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The material factors, considerations and conclusions that formed the basis for the Board, including the Ind","page_number":28,"box":{"x":40,"y":402,"width":827,"height":11}},{"id":"d4f017d6-7899-46bb-8df1-68e17032e13d","block_type":"box","text":"ependent Board","page_number":28,"box":{"x":868,"y":402,"width":89,"height":11}},{"id":"11f75fc8-3523-4462-90de-7b10f42421de","block_type":"box","text":"Members, to approve the continuance of the Advisory Agreement are discussed below.","page_number":28,"box":{"x":41,"y":416,"width":473,"height":10}},{"id":"2b7e7267-df9a-457b-939f-0fb4f40d25f4","block_type":"box","text":"Expenses and Performance of the Fund:","page_number":28,"box":{"x":41,"y":437,"width":237,"height":11}},{"id":"40adb87c-d4e7-4f7f-b188-10d9decb9104","block_type":"box","text":"The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent","page_number":28,"box":{"x":283,"y":437,"width":675,"height":11}},{"id":"c10f2804-5c51-43a6-803d-da74c6c78463","block_type":"box","text":"provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund","page_number":28,"box":{"x":41,"y":450,"width":832,"height":11}},{"id":"0b613418-7ca9-4f85-9655-2a62c2fba945","block_type":"box","text":"(s) in which the","page_number":28,"box":{"x":875,"y":450,"width":82,"height":11}},{"id":"a6e0be78-53ea-4e6d-887f-42de3212787e","block_type":"box","text":"Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, object","page_number":28,"box":{"x":41,"y":464,"width":824,"height":11}},{"id":"66a37f5f-13c2-4d1a-8c68-2417fa41316d","block_type":"box","text":"ively selected by","page_number":28,"box":{"x":865,"y":464,"width":93,"height":11}},{"id":"dcec3cf5-c13e-40d0-bd85-129c7bf607cd","block_type":"box","text":"Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Boa","page_number":28,"box":{"x":41,"y":477,"width":829,"height":11}},{"id":"0f9993cc-ec8e-4b18-a1bd-261a18fa5b5c","block_type":"box","text":"rd was provided","page_number":28,"box":{"x":872,"y":478,"width":85,"height":10}},{"id":"5b53e579-5da3-466e-9dc4-366d8cddae84","block_type":"box","text":"with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the l","page_number":28,"box":{"x":40,"y":491,"width":851,"height":11}},{"id":"70ffd9d9-221d-45d8-829f-e1203d1b4b04","block_type":"box","text":"imitations in","page_number":28,"box":{"x":893,"y":491,"width":64,"height":9}},{"id":"a2e5b663-3dc1-4b8b-82d0-a13ebe5aae4d","block_type":"box","text":"providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct c","page_number":28,"box":{"x":41,"y":504,"width":789,"height":11}},{"id":"f7a6b88a-9f75-4630-b080-b884f3df1324","block_type":"box","text":"omparisons to the Fund","page_number":28,"box":{"x":831,"y":505,"width":126,"height":10}},{"id":"d0766668-0914-4eec-9f83-f4ed354566bc","block_type":"box","text":"in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund w","page_number":28,"box":{"x":41,"y":518,"width":838,"height":11}},{"id":"af8acb80-6d38-435b-b5e3-0854efe1fd99","block_type":"box","text":"ere lower than","page_number":28,"box":{"x":880,"y":518,"width":77,"height":9}},{"id":"80201a88-d55b-480c-8f77-04150d551fdd","block_type":"box","text":"the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding i","page_number":28,"box":{"x":40,"y":532,"width":827,"height":10}},{"id":"1a199875-68fb-475f-9633-31ba8a70f28c","block_type":"box","text":"Shares funds. In","page_number":28,"box":{"x":869,"y":532,"width":88,"height":8}},{"id":"63207c43-5ae3-4923-a7d4-d4097b51156c","block_type":"box","text":"addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadrid","page_number":28,"box":{"x":40,"y":545,"width":823,"height":11}},{"id":"75a02838-1a7f-445c-8fda-c4f04e14b3e6","block_type":"box","text":"ge