"in any one Asian country may have a significant economic effect on the entire Asian region, as well as on major trading partners outside Asia.","page_number":107,"box":{"x":76,"y":491,"width":903,"height":11}},{"id":"802a7b70-21ac-47b1-bf72-d7f139b3728c","block_type":"box","text":"An adverse event in the Asian markets may have a significant adverse effect on some or all of the economies of the countries in which a Fund","page_number":107,"box":{"x":76,"y":506,"width":904,"height":10}},{"id":"63c9ac37-e4ed-465a-8754-6482c4d2fd7b","block_type":"box","text":"invests. Because many Asian countries depend significantly on international trade, shifts in relationships with key trading partners, such as","page_number":107,"box":{"x":76,"y":520,"width":888,"height":11}},{"id":"58a2c63f-adc1-497f-acba-562a07b8d271","block_type":"box","text":"China and the U.S., may have a region-wide economic impact. Strains in these relations could adversely affect Asian issuers that rely on the","page_number":107,"box":{"x":76,"y":534,"width":894,"height":11}},{"id":"f060860b-57d5-40db-b3c9-060b9f950989","block_type":"box","text":"U.S. or China for trade and the region as a whole. A shift towards protectionist policies by these countries or other key trading partners could","page_number":107,"box":{"x":77,"y":548,"width":902,"height":11}},{"id":"a7ab3035-5c57-469d-85d0-08f05ba9d45d","block_type":"box","text":"suppress Asia’s exports and reduce foreign investment in the region.","page_number":107,"box":{"x":76,"y":562,"width":438,"height":11}},{"id":"fa339f0a-f52d-4cba-ba14-ac49024bb88e","block_type":"box","text":"Many Asian countries are subject to political risk, including political instability, corruption and regional conflicts. North Korea and South","page_number":107,"box":{"x":77,"y":586,"width":866,"height":10}},{"id":"0e4510e7-00f2-476f-924f-4dd6e94a75f5","block_type":"box","text":"Korea each have substantial military capabilities, and historical tensions between the two countries present the risk of war. China has a","page_number":107,"box":{"x":77,"y":600,"width":865,"height":11}},{"id":"4de9dedf-22d6-4353-b369-ba0dbbf664ed","block_type":"box","text":"complex territorial dispute regarding the sovereignty of Taiwan and has pledged to take control of Taiwan, including by force if necessary.","page_number":107,"box":{"x":76,"y":614,"width":876,"height":11}},{"id":"00b91623-9315-4e77-a7f8-6fcba5ab97ca","block_type":"box","text":"Continuing hostility between China and Taiwan may have an adverse impact on economies throughout the region and on the value of a Fund’s","page_number":107,"box":{"x":76,"y":628,"width":905,"height":11}},{"id":"e1759d95-bc74-408c-b8c4-22ae22c9aff5","block_type":"box","text":"investments, may cause a suspension in a Fund’s ability to trade in certain securities or other assets, or may otherwise make such","page_number":107,"box":{"x":76,"y":642,"width":833,"height":11}},{"id":"e2b41283-886e-4f1c-acc1-2b0ebdd44e54","block_type":"box","text":"investments impracticable or impossible. Frictions between China and the Philippines in the South China Sea pose a risk of escalation","page_number":107,"box":{"x":76,"y":656,"width":856,"height":11}},{"id":"b4c6bc23-e2bc-4a19-bc23-35fec14de34b","block_type":"box","text":"potentially leading to military conflict. In addition, many Asian countries are subject to social and labor risks associated with demands for","page_number":107,"box":{"x":76,"y":671,"width":879,"height":10}},{"id":"703c3154-3afa-4e26-8969-72a7a7b412e6","block_type":"box","text":"improved political, economic and social conditions. These risks, among others, may adversely affect the value of a Fund’s investments with","page_number":107,"box":{"x":76,"y":685,"width":889,"height":11}},{"id":"26719d02-84c8-469c-a328-1eadf02c3ee4","block_type":"box","text":"exposure to Asia.","page_number":107,"box":{"x":76,"y":699,"width":109,"height":11}},{"id":"4195b7a1-9e81-4d83-acb9-05e7bf56bf36","block_type":"box","text":"Asset Class Risk.","page_number":107,"box":{"x":76,"y":722,"width":117,"height":9}},{"id":"b7f5f86f-8f7e-464b-a6e8-3bbf97dbef63","block_type":"box","text":"The securities and other assets in a Fund’s portfolio or, if applicable, its Underlying Index may underperform in","page_number":107,"box":{"x":198,"y":722,"width":706,"height":11}},{"id":"25d78f8d-2eb8-4e0d-a1fe-11551dc1fab5","block_type":"box","text":"comparison to indexes that track, or assets that represent, other countries or geographic units, industries, markets, market segments, or","page_number":107,"box":{"x":76,"y":736,"width":878,"height":11}},{"id":"a4c524e7-b039-4525-9b22-7b5d9409d66f","block_type":"box","text":"asset classes. Various types of securities, other assets and indexes may experience cycles of outperformance and underperformance in","page_number":107,"box":{"x":76,"y":751,"width":869,"height":10}},{"id":"b6e3e431-1d99-4b68-9cb8-a01dac85ee3f","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":107,"box":{"x":76,"y":765,"width":857,"height":11}},{"id":"d15d7ad1-5c0f-4957-b0d6-36e77486abce","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":107,"box":{"x":76,"y":779,"width":900,"height":11}},{"id":"7453d87e-a747-43e5-afdd-6e9eca04785f","block_type":"box","text":"to underperform other investment vehicles that invest in different asset classes.","page_number":107,"box":{"x":76,"y":793,"width":512,"height":11}},{"id":"1bc94e8a-89b3-450d-b80c-f96dde695033","block_type":"box","text":"Australasian Economic Risk.","page_number":107,"box":{"x":76,"y":816,"width":196,"height":9}},{"id":"b8f63bf9-4c8b-4801-bd37-41d39c88df64","block_type":"box","text":"The economies of Australasia, which include Australia and New Zealand, depend on exports from the energy,","page_number":107,"box":{"x":277,"y":816,"width":696,"height":11}},{"id":"cb70ab2e-cd7c-4a23-9ad7-823495bd46f8","block_type":"box","text":"agricultural and mining sectors and, as a result, are susceptible to fluctuations in the commodity markets. These economies also increasingly","page_number":107,"box":{"x":76,"y":830,"width":903,"height":11}},{"id":"c7fb18c2-3179-4848-932a-6f5184875f60","block_type":"box","text":"depend on their growing service industries. The Australasian economies depend on the economies of their key trading partners, which","page_number":107,"box":{"x":76,"y":845,"width":857,"height":10}},{"id":"7d1970b2-d30b-42e1-a77a-c6f54108c93f","block_type":"box","text":"include China, Japan, South Korea, the U.S. and certain European countries. Reduced spending by any of these trading partners on","page_number":107,"box":{"x":76,"y":859,"width":834,"height":11}},{"id":"6eb017dd-c989-46a3-9fab-fa5363f1e549","block_type":"box","text":"Australasian products and services, or negative changes in any of these economies, may have an adverse impact on some or all of the","page_number":107,"box":{"x":76,"y":873,"width":858,"height":11}},{"id":"410e66a2-46a8-4b78-917e-de62f1afab88","block_type":"box","text":"Australasian economies. Economic events in key trading countries can have a significant effect on the Australasian economies.","page_number":107,"box":{"x":76,"y":887,"width":813,"height":11}},{"id":"281276af-d66c-4d7f-bc66-7dff1c3e14bf","block_type":"box","text":"6","page_number":107,"box":{"x":526,"y":921,"width":6,"height":8}},{"id":"5d979d56-f633-4059-8812-f46dbdab4c5d","block_type":"box","text":"Other risks to Australasian countries include natural disasters that may occur in the region (e.g., droughts, earthquakes, fires, tsunamis) and","page_number":108,"box":{"x":76,"y":23,"width":898,"height":11}},{"id":"f6c1229f-3f32-4991-80e5-3f9535c5b048","block_type":"box","text":"national or regional security concerns (e.g., terrorism, war, strained international relations). Any such event may adversely affect the","page_number":108,"box":{"x":76,"y":37,"width":847,"height":11}},{"id":"9a4dc8d3-620a-4287-8dd0-c6efe5897791","block_type":"box","text":"Australasian economies, financial markets or issuers of securities, causing an adverse impact on the value of a Fund’s investments.","page_number":108,"box":{"x":76,"y":51,"width":840,"height":11}},{"id":"18b3c67d-86eb-4e76-b110-293d94836717","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":108,"box":{"x":76,"y":75,"width":296,"height":10}},{"id":"5e2a983b-d208-4de1-976e-0abf905dddd8","block_type":"box","text":"Only an Authorized Participant may engage in creation or redemption transactions directly","page_number":108,"box":{"x":378,"y":75,"width":578,"height":11}},{"id":"4ad67325-f54e-469d-8794-e62af2d006c4","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":108,"box":{"x":76,"y":89,"width":894,"height":11}},{"id":"1099050a-4969-4ac6-bd3c-a14cba228eed","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":108,"box":{"x":76,"y":103,"width":882,"height":11}},{"id":"62d955c9-d5bd-4d03-8204-7b4f5a50129b","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":108,"box":{"x":76,"y":117,"width":888,"height":11}},{"id":"4db72331-cc4f-4ebe-a809-2eab12ef0b33","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":108,"box":{"x":76,"y":131,"width":889,"height":11}},{"id":"3a036c7f-819f-472b-8370-724567bc5b7b","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":108,"box":{"x":77,"y":146,"width":885,"height":10}},{"id":"6f7d8827-163c-4285-8fc6-31e301171223","block_type":"box","text":"trading volume. Such assets often entail greater settlement and operational complexity and higher capital costs for Authorized Participants,","page_number":108,"box":{"x":76,"y":160,"width":893,"height":11}},{"id":"ffa187aa-608c-436d-b45d-8d52077981ee","block_type":"box","text":"which may limit the number of Authorized Participants that engage with the Fund.","page_number":108,"box":{"x":76,"y":174,"width":521,"height":11}},{"id":"24c3d1d3-4f07-41bd-b68c-57ab56e186ef","block_type":"box","text":"Borrowing Risk.","page_number":108,"box":{"x":77,"y":197,"width":108,"height":11}},{"id":"81e48a67-a608-4802-ae0e-ec882bc59e58","block_type":"box","text":"Borrowing may exaggerate changes in a Fund’s NAV and in the return on its portfolio. A Fund that borrows will incur","page_number":108,"box":{"x":191,"y":197,"width":739,"height":11}},{"id":"786ee9bb-7e96-49d8-97d4-3480746965f8","block_type":"box","text":"interest expenses and other fees, which may reduce the Fund’s return. Borrowing may also cause a Fund to liquidate positions when it may","page_number":108,"box":{"x":76,"y":211,"width":890,"height":11}},{"id":"fbeb4797-574f-481c-a8ee-2ef05e76d9fe","block_type":"box","text":"not be advantageous to do so to satisfy its obligations.","page_number":108,"box":{"x":76,"y":226,"width":348,"height":10}},{"id":"575c33c3-d582-4bc1-b48d-aacd69ffa28a","block_type":"box","text":"Close-Out Risk for Qualified Financial Contracts.","page_number":108,"box":{"x":76,"y":249,"width":336,"height":8}},{"id":"08af9ba2-c67f-4a44-94f4-d274b9d42c08","block_type":"box","text":"Regulations adopted by global prudential regulators require counterparties that are part","page_number":108,"box":{"x":418,"y":249,"width":562,"height":11}},{"id":"6acce9f6-579c-441c-b5ec-5130b6c3f8e2","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":108,"box":{"x":76,"y":263,"width":880,"height":11}},{"id":"ae65357f-6c9e-4c0e-9b2b-9e9f78748302","block_type":"box","text":"agreements relating to qualified financial contracts. Qualified financial contracts include agreements relating to swaps, currency forwards","page_number":108,"box":{"x":76,"y":277,"width":881,"height":11}},{"id":"6b451862-d0fb-48c7-9af4-4e956e1cb967","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":108,"box":{"x":76,"y":291,"width":896,"height":11}},{"id":"ce2bdd14-b592-4380-afc2-018aee354499","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":108,"box":{"x":76,"y":305,"width":889,"height":11}},{"id":"dc295f2a-2fbf-43ef-aeae-5cd107123986","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":108,"box":{"x":76,"y":320,"width":903,"height":10}},{"id":"1edfc497-043f-4fbc-ad59-ad487ab1f834","block_type":"box","text":"credit risk and other risks to a Fund.","page_number":108,"box":{"x":76,"y":334,"width":231,"height":8}},{"id":"c5e29b53-d299-4fe7-81ee-04988f785a2d","block_type":"box","text":"Communications Companies Risk.","page_number":108,"box":{"x":76,"y":357,"width":236,"height":11}},{"id":"da7adf5d-4ada-42be-915d-8c641301d88e","block_type":"box","text":"Communications companies may face rapid product obsolescence as well as unexpected risks and","page_number":108,"box":{"x":317,"y":357,"width":633,"height":11}},{"id":"ff080ab7-c4a8-410d-80f6-45dd063d7b71","block_type":"box","text":"costs related to product compatibility and standardization, new product introduction and technological developments, such as artificial","page_number":108,"box":{"x":76,"y":371,"width":863,"height":11}},{"id":"1810b5f8-b1aa-4b9b-8093-40759593696d","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":108,"box":{"x":76,"y":385,"width":897,"height":11}},{"id":"82fd80a6-9a39-4804-b65f-47890189b3e3","block_type":"box","text":"products and services. Demographic shifts and changes in consumer preferences and expectations may have negative impacts on their","page_number":108,"box":{"x":76,"y":400,"width":868,"height":10}},{"id":"1f817586-e765-4f9c-b7b1-56b9f7b61e95","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":108,"box":{"x":76,"y":414,"width":881,"height":11}},{"id":"1b3809a8-5da3-4b47-87fa-de47ea87cc02","block_type":"box","text":"information or disruptions in service could have a material adverse effect on their operations and reputation.","page_number":108,"box":{"x":76,"y":428,"width":694,"height":11}},{"id":"6f0bfa19-ad04-4c3c-9dfe-1caf7abf9398","block_type":"box","text":"Communications companies are subject to extensive government regulation, including licensing and franchise requirements. The costs of","page_number":108,"box":{"x":76,"y":451,"width":880,"height":11}},{"id":"e3335fa7-271e-4e59-9a44-4cdb3a304fa7","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":108,"box":{"x":76,"y":465,"width":897,"height":11}},{"id":"a12a4cf1-e725-45ba-9180-6aa3c8a8720e","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":108,"box":{"x":76,"y":479,"width":898,"height":11}},{"id":"1840fd18-ef8b-46b2-9f79-b57663a3a3cf","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":108,"box":{"x":76,"y":494,"width":805,"height":11}},{"id":"a70061c6-0cf8-4d8b-9d27-bd375ebae8fd","block_type":"box","text":"Concentration Risk.","page_number":108,"box":{"x":76,"y":517,"width":136,"height":8}},{"id":"de3e67bb-7ee0-4134-93c3-f8079699d545","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":108,"box":{"x":217,"y":517,"width":744,"height":11}},{"id":"306ccc59-462d-4731-a1d1-875d1b66d303","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":108,"box":{"x":76,"y":531,"width":903,"height":10}},{"id":"0d230dc7-d464-4164-b59b-843c96ccf88a","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":108,"box":{"x":76,"y":545,"width":853,"height":11}},{"id":"9d1a084e-864a-4348-924d-159a756562f6","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":108,"box":{"x":76,"y":559,"width":897,"height":11}},{"id":"0268119a-df8e-472e-a909-d0e7723502f9","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":108,"box":{"x":76,"y":574,"width":905,"height":10}},{"id":"624605ab-8410-43d6-bbd1-b3bc95cd0aee","block_type":"box","text":"its investments.","page_number":108,"box":{"x":76,"y":588,"width":100,"height":8}},{"id":"3250bfdc-ebfe-4ea3-870e-0d264457915c","block_type":"box","text":"Consumer Goods and Services Com","page_number":108,"box":{"x":76,"y":611,"width":247,"height":8}},{"id":"403c9ed8-4605-497d-be22-043ee2c1211f","block_type":"box","text":"panies Risk.","page_number":108,"box":{"x":325,"y":611,"width":83,"height":11}},{"id":"5ac7dddf-9145-419c-a164-8f60ff166d35","block_type":"box","text":"Many consumer goods and services companies (“consumer companies”) rely heavily on","page_number":108,"box":{"x":414,"y":611,"width":561,"height":11}},{"id":"51841ced-8fb3-4b77-ad76-cedfb1edae89","block_type":"box","text":"disposable household income and consumer spending and may be impacted by social trends, marketing campaigns, demographic shifts and","page_number":108,"box":{"x":76,"y":625,"width":897,"height":11}},{"id":"ff3e8abc-4ed9-47f5-b5f3-9d1151527538","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":108,"box":{"x":76,"y":639,"width":860,"height":11}},{"id":"801caaaa-f93a-4680-b931-d41a95afd66f","block_type":"box","text":"adverse impact on consumer companies.","page_number":108,"box":{"x":76,"y":654,"width":262,"height":10}},{"id":"c9ee8c64-fc0b-4995-8824-2621351acec2","block_type":"box","text":"Certain consumer companies, such as those providing discretionary goods or services, may depend more on business cycles, overall","page_number":108,"box":{"x":76,"y":677,"width":849,"height":11}},{"id":"38ff5efa-0706-4435-af4c-c53952452ecb","block_type":"box","text":"economic conditions and consumer confidence. Many consumer goods and services are subject to government regulation and the related","page_number":108,"box":{"x":76,"y":691,"width":883,"height":11}},{"id":"63375e8c-45aa-45d3-8eff-700551810505","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":108,"box":{"x":76,"y":705,"width":856,"height":11}},{"id":"8e85f0b0-f51a-4113-9a64-49ea12a6aaf9","block_type":"box","text":"affected by volatility in commodity prices, supply chain disruptions and labor shortages.","page_number":108,"box":{"x":76,"y":719,"width":561,"height":11}},{"id":"92fc5e8c-05e7-4d8c-83e5-7e6cd8bb089a","block_type":"box","text":"Currency Risk.","page_number":108,"box":{"x":76,"y":742,"width":100,"height":11}},{"id":"f48af531-4abf-488a-b895-d0856a2594d1","block_type":"box","text":"Because each Fund’s NAV is determined on the basis of the U.S. dollar, investors may lose money if the currency of a non","page_number":108,"box":{"x":182,"y":742,"width":782,"height":11}},{"id":"9b44f3a9-7cf3-4f90-b709-f011ec864da8","block_type":"box","text":"U.S. market in which a Fund invests depreciates against the U.S. dollar or if there are delays or limits on repatriation of foreign currency,","page_number":108,"box":{"x":77,"y":757,"width":871,"height":10}},{"id":"42c848ae-ee39-4377-8eb4-0d2628a9bb13","block_type":"box","text":"even if the foreign currency value of the Fund’s holdings in that market increases. Currency exchange rates can be very volatile and can","page_number":108,"box":{"x":76,"y":771,"width":867,"height":11}},{"id":"19b1c8e8-c573-4850-a5e9-c37ae27728f7","block_type":"box","text":"change quickly and unpredictably. As a result, a Fund’s NAV may change quickly and without warning. In addition, a Fund may incur costs in","page_number":108,"box":{"x":76,"y":785,"width":892,"height":11}},{"id":"2bac2060-3902-467b-9c78-6a4338b20596","block_type":"box","text":"connection with conversions between U.S. dollars and foreign currencies.","page_number":108,"box":{"x":76,"y":799,"width":470,"height":11}},{"id":"84cc1489-a3f2-438f-ab15-b5e181bb87f6","block_type":"box","text":"Custody Risk.","page_number":108,"box":{"x":76,"y":822,"width":94,"height":11}},{"id":"55cc769f-411c-40a2-92e0-e304d9a247f2","block_type":"box","text":"Custody risk refers to the risks in the process of clearing and settling trades, as well as the holding of securities and other","page_number":108,"box":{"x":175,"y":822,"width":780,"height":11}},{"id":"4bf2e4f2-a74c-44a0-a765-6201b54886f2","block_type":"box","text":"assets by local banks, agents and depositories. These risks are heightened in jurisdictions with less developed markets or less robust","page_number":108,"box":{"x":76,"y":837,"width":853,"height":10}},{"id":"cc8e0aeb-8e01-43e7-a524-c1e55f5b876e","block_type":"box","text":"settlement and custody infrastructure and processes, and they may result in losses or delays in payments, delivery or recovery of money or","page_number":108,"box":{"x":76,"y":851,"width":893,"height":11}},{"id":"dac7d4e5-ec88-484e-9560-d6de254c4bee","block_type":"box","text":"other assets. Low trading volumes and volatile prices in less developed markets may make trades harder to complete and settle.","page_number":108,"box":{"x":76,"y":865,"width":822,"height":11}},{"id":"2c5501ca-ae1d-43e1-ba3c-8487ec07b285","block_type":"box","text":"Governments or trade groups may compel local agents to hold securities and other assets in designated depositories that may not be subject","page_number":108,"box":{"x":76,"y":879,"width":905,"height":11}},{"id":"08c3e5ba-7ba8-485c-85fc-d4bc56c9f366","block_type":"box","text":"7","page_number":108,"box":{"x":526,"y":921,"width":6,"height":8}},{"id":"8953936b-5f4b-4524-b5a8-706db5751a4c","block_type":"box","text":"to independent evaluation. Local agents are held only to the standards of care of their local markets. In general, the less developed a","page_number":109,"box":{"x":76,"y":23,"width":850,"height":11}},{"id":"f7c08b94-62bc-487e-8cfc-d46297338d0e","block_type":"box","text":"country’s securities markets are, the higher the degree of custody risk.","page_number":109,"box":{"x":76,"y":37,"width":453,"height":11}},{"id":"f8e1fd20-fdb9-459e-b6c4-1a5fd50afdaa","block_type":"box","text":"Energy Companies Risk.","page_number":109,"box":{"x":77,"y":61,"width":165,"height":10}},{"id":"ffb0e0ff-eeea-4ecd-b5a1-c356c2cb37d1","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":109,"box":{"x":247,"y":61,"width":695,"height":10}},{"id":"c3b7c8d7-9294-4ef4-bcea-d8d46402f381","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":109,"box":{"x":76,"y":75,"width":904,"height":11}},{"id":"ff185280-4c86-49fb-8f8b-153bf8f303f0","block_type":"box","text":"other conflicts, sanctions, import/export controls, depletion of resources, technological advances and labor relations. This sector generally i","page_number":109,"box":{"x":76,"y":89,"width":898,"height":11}},{"id":"586cc105-42d4-41b6-ad03-8bfee29610d7","block_type":"box","text":"s","page_number":109,"box":{"x":976,"y":91,"width":6,"height":6}},{"id":"c3a76839-9ec7-416c-989e-367ada2d38e1","block_type":"box","text":"subject to substantial government regulation, and companies may incur significant costs in complying with environmental and other laws.","page_number":109,"box":{"x":76,"y":103,"width":880,"height":11}},{"id":"8ac3c35d-71c6-4369-91d0-7a98dc90109d","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":109,"box":{"x":77,"y":117,"width":866,"height":11}},{"id":"ee7c6c40-ad24-47df-b923-6ec600d17a84","block_type":"box","text":"energy companies.","page_number":109,"box":{"x":76,"y":131,"width":120,"height":11}},{"id":"4c0f02a7-7d7e-4065-b30f-038a86790126","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":109,"box":{"x":77,"y":155,"width":892,"height":10}},{"id":"97665880-46e0-46be-b9a0-969f35f8d4f5","block_type":"box","text":"production of energy sources and the development of energy infrastructure often require significant capital expenditures, and companies","page_number":109,"box":{"x":76,"y":169,"width":878,"height":11}},{"id":"0d8ee773-cce3-4041-811d-8998207157e8","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":109,"box":{"x":76,"y":183,"width":885,"height":11}},{"id":"cb199506-7efd-46d6-aeea-2d747c3af7c2","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":109,"box":{"x":77,"y":197,"width":866,"height":11}},{"id":"5b1db1c6-f907-478b-a656-b30e39617c7a","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":109,"box":{"x":76,"y":211,"width":883,"height":11}},{"id":"f61c03a4-c60a-4c27-95d0-30d372106d5f","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":109,"box":{"x":76,"y":226,"width":800,"height":10}},{"id":"fdde54ce-591f-42a9-a301-c21801d47ba9","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":109,"box":{"x":76,"y":249,"width":837,"height":11}},{"id":"380c704f-1f53-4568-9c13-d4a2dabdaefe","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":109,"box":{"x":76,"y":263,"width":882,"height":11}},{"id":"91055a54-37eb-4055-a673-8e80d25a8989","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":109,"box":{"x":76,"y":277,"width":899,"height":11}},{"id":"cc9c33c7-4a8c-464a-95b1-76986c716ba6","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":109,"box":{"x":76,"y":291,"width":860,"height":11}},{"id":"5242218c-0946-41d4-bb37-1adc9fc387ae","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":109,"box":{"x":76,"y":305,"width":868,"height":11}},{"id":"b7e91eec-d99d-4781-91a4-d515c71f23f7","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":109,"box":{"x":76,"y":320,"width":867,"height":10}},{"id":"48282242-34dc-4d88-9561-f601751edc5f","block_type":"box","text":"Equity Securities Risk.","page_number":109,"box":{"x":77,"y":343,"width":154,"height":11}},{"id":"02c82e9d-0e3f-40c6-9dfc-6358791f5c4c","block_type":"box","text":"Equity securities are subject to changes in value due to general market or economic conditions, perceptions about","page_number":109,"box":{"x":237,"y":343,"width":732,"height":11}},{"id":"45115fe0-525a-47e3-9eab-dd48bb3ab70c","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":109,"box":{"x":76,"y":357,"width":877,"height":11}},{"id":"4bb947e7-c476-405c-8f5c-dbf5c6efc836","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":109,"box":{"x":76,"y":371,"width":905,"height":11}},{"id":"732560ce-c192-410b-827e-4dbb0363e81d","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":109,"box":{"x":76,"y":385,"width":875,"height":11}},{"id":"b36229fa-d210-406b-9e7d-f68a9e59a34b","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":109,"box":{"x":76,"y":400,"width":812,"height":10}},{"id":"87b62863-ba52-46a4-9c92-53826df689b5","block_type":"box","text":"ESG Risk.","page_number":109,"box":{"x":77,"y":423,"width":64,"height":8}},{"id":"a26219ff-25d6-4c98-9a71-464b145f8bc3","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":109,"box":{"x":146,"y":423,"width":836,"height":11}},{"id":"1c7b8196-b514-424b-8e86-f992f47f17cb","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":109,"box":{"x":76,"y":437,"width":888,"height":11}},{"id":"4bcbdfd2-54f9-4eb6-8ec3-17935c70a7b9","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":109,"box":{"x":76,"y":451,"width":846,"height":11}},{"id":"d7227178-c6b7-4ba5-97dd-95d821291846","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":109,"box":{"x":76,"y":465,"width":901,"height":11}},{"id":"03f45cf6-5b63-4eff-b509-328d268d4f07","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":109,"box":{"x":76,"y":479,"width":869,"height":11}},{"id":"ab7c30ff-b4f2-42e5-8938-2386dbedc4be","block_type":"box","text":"Index.","page_number":109,"box":{"x":77,"y":494,"width":36,"height":8}},{"id":"617ecf8a-4d8d-4ed9-b2a8-894003568474","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":109,"box":{"x":76,"y":517,"width":903,"height":11}},{"id":"1fadf906-2b7a-4622-9450-ad932fd7aa97","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":109,"box":{"x":76,"y":531,"width":869,"height":11}},{"id":"6a6dfeeb-0f39-4b5c-94e4-3e6850495fac","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":109,"box":{"x":76,"y":545,"width":857,"height":11}},{"id":"19d8a45a-8eb9-40f8-8448-464dbbe0c553","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":109,"box":{"x":77,"y":559,"width":867,"height":11}},{"id":"504ced4d-ad78-4e30-beb0-3d0fafc069aa","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":109,"box":{"x":77,"y":574,"width":898,"height":10}},{"id":"34f7a627-920c-49f8-a0af-6a9a9dcb96a8","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":109,"box":{"x":76,"y":588,"width":875,"height":11}},{"id":"0302c395-37ab-4c3d-bfa6-19ad50dcd435","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":109,"box":{"x":77,"y":602,"width":871,"height":11}},{"id":"8be957be-5f91-4f8d-9168-338cb721b0e0","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":109,"box":{"x":76,"y":616,"width":903,"height":11}},{"id":"0dae3e7a-fde7-4cb8-a3a1-49332b4f0e3f","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":109,"box":{"x":76,"y":630,"width":872,"height":11}},{"id":"058e5094-4139-4f96-85ce-24bc0b6fa3aa","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":109,"box":{"x":76,"y":644,"width":868,"height":11}},{"id":"206dc0a2-c18f-4879-a563-dc99f2e8e51c","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":109,"box":{"x":76,"y":659,"width":900,"height":10}},{"id":"0d68b6de-3a83-42fa-970c-1646d9928198","block_type":"box","text":"the criteria and data used in such evaluation.","page_number":109,"box":{"x":76,"y":673,"width":286,"height":8}},{"id":"cbc1e3d2-25bb-42df-bdc8-7b9a7b53b38e","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":109,"box":{"x":76,"y":696,"width":844,"height":11}},{"id":"bbee8633-4868-4d75-b83d-f5cbfa3b8f96","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":109,"box":{"x":76,"y":710,"width":895,"height":11}},{"id":"db9e1b7e-1931-471a-b7e7-b17de9e57b49","block_type":"box","text":"ESG methodology applied by an Index Provider may change over time.","page_number":109,"box":{"x":77,"y":724,"width":446,"height":11}},{"id":"c8dc74b4-d924-486c-a003-aba9eee3d395","block_type":"box","text":"European Economic Risk.","page_number":109,"box":{"x":77,"y":748,"width":174,"height":10}},{"id":"206ef5b2-80ad-4c0b-b236-8627cd1835b8","block_type":"box","text":"The Economic and Monetary Union (the “eurozone”) of the EU requires compliance by member states that are","page_number":109,"box":{"x":256,"y":748,"width":704,"height":10}},{"id":"0d75e338-9787-4041-8e0b-52d3c95bc32f","block_type":"box","text":"members of the eurozone with restrictions on inflation rates, deficits, interest rates and debt levels, as well as fiscal and monetary controls,","page_number":109,"box":{"x":76,"y":762,"width":893,"height":11}},{"id":"fa04f287-a386-4ea8-af28-7fdc81262c06","block_type":"box","text":"each of which may significantly affect every country in Europe, including those countries that are not members of the eurozone. Additionally,","page_number":109,"box":{"x":76,"y":776,"width":899,"height":11}},{"id":"73227e78-752b-451f-8ed3-e5be85b2283b","block_type":"box","text":"European countries outside of the eurozone may present economic risks that are independent of the indirect effects that eurozone policies","page_number":109,"box":{"x":77,"y":790,"width":888,"height":11}},{"id":"3375a9f0-fd9c-4876-84f4-c32500036008","block_type":"box","text":"have on them. In particular, the U.K.’s economy may be affected by global economic, industrial and financial shifts. Changes in imports or","page_number":109,"box":{"x":77,"y":804,"width":879,"height":11}},{"id":"40e8070a-4377-4538-a51a-27222455fe6f","block_type":"box","text":"exports, changes in governmental or EU regulations on trade, changes in the exchange rate of the euro (the common currency of eurozone","page_number":109,"box":{"x":76,"y":819,"width":887,"height":10}},{"id":"0ef2f1b1-f2b0-4412-9c20-bb7b2c224b67","block_type":"box","text":"countries), the default or threat of default by an EU member state on its sovereign debt and/or an economic recession in an EU member","page_number":109,"box":{"x":76,"y":833,"width":874,"height":11}},{"id":"f76eed0b-c98a-48bb-a310-4c6ea11feb7a","block_type":"box","text":"state may have a significant adverse effect on the economies of other EU member states and their trading partners. The European financial","page_number":109,"box":{"x":76,"y":847,"width":889,"height":11}},{"id":"7f126839-65df-4c81-8225-eff51972d978","block_type":"box","text":"markets have historically experienced volatility and adverse trends due to concerns about economic downturns or government debt levels in","page_number":109,"box":{"x":76,"y":861,"width":899,"height":11}},{"id":"c5f298bb-33e8-45ec-93cd-08b90a540548","block_type":"box","text":"8","page_number":109,"box":{"x":526,"y":921,"width":6,"height":8}},{"id":"f4b4183e-fa4c-40df-92ac-2c4615763673","block_type":"box","text":"several European countries, including, but not limited to, Austria, Belgium, Cyprus, France, Greece, Ireland, Italy, Portugal, Spain and Ukraine.","page_number":110,"box":{"x":76,"y":23,"width":904,"height":11}},{"id":"9a1b4102-86d5-48a4-8087-d126acab7073","block_type":"box","text":"These events have affected and may in the future adversely affect the exchange rate of the euro and may significantly affect European","page_number":110,"box":{"x":76,"y":37,"width":857,"height":11}},{"id":"958fe899-2fbe-40c0-932d-0ca49d506a30","block_type":"box","text":"countries.","page_number":110,"box":{"x":76,"y":52,"width":63,"height":8}},{"id":"3d106a61-f2af-489e-8a42-33c81b12bd62","block_type":"box","text":"Responses to financial problems by European governments, central banks and others, including austerity measures and reforms, may not","page_number":110,"box":{"x":77,"y":75,"width":878,"height":11}},{"id":"71570656-4c67-4ab9-b20f-b60967c4904b","block_type":"box","text":"produce the desired results, may result in social unrest, may limit future growth and economic recovery or may have other unintended","page_number":110,"box":{"x":76,"y":89,"width":858,"height":11}},{"id":"6f3a68f3-da0c-4ca5-ac9d-84adab52e517","block_type":"box","text":"consequences. Further defaults or restructurings by governments and other entities of their debt could have additional adverse effects on","page_number":110,"box":{"x":76,"y":103,"width":882,"height":11}},{"id":"41d650b7-41bf-49ff-8be9-b8a16b33ac8f","block_type":"box","text":"economies, financial markets and asset valuations around the world. In addition, one or more countries may abandon the euro and/or","page_number":110,"box":{"x":76,"y":117,"width":859,"height":11}},{"id":"e96122cb-5b20-413f-b4ca-c4f477a09f5a","block_type":"box","text":"withdraw from the EU. The U.K. left the EU (“Brexit”) on January 31, 2020. Brexit could adversely affect European or worldwide political,","page_number":110,"box":{"x":76,"y":131,"width":866,"height":11}},{"id":"9ecc87ad-71b7-4f25-b9e1-e17b21e44411","block_type":"box","text":"regulatory, economic or market conditions and could contribute to instability in global political institutions, regulatory agencies and financia","page_number":110,"box":{"x":77,"y":146,"width":894,"height":10}},{"id":"0315f51f-31ee-47a4-bfea-4b7597eccd86","block_type":"box","text":"l","page_number":110,"box":{"x":973,"y":146,"width":1,"height":8}},{"id":"ffec4558-a2de-4690-be58-32f43e7623f5","block_type":"box","text":"markets.","page_number":110,"box":{"x":76,"y":160,"width":55,"height":8}},{"id":"6599736b-7872-460b-a0a7-f99583fdd75e","block_type":"box","text":"The national politics of countries in Europe have been unpredictable and subject to influence by disruptive political groups and ideologies,","page_number":110,"box":{"x":76,"y":183,"width":880,"height":11}},{"id":"6fe7b97b-6f91-485f-b70e-bc7eab5b0ec9","block_type":"box","text":"including, for example, secessionist movements. The governments of European countries may be subject to change and such countries may","page_number":110,"box":{"x":76,"y":197,"width":896,"height":11}},{"id":"8ff92756-230f-42b2-98ed-7614a647c9f7","block_type":"box","text":"experience social and political unrest. Unanticipated or sudden political or social developments may result in sudden and significant","page_number":110,"box":{"x":76,"y":211,"width":845,"height":11}},{"id":"1d2ab9c9-7cfb-4939-b134-03852656a6b4","block_type":"box","text":"investment losses. The occurrence of terrorist incidents throughout Europe or war in the region could also impact financial markets. The","page_number":110,"box":{"x":76,"y":226,"width":871,"height":10}},{"id":"5d2c18fb-e5fa-43f1-9a4c-ebdeddb41ff7","block_type":"box","text":"impact of these events is not clear but could be significant and far-reaching and could adversely affect the value and liquidity of a Fund’s","page_number":110,"box":{"x":76,"y":240,"width":872,"height":11}},{"id":"5c2286bc-4d0d-406a-a08a-a887d998abc5","block_type":"box","text":"investments.","page_number":110,"box":{"x":76,"y":254,"width":81,"height":8}},{"id":"fb8741b3-8c18-44f9-95dd-7e1c9402139a","block_type":"box","text":"Russian Invasion of Ukraine","page_number":110,"box":{"x":76,"y":277,"width":172,"height":9}},{"id":"6ad8bfc8-01a6-406c-a9c3-00ee27005792","block_type":"box","text":". Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military","page_number":110,"box":{"x":250,"y":277,"width":720,"height":11}},{"id":"43a262b0-4bd3-4324-98ac-0d666a67d417","block_type":"box","text":"action, resulting sanctions and resulting future market disruptions, including declines in its stock markets and the value of the ruble against","page_number":110,"box":{"x":76,"y":291,"width":893,"height":11}},{"id":"3d7599a3-9e9e-4015-86f8-abf475402674","block_type":"box","text":"the U.S. dollar, are impossible to predict, but could be significant. Disruptions caused by Russian military action or other actions (including","page_number":110,"box":{"x":76,"y":305,"width":887,"height":11}},{"id":"24e3d419-d7aa-4989-8ae3-b6024c59bf1c","block_type":"box","text":"cyberattacks and espionage) or resulting actual and threatened responses to such activity, including purchasing and financing restrictions,","page_number":110,"box":{"x":76,"y":320,"width":886,"height":10}},{"id":"a6567089-8d42-4938-8520-4c5c24e9c89f","block_type":"box","text":"boycotts or changes in consumer or purchaser preferences, sanctions, import and export restrictions, tariffs or cyberattacks on the Russian","page_number":110,"box":{"x":76,"y":334,"width":894,"height":11}},{"id":"7e6a47b9-635b-4ecc-975f-3f11d55e96a8","block_type":"box","text":"government, Russian companies or Russian individuals, including politicians, may impact Russia’s economy, Russian issuers of securities in","page_number":110,"box":{"x":76,"y":348,"width":891,"height":11}},{"id":"b339a9b7-1bbc-45d9-9c9f-b72bbdada422","block_type":"box","text":"which a Fund invests, or the economies of Europe as a whole. Actual and threatened responses to Russian military action may also impact","page_number":110,"box":{"x":76,"y":362,"width":885,"height":11}},{"id":"fd0dc88a-d6e2-4cbd-a018-8a9dc1b44372","block_type":"box","text":"the markets for certain Russian commodities, such as oil and natural gas, as well as other sectors of the Russian economy, and are likely to","page_number":110,"box":{"x":76,"y":376,"width":892,"height":11}},{"id":"64378b65-0901-40ab-ac91-e8a98e9343e5","block_type":"box","text":"have collateral impacts on such sectors across Europe and globally.","page_number":110,"box":{"x":77,"y":391,"width":431,"height":10}},{"id":"987b4741-ae98-4ecf-9f93-0e35f76f9fa6","block_type":"box","text":"Financial Companies Risk.","page_number":110,"box":{"x":77,"y":414,"width":180,"height":10}},{"id":"69460256-eb7a-45dc-ad72-2aff350625b6","block_type":"box","text":"Financial services companies are subject to extensive governmental regulation and intervention, which may","page_number":110,"box":{"x":263,"y":414,"width":689,"height":11}},{"id":"438419d7-302f-4236-9edb-10e0eb28d240","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":110,"box":{"x":76,"y":428,"width":892,"height":11}},{"id":"0f930399-fdc9-4c66-8a67-e812cee75871","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":110,"box":{"x":76,"y":442,"width":891,"height":11}},{"id":"e8567c87-83b9-40d1-bc4b-43371fcf9e6f","block_type":"box","text":"among other things, interest rates, economic conditions, credit rating downgrades, adverse public perception and exposure concentration.","page_number":110,"box":{"x":76,"y":456,"width":888,"height":11}},{"id":"6d0104fb-4674-482a-9ea4-daee8951f944","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":110,"box":{"x":77,"y":470,"width":870,"height":11}},{"id":"aa526500-a9ba-4bea-8435-7fee6d327a1e","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":110,"box":{"x":77,"y":485,"width":766,"height":10}},{"id":"395600a2-7597-41cf-9c83-e89ce3adbff4","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":110,"box":{"x":77,"y":508,"width":890,"height":11}},{"id":"71fde5fe-4b3e-441c-9a33-4f537989a723","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":110,"box":{"x":76,"y":522,"width":848,"height":11}},{"id":"890f2a8d-1cd6-472d-93cf-5921111ba457","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":110,"box":{"x":76,"y":536,"width":884,"height":11}},{"id":"3489b825-33ba-4af1-96ee-f338d7fe94c8","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":110,"box":{"x":76,"y":550,"width":889,"height":11}},{"id":"e59e94ac-8ab4-4405-8558-870ee42fc42b","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":110,"box":{"x":76,"y":565,"width":856,"height":10}},{"id":"64c51f9d-661b-457c-a90b-64b7871e5d12","block_type":"box","text":"financial sector generally.","page_number":110,"box":{"x":76,"y":579,"width":162,"height":11}},{"id":"ed5985e9-5a3a-4d25-b396-940cea318943","block_type":"box","text":"Geographic and Security Risks.","page_number":110,"box":{"x":76,"y":602,"width":216,"height":11}},{"id":"472cdab7-0989-4e71-b8b6-44ba25663b70","block_type":"box","text":"Issuers in a Fund’s portfolio may be located in, or otherwise connected to, parts of the world affected by","page_number":110,"box":{"x":298,"y":602,"width":668,"height":11}},{"id":"b703ca03-3a29-4aea-8abe-a1cdffa82b05","block_type":"box","text":"natural disasters, such as severe heat, earthquakes, tornadoes, volcanic eruptions, wildfires, droughts, floods, hurricanes and tsunamis. In","page_number":110,"box":{"x":76,"y":616,"width":885,"height":11}},{"id":"45d5c027-9e81-4493-8dc6-cf22c2e34dd7","block_type":"box","text":"addition, issuers may be impacted by security concerns with respect to a country or region, such as war and other types of conflict,","page_number":110,"box":{"x":76,"y":630,"width":840,"height":11}},{"id":"85117bc7-9094-42fe-9620-4a691fe94664","block_type":"box","text":"terrorism, strained international relations and territorial disputes. Any of these events may adversely affect the issuers, markets and","page_number":110,"box":{"x":76,"y":644,"width":845,"height":11}},{"id":"fd023554-2cb0-45da-aa4c-fa78c69eab1d","block_type":"box","text":"economies to which a Fund is exposed, which may adversely affect the value of the Fund.","page_number":110,"box":{"x":76,"y":659,"width":570,"height":10}},{"id":"aaca82f9-fb66-47ed-810c-bd9588964dbc","block_type":"box","text":"Growth Securities Risk.","page_number":110,"box":{"x":76,"y":682,"width":162,"height":8}},{"id":"b31b94af-295a-4b13-9abf-020a5700e515","block_type":"box","text":"Growth securities are those issued by companies whose earnings growth potential appears to be greater than the","page_number":110,"box":{"x":244,"y":682,"width":727,"height":11}},{"id":"0a489a64-076e-4c68-99e0-f64868a7f1af","block_type":"box","text":"market in general and whose revenue growth is expected to continue for an extended period of time. Growth securities may trade at higher","page_number":110,"box":{"x":76,"y":696,"width":891,"height":11}},{"id":"48c57aba-9b9f-4157-8f27-73ffeca8f5f0","block_type":"box","text":"multiples of current earnings compared to value or other stocks, leading to inflated prices and thus potentially greater declines in market","page_number":110,"box":{"x":76,"y":710,"width":876,"height":11}},{"id":"76cc54d9-6364-4b32-9bcd-13ab0abd0511","block_type":"box","text":"value. The prices of growth securities may be more volatile than those of other types of investments and can decline rapidly and significantly","page_number":110,"box":{"x":76,"y":724,"width":899,"height":11}},{"id":"3507c42d-95cc-4d9c-baac-6018f1b8913e","block_type":"box","text":"in reaction to negative news. Growth securities may underperform value securities and other types of assets as well as the overall stock","page_number":110,"box":{"x":76,"y":739,"width":870,"height":10}},{"id":"4befcaaf-b529-4fda-9657-aaf056f3de99","block_type":"box","text":"market. Under certain market conditions, growth securities have performed better during the later stages of economic recovery, although","page_number":110,"box":{"x":76,"y":753,"width":881,"height":11}},{"id":"7d898625-85cf-4d0d-9a4e-0bc74ea60b62","block_type":"box","text":"there is no assurance that they will continue to do so. Growth securities typically do not pay a dividend, which can help cushion stock prices","page_number":110,"box":{"x":76,"y":767,"width":896,"height":11}},{"id":"bc70c5e3-f7d5-4682-8d8d-7d10923ccad8","block_type":"box","text":"in market downturns and reduce potential losses. Growth securities may go in and out of favor over time, which could affect the performance","page_number":110,"box":{"x":76,"y":781,"width":904,"height":11}},{"id":"7088bf09-b8c3-4e3d-aa8b-bf803da6ab7c","block_type":"box","text":"of a Fund with such holdings.","page_number":110,"box":{"x":76,"y":795,"width":185,"height":11}},{"id":"963f1fe5-7fd1-497f-95fd-7f9e8237f3a0","block_type":"box","text":"Healthcare Companies Risk.","page_number":110,"box":{"x":77,"y":819,"width":194,"height":10}},{"id":"a8dbfcdc-99db-40ad-b41e-e27deebb0470","block_type":"box","text":"The profitability of healthcare companies may be adversely affected by the following factors, among others:","page_number":110,"box":{"x":276,"y":819,"width":688,"height":10}},{"id":"ef297758-7adc-4a94-ba5b-3433d55b94c1","block_type":"box","text":"extensive government regulations, restrictions on government reimbursement for medical expenses, rising costs of medical products and","page_number":110,"box":{"x":76,"y":833,"width":879,"height":11}},{"id":"9fd201ed-0ebc-4e4a-b907-90f7ce991a99","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":110,"box":{"x":76,"y":847,"width":899,"height":11}},{"id":"f2a58007-e156-4784-a0a9-d2ee1dadf89d","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":110,"box":{"x":76,"y":861,"width":888,"height":11}},{"id":"6ae68dd4-89a3-4ebb-bdd3-c4367e8c6bf9","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":110,"box":{"x":76,"y":875,"width":891,"height":11}},{"id":"516641d9-068a-4273-81eb-05cd5e00f8b4","block_type":"box","text":"9","page_number":110,"box":{"x":526,"y":921,"width":6,"height":8}},{"id":"ec7aefb4-5f5c-4139-86fc-f0b0a844ead7","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":111,"box":{"x":76,"y":23,"width":882,"height":11}},{"id":"8fda757f-3d29-41f5-b16d-303549b3e155","block_type":"box","text":"product liability and similar claims.","page_number":111,"box":{"x":76,"y":37,"width":221,"height":11}},{"id":"d88b3305-3926-425d-bb10-d6463552156c","block_type":"box","text":"High Portfolio Turnover Risk.","page_number":111,"box":{"x":77,"y":60,"width":199,"height":11}},{"id":"04b41617-efce-4078-bebc-8746b113982c","block_type":"box","text":"The sale and purchase of securities and other assets in a Fund’s portfolio generally involve transaction costs","page_number":111,"box":{"x":281,"y":61,"width":694,"height":10}},{"id":"44a7101c-b29a-4f20-a0b1-ee9f4882e4b9","block_type":"box","text":"to the Fund (","page_number":111,"box":{"x":76,"y":75,"width":81,"height":10}},{"id":"8e5cffe1-0902-46dd-95af-66843e1389de","block_type":"box","text":"e.g","page_number":111,"box":{"x":158,"y":77,"width":19,"height":9}},{"id":"b9b041df-e0bc-4265-8b47-ceec826cc18a","block_type":"box","text":"., brokerage commissions, dealer mark-ups). Higher portfolio turnover may cause the Fund to incur additional transaction","page_number":111,"box":{"x":177,"y":75,"width":777,"height":11}},{"id":"275b853a-7e8f-4e31-b091-987861f3ad49","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":111,"box":{"x":76,"y":89,"width":894,"height":11}},{"id":"864c2da8-f532-4255-9dbd-0be1b8a412bf","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":111,"box":{"x":76,"y":103,"width":903,"height":11}},{"id":"6f246f78-2653-4055-ab45-09908a0dd193","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":111,"box":{"x":77,"y":117,"width":844,"height":11}},{"id":"6d7f7efb-0a3d-4ecc-894b-3df1ed2a72f5","block_type":"box","text":"consequences for shareholders. Certain investment strategies (","page_number":111,"box":{"x":76,"y":131,"width":407,"height":11}},{"id":"764c09c4-9b2c-4ead-9aaf-20e049853621","block_type":"box","text":"e.g","page_number":111,"box":{"x":484,"y":134,"width":19,"height":8}},{"id":"71d8120c-4782-4fa6-8f68-289fe3595835","block_type":"box","text":"., active management, investing in dollar rolls or to-be-announced","page_number":111,"box":{"x":503,"y":131,"width":419,"height":11}},{"id":"f935f146-8bed-4bd3-8620-c063cf28bfd5","block_type":"box","text":"mortgage trades) and volatile market conditions may be more likely to involve higher portfolio turnover.","page_number":111,"box":{"x":76,"y":146,"width":661,"height":10}},{"id":"a242f83a-9804-4520-b76c-1d27cd139fe5","block_type":"box","text":"Illiquid Investments Risk.","page_number":111,"box":{"x":77,"y":169,"width":174,"height":11}},{"id":"d07dee3e-4586-4b91-9e04-c70d9064b7e9","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":111,"box":{"x":256,"y":169,"width":719,"height":11}},{"id":"b9530377-b5c0-4a01-928d-c57dc61aa3ef","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":111,"box":{"x":76,"y":183,"width":883,"height":11}},{"id":"42a6857b-6263-4402-85eb-55bb289e2c28","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":111,"box":{"x":76,"y":197,"width":885,"height":11}},{"id":"9d03e4bb-178b-41e8-a07d-55b1f70e662d","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":111,"box":{"x":76,"y":211,"width":902,"height":11}},{"id":"cbde71da-2184-41e1-9967-3b96abca45f8","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":111,"box":{"x":76,"y":226,"width":890,"height":10}},{"id":"b31901e7-2eb5-48d3-acd2-c1257251ce0c","block_type":"box","text":"risks associated with illiquid investments. Illiquid investments may be harder to value, especially in changing markets.","page_number":111,"box":{"x":77,"y":240,"width":751,"height":11}},{"id":"5b3b99bf-2702-43e1-a123-91ffaaf94287","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":111,"box":{"x":77,"y":263,"width":884,"height":11}},{"id":"90a5778b-ab51-4954-af3c-86bb9489856f","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":111,"box":{"x":76,"y":277,"width":900,"height":11}},{"id":"26b27906-6334-49b0-a443-3dd7d176efc9","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":111,"box":{"x":76,"y":291,"width":867,"height":11}},{"id":"0dd1ba20-560c-42b1-8fea-45afeee68cf7","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":111,"box":{"x":77,"y":314,"width":900,"height":11}},{"id":"19a213b1-af19-4ee5-a852-ac4d1ccf258e","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":111,"box":{"x":76,"y":329,"width":890,"height":10}},{"id":"bf781ef7-f64e-48a3-b4ae-3ed28101c049","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":111,"box":{"x":76,"y":343,"width":828,"height":11}},{"id":"d68277bc-4e25-4687-97ea-c91e5be6e9db","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":111,"box":{"x":77,"y":357,"width":873,"height":11}},{"id":"3f96c245-c2b6-4555-819b-179a2fecdf63","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":111,"box":{"x":77,"y":371,"width":887,"height":11}},{"id":"00b62ac6-1497-48ba-842a-8b46e7e65ab8","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":111,"box":{"x":77,"y":385,"width":896,"height":11}},{"id":"4bbe564a-3150-437e-818b-5d4149f03e76","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":111,"box":{"x":76,"y":400,"width":869,"height":10}},{"id":"0c3d296a-3948-43fb-8c6b-83144e26a90d","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":111,"box":{"x":77,"y":414,"width":886,"height":11}},{"id":"24067365-9f28-4799-901c-d4cbb37c8cbc","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":111,"box":{"x":77,"y":428,"width":858,"height":11}},{"id":"56ced3a6-3a09-4dca-a6fa-a563a7d6f424","block_type":"box","text":"premium or discount to the Fund’s NAV.","page_number":111,"box":{"x":76,"y":442,"width":254,"height":11}},{"id":"ba0b66d5-0b9c-49e2-b486-fc8316f220c2","block_type":"box","text":"Index-Related Risk.","page_number":111,"box":{"x":77,"y":465,"width":132,"height":9}},{"id":"3e0489c4-dbc5-442e-8c54-37e6ebfd8964","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":111,"box":{"x":214,"y":465,"width":728,"height":11}},{"id":"4abacb20-b386-4b68-a68e-475c74d80cc7","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":111,"box":{"x":76,"y":479,"width":869,"height":11}},{"id":"a27ccadc-7aa2-4cf7-8731-2384ad4174a9","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":111,"box":{"x":77,"y":494,"width":872,"height":11}},{"id":"9983ba5c-d98c-471b-aebb-4b5d2903035e","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":111,"box":{"x":77,"y":508,"width":862,"height":11}},{"id":"139aed3d-bbcc-4988-828b-2953a6407ba2","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":111,"box":{"x":76,"y":522,"width":897,"height":11}},{"id":"2033e00e-0786-4331-9623-9cd4f4adebb0","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":111,"box":{"x":76,"y":536,"width":881,"height":11}},{"id":"6b2c8f3c-66f1-402c-98cb-afec2a5bdac1","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":111,"box":{"x":76,"y":559,"width":852,"height":11}},{"id":"4b49d552-20c1-4b2e-8c2d-89978cc4edf7","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":111,"box":{"x":76,"y":574,"width":850,"height":10}},{"id":"4c268af7-934f-4934-af03-2c066d839b3a","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":111,"box":{"x":76,"y":588,"width":877,"height":11}},{"id":"303defbd-27c0-4cfc-9fe1-d562d1cad499","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":111,"box":{"x":76,"y":602,"width":906,"height":11}},{"id":"30ae0c6f-6772-48d7-bb6d-cfbcb09fa62a","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":111,"box":{"x":76,"y":616,"width":904,"height":11}},{"id":"d1603fbc-7bb4-4940-bf42-4196cb1b46df","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":111,"box":{"x":76,"y":630,"width":894,"height":11}},{"id":"100dec6f-a63f-4bac-8f64-11ef941e82f2","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":111,"box":{"x":76,"y":644,"width":877,"height":11}},{"id":"cb1818f7-900c-4b6e-ba62-6d377e536ca5","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":111,"box":{"x":76,"y":659,"width":881,"height":11}},{"id":"e1920535-c206-4953-bcb0-86a71c2f21ab","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":111,"box":{"x":76,"y":673,"width":844,"height":11}},{"id":"65a34e6a-6d97-4d92-a395-550337e016b5","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":111,"box":{"x":77,"y":687,"width":879,"height":11}},{"id":"0f1e1a0a-a255-4e53-bc0d-127757c75ee9","block_type":"box","text":"errors will be borne by the Fund and its shareholders.","page_number":111,"box":{"x":76,"y":701,"width":340,"height":11}},{"id":"dd559cac-254f-41ac-9de0-5b0bdf8c15c9","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":111,"box":{"x":77,"y":724,"width":857,"height":11}},{"id":"6a9b32d2-9f76-4852-b762-498aa601d756","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":111,"box":{"x":77,"y":739,"width":880,"height":10}},{"id":"0faf37c0-4e62-4db2-ab94-1bafe4decf37","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":111,"box":{"x":76,"y":753,"width":902,"height":11}},{"id":"939180b7-ce70-4a90-bea2-1bc2e043eaf9","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":111,"box":{"x":76,"y":767,"width":905,"height":11}},{"id":"c93a38fb-1eac-4ad4-81c2-a1a47a637d96","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":111,"box":{"x":76,"y":781,"width":889,"height":11}},{"id":"5c874b5f-03cc-4a5e-9686-b825acf67d5f","block_type":"box","text":"extent circumstances evolve between periodic index reviews and reconstitutions, an Underlying Index may include constituents that do not","page_number":111,"box":{"x":76,"y":795,"width":890,"height":11}},{"id":"b5e444d8-00c5-4bea-af05-0f5fe1bceea1","block_type":"box","text":"align with its objective or selection criteria, and the Fund tracking the Underlying Index may be similarly affected.","page_number":111,"box":{"x":76,"y":809,"width":723,"height":11}},{"id":"4f5963ba-1840-4add-96d4-a0017380e15d","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":111,"box":{"x":77,"y":833,"width":899,"height":11}},{"id":"21eec890-b6b7-49b3-be6d-4cfca19cce1d","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":111,"box":{"x":76,"y":847,"width":876,"height":11}},{"id":"d3d0c02b-f472-4d53-863d-d9388d2468f2","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":111,"box":{"x":76,"y":861,"width":865,"height":11}},{"id":"7164981e-350a-4757-8875-d091b91a840e","block_type":"box","text":"10","page_number":111,"box":{"x":524,"y":921,"width":12,"height":8}},{"id":"4025f89e-697a-4d83-8011-f80d605d1eea","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":112,"box":{"x":76,"y":23,"width":897,"height":11}},{"id":"a0402c6b-12c1-477e-a149-8c0c40ca8066","block_type":"box","text":"a Fund’s costs and tracking error.","page_number":112,"box":{"x":76,"y":37,"width":213,"height":11}},{"id":"b1f58b44-c83e-48e3-9c11-a1c423153367","block_type":"box","text":"Industrial Companies Risk.","page_number":112,"box":{"x":77,"y":61,"width":184,"height":10}},{"id":"a60b680b-921b-4c8e-bcc6-5288b48b5f9b","block_type":"box","text":"Industrial companies face a number of risks, including supply chain and distribution disruptions, business","page_number":112,"box":{"x":267,"y":61,"width":673,"height":10}},{"id":"c3e0e721-7dec-4adb-9121-1e300159f1bc","block_type":"box","text":"interruptions, third-party vendor risks, cyber attacks, trade disputes, product recalls, liability and environmental damage claims, scarcity of","page_number":112,"box":{"x":76,"y":75,"width":889,"height":11}},{"id":"25a31fbe-68d2-4d5b-ac97-c999f1361a09","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":112,"box":{"x":76,"y":89,"width":878,"height":11}},{"id":"8e31c929-0f67-4e73-8592-7e3e449e313e","block_type":"box","text":"industrial companies may face obsolescence due to technological developments and new product introduction. Furthermore, changes in","page_number":112,"box":{"x":76,"y":103,"width":873,"height":11}},{"id":"c8432393-9a90-4ee1-8c32-0d03c242bd58","block_type":"box","text":"trade restrictions and tariffs as well as broader geopolitical developments could adversely affect industrial companies. These companies also","page_number":112,"box":{"x":76,"y":117,"width":902,"height":11}},{"id":"156114f5-9dfc-4643-ab90-99d55353634a","block_type":"box","text":"may be significantly affected by domestic and international economic conditions, legislative and regulatory changes, and labor relations.","page_number":112,"box":{"x":76,"y":131,"width":872,"height":11}},{"id":"ee5efde4-b3e4-4f04-98b5-3a3d60cc9c77","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":112,"box":{"x":77,"y":146,"width":881,"height":10}},{"id":"857a014f-9a35-4eb4-b2e6-46ce090d1c63","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":112,"box":{"x":76,"y":160,"width":892,"height":11}},{"id":"4d8927e4-7507-4c39-9441-91c595d3f3c5","block_type":"box","text":"infringing the intellectual property rights of others.","page_number":112,"box":{"x":76,"y":174,"width":322,"height":11}},{"id":"02c790c8-b4a1-4327-89fc-75275ae12e63","block_type":"box","text":"Issuers with high carbon intensity or high switching costs associated with the transition to low carbon alternatives may be more impacted by","page_number":112,"box":{"x":77,"y":197,"width":899,"height":11}},{"id":"73cfeddf-d3da-419b-a8d0-0bec59cb3a98","block_type":"box","text":"climate transition risks. There may be increased impact on a Fund’s performance to the extent that its investments are concentrated in","page_number":112,"box":{"x":76,"y":211,"width":864,"height":11}},{"id":"896427b2-32fb-4965-9a5d-f278af020483","block_type":"box","text":"locations that are more susceptible to adverse physical events.","page_number":112,"box":{"x":77,"y":226,"width":402,"height":10}},{"id":"99c0c50f-7eb8-4772-9cc0-0ec04856e4ec","block_type":"box","text":"Issuer Risk.","page_number":112,"box":{"x":77,"y":249,"width":79,"height":8}},{"id":"1d49cd62-37ea-4da3-8d8c-dbe34a2dc81b","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":112,"box":{"x":161,"y":249,"width":755,"height":10}},{"id":"76fa6295-fd7b-4ab0-bb0a-293e7ca119d9","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":112,"box":{"x":76,"y":263,"width":861,"height":11}},{"id":"9bbe0ecd-2060-45c2-859a-9b9dd7ec1b45","block_type":"box","text":"financial condition or credit rating of the issuer or counterparty.","page_number":112,"box":{"x":76,"y":277,"width":406,"height":11}},{"id":"a03e2a7c-1917-44ad-9415-06444f40c250","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":112,"box":{"x":77,"y":300,"width":256,"height":11}},{"id":"97515a9a-1f23-4cb1-be4b-d1a987f03fe3","block_type":"box","text":"Large-capitalization companies may be less able than smaller-capitalization companies to adapt to","page_number":112,"box":{"x":340,"y":300,"width":630,"height":11}},{"id":"14767303-25a4-4154-a2aa-a59cd47bb30f","block_type":"box","text":"changing market conditions and competitive challenges. Large-capitalization companies may be more mature and subject to more limited","page_number":112,"box":{"x":76,"y":315,"width":881,"height":10}},{"id":"75386f93-dd84-4018-b43a-a5622134ab30","block_type":"box","text":"growth potential compared with smaller-capitalization companies. The performance of large-capitalization companies could trail the overall","page_number":112,"box":{"x":76,"y":329,"width":890,"height":10}},{"id":"bd24a90a-6dce-49d4-a55e-3f2218510b5c","block_type":"box","text":"performance of the broader securities markets.","page_number":112,"box":{"x":76,"y":343,"width":303,"height":11}},{"id":"44cb867e-6075-41c5-809b-33cf3e4ff55b","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk.","page_number":112,"box":{"x":77,"y":366,"width":368,"height":11}},{"id":"eaa978f2-8402-4df6-808c-a4abbb494478","block_type":"box","text":"Certain shareholders of a Fund, including an Authorized Participant, a third-party","page_number":112,"box":{"x":450,"y":366,"width":518,"height":11}},{"id":"a59bac92-44ec-4a19-a717-083fc952a41c","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":112,"box":{"x":76,"y":380,"width":875,"height":11}},{"id":"0e25a8e1-1ca2-44bd-a380-195899600fbe","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":112,"box":{"x":76,"y":394,"width":899,"height":11}},{"id":"c46fa4f0-fa05-4e14-9f42-caf02c098f07","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":112,"box":{"x":76,"y":409,"width":901,"height":10}},{"id":"5e191149-90ff-4cc5-8ac1-909217c0f62d","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":112,"box":{"x":76,"y":423,"width":888,"height":11}},{"id":"06fb6f33-55da-44be-8bc3-ef4e1a7d3402","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":112,"box":{"x":76,"y":437,"width":882,"height":11}},{"id":"4966d67a-41db-491f-8d2b-2e5d7a5defe2","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":112,"box":{"x":76,"y":451,"width":889,"height":11}},{"id":"362646e2-5750-4a1e-a5dc-18b6bdb15583","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":112,"box":{"x":76,"y":465,"width":906,"height":11}},{"id":"2c9b2e56-c805-48c1-8b99-5916853ec485","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":112,"box":{"x":76,"y":479,"width":904,"height":11}},{"id":"314bb9a1-6a86-482d-b423-31107758dc40","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":112,"box":{"x":76,"y":494,"width":855,"height":11}},{"id":"9afeec12-3261-4c05-afec-2386ccb6403b","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":112,"box":{"x":77,"y":508,"width":892,"height":11}},{"id":"51fdab3f-0df2-4157-a488-7e885981b782","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":112,"box":{"x":77,"y":522,"width":901,"height":11}},{"id":"8ac0161e-cb4c-4f3d-8192-ccdddc86f43b","block_type":"box","text":"to price.","page_number":112,"box":{"x":76,"y":536,"width":52,"height":11}},{"id":"72ab17c5-1966-4d34-848d-1de9a24d0a6f","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":112,"box":{"x":76,"y":559,"width":840,"height":11}},{"id":"5e8e8a37-ff85-4a0c-85f8-6bcfb5c1c02a","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":112,"box":{"x":76,"y":574,"width":898,"height":10}},{"id":"ea4c822f-1546-436c-ba8e-df0a22704e65","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":112,"box":{"x":76,"y":588,"width":878,"height":11}},{"id":"eb6bfdc3-e16f-4d99-9d02-a9b66667ddc9","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":112,"box":{"x":76,"y":602,"width":792,"height":11}},{"id":"90761288-937d-4e1a-9af3-547547daeb1f","block_type":"box","text":"Low Volatility Risk.","page_number":112,"box":{"x":77,"y":625,"width":130,"height":11}},{"id":"204671ca-2d74-4f1a-85ab-c071aedea451","block_type":"box","text":"A low volatility strategy may underperform the broader market during periods of strong, rising or speculative stock","page_number":112,"box":{"x":212,"y":625,"width":733,"height":11}},{"id":"12afbc22-f757-4221-b5d2-ae7f77c08526","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":112,"box":{"x":76,"y":639,"width":895,"height":11}},{"id":"ee57854f-f8e2-4ce6-8694-8f486e34ff51","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":112,"box":{"x":77,"y":654,"width":892,"height":10}},{"id":"0429c531-91dc-4dac-8069-3314cb9f0000","block_type":"box","text":"whole, which could adversely affect the Fund’s NAV.","page_number":112,"box":{"x":76,"y":668,"width":331,"height":11}},{"id":"93414aca-84f8-4bd1-8e5a-8c546e9c6f60","block_type":"box","text":"Management Risk.","page_number":112,"box":{"x":77,"y":691,"width":126,"height":11}},{"id":"9f91fd5e-6b62-40fd-a373-4397f63f1c67","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":112,"box":{"x":208,"y":691,"width":757,"height":11}},{"id":"f7350e36-b06d-4fd1-8542-15eba2bd5d7a","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":112,"box":{"x":76,"y":705,"width":863,"height":11}},{"id":"3949b06c-3577-4b14-aaa7-2e260c70fc3e","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":112,"box":{"x":76,"y":719,"width":864,"height":11}},{"id":"76137b78-411c-470c-83d2-78f6acddabac","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":112,"box":{"x":77,"y":733,"width":898,"height":11}},{"id":"171e69c8-f58b-4027-9457-cf6deeb9761e","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":112,"box":{"x":76,"y":748,"width":837,"height":10}},{"id":"9a3a79bd-f7d6-4b9d-bd8e-684ceb563db4","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":112,"box":{"x":77,"y":762,"width":888,"height":11}},{"id":"d18273f8-dbaa-4542-b633-3560899aa8f3","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":112,"box":{"x":77,"y":776,"width":883,"height":11}},{"id":"773bb867-2111-43c8-92ec-5505e0deb83d","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":112,"box":{"x":76,"y":790,"width":889,"height":11}},{"id":"6c924810-9cf5-4900-affe-c73233a12522","block_type":"box","text":"its investment objective.","page_number":112,"box":{"x":76,"y":804,"width":156,"height":11}},{"id":"fdec92bd-6812-4044-b4ef-6aabfeb90e5f","block_type":"box","text":"Market Risk.","page_number":112,"box":{"x":77,"y":828,"width":85,"height":8}},{"id":"6779fc61-1723-4ef8-9b58-7c9d82653b9c","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":112,"box":{"x":167,"y":828,"width":764,"height":10}},{"id":"fd8887a9-0f90-41c6-8874-2d95d3b94bcc","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":112,"box":{"x":76,"y":842,"width":879,"height":11}},{"id":"b9ff6265-7616-4478-8a29-dd6f40ab427c","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":112,"box":{"x":76,"y":856,"width":884,"height":11}},{"id":"c73ba930-15d3-4b69-a83c-03a378a16de0","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":112,"box":{"x":76,"y":870,"width":904,"height":11}},{"id":"0ebd1532-0eb2-4c2e-9cd7-dab87f3b4e39","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":112,"box":{"x":76,"y":884,"width":858,"height":11}},{"id":"9f0815b8-582f-4dc9-93d3-22a8aa03f711","block_type":"box","text":"11","page_number":112,"box":{"x":524,"y":921,"width":10,"height":8}},{"id":"8171ec42-ec2b-4cec-a55f-6107a0fdadd2","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":113,"box":{"x":76,"y":23,"width":869,"height":11}},{"id":"7b564395-d829-4ea6-a3a3-27fc4c458b8b","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":113,"box":{"x":76,"y":37,"width":885,"height":11}},{"id":"b733e7f7-5cd5-46b9-84db-7c5a57698bec","block_type":"box","text":"and assets.","page_number":113,"box":{"x":76,"y":52,"width":71,"height":8}},{"id":"9c265e71-17fc-4d4f-b4c9-7f5e47c8026b","block_type":"box","text":"Market Trading Risk.","page_number":113,"box":{"x":77,"y":75,"width":140,"height":11}},{"id":"22acad78-6ff7-4e5a-ab2e-d4c2c0bef850","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":113,"box":{"x":222,"y":75,"width":753,"height":11}},{"id":"f2c23008-c47c-4a68-97ff-0ff3614aff55","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":113,"box":{"x":76,"y":89,"width":896,"height":11}},{"id":"46cbe0c8-5202-4e99-9a54-116584a5d91f","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":113,"box":{"x":76,"y":103,"width":877,"height":11}},{"id":"5b3f1ca1-9b19-402b-a793-56fc709ea775","block_type":"box","text":"receive significantly less than the underlying value of the Fund shares.","page_number":113,"box":{"x":77,"y":117,"width":446,"height":11}},{"id":"0890f335-ffd8-4324-81bd-016832c21aba","block_type":"box","text":"Absence