also provided,","page_number":28,"box":{"x":864,"y":545,"width":92,"height":11}},{"id":"e8c9a8fa-9664-482d-bc26-05587f3dc255","block_type":"box","text":"and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as ap","page_number":28,"box":{"x":40,"y":559,"width":809,"height":10}},{"id":"7f978a1f-1eb1-489f-beac-575a84569ec1","block_type":"box","text":"plicable, and for the","page_number":28,"box":{"x":851,"y":559,"width":106,"height":10}},{"id":"d8460254-2be1-49a0-a116-77010f5927b2","block_type":"box","text":"quarter ended December 31, 2025, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its speci","page_number":28,"box":{"x":40,"y":572,"width":837,"height":11}},{"id":"23c5f51e-6e0e-4931-a817-bad5847655fb","block_type":"box","text":"fied underlying","page_number":28,"box":{"x":878,"y":572,"width":79,"height":11}},{"id":"601c888c-a62d-44ec-941f-d5555b2fcd65","block_type":"box","text":"index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlyi","page_number":28,"box":{"x":41,"y":586,"width":790,"height":11}},{"id":"14b1151d-83a0-4bca-bf55-1171f25bfedd","block_type":"box","text":"ng index. Such periodic","page_number":28,"box":{"x":833,"y":586,"width":125,"height":11}},{"id":"27fca964-015f-4cba-a987-5adc2468de17","block_type":"box","text":"comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted th","page_number":28,"box":{"x":40,"y":599,"width":801,"height":11}},{"id":"12cadcd9-4e34-4656-adf1-9d3e2d1fb262","block_type":"box","text":"at the Fund generally","page_number":28,"box":{"x":843,"y":599,"width":115,"height":11}},{"id":"60dbcf02-8c50-49b2-88f8-3ae12a4e940a","block_type":"box","text":"performed in line with its underlying index over the relevant periods.","page_number":28,"box":{"x":41,"y":613,"width":368,"height":11}},{"id":"26180291-9956-4843-8882-eb1ec82b57ae","block_type":"box","text":"Based on this review, the other relevant factors and information considered at the meeting, and their general knowledge of ETF pricing, the Board conc","page_number":28,"box":{"x":41,"y":634,"width":840,"height":11}},{"id":"1bc99e51-48b1-43a6-8187-8bcd763c610b","block_type":"box","text":"luded that the","page_number":28,"box":{"x":882,"y":634,"width":75,"height":9}},{"id":"c1dec263-3bea-4113-ab81-3873f87aa70c","block_type":"box","text":"investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Adv","page_number":28,"box":{"x":41,"y":648,"width":827,"height":10}},{"id":"a1d35a54-44dd-4f52-8153-716a45dbeb3f","block_type":"box","text":"isory Agreement","page_number":28,"box":{"x":869,"y":648,"width":89,"height":10}},{"id":"c97abd47-4a2f-4110-b53d-f4fe0817aa79","block_type":"box","text":"for the coming year.","page_number":28,"box":{"x":40,"y":661,"width":108,"height":11}},{"id":"1753d80d-82d2-4482-8be1-29a61dab5bdb","block_type":"box","text":"Nature, Extent and Quality of Services Provided:","page_number":28,"box":{"x":41,"y":682,"width":287,"height":11}},{"id":"61557a58-3d32-4f24-b4fa-f73beec70259","block_type":"box","text":"Based on management’s representations, including information about ongoing enhancements and initiatives with","page_number":28,"box":{"x":334,"y":682,"width":623,"height":11}},{"id":"d58ddfda-dced-477d-a606-57984ce1a49b","block_type":"box","text":"respect to the iShares product line and platform and BFA’s business, including with respect to capital markets support and analysis, technology, por","page_number":28,"box":{"x":41,"y":696,"width":811,"height":11}},{"id":"51f35e9d-ba7d-4059-ae0f-71dc0547b223","block_type":"box","text":"tfolio management,","page_number":28,"box":{"x":852,"y":696,"width":105,"height":11}},{"id":"894c0ee8-e0ba-4451-8f50-53a38c1a398c","block_type":"box","text":"product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminu","page_number":28,"box":{"x":41,"y":710,"width":826,"height":10}},{"id":"bcb7a259-eb77-4d99-ba73-71043854da5c","block_type":"box","text":"tion in the scope","page_number":28,"box":{"x":868,"y":710,"width":89,"height":10}},{"id":"c3d75cf2-e703-4550-b8ba-2bc079fdd7f8","block_type":"box","text":"of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during","page_number":28,"box":{"x":40,"y":723,"width":852,"height":11}},{"id":"eb24199b-d6cf-48b8-bda7-d612e173f89b","block_type":"box","text":"prior years.","page_number":28,"box":{"x":897,"y":723,"width":60,"height":11}},{"id":"b26a60cd-edad-4067-9688-acf8329f7adf","block_type":"box","text":"In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have co","page_number":28,"box":{"x":41,"y":737,"width":814,"height":10}},{"id":"c8f6c051-56cb-42b0-a26d-98ba8d541067","block_type":"box","text":"mmitted significant","page_number":28,"box":{"x":856,"y":737,"width":102,"height":10}},{"id":"b426bc7a-2a09-484b-8c51-d0f13aa7d6c2","block_type":"box","text":"resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into t","page_number":28,"box":{"x":41,"y":750,"width":797,"height":11}},{"id":"1f381e2a-fea4-444d-ac8a-bec0e1df4091","block_type":"box","text":"he ETF business. The","page_number":28,"box":{"x":839,"y":750,"width":118,"height":9}},{"id":"24d58881-2da5-4cbb-ad50-d6114b648a02","block_type":"box","text":"Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant","page_number":28,"box":{"x":41,"y":764,"width":843,"height":10}},{"id":"5c9930d0-fd6a-4fa6-91bf-0a5f23073f7f","block_type":"box","text":"to regulatory","page_number":28,"box":{"x":889,"y":764,"width":69,"height":10}},{"id":"9793b6a7-0786-42ca-b901-343af349f1b9","block_type":"box","text":"requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in co","page_number":28,"box":{"x":41,"y":777,"width":844,"height":11}},{"id":"8411967c-5b79-486a-9cc5-235f13d764d5","block_type":"box","text":"nnection with","page_number":28,"box":{"x":886,"y":777,"width":71,"height":9}},{"id":"d44330d3-6a0c-4f65-8754-3f33f10239d6","block_type":"box","text":"regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant offic","page_number":28,"box":{"x":41,"y":791,"width":842,"height":11}},{"id":"016df5d5-04a7-44a5-8186-2540af8f115e","block_type":"box","text":"ers and other","page_number":28,"box":{"x":884,"y":791,"width":74,"height":8}},{"id":"f3a9643f-9956-4501-8345-8e33d2738536","block_type":"box","text":"employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background an","page_number":28,"box":{"x":40,"y":804,"width":813,"height":11}},{"id":"1b94d091-cb6b-4e11-9ac3-8c43723e6205","block_type":"box","text":"d experience of the","page_number":28,"box":{"x":854,"y":804,"width":103,"height":11}},{"id":"3df4975d-096a-4f23-b15e-09575915dc11","block_type":"box","text":"persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above","page_number":28,"box":{"x":41,"y":818,"width":830,"height":11}},{"id":"854bcba3-9e2a-49a3-afd6-56ec83a59f1b","block_type":"box","text":"considerations,","page_number":28,"box":{"x":875,"y":818,"width":81,"height":10}},{"id":"3d636e1c-1a6a-4a8a-b74c-fa9b7274d350","block_type":"box","text":"the Board reviewed and considered detailed presentations regarding the investment performance of iShares funds, investment and risk management pr","page_number":28,"box":{"x":40,"y":831,"width":847,"height":11}},{"id":"3f6d26a0-f338-45d0-9bea-abf6f95bc307","block_type":"box","text":"ocesses