of an Active Primary Market.","page_number":113,"box":{"x":75,"y":140,"width":236,"height":11}},{"id":"f14a36a7-166f-4792-88d0-981271f2bfcd","block_type":"box","text":"Although Fund shares are listed for trading on one or more stock exchanges, there can be no assurance","page_number":113,"box":{"x":317,"y":140,"width":663,"height":11}},{"id":"4adddfd4-58e2-4597-b1e8-a6a961ce5797","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":113,"box":{"x":76,"y":155,"width":826,"height":10}},{"id":"027091dc-4969-49e7-aa7e-4438594296c5","block_type":"box","text":"Secondary Listing Risks.","page_number":113,"box":{"x":76,"y":178,"width":151,"height":11}},{"id":"9d99273b-b3ad-4015-8229-ed9801833ba8","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":113,"box":{"x":233,"y":178,"width":732,"height":11}},{"id":"f156b845-7ed1-475f-aeab-c0ca5f666838","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":113,"box":{"x":76,"y":192,"width":841,"height":11}},{"id":"44039b3b-a6de-48b1-a7da-e54c5f9919b4","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":113,"box":{"x":76,"y":206,"width":890,"height":11}},{"id":"1dd6072f-a95f-4eaf-a67a-5fce7e7a35ac","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":113,"box":{"x":76,"y":220,"width":880,"height":11}},{"id":"96651a6e-5af4-4160-a0bd-21ac48c99caf","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":113,"box":{"x":76,"y":235,"width":872,"height":10}},{"id":"465df4c9-0df5-4566-94d6-61480271b466","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":113,"box":{"x":76,"y":249,"width":897,"height":11}},{"id":"d3ee2987-26fc-424a-85d6-8a302aca4394","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":113,"box":{"x":76,"y":263,"width":862,"height":11}},{"id":"033b228c-d191-4253-9f26-336839544b80","block_type":"box","text":"markets, which may result in secondary market prices in such markets being less efficient.","page_number":113,"box":{"x":76,"y":277,"width":579,"height":11}},{"id":"0df525b7-2d06-416b-816d-338f4606d5cb","block_type":"box","text":"Secondary Market Trading Risk.","page_number":113,"box":{"x":76,"y":300,"width":196,"height":11}},{"id":"b42c1ff8-3a28-49b6-8df2-1c51da31d99e","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":113,"box":{"x":279,"y":300,"width":703,"height":11}},{"id":"33fd5b42-d7d5-4b80-ab97-279e903f3246","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":113,"box":{"x":76,"y":314,"width":896,"height":11}},{"id":"b78716cb-b266-49af-a6f0-180b9beba5fc","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":113,"box":{"x":76,"y":329,"width":880,"height":10}},{"id":"bcb4b024-5ceb-44e0-bef1-1bf65706143d","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":113,"box":{"x":76,"y":343,"width":900,"height":11}},{"id":"c1741ca1-c2a6-4f05-a0ea-ca2e2545f93d","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":113,"box":{"x":76,"y":357,"width":893,"height":11}},{"id":"b5e3c389-4bc4-4f47-a4e1-8525a281627c","block_type":"box","text":"may be wider bid/ask spreads on the exchange and a greater premium or discount to NAV.","page_number":113,"box":{"x":76,"y":371,"width":581,"height":11}},{"id":"eb47b277-3d20-4bfc-863b-61ee6c46eb57","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":113,"box":{"x":77,"y":394,"width":900,"height":11}},{"id":"9814987e-f82c-42ee-9554-fc26a3dd618f","block_type":"box","text":"the Fund’s portfolio holdings, and an investor may be unable to sell their Fund shares.","page_number":113,"box":{"x":76,"y":409,"width":547,"height":10}},{"id":"34c0cb57-85b1-4553-bbd9-9bccc82a2e87","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":113,"box":{"x":76,"y":432,"width":894,"height":11}},{"id":"03c4dec0-c327-45c0-b7fc-20bbd3b0fd12","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":113,"box":{"x":76,"y":446,"width":905,"height":11}},{"id":"70b4b59f-0c5a-4b60-ad0b-4557fa5e5479","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":113,"box":{"x":77,"y":460,"width":874,"height":11}},{"id":"979257c0-7fff-402b-8fdd-ae47a4616b12","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":113,"box":{"x":76,"y":474,"width":890,"height":11}},{"id":"471f7715-d789-467b-b3a5-0f8ed7b7fe54","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":113,"box":{"x":76,"y":489,"width":857,"height":10}},{"id":"c96b6571-a421-46c8-8837-092799256ce2","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":113,"box":{"x":76,"y":503,"width":891,"height":11}},{"id":"eb75634e-3ada-413d-9c67-2e647e2a2c14","block_type":"box","text":"substantial trading losses.","page_number":113,"box":{"x":76,"y":517,"width":166,"height":11}},{"id":"a3f858ed-df4d-462d-b66c-f9e6357b50f1","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":113,"box":{"x":76,"y":540,"width":874,"height":11}},{"id":"1a6d510d-9422-4503-9ab5-9f606770217a","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":113,"box":{"x":76,"y":554,"width":893,"height":11}},{"id":"3aa2b3ed-c5ab-4b33-81ce-9f502230bacc","block_type":"box","text":"may lead to increased trading volume and volatility in the secondary market for the shares of the Fund.","page_number":113,"box":{"x":76,"y":568,"width":658,"height":11}},{"id":"a3ad2f3d-99ad-4d69-b92c-1c41d3e20ee3","block_type":"box","text":"Fund Shares May Trade at Prices Other Than NAV.","page_number":113,"box":{"x":76,"y":592,"width":310,"height":10}},{"id":"b3a14388-3076-4863-80d7-511ea4bae6f5","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":113,"box":{"x":385,"y":592,"width":572,"height":10}},{"id":"d91eed02-a1a2-4813-ac86-0e5f5d6bba85","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":113,"box":{"x":77,"y":606,"width":852,"height":11}},{"id":"91363fea-f18f-4df2-94f0-2e79e0c9fb55","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":113,"box":{"x":76,"y":620,"width":892,"height":11}},{"id":"3e77a2c2-eb84-42f7-8381-82c34e147931","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":113,"box":{"x":77,"y":634,"width":885,"height":11}},{"id":"0ff72fc9-4148-48a5-9417-3619d857b4a0","block_type":"box","text":"significantly from NAV during times of market volatility, significant redemption requests, or other unusual market conditions","page_number":113,"box":{"x":76,"y":648,"width":792,"height":11}},{"id":"ce0baefd-907a-439f-b79c-1abd84d63659","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":113,"box":{"x":77,"y":672,"width":886,"height":10}},{"id":"e8943ea9-8c6d-4f23-aba4-ee5868ad960b","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":113,"box":{"x":77,"y":686,"width":891,"height":11}},{"id":"275cf916-2c55-45c0-b4d4-f97d191df366","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":113,"box":{"x":76,"y":700,"width":899,"height":11}},{"id":"44e4c54d-5f91-4488-812f-40d93dc1c548","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":113,"box":{"x":77,"y":714,"width":899,"height":11}},{"id":"06e7e3e3-a3e7-422d-bccc-4544d123e703","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":113,"box":{"x":76,"y":728,"width":878,"height":11}},{"id":"8f89186f-881e-47a3-9f30-851ce7e20fb9","block_type":"box","text":"creations and redemptions, including disruptions at market makers, Authorized Participants, or other market participants, and during periods","page_number":113,"box":{"x":76,"y":743,"width":902,"height":10}},{"id":"92e27989-ccd5-479e-a7ec-a8876aafc6ac","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":113,"box":{"x":76,"y":757,"width":891,"height":10}},{"id":"6f7d5fa5-a852-426f-87c4-3e9ad5ff5dd9","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":113,"box":{"x":76,"y":771,"width":849,"height":11}},{"id":"08c07836-92d7-47f6-add9-110dac43df2e","block_type":"box","text":"investments, which may contribute to the Fund’s shares trading at a premium or discount to NAV.","page_number":113,"box":{"x":76,"y":785,"width":622,"height":11}},{"id":"65020d27-8323-4742-8341-2c2358ca9324","block_type":"box","text":"Costs of Buying or Selling Fund Shares.","page_number":113,"box":{"x":76,"y":808,"width":245,"height":11}},{"id":"3cba04a1-e420-4db7-ab56-6330ae0ad6e0","block_type":"box","text":"Buying or selling Fund shares on an exchange involves two types of costs that apply to all securities","page_number":113,"box":{"x":328,"y":808,"width":636,"height":11}},{"id":"b481bb84-6bcc-4894-9560-a4f15fdd09ec","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":113,"box":{"x":76,"y":822,"width":853,"height":11}},{"id":"9e013edd-d3b6-4434-8fc8-0f3bfeacd74a","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":113,"box":{"x":76,"y":837,"width":895,"height":10}},{"id":"05dba872-e0cc-438b-bba2-2b94f7f68d3b","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":113,"box":{"x":76,"y":851,"width":865,"height":11}},{"id":"f099c1ff-49e7-4c1d-b245-ce504ebedd0c","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":113,"box":{"x":76,"y":865,"width":885,"height":11}},{"id":"59682734-1522-48c2-98c8-cba21ec2a501","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":113,"box":{"x":77,"y":879,"width":891,"height":11}},{"id":"bb0d835a-735d-4dde-b48f-95f0526f7609","block_type":"box","text":"12","page_number":113,"box":{"x":524,"y":921,"width":11,"height":8}},{"id":"dc95cdd3-3e40-4ae6-8495-924d2c0a5436","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":114,"box":{"x":76,"y":23,"width":901,"height":11}},{"id":"6c0df93c-1fb4-4b0c-b89a-9058e554952c","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":114,"box":{"x":76,"y":37,"width":858,"height":11}},{"id":"a87b0fa1-cea2-46ed-aa4e-99f6427e2322","block_type":"box","text":"regularly making small investments through a brokerage account.","page_number":114,"box":{"x":77,"y":52,"width":418,"height":10}},{"id":"ffab74de-47e1-4862-a5b0-6161f1046a86","block_type":"box","text":"Materials Companies Risk.","page_number":114,"box":{"x":77,"y":75,"width":182,"height":10}},{"id":"5747a105-cb99-4be0-a6b6-e7fc63e41397","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":114,"box":{"x":264,"y":75,"width":710,"height":11}},{"id":"fd91894f-b7f9-449c-a294-ef69a3bd75a0","block_type":"box","text":"demand dynamics. Materials companies may be adversely affected by commodity price volatility, exchange rate fluctuations, social and","page_number":114,"box":{"x":76,"y":89,"width":868,"height":11}},{"id":"78993ad1-e0dd-4769-bf82-10e9310a968a","block_type":"box","text":"political unrest, war, import and export controls, supply chain disruption, increased competition, depletion of resources, technical advances,","page_number":114,"box":{"x":76,"y":103,"width":897,"height":11}},{"id":"10b69d37-5a2b-4d53-97fb-10377db889d8","block_type":"box","text":"labor relations, litigation and government regulations, among other factors. Materials companies are at risk of liability for environmental","page_number":114,"box":{"x":77,"y":117,"width":868,"height":11}},{"id":"07ed5b13-05cf-4648-979e-5fd4d1cb3452","block_type":"box","text":"damage and product liability claims and may incur significant costs in complying with environmental laws.","page_number":114,"box":{"x":76,"y":131,"width":676,"height":11}},{"id":"412cab44-2343-459e-ab92-2dc2fbde1047","block_type":"box","text":"Mid-Capitalization Companies Risk.","page_number":114,"box":{"x":77,"y":155,"width":243,"height":10}},{"id":"4071b2cd-e53c-43de-a502-9b1d9a126fcc","block_type":"box","text":"Investments in mid-capitalization companies may be riskier, less liquid, more volatile and more","page_number":114,"box":{"x":326,"y":155,"width":607,"height":10}},{"id":"722fa3da-65f3-41c7-a295-59d764870b63","block_type":"box","text":"susceptible to economic, market and industry changes than investments in large-capitalization companies. Mid-capitalization companies","page_number":114,"box":{"x":76,"y":169,"width":875,"height":11}},{"id":"4af3a835-7b81-4c01-a197-81bacf0b517d","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":114,"box":{"x":76,"y":183,"width":847,"height":11}},{"id":"9acbfc79-dd83-4adf-b0ac-42bd24f1ff0a","block_type":"box","text":"vulnerable than large-capitalization companies to adverse business and economic developments. Mid-capitalization companies may have a","page_number":114,"box":{"x":76,"y":197,"width":889,"height":11}},{"id":"3d8bc10a-6b3a-4c78-991c-806ea060d35a","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":114,"box":{"x":76,"y":211,"width":882,"height":11}},{"id":"b93d2bf5-0dca-4c99-be7c-5efd6bf0f123","block_type":"box","text":"frequently and in smaller volumes than the securities of larger companies.","page_number":114,"box":{"x":76,"y":226,"width":473,"height":10}},{"id":"6c5a5e22-6051-485e-896a-67a02eb50994","block_type":"box","text":"Momentum Securities Risk.","page_number":114,"box":{"x":77,"y":249,"width":190,"height":8}},{"id":"2b28640a-caab-4de9-8cf8-4d1b480078e6","block_type":"box","text":"Securities that previously exhibited greater momentum characteristics than other securities may not continue","page_number":114,"box":{"x":272,"y":249,"width":704,"height":11}},{"id":"a723203c-cd70-4080-9cb2-afed37fba932","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":114,"box":{"x":76,"y":263,"width":877,"height":11}},{"id":"3b99dbc7-5e70-4309-aaf7-2d6eb20515dd","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":114,"box":{"x":76,"y":277,"width":899,"height":11}},{"id":"c58d73b5-ea11-48ad-8748-8f0340b22602","block_type":"box","text":"in momentum securities may experience significant losses if momentum stops, reverses or otherwise behaves differently than predicted. In","page_number":114,"box":{"x":76,"y":291,"width":892,"height":11}},{"id":"48e8e238-8c90-4e18-bdd4-06086311dbde","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":114,"box":{"x":76,"y":305,"width":892,"height":11}},{"id":"bba7928c-b602-4b4b-858d-67e463643981","block_type":"box","text":"during such period.","page_number":114,"box":{"x":76,"y":320,"width":122,"height":10}},{"id":"a6f7d3da-095e-4126-a51b-ee9487f7885a","block_type":"box","text":"National Closed Market Trading Risk.","page_number":114,"box":{"x":77,"y":343,"width":254,"height":11}},{"id":"24139674-40dd-4fdd-96a0-bae031b4c109","block_type":"box","text":"To the extent that securities or other assets held by a Fund trade on foreign exchanges or in foreign","page_number":114,"box":{"x":336,"y":343,"width":637,"height":11}},{"id":"703db2c9-b888-4ce8-8d4f-1ad484d8e704","block_type":"box","text":"markets that may be closed when the securities exchange on which the Fund’s shares trade is open, there are likely to be deviations between","page_number":114,"box":{"x":76,"y":357,"width":905,"height":11}},{"id":"a7743af7-f35d-4715-a613-6284205f0dad","block_type":"box","text":"such asset’s current price and its last quoted price (","page_number":114,"box":{"x":76,"y":371,"width":332,"height":11}},{"id":"3b071f3d-d865-439f-b851-a298c3bdec4f","block_type":"box","text":"i.e","page_number":114,"box":{"x":408,"y":371,"width":15,"height":9}},{"id":"7eec8c68-0c71-4894-8d0a-1842afafd252","block_type":"box","text":"., the quote from the closed foreign market to the Fund). The impact of a closed","page_number":114,"box":{"x":425,"y":371,"width":508,"height":11}},{"id":"3d51d02d-4942-428a-b994-f492690060fd","block_type":"box","text":"foreign market on a Fund is likely to be greater where a large portion of the Fund’s holdings trade on a closed foreign market or when a","page_number":114,"box":{"x":76,"y":385,"width":863,"height":11}},{"id":"a35369bc-9d53-47dc-9b01-06d0590af2f9","block_type":"box","text":"foreign market is closed for unscheduled reasons. These deviations could result in premiums or discounts to a Fund’s NAV that may be","page_number":114,"box":{"x":76,"y":400,"width":862,"height":10}},{"id":"a818fd33-2de0-4575-bfaa-7ca1f630bcb5","block_type":"box","text":"greater than those experienced by other funds.","page_number":114,"box":{"x":76,"y":414,"width":300,"height":11}},{"id":"2d85030e-1541-4360-9612-e0147f8f9e33","block_type":"box","text":"Non-Diversification Risk.","page_number":114,"box":{"x":77,"y":437,"width":170,"height":8}},{"id":"d0eb1ba9-976b-4901-9e89-e9ea221c399b","block_type":"box","text":"A Fund that is classified as “non-diversified” may invest a greater percentage of its assets in securities or other","page_number":114,"box":{"x":252,"y":437,"width":711,"height":11}},{"id":"cd4ead4e-1d43-48ea-b1f9-864b71e4d77d","block_type":"box","text":"instruments representing a small number of issuers or counterparties, compared with funds that are classified as “diversified.” A non","page_number":114,"box":{"x":76,"y":451,"width":855,"height":11}},{"id":"c05038d7-d251-4bb5-9e77-e7f878d9e1ac","block_type":"box","text":"diversified Fund thus may be more susceptible to the risks associated with these particular issuers or counterparties. The gains and losses","page_number":114,"box":{"x":76,"y":465,"width":886,"height":11}},{"id":"5f604323-cd6a-4fb1-850a-7fee6e417562","block_type":"box","text":"on such holdings may have a greater impact on a non-diversified Fund’s performance than they would on the performance of a diversified","page_number":114,"box":{"x":76,"y":479,"width":879,"height":11}},{"id":"3ddfc144-a469-4634-8f89-1be1bf015a89","block_type":"box","text":"Fund, and a non-diversified Fund’s NAV may be more volatile.","page_number":114,"box":{"x":77,"y":494,"width":390,"height":10}},{"id":"2d9b7d64-ad33-4251-a90d-e4a794516f9c","block_type":"box","text":"Non-U.S. Securities Risk.","page_number":114,"box":{"x":77,"y":517,"width":171,"height":8}},{"id":"be5b0570-b52e-4c0d-9233-0f83755b9fd8","block_type":"box","text":"Securities issued by non-U.S. issuers (including depositary receipts) are subject to different legal, regulatory,","page_number":114,"box":{"x":253,"y":517,"width":698,"height":11}},{"id":"95f29154-6e90-453e-8dc3-c2311b1b4d86","block_type":"box","text":"political, economic, and market risks than securities issued by U.S. issuers. To the extent that investments are made in a limited number of","page_number":114,"box":{"x":76,"y":531,"width":889,"height":11}},{"id":"2aeed16b-0d95-4cd4-84e9-d2342faa0bc7","block_type":"box","text":"countries, events in those countries will have a more significant impact on a Fund. The risks of investing in non-U.S. securities include the","page_number":114,"box":{"x":76,"y":545,"width":880,"height":11}},{"id":"d731a5db-a79f-420b-ba20-fdc8e5fce417","block_type":"box","text":"following, any of which may have an adverse impact on a Fund:","page_number":114,"box":{"x":76,"y":559,"width":402,"height":11}},{"id":"aefc17bd-6ba7-4f0a-8b69-f3bca03252df","block_type":"box","text":"Less liquid markets, which may make valuing securities more difficult;","page_number":114,"box":{"x":114,"y":577,"width":445,"height":11}},{"id":"01a70155-302e-41f3-aa08-b62628587074","block_type":"box","text":"Greater market volatility;","page_number":114,"box":{"x":113,"y":596,"width":158,"height":10}},{"id":"48e668f8-c154-4100-b6f0-242abf8be630","block_type":"box","text":"Government intervention in issuers’ operations or structure;","page_number":114,"box":{"x":113,"y":614,"width":383,"height":10}},{"id":"95b35258-13f6-4486-9236-6bda84b3adfb","block_type":"box","text":"Government expropriation or nationalization of assets;","page_number":114,"box":{"x":113,"y":632,"width":348,"height":10}},{"id":"cb4c8641-912a-4dd8-bbc1-eca52e74b537","block_type":"box","text":"Exchange rate fluctuations and currency controls;","page_number":114,"box":{"x":114,"y":650,"width":316,"height":10}},{"id":"fc22bcfc-000c-47e4-9343-01608b4c9740","block_type":"box","text":"Limitations on the foreign ownership of securities;","page_number":114,"box":{"x":114,"y":668,"width":319,"height":11}},{"id":"fc19ba13-2b04-49d6-bf60-f52730a56b0d","block_type":"box","text":"Imposition of withholding or other taxes;","page_number":114,"box":{"x":114,"y":686,"width":257,"height":11}},{"id":"7ea9f99e-7a6a-436f-b703-e6e6d49fd221","block_type":"box","text":"Restrictions on the repatriation of capital;","page_number":114,"box":{"x":114,"y":704,"width":265,"height":11}},{"id":"c83f7092-fad2-4a1e-9bd3-408431d04616","block_type":"box","text":"Higher transaction and custody costs;","page_number":114,"box":{"x":114,"y":722,"width":241,"height":11}},{"id":"f225ef78-1b82-47b7-b7fe-2611955726da","block_type":"box","text":"Foreign market trading hours, different clearing and settlement procedures, and holiday schedules, which may limit a Fund’s ability to","page_number":114,"box":{"x":114,"y":740,"width":852,"height":11}},{"id":"86581597-3ede-4144-8f49-ec654a8c5391","block_type":"box","text":"engage in portfolio transactions;","page_number":114,"box":{"x":113,"y":754,"width":206,"height":11}},{"id":"e48c7741-cd39-4ee7-8507-f020f0a2486a","block_type":"box","text":"Less regulation of the securities and other financial markets;","page_number":114,"box":{"x":114,"y":772,"width":386,"height":11}},{"id":"f15b0e2b-0d03-4955-a43b-6af58d2d066e","block_type":"box","text":"Less availability of public information about issuers;","page_number":114,"box":{"x":114,"y":790,"width":329,"height":11}},{"id":"9091db7c-5467-45c2-b672-45826c09a325","block_type":"box","text":"Weaker accounting, audit, disclosure and financial reporting requirements and the risk of being delisted from U.S. exchanges;","page_number":114,"box":{"x":113,"y":808,"width":803,"height":11}},{"id":"07f585b4-bf69-4143-b037-fb0a33dc4867","block_type":"box","text":"Difficulties in enforcing contractual obligations; and","page_number":114,"box":{"x":114,"y":826,"width":328,"height":11}},{"id":"3f6fdc3d-f08f-440a-81b3-72008eee34e2","block_type":"box","text":"Legal principles relating to corporate governance, directors’ fiduciary duties and liabilities, and shareholder rights that are less robust","page_number":114,"box":{"x":114,"y":844,"width":853,"height":11}},{"id":"220d21cf-c2c2-4aac-a9e2-93ed6b5ef253","block_type":"box","text":"than those that apply in the U.S.","page_number":114,"box":{"x":113,"y":859,"width":205,"height":10}},{"id":"bcf99dbd-6fb0-444f-bf47-7ceb9406f2da","block_type":"box","text":"13","page_number":114,"box":{"x":524,"y":921,"width":12,"height":8}},{"id":"644f8d3e-cef8-4d43-b1f7-e6c831982d74","block_type":"box","text":"Withholding Tax Reclaims Risk","page_number":115,"box":{"x":77,"y":23,"width":188,"height":11}},{"id":"eeb4f28a-a2fd-4b60-aa76-c0303937b5ea","block_type":"box","text":". A Fund that holds non-U.S. securities may file claims to recover withholding tax on dividend and interest","page_number":115,"box":{"x":265,"y":23,"width":674,"height":11}},{"id":"a1297d8d-9a76-4f97-ba81-62cc941a600b","block_type":"box","text":"income (if any) received from issuers in certain countries where such withholding tax reclaim is possible. Whether or when a Fund will receive","page_number":115,"box":{"x":76,"y":37,"width":905,"height":11}},{"id":"c46fe8b7-6975-4813-8fe4-8bfc739d4967","block_type":"box","text":"a withholding tax refund is within the control of the tax authorities in such countries. Where a Fund expects to recover withholding tax based","page_number":115,"box":{"x":76,"y":51,"width":898,"height":11}},{"id":"03b5dfa9-2afa-4c3f-b8ed-be97ee6ac060","block_type":"box","text":"on a continuous assessment of the probability of recovery, the Fund’s NAV generally includes accruals for such tax refunds. The Fund","page_number":115,"box":{"x":76,"y":66,"width":852,"height":11}},{"id":"a63fb228-1923-4bdb-ab59-c011b1d739af","block_type":"box","text":"continues to evaluate tax developments for potential impact to the probability of recovery. If the likelihood of receiving a tax refund materially","page_number":115,"box":{"x":76,"y":80,"width":906,"height":11}},{"id":"e2497246-b494-4c24-aa20-570d02586129","block_type":"box","text":"decreases, such as due to a change in tax regulation or approach, accruals in a Fund’s NAV for such refunds may be written down partially or","page_number":115,"box":{"x":76,"y":94,"width":901,"height":11}},{"id":"e4769b97-eb3b-4b7d-be5c-77d22cdbc573","block_type":"box","text":"in full, which will adversely affect the Fund’s NAV. Investors in a Fund at the time when an accrual is written down will bear the impact of any","page_number":115,"box":{"x":76,"y":108,"width":897,"height":11}},{"id":"c976cf39-8874-4da9-b79a-ee6dc43e5524","block_type":"box","text":"resulting reduction in NAV regardless of whether they were investors during the accrual period. Conversely, if a Fund receives a tax refund","page_number":115,"box":{"x":77,"y":122,"width":882,"height":11}},{"id":"e7ee5f10-a23e-4dee-ab22-cbd13db7c1d6","block_type":"box","text":"that was not previously accrued, investors in the Fund at the time the claim is successful will benefit from any resulting increase in the Fund’s","page_number":115,"box":{"x":76,"y":137,"width":906,"height":10}},{"id":"f22039d6-575a-49b4-85a5-575bb1d4cd9f","block_type":"box","text":"NAV. Investors who sold their shares prior to such time will not benefit from any such NAV increase.","page_number":115,"box":{"x":77,"y":151,"width":636,"height":11}},{"id":"53bd842f-4787-4d3b-ad5a-4cbc3d35d27a","block_type":"box","text":"Operational and Technology Risks.","page_number":115,"box":{"x":76,"y":174,"width":239,"height":11}},{"id":"17e0eb1d-1f49-4b72-a2ce-55eb8e768395","block_type":"box","text":"A Fund and the entities with which it interacts directly or indirectly are susceptible to operational and","page_number":115,"box":{"x":320,"y":174,"width":648,"height":11}},{"id":"b1086741-c2ec-43d9-a83d-c7a5360d1146","block_type":"box","text":"technology risks, including those related to human errors, processing errors, communication errors, systems failures, cybersecurity","page_number":115,"box":{"x":76,"y":188,"width":842,"height":11}},{"id":"5c542d98-66fc-466d-abf5-a617f2263eee","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":115,"box":{"x":76,"y":202,"width":877,"height":11}},{"id":"d688a0fc-e341-44a0-973e-5317b87d4901","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":115,"box":{"x":76,"y":217,"width":844,"height":10}},{"id":"11f935c0-a0f2-4d09-b8fa-9c69e91ad4aa","block_type":"box","text":"providers (e.g., index and benchmark providers, accountants, custodians, and transfer agents), financial intermediaries, counterparties,","page_number":115,"box":{"x":76,"y":231,"width":866,"height":11}},{"id":"0ac07a3a-dfd5-4ef0-82a7-7358683f87a7","block_type":"box","text":"market makers, Authorized Participants, listing exchanges, other financial market operators, and governmental authorities. Operational and","page_number":115,"box":{"x":76,"y":245,"width":892,"height":11}},{"id":"554c60c0-eb40-4eb4-aefa-4abaf5883784","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":115,"box":{"x":76,"y":259,"width":889,"height":11}},{"id":"d23eb3f4-b540-4b0f-8f99-7c21dfa843ee","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":115,"box":{"x":76,"y":273,"width":870,"height":11}},{"id":"bc7aaa8f-4bc6-4a10-a7cc-1d266d2d4647","block_type":"box","text":"risks.","page_number":115,"box":{"x":77,"y":287,"width":32,"height":9}},{"id":"fdbcb746-06b7-4219-a332-cce9abe431bf","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":115,"box":{"x":76,"y":311,"width":895,"height":10}},{"id":"a26896da-402c-4e9a-af89-221cfc095dd9","block_type":"box","text":"of its service providers. They include, but are not limited to, gaining unauthorized access to systems, misappropriating assets or sensitive","page_number":115,"box":{"x":76,"y":325,"width":878,"height":11}},{"id":"b5a3ef6f-2b48-47a4-ac50-eeee71580797","block_type":"box","text":"information, corrupting or destroying data, and causing operational disruption. Geopolitical tension may increase the scale and sophistication","page_number":115,"box":{"x":76,"y":339,"width":905,"height":11}},{"id":"d1d412c5-052d-4afa-b04a-34ec64d61c06","block_type":"box","text":"of deliberate attacks, particularly those from nation states or from entities with nation state backing. Cybersecurity incidents may result in","page_number":115,"box":{"x":76,"y":353,"width":885,"height":11}},{"id":"6b6b9fb8-d31f-400b-bca1-f852ead28011","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":115,"box":{"x":76,"y":367,"width":828,"height":11}},{"id":"1771a31d-cf66-4a39-9a8d-d9ca51d050cb","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":115,"box":{"x":76,"y":382,"width":898,"height":10}},{"id":"6f5dc868-c50a-430d-bbee-f13caf5e77a2","block_type":"box","text":"its service providers to transact business; violations of applicable privacy and other laws; regulatory fines; penalties; reputational damage;","page_number":115,"box":{"x":76,"y":396,"width":884,"height":11}},{"id":"e7441300-153c-4572-a96d-91bde658e856","block_type":"box","text":"reimbursement or other compensation costs; and other legal and compliance expenses. Furthermore, cybersecurity incidents may render","page_number":115,"box":{"x":77,"y":410,"width":880,"height":11}},{"id":"3bed88c1-8c1f-44af-bdf8-fd208e941d15","block_type":"box","text":"records of a Fund, including records relating to its assets and transactions, shareholder ownership of Fund shares, and other data integral to","page_number":115,"box":{"x":77,"y":424,"width":898,"height":11}},{"id":"f4756bf3-ae80-47e2-ade2-1a6132ef6ed4","block_type":"box","text":"a Fund’s functioning, inaccessible, inaccurate or incomplete. Power outages, natural disasters, equipment malfunctions and processing","page_number":115,"box":{"x":76,"y":438,"width":866,"height":11}},{"id":"7027f18f-d374-4804-90aa-03fd3400829b","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":115,"box":{"x":76,"y":452,"width":906,"height":11}},{"id":"b1ea1396-395e-46c5-acab-78e29c6ba2af","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":115,"box":{"x":76,"y":467,"width":904,"height":10}},{"id":"0e7d42cd-8d82-4a16-a59b-e1a8e1fd9224","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":115,"box":{"x":76,"y":481,"width":885,"height":11}},{"id":"22423833-c38f-4ad6-a3ac-e0a49ae495c2","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":115,"box":{"x":77,"y":495,"width":872,"height":11}},{"id":"ea9a663a-51af-47d2-b288-76d8957d0f76","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":115,"box":{"x":76,"y":509,"width":855,"height":11}},{"id":"fb9f94bc-6e82-4dd3-8d89-3f37a998abd7","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":115,"box":{"x":76,"y":523,"width":857,"height":11}},{"id":"6d4e7553-c1ce-4b69-9b6a-2b9e68369acf","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":115,"box":{"x":76,"y":537,"width":897,"height":11}},{"id":"e39559ef-4390-4dac-9829-07dbde907fa9","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":115,"box":{"x":76,"y":552,"width":886,"height":11}},{"id":"5c81f0eb-bb9f-460c-84d2-34c99915358e","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":115,"box":{"x":76,"y":566,"width":876,"height":11}},{"id":"0219e5ef-eea9-4277-8ced-0e7097b9a821","block_type":"box","text":"anticipate the full scope of future AI capabilities or rules and the associated risks to a Fund.","page_number":115,"box":{"x":76,"y":580,"width":585,"height":11}},{"id":"713d16bb-c1ab-4bcd-95f6-ade957856db8","block_type":"box","text":"While a Fund’s service providers are required to have appropriate operational, information security and cybersecurity risk management","page_number":115,"box":{"x":76,"y":603,"width":864,"height":11}},{"id":"abfedf7c-ae11-4a86-80fd-e89035f8d37a","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":115,"box":{"x":76,"y":617,"width":889,"height":11}},{"id":"4ebd7d71-671d-43a6-b318-e47606a449c6","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":115,"box":{"x":77,"y":632,"width":839,"height":10}},{"id":"11e74d39-4ca2-4668-9aa1-35dd4f6bc143","block_type":"box","text":"procedures and oversight, including establishing business continuity plans and risk management systems. However, there are inherent","page_number":115,"box":{"x":76,"y":646,"width":862,"height":11}},{"id":"e90db245-2fd5-4a18-adb3-6ef0e53ca366","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":115,"box":{"x":77,"y":660,"width":863,"height":11}},{"id":"0baa0fca-be08-4123-af08-2b3ca48bb7e8","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":115,"box":{"x":76,"y":674,"width":871,"height":11}},{"id":"26a33f96-d1b6-44fc-b73b-36766060b066","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":115,"box":{"x":76,"y":688,"width":895,"height":11}},{"id":"db144f21-f4b1-453c-8818-83d5968bb52e","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":115,"box":{"x":76,"y":702,"width":882,"height":11}},{"id":"afe8b53b-71d2-4de8-8b9a-4c977ddf1b19","block_type":"box","text":"invests or its service providers, counterparties, and other third parties whose activities affect the Fund.","page_number":115,"box":{"x":76,"y":717,"width":659,"height":10}},{"id":"23513ec1-d830-4eeb-9a95-80958afc4ee0","block_type":"box","text":"Lastly, the regulatory climate governing cybersecurity and data protection is developing quickly and may vary considerably across","page_number":115,"box":{"x":77,"y":740,"width":830,"height":11}},{"id":"bbf66446-a61b-47d7-b156-32b01d071eaa","block_type":"box","text":"jurisdictions. Regulators continue to develop new rules and standards related to cybersecurity and data protection. Compliance with evolving","page_number":115,"box":{"x":75,"y":754,"width":905,"height":11}},{"id":"7d3e87c2-14ea-4061-8927-bf7eee576c0a","block_type":"box","text":"regulations can be demanding and costly, requiring substantial resources to monitor and implement required changes.","page_number":115,"box":{"x":77,"y":768,"width":756,"height":11}},{"id":"46c9a167-3a6e-4955-b716-d8d33db4d853","block_type":"box","text":"Ownership Limitations Risk.","page_number":115,"box":{"x":76,"y":791,"width":195,"height":11}},{"id":"f8882e34-dfa0-4708-98d0-4348f49fc360","block_type":"box","text":"If certain aggregate and/or fund-level ownership thresholds are reached through transactions undertaken