and","page_number":28,"box":{"x":888,"y":831,"width":69,"height":9}},{"id":"db7bcb36-f4f5-45e9-97a3-19b098dc5c76","block_type":"box","text":"strategies provided at the May 11, 2026 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other complian","page_number":28,"box":{"x":40,"y":845,"width":824,"height":11}},{"id":"c10baced-fb45-4205-b6a4-3d366b6b757b","block_type":"box","text":"ce programs and","page_number":28,"box":{"x":866,"y":845,"width":91,"height":11}},{"id":"8b373b8c-f294-4984-bdb6-387d8a95a9df","block_type":"box","text":"services, as well as BlackRock’s continued investments in its ETF business and ETF platform.","page_number":28,"box":{"x":40,"y":858,"width":514,"height":11}},{"id":"b5ea11ae-bdc0-4214-b293-0c40028ac3b8","block_type":"box","text":"Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of serv","page_number":28,"box":{"x":41,"y":880,"width":810,"height":10}},{"id":"d425952c-e843-431a-9b55-2211d673987d","block_type":"box","text":"ices provided to the","page_number":28,"box":{"x":852,"y":880,"width":105,"height":10}},{"id":"a4fe845e-cef9-44c4-ba4e-0c471820beb3","block_type":"box","text":"Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.","page_number":28,"box":{"x":41,"y":893,"width":737,"height":11}},{"id":"0689e6d5-88b8-4170-9d9d-cd103fd937a4","block_type":"box","text":"Board Review and Approval of Investment Advisory Contract","page_number":28,"box":{"x":41,"y":39,"width":514,"height":16}},{"id":"a8c2d5bd-239f-4ec9-a8b4-f15e09aed421","block_type":"box","text":"B","page_number":28,"box":{"x":41,"y":966,"width":6,"height":7}},{"id":"44a7363b-5f07-4096-a7a2-2277d7f52cee","block_type":"box","text":"OARD","page_number":28,"box":{"x":52,"y":968,"width":33,"height":6}},{"id":"1a182428-d533-4920-b368-14aa5016cde4","block_type":"box","text":"R","page_number":28,"box":{"x":97,"y":966,"width":7,"height":7}},{"id":"e93c2a15-220f-40d5-b7ad-fd7cb6cb46ed","block_type":"box","text":"EVIEW AND","page_number":28,"box":{"x":109,"y":968,"width":74,"height":5}},{"id":"ef2f81cb-9975-463f-b23d-fe11ee96babe","block_type":"box","text":"A","page_number":28,"box":{"x":194,"y":966,"width":7,"height":7}},{"id":"c3b72f09-1758-46a5-904c-bbf5433c6179","block_type":"box","text":"PPROVAL OF","page_number":28,"box":{"x":206,"y":968,"width":84,"height":6}},{"id":"05259a40-47be-4dc1-bf7e-4f051f9a4a79","block_type":"box","text":"I","page_number":28,"box":{"x":302,"y":966,"width":1,"height":7}},{"id":"c5ba1600-c591-4183-8d3d-ad7eeae46797","block_type":"box","text":"NVESTMENT","page_number":28,"box":{"x":309,"y":968,"width":78,"height":6}},{"id":"fade6d10-f481-4ff8-93d0-ad3f188f9201","block_type":"box","text":"A","page_number":28,"box":{"x":397,"y":966,"width":8,"height":7}},{"id":"fa9be5f5-90ef-420b-8266-cd12878f11b3","block_type":"box","text":"DVISORY","page_number":28,"box":{"x":409,"y":968,"width":58,"height":6}},{"id":"da506a85-4b7d-4cff-ab6a-2ac495ead892","block_type":"box","text":"C","page_number":28,"box":{"x":478,"y":966,"width":7,"height":8}},{"id":"7f5f8b61-cfb3-4ce3-84a5-954db7a8ce77","block_type":"box","text":"ONTRACT","page_number":28,"box":{"x":490,"y":968,"width":60,"height":6}},{"id":"755f2c17-9608-4f5b-a207-3700e3262127","block_type":"box","text":"28","page_number":28,"box":{"x":942,"y":965,"width":14,"height":9}},{"id":"779fdc44-6c6a-4248-b476-ce740a6f4dbd","block_type":"box","text":"BNM1026U-6054792-19277011","page_number":28,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"32eccfb3-6ffd-4a92-bd69-b20089c5fa3f","block_type":"box","text":"Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates:","page_number":29,"box":{"x":40,"y":81,"width":493,"height":11}},{"id":"3b0a90e3-5336-4490-b8cf-975bad94243c","block_type":"box","text":"The Board reviewed information about the estimated profitability to BlackRock","page_number":29,"box":{"x":537,"y":81,"width":421,"height":11}},{"id":"423b5919-5394-4539-9133-e894837f94fa","block_type":"box","text":"in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue an","page_number":29,"box":{"x":41,"y":95,"width":820,"height":10}},{"id":"5fbbd90c-7bf4-4230-8f7c-59d358e3bb47","block_type":"box","text":"d expense to BFA","page_number":29,"box":{"x":863,"y":95,"width":95,"height":10}},{"id":"d2fad853-0e08-4bcf-8ba9-33093d089919","block_type":"box","text":"and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated prof","page_number":29,"box":{"x":40,"y":108,"width":800,"height":11}},{"id":"22d734d9-d163-4e2d-a512-61d3dbb667a2","block_type":"box","text":"itability of the iShares","page_number":29,"box":{"x":841,"y":108,"width":116,"height":11}},{"id":"92da0269-5599-4f89-864b-ce5f05ec0f7e","block_type":"box","text":"funds, noting that the 15(c) Committee and the Board had focused on the methodology (including refinements to the methodology from prior years) and pr","page_number":29,"box":{"x":40,"y":122,"width":869,"height":10}},{"id":"0eab6fad-b84d-4733-8695-05f8fb1a5fb1","block_type":"box","text":"ofitability","page_number":29,"box":{"x":910,"y":122,"width":47,"height":10}},{"id":"f53f5f8f-c283-4ae6-ad7f-654f89a9e645","block_type":"box","text":"presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the ty","page_number":29,"box":{"x":41,"y":135,"width":793,"height":11}},{"id":"2812a0c5-1290-4525-b3ff-523ad1351ae4","block_type":"box","text":"pes of funds managed,","page_number":29,"box":{"x":835,"y":135,"width":121,"height":11}},{"id":"781685d1-7fc4-41d3-a889-0b78919dd350","block_type":"box","text":"expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challeng","page_number":29,"box":{"x":40,"y":149,"width":779,"height":11}},{"id":"2c369a87-2e91-4572-95c5-058ed489806a","block_type":"box","text":"ing. The Board discussed","page_number":29,"box":{"x":821,"y":149,"width":136,"height":11}},{"id":"3c9f439f-9c74-4750-a389-c292c41e3ece","block_type":"box","text":"with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fun","page_number":29,"box":{"x":40,"y":162,"width":819,"height":11}},{"id":"f3b0e89a-1804-46bb-a621-0e8f9dec1c76","block_type":"box","text":"d. The Board also","page_number":29,"box":{"x":860,"y":162,"width":97,"height":9}},{"id":"66f473b3-f1c3-4918-ada3-77f6744e78bd","block_type":"box","text":"discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies","page_number":29,"box":{"x":40,"y":176,"width":790,"height":11}},{"id":"5f675bef-3f2a-40de-bd14-cb87200531b2","block_type":"box","text":"of scale (as discussed","page_number":29,"box":{"x":835,"y":176,"width":122,"height":11}},{"id":"c38722c2-69b9-4d73-80b2-306953cd57e4","block_type":"box","text":"below).","page_number":29,"box":{"x":41,"y":189,"width":38,"height":11}},{"id":"3410a6b6-a4ed-4390-8a9a-a055afd2a6a5","block_type":"box","text":"Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advi","page_number":29,"box":{"x":41,"y":211,"width":805,"height":10}},{"id":"d416e9b9-969a-40af-b5c2-754894aeb007","block_type":"box","text":"sory Agreement and","page_number":29,"box":{"x":847,"y":211,"width":110,"height":10}},{"id":"69f8f271-bc37-4dc9-9126-b66b41a76593","block_type":"box","text":"from other relationships between the Fund and BFA and/or its affiliates, if any, and related costs of the services provided as well as the