by","page_number":115,"box":{"x":277,"y":791,"width":697,"height":11}},{"id":"fb7a0a8b-ed9e-4c18-b688-222726215f14","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":115,"box":{"x":77,"y":806,"width":900,"height":10}},{"id":"638cfdbc-ab23-4825-93dd-0563096d9e21","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":115,"box":{"x":76,"y":820,"width":851,"height":11}},{"id":"952861ca-04da-4b6f-b474-25b7c56bd004","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":115,"box":{"x":77,"y":834,"width":866,"height":11}},{"id":"41d652e0-955b-4a51-ae8f-44bbc88afbfd","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":115,"box":{"x":76,"y":848,"width":903,"height":11}},{"id":"4a63bbef-bbc7-420a-a3be-54619323841a","block_type":"box","text":"holdings.","page_number":115,"box":{"x":77,"y":862,"width":55,"height":11}},{"id":"2b4b3997-cd6e-4e57-b83d-382d7a4a8287","block_type":"box","text":"14","page_number":115,"box":{"x":524,"y":921,"width":12,"height":8}},{"id":"cdb8ae80-2dd9-419e-918d-9c092b5a8ab4","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":116,"box":{"x":77,"y":23,"width":851,"height":11}},{"id":"b4c5e64b-6fd6-4408-a2a6-a673360bb7a4","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":116,"box":{"x":76,"y":37,"width":890,"height":11}},{"id":"f6ad2f98-33b8-4894-b4ff-55eaacec3cad","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":116,"box":{"x":76,"y":51,"width":870,"height":11}},{"id":"75b3636a-dccb-48e9-9f32-d2a910935ea5","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":116,"box":{"x":76,"y":66,"width":884,"height":11}},{"id":"c5895b1b-1058-4c98-b40e-7497893dca53","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":116,"box":{"x":76,"y":80,"width":906,"height":11}},{"id":"bf90ba59-3c1e-4331-8307-660355862d82","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":116,"box":{"x":76,"y":94,"width":886,"height":11}},{"id":"d1a56dcc-d850-42e7-8208-528f19c4b5ee","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":116,"box":{"x":76,"y":108,"width":896,"height":11}},{"id":"70ac5e6d-6842-4724-a393-c1dea08226f0","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":116,"box":{"x":76,"y":131,"width":885,"height":11}},{"id":"64afdd0d-4b52-42e0-af75-d9c1ce42ee85","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":116,"box":{"x":76,"y":146,"width":854,"height":10}},{"id":"93c4cfe8-addf-4a6c-94bd-04628cf37235","block_type":"box","text":"disapproval that was obtained.","page_number":116,"box":{"x":76,"y":160,"width":195,"height":11}},{"id":"02a0eb37-b33c-4bf3-8e7f-9621a038a6fe","block_type":"box","text":"Quality Securities Risk.","page_number":116,"box":{"x":76,"y":183,"width":161,"height":11}},{"id":"5c2d1899-c7a1-4547-bc2e-cecf20079b25","block_type":"box","text":"Securities that previously exhibited greater quality characteristics than other securities may not continue to be","page_number":116,"box":{"x":243,"y":183,"width":709,"height":11}},{"id":"aa0f2bbc-041f-4399-afbc-0c30e727f1f9","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":116,"box":{"x":76,"y":197,"width":854,"height":11}},{"id":"7e081d75-623b-409d-ba17-3386cf0b7a47","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":116,"box":{"x":76,"y":211,"width":871,"height":11}},{"id":"c9f3786b-3e87-44ac-a314-121cd7708922","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":116,"box":{"x":76,"y":226,"width":879,"height":10}},{"id":"f0476891-04b7-4561-a3d2-5a3e0976e702","block_type":"box","text":"period.","page_number":116,"box":{"x":76,"y":240,"width":43,"height":10}},{"id":"112b310b-354e-4c31-b520-80c4e4a63176","block_type":"box","text":"Real Estate Companies Risk.","page_number":116,"box":{"x":77,"y":263,"width":196,"height":11}},{"id":"502e3a31-bb9f-4ecc-b282-8b8b5f76d468","block_type":"box","text":"Real estate companies, which include real estate investment trusts, real estate holding and operating","page_number":116,"box":{"x":279,"y":263,"width":649,"height":11}},{"id":"946d5955-5f48-4c74-a99a-de57d2ad1828","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":116,"box":{"x":76,"y":277,"width":903,"height":11}},{"id":"ca802ac1-73b0-4ba8-9322-2fd0da1da8b9","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":116,"box":{"x":76,"y":291,"width":883,"height":11}},{"id":"f3911594-e703-4a79-8120-d508d8c9d279","block_type":"box","text":"and other governmental actions, including tax increases, zoning changes and other usage restrictions, environmental regulations, regulatory","page_number":116,"box":{"x":76,"y":305,"width":897,"height":11}},{"id":"4547384c-aaca-48c7-95a1-d087058ac10b","block_type":"box","text":"limitations on rent or eviction, and eminent domain.","page_number":116,"box":{"x":77,"y":320,"width":329,"height":10}},{"id":"d37fe81d-40f6-4b61-9126-3e456e2e0d11","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":116,"box":{"x":77,"y":343,"width":897,"height":11}},{"id":"641efd05-3454-487b-ab0e-50275353dd6a","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":116,"box":{"x":77,"y":357,"width":900,"height":11}},{"id":"1b3e451f-6cda-40f6-9dfd-d13407fc45ae","block_type":"box","text":"or property type. Economic downturns or other adverse events (","page_number":116,"box":{"x":76,"y":371,"width":409,"height":11}},{"id":"6355c3e4-a5d1-4bc7-896a-5de4001ae8e1","block_type":"box","text":"e.g.","page_number":116,"box":{"x":487,"y":374,"width":20,"height":8}},{"id":"c266ecc7-2570-4825-a0ec-436c29c942dc","block_type":"box","text":", natural disasters) that affect a particular region, industry or property","page_number":116,"box":{"x":510,"y":371,"width":446,"height":11}},{"id":"564b7671-9042-4ee4-a57e-c87e57157b39","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":116,"box":{"x":76,"y":385,"width":891,"height":11}},{"id":"aeb3a50b-5bf5-4138-aa0b-a1566c8b4d9f","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":116,"box":{"x":76,"y":400,"width":882,"height":10}},{"id":"b7e41a8d-8049-4370-9702-bce278b0344b","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":116,"box":{"x":76,"y":414,"width":858,"height":11}},{"id":"1c287203-fedf-4ee0-bc54-d478e9f87b34","block_type":"box","text":"response to economic conditions or other events.","page_number":116,"box":{"x":77,"y":428,"width":316,"height":11}},{"id":"372c6f70-69da-455e-b868-0193ceb58d4a","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":116,"box":{"x":77,"y":451,"width":900,"height":11}},{"id":"ca1d24f3-6ac8-490b-ae0a-b58bb8b08980","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":116,"box":{"x":77,"y":465,"width":881,"height":11}},{"id":"43e8e870-f08b-4fda-8913-599ee39a5471","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":116,"box":{"x":76,"y":479,"width":867,"height":11}},{"id":"cf5b6e91-35e0-41f6-8ea5-73bffd5f5f79","block_type":"box","text":"redeployment of capital in less desirable investments.","page_number":116,"box":{"x":77,"y":494,"width":343,"height":10}},{"id":"37d8af90-afa5-40f6-bd0c-8261c7d3fda8","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":116,"box":{"x":76,"y":517,"width":875,"height":11}},{"id":"206bd5d3-48ec-4d05-91d6-6d1dc1c7a678","block_type":"box","text":"economic consequences for the company and its investors, including a Fund.","page_number":116,"box":{"x":76,"y":531,"width":492,"height":11}},{"id":"84193bd3-9874-4ddb-98ae-3eee8a9b3b70","block_type":"box","text":"Reliance on Trading Partners Risk.","page_number":116,"box":{"x":77,"y":554,"width":235,"height":11}},{"id":"85c9c87d-8c89-4ca4-9416-046c85dad442","block_type":"box","text":"The economies of some countries or regions in which the Fund invests are dependent on trading with","page_number":116,"box":{"x":317,"y":554,"width":648,"height":11}},{"id":"45d7efb0-c353-4353-b19a-a9081384b463","block_type":"box","text":"certain key trading partners. Reduction in spending on the products and services of these countries or regions, institution of tariffs or other","page_number":116,"box":{"x":76,"y":568,"width":891,"height":11}},{"id":"acb93901-43f1-427b-a80d-129c97c04377","block_type":"box","text":"trade barriers by any of their key trading partners or a slowdown in the economies of any of their key trading partners may cause an adverse","page_number":116,"box":{"x":76,"y":583,"width":897,"height":10}},{"id":"df1ce590-2e43-44ec-8f87-1c574efc3e02","block_type":"box","text":"impact on the economies of such countries or regions.","page_number":116,"box":{"x":76,"y":597,"width":348,"height":11}},{"id":"233bef91-d2f4-4f2c-8361-2f6d760e8279","block_type":"box","text":"Risk of Investing in China.","page_number":116,"box":{"x":77,"y":620,"width":178,"height":11}},{"id":"29e98123-0531-46ac-814b-9c13176fbfbd","block_type":"box","text":"Investments in Chinese securities, including certain Hong Kong-listed and U.S.-listed securities, subject a Fund","page_number":116,"box":{"x":261,"y":620,"width":711,"height":11}},{"id":"1816601f-b86e-4608-8d09-7b49a1cf1fd9","block_type":"box","text":"to risks specific to China. China is subject to a considerable degree of economic, political and social instability.","page_number":116,"box":{"x":76,"y":634,"width":708,"height":11}},{"id":"6f9fd5be-504e-440e-bae4-857260be6955","block_type":"box","text":"Political and Social Risk.","page_number":116,"box":{"x":76,"y":657,"width":151,"height":9}},{"id":"692a8da3-4ebb-429b-bce0-52102d64e1e9","block_type":"box","text":"The Chinese government is authoritarian and has periodically used force to suppress civil dissent. Disparities of","page_number":116,"box":{"x":233,"y":657,"width":713,"height":11}},{"id":"915c6ba2-0db7-4c09-9a06-ae671e5070eb","block_type":"box","text":"wealth and the pace of economic liberalization may lead to social turmoil, violence and labor unrest. In addition, China continues to","page_number":116,"box":{"x":76,"y":672,"width":839,"height":10}},{"id":"93bd89cb-68ee-4e2b-abb5-5a695bde677a","block_type":"box","text":"experience disagreements related to integration with Hong Kong and religious and nationalist disputes in Tibet and Xinjiang. There is also a","page_number":116,"box":{"x":76,"y":686,"width":888,"height":11}},{"id":"4350554f-100c-472e-ad32-7845eef8f5ad","block_type":"box","text":"greater risk in China than in many other countries of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher","page_number":116,"box":{"x":76,"y":700,"width":892,"height":11}},{"id":"515b8a6e-0e21-4b07-8975-a19c265bc33b","block_type":"box","text":"rates of inflation as a result of internal social unrest or conflicts with other countries. Unanticipated political or social developments may","page_number":116,"box":{"x":77,"y":714,"width":873,"height":11}},{"id":"337ecc5f-de8c-4ec2-a004-0f7ee9fd75aa","block_type":"box","text":"result in sudden and significant investment losses. China’s income inequality, rapidly aging population and significant environmental issues","page_number":116,"box":{"x":77,"y":728,"width":888,"height":11}},{"id":"9c374ca0-3c03-4495-b0db-f5a81f6138d7","block_type":"box","text":"also are factors that may affect the Chinese economy.","page_number":116,"box":{"x":76,"y":742,"width":345,"height":11}},{"id":"dbfd22fd-f872-4813-8bd4-9c5b559b1001","block_type":"box","text":"Government Control and Regulations.","page_number":116,"box":{"x":76,"y":766,"width":234,"height":11}},{"id":"6f142694-809b-4a03-bdba-a4bd46e2cdf0","block_type":"box","text":"Despite the Chinese government’s implementation of economic and market reforms in recent decades,","page_number":116,"box":{"x":317,"y":766,"width":659,"height":11}},{"id":"dc772362-da1c-4765-8db7-e8ad0a15d4ad","block_type":"box","text":"government control over certain sectors and enterprises and significant regulation of investment and industry are still pervasive. China has","page_number":116,"box":{"x":76,"y":780,"width":889,"height":11}},{"id":"bb64fd99-a8fe-4c80-8961-1a8761c17f36","block_type":"box","text":"restrictions on investment in companies or industries deemed to be sensitive to particular national interests, trading of securities of Chinese","page_number":116,"box":{"x":77,"y":794,"width":898,"height":11}},{"id":"38a6fb96-c55a-492b-beed-27419a319ce4","block_type":"box","text":"issuers, foreign ownership of Chinese corporations and/or the repatriation of assets by foreign investors. Restrictions on foreign ownership","page_number":116,"box":{"x":76,"y":808,"width":894,"height":11}},{"id":"536fe2ed-152f-441a-935c-6f366a94209c","block_type":"box","text":"of Chinese securities may have adverse effects on a Fund’s liquidity and performance and could lead to higher tracking error. Chinese","page_number":116,"box":{"x":76,"y":822,"width":855,"height":11}},{"id":"440225ff-a0f8-423a-9cfe-ede44e525467","block_type":"box","text":"government intervention in the market may have a negative impact on market sentiment, which may in turn affect the performance of the","page_number":116,"box":{"x":76,"y":837,"width":880,"height":10}},{"id":"6d2a7673-0232-4cb2-ad7c-14b12cae3a0f","block_type":"box","text":"Chinese economy and a Fund’s investments. Chinese markets generally continue to experience inefficiency, lack of publicly available","page_number":116,"box":{"x":76,"y":851,"width":850,"height":11}},{"id":"940bccd7-25d3-46f9-a807-345e67a95176","block_type":"box","text":"information, and political and social instability and may be subject to volatility and pricing anomalies resulting from governmental influence.","page_number":116,"box":{"x":76,"y":865,"width":893,"height":11}},{"id":"1938b467-27bc-465e-9389-2bdebd97d55a","block_type":"box","text":"15","page_number":116,"box":{"x":524,"y":921,"width":11,"height":8}},{"id":"e4b76835-7721-4c87-9cfd-4f5d5e8ba731","block_type":"box","text":"Chinese companies, such as those in the financial services, technology and potentially other sectors, are also subject to the risk that Chinese","page_number":117,"box":{"x":76,"y":23,"width":905,"height":11}},{"id":"bdf873ed-dc33-427a-98ba-315a1423bd5e","block_type":"box","text":"authorities can intervene in their operations and structure, which may negatively affect the value of a Fund’s investments.","page_number":117,"box":{"x":76,"y":37,"width":778,"height":11}},{"id":"e3db9c21-ba89-48fc-aa7d-2dec8b45f255","block_type":"box","text":"Economic Risk.","page_number":117,"box":{"x":76,"y":61,"width":94,"height":8}},{"id":"8a89d47f-1944-439e-a083-c42278d16e46","block_type":"box","text":"The Chinese economy is highly reliant on trade and may be adversely affected by, among other things, a deterioration in","page_number":117,"box":{"x":176,"y":61,"width":766,"height":10}},{"id":"76209760-f17a-4046-8339-6993fe44ddc0","block_type":"box","text":"global demand and spending for Chinese exports or a contraction in spending on domestic goods by Chinese consumers. The institution of","page_number":117,"box":{"x":76,"y":75,"width":887,"height":11}},{"id":"15772ebf-d084-40c9-86aa-e4c6d8551961","block_type":"box","text":"additional tariffs or other trade barriers (including as a result of heightened trade tensions between China and the U.S. or in response to","page_number":117,"box":{"x":76,"y":89,"width":869,"height":11}},{"id":"5e35f93f-fab6-4026-ae7b-6407f448efd9","block_type":"box","text":"actual or alleged Chinese cyber activity) or a downturn in any of the economies of China’s key trading partners may have an adverse impact","page_number":117,"box":{"x":76,"y":103,"width":893,"height":11}},{"id":"e5bf0a53-97ee-40b3-9c27-63e4043203c9","block_type":"box","text":"on the Chinese economy and companies in which a Fund invests. The current political climate has intensified concerns about a potential","page_number":117,"box":{"x":76,"y":117,"width":871,"height":11}},{"id":"062e3f2c-f788-43c6-848a-59a9d9f5b84b","block_type":"box","text":"trade war between China and the U.S. as each country has imposed tariffs on the other. These actions and their consequences (which are","page_number":117,"box":{"x":76,"y":131,"width":881,"height":11}},{"id":"1aeb4bb4-9a84-40e2-aaf7-64d6c2da53aa","block_type":"box","text":"difficult to predict) could have a negative impact on a Fund’s performance. It is unclear whether further tariffs or other escalating actions","page_number":117,"box":{"x":76,"y":146,"width":876,"height":10}},{"id":"2cbd8154-a545-42bf-9ec3-a17d01684351","block_type":"box","text":"may occur.","page_number":117,"box":{"x":76,"y":162,"width":69,"height":9}},{"id":"000161f5-7405-4af1-bdb2-1d97d8ef3c54","block_type":"box","text":"In addition, certain Chinese companies (which may change from time to time) are directly or indirectly subject to economic or trade","page_number":117,"box":{"x":77,"y":183,"width":840,"height":11}},{"id":"edba4f1e-df3a-43c4-879e-9d4484eba80a","block_type":"box","text":"restrictions imposed by the U.S. or other governments due to national security, human rights or other concerns of such government. For","page_number":117,"box":{"x":77,"y":197,"width":872,"height":11}},{"id":"ccf296df-ca15-443b-9e6e-637160e7efd7","block_type":"box","text":"example, certain foreign technology companies are subject to export controls as those companies are believed to pose a risk to U.S.","page_number":117,"box":{"x":76,"y":211,"width":848,"height":11}},{"id":"17cc8470-74ac-410f-8f7a-a53bb05c4a52","block_type":"box","text":"interests. The U.S. also bans imports of goods produced in certain regions of China or by certain Chinese companies due to concerns about","page_number":117,"box":{"x":76,"y":226,"width":893,"height":10}},{"id":"bd8b1eb6-912c-4b85-9998-828d9c861fa7","block_type":"box","text":"forced labor. Such restrictions may have unanticipated and adverse effects on the Chinese economy and companies. Any action that targets","page_number":117,"box":{"x":76,"y":240,"width":898,"height":11}},{"id":"c7c386ac-0920-4d35-9df0-e98e2b220e6a","block_type":"box","text":"Chinese financial markets or securities exchanges could interfere with orderly trading, delay settlement or cause market disruptions. A","page_number":117,"box":{"x":76,"y":254,"width":863,"height":11}},{"id":"eda44079-8035-41b3-88a1-5a85de47fc91","block_type":"box","text":"Fund’s Underlying Index may include companies that are subject to economic or trade restrictions (but not investment restrictions) imposed","page_number":117,"box":{"x":77,"y":268,"width":897,"height":11}},{"id":"334d3c86-3e37-434a-bcdc-e7f8dc21089d","block_type":"box","text":"by the U.S. or other governments. So long as these restrictions do not include restrictions on investments, a Fund is generally expected to","page_number":117,"box":{"x":76,"y":282,"width":884,"height":11}},{"id":"34cd8fea-bd28-411d-bf13-56a513718397","block_type":"box","text":"invest in such companies, consistent with its objective to track the performance of its Underlying Index. Other economic challenges for China","page_number":117,"box":{"x":76,"y":296,"width":905,"height":11}},{"id":"e2e20263-cf63-4834-b9a7-5d1226488ede","block_type":"box","text":"include indebtedness, weak consumer demand, and an aging population. China continues to face pressure from its trading partners over its","page_number":117,"box":{"x":76,"y":311,"width":893,"height":10}},{"id":"104f3b20-1970-4ce8-874d-a6d8a3406082","block_type":"box","text":"exporting of its excess industrial capacity and overall approach to economic management.","page_number":117,"box":{"x":76,"y":325,"width":578,"height":11}},{"id":"a6b70f63-3cc5-41d3-96aa-99970786d920","block_type":"box","text":"Expropriation Risk.","page_number":117,"box":{"x":76,"y":348,"width":116,"height":11}},{"id":"e92eb53d-8cc0-41d4-8401-23a827fe7115","block_type":"box","text":"The Chinese government maintains a major role in economic policymaking, and investing in China involves risk of loss due","page_number":117,"box":{"x":198,"y":348,"width":781,"height":11}},{"id":"b699c344-5050-4c7c-9afd-13501c511a10","block_type":"box","text":"to expropriation, nationalization, confiscation of assets and property or the imposition of restrictions on foreign investments and on","page_number":117,"box":{"x":76,"y":362,"width":841,"height":11}},{"id":"df6ffb13-e564-463e-af0f-8320420fc0f5","block_type":"box","text":"repatriation of capital invested.","page_number":117,"box":{"x":77,"y":376,"width":198,"height":11}},{"id":"b7ae7239-27e5-48dc-a8cd-26dbb6cbb282","block_type":"box","text":"Security Risk.","page_number":117,"box":{"x":76,"y":400,"width":83,"height":10}},{"id":"8846374e-944b-47f8-b3b6-5796cd261f2e","block_type":"box","text":"China has strained international relations with Taiwan, Japan, the Philippines, India, and other neighbors due to territorial","page_number":117,"box":{"x":166,"y":400,"width":770,"height":10}},{"id":"550a18e8-a645-4d79-b685-502fc2536caa","block_type":"box","text":"disputes, historical animosities, defense concerns and other security concerns. China has a complex territorial dispute regarding the","page_number":117,"box":{"x":76,"y":414,"width":848,"height":11}},{"id":"6e3f5de0-1792-44bb-94d1-b281d43cfbb3","block_type":"box","text":"sovereignty of Taiwan and has pledged to take control of Taiwan, including by force if necessary. The Chinese military has conducted military","page_number":117,"box":{"x":76,"y":428,"width":898,"height":11}},{"id":"a9820b4d-dd4e-480c-9f47-57ebf12c4eeb","block_type":"box","text":"drills around Taiwan in connection with China’s claim to Taiwan. Taiwan-based companies and individuals are significant investors in China.","page_number":117,"box":{"x":76,"y":442,"width":886,"height":11}},{"id":"38c264ec-4411-4d0a-a4b5-dc5485039a1e","block_type":"box","text":"Continuing hostility between China and Taiwan may have an adverse impact on their economies and markets and on the value of a Fund’s","page_number":117,"box":{"x":76,"y":456,"width":879,"height":11}},{"id":"14ad89e8-5613-408c-aa4a-a33a51565b9a","block_type":"box","text":"investments in China, Taiwan or the region, may cause a suspension in a Fund’s ability to trade in certain securities or other assets, or may","page_number":117,"box":{"x":76,"y":470,"width":887,"height":11}},{"id":"51eddadf-4cc9-40c9-9ce4-a7406d9aee1e","block_type":"box","text":"otherwise make such investments impracticable or impossible. Frictions between China and the Philippines in the South China Sea pose a","page_number":117,"box":{"x":76,"y":485,"width":883,"height":10}},{"id":"4c300897-b7a5-4c4b-b921-b6c5eba67b34","block_type":"box","text":"risk of escalation potentially leading to military conflict.","page_number":117,"box":{"x":77,"y":499,"width":353,"height":11}},{"id":"23798d0d-4311-4ef0-b72a-598ce94e2ff0","block_type":"box","text":"Additionally, China is alleged to have participated in state-sponsored cyberattacks against foreign companies and foreign governments.","page_number":117,"box":{"x":76,"y":522,"width":866,"height":11}},{"id":"31b21f35-3c3f-4f29-bdea-505c1d2fad18","block_type":"box","text":"Actual and threatened responses to such activity and strained international relations, including purchasing restrictions, sanctions, export","page_number":117,"box":{"x":76,"y":536,"width":876,"height":11}},{"id":"66075146-7d2f-4b32-a894-cd0af8b4aad9","block_type":"box","text":"controls, tariffs or cyberattacks on the Chinese government or Chinese companies, may impact China’s economy and Chinese issuers in","page_number":117,"box":{"x":76,"y":550,"width":871,"height":11}},{"id":"8a59bdba-84ee-4a91-9e7e-a29ce361047d","block_type":"box","text":"which a Fund invests. It may be impossible or impracticable for a Fund to hold, transact in or value securities of sanctioned companies, and","page_number":117,"box":{"x":76,"y":565,"width":891,"height":10}},{"id":"0567ae01-80f6-4c5b-afbc-4e9860e20d2b","block_type":"box","text":"there may be a significant decrease in the valuation of such securities. Relations between China’s Han ethnic majority and other ethnic","page_number":117,"box":{"x":76,"y":579,"width":863,"height":11}},{"id":"a922cc7c-9d9a-4bb4-932f-269427bdcf4c","block_type":"box","text":"groups in China, including Tibetans and Uighurs, are also strained and have been marked, historically, by protests and violence. These","page_number":117,"box":{"x":76,"y":593,"width":855,"height":11}},{"id":"8aac5bec-8b2b-457e-9514-c1bd7cf47227","block_type":"box","text":"situations may cause uncertainty in the Chinese markets and may adversely affect the Chinese economy. In addition, conflict on the Korean","page_number":117,"box":{"x":76,"y":607,"width":893,"height":11}},{"id":"4c9c627a-cbea-4e4a-bfa3-41dd231e99c8","block_type":"box","text":"Peninsula could adversely affect the Chinese economy. Such risks, among others, may adversely affect the value of a Fund’s investments.","page_number":117,"box":{"x":77,"y":621,"width":879,"height":11}},{"id":"cf99265c-6945-4308-a618-6230d33df3c4","block_type":"box","text":"Chinese Equity Markets.","page_number":117,"box":{"x":76,"y":644,"width":151,"height":11}},{"id":"be9bf88b-3bdf-4c68-9fb9-e11414b962e0","block_type":"box","text":"There are several types of Chinese equity securities, including H-shares, A-shares, B-shares, Red-Chips and/or P","page_number":117,"box":{"x":233,"y":644,"width":726,"height":11}},{"id":"86770bf7-5a58-4fe2-b1ee-835822e30899","block_type":"box","text":"Chips. The issuance of B-shares and H-shares by Chinese companies and the ability to obtain a “back-door listing” through Red-Chips or P","page_number":117,"box":{"x":76,"y":659,"width":889,"height":11}},{"id":"50c7527a-a221-4a65-8eaa-5a30a2b05fe1","block_type":"box","text":"Chips is still regarded by the Chinese authorities as an experiment in economic reform. “Back-door listing” is a means by which a mainland","page_number":117,"box":{"x":76,"y":673,"width":887,"height":11}},{"id":"f5cf460e-954b-40d7-a6d2-e80ce5c74500","block_type":"box","text":"Chinese company issues Red-Chips or P-Chips to obtain quick access to international listing and international capital. These share","page_number":117,"box":{"x":76,"y":687,"width":834,"height":11}},{"id":"28853835-81b0-4ee3-8e3e-cec894bf9ea9","block_type":"box","text":"mechanisms are subject to the political and economic policies in China. In the Chinese securities markets, a small number of issuers may","page_number":117,"box":{"x":76,"y":701,"width":880,"height":11}},{"id":"01a63e71-ba98-4a41-8782-7050b1bcbd9d","block_type":"box","text":"represent a large portion of the entire market. The Chinese securities markets also may be subject to more frequent trading halts, low trading","page_number":117,"box":{"x":77,"y":715,"width":905,"height":11}},{"id":"f86b24be-a079-4252-8385-3a4ff2c3c9b1","block_type":"box","text":"volume and price volatility.","page_number":117,"box":{"x":76,"y":730,"width":170,"height":10}},{"id":"8d06064b-7379-4813-9020-131af13f88a0","block_type":"box","text":"Hong Kong Political Risk.","page_number":117,"box":{"x":76,"y":753,"width":154,"height":11}},{"id":"e4137fbe-c6a1-4443-a82b-e141fe93ed71","block_type":"box","text":"Hong Kong reverted to Chinese sovereignty on July 1, 1997 as a Special Administrative Region (“SAR”) of the","page_number":117,"box":{"x":237,"y":753,"width":692,"height":11}},{"id":"09a8e379-5511-4683-ab2f-1d8d90a44925","block_type":"box","text":"People’s Republic of China (“PRC”) under the principle of “one country, two systems.” Although China is obligated by treaty to maintain the","page_number":117,"box":{"x":77,"y":767,"width":887,"height":11}},{"id":"4f35daaa-856e-48a0-a14d-08efad53e713","block_type":"box","text":"current capitalist economic and social system of Hong Kong through June 30, 2047, the continuation of economic and social freedoms","page_number":117,"box":{"x":76,"y":781,"width":861,"height":11}},{"id":"029cf9b6-01a4-4f90-8c0c-3cbad70bd6de","block_type":"box","text":"enjoyed in Hong Kong is dependent on the government of China. Hong Kong has experienced protests and unrest related to China’s control,","page_number":117,"box":{"x":76,"y":795,"width":895,"height":11}},{"id":"348ffade-c630-42e6-baca-5d9ebc7983fc","block_type":"box","text":"and tensions have increased between China and Hong Kong. Due to the interconnected nature of the Hong Kong and Chinese economies,","page_number":117,"box":{"x":76,"y":809,"width":881,"height":11}},{"id":"272bf7ac-ecbe-492c-bc19-09082aec1f78","block_type":"box","text":"instability in Hong Kong may adversely affect the Hong Kong and Chinese markets. Other countries’ perceptions of the degree of","page_number":117,"box":{"x":76,"y":824,"width":823,"height":11}},{"id":"4a8bce63-2a3c-4b63-a0f4-f7ee05728873","block_type":"box","text":"convergence between China and Hong Kong, such as with respect to trade, and resulting actions also may impact both economies. In","page_number":117,"box":{"x":76,"y":838,"width":853,"height":11}},{"id":"f9e1e519-c7b6-40c8-829d-ced7b4bc0bae","block_type":"box","text":"addition, the Hong Kong dollar trades at a fixed exchange rate in relation to (or is “pegged” to) the U.S. dollar, which has contributed to the","page_number":117,"box":{"x":76,"y":852,"width":888,"height":11}},{"id":"00ee7e47-6d05-4d8e-89c5-e63ebdbb6747","block_type":"box","text":"growth and stability of the Hong Kong economy. However, it is uncertain how long the currency peg will continue or what effect the","page_number":117,"box":{"x":76,"y":866,"width":838,"height":11}},{"id":"6f20911d-5e95-4a0d-a72f-9972f7782083","block_type":"box","text":"16","page_number":117,"box":{"x":524,"y":921,"width":11,"height":8}},{"id":"f9ad8d2f-0513-4a49-aefc-45aeb958a4e9","block_type":"box","text":"establishment of an alternative exchange rate system would have on Hong Kong’s economy. Such a change could result in a decline in a","page_number":118,"box":{"x":76,"y":23,"width":869,"height":11}},{"id":"e1349dcd-0035-4666-82fc-31d3de486434","block_type":"box","text":"Fund’s NAV because the NAV is denominated in U.S. dollars.","page_number":118,"box":{"x":77,"y":37,"width":384,"height":9}},{"id":"d75e8739-cbdf-4d1c-bdd3-42567076fbef","block_type":"box","text":"Limited Information, Legal Remedies and VIE Structure Risk.","page_number":118,"box":{"x":76,"y":60,"width":376,"height":11}},{"id":"8aaef051-56bb-4b54-9399-1ad95bcc80e3","block_type":"box","text":"Chinese companies, including Chinese companies that are listed on U.S.","page_number":118,"box":{"x":459,"y":61,"width":462,"height":10}},{"id":"176482f5-ae01-415b-820d-cf67c0b6fd86","block_type":"box","text":"exchanges, are not subject to the same degree of regulatory requirements, accounting standards or auditor oversight as companies in more","page_number":118,"box":{"x":76,"y":75,"width":896,"height":11}},{"id":"79e7b687-47c1-4509-b73b-d47296f18cc3","block_type":"box","text":"developed countries. As a result, information about the Chinese securities in which the Fund invests may be less reliable or complete.","page_number":118,"box":{"x":76,"y":89,"width":855,"height":11}},{"id":"b15c8813-0b1a-497f-95f7-3f2f211d017c","block_type":"box","text":"Chinese companies with securities listed on U.S. exchanges may be delisted if they do not meet U.S. accounting standards and auditor","page_number":118,"box":{"x":76,"y":103,"width":864,"height":11}},{"id":"23363308-94c8-41cf-8527-1e7b701ff889","block_type":"box","text":"oversight requirements, or for other reasons, which would significantly decrease the liquidity and value of the securities. There may be","page_number":118,"box":{"x":76,"y":117,"width":859,"height":11}},{"id":"c0328f88-e744-4fbd-955b-b3f98fd93ed7","block_type":"box","text":"significant obstacles to obtaining information necessary for investigations into or litigation against Chinese companies, and shareholders","page_number":118,"box":{"x":76,"y":131,"width":876,"height":11}},{"id":"3dbf596f-c8d0-4c1c-955e-f061d1fefd41","block_type":"box","text":"may have limited legal remedies. The Funds do not select investments based on investor protection considerations.","page_number":118,"box":{"x":76,"y":146,"width":738,"height":10}},{"id":"1a524554-f4ed-44c5-a93f-b13ba795e623","block_type":"box","text":"Many Chinese companies listed on U.S. exchanges use variable interest entities or “VIEs” in their structure as a result of foreign ownership","page_number":118,"box":{"x":77,"y":169,"width":888,"height":11}},{"id":"fe84ce29-cb86-4b93-a82b-18968efb134f","block_type":"box","text":"restrictions. In a VIE structure, a Chinese operating company establishes a shell company in another jurisdiction to issue stock to public","page_number":118,"box":{"x":77,"y":183,"width":869,"height":11}},{"id":"c6a2f2e8-ad9f-449e-9a8f-4cd1c722e9ac","block_type":"box","text":"shareholders. When a VIE structure is used by a Chinese company to list its stock in the U.S., instead of owning the equity securities of the","page_number":118,"box":{"x":76,"y":197,"width":888,"height":11}},{"id":"7edb43f0-74df-49d0-b00c-3efdbdfe8d74","block_type":"box","text":"Chinese company, the U.S.-listed shell company directly or indirectly enters into contracts with the Chinese operating company under","page_number":118,"box":{"x":76,"y":211,"width":858,"height":11}},{"id":"8428bf2d-896a-4fa9-9d24-5c1be786e9a6","block_type":"box","text":"Chinese law. These contracts provide the U.S.-listed shell company with only economic exposure to the Chinese company and do not","page_number":118,"box":{"x":76,"y":226,"width":852,"height":10}},{"id":"7f3b24f9-fd18-455f-8721-66b796f7030c","block_type":"box","text":"represent equity ownership in the operating company.","page_number":118,"box":{"x":77,"y":240,"width":344,"height":11}},{"id":"3ece96f0-0d63-4b84-9be6-f3ef6cabf08e","block_type":"box","text":"While VIEs are a longstanding practice that is well known to Chinese officials and regulators, they have not been formally recognized under","page_number":118,"box":{"x":76,"y":263,"width":888,"height":11}},{"id":"40c7dece-4206-4d43-bc3b-ba0b4255e441","block_type":"box","text":"Chinese law. The Chinese government has provided guidance to and placed restrictions on Chinese-based companies raising capital offshore,","page_number":118,"box":{"x":76,"y":277,"width":906,"height":11}},{"id":"661c0c95-3307-4255-b251-8ef984c46f1e","block_type":"box","text":"including through VIEs. In 2023, the China Securities Regulatory Commission (“CSRC”) released new rules that permit the use of VIE","page_number":118,"box":{"x":76,"y":291,"width":849,"height":11}},{"id":"277470c2-3c3c-4332-9eef-ef8ee651f02b","block_type":"box","text":"structures, provided they abide by Chinese laws and register with the CSRC. The rules, however, may cause Chinese companies to undergo","page_number":118,"box":{"x":76,"y":305,"width":890,"height":11}},{"id":"274ea641-8ab2-47f5-9bb1-19b8992bd101","block_type":"box","text":"greater scrutiny and add costs to VIE structures. Intervention, rulemaking or guidance by the Chinese government with respect to VIE","page_number":118,"box":{"x":76,"y":320,"width":855,"height":10}},{"id":"38f53e8b-4755-4072-a2ab-250743f0d739","block_type":"box","text":"structures or the non-enforcement of VIE-related contractual rights could significantly affect the operating company’s business in China, the","page_number":118,"box":{"x":76,"y":334,"width":898,"height":11}},{"id":"0cb8934d-94eb-453d-b20b-e112ac7c3d12","block_type":"box","text":"enforceability of the U.S.-listed shell company’s contractual arrangements with the Chinese company and the value of the U.S.