other factors","page_number":29,"box":{"x":40,"y":224,"width":817,"height":11}},{"id":"631d77ad-a548-4fec-9297-616ced12a68a","block_type":"box","text":"considered at the","page_number":29,"box":{"x":862,"y":224,"width":95,"height":9}},{"id":"5139923a-8d67-49d9-a031-b63838b57a6a","block_type":"box","text":"meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.","page_number":29,"box":{"x":41,"y":238,"width":586,"height":10}},{"id":"b3ed159c-9c55-4602-a8f2-927b32bb7fa4","block_type":"box","text":"Economies of Scale:","page_number":29,"box":{"x":41,"y":259,"width":118,"height":8}},{"id":"c5cf8cf3-9f5e-43b3-8ffb-be2ff81e1479","block_type":"box","text":"The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting","page_number":29,"box":{"x":163,"y":259,"width":794,"height":11}},{"id":"a5fef564-c3e9-4d90-bb03-8a60081193c9","block_type":"box","text":"that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by managemen","page_number":29,"box":{"x":40,"y":272,"width":855,"height":11}},{"id":"ad10816f-4eb4-4cfb-8418-89dba2dd8492","block_type":"box","text":"t. The 15(c)","page_number":29,"box":{"x":896,"y":272,"width":61,"height":11}},{"id":"d188b2e0-531a-4c2c-ab4c-0190a7c20d8e","block_type":"box","text":"Committee and the Board received information regarding BlackRock’s historical estimated profitability (as discussed above), including BFA’s and","page_number":29,"box":{"x":40,"y":286,"width":792,"height":11}},{"id":"aa0d2ea0-18a1-46cc-b10b-86487aaf66c1","block_type":"box","text":"its affiliates’ estimated","page_number":29,"box":{"x":837,"y":286,"width":120,"height":9}},{"id":"a442712d-d70c-4808-add1-9f98044fad66","block_type":"box","text":"costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the","page_number":29,"box":{"x":40,"y":299,"width":812,"height":11}},{"id":"97055f32-df9d-4353-8499-ba46ac1fcb26","block_type":"box","text":"level and nature of","page_number":29,"box":{"x":857,"y":299,"width":101,"height":9}},{"id":"2970935d-4daa-41a1-8fe6-68393c09c599","block_type":"box","text":"fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficul","page_number":29,"box":{"x":40,"y":313,"width":790,"height":11}},{"id":"97f80634-106d-4189-be96-0c409c2e0015","block_type":"box","text":"t to measure. The 15(c)","page_number":29,"box":{"x":831,"y":313,"width":126,"height":11}},{"id":"49302ffe-695a-457c-946c-bb9446670085","block_type":"box","text":"Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, in","page_number":29,"box":{"x":40,"y":327,"width":857,"height":10}},{"id":"d0982323-ee4d-4e24-8cf0-24fdded9ad66","block_type":"box","text":"cluding, as","page_number":29,"box":{"x":898,"y":327,"width":59,"height":10}},{"id":"2e35fbac-a57e-49fe-b6f8-a0bd8e4053a8","block_type":"box","text":"applicable, through breakpoints, waivers, or other fee reductions, as well as through additional investment in the ETF business by BFA and its affili","page_number":29,"box":{"x":40,"y":340,"width":836,"height":11}},{"id":"cfb46fd9-5463-4e11-b14d-63c485f69e56","block_type":"box","text":"ates, including","page_number":29,"box":{"x":877,"y":340,"width":80,"height":11}},{"id":"225bd685-2253-4aad-9896-054992fe99d6","block_type":"box","text":"enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders to further improve product qu","page_number":29,"box":{"x":40,"y":354,"width":816,"height":10}},{"id":"0b983e6e-a2ce-4ef3-9f01-29646f8d8118","block_type":"box","text":"ality, enhance and","page_number":29,"box":{"x":857,"y":354,"width":100,"height":11}},{"id":"9e16f2d5-6d51-4b15-afe6-9a8aacc540e1","block_type":"box","text":"strengthen the ETF ecosystem and the ETF platform and to pursue continual advancement of the overall investor experience. With respect to applicable","page_number":29,"box":{"x":40,"y":367,"width":828,"height":11}},{"id":"d66ad07d-f7ee-4048-b7be-2e4e37035438","block_type":"box","text":"funds, the 15(c)","page_number":29,"box":{"x":872,"y":367,"width":85,"height":11}},{"id":"5b02c472-c3d2-4a29-9cfc-178aa74370af","block_type":"box","text":"Committee and the Board reviewed information with respect to management fees having been set at levels that anticipate scale over time. In addition, t","page_number":29,"box":{"x":40,"y":381,"width":810,"height":11}},{"id":"489f5028-b37f-459d-8520-463fe42f79ab","block_type":"box","text":"he 15(c) Committee","page_number":29,"box":{"x":851,"y":381,"width":106,"height":11}},{"id":"4d033219-d413-4a10-936a-cd94d224e233","block_type":"box","text":"and the Board reviewed information with respect to certain benefits to iShares funds’ shareholders as a result of BlackRock’s overall size and global","page_number":29,"box":{"x":40,"y":394,"width":804,"height":11}},{"id":"291f2e7c-a117-4643-bbd5-7d037f5ef9cd","block_type":"box","text":"platform. The Board","page_number":29,"box":{"x":849,"y":394,"width":108,"height":11}},{"id":"41af16d4-0189-4888-8abf-157f94cf7299","block_type":"box","text":"noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund incre","page_number":29,"box":{"x":41,"y":408,"width":818,"height":11}},{"id":"e691c80a-4771-49d5-a686-0b66c36f1a13","block_type":"box","text":"ase. However, the","page_number":29,"box":{"x":860,"y":408,"width":97,"height":10}},{"id":"502ff95e-a5c0-4a6e-8090-d1360477c5a5","block_type":"box","text":"Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.","page_number":29,"box":{"x":41,"y":421,"width":548,"height":11}},{"id":"8e6bf15f-3840-4ba5-b32b-9627fb598ede","block_type":"box","text":"The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the","page_number":29,"box":{"x":40,"y":443,"width":808,"height":10}},{"id":"9a9c1e38-b1de-4c59-be37-115590a6e36a","block_type":"box","text":"meeting, supported","page_number":29,"box":{"x":853,"y":443,"width":104,"height":10}},{"id":"ee712544-eede-479a-9566-ead78a3481b4","block_type":"box","text":"the Board’s approval of the continuance of the Advisory Agreement for the coming year.","page_number":29,"box":{"x":40,"y":456,"width":478,"height":11}},{"id":"20ae179c-a2ac-44c2-ad13-0c0272ea4ad8","block_type":"box","text":"Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates:","page_number":29,"box":{"x":41,"y":477,"width":597,"height":11}},{"id":"c0ad6a80-ae0b-4274-a4d5-2ce2a4afc801","block_type":"box","text":"The Board received and considered information regarding","page_number":29,"box":{"x":642,"y":477,"width":315,"height":11}},{"id":"2b8605c5-e540-49a0-9e7b-9dc3d05c92bf","block_type":"box","text":"the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/m","page_number":29,"box":{"x":40,"y":491,"width":802,"height":11}},{"id":"85199d33-5817-4ac7-bdef-a56ff45fd351","block_type":"box","text":"anagement services,","page_number":29,"box":{"x":844,"y":491,"width":113,"height":11}},{"id":"4057a5e0-e25d-4421-a5b5-e353d03e6ed0","block_type":"box","text":"including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts","page_number":29,"box":{"x":41,"y":504,"width":786,"height":11}},{"id":"9452b36b-c83b-4ebd-87da-02a19bc49393","block_type":"box","text":"(collectively, the “Other","page_number":29,"box":{"x":832,"y":504,"width":126,"height":11}},{"id":"1fcc94f9-6c76-454a-95c9-caa95a92ae4c","block_type":"box","text":"Accounts”).","page_number":29,"box":{"x":40,"y":518,"width":61,"height":11}},{"id":"7cd7e45d-175a-43b4-9549-a63d4a644afb","block_type":"box","text":"The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services