-listed stock.","page_number":118,"box":{"x":76,"y":348,"width":892,"height":11}},{"id":"332f0466-dfb4-4863-abfe-9b4040635384","block_type":"box","text":"Further, the VIE contractual arrangement would likely be subject to Chinese law and jurisdiction, and remedies available to the U.S.-listed","page_number":118,"box":{"x":77,"y":362,"width":879,"height":11}},{"id":"2557b991-79fc-429d-a7f4-50eb447da29e","block_type":"box","text":"shell company are uncertain and could be ineffective. Any change in the operations of entities in a VIE structure, the status of VIE contractual","page_number":118,"box":{"x":76,"y":376,"width":904,"height":11}},{"id":"8294a3ff-fbf4-4b61-844c-3e5f13a89756","block_type":"box","text":"arrangements or the legal or regulatory environment in China, generally or with respect to specific industries, could result in significant, and","page_number":118,"box":{"x":76,"y":391,"width":894,"height":10}},{"id":"7ebf7835-8f43-49e7-a16b-a5d299b22c99","block_type":"box","text":"possibly permanent and/or total, losses to a Fund.","page_number":118,"box":{"x":76,"y":405,"width":324,"height":11}},{"id":"5bdddfa8-d405-480e-b8c8-deac79639d16","block_type":"box","text":"Risk of Investing in Developed Countries.","page_number":118,"box":{"x":77,"y":428,"width":285,"height":11}},{"id":"5854b45a-f764-4f8d-8c50-9308c7833102","block_type":"box","text":"Investment in developed country issuers will subject a Fund to legal, regulatory, political,","page_number":118,"box":{"x":368,"y":428,"width":568,"height":11}},{"id":"3995cb55-8a5a-4e00-8f27-d49d8240a0d3","block_type":"box","text":"currency, security, economic and other risks associated with developed countries. Developed countries generally tend to rely on services","page_number":118,"box":{"x":76,"y":442,"width":878,"height":11}},{"id":"86564469-b7b3-489d-a0b6-f50c3914c8d5","block_type":"box","text":"sectors (","page_number":118,"box":{"x":76,"y":456,"width":55,"height":11}},{"id":"57e03757-3ecc-4a83-90d4-1a30943915d9","block_type":"box","text":"e.g.,","page_number":118,"box":{"x":132,"y":459,"width":25,"height":8}},{"id":"7dedd37c-ac78-43ee-8ea5-12aa4d7e09bc","block_type":"box","text":"the financial services sector) as the primary means of economic growth. A prolonged slowdown in one or more services sectors","page_number":118,"box":{"x":163,"y":456,"width":817,"height":11}},{"id":"4f0ffc17-874c-4665-9dbf-a107fa37da55","block_type":"box","text":"is likely to have a negative impact on economies of certain developed countries, although economies of individual developed countries can","page_number":118,"box":{"x":76,"y":470,"width":887,"height":11}},{"id":"133bf8ab-680b-4e40-8a95-82bbeb237759","block_type":"box","text":"be impacted by slowdowns in other sectors. In the past, certain developed countries have been targets of terrorism, and some geographic","page_number":118,"box":{"x":76,"y":485,"width":884,"height":10}},{"id":"381f5bb5-8523-41e4-a4ac-51cdcc059fea","block_type":"box","text":"areas in which a Fund invests have experienced strained international relations due to territorial disputes, historical animosities, defense","page_number":118,"box":{"x":76,"y":499,"width":874,"height":11}},{"id":"bf41ea0c-e224-4187-ad72-554d29b1fb6d","block_type":"box","text":"concerns and other security concerns. These situations may cause uncertainty in the financial markets in these countries or geographic","page_number":118,"box":{"x":76,"y":513,"width":868,"height":11}},{"id":"52ef9c30-55bd-425b-9067-c61590fa1ec1","block_type":"box","text":"areas and may adversely affect the performance of the issuers to which a Fund has exposure. Heavy regulation of certain markets, including","page_number":118,"box":{"x":76,"y":527,"width":897,"height":11}},{"id":"17621ac1-dddd-42b4-8bab-1e4ce148c241","block_type":"box","text":"labor and product markets, may have an adverse effect on certain issuers. Such regulations may negatively affect economic growth or cause","page_number":118,"box":{"x":77,"y":541,"width":899,"height":11}},{"id":"e2a867be-de88-4806-b315-2f84876beb62","block_type":"box","text":"prolonged periods of recession. Many developed countries are heavily indebted and face rising healthcare and retirement expenses. In","page_number":118,"box":{"x":76,"y":556,"width":860,"height":10}},{"id":"a0a7ea22-9c2d-4c7b-842d-e10d99689742","block_type":"box","text":"addition, price fluctuations of certain commodities and regulations impacting the import of commodities may negatively affect developed","page_number":118,"box":{"x":76,"y":570,"width":877,"height":11}},{"id":"7f2f80ad-e676-4f06-b4dd-833d9706557a","block_type":"box","text":"country economies.","page_number":118,"box":{"x":76,"y":584,"width":126,"height":11}},{"id":"aa85026e-4674-4749-9ef2-1fc7e1daac34","block_type":"box","text":"Risk of Investing in Emerging Markets.","page_number":118,"box":{"x":77,"y":607,"width":266,"height":11}},{"id":"f012ed55-035f-4b6f-b5b8-53c703a196c7","block_type":"box","text":"Investments in emerging market issuers may be subject to a greater risk of loss than investments","page_number":118,"box":{"x":349,"y":607,"width":625,"height":11}},{"id":"62583efa-8439-44c7-8252-94e7bd7080dc","block_type":"box","text":"in issuers located or operating in more developed markets. This is due to, among other things, the potential for greater market volatility,","page_number":118,"box":{"x":76,"y":621,"width":869,"height":11}},{"id":"b8c44581-2872-4975-8702-c703febcc05b","block_type":"box","text":"lower trading volume, higher levels of inflation, social, political or economic instability, greater risk of a market shutdown and more","page_number":118,"box":{"x":77,"y":635,"width":836,"height":11}},{"id":"644fa195-163a-4103-8a74-71347fbfaf7c","block_type":"box","text":"governmental limitations on foreign investments in emerging market countries than are typically found in more developed markets.","page_number":118,"box":{"x":76,"y":650,"width":838,"height":10}},{"id":"8295a749-0d44-42bf-9a32-8d7f048ac06c","block_type":"box","text":"Some emerging market countries may experience economic instability, including instability resulting from substantial rates of inflation or","page_number":118,"box":{"x":76,"y":673,"width":876,"height":11}},{"id":"e253a780-30b4-46d3-a150-53b78d70f3c1","block_type":"box","text":"significant devaluations of their currency, or economic recessions, which would have a negative effect on the economies and financial","page_number":118,"box":{"x":76,"y":687,"width":856,"height":11}},{"id":"a28697f1-ff4e-4df2-9b77-40768766cbf5","block_type":"box","text":"markets of their economies. Some of these countries may impose restrictions on the exchange or export of currency or adverse currency","page_number":118,"box":{"x":76,"y":701,"width":879,"height":11}},{"id":"e75d1390-b41d-427e-9da8-810931d66195","block_type":"box","text":"exchange rates, and there may be a lack of available currency hedging instruments.","page_number":118,"box":{"x":76,"y":715,"width":533,"height":11}},{"id":"ce36499a-8167-45db-88cf-cea4c033a916","block_type":"box","text":"Disparities of wealth, the pace and success of democratization and ethnic, religious and racial disaffection, among other factors, may","page_number":118,"box":{"x":77,"y":739,"width":852,"height":10}},{"id":"b8c81512-533a-4d87-879c-db1989c7a4c2","block_type":"box","text":"exacerbate unrest or violence in certain countries. Unanticipated or sudden political or social developments may result in sudden and","page_number":118,"box":{"x":76,"y":753,"width":854,"height":11}},{"id":"aab01823-b855-4c0f-ad81-31105b79c764","block_type":"box","text":"significant investment losses.","page_number":118,"box":{"x":76,"y":767,"width":188,"height":11}},{"id":"1bec42b9-56e0-48a8-804c-9a0e5dbaef3b","block_type":"box","text":"Companies in many emerging markets are not subject to the same degree of regulatory requirements, accounting standards or auditor","page_number":118,"box":{"x":76,"y":790,"width":863,"height":11}},{"id":"a978edb7-255b-4536-9677-07a5559319fe","block_type":"box","text":"oversight as companies in more developed countries, and as a result, information about the securities in which a Fund invests may be less","page_number":118,"box":{"x":76,"y":804,"width":884,"height":11}},{"id":"c5431abb-185e-4428-8ec0-7a30db1a1e2b","block_type":"box","text":"reliable or complete. Moreover, emerging markets often have less reliable securities valuations and greater risks associated with the custody","page_number":118,"box":{"x":77,"y":819,"width":902,"height":10}},{"id":"4d48d917-dd58-40f6-8677-307ff8d1455b","block_type":"box","text":"of securities than developed markets. There may be significant obstacles to obtaining information necessary for investigations into or","page_number":118,"box":{"x":76,"y":833,"width":854,"height":11}},{"id":"da9bdb36-a6a4-4e98-9062-790dac549dce","block_type":"box","text":"litigation against companies, and shareholders may have limited legal remedies. A Fund’s investments are not selected based on investor","page_number":118,"box":{"x":77,"y":847,"width":878,"height":11}},{"id":"8aa968b3-25a4-4d26-bb55-8e3fc05a55f3","block_type":"box","text":"protection considerations.","page_number":118,"box":{"x":76,"y":861,"width":167,"height":11}},{"id":"153cf815-f462-44bc-a268-021f27cd74e0","block_type":"box","text":"17","page_number":118,"box":{"x":524,"y":921,"width":11,"height":8}},{"id":"83ef2660-0062-45cd-b644-f691f3a93cc2","block_type":"box","text":"In addition, emerging markets often have greater risk of capital controls through such measures as taxes or interest rate control than","page_number":119,"box":{"x":77,"y":23,"width":851,"height":11}},{"id":"e3cbff91-5981-4a7c-8bf0-3bbdd1246226","block_type":"box","text":"developed markets. Certain emerging market countries may also lack the infrastructure necessary to attract large amounts of foreign trade","page_number":119,"box":{"x":76,"y":37,"width":892,"height":11}},{"id":"cd5b2370-7b78-46eb-b88c-3424f58a0205","block_type":"box","text":"and investment. Chronic structural public sector deficits in some countries may adversely impact a Fund’s investments.","page_number":119,"box":{"x":76,"y":51,"width":765,"height":11}},{"id":"9c2a5df2-eb90-4a04-8f78-ff4fc6a80e30","block_type":"box","text":"Local securities markets in emerging market countries may trade a small number of securities and may be unable to respond effectively to","page_number":119,"box":{"x":77,"y":75,"width":885,"height":11}},{"id":"0c7e41dc-ae50-4014-b5c8-af8d0fefcd95","block_type":"box","text":"changes in trading volume, potentially making prompt liquidation of holdings difficult or impossible at times. Settlement procedures in","page_number":119,"box":{"x":76,"y":89,"width":857,"height":11}},{"id":"462f5501-4c2e-48e2-920a-d2d7a07062f4","block_type":"box","text":"emerging market countries are frequently less developed and reliable than those in the U.S. (and other developed countries). In addition,","page_number":119,"box":{"x":76,"y":103,"width":875,"height":11}},{"id":"941583d4-bab8-40f2-872f-3c015f3b0eab","block_type":"box","text":"significant delays may occur in certain markets in registering the transfer of securities. Settlement or registration problems may make it","page_number":119,"box":{"x":76,"y":117,"width":870,"height":11}},{"id":"e6bce852-ec53-4476-a0a1-b357f5de6149","block_type":"box","text":"more difficult for a Fund to value its portfolio securities and could have an adverse effect on a Fund in seeking to achieve its investment","page_number":119,"box":{"x":76,"y":131,"width":867,"height":11}},{"id":"d1563363-de9b-42de-8ddf-86e1fea8ddbc","block_type":"box","text":"objective.","page_number":119,"box":{"x":76,"y":146,"width":61,"height":10}},{"id":"9e85fb63-4b74-46d8-b885-de9252bbc216","block_type":"box","text":"There could be additional impacts on the value of a Fund as a result of sustainability risks, in particular those caused by environmental","page_number":119,"box":{"x":76,"y":169,"width":858,"height":11}},{"id":"16a5f399-746b-490e-b738-b5ba076a87d3","block_type":"box","text":"changes, social issues and governance risk. Additionally, disclosures or third-party data coverage associated with sustainability risks is","page_number":119,"box":{"x":76,"y":183,"width":863,"height":11}},{"id":"09368d3a-ee06-4869-9731-7ff41f616bb7","block_type":"box","text":"generally less available or transparent in these markets.","page_number":119,"box":{"x":76,"y":197,"width":357,"height":11}},{"id":"03910d50-a0f5-4bbb-b8b0-4851fce87be5","block_type":"box","text":"Investments in emerging market countries may be subject to loss due to expropriation, nationalization, confiscation of assets and property or","page_number":119,"box":{"x":77,"y":220,"width":904,"height":11}},{"id":"29304370-acf5-4241-a418-9382a2f3a7c8","block_type":"box","text":"the imposition of restrictions on foreign investments and on repatriation of capital invested in such countries.","page_number":119,"box":{"x":76,"y":235,"width":700,"height":10}},{"id":"9e849185-7f67-4d10-b1a4-7daa7dd018ed","block_type":"box","text":"Risk of Investing in Europe.","page_number":119,"box":{"x":77,"y":258,"width":188,"height":11}},{"id":"d04e5124-306e-4fdf-bc8d-dd61837c9d26","block_type":"box","text":"A Fund may be more exposed to the economic and political risks of Europe and of the European countries in","page_number":119,"box":{"x":270,"y":258,"width":693,"height":11}},{"id":"7ade4e64-b2a8-4ac7-882f-4083968e5ae6","block_type":"box","text":"which it invests than are funds whose investments are more geographically diversified. Adverse economic and political events in Europe may","page_number":119,"box":{"x":76,"y":272,"width":900,"height":11}},{"id":"5817b1ad-e781-4d57-ab99-832efda93413","block_type":"box","text":"cause the Fund’s investments to decline in value. The economies and markets of European countries are often closely connected and","page_number":119,"box":{"x":76,"y":286,"width":852,"height":11}},{"id":"540fdc35-7645-4ce4-9626-564d33efe232","block_type":"box","text":"interdependent, and events in one country in Europe can have an adverse impact on other European countries. A Fund makes investments in","page_number":119,"box":{"x":76,"y":300,"width":901,"height":11}},{"id":"9c8515f6-1b73-4685-b93b-a6e8fb1e9965","block_type":"box","text":"securities of issuers that are domiciled in, have significant operations in, or that are listed on at least one securities exchange within member","page_number":119,"box":{"x":76,"y":314,"width":903,"height":11}},{"id":"2ab228b6-eab7-460f-84cf-bded314743bb","block_type":"box","text":"states of the EU. The EU requires compliance by member states with restrictions on inflation rates, deficits, interest rates and debt levels, as","page_number":119,"box":{"x":76,"y":329,"width":900,"height":10}},{"id":"5deee21b-14a5-4c78-8053-eca98d15548f","block_type":"box","text":"well as fiscal and monetary controls, each of which may significantly affect every country in Europe, including those countries that are not","page_number":119,"box":{"x":76,"y":343,"width":882,"height":11}},{"id":"0c9bcdb1-d405-43c4-8859-2f0a49877b9f","block_type":"box","text":"members of the EU. Changes in imports or exports, changes in governmental or EU regulations on trade, changes in the exchange rate of the","page_number":119,"box":{"x":76,"y":357,"width":902,"height":11}},{"id":"3f43129a-32b0-422b-902d-77c92815b675","block_type":"box","text":"euro (the common currency of certain EU countries), the default or threat of default by an EU member state on its sovereign debt, or an","page_number":119,"box":{"x":76,"y":371,"width":867,"height":11}},{"id":"9338efad-7946-405e-9ebb-8ee2dc5fbd95","block_type":"box","text":"economic recession in an EU member state may have a significant adverse effect on the economies of other EU member states and their","page_number":119,"box":{"x":76,"y":385,"width":877,"height":11}},{"id":"910cfb51-e5ee-48b9-9b30-aa8452d4b0e0","block_type":"box","text":"trading partners. The European financial markets have experienced volatility and adverse trends in years past due to concerns about","page_number":119,"box":{"x":76,"y":400,"width":847,"height":10}},{"id":"97af25d2-5d47-4152-bf79-4d70d49584c1","block_type":"box","text":"economic downturns or rising government debt levels in several European countries, including, but not limited to, Austria, Belgium, Cyprus,","page_number":119,"box":{"x":76,"y":414,"width":890,"height":11}},{"id":"b6d73efa-7622-4021-8bcc-6cdcb2530c99","block_type":"box","text":"France, Greece, Ireland, Italy, Portugal, Spain and Ukraine. These events have and may in the future adversely affect the exchange rate of the","page_number":119,"box":{"x":77,"y":428,"width":901,"height":11}},{"id":"1f5700e5-352f-4d01-b40c-06e80c27d689","block_type":"box","text":"euro and may significantly affect other European countries.","page_number":119,"box":{"x":76,"y":442,"width":378,"height":11}},{"id":"7c3b303f-5d6e-47de-8bd5-ad180df47730","block_type":"box","text":"Responses to financial problems by European governments, central banks and others, including austerity measures and reforms, may not","page_number":119,"box":{"x":77,"y":465,"width":878,"height":11}},{"id":"b97c5859-a366-48f4-9345-e3923671a964","block_type":"box","text":"produce the desired results, may result in social unrest, may limit future growth and economic recovery or may have other unintended","page_number":119,"box":{"x":76,"y":479,"width":858,"height":11}},{"id":"2009b373-3fc9-4f9a-9b4c-05a72c60f70d","block_type":"box","text":"consequences. Further defaults or restructurings by governments and other entities of their debt could have additional adverse effects on","page_number":119,"box":{"x":76,"y":494,"width":882,"height":11}},{"id":"0e12ca6f-61a8-4009-8f72-63ffefc856e6","block_type":"box","text":"economies, financial markets and asset valuations around the world. In addition, one or more countries may abandon the euro and/or","page_number":119,"box":{"x":76,"y":508,"width":859,"height":11}},{"id":"90367290-5c12-4b0f-9b08-5348c609ad20","block_type":"box","text":"withdraw from the EU.","page_number":119,"box":{"x":76,"y":522,"width":142,"height":9}},{"id":"2ea292e6-9f3c-403e-959f-aa347169f32b","block_type":"box","text":"Certain European countries have also developed increasingly strained relationships with the U.S., and if these relations were to worsen, they","page_number":119,"box":{"x":76,"y":545,"width":899,"height":11}},{"id":"6b0b90a0-ad60-4fbd-a8d4-63aa2016fd5c","block_type":"box","text":"could adversely affect European issuers that rely on the U.S. for trade. Secessionist movements, such as the Catalan movement in Spain and","page_number":119,"box":{"x":76,"y":559,"width":902,"height":11}},{"id":"2d7f5bb7-5f9c-4ec0-908f-053d88ccca23","block_type":"box","text":"the independence movement in Scotland, as well as governmental or other responses to such movements, may also create instability and","page_number":119,"box":{"x":76,"y":574,"width":881,"height":10}},{"id":"c2b740ba-4db4-47bf-b9a9-8b05d02a2d02","block_type":"box","text":"uncertainty in the region. In addition, the national politics of countries in the EU have been unpredictable and subject to influence by varying","page_number":119,"box":{"x":77,"y":588,"width":896,"height":11}},{"id":"5e556861-f2ec-42f9-aaf9-4cf21fb861ea","block_type":"box","text":"political groups and ideologies. The governments of EU countries may be subject to change and such countries may experience social and","page_number":119,"box":{"x":76,"y":602,"width":883,"height":11}},{"id":"6a4c0334-1b0f-4b78-8c94-47938336fd7a","block_type":"box","text":"political unrest. Unanticipated or sudden political or social developments may result in sudden and significant investment losses. The","page_number":119,"box":{"x":76,"y":616,"width":852,"height":11}},{"id":"607e14e1-dec5-46cf-b974-316bf73e07d4","block_type":"box","text":"occurrence of terrorist incidents throughout Europe also could impact financial markets. The impact of these events is not clear but could be","page_number":119,"box":{"x":76,"y":630,"width":900,"height":11}},{"id":"5e61cf91-bd7f-4969-91dd-c0a9110377a0","block_type":"box","text":"significant and far-reaching and could adversely affect the value of a Fund. A Fund’s investments could be negatively impacted by any","page_number":119,"box":{"x":76,"y":644,"width":854,"height":11}},{"id":"e352076d-ef60-49ea-935e-01d328d550a7","block_type":"box","text":"economic or political instability in any European country.","page_number":119,"box":{"x":76,"y":659,"width":361,"height":10}},{"id":"3109a9c3-d304-4cde-b797-28f1c7e6eb6f","block_type":"box","text":"Risk of Investing in Japan.","page_number":119,"box":{"x":77,"y":682,"width":178,"height":11}},{"id":"fc6bc0c1-6fac-4feb-bd0d-a01febf330ec","block_type":"box","text":"Investing in Japanese issuers subjects a Fund to legal, regulatory, political, economic, currency, geographic and","page_number":119,"box":{"x":261,"y":682,"width":713,"height":11}},{"id":"f4c32e90-d4ef-4acb-9eab-1fa3f0b95ff0","block_type":"box","text":"security risks that are specific to Japan. Japan’s economic growth rate has generally remained low relative to other advanced economies, and","page_number":119,"box":{"x":76,"y":696,"width":903,"height":11}},{"id":"b61ff9b0-17a6-46c5-a9ed-7211b0684ed4","block_type":"box","text":"it may continue to remain low. Its economy depends heavily on international trade and government policy supporting its export market.","page_number":119,"box":{"x":76,"y":710,"width":864,"height":11}},{"id":"7d52c275-6fd4-4611-9a45-5cc8b193db55","block_type":"box","text":"Economic downturns or political instability in its key trading partners, which include the United States and China, could have an adverse","page_number":119,"box":{"x":77,"y":724,"width":868,"height":11}},{"id":"13cd0c1e-2f71-42c8-bfb0-43027bdf03cd","block_type":"box","text":"effect on the Japanese economy. Currency fluctuations also could adversely impact Japan’s export market and its economy. If the Japanese","page_number":119,"box":{"x":76,"y":739,"width":890,"height":10}},{"id":"9bfb0c65-1697-47bd-8182-7b6ffd9ec4eb","block_type":"box","text":"government were to intervene in the currency market, as it has in the past, the yen’s value could fluctuate sharply and unpredictably, which","page_number":119,"box":{"x":76,"y":753,"width":891,"height":11}},{"id":"b85114d6-e1b5-4de6-bf57-f89bef277a88","block_type":"box","text":"could cause losses to investors.","page_number":119,"box":{"x":76,"y":767,"width":203,"height":8}},{"id":"4eb72044-7d6d-4cb5-a6fd-45223605c78b","block_type":"box","text":"Other risks to Japan’s economic growth and competitiveness include significant public debt and deficits as well as labor shortages due to an","page_number":119,"box":{"x":76,"y":790,"width":896,"height":11}},{"id":"82ce058d-e3b6-439a-9da5-95e72633e964","block_type":"box","text":"aging and declining population. In addition, Japan lacks many natural resources and relies heavily on imports of oil and other commodities.","page_number":119,"box":{"x":76,"y":804,"width":885,"height":11}},{"id":"502c5a2f-be27-4f3a-8e48-3f9ad7ed8e15","block_type":"box","text":"Price increases, shortages or volatility in commodities markets could have a negative effect on Japan’s economy. Other risks to the Japanese","page_number":119,"box":{"x":77,"y":819,"width":899,"height":10}},{"id":"08ffa41b-c84e-48c1-a17c-5c0a68754a2e","block_type":"box","text":"economy and financial markets include natural disasters and Japan’s relations with neighboring countries, which at times have been strained.","page_number":119,"box":{"x":76,"y":833,"width":903,"height":11}},{"id":"26c57522-f4d0-4112-abbc-47b257bb3404","block_type":"box","text":"Risk of Investing in Russia.","page_number":119,"box":{"x":77,"y":856,"width":185,"height":11}},{"id":"16067b7a-9525-4d29-9697-23e93c0f4a2a","block_type":"box","text":"Investing in Russian securities involves significant risks, in addition to those described under “Risk of Investing","page_number":119,"box":{"x":268,"y":856,"width":708,"height":11}},{"id":"f0c3e3df-8db9-4541-b5d8-88e0690cdb38","block_type":"box","text":"in Emerging Markets” and “Non-U.S. Securities Risk,” that are not typically associated with investing in U.S. securities, including:","page_number":119,"box":{"x":76,"y":870,"width":825,"height":11}},{"id":"c8ea3d49-9366-4270-832a-8d66efdc2add","block_type":"box","text":"18","page_number":119,"box":{"x":524,"y":921,"width":12,"height":8}},{"id":"4978df33-6657-4b6f-927d-b79a3fde98e1","block_type":"box","text":"The risk of delays in settling portfolio transactions and the risk of loss arising out of the system of share registration and custody used","page_number":120,"box":{"x":113,"y":23,"width":857,"height":11}},{"id":"bc161761-179d-41da-83ac-b91bf8a17871","block_type":"box","text":"in Russia;","page_number":120,"box":{"x":113,"y":37,"width":60,"height":10}},{"id":"23ba254f-8bdd-44cc-a78a-c407f5b81504","block_type":"box","text":"Risks in connection with the maintenance of a Fund’s portfolio securities and cash with foreign sub-custodians and securities","page_number":120,"box":{"x":114,"y":55,"width":800,"height":11}},{"id":"109e1c67-8bda-4a38-b068-c880752dcaeb","block_type":"box","text":"depositories, including the risk that appropriate sub-custody arrangements will not be available to a Fund;","page_number":120,"box":{"x":113,"y":70,"width":677,"height":10}},{"id":"708f2f27-beab-448b-90bc-eced24fe904d","block_type":"box","text":"The risk that a Fund’s ownership rights in portfolio securities could be lost through fraud or negligence because ownership in shares of","page_number":120,"box":{"x":113,"y":88,"width":861,"height":10}},{"id":"7199937c-77e6-4644-935d-c9108d215969","block_type":"box","text":"Russian companies is recorded by the companies themselves and by registrars, rather than by a central registration system;","page_number":120,"box":{"x":114,"y":102,"width":793,"height":11}},{"id":"1db479eb-ca3a-403f-99b3-fa5728947c5b","block_type":"box","text":"The risk that a Fund may not be able to pursue claims on behalf of its shareholders because of the system of share registration and","page_number":120,"box":{"x":113,"y":120,"width":838,"height":11}},{"id":"3b2ccc6e-6ac4-4886-831f-cfecfc473670","block_type":"box","text":"custody, and because Russian banking institutions and registrars are not guaranteed by the Russian government; and","page_number":120,"box":{"x":113,"y":134,"width":751,"height":11}},{"id":"95d5aab2-7f43-48ce-9cda-54cc94bb4da3","block_type":"box","text":"The risk that various responses by other nation-states to alleged Russian cyber activity will impact Russia’s economy and Russian","page_number":120,"box":{"x":113,"y":152,"width":827,"height":11}},{"id":"ae36f9d8-1cc6-43ba-b3cf-2f4d68bc0c53","block_type":"box","text":"issuers of securities in which a Fund invests.","page_number":120,"box":{"x":113,"y":166,"width":283,"height":9}},{"id":"079d9a04-9663-4147-a07d-b2c4637079dc","block_type":"box","text":"Russian invasion of Ukraine","page_number":120,"box":{"x":76,"y":189,"width":172,"height":9}},{"id":"f8efd83f-d80d-4ebb-a0f8-032495c315f2","block_type":"box","text":". Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military","page_number":120,"box":{"x":249,"y":189,"width":720,"height":11}},{"id":"591c5bf1-aee5-49d4-ae4f-0e738983cd0e","block_type":"box","text":"action, resulting sanctions and resulting future market disruptions, including declines in its stock markets and the value of the ruble against","page_number":120,"box":{"x":76,"y":204,"width":893,"height":10}},{"id":"5542c910-7076-4629-9e61-4d31718bdada","block_type":"box","text":"the U.S. dollar, are impossible to predict, but could be significant. Disruptions caused by Russian military action or other actions (including","page_number":120,"box":{"x":76,"y":218,"width":887,"height":11}},{"id":"8ad392d1-4a1b-400f-92b8-a8ff50b3f2d2","block_type":"box","text":"cyberattacks and espionage) or resulting actual and threatened responses to such activity, including purchasing and financing restrictions,","page_number":120,"box":{"x":76,"y":232,"width":886,"height":11}},{"id":"f7f2c80c-475b-4176-a73e-a45e5f9a1956","block_type":"box","text":"boycotts or changes in consumer or purchaser preferences, sanctions, import and export restrictions, tariffs or cyberattacks on the Russian","page_number":120,"box":{"x":76,"y":246,"width":894,"height":11}},{"id":"a2c9d4f6-380f-45b4-89cb-265a341281f9","block_type":"box","text":"government, Russian companies or Russian individuals, including politicians, may impact Russia’s economy, Russian issuers of securities in","page_number":120,"box":{"x":76,"y":260,"width":891,"height":11}},{"id":"b4791a29-f57f-46d8-8c63-0dd28a92cdfb","block_type":"box","text":"which a Fund invests, or the economies of Europe as a whole. Actual and threatened responses to Russian military action may also impact","page_number":120,"box":{"x":76,"y":275,"width":885,"height":10}},{"id":"4bee5baa-5bc5-4781-9b6f-537748decaba","block_type":"box","text":"the markets for certain Russian commodities, such as oil and natural gas, as well as other sectors of the Russian economy, and are likely to","page_number":120,"box":{"x":76,"y":289,"width":892,"height":11}},{"id":"9861e424-0e8a-46f7-bf1d-281298c7d97a","block_type":"box","text":"have collateral impacts on such sectors across Europe and globally.","page_number":120,"box":{"x":77,"y":303,"width":431,"height":11}},{"id":"693dd16c-cc27-4d89-82d7-3952b7ee0c91","block_type":"box","text":"Russia Sanctions.","page_number":120,"box":{"x":76,"y":326,"width":109,"height":9}},{"id":"0f4ac6e1-1a92-4175-acd7-507ad701a9da","block_type":"box","text":"Governments, including the U.S., the E.U., the U.K., and many other countries (collectively, the “Sanctioning Bodies”) have","page_number":120,"box":{"x":191,"y":326,"width":783,"height":11}},{"id":"e034de49-7367-4e61-8844-d4305e682865","block_type":"box","text":"imposed economic sanctions on certain Russian individuals, including politicians, and Russian corporate and banking entities, including","page_number":120,"box":{"x":76,"y":340,"width":866,"height":11}},{"id":"a33cde9a-009f-41ad-96cf-b8dc6ae34de2","block_type":"box","text":"banning Russia from global payments systems that facilitate cross-border payments. In an effort to curtail Russia’s ability to finance its war","page_number":120,"box":{"x":76,"y":354,"width":891,"height":11}},{"id":"36806abd-267a-4693-8969-5ca1faf8726c","block_type":"box","text":"effort, the Sanctioning Bodies continue to elevate these measures and may, going forward, institute broader sanctions on Russia. These","page_number":120,"box":{"x":76,"y":369,"width":869,"height":10}},{"id":"be9585a8-208e-489b-83b1-ce01a80ab955","block_type":"box","text":"sanctions, or even the threat of further sanctions, may result in the decline of the value and liquidity of Russian securities, a weakening of the","page_number":120,"box":{"x":76,"y":383,"width":904,"height":11}},{"id":"e21a5e92-55f9-481a-8a0e-bc854a0467b0","block_type":"box","text":"ruble or other adverse consequences to the Russian economy. These sanctions could also result in the immediate freeze of Russian","page_number":120,"box":{"x":77,"y":397,"width":840,"height":11}},{"id":"66516747-8fcb-4de5-85a4-981bda60b505","block_type":"box","text":"securities and/or funds invested in prohibited assets, impairing the ability of a Fund to buy, sell, receive or deliver those securities and/or","page_number":120,"box":{"x":76,"y":411,"width":884,"height":11}},{"id":"37a01586-9ee6-44e1-836f-2a5c19b8e6bd","block_type":"box","text":"assets.","page_number":120,"box":{"x":76,"y":426,"width":44,"height":8}},{"id":"0187b8a2-cd75-46ca-a025-c5605dd26465","block_type":"box","text":"The sanctions against certain Russian issuers include broad asset freezes and prohibitions on transacting or otherwise dealing in select","page_number":120,"box":{"x":76,"y":449,"width":866,"height":10}},{"id":"d08c9932-bf42-4de6-a9ed-cb589d1431bb","block_type":"box","text":"issuances of debt or equity of such issuers, among others. Compliance with each of these sanctions measures has impaired, and may","page_number":120,"box":{"x":76,"y":463,"width":855,"height":11}},{"id":"577fce00-c899-44f8-b24e-fe56e370584e","block_type":"box","text":"continue to impair, the ability of a Fund to buy, sell, hold, receive or deliver the affected securities or other securities of such issuers. A Fund","page_number":120,"box":{"x":76,"y":477,"width":898,"height":11}},{"id":"575be648-aa26-415b-a745-673f67f79524","block_type":"box","text":"may also be legally required to block (i.e., freeze) assets in a blocked account and report the accompanying exposure to Sanctioning Bodies.","page_number":120,"box":{"x":76,"y":491,"width":898,"height":11}},{"id":"5fe4df11-4b24-4a0f-b7df-ccfcd8edf273","block_type":"box","text":"Sanctions have resulted in Russia taking counter measures or retaliatory actions, which has impaired the value and liquidity of Russian","page_number":120,"box":{"x":76,"y":514,"width":861,"height":11}},{"id":"3e249761-0243-44d7-b776-6e5a0bcabf20","block_type":"box","text":"securities. These retaliatory measures include the immediate freeze of Russian assets held by a Fund. Due to the freeze of these assets,","page_number":120,"box":{"x":76,"y":528,"width":870,"height":11}},{"id":"af6bbac5-0263-45af-9680-4185053b67d7","block_type":"box","text":"including depositary receipts, a Fund may need to liquidate non-restricted assets in order to satisfy any Fund redemption orders. The","page_number":120,"box":{"x":76,"y":543,"width":850,"height":10}},{"id":"e731f21c-c69f-4d1b-bd1e-3061856a9ee2","block_type":"box","text":"liquidation of Fund assets during this time may also result in the Fund receiving substantially lower prices for its securities. Russia may","page_number":120,"box":{"x":77,"y":557,"width":861,"height":11}},{"id":"7736d6d4-08e1-4734-ae96-134a33503b6a","block_type":"box","text":"implement additional retaliatory measures, which may further impair the value and liquidity of Russian securities and the ability of a Fund to","page_number":120,"box":{"x":76,"y":571,"width":894,"height":11}},{"id":"0e60ae05-09f3-430f-9d37-d057a699c44a","block_type":"box","text":"receive dividend payments. Russia has issued a number of countersanctions, some of which restrict the distribution of profits by limited","page_number":120,"box":{"x":77,"y":585,"width":867,"height":11}},{"id":"699e2a14-ff35-4fd4-91f2-1ea1129d7bb9","block_type":"box","text":"liability companies (e.g., dividends), and prohibits Russian persons from entering into transactions with designated persons from “unfriendly","page_number":120,"box":{"x":77,"y":599,"width":895,"height":11}},{"id":"3c543a65-dd2d-4caa-977e-1224c6daa355","block_type":"box","text":"states” as well as the export of raw materials or other products from Russia to certain sanctioned persons. Russian companies may be","page_number":120,"box":{"x":76,"y":614,"width":861,"height":10}},{"id":"7d1e0e8e-b4e5-49c0-bda0-90d38ab71649","block_type":"box","text":"unable to pay dividends and, if they pay dividends, a Fund may be unable to receive them.","page_number":120,"box":{"x":77,"y":628,"width":572,"height":11}},{"id":"b45629a0-3851-4feb-b5a1-ed7386c898fd","block_type":"box","text":"These sanctions, the decision by Russia to suspend trading on the Moscow Exchange (MOEX) and prohibit non-resident investors from","page_number":120,"box":{"x":76,"y":651,"width":860,"height":11}},{"id":"d3b5a7f4-79ac-4352-be9e-49f519b01847","block_type":"box","text":"executing security sales, and other events have led index providers to remove Russian securities from indexes. Each Fund is currently","page_number":120,"box":{"x":76,"y":665,"width":855,"height":11}},{"id":"340ad34c-f056-459a-a754-2be6d59913c9","block_type":"box","text":"restricted from trading in Russian securities, including those in its portfolio (if any), and the Underlying Indexes have removed Russian","page_number":120,"box":{"x":77,"y":679,"width":855,"height":11}},{"id":"673625bd-0ee7-4b37-86bc-5f9eac95f517","block_type":"box","text":"securities (if any). This disparity will also lead to increased tracking error. The inability of a Fund to trade in Russian securities may adversely","page_number":120,"box":{"x":76,"y":693,"width":896,"height":11}},{"id":"02c18178-25fa-4663-b671-94c089264921","block_type":"box","text":"affect the Fund’s ability to meet its investment objective. It is unknown when, or if, sanctions may be lifted or a Fund’s ability to trade in","page_number":120,"box":{"x":76,"y":708,"width":867,"height":10}},{"id":"e5d75091-ef17-4330-8f07-862eb66b832f","block_type":"box","text":"Russian securities will resume.","page_number":120,"box":{"x":77,"y":722,"width":195,"height":8}},{"id":"6232c2a8-6dd1-48a2-8fac-ea4e7827a2aa","block_type":"box","text":"Risk of Investing in Saudi Arabia.","page_number":120,"box":{"x":77,"y":745,"width":227,"height":11}},{"id":"76ea18f0-772d-4322-a624-85d81d4a1de7","block_type":"box","text":"Investing in Saudi Arabian issuers involves legal, regulatory, political, currency, security, and economic","page_number":120,"box":{"x":310,"y":745,"width":657,"height":11}},{"id":"ed5bd825-3f77-4a0f-ac06-a4a41c641da2","block_type":"box","text":"risks that are specific to Saudi Arabia. Saudi Arabia is highly reliant on income from the sale of petroleum and trade with other countries","page_number":120,"box":{"x":77,"y":759,"width":870,"height":11}},{"id":"f3d90a97-0cf0-4491-a238-edc65ca6d9ea","block_type":"box","text":"involved in the sale of petroleum, and its economy is therefore vulnerable to changes in foreign currency values and the petroleum market. A","page_number":120,"box":{"x":76,"y":773,"width":901,"height":11}},{"id":"852293ef-8e03-4891-84c4-f1dd3f2ff900","block_type":"box","text":"sustained decrease in petroleum prices could have a negative impact on all aspects of the economy. In addition, Saudi Arabia’s economy","page_number":120,"box":{"x":76,"y":788,"width":875,"height":10}},{"id":"f720352d-800d-4415-8886-dc92e5bf26e1","block_type":"box","text":"relies heavily on cheap, foreign labor, and changes in the availability of this labor supply could have an adverse effect on the economy.","page_number":120,"box":{"x":77,"y":802,"width":857,"height":11}},{"id":"282d9b8f-7e91-404d-9eb1-840e4c148240","block_type":"box","text":"Investments in the securities of Saudi Arabian issuers involve risks not typically associated with investments in securities of issuers in more","page_number":120,"box":{"x":77,"y":825,"width":892,"height":11}},{"id":"4821d312-9cf8-422c-b06e-618bbf8986d3","block_type":"box","text":"developed countries, which may negatively affect the value of a Fund’s investments. Such heightened risks may include, among others, the","page_number":120,"box":{"x":76,"y":839,"width":889,"height":11}},{"id":"b36067cd-701f-4b38-a788-7b7a27d413d1","block_type":"box","text":"expropriation and/or nationalization of assets, restrictions on and government intervention in international trade, confiscatory taxation,","page_number":120,"box":{"x":76,"y":853,"width":869,"height":11}},{"id":"b3c3fd0f-cb79-4619-b033-611b45886bce","block_type":"box","text":"political instability, including authoritarian and/or military involvement in governmental decision-making, armed conflict, crime and instabi","page_number":120,"box":{"x":76,"y":868,"width":886,"height":10}},{"id":"6dd9c7d8-37ef-4d57-879c-619edd9ae195","block_type":"box","text":"lity","page_number":120,"box":{"x":964,"y":868,"width":18,"height":10}},{"id":"b8a0bf3c-3641-4a80-9338-f0e3f9dfb5ed","block_type":"box","text":"as a result of religious, ethnic and/or socioeconomic unrest. The government of Saudi Arabia exercises substantial influence over many","page_number":120,"box":{"x":76,"y":882,"width":868,"height":11}},{"id":"9e409976-e914-4b6c-b948-64286a43ec1f","block_type":"box","text":"19","page_number":120,"box":{"x":524,"y":921,"width":11,"height":8}},{"id":"9ad05770-ab38-4c36-af5f-35f0feea49c2","block_type":"box","text":"aspects of the private sector, and its actions could significantly impact the value of Saudi Arabian securities. Although some economic","page_number":121,"box":{"x":76,"y":23,"width":860,"height":11}},{"id":"c22226c3-2a33-4f6f-ba54-7b0004f0f917","block_type":"box","text":"reforms (","page_number":121,"box":{"x":77,"y":37,"width":56,"height":11}},{"id":"890dfaf6-0323-435d-a22e-ec501a8303aa","block_type":"box","text":"e.g.,","page_number":121,"box":{"x":135,"y":40,"width":24,"height":8}},{"id":"98707638-2146-42dd-97ba-32fee1060be4","block_type":"box","text":"privatization) are underway, restrictions on foreign ownership persist, and the government has an ownership stake in many key","page_number":121,"box":{"x":166,"y":37,"width":812,"height":11}},{"id":"1cd6172d-5099-4aa2-9593-306ff9290627","block_type":"box","text":"industries. Saudi Arabia has experienced strained relations with economic partners worldwide, including other countries in the Middle East,","page_number":121,"box":{"x":76,"y":52,"width":891,"height":10}},{"id":"2351dd79-dc29-4337-b777-af5ee794e52a","block_type":"box","text":"due to geopolitical events. Economic sanctions (or the threat of them) on Saudi Arabian individuals or Saudi Arabian corporate entities may","page_number":121,"box":{"x":76,"y":66,"width":891,"height":11}},{"id":"b9020954-3005-41a1-be0f-e3d996c10acb","block_type":"box","text":"have an adverse impact on the Saudi Arabian economy and securities.","page_number":121,"box":{"x":77,"y":80,"width":447,"height":11}},{"id":"47195973-1ce9-4364-a590-b1db809e0983","block_type":"box","text":"The ability of foreign investors to invest in the securities of Saudi Arabian issuers could be restricted by the Saudi Arabian government at any","page_number":121,"box":{"x":76,"y":103,"width":901,"height":11}},{"id":"e6b3d1ba-a089-45b2-96e4-828bb0704302","block_type":"box","text":"time, and unforeseen risks could materialize with respect to foreign ownership of such securities. In addition, the Saudi Arabian government","page_number":121,"box":{"x":76,"y":117,"width":896,"height":11}},{"id":"9e00cdea-9009-460e-9c5b-90c831962b7b","block_type":"box","text":"places investment limitations on the ownership of Saudi Arabian issuers by foreign investors. Such limits may prevent a Fund from investing","page_number":121,"box":{"x":76,"y":131,"width":895,"height":11}},{"id":"413da677-2dc3-4e33-856a-cafcbfeb087d","block_type":"box","text":"in accordance with its strategy and result in tracking error for a Fund that tracks an index.","page_number":121,"box":{"x":76,"y":146,"width":574,"height":10}},{"id":"82d646de-dc13-4c45-8062-962193883672","block_type":"box","text":"Saudi Arabia Broker Risk","page_number":121,"box":{"x":76,"y":169,"width":155,"height":8}},{"id":"1addbf40-f145-4917-9a31-278cc14d8145","block_type":"box","text":". There are a number of ways to conduct transactions in equity securities in the Saudi Arabian market. A Fund","page_number":121,"box":{"x":231,"y":169,"width":699,"height":11}},{"id":"4db13e0e-e981-4683-a2c9-f5b0d9330097","block_type":"box","text":"generally expects to transact in a manner so that it is not limited by Saudi Arabian regulations to a single broker. However, there may be a","page_number":121,"box":{"x":76,"y":183,"width":882,"height":11}},{"id":"1606895d-4515-4227-a745-3d21854e6bfc","block_type":"box","text":"limited number of brokers who can provide services to a Fund, which may have an adverse impact on the prices, quantity or timing of Fund","page_number":121,"box":{"x":77,"y":197,"width":886,"height":11}},{"id":"75dfa7a0-5e2f-40d7-8d1b-6d206281de88","block_type":"box","text":"transactions. A limited number of brokers may impact a Fund’s ability to achieve best execution on transactions. In addition, a Fund may be","page_number":121,"box":{"x":76,"y":211,"width":892,"height":11}},{"id":"0a76aa46-92df-49cb-b462-3b3ff6480588","block_type":"box","text":"more susceptible to credit loss or trading disruptions in the event of a default or business disruption among the available brokers. If a Fund’s","page_number":121,"box":{"x":76,"y":226,"width":899,"height":10}},{"id":"819415c1-4494-4a4a-a4db-991297da4f8f","block_type":"box","text":"use of a broker is disrupted, there could be an adverse impact on the Fund’s operations and, if applicable, its ability to track the Underlying","page_number":121,"box":{"x":77,"y":240,"width":888,"height":11}},{"id":"4ba1d532-a230-4671-a2a5-1348bdeb581b","block_type":"box","text":"Index, and the Fund’s shares could trade at a premium or discount to NAV. A Fund may also incur losses due to the acts or omissions of its","page_number":121,"box":{"x":77,"y":254,"width":885,"height":11}},{"id":"639d9fd6-97da-4224-a87c-104ef3b7143f","block_type":"box","text":"brokers in the execution or settlement of transactions or in the transfer of funds or securities.","page_number":121,"box":{"x":76,"y":268,"width":599,"height":9}},{"id":"8639ba81-f783-405c-abfe-9c8e19110183","block_type":"box","text":"Risk of Investing in the U.K.","page_number":121,"box":{"x":77,"y":291,"width":191,"height":11}},{"id":"8dbd2b84-de9a-45df-bcef-ab041a8562f9","block_type":"box","text":"Investing in U.K. issuers subjects a Fund to legal, regulatory, political, economic, currency, geographic and","page_number":121,"box":{"x":274,"y":291,"width":682,"height":11}},{"id":"a742f534-2cc9-4a4c-b9e7-f85224b71d5c","block_type":"box","text":"security risks that are specific to the U.K. Economic downturns or political instability in its key trading partners, which include the United","page_number":121,"box":{"x":76,"y":305,"width":874,"height":11}},{"id":"fae7c708-4220-4959-9473-d4ce992d6734","block_type":"box","text":"States and other European countries, could have an adverse effect on the U.K. economy. Following Brexit, certain trading matters between","page_number":121,"box":{"x":76,"y":320,"width":887,"height":10}},{"id":"f0b11488-f7f3-48a8-979f-c07d2f0acefb","block_type":"box","text":"the U.K. and the EU remain unresolved, including with respect to financial services. Continuing uncertainty regarding the U.K.’s relationship","page_number":121,"box":{"x":76,"y":334,"width":893,"height":11}},{"id":"2b2569c6-6e59-476d-9e12-788c690cd497","block_type":"box","text":"with the EU could have an adverse impact on the economy and currency of the United Kingdom. Other risks to the U.K.’s economic growth","page_number":121,"box":{"x":76,"y":348,"width":886,"height":11}},{"id":"6dda32f9-8465-4dda-bf13-571889352203","block_type":"box","text":"and competitiveness include high public debt and relatively low productivity.","page_number":121,"box":{"x":76,"y":362,"width":487,"height":11}},{"id":"9308168f-3cad-4bae-90fe-ae2554716060","block_type":"box","text":"Risk of Investing in the U.S.","page_number":121,"box":{"x":77,"y":385,"width":190,"height":11}},{"id":"427cee10-dc54-4944-a27d-7d988bf533ad","block_type":"box","text":"Investing in U.S. issuers involves legal, regulatory, political, currency, security, and economic risks that are","page_number":121,"box":{"x":273,"y":385,"width":683,"height":11}},{"id":"061f57fb-f1c6-4a4f-b66e-ce038694a976","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":121,"box":{"x":76,"y":400,"width":897,"height":10}},{"id":"c0c7cff1-c96f-47b2-9593-5a73cc7f1c27","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":121,"box":{"x":76,"y":414,"width":902,"height":11}},{"id":"1c9a31a7-9bb1-4868-9059-b38b066d430a","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":121,"box":{"x":76,"y":428,"width":887,"height":11}},{"id":"09218586-54fa-4a7d-a392-8f9dd20bd1cd","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":121,"box":{"x":76,"y":442,"width":894,"height":11}},{"id":"35557a5c-2d54-46b2-9b94-62fd75c66210","block_type":"box","text":"financial markets or issuers.","page_number":121,"box":{"x":76,"y":456,"width":179,"height":9}},{"id":"4a28519c-d265-4eb1-a413-9c1c38604250","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":121,"box":{"x":76,"y":479,"width":868,"height":11}},{"id":"75d9e18d-a81d-400c-8685-25e18fa9fb3f","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":121,"box":{"x":77,"y":494,"width":867,"height":11}},{"id":"e1e6b17b-1fb9-4ca1-92f7-bd0682b81982","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":121,"box":{"x":76,"y":508,"width":868,"height":11}},{"id":"74ec99c4-d166-48f7-a121-54a0e65615e9","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":121,"box":{"x":77,"y":522,"width":899,"height":11}},{"id":"04fcc3d9-31a3-4da9-a3ec-b448fe449241","block_type":"box","text":"system.","page_number":121,"box":{"x":76,"y":537,"width":49,"height":10}},{"id":"fcc9bef5-6f1c-4854-9598-c2806fe174fe","block_type":"box","text":"Securities Lending Risk.","page_number":121,"box":{"x":76,"y":559,"width":166,"height":11}},{"id":"42ffd0fd-7d4d-4b8d-9cf6-92d9094507d5","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":121,"box":{"x":247,"y":559,"width":730,"height":11}},{"id":"fad6399e-0683-46a1-a96e-58dad82ef630","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":121,"box":{"x":76,"y":574,"width":898,"height":10}},{"id":"5befaa4c-1e83-403e-aa8e-9845bb8b08c7","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":121,"box":{"x":76,"y":588,"width":892,"height":11}},{"id":"f9b6a021-2ef3-4ec5-be21-b75dda7285c7","block_type":"box","text":"events could also trigger adverse tax consequences for a Fund.","page_number":121,"box":{"x":76,"y":602,"width":403,"height":11}},{"id":"50b06ac1-6769-4b3b-aa3f-b54dca961fd6","block_type":"box","text":"Small-Capitalization Companies Risk.","page_number":121,"box":{"x":76,"y":625,"width":257,"height":11}},{"id":"3a2a1480-f27a-478a-b3ee-604436941f01","block_type":"box","text":"Investments in small-capitalization companies may be riskier, less liquid, more volatile and more","page_number":121,"box":{"x":339,"y":625,"width":617,"height":11}},{"id":"42a74cae-dbc2-4081-8efc-a99e7cbc8e59","block_type":"box","text":"susceptible to economic, market and industry changes than investments in large- or mid-capitalization companies. Small-capitalization","page_number":121,"box":{"x":76,"y":639,"width":863,"height":11}},{"id":"47814a2c-cc51-494d-adaf-d71dc8ba7a09","block_type":"box","text":"companies may have more limited product lines, markets, financial resources, personnel and management experience. As a result, they","page_number":121,"box":{"x":76,"y":654,"width":868,"height":10}},{"id":"7e17c150-b5c1-4325-a1f3-a82f640ee7f0","block_type":"box","text":"generally are more vulnerable than larger companies to adverse business and economic developments. Small-capitalization companies may","page_number":121,"box":{"x":76,"y":668,"width":895,"height":11}},{"id":"cede2c5d-13c9-43bf-b6e2-f0a55f81df0c","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":121,"box":{"x":77,"y":682,"width":898,"height":11}},{"id":"ece892da-d347-4ec8-aad5-08c18f2fcf1c","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":121,"box":{"x":76,"y":696,"width":900,"height":11}},{"id":"04ba38ca-6467-4f1d-b692-1c3807ce940a","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":121,"box":{"x":77,"y":710,"width":885,"height":11}},{"id":"504060f8-5c72-4315-86f3-d762b74d512b","block_type":"box","text":"favorable price, in order to meet the Fund’s obligations.","page_number":121,"box":{"x":76,"y":724,"width":354,"height":11}},{"id":"b2d28a69-b752-4105-befe-5c826dbd60e2","block_type":"box","text":"Style Factors Risk.","page_number":121,"box":{"x":76,"y":748,"width":128,"height":10}},{"id":"d24d3692-195a-44e0-8c0c-fd6d80d7b673","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":121,"box":{"x":209,"y":748,"width":749,"height":10}},{"id":"8a48265b-78b2-41ee-a2d6-60358abc25b5","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":121,"box":{"x":77,"y":762,"width":900,"height":11}},{"id":"6e3f9bdb-4e5b-4bc3-b238-33c2aa268526","block_type":"box","text":"favor, and the investment performance of a Fund may suffer during such a period.","page_number":121,"box":{"x":76,"y":776,"width":522,"height":11}},{"id":"d146c526-755b-45bf-8551-b56526c98dbf","block_type":"box","text":"Momentum Factor Risk","page_number":121,"box":{"x":76,"y":799,"width":146,"height":9}},{"id":"cb7158a5-66ef-48cd-9362-973d40102b98","block_type":"box","text":". Securities that previously exhibited greater momentum characteristics than other securities may not continue to","page_number":121,"box":{"x":223,"y":799,"width":727,"height":11}},{"id":"cc3e9853-f637-4ccb-8f20-899c58aeb48d","block_type":"box","text":"experience positive momentum, and such a change could occur quickly. Momentum securities may experience more volatility than the","page_number":121,"box":{"x":76,"y":813,"width":861,"height":11}},{"id":"a3b063aa-b2fb-400f-b4a6-710e30b4f34a","block_type":"box","text":"market as a whole.","page_number":121,"box":{"x":76,"y":828,"width":120,"height":8}},{"id":"fa8df16e-aa27-4ef7-9ba7-facf2b5be6bc","block_type":"box","text":"Quality Factor Risk","page_number":121,"box":{"x":76,"y":851,"width":118,"height":11}},{"id":"30a2e351-6483-4b15-a2c2-6f71521b7fb8","block_type":"box","text":". Securities that previously exhibited greater quality characteristics than other securities may not continue to be quality","page_number":121,"box":{"x":195,"y":851,"width":763,"height":11}},{"id":"d9d116dd-8163-4fd7-aa12-9319a57ec4ae","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":121,"box":{"x":76,"y":865,"width":861,"height":11}},{"id":"612966c5-c2a7-429b-8e50-06c007142af6","block_type":"box","text":"20","page_number":121,"box":{"x":522,"y":921,"width":15,"height":8}},{"id":"86d382e3-8256-4d1a-b266-e34ee90095d7","block_type":"box","text":"Value Factor Risk","page_number":122,"box":{"x":77,"y":23,"width":107,"height":9}},{"id":"17f8c077-2d8c-4931-a5dd-f968be315190","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":122,"box":{"x":185,"y":23,"width":758,"height":11}},{"id":"17c3dd8f-75b7-4403-818f-4839958592e8","block_type":"box","text":"potential value. Although value securities have generally performed better than non-value securities during periods of economic recovery,","page_number":122,"box":{"x":76,"y":37,"width":881,"height":11}},{"id":"1a7b2937-6f60-4242-b9e3-859c2e10f7e4","block_type":"box","text":"there is no assurance that they will continue to do so.","page_number":122,"box":{"x":76,"y":52,"width":342,"height":10}},{"id":"4193a2a9-8638-4305-ad9e-7b1bfc051a19","block_type":"box","text":"Low Volatility Factor Risk","page_number":122,"box":{"x":76,"y":75,"width":157,"height":10}},{"id":"168247d8-8cf4-41bf-885d-9bc76decb316","block_type":"box","text":". Low volatility securities may underperform the broader market during periods of strong, rising or speculative stock","page_number":122,"box":{"x":234,"y":75,"width":740,"height":11}},{"id":"41693d29-cd4e-4bfc-a265-34b2d18bea02","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":122,"box":{"x":76,"y":89,"width":774,"height":11}},{"id":"1e8e5735-fbb3-4988-9083-07f3b54e5c18","block_type":"box","text":"Low Size Factor Risk","page_number":122,"box":{"x":76,"y":112,"width":130,"height":9}},{"id":"fa9dae52-9c9a-4b33-a6e8-5923082a73ad","block_type":"box","text":". Low size companies may have more limited product lines, markets, financial resources, personnel and management","page_number":122,"box":{"x":206,"y":112,"width":748,"height":11}},{"id":"23bfc9a5-138f-44be-8fe5-b915995259b2","block_type":"box","text":"experience and thus may be more vulnerable to adverse business and economic developments than relatively larger-capitalized companies.","page_number":122,"box":{"x":76,"y":126,"width":893,"height":11}},{"id":"a750ea7e-0e37-40fd-814e-0ab663390740","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":122,"box":{"x":77,"y":140,"width":899,"height":11}},{"id":"4ebbbfbc-7b6e-413c-a569-9a2b4c61d0f6","block_type":"box","text":"be more difficult for a Fund to buy and sell them.","page_number":122,"box":{"x":76,"y":155,"width":310,"height":10}},{"id":"3fc5835c-b993-4b43-9303-a67e28695611","block_type":"box","text":"Sustainability Risk.","page_number":122,"box":{"x":76,"y":178,"width":132,"height":11}},{"id":"c38f12c0-c81a-440a-9aed-0368604f3230","block_type":"box","text":"Sustainability risk is an inclusive term to designate investment risk (probability or uncertainty of occurrence of material","page_number":122,"box":{"x":214,"y":178,"width":762,"height":11}},{"id":"f14f409f-f3bc-4f5a-b86c-af5b6e22b3ab","block_type":"box","text":"losses relative to the expected return of an investment) that relates to environmental, social or governance issues.","page_number":122,"box":{"x":77,"y":192,"width":732,"height":11}},{"id":"996bbb7e-65cb-47e8-89a4-f3ecaac1e560","block_type":"box","text":"Sustainability risk around environmental issues includes, but is not limited to, climate risk, both physical and transition risk. Physical risk","page_number":122,"box":{"x":76,"y":215,"width":874,"height":11}},{"id":"672b1558-719a-495e-9db2-8d5969412afb","block_type":"box","text":"arises from the physical effects of climate change, acute or chronic. For example, frequent and severe climate-related events can impact","page_number":122,"box":{"x":76,"y":229,"width":875,"height":11}},{"id":"15bce379-d41b-40a0-bfba-a5d6b0ea3970","block_type":"box","text":"products and services and supply chains. Transition risk – whether policy, technology, market or reputation risk – arises from the adjustment","page_number":122,"box":{"x":76,"y":244,"width":901,"height":10}},{"id":"f3f45eb9-3c85-4f25-9de5-98cc6c3fa106","block_type":"box","text":"to a low-carbon economy in order to mitigate climate change. Risks related to social issues can include, but are not limited to, labor rights","page_number":122,"box":{"x":76,"y":258,"width":883,"height":11}},{"id":"3889be3f-bdf2-41ef-9ba1-f1f013eaff2a","block_type":"box","text":"and community relations. Governance-related risks can include but are not limited to risks around board independence, ownership and","page_number":122,"box":{"x":76,"y":272,"width":863,"height":11}},{"id":"4ea2d40f-fbf6-48df-bc8c-c3a45e2bf2d4","block_type":"box","text":"control, and audit and tax management. These risks can impact an issuer’s operational effectiveness and resilience as well as its public","page_number":122,"box":{"x":76,"y":286,"width":864,"height":11}},{"id":"8e8c0db5-ca6c-41f6-a24f-d34dd46f8186","block_type":"box","text":"perception and reputation, affecting its profitability and, in turn, its capital growth and ultimately impacting the value of holdings in a Fund.","page_number":122,"box":{"x":76,"y":300,"width":886,"height":11}},{"id":"89d3683e-ec67-43af-90cd-7ccff7c574b6","block_type":"box","text":"These are only examples of sustainability risk factors, and sustainability risk factors do not solely determine the risk profile of the investment.","page_number":122,"box":{"x":76,"y":323,"width":905,"height":11}},{"id":"203f2abf-981f-4047-a815-92b870b85402","block_type":"box","text":"The relevance, severity, materiality and time horizon of sustainability risk factors and other risks can differ significantly across Funds.","page_number":122,"box":{"x":76,"y":338,"width":851,"height":11}},{"id":"6e7099d0-c7e8-409a-bd12-09ecf62f049b","block_type":"box","text":"Sustainability risk can manifest itself through different existing risk types including, but not limited to, market, liquidity, concentration, cr","page_number":122,"box":{"x":76,"y":361,"width":875,"height":11}},{"id":"6689a95c-86ed-48d4-8ab1-29da5cbf66cc","block_type":"box","text":"edit","page_number":122,"box":{"x":952,"y":361,"width":24,"height":8}},{"id":"541ed103-41e3-4631-bb41-8c271f3f2cb3","block_type":"box","text":"and asset-liability mismatch risk. For example, a Fund may invest in the securities of an issuer that could face potentially reduced revenues","page_number":122,"box":{"x":76,"y":375,"width":890,"height":11}},{"id":"38d70e9c-3d37-4e3a-8b48-03fbfa73b088","block_type":"box","text":"or increased expenditures from physical climate risk (","page_number":122,"box":{"x":76,"y":389,"width":343,"height":11}},{"id":"eae2063b-c763-4ecb-89fd-94abe453a63e","block_type":"box","text":"e.g","page_number":122,"box":{"x":420,"y":392,"width":19,"height":8}},{"id":"8134ee1a-7ebb-4671-85d6-10aa0f84d624","block_type":"box","text":"., decreased production capacity due to supply chain perturbations, lower sales due","page_number":122,"box":{"x":440,"y":389,"width":534,"height":11}},{"id":"401ae105-2140-4059-b35e-915833035f5f","block_type":"box","text":"to demand shocks or higher operating or capital costs) or transition risk (","page_number":122,"box":{"x":76,"y":403,"width":468,"height":11}},{"id":"e80e8fda-ff5c-4e33-a97e-349b46c83956","block_type":"box","text":"e.g","page_number":122,"box":{"x":545,"y":406,"width":19,"height":8}},{"id":"f744bd90-341a-4914-90ac-cc861a782cb9","block_type":"box","text":"., decreased demand for carbon-intensive products and services","page_number":122,"box":{"x":565,"y":403,"width":410,"height":11}},{"id":"69b7ca5a-f2f6-4ba2-b0ac-9f63fd938f20","block_type":"box","text":"or increased production costs due to changing input prices). As a result, sustainability risk factors may have a material impact on an","page_number":122,"box":{"x":76,"y":418,"width":845,"height":10}},{"id":"d8a6ff61-a4eb-415b-bdbe-835ded98b89c","block_type":"box","text":"investment, may increase volatility, may affect liquidity and may have an adverse impact on the value of shares of a Fund.","page_number":122,"box":{"x":76,"y":432,"width":777,"height":11}},{"id":"4e8672f4-9cdd-4323-ba1b-d480ba262b2c","block_type":"box","text":"The impact of those risks may be higher for Funds with particular sectoral or geographic concentrations. For example, Funds with geographic","page_number":122,"box":{"x":76,"y":455,"width":903,"height":11}},{"id":"0db8e5f1-bc74-4511-a6b1-8413937a6923","block_type":"box","text":"concentration in locations susceptible to adverse weather conditions where the value of the investments in the Funds may be more","page_number":122,"box":{"x":76,"y":469,"width":840,"height":11}},{"id":"93b6bd6b-416b-4346-aab7-1cfecec4d2a4","block_type":"box","text":"susceptible to adverse physical climate events, or Funds with specific sectoral concentrations, such as investing in industries or issuers with","page_number":122,"box":{"x":76,"y":483,"width":898,"height":11}},{"id":"37d8cfe3-4721-4de9-85a9-92a3cc160279","block_type":"box","text":"high carbon intensity or high switching costs associated with the transition to low carbon alternatives, may be more impacted by climate","page_number":122,"box":{"x":77,"y":498,"width":873,"height":10}},{"id":"c0678b77-94da-4207-9c0e-1d95914d7a3e","block_type":"box","text":"transition risks.","page_number":122,"box":{"x":76,"y":512,"width":98,"height":8}},{"id":"897c0074-989c-4a48-9867-eb5b674f758f","block_type":"box","text":"All or a combination of these factors may have an unpredictable impact on a Fund’s investments. Under normal market conditions, such","page_number":122,"box":{"x":76,"y":535,"width":869,"height":11}},{"id":"f8481828-9190-4ba3-8a77-009418b8bf7f","block_type":"box","text":"events could have a material impact on the value of shares of a Fund.","page_number":122,"box":{"x":76,"y":549,"width":443,"height":11}},{"id":"06d3645b-57c5-486f-aa23-e301bbe6b27a","block_type":"box","text":"Assessments of sustainability risk are specific to the asset class and to a fund’s investment objective. Different asset classes require","page_number":122,"box":{"x":76,"y":572,"width":850,"height":11}},{"id":"3a8df41c-5996-4a35-80a2-0cdaace874ad","block_type":"box","text":"different data and tools to apply heightened scrutiny, assess materiality, and make meaningful differentiation among issuers and assets. To","page_number":122,"box":{"x":76,"y":586,"width":889,"height":11}},{"id":"e50cf679-2b05-4f39-b934-a548c75184ad","block_type":"box","text":"the extent consistent with a Fund’s investment objective, risks are considered and risk managed concurrently, by prioritizing in part based on","page_number":122,"box":{"x":76,"y":601,"width":903,"height":11}},{"id":"adf47d31-fa2c-4bba-a79b-d3616344129b","block_type":"box","text":"materiality and on the Fund’s objective.","page_number":122,"box":{"x":76,"y":615,"width":252,"height":11}},{"id":"d8ccc02a-3e2b-4e69-9fe6-277100253675","block_type":"box","text":"The impacts of sustainability risk are likely to develop over time, and new sustainability risks may be identified as further data and","page_number":122,"box":{"x":76,"y":638,"width":829,"height":11}},{"id":"9df8b25f-0037-421a-b6e9-8c8e2db8a7b6","block_type":"box","text":"information regarding sustainability factors and impacts become available.","page_number":122,"box":{"x":76,"y":652,"width":477,"height":11}},{"id":"4aaa34cc-7078-45df-8e10-7226273eb331","block_type":"box","text":"Technology Companies Risk.","page_number":122,"box":{"x":76,"y":675,"width":198,"height":11}},{"id":"2a3db98e-c167-42f8-ab03-3e612ab69c02","block_type":"box","text":"Technology companies and companies that rely heavily on technological advances may have limited product","page_number":122,"box":{"x":278,"y":675,"width":693,"height":11}},{"id":"8984d66a-1c2a-4d5e-8504-08bad4489745","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":122,"box":{"x":77,"y":690,"width":882,"height":10}},{"id":"7abbdfb3-0481-41ec-a9bf-66c41d59924c","block_type":"box","text":"costs related to new product introduction and technological developments, such as artificial intelligence and machine learning. Technology","page_number":122,"box":{"x":76,"y":704,"width":888,"height":11}},{"id":"4bc9d5e6-4659-4a75-8ede-cdc3a2699e6f","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":122,"box":{"x":76,"y":718,"width":905,"height":11}},{"id":"3d098603-4e02-4190-a6ef-5ccdea5cb576","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":122,"box":{"x":76,"y":732,"width":891,"height":11}},{"id":"9c63ffc0-ee35-42c2-8ae8-2ccbc1afb715","block_type":"box","text":"profitability. Technology companies may face increased government scrutiny and may be subject to adverse government or legal action.","page_number":122,"box":{"x":76,"y":746,"width":868,"height":11}},{"id":"0d84bb55-7da2-4099-8269-bc1a91239f77","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":122,"box":{"x":76,"y":761,"width":898,"height":10}},{"id":"1ace1a9c-c723-4d87-9ae7-5f8d9bbd2db1","block_type":"box","text":"products and services, which may result in lawsuits, government enforcement actions and other remediation costs.","page_number":122,"box":{"x":76,"y":775,"width":738,"height":11}},{"id":"cc5364b9-15f8-42ef-be22-d46cc9af76f0","block_type":"box","text":"Tracking Error Risk.","page_number":122,"box":{"x":76,"y":798,"width":135,"height":11}},{"id":"115463d4-a7b6-47d7-a940-160bf1ff7645","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":122,"box":{"x":216,"y":798,"width":749,"height":11}},{"id":"fcbff55f-b3df-439b-939d-97e531be59ab","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":122,"box":{"x":76,"y":812,"width":871,"height":11}},{"id":"44152409-cde0-4f11-afd8-25caff305612","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":122,"box":{"x":76,"y":826,"width":897,"height":11}},{"id":"b9d4db6a-7bc1-4eca-af1d-ec11133dbd99","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":122,"box":{"x":76,"y":840,"width":868,"height":11}},{"id":"92bf6abf-5408-4eb9-bf41-c1472dcbb9ee","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":122,"box":{"x":77,"y":855,"width":823,"height":10}},{"id":"c0d39352-48d3-4f70-ae20-956d49581919","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":122,"box":{"x":76,"y":869,"width":905,"height":11}},{"id":"02009139-0a88-4823-8720-cb8850038b43","block_type":"box","text":"21","page_number":122,"box":{"x":522,"y":921,"width":12,"height":8}},{"id":"b1d8a132-a09f-42e2-98a7-c6948a342fd8","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":123,"box":{"x":77,"y":23,"width":901,"height":11}},{"id":"d4ca289d-5c1c-42be-b04d-16e57db17a06","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":123,"box":{"x":76,"y":37,"width":869,"height":11}},{"id":"70c5d390-507a-482c-82cb-52fb73f06e52","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":123,"box":{"x":76,"y":51,"width":884,"height":11}},{"id":"63e2b802-a0d1-4e59-8492-fc293e818fb3","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":123,"box":{"x":76,"y":66,"width":844,"height":11}},{"id":"35e819be-f7b4-474c-975f-75027cb55fa9","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":123,"box":{"x":76,"y":80,"width":851,"height":11}},{"id":"feee9999-0c1c-42a1-b4b6-f9d11ccfb286","block_type":"box","text":"increased market volatility or other unusual market conditions.","page_number":123,"box":{"x":76,"y":94,"width":401,"height":11}},{"id":"462ab29d-166d-4a5a-a729-96e0127cba1d","block_type":"box","text":"U.S. Economic Risk.","page_number":123,"box":{"x":77,"y":117,"width":135,"height":9}},{"id":"b1e4e17f-98ec-4833-b75a-47c14e87694b","block_type":"box","text":"The U.S. is a significant trading partner of, or foreign investor in, a number of countries. As a result, the economic","page_number":123,"box":{"x":217,"y":117,"width":726,"height":11}},{"id":"d7588639-22a1-474e-83c0-95da197bb4c9","block_type":"box","text":"conditions of such countries may be particularly affected by changes in the U.S. economy, such as a decrease in U.S. imports or exports,","page_number":123,"box":{"x":76,"y":131,"width":875,"height":11}},{"id":"476c88ad-cdd3-43d3-aaf3-5870eb3c6454","block_type":"box","text":"changes in trade regulations, changes in the U.S. dollar exchange rate or an economic slowdown in the U.S. Any such event may have an","page_number":123,"box":{"x":76,"y":146,"width":874,"height":10}},{"id":"a351069d-9def-49a5-9c43-51740984f4e3","block_type":"box","text":"adverse effect on the economies of U.S. trading partners and the securities issuers in such countries, which in turn could negatively impact a","page_number":123,"box":{"x":76,"y":160,"width":902,"height":11}},{"id":"49f36857-90f6-4fad-ab65-633a9ed2bb70","block_type":"box","text":"Fund’s investments. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such","page_number":123,"box":{"x":77,"y":174,"width":897,"height":11}},{"id":"68b583a8-a073-4a61-be84-019a2c17a351","block_type":"box","text":"as reaching the legislative “debt ceiling.” Such non-payment would result in substantial negative consequences for the U.S. economy and the","page_number":123,"box":{"x":76,"y":188,"width":902,"height":11}},{"id":"a4375638-d18a-4a37-a791-8293c00be88e","block_type":"box","text":"global financial system.","page_number":123,"box":{"x":76,"y":202,"width":149,"height":11}},{"id":"27a73ce7-5aae-47a8-9192-b2098c5bc6e9","block_type":"box","text":"Utility Companies Risk.","page_number":123,"box":{"x":77,"y":226,"width":160,"height":10}},{"id":"8005a476-6b6f-4efa-8571-ff71c2b0a051","block_type":"box","text":"Utility infrastructure often requires significant capital expenditures, and utility companies may face high interest","page_number":123,"box":{"x":243,"y":226,"width":717,"height":10}},{"id":"0819b9e9-7b38-4fac-8b82-efd5109040dd","block_type":"box","text":"costs and difficulty in raising capital. Technological innovations may render existing equipment or products obsolete, and companies may","page_number":123,"box":{"x":76,"y":240,"width":878,"height":11}},{"id":"3c0c82da-e1cb-4ccd-9d9f-e313fc5513ff","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":123,"box":{"x":76,"y":254,"width":856,"height":11}},{"id":"5c6e801d-d0bb-47d2-b321-a4a117555a0a","block_type":"box","text":"damage utility infrastructure, including natural disasters and cyber or other attacks. Utilities companies may be adversely affected by","page_number":123,"box":{"x":76,"y":268,"width":853,"height":11}},{"id":"274965e8-3204-4fa7-a73d-c91718f5478d","block_type":"box","text":"volatility in the price of certain energy resources.","page_number":123,"box":{"x":76,"y":282,"width":312,"height":11}},{"id":"c649789e-ff14-4f6a-9660-99737bd99185","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":123,"box":{"x":77,"y":305,"width":886,"height":11}},{"id":"2380ed05-4a03-40c5-8296-18d6d0735adc","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":123,"box":{"x":76,"y":320,"width":842,"height":10}},{"id":"c4c99167-c3ad-4fba-ad2d-640b30785da8","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":123,"box":{"x":76,"y":334,"width":899,"height":11}},{"id":"4eae006c-7b3a-493b-99d8-8e3a4e74d0f6","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":123,"box":{"x":76,"y":348,"width":894,"height":11}},{"id":"9bc6e694-f004-4bfc-810d-0f11a2a751e1","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":123,"box":{"x":76,"y":362,"width":873,"height":11}},{"id":"698459df-e80f-4472-8746-ef9492af0a97","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":123,"box":{"x":77,"y":376,"width":891,"height":11}},{"id":"22fe1552-52c8-4f84-81ff-a15aebe4adbb","block_type":"box","text":"sustainability policies also may impact utility companies. Deregulation may subject companies to greater competition, may adversely affect","page_number":123,"box":{"x":76,"y":391,"width":893,"height":10}},{"id":"8a67bb07-0971-4b35-aa25-365d2f0a3b7e","block_type":"box","text":"their profitability and may lead them to engage in riskier ventures.","page_number":123,"box":{"x":76,"y":405,"width":421,"height":11}},{"id":"eac571c1-8834-46a7-8d7a-128cc35a931a","block_type":"box","text":"Valuation Risk.","page_number":123,"box":{"x":76,"y":428,"width":102,"height":8}},{"id":"749b0d6d-d229-47b9-81ac-51b67774e628","block_type":"box","text":"The price that a Fund could receive upon the sale (or other disposition) of a security or other asset may differ from the","page_number":123,"box":{"x":183,"y":428,"width":756,"height":11}},{"id":"3e30951b-c3c7-4447-a1ec-06762fee7868","block_type":"box","text":"Fund’s valuation of the security or other asset, particularly for securities or other assets that trade in low volume or volatile markets or that","page_number":123,"box":{"x":77,"y":442,"width":889,"height":11}},{"id":"e870365b-5f1f-4b93-8073-16dd06b5fab8","block_type":"box","text":"are valued using a fair value methodology. The price received by a Fund also may differ from the value used by the Underlying Index (if","page_number":123,"box":{"x":76,"y":456,"width":857,"height":11}},{"id":"d5ff942b-aed5-48d1-ba1b-62f0ac9fb5a0","block_type":"box","text":"applicable). Because non-U.S. exchanges or markets may be open on days or during time periods when a Fund does not price its shares, the","page_number":123,"box":{"x":76,"y":470,"width":898,"height":11}},{"id":"fe60343a-52cc-4408-9140-59f13584f1de","block_type":"box","text":"value of the securities or other assets in a Fund’s portfolio may change on days or during time periods when investors are not able to","page_number":123,"box":{"x":76,"y":485,"width":849,"height":10}},{"id":"a923d17f-a61d-417c-b4d0-9c2c4cef2935","block_type":"box","text":"purchase or sell Fund shares.","page_number":123,"box":{"x":76,"y":499,"width":187,"height":11}},{"id":"5c242af5-c56e-42cb-ae81-d6796ff45b7e","block_type":"box","text":"In addition, for purposes of calculating a Fund’s NAV, the value of assets denominated in non-U.S. currencies (if any) is translated into U.S.","page_number":123,"box":{"x":77,"y":522,"width":886,"height":11}},{"id":"87ef5a7d-643a-4b6d-b740-ec69880d495c","block_type":"box","text":"dollars at the prevailing market rates. For a Fund that tracks an Underlying Index, this may result in a difference between the prices used to","page_number":123,"box":{"x":76,"y":536,"width":890,"height":11}},{"id":"34d1ad1d-2e12-45c0-9367-bb78151cab02","block_type":"box","text":"calculate the Fund’s NAV and the prices used by the Underlying Index, which, in turn, could result in a difference between the Fund’s","page_number":123,"box":{"x":76,"y":550,"width":847,"height":11}},{"id":"1f11ccc0-eb40-4d0e-ba66-9284dfb9b08f","block_type":"box","text":"performance and the performance of the Underlying Index. Authorized Participants that create or redeem Fund shares on days when a Fund","page_number":123,"box":{"x":76,"y":565,"width":895,"height":10}},{"id":"276b5f49-70b2-4d66-b27d-096d2f2781f4","block_type":"box","text":"is holding fair-valued securities or other assets may receive fewer or more shares, or lower or higher redemption proceeds, than they would","page_number":123,"box":{"x":76,"y":579,"width":892,"height":11}},{"id":"7f2eff0b-475b-416d-8514-552b549d1f08","block_type":"box","text":"have received had the securities or other assets not been fair valued or been valued using a different methodology. The ability to value","page_number":123,"box":{"x":77,"y":593,"width":857,"height":11}},{"id":"8cf8fe47-7bca-4959-b2fd-f36d00ec9377","block_type":"box","text":"investments may be impacted by technological issues or errors by pricing services or other third-party service providers.","page_number":123,"box":{"x":76,"y":607,"width":772,"height":11}},{"id":"691a44a5-e3ac-430a-afeb-f57320b3c776","block_type":"box","text":"Value Securities Risk.","page_number":123,"box":{"x":76,"y":630,"width":149,"height":9}},{"id":"f53c79fd-81b0-4925-8c74-15b86b04c645","block_type":"box","text":"Value securities are those issued by companies that may be perceived as undervalued. Such securities may decline","page_number":123,"box":{"x":230,"y":630,"width":739,"height":11}},{"id":"78a3445a-08c4-4281-877e-8142c6f02d0d","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":123,"box":{"x":76,"y":644,"width":842,"height":11}},{"id":"c9b5d5e8-7182-4575-b04c-4c1a2351a759","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":123,"box":{"x":77,"y":659,"width":880,"height":11}},{"id":"12ceb807-3036-42d6-8409-fd2eae106cdd","block_type":"box","text":"stock market. Although value securities have generally performed better than non-value securities during periods of economic recovery,","page_number":123,"box":{"x":76,"y":673,"width":871,"height":11}},{"id":"a21e55b3-eb04-4370-84e1-10cacc99582e","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":123,"box":{"x":76,"y":687,"width":832,"height":11}},{"id":"f6bc9dd6-5aca-4659-8fa8-554ce3c810b7","block_type":"box","text":"performance of a Fund with such holdings.","page_number":123,"box":{"x":76,"y":701,"width":271,"height":11}},{"id":"c68f3f74-6ed5-408e-bd5e-c89bba66f9b6","block_type":"box","text":"Portfolio Holdings Information","page_number":123,"box":{"x":78,"y":730,"width":296,"height":17}},{"id":"b83803b7-e5f3-4c63-885b-8e3d78e55e98","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":123,"box":{"x":76,"y":759,"width":896,"height":11}},{"id":"b431a16f-87bd-47dc-acda-3a46c7d5f0fb","block_type":"box","text":"is available in the applicable Statement of Additional Information (“SAI”). Each Fund discloses its portfolio holdings daily at www.iShares.com.","page_number":123,"box":{"x":76,"y":773,"width":906,"height":11}},{"id":"4eb8133f-5c45-4a21-830b-7ae4384551c5","block_type":"box","text":"Fact sheets providing information about each Fund’s top holdings are posted on www.iShares.com when available and may be requested by","page_number":123,"box":{"x":77,"y":788,"width":893,"height":10}},{"id":"cf1e4b93-a64e-4d40-9792-748eb4ca16e8","block_type":"box","text":"calling 1-800-iShares (1-800-474-2737).","page_number":123,"box":{"x":76,"y":802,"width":256,"height":11}},{"id":"fdf9e67a-dc0d-4339-bb1d-801c19b22790","block_type":"box","text":"Management of the Funds","page_number":123,"box":{"x":78,"y":831,"width":258,"height":17}},{"id":"4209ebcc-9640-441e-b9cf-b29c49f8f4bc","block_type":"box","text":"Investment Adviser","page_number":123,"box":{"x":77,"y":860,"width":135,"height":8}},{"id":"5e0d8fa7-8d39-49ff-b5ce-e07a193c6331","block_type":"box","text":"22","page_number":123,"box":{"x":522,"y":921,"width":14,"height":8}},{"id":"51c331c4-8457-4841-9f66-5f89f86c6d95","block_type":"box","text":"As investment adviser, BFA has overall responsibility for the general management and administration of the Funds. BFA provides an","page_number":124,"box":{"x":76,"y":23,"width":839,"height":11}},{"id":"37b50207-441e-45cb-bdf1-1d31b3bbc0ad","block_type":"box","text":"investment program for the Funds and manages the investment of the Funds’ assets. In seeking to achieve the Funds’ respective investment","page_number":124,"box":{"x":76,"y":37,"width":899,"height":11}},{"id":"a616090d-4b0f-44f6-b08c-e5495d38c061","block_type":"box","text":"objectives, BFA uses teams of portfolio managers, investment strategists and other investment specialists and may draw upon the trading,","page_number":124,"box":{"x":76,"y":51,"width":886,"height":11}},{"id":"35d5c97c-48fe-45b6-b605-820ef4488afb","block_type":"box","text":"research and expertise of its affiliates. This team approach brings together many disciplines and leverages BFA’s extensive resources.","page_number":124,"box":{"x":77,"y":66,"width":852,"height":11}},{"id":"831d8175-9022-4f12-afd1-736c1c360184","block_type":"box","text":"BFA is an indirect majority-owned subsidiary of BlackRock, Inc. (“BlackRock”) and is located at 400 Howard Street, San Francisco, CA 94105.","page_number":124,"box":{"x":77,"y":89,"width":901,"height":11}},{"id":"285b90d0-333e-4a44-9365-5e32780105c8","block_type":"box","text":"As of September 30, 2025, BFA and its affiliates provided investment advisory services for assets of approximately $13.5 trillion.","page_number":124,"box":{"x":76,"y":102,"width":823,"height":12}},{"id":"6b250a6a-5a53-47b1-b6db-773042e3b439","block_type":"box","text":"From time to time, an employee of BlackRock may express views regarding a particular security or other instrument, asset class, company,","page_number":124,"box":{"x":77,"y":126,"width":887,"height":11}},{"id":"dc299972-5ccb-4fb2-b027-b71d05b6f816","block_type":"box","text":"industry, or market sector. Such views are the views of only that individual as of the time expressed. They do not necessarily represent the","page_number":124,"box":{"x":76,"y":140,"width":885,"height":11}},{"id":"f0a6bfc0-187e-43b2-9c2b-686fd6415848","block_type":"box","text":"views of BlackRock or any other person within the BlackRock organization. Such views may change at any time based upon market or other","page_number":124,"box":{"x":76,"y":155,"width":892,"height":10}},{"id":"6f3945e6-6f69-4b47-b879-f98e28b1c045","block_type":"box","text":"conditions, and BlackRock has no responsibility to update such views. You should not rely on any such views as investment advice or as an","page_number":124,"box":{"x":76,"y":169,"width":886,"height":11}},{"id":"59919570-dcf2-46c5-9878-54b1b9371b07","block_type":"box","text":"indication of trading intent on behalf of a Fund.","page_number":124,"box":{"x":76,"y":183,"width":299,"height":11}},{"id":"74bf4631-8d0d-4be0-8ec8-fe12875164e8","block_type":"box","text":"Fees and Expenses","page_number":124,"box":{"x":77,"y":206,"width":131,"height":11}},{"id":"20ea0b7a-c36e-4a03-a7c4-abb85e715f3e","block_type":"box","text":"Pursuant to the Investment Advisory Agreement between BFA and the Trust (entered into on behalf of the Funds), BFA is responsible for","page_number":124,"box":{"x":77,"y":229,"width":867,"height":11}},{"id":"232e01e7-f2dd-4699-96a7-22cddd44fe84","block_type":"box","text":"substantially all expenses of each Fund, except the management fees, interest expenses, taxes, expenses incurred with respect to the","page_number":124,"box":{"x":76,"y":244,"width":858,"height":10}},{"id":"3402254b-d930-49ca-8329-e027b50a4432","block_type":"box","text":"acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, distribution","page_number":124,"box":{"x":76,"y":258,"width":891,"height":11}},{"id":"ac504ef8-e756-4e11-b727-d4fe098f2ebd","block_type":"box","text":"fees or expenses, and litigation expenses and any extraordinary expenses (as determined by a majority of the Trustees who are not","page_number":124,"box":{"x":76,"y":272,"width":838,"height":11}},{"id":"c3d84de0-b1e1-4744-ba2a-44da1d4bfd13","block_type":"box","text":"“interested persons” of the Trust). 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The opposite result is also","page_number":126,"box":{"x":76,"y":37,"width":897,"height":11}},{"id":"57de8808-ee56-42f8-9936-9bed40953516","block_type":"box","text":"possible.","page_number":126,"box":{"x":76,"y":52,"width":56,"height":10}},{"id":"9f76a4b4-9d22-47ef-8bb3-ec23add4f5f5","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":126,"box":{"x":77,"y":75,"width":888,"height":11}},{"id":"8a17e56a-f4fa-4e44-80b3-3c9a915e20a9","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":126,"box":{"x":76,"y":89,"width":857,"height":11}},{"id":"f032b13b-eeea-4e4d-86f6-1924e568677a","block_type":"box","text":"employees or clients.","page_number":126,"box":{"x":76,"y":103,"width":135,"height":11}},{"id":"b09df280-0794-4e0d-9aab-34bb24bb87ce","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":126,"box":{"x":77,"y":126,"width":876,"height":11}},{"id":"c12c2cf6-cf0f-4f84-9d04-5f3e3d5384a7","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":126,"box":{"x":76,"y":140,"width":851,"height":11}},{"id":"ab431a81-fca6-4bdb-842e-b12b6a7aacc2","block_type":"box","text":"purchases and sales of the Fund by BlackRock or its advisory clients.","page_number":126,"box":{"x":76,"y":155,"width":440,"height":10}},{"id":"4037039e-91c3-405c-a13e-20a6fc34b793","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":126,"box":{"x":76,"y":178,"width":901,"height":11}},{"id":"94f53b76-643f-441d-9e95-7b044451386c","block_type":"box","text":"such restrictions.","page_number":126,"box":{"x":76,"y":192,"width":110,"height":8}},{"id":"0585e3c2-8ecf-4bc8-987b-55c374195236","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":126,"box":{"x":77,"y":215,"width":863,"height":11}},{"id":"9f892876-8f0c-4222-a919-49dd33fd3432","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":126,"box":{"x":77,"y":229,"width":854,"height":11}},{"id":"1f718996-6d27-479f-9507-3a933a8c4a9f","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":126,"box":{"x":77,"y":244,"width":862,"height":10}},{"id":"5dd67db2-8b42-4456-a880-8f11fd2e63a3","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":126,"box":{"x":77,"y":258,"width":876,"height":11}},{"id":"2b061a49-fd55-403a-a92d-ff11428bac44","block_type":"box","text":"portfolio securities under the securities lending program.","page_number":126,"box":{"x":76,"y":272,"width":363,"height":11}},{"id":"ee40240c-04b5-4643-a1a7-7649e5aa6460","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":126,"box":{"x":77,"y":295,"width":894,"height":11}},{"id":"acff73e8-7215-48da-9117-7dcb59c14bf2","block_type":"box","text":"to perform certain order processing, Authorized Participant communications, and related services in connection with the issuance and","page_number":126,"box":{"x":76,"y":309,"width":860,"height":11}},{"id":"611a9def-d318-4e58-ac64-02e91782845d","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":126,"box":{"x":77,"y":323,"width":854,"height":11}},{"id":"f7aed7c5-7d6e-4930-904c-4cfe0988bdec","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":126,"box":{"x":76,"y":338,"width":894,"height":10}},{"id":"c34ccab4-8ace-48ea-9e3f-9e40c1d71a10","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":126,"box":{"x":76,"y":352,"width":871,"height":11}},{"id":"ca57a70f-0f86-445b-8d58-21eaaeb5d052","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":126,"box":{"x":76,"y":366,"width":848,"height":11}},{"id":"f2501bcd-51c3-4a18-90e7-19811bef6ba4","block_type":"box","text":"BlackRock or funds managed by BFA and its Affiliates.","page_number":126,"box":{"x":77,"y":380,"width":342,"height":11}},{"id":"3bfebc39-c1e7-4c09-b43e-96346b449a12","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":126,"box":{"x":77,"y":403,"width":893,"height":11}},{"id":"b5e08097-4981-4376-b1fa-fde1d65b1d5b","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":126,"box":{"x":76,"y":418,"width":885,"height":10}},{"id":"4a3f83d7-6ef6-4edc-910c-593122eab65c","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":126,"box":{"x":76,"y":432,"width":897,"height":11}},{"id":"c69b6892-65b9-43a3-a271-e3a1bd496baa","block_type":"box","text":"licensees.","page_number":126,"box":{"x":77,"y":446,"width":61,"height":8}},{"id":"4ff44dee-026d-4e19-8e78-5746076c8801","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":126,"box":{"x":76,"y":469,"width":875,"height":11}},{"id":"1c773eac-12d9-4b74-a6ec-9d443dc12d44","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":126,"box":{"x":76,"y":483,"width":886,"height":11}},{"id":"9b4dd57d-af83-4c98-b811-4042b2b738e5","block_type":"box","text":"interest. Please see the SAI for further information.","page_number":126,"box":{"x":76,"y":498,"width":326,"height":8}},{"id":"d5223c77-1943-47a1-8c40-eb09aa99b242","block_type":"box","text":"Shareholder Information","page_number":126,"box":{"x":77,"y":526,"width":240,"height":14}},{"id":"9831291a-0d39-45c1-bd70-1fbb611991d4","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":126,"box":{"x":75,"y":556,"width":821,"height":10}},{"id":"43f2ca05-8f59-459f-a7bc-e9935d274239","block_type":"box","text":"1-800-iShares (1-800-474-2737) or visiting www.iShares.com.","page_number":126,"box":{"x":78,"y":570,"width":383,"height":11}},{"id":"80cf70ed-1e7e-4ccf-80d5-a27ad932d384","block_type":"box","text":"Buying and Selling Shares","page_number":126,"box":{"x":77,"y":593,"width":180,"height":11}},{"id":"dd5b9c0d-99b9-4ade-933c-9ca6e08ba0c4","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":126,"box":{"x":76,"y":616,"width":839,"height":11}},{"id":"5e556e44-510c-48bc-9d9a-d83ba15ed3d6","block_type":"box","text":"“creations” and “redemptions,” occur only between the Funds and Authorized Participants (","page_number":126,"box":{"x":76,"y":630,"width":584,"height":11}},{"id":"bc9c539a-b687-43d1-84d1-155fcab449a4","block_type":"box","text":"i.e","page_number":126,"box":{"x":661,"y":630,"width":14,"height":9}},{"id":"b9608003-1e03-4907-9260-56ccdd3bf1c1","block_type":"box","text":"., financial institutions that are authorized to","page_number":126,"box":{"x":677,"y":630,"width":282,"height":10}},{"id":"03500379-791e-457e-9801-47ebe6f4add1","block_type":"box","text":"participate in such transactions), as described in the","page_number":126,"box":{"x":76,"y":645,"width":335,"height":10}},{"id":"830d1ff6-aed4-464a-b228-a5a5e83856e4","block_type":"box","text":"Creations and Redemptions","page_number":126,"box":{"x":417,"y":645,"width":173,"height":10}},{"id":"91856103-96fc-4f6b-8225-c43d4b073d12","block_type":"box","text":"section below.","page_number":126,"box":{"x":595,"y":645,"width":90,"height":8}},{"id":"0c4be2f5-7522-4a94-84e8-ae0a1ec8e1b6","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":126,"box":{"x":77,"y":668,"width":904,"height":11}},{"id":"1bea41fb-b151-46d1-a8fd-4e977e0b70b5","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":126,"box":{"x":77,"y":682,"width":860,"height":11}},{"id":"3ec565e7-a51c-4c8b-853d-2741aff537d3","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":126,"box":{"x":76,"y":696,"width":857,"height":11}},{"id":"5af1861e-26ab-4349-a9dc-4970fad02dbb","block_type":"box","text":"investment for Fund shares purchased on an exchange or otherwise in the secondary market.","page_number":126,"box":{"x":76,"y":710,"width":598,"height":11}},{"id":"d0753fe9-2f68-47fb-a0ce-368b929a855e","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":126,"box":{"x":77,"y":733,"width":899,"height":11}},{"id":"6fd080ba-133b-484c-ac84-15c8bf8121f3","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":126,"box":{"x":76,"y":748,"width":869,"height":10}},{"id":"93de36eb-ab97-49cc-b195-4abaa018b6fc","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":126,"box":{"x":76,"y":762,"width":888,"height":11}},{"id":"fd809ce4-ef88-4b3a-8bac-77f47ceaf8fd","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":126,"box":{"x":76,"y":776,"width":884,"height":11}},{"id":"57a02556-05a9-4cca-9573-99ca8efbeba4","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":126,"box":{"x":76,"y":790,"width":904,"height":11}},{"id":"7872d14c-2d4e-4476-a1a0-f2c2a996a1d1","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":126,"box":{"x":76,"y":804,"width":897,"height":11}},{"id":"8e2a8c8a-920c-4fbd-a55c-6c46c7dd01e7","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":126,"box":{"x":76,"y":819,"width":887,"height":10}},{"id":"0f87c9b5-927b-4e3f-8349-c2704b7167aa","block_type":"box","text":"particularly for newly launched or smaller funds, or by instances of significant volatility of the underlying assets.","page_number":126,"box":{"x":76,"y":833,"width":713,"height":11}},{"id":"ed5bbea6-7546-4b9e-b4e3-b9140ab3230c","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":126,"box":{"x":76,"y":856,"width":902,"height":11}},{"id":"8d8fa4bb-7c44-430f-8808-827488e2432b","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":126,"box":{"x":76,"y":870,"width":856,"height":11}},{"id":"6d01f9c9-ac02-4db5-9454-2d46d3fed3b4","block_type":"box","text":"Memorial Day, Juneteenth, Independence Day, Labor Day, Thanksgiving Day and Christmas Day.","page_number":126,"box":{"x":77,"y":884,"width":612,"height":11}},{"id":"3d399be3-9b29-45b9-a05f-d93192700591","block_type":"box","text":"25","page_number":126,"box":{"x":522,"y":921,"width":14,"height":8}},{"id":"0ea2194c-14b0-4037-be53-8a4d1086677c","block_type":"box","text":"Investments in Investment Companies","page_number":127,"box":{"x":77,"y":23,"width":268,"height":11}},{"id":"f7eec9ae-3f8e-48c5-9cb3-4da46424faea","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":127,"box":{"x":76,"y":46,"width":873,"height":11}},{"id":"52a22139-8a0a-4d47-8274-885e776b5245","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":127,"box":{"x":76,"y":61,"width":889,"height":10}},{"id":"b80602fe-cd7c-4e2a-979e-8ff9d24a6aec","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":127,"box":{"x":76,"y":75,"width":847,"height":11}},{"id":"9d6febe7-e429-4e99-ba40-68710fec9b95","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":127,"box":{"x":76,"y":89,"width":897,"height":11}},{"id":"1265fa9c-9d09-4052-b134-189a3bbe8170","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":127,"box":{"x":76,"y":103,"width":890,"height":11}},{"id":"b0419b47-7152-4ebf-aa57-559d928986e5","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":127,"box":{"x":76,"y":117,"width":904,"height":11}},{"id":"5531f57b-de7a-4d4d-bf01-d57d6ca97aa1","block_type":"box","text":"investment companies and companies controlled by them.","page_number":127,"box":{"x":76,"y":131,"width":374,"height":11}},{"id":"9c053faf-5a6f-4f2d-a786-813a80bc6fa6","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":127,"box":{"x":77,"y":155,"width":867,"height":10}},{"id":"aa16c7de-8427-4901-9ff1-cb332a125526","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":127,"box":{"x":78,"y":169,"width":871,"height":11}},{"id":"98ba5eac-5ca8-411b-9c53-7dc718f6283b","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":127,"box":{"x":77,"y":183,"width":855,"height":11}},{"id":"f4a56b1f-9942-44bc-86ba-b06322d3d2fd","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":127,"box":{"x":76,"y":197,"width":874,"height":11}},{"id":"41ef9598-4623-482a-8819-dd14afb6119d","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":127,"box":{"x":78,"y":211,"width":894,"height":11}},{"id":"ca71121d-37e1-48c0-baed-64ef3f2f1dd7","block_type":"box","text":"the limits set forth in Section 12(d)(1) should contact BFA.","page_number":127,"box":{"x":76,"y":226,"width":367,"height":10}},{"id":"d3511be3-3c04-4243-bdb2-1940d54d66f9","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":127,"box":{"x":77,"y":249,"width":883,"height":11}},{"id":"a58b8e20-ec0e-47bc-963d-148eccc28d82","block_type":"box","text":"SEC no-action relief.","page_number":127,"box":{"x":76,"y":263,"width":130,"height":8}},{"id":"26b44542-b59a-4f8a-b2b4-5dbe536c0cc8","block_type":"box","text":"Book Entry","page_number":127,"box":{"x":77,"y":286,"width":76,"height":11}},{"id":"031404a8-60ac-4401-b4ec-efe89a09f74e","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":127,"box":{"x":76,"y":309,"width":892,"height":11}},{"id":"0c1f87ed-87ce-4924-8014-3b14e1d3f033","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":127,"box":{"x":76,"y":323,"width":832,"height":11}},{"id":"fe837c5d-98e0-4eeb-af3a-e33b10db05bf","block_type":"box","text":"outstanding shares of the Funds.","page_number":127,"box":{"x":76,"y":338,"width":209,"height":11}},{"id":"c02f7735-b0ee-4f00-bda8-3efedf6a1117","block_type":"box","text":"Investors owning Fund shares are beneficial owners as shown on the records of DTC or its participants. DTC participants include securities","page_number":127,"box":{"x":77,"y":361,"width":885,"height":11}},{"id":"5e57af98-3cca-4ee7-9fcb-474ef5bd3886","block_type":"box","text":"brokers and dealers, banks, trust companies, clearing corporations and other institutions that directly or indirectly maintain a custodial","page_number":127,"box":{"x":76,"y":375,"width":863,"height":11}},{"id":"d863e2a9-400d-4063-8903-4bd023af8cbb","block_type":"box","text":"relationship with DTC. As a beneficial owner of Fund shares, you are not entitled to receive physical delivery of stock certificates or to have","page_number":127,"box":{"x":77,"y":389,"width":888,"height":11}},{"id":"6d5d11f6-3a83-470a-8cc2-5c94b25e8f46","block_type":"box","text":"shares registered in your name, and you are not considered a registered owner of shares. 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This could, in turn, result in a difference between the","page_number":128,"box":{"x":77,"y":451,"width":870,"height":11}},{"id":"2f0e0a82-a6ff-4f8b-8580-29b413d2c16b","block_type":"box","text":"Fund’s performance and the performance of its underlying index.","page_number":128,"box":{"x":77,"y":465,"width":414,"height":11}},{"id":"eea0081a-ccf7-4458-a495-7ddaa47bd22a","block_type":"box","text":"Dividends and Distributions","page_number":128,"box":{"x":77,"y":489,"width":192,"height":8}},{"id":"35ebe3df-d035-438b-a523-6e584e56e062","block_type":"box","text":"General Policies.","page_number":128,"box":{"x":76,"y":512,"width":103,"height":8}},{"id":"00d0c228-5fff-4a1e-a884-0768172e1b41","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":128,"box":{"x":185,"y":512,"width":782,"height":11}},{"id":"ae116fae-e681-4c46-bb6c-d6377665252e","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":128,"box":{"x":77,"y":526,"width":887,"height":11}},{"id":"00faad8e-9adf-4d67-956b-c74a6e4252b4","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":128,"box":{"x":76,"y":540,"width":904,"height":11}},{"id":"98cd8256-edf9-431a-a5b5-ce5de5413231","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":128,"box":{"x":76,"y":554,"width":893,"height":11}},{"id":"00486b74-fc99-476e-a8a4-97c6543f32b7","block_type":"box","text":"or realized gains.","page_number":128,"box":{"x":76,"y":568,"width":107,"height":11}},{"id":"77e76d21-cf66-4156-8f96-a8f7edbd249c","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":128,"box":{"x":77,"y":592,"width":885,"height":10}},{"id":"7eb9c55f-c4b7-43ee-9c96-a9c9e1563204","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":128,"box":{"x":76,"y":606,"width":856,"height":11}},{"id":"f7025dcc-e773-49ed-90ea-960f532c8e40","block_type":"box","text":"received from the Funds.","page_number":128,"box":{"x":77,"y":620,"width":157,"height":8}},{"id":"26b516de-2d54-48fe-98e3-9afa18223701","block_type":"box","text":"Dividend Reinvestment Service.","page_number":128,"box":{"x":76,"y":643,"width":197,"height":9}},{"id":"20069344-43c4-46ad-a919-686ff7a80e88","block_type":"box","text":"No dividend reinvestment service is provided by the Trust. Broker-dealers may make the DTC book-entry","page_number":128,"box":{"x":280,"y":643,"width":667,"height":11}},{"id":"8350dfc5-80db-4c5f-9dd8-a9be9afa379d","block_type":"box","text":"Dividend Reinvestment Program available to beneficial owners of Fund shares for the reinvestment of distributions. Beneficial owners should","page_number":128,"box":{"x":77,"y":657,"width":899,"height":11}},{"id":"4573c3fe-154b-40bb-bf15-6010fb08c7e2","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":128,"box":{"x":76,"y":672,"width":869,"height":10}},{"id":"a1e759f7-eec1-4584-9656-207fd7a618c0","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":128,"box":{"x":76,"y":686,"width":895,"height":11}},{"id":"a5785d8c-b016-46eb-9bfc-007aaa2b3fef","block_type":"box","text":"be automatically reinvested in additional whole Fund shares purchased in the secondary market.","page_number":128,"box":{"x":76,"y":700,"width":617,"height":11}},{"id":"31beadc6-8d82-40c4-b7d0-624b15f5264e","block_type":"box","text":"Note on Tax Information.","page_number":128,"box":{"x":76,"y":723,"width":167,"height":9}},{"id":"2dca66bf-e635-4ac3-b0a9-e066ee117efc","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":128,"box":{"x":249,"y":723,"width":723,"height":11}},{"id":"9501a5db-7d57-41df-afef-626ec06e80c3","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":128,"box":{"x":76,"y":737,"width":905,"height":11}},{"id":"86a0b58b-126f-4367-83fb-2c4a619e4795","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":128,"box":{"x":76,"y":751,"width":893,"height":11}},{"id":"15a06749-d8a2-4b95-ab28-1c19399cd0fc","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":128,"box":{"x":76,"y":766,"width":893,"height":10}},{"id":"c568d6e3-1519-4922-bd43-2bd4790f1da4","block_type":"box","text":"laws.","page_number":128,"box":{"x":76,"y":780,"width":30,"height":8}},{"id":"2c187b78-64b8-4d08-bb9c-cdf98f314d08","block_type":"box","text":"Taxes","page_number":128,"box":{"x":76,"y":803,"width":38,"height":9}},{"id":"dc807a5c-d391-4bcc-b655-782ee4068986","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":128,"box":{"x":76,"y":826,"width":874,"height":11}},{"id":"ab736e37-a9cf-4708-8694-9ff31e636588","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":128,"box":{"x":76,"y":840,"width":877,"height":11}},{"id":"3fd9204f-96eb-46fa-9cd9-8e4981fda693","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":128,"box":{"x":76,"y":855,"width":895,"height":10}},{"id":"358a3198-eada-45ab-bc8d-42bbef9366b3","block_type":"box","text":"is no guarantee that shares of a Fund will receive certain regulatory or accounting treatment.","page_number":128,"box":{"x":76,"y":869,"width":594,"height":11}},{"id":"ea032198-eec9-4436-82e2-ad74929e5f7f","block_type":"box","text":"27","page_number":128,"box":{"x":522,"y":921,"width":14,"height":8}},{"id":"592f6ebf-e749-4a8e-9203-376195765ce7","block_type":"box","text":"Customized exchange-traded equity options, ETF options, equity index options and other derivatives may be valued using a","page_number":128,"box":{"x":76,"y":140,"width":786,"height":11}},{"id":"388a1ee8-c404-4641-9e8b-497fd078205c","block_type":"box","text":"mathematical model that may incorporate a number of market data","page_number":128,"box":{"x":76,"y":155,"width":431,"height":10}},{"id":"1d08953a-d039-48af-b654-b79e914f9ff0","block_type":"box","text":"factors.","page_number":128,"box":{"x":512,"y":155,"width":48,"height":8}},{"id":"244adf39-0fad-4e0d-b801-520beaea4010","block_type":"box","text":"Taxes on Fund Distributions","page_number":129,"box":{"x":76,"y":23,"width":194,"height":9}},{"id":"1069ac2b-1df8-443f-aa02-e9daeafe0c6f","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":129,"box":{"x":76,"y":46,"width":863,"height":11}},{"id":"f92cb63c-553b-4b6f-94c8-14a1f53bfa69","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":129,"box":{"x":76,"y":61,"width":873,"height":10}},{"id":"5ecb666e-ccaf-44c1-bd72-16ce606f9296","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":129,"box":{"x":76,"y":75,"width":713,"height":10}},{"id":"71f7cb7e-4648-4a3c-ae9c-aeea5194ed7d","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":129,"box":{"x":77,"y":98,"width":902,"height":11}},{"id":"cd592547-43b6-4aac-a186-f2d66389024e","block_type":"box","text":"may be treated as paid on December 31 of the prior year.","page_number":129,"box":{"x":76,"y":112,"width":365,"height":11}},{"id":"d90a9de6-6985-455e-a5e5-bb958ebdafa9","block_type":"box","text":"Capital Gains.","page_number":129,"box":{"x":76,"y":135,"width":86,"height":11}},{"id":"adcf3f90-738d-4fa4-8727-3753d2cd1962","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":129,"box":{"x":169,"y":135,"width":785,"height":11}},{"id":"0e6d7d8c-29ec-4cd6-afad-65f730ee7d21","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":129,"box":{"x":76,"y":149,"width":857,"height":11}},{"id":"83e9f5ed-06d3-447a-892b-7c0a89ab2263","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":129,"box":{"x":76,"y":164,"width":878,"height":10}},{"id":"a1f7870f-0a54-43bc-bbd0-df5bd6448bbd","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":129,"box":{"x":77,"y":178,"width":871,"height":11}},{"id":"feccfe63-a687-4ab1-a851-b2a9203945f2","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":129,"box":{"x":76,"y":192,"width":892,"height":11}},{"id":"9fdfed85-64c3-40ab-bff1-e59da98d041b","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":129,"box":{"x":76,"y":206,"width":878,"height":11}},{"id":"a328d1a7-b424-4cb0-ba8a-7d1da85c0832","block_type":"box","text":"real estate investment trusts (“REITs”), if any.","page_number":129,"box":{"x":77,"y":220,"width":289,"height":11}},{"id":"df146c8d-dc6a-412e-a6b9-727db93d9060","block_type":"box","text":"Return of Capital.","page_number":129,"box":{"x":76,"y":244,"width":108,"height":10}},{"id":"8a148c51-41d6-4823-8f79-b3785db5160d","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":129,"box":{"x":191,"y":244,"width":775,"height":10}},{"id":"21f10cf9-653a-4522-a049-bd64d71f8f9d","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":129,"box":{"x":76,"y":258,"width":904,"height":11}},{"id":"48acae99-debd-49b9-a5bf-2158d5b5921b","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":129,"box":{"x":76,"y":272,"width":888,"height":11}},{"id":"9a7dca0d-20e7-4da1-9a8a-23577005d16e","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":129,"box":{"x":76,"y":286,"width":843,"height":11}},{"id":"e038d903-4714-4309-b908-e33e6bf47b09","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":129,"box":{"x":76,"y":300,"width":874,"height":11}},{"id":"32ccc38a-db69-41fc-bcb2-08d8c33cc6e9","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":129,"box":{"x":76,"y":314,"width":803,"height":11}},{"id":"79435015-5aa0-4231-b115-a11ba853ce34","block_type":"box","text":"Qualified Dividend Income.","page_number":129,"box":{"x":76,"y":338,"width":167,"height":8}},{"id":"5061510b-dc72-4d12-983e-3238ad186cc9","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":129,"box":{"x":249,"y":338,"width":702,"height":11}},{"id":"4dcd3adc-ef7b-4238-8f13-97dd9d1c76e2","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":129,"box":{"x":76,"y":352,"width":848,"height":11}},{"id":"a3a66359-ceba-44f4-ae29-bf229ce7a6cf","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":129,"box":{"x":76,"y":366,"width":846,"height":11}},{"id":"e948c33b-a5ed-4654-a0a3-29e45eace612","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":129,"box":{"x":76,"y":380,"width":872,"height":11}},{"id":"bf6100e3-b936-4ca9-bd55-a6a0353fe5dc","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":129,"box":{"x":76,"y":394,"width":892,"height":11}},{"id":"5ad73f53-18c8-4722-bb5e-5521ae29b9a9","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":129,"box":{"x":76,"y":409,"width":886,"height":10}},{"id":"34e3609f-992a-45b6-b3ed-b9e41c296c1a","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":129,"box":{"x":76,"y":423,"width":854,"height":11}},{"id":"4139f386-7b12-48c7-ab13-0fb22022c46d","block_type":"box","text":"company.","page_number":129,"box":{"x":76,"y":439,"width":60,"height":9}},{"id":"1b1e81c4-c764-4b66-b7fb-8bb145e9faf1","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":129,"box":{"x":77,"y":460,"width":904,"height":11}},{"id":"05230518-2793-4878-aa63-03eb5f68efee","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":129,"box":{"x":76,"y":474,"width":901,"height":11}},{"id":"c4116de5-fa0a-46c4-80b9-903c52ea079c","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":129,"box":{"x":76,"y":489,"width":865,"height":10}},{"id":"8955beb4-0bb5-4f0c-b41a-59ac16d66b1b","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":129,"box":{"x":76,"y":503,"width":895,"height":11}},{"id":"0bcc17b4-7d00-4125-b6a2-811870818b18","block_type":"box","text":"from ordinary REIT dividends, reduced by allocable Fund expenses.","page_number":129,"box":{"x":76,"y":517,"width":428,"height":11}},{"id":"8f926fb8-15c3-4b96-a069-eb51f87aabe3","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":129,"box":{"x":77,"y":540,"width":891,"height":11}},{"id":"a2f8586b-3e08-428b-8b12-8a0bc069ef13","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":129,"box":{"x":77,"y":554,"width":861,"height":11}},{"id":"051c27af-09d4-4fc7-8fe9-da1da21cf5de","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":129,"box":{"x":76,"y":568,"width":883,"height":11}},{"id":"b675a692-7d02-4373-959e-f460594f7c08","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":129,"box":{"x":76,"y":583,"width":682,"height":10}},{"id":"f3592452-1acb-4e4b-9e66-7bafea0ec2c5","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":129,"box":{"x":77,"y":606,"width":872,"height":11}},{"id":"27d64fa9-a082-4e3f-9581-59a8f3e12204","block_type":"box","text":"Fund shareholders that are corporations, subject to certain hedging and holding requirements.","page_number":129,"box":{"x":77,"y":620,"width":603,"height":11}},{"id":"0d8eeb6f-5769-4cba-ab07-cb15e77ed2ff","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":129,"box":{"x":76,"y":643,"width":876,"height":11}},{"id":"126eded9-f801-413f-a13a-c7975073b68f","block_type":"box","text":"Medicare Tax.","page_number":129,"box":{"x":76,"y":666,"width":85,"height":9}},{"id":"4668d887-a512-4ae2-a366-766c6d244904","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":129,"box":{"x":167,"y":666,"width":791,"height":11}},{"id":"4b062e95-52e7-4c24-bfa8-8fa1680125fc","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":129,"box":{"x":76,"y":680,"width":876,"height":11}},{"id":"ac311c18-fdd9-4f14-aa2d-8d27625d96bb","block_type":"box","text":"trusts.","page_number":129,"box":{"x":76,"y":696,"width":40,"height":7}},{"id":"9cf95417-184a-44fc-a36d-6bf28d68e04a","block_type":"box","text":"Alternative Minimum Tax.","page_number":129,"box":{"x":75,"y":718,"width":157,"height":8}},{"id":"bd2f999b-68b4-446c-968c-eb697368a9e7","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":129,"box":{"x":238,"y":718,"width":738,"height":11}},{"id":"aa474b3b-693d-405a-96b1-cf088d23734f","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":129,"box":{"x":76,"y":732,"width":833,"height":11}},{"id":"28b7a4b6-60cd-4ba0-b274-6e11b9165e15","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":129,"box":{"x":76,"y":746,"width":877,"height":11}},{"id":"ce9cbe41-fe71-440b-b5ed-e3e22b1b98b3","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":129,"box":{"x":77,"y":761,"width":903,"height":10}},{"id":"328b2916-0484-4b0a-bc02-d5a73dd81f92","block_type":"box","text":"liability and the regular income tax liability.","page_number":129,"box":{"x":77,"y":775,"width":271,"height":11}},{"id":"abf53576-4e88-4ebe-8b6e-4b2e72efb0b1","block_type":"box","text":"Original Issue Discount and Inflation-Related Adjustments","page_number":129,"box":{"x":76,"y":798,"width":406,"height":11}},{"id":"a06484d5-d661-4478-8dc2-008541a3e5c5","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":129,"box":{"x":76,"y":821,"width":892,"height":11}},{"id":"0e4d7756-ebac-45e2-9d91-b8bbd9fe90f1","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":129,"box":{"x":76,"y":835,"width":874,"height":11}},{"id":"b1ec6f7f-0315-490d-91c7-f17b563e335d","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":129,"box":{"x":76,"y":850,"width":864,"height":10}},{"id":"65837cb5-782e-45fa-b948-80703058e504","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":129,"box":{"x":76,"y":864,"width":895,"height":10}},{"id":"c7d2d0ea-f972-4820-ac5e-d17e49173f95","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":129,"box":{"x":77,"y":878,"width":896,"height":11}},{"id":"cdc91233-fbbb-4149-9d71-f49a82e3be48","block_type":"box","text":"28","page_number":129,"box":{"x":522,"y":921,"width":14,"height":8}},{"id":"506e249e-cb82-42b8-8368-d0b759552feb","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":130,"box":{"x":76,"y":23,"width":905,"height":11}},{"id":"347d3c32-cecf-4566-aca5-6a89a529f14c","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":130,"box":{"x":76,"y":37,"width":707,"height":11}},{"id":"20b92fd9-6a15-432c-8eb2-e1fc8cbe4b02","block_type":"box","text":"Market Discount Bonds","page_number":130,"box":{"x":77,"y":61,"width":162,"height":8}},{"id":"5eabdf19-d7dd-4d1e-a161-31d37eb5b205","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":130,"box":{"x":76,"y":84,"width":898,"height":11}},{"id":"7241658d-3775-40d5-b861-f983e15afb23","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":130,"box":{"x":76,"y":98,"width":903,"height":11}},{"id":"5684cd2a-2d78-40b2-adea-16dd329a2aed","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":130,"box":{"x":76,"y":112,"width":898,"height":11}},{"id":"c8dd06e6-897a-4046-8ef2-9da86dac17fe","block_type":"box","text":"treated as ordinary income rather than capital gains to the extent of the accrued market discount.","page_number":130,"box":{"x":76,"y":126,"width":626,"height":11}},{"id":"a5771307-44dd-4fa6-8465-2c5e32de57b0","block_type":"box","text":"Derivatives and Other Complex Instruments","page_number":130,"box":{"x":77,"y":149,"width":307,"height":11}},{"id":"3e8d4552-0049-4f5a-be79-e3b776d0f27c","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":130,"box":{"x":76,"y":173,"width":874,"height":10}},{"id":"b23394b7-916d-4c35-83ce-19b89db07444","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":130,"box":{"x":76,"y":187,"width":860,"height":11}},{"id":"146f4da3-e0b6-4708-a1d0-62e60a829182","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":130,"box":{"x":77,"y":201,"width":852,"height":11}},{"id":"096d673e-c118-4c2e-99ec-f7605c243fb7","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":130,"box":{"x":76,"y":215,"width":863,"height":11}},{"id":"9490e52f-01a0-442d-97ea-99b0bde0e9f2","block_type":"box","text":"Non-U.S. Income Taxes","page_number":130,"box":{"x":77,"y":238,"width":158,"height":9}},{"id":"fc9030c8-eafd-429f-8004-35c73d0edfc5","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":130,"box":{"x":77,"y":262,"width":837,"height":10}},{"id":"2f882ef9-4261-4d45-ba57-1eb65f5164e2","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":130,"box":{"x":76,"y":276,"width":863,"height":11}},{"id":"9b2a910c-cd41-4f7a-909e-2031d21b65da","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":130,"box":{"x":77,"y":290,"width":865,"height":11}},{"id":"1c02fc38-15eb-4a83-9d09-07ec3a77197a","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":130,"box":{"x":77,"y":304,"width":875,"height":11}},{"id":"f422e8b6-fef2-4793-9577-17b907a58d44","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":130,"box":{"x":77,"y":318,"width":895,"height":11}},{"id":"26e11abd-765b-4ec9-b161-2679761af9a5","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":130,"box":{"x":76,"y":333,"width":888,"height":10}},{"id":"4eadf112-35d7-4663-a032-6be66e03cd92","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":130,"box":{"x":76,"y":347,"width":875,"height":11}},{"id":"5c33ba5c-453d-4d2f-a36b-6ba61872d93a","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":130,"box":{"x":76,"y":361,"width":896,"height":11}},{"id":"db35d162-8e29-41e5-b61e-4457de21555e","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":130,"box":{"x":76,"y":375,"width":635,"height":11}},{"id":"d9d9a6fa-bdcc-43cb-bac0-a42b50325352","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":130,"box":{"x":77,"y":398,"width":896,"height":11}},{"id":"1b05b109-f588-48d1-b0f9-710587626586","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":130,"box":{"x":76,"y":412,"width":903,"height":11}},{"id":"3b7515a7-1bf0-4ba6-a010-48daa7289a71","block_type":"box","text":"could be reduced.","page_number":130,"box":{"x":76,"y":427,"width":114,"height":8}},{"id":"81a876de-b573-4360-b373-065a51687785","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":130,"box":{"x":77,"y":450,"width":853,"height":11}},{"id":"69ce22e5-fa68-4bf9-a31a-52f2b761ec1b","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":130,"box":{"x":76,"y":464,"width":900,"height":11}},{"id":"13cb90d6-3ea9-4ab6-a2a0-dfc11f161fcc","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":130,"box":{"x":76,"y":478,"width":876,"height":11}},{"id":"8fae6d43-6823-45fe-b991-cc63d07c7267","block_type":"box","text":"paid by the Fund or, if its assets meet these requirements, the Underlying Fund.","page_number":130,"box":{"x":76,"y":492,"width":509,"height":11}},{"id":"cda83d48-0dcb-422b-ab9e-3d6ea45ba51a","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":130,"box":{"x":77,"y":516,"width":879,"height":10}},{"id":"455e0039-2a32-4116-bb08-338fcd2808a0","block_type":"box","text":"income, limiting the availability of such credits for U.S. persons.","page_number":130,"box":{"x":76,"y":530,"width":407,"height":11}},{"id":"94ce74d8-16cd-44b6-bc3c-5b63a3783ec4","block_type":"box","text":"Non-U.S. Shareholders","page_number":130,"box":{"x":77,"y":553,"width":156,"height":8}},{"id":"265642c5-9b86-4434-8f8f-386b12bf16b4","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":130,"box":{"x":77,"y":576,"width":888,"height":11}},{"id":"3d41f64d-0665-4b6b-87c6-7f15e6021a29","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":130,"box":{"x":77,"y":590,"width":904,"height":11}},{"id":"9e9e1a56-d860-4325-a62d-7273de242470","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":130,"box":{"x":77,"y":605,"width":868,"height":10}},{"id":"f601424d-ae0b-45a8-a01f-d2cd32e961a7","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":130,"box":{"x":76,"y":619,"width":886,"height":11}},{"id":"5f606954-11f1-496a-b44f-8fbe2601fb27","block_type":"box","text":"gain dividends, interest-related dividends or short-term capital gain dividends.","page_number":130,"box":{"x":76,"y":633,"width":499,"height":11}},{"id":"69bd1d22-a54e-4636-bfa7-fa895cb78840","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":130,"box":{"x":76,"y":656,"width":896,"height":11}},{"id":"371b5927-76cd-4629-ac86-bc4d676218c8","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":130,"box":{"x":76,"y":670,"width":894,"height":11}},{"id":"1b03a327-dec0-4dc2-85ac-cb0bc2c549a2","block_type":"box","text":"U.S.-owned foreign investment accounts.","page_number":130,"box":{"x":77,"y":684,"width":262,"height":11}},{"id":"fb38ef8d-369c-4adb-9410-59a9bded1d91","block_type":"box","text":"Backup Withholding","page_number":130,"box":{"x":77,"y":708,"width":139,"height":10}},{"id":"a25145e7-44c3-4d15-afc8-fd32396b967f","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":130,"box":{"x":77,"y":731,"width":890,"height":11}},{"id":"7ec324f3-eb4f-4444-9754-cfebadfc149f","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":130,"box":{"x":76,"y":745,"width":789,"height":11}},{"id":"9f809d85-5690-44fe-a05a-09d01b8260a0","block_type":"box","text":"Securities Lending","page_number":130,"box":{"x":76,"y":768,"width":129,"height":11}},{"id":"1465d9f1-ced1-4a85-9198-407c5f6b2e3c","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":130,"box":{"x":77,"y":791,"width":901,"height":11}},{"id":"7c13393c-b54a-4417-9fcd-8c85f50fff48","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":130,"box":{"x":76,"y":806,"width":892,"height":10}},{"id":"5964c20e-5bf8-42e0-bf9c-54e38551742b","block_type":"box","text":"through by the Fund.","page_number":130,"box":{"x":76,"y":820,"width":132,"height":11}},{"id":"0e26ef58-a04c-4d63-863a-713182273282","block_type":"box","text":"Fund of Funds","page_number":130,"box":{"x":77,"y":843,"width":98,"height":9}},{"id":"6676db5a-2f69-409f-8027-4c0b9d5879a3","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":130,"box":{"x":77,"y":866,"width":844,"height":11}},{"id":"5f10afde-7676-4d8c-9fc1-ffe1f9616cd8","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":130,"box":{"x":76,"y":880,"width":870,"height":11}},{"id":"43e178fe-727c-4383-88e8-54731a554320","block_type":"box","text":"29","page_number":130,"box":{"x":522,"y":921,"width":14,"height":8}},{"id":"6f09b807-1b84-4281-b6dd-9b07e2b16547","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":131,"box":{"x":77,"y":23,"width":864,"height":11}},{"id":"fad443b2-3efb-4b39-9326-032184cf51d5","block_type":"box","text":"Capital loss carryforwards of the Underlying Fund, if any, will not offset net capital gains of the Fund.","page_number":131,"box":{"x":76,"y":37,"width":643,"height":11}},{"id":"7d184d2c-2eb2-4e23-a285-95721f6116b8","block_type":"box","text":"Taxes on the Sale of Exchange-Listed Fund Shares","page_number":131,"box":{"x":76,"y":60,"width":350,"height":11}},{"id":"fed9beda-0b52-471f-905a-aec14e5dcc63","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":131,"box":{"x":76,"y":84,"width":876,"height":11}},{"id":"f177fe09-18fc-4e50-af15-64fd011b8bec","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":131,"box":{"x":77,"y":98,"width":896,"height":11}},{"id":"0d124585-19e1-434b-be25-565580474943","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":131,"box":{"x":76,"y":112,"width":870,"height":11}},{"id":"a58ab256-d1d5-4836-867e-81a08f1372e9","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":131,"box":{"x":77,"y":126,"width":892,"height":11}},{"id":"37fd6383-4ea5-495b-82e5-3fc2253bc827","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":131,"box":{"x":76,"y":140,"width":892,"height":11}},{"id":"b51cd83d-0cd0-48aa-9fbb-35102f490e7a","block_type":"box","text":"contribution tax mentioned above.","page_number":131,"box":{"x":76,"y":155,"width":219,"height":8}},{"id":"fb0ba73b-a249-4031-a976-4f34191c17c4","block_type":"box","text":"Creations and Redemptions","page_number":131,"box":{"x":76,"y":178,"width":193,"height":11}},{"id":"8fcc63ea-0eef-42c4-9437-091e2729db33","block_type":"box","text":"Prior to being traded in the secondary market, Fund shares are “created” at NAV by Authorized Participants (","page_number":131,"box":{"x":77,"y":201,"width":693,"height":11}},{"id":"9b6a55df-b7e2-4103-b671-e74e1b804772","block_type":"box","text":"i.e.","page_number":131,"box":{"x":771,"y":201,"width":17,"height":9}},{"id":"d0890bf9-dbab-4ad4-8f9e-8031b12e1b61","block_type":"box","text":", market makers, large","page_number":131,"box":{"x":790,"y":201,"width":143,"height":11}},{"id":"ced75014-8c1b-4e36-8f50-c0ab4d62751b","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":131,"box":{"x":76,"y":215,"width":866,"height":11}},{"id":"1da62330-ca87-4aba-879b-d8d7063ffdf3","block_type":"box","text":"Creation Units, and only Authorized Participants may create or redeem Creation Units with the Funds.","page_number":131,"box":{"x":76,"y":229,"width":650,"height":11}},{"id":"73f4ace1-5871-4d0e-bd84-9220b0ffb411","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":131,"box":{"x":77,"y":253,"width":832,"height":10}},{"id":"39fbb070-345a-489a-9964-82ee7eb7f252","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":131,"box":{"x":76,"y":267,"width":891,"height":11}},{"id":"262f50fc-5fe3-4a7f-b34f-1760b84ee7e1","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":131,"box":{"x":76,"y":281,"width":874,"height":11}},{"id":"3beede5a-43fa-41c7-be7f-d9d61fd697f6","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":131,"box":{"x":76,"y":295,"width":904,"height":11}},{"id":"6dcefeee-e3c1-4703-a979-b18ce0b4854c","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":131,"box":{"x":76,"y":318,"width":875,"height":11}},{"id":"9ca7802f-5619-494f-b0e9-0f9ab8374a6d","block_type":"box","text":"cash.","page_number":131,"box":{"x":76,"y":333,"width":33,"height":8}},{"id":"e3cc75eb-2784-49fd-aa6a-596ad83c614c","block_type":"box","text":"In-Kind","page_number":131,"box":{"x":76,"y":356,"width":45,"height":8}},{"id":"0a70c117-ba68-4c78-a149-4469ff381328","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":131,"box":{"x":122,"y":356,"width":860,"height":10}},{"id":"da44476a-2f9d-4551-ba5a-af4081c1e1f8","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":131,"box":{"x":76,"y":370,"width":898,"height":11}},{"id":"8e4e0923-cca6-462b-901a-52a3eb232c7f","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":131,"box":{"x":77,"y":384,"width":851,"height":11}},{"id":"f4e634cc-3d23-4077-a334-d696370621b5","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":131,"box":{"x":76,"y":398,"width":686,"height":11}},{"id":"50a46b67-aab5-4632-bacf-24f2fab94f8a","block_type":"box","text":"Partial Cash","page_number":131,"box":{"x":76,"y":421,"width":74,"height":9}},{"id":"a35dad55-dd7c-447f-a25f-414736c33dcd","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":131,"box":{"x":152,"y":422,"width":806,"height":10}},{"id":"5de8ba2f-f2af-4f18-90b9-888de2ca7bd6","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":131,"box":{"x":76,"y":436,"width":870,"height":10}},{"id":"de3c1186-02de-4416-a5b5-a8d297e204f6","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":131,"box":{"x":77,"y":450,"width":870,"height":11}},{"id":"bd0a3cd3-2e07-4b52-981d-6b82f77c1831","block_type":"box","text":"replaces a security or other asset in the redemption basket.","page_number":131,"box":{"x":77,"y":464,"width":380,"height":11}},{"id":"2fab78e6-d2e9-4a87-b1b6-69913c88b45a","block_type":"box","text":"All Cash","page_number":131,"box":{"x":75,"y":487,"width":51,"height":9}},{"id":"09ed1ca2-e7c2-4298-8995-d593724b1d21","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":131,"box":{"x":128,"y":487,"width":833,"height":11}},{"id":"025b80a8-4039-4150-b50f-41d7c0c00c75","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":131,"box":{"x":76,"y":501,"width":869,"height":11}},{"id":"66fba974-72c8-4f57-84f7-2f9b518d3127","block_type":"box","text":"specified amount of cash.","page_number":131,"box":{"x":76,"y":516,"width":164,"height":10}},{"id":"2d3c5927-23dc-422b-89cd-bd800f4fdeda","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":131,"box":{"x":76,"y":539,"width":845,"height":11}},{"id":"ba2ceb0c-0174-48f0-b5f8-2a574a3533cb","block_type":"box","text":"information about custom baskets is provided in the Funds’ SAI.","page_number":131,"box":{"x":76,"y":553,"width":408,"height":11}},{"id":"8679dfa5-5290-4f10-bb66-392a79ed5891","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":131,"box":{"x":77,"y":576,"width":855,"height":11}},{"id":"0ff4d513-e996-41d5-ac66-99f1db8005af","block_type":"box","text":"circumstances, however, a Fund may use another transaction method (","page_number":131,"box":{"x":76,"y":590,"width":455,"height":11}},{"id":"c4de6c0c-83d1-4829-92fa-75fd81fb2cfa","block_type":"box","text":"e.g.","page_number":131,"box":{"x":532,"y":593,"width":21,"height":8}},{"id":"4e501441-eda0-4e04-893d-147c6fc6d84c","block_type":"box","text":", an in-kind Fund may transact partially or fully in cash).","page_number":131,"box":{"x":555,"y":590,"width":354,"height":11}},{"id":"4e750d35-12ce-4b0a-816f-8597c41acba4","block_type":"box","text":"Fund","page_number":131,"box":{"x":87,"y":622,"width":33,"height":8}},{"id":"ef6573bb-dad4-486c-9243-3486b4090f3c","block_type":"box","text":"In-Kind Partial All Cash","page_number":131,"box":{"x":621,"y":622,"width":296,"height":8}},{"id":"db33b537-f765-457f-b65d-d9664f5438a6","block_type":"box","text":"iShares China Large-Cap ETF","page_number":131,"box":{"x":87,"y":640,"width":185,"height":11}},{"id":"34534424-fc45-4749-ad9e-a0a68415459d","block_type":"box","text":"iShares Global Equity Factor ETF","page_number":131,"box":{"x":87,"y":658,"width":207,"height":11}},{"id":"7d59856a-3f81-4d0b-85dd-ae951d5c7b8f","block_type":"box","text":"iShares International Equity Factor ETF","page_number":131,"box":{"x":87,"y":676,"width":247,"height":11}},{"id":"e005147e-5b64-4f59-b8b7-078f2ff8e54b","block_type":"box","text":"iShares International Small-Cap Equity Factor ETF","page_number":131,"box":{"x":87,"y":694,"width":317,"height":11}},{"id":"f847dbcd-5e58-4741-a9d3-33f8d08f0389","block_type":"box","text":"iShares MSCI EAFE Growth ETF","page_number":131,"box":{"x":87,"y":712,"width":201,"height":8}},{"id":"b4216024-bf8e-4bba-89f4-bc67e6c090eb","block_type":"box","text":"iShares MSCI EAFE Min Vol Factor ETF","page_number":131,"box":{"x":87,"y":730,"width":246,"height":8}},{"id":"071f5fd1-0c34-42da-980b-466909f28bbf","block_type":"box","text":"iShares MSCI EAFE Small-Cap ETF","page_number":131,"box":{"x":87,"y":748,"width":220,"height":11}},{"id":"5d81a236-0939-4c40-b777-9bc696384246","block_type":"box","text":"iShares MSCI EAFE Value ETF","page_number":131,"box":{"x":87,"y":766,"width":189,"height":8}},{"id":"e2d0e110-c9d2-4667-ac37-49252f60fdac","block_type":"box","text":"iShares MSCI Europe Small-Cap ETF","page_number":131,"box":{"x":87,"y":784,"width":232,"height":11}},{"id":"0d03e07b-e324-4a8e-8e04-c1b2e1127b40","block_type":"box","text":"iShares MSCI Intl Momentum Factor ETF","page_number":131,"box":{"x":87,"y":802,"width":260,"height":9}},{"id":"7b744db2-7369-49d6-9d84-ff14778f3e72","block_type":"box","text":"iShares MSCI Intl Quality Factor ETF","page_number":131,"box":{"x":87,"y":820,"width":231,"height":11}},{"id":"5b539b89-a48b-48a1-8db5-b5cd83be91d1","block_type":"box","text":"iShares MSCI Intl Value Factor ETF","page_number":131,"box":{"x":87,"y":838,"width":221,"height":9}},{"id":"7b05f0ed-d451-4649-95bf-1a2121573f4a","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":131,"box":{"x":76,"y":868,"width":897,"height":11}},{"id":"a4b337ea-bf29-47b8-b68f-9ac735ddeb16","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":131,"box":{"x":76,"y":882,"width":905,"height":11}},{"id":"b784ea38-f8b6-4be5-b7ca-da6aa9cb6f1b","block_type":"box","text":"30","page_number":131,"box":{"x":521,"y":921,"width":16,"height":8}},{"id":"342c90f4-8cd0-451a-8409-0aed1e68480b","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":132,"box":{"x":76,"y":23,"width":849,"height":11}},{"id":"d1e6a613-dea1-4cfd-96d7-d08c2160849d","block_type":"box","text":"instructions or may not be executed at all.","page_number":132,"box":{"x":76,"y":37,"width":269,"height":11}},{"id":"bd78455b-a33e-4986-8ba5-e703f59c658e","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":132,"box":{"x":76,"y":61,"width":854,"height":10}},{"id":"43147ee1-d97a-4e82-bcfb-acc326a82c4d","block_type":"box","text":"redemption orders) is included in the Funds’ SAI.","page_number":132,"box":{"x":77,"y":75,"width":310,"height":10}},{"id":"e3e7464c-f9e4-4595-9b9e-476ba77c7eca","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":132,"box":{"x":76,"y":98,"width":848,"height":11}},{"id":"c36f2939-76e5-41d4-8a15-5b81b19676ca","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":132,"box":{"x":76,"y":112,"width":876,"height":11}},{"id":"53e33907-fe5d-4274-b7ce-99ea887eeea3","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":132,"box":{"x":76,"y":126,"width":894,"height":11}},{"id":"845ce521-67af-47b4-b220-24b16c6bee5d","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":132,"box":{"x":76,"y":140,"width":898,"height":11}},{"id":"db117277-db88-4e77-ae61-93354626a804","block_type":"box","text":"taken certain measures (","page_number":132,"box":{"x":76,"y":155,"width":158,"height":10}},{"id":"cf0860c9-71b9-4c0c-bd4a-5f807e695053","block_type":"box","text":"e.g.","page_number":132,"box":{"x":235,"y":157,"width":21,"height":8}},{"id":"9757b835-2f2d-40e3-aa77-920139853974","block_type":"box","text":", imposing transaction fees on purchases and redemptions of Creation Units and reserving the right to reject","page_number":132,"box":{"x":259,"y":155,"width":694,"height":10}},{"id":"0e26d04b-da4d-4a0d-96e0-efb6ab7a1669","block_type":"box","text":"purchases of Creation Units under certain circumstances) to minimize the potential consequences of frequent cash purchases and","page_number":132,"box":{"x":76,"y":169,"width":835,"height":11}},{"id":"8128b600-6106-4dbe-953b-87bdb0940e2b","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":132,"box":{"x":77,"y":183,"width":894,"height":11}},{"id":"3008d5dd-8869-4ad4-9382-c2adc320059f","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":132,"box":{"x":76,"y":197,"width":900,"height":11}},{"id":"c58e75b0-d1dd-4235-8a65-f6624a3623bb","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":132,"box":{"x":77,"y":211,"width":892,"height":11}},{"id":"5f62bcf3-294e-40c7-9aa5-9d82abcdd88b","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":132,"box":{"x":76,"y":235,"width":898,"height":10}},{"id":"c815c6e7-1aa2-4cfa-ad41-9e6610e646d8","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":132,"box":{"x":76,"y":249,"width":896,"height":11}},{"id":"178026b6-f153-443c-9c25-c2e563fbbbf1","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":132,"box":{"x":76,"y":263,"width":844,"height":11}},{"id":"4b4d9e4a-7359-4ddb-89ea-66d55f1b9ca5","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":132,"box":{"x":76,"y":277,"width":885,"height":11}},{"id":"5b9db856-c1d5-4afe-a6f3-99c5c17c2bc1","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":132,"box":{"x":76,"y":291,"width":838,"height":11}},{"id":"bd45cc74-9e97-4276-aa21-e634e70c4d85","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":132,"box":{"x":77,"y":314,"width":886,"height":11}},{"id":"8724df3e-92b6-466c-89e1-f9898d4afa35","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":132,"box":{"x":77,"y":329,"width":902,"height":10}},{"id":"af32486e-5a81-4746-b0cf-ed2948b83d0a","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":132,"box":{"x":76,"y":343,"width":868,"height":11}},{"id":"d683702b-8a2a-432a-a5c7-c24e33649b84","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":132,"box":{"x":76,"y":357,"width":901,"height":11}},{"id":"9f4f12bd-52ec-4b17-8553-c020b52be306","block_type":"box","text":"account all the relevant facts and circumstances of each particular case.","page_number":132,"box":{"x":76,"y":371,"width":464,"height":11}},{"id":"6c3f9453-0696-4699-9d10-a8a39abe679e","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":132,"box":{"x":77,"y":394,"width":868,"height":11}},{"id":"fc766704-88be-4e38-877d-faa32ed9435a","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":132,"box":{"x":76,"y":409,"width":889,"height":10}},{"id":"ceb548a2-e2e6-42d1-8ef7-d8677c98c6bc","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":132,"box":{"x":78,"y":423,"width":892,"height":11}},{"id":"43649822-fa94-4e4c-a6ed-2cebd42b18bf","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":132,"box":{"x":76,"y":437,"width":892,"height":11}},{"id":"18c2e8ec-f513-44c5-b531-a51640a0a363","block_type":"box","text":"transactions on a national securities exchange.","page_number":132,"box":{"x":76,"y":451,"width":300,"height":11}},{"id":"36f4bf41-669b-426d-a65b-0127994b0999","block_type":"box","text":"Householding","page_number":132,"box":{"x":77,"y":474,"width":95,"height":11}},{"id":"e531ea69-e745-4599-b970-97b14ae8ae1b","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":132,"box":{"x":77,"y":498,"width":903,"height":10}},{"id":"04efe6c1-acea-4d8b-a6f1-dcd41cdc9d24","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":132,"box":{"x":76,"y":512,"width":880,"height":11}},{"id":"44115944-ff42-47a7-af45-79e5c87867cc","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":132,"box":{"x":76,"y":526,"width":862,"height":11}},{"id":"caef59b2-374c-4f6d-8169-a1fcea6e68f8","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":132,"box":{"x":77,"y":540,"width":855,"height":11}},{"id":"68d130fa-c875-4311-ba83-e3bfc4ab8ab8","block_type":"box","text":"change your householding status.","page_number":132,"box":{"x":76,"y":554,"width":214,"height":11}},{"id":"d6b6e5e6-2460-41a1-aec1-717e44741c25","block_type":"box","text":"Distribution","page_number":132,"box":{"x":78,"y":583,"width":113,"height":13}},{"id":"81050716-e999-46bf-b947-e15c45980a92","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":132,"box":{"x":76,"y":612,"width":859,"height":11}},{"id":"51bb7f09-1f7a-48d0-8e26-a16818c7f61c","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":132,"box":{"x":76,"y":626,"width":857,"height":11}},{"id":"f0c7ad53-6130-439f-8503-1b261a1b9676","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":132,"box":{"x":76,"y":641,"width":824,"height":10}},{"id":"86832b4f-13f8-4157-a777-0b5506a11a76","block_type":"box","text":"BFA or its affiliates make payments to broker-dealers, registered investment advisers, banks or other intermediaries (together,","page_number":132,"box":{"x":77,"y":664,"width":808,"height":11}},{"id":"663c8067-1a10-44c8-a017-019bdeb1ce86","block_type":"box","text":"“intermediaries”) related to marketing activities and presentations, educational training programs, conferences, the development of","page_number":132,"box":{"x":76,"y":678,"width":844,"height":11}},{"id":"6402cf81-e63b-4cfd-8123-3fbc10500462","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":132,"box":{"x":76,"y":692,"width":855,"height":11}},{"id":"406853e7-cab4-434a-9280-ca7213d22d09","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":132,"box":{"x":76,"y":706,"width":871,"height":11}},{"id":"67dcb46d-8cbd-459c-8099-9dd718cc34e7","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":132,"box":{"x":77,"y":721,"width":894,"height":10}},{"id":"efb8df8f-94de-4de9-ad8e-3c5b86aecba5","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":132,"box":{"x":76,"y":735,"width":867,"height":11}},{"id":"ad19626c-af2d-436d-ae2f-5685b8d35399","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":132,"box":{"x":76,"y":749,"width":905,"height":11}},{"id":"dd656f3c-5d36-4c67-9af2-2494f59fc6ba","block_type":"box","text":"or other financial incentives the intermediary is eligible to receive. 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