a","page_number":29,"box":{"x":40,"y":539,"width":818,"height":11}},{"id":"9f679862-a632-446d-a5cb-2eb436adbd24","block_type":"box","text":"nd generally more","page_number":29,"box":{"x":859,"y":539,"width":98,"height":11}},{"id":"5f0817e9-15f6-4cff-a575-eb76b4810cfe","block_type":"box","text":"extensive character and scope of services provided to the Fund, as well as other significant differences. In that regard, the Board considered that th","page_number":29,"box":{"x":40,"y":553,"width":795,"height":11}},{"id":"9bdc9ce3-0891-4ce7-a2ff-aec942bb4165","block_type":"box","text":"e pricing of services to","page_number":29,"box":{"x":837,"y":553,"width":120,"height":11}},{"id":"44e3b99b-e670-4d05-a650-09b111bc939f","block_type":"box","text":"institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends o","page_number":29,"box":{"x":41,"y":566,"width":846,"height":11}},{"id":"0766c330-e43a-4cac-8bea-47492f1ac9e0","block_type":"box","text":"n the overall","page_number":29,"box":{"x":888,"y":566,"width":69,"height":9}},{"id":"741f8584-59a2-4bb4-96ec-570b42b7451f","block_type":"box","text":"relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and","page_number":29,"box":{"x":41,"y":580,"width":754,"height":11}},{"id":"e702e3d8-5ba8-46ea-9ca7-5543bd74993e","block_type":"box","text":"inherent risks and challenges","page_number":29,"box":{"x":800,"y":580,"width":157,"height":11}},{"id":"2877e56c-bde8-43cc-a6aa-6cdf2cd6f6e8","block_type":"box","text":"of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those t","page_number":29,"box":{"x":40,"y":593,"width":814,"height":11}},{"id":"95be0799-86f8-4e71-a32d-cd4d545757eb","block_type":"box","text":"hat are institutional","page_number":29,"box":{"x":855,"y":594,"width":102,"height":8}},{"id":"d7174fce-9263-4c5c-952a-aac303695a78","block_type":"box","text":"clients, in light of differing regulatory requirements and client-imposed mandates. The Board acknowledged BFA’s representation that the iShares","page_number":29,"box":{"x":40,"y":607,"width":783,"height":11}},{"id":"e4dacd6a-06ba-4b0c-8c05-be03c8aeed79","block_type":"box","text":"funds are fundamentally","page_number":29,"box":{"x":827,"y":607,"width":131,"height":11}},{"id":"8cfdd6e4-8e44-4f32-9494-bcff70708809","block_type":"box","text":"different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information prov","page_number":29,"box":{"x":40,"y":620,"width":771,"height":11}},{"id":"ace0b4d9-d9fa-44be-aabc-8eef3a4fd059","block_type":"box","text":"ided. The Board noted that","page_number":29,"box":{"x":812,"y":621,"width":146,"height":8}},{"id":"e934e280-3f80-41c9-9dbc-ed6f3fab4cc1","block_type":"box","text":"BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same in","page_number":29,"box":{"x":41,"y":634,"width":825,"height":11}},{"id":"77c3e632-f745-42c1-beda-522f179dcaa3","block_type":"box","text":"dex as the Fund.","page_number":29,"box":{"x":867,"y":634,"width":90,"height":9}},{"id":"e166b69f-fb50-4359-a922-169ac20ae7f0","block_type":"box","text":"The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched a","page_number":29,"box":{"x":40,"y":655,"width":816,"height":11}},{"id":"63080ee2-270b-4a0a-8ee2-fc76dbed4c15","block_type":"box","text":"n iShares fund that","page_number":29,"box":{"x":857,"y":655,"width":101,"height":9}},{"id":"c943122c-f9ab-4ed8-a27e-c179f23c0bc2","block_type":"box","text":"may provide a similar investment exposure at a lower investment advisory fee rate.","page_number":29,"box":{"x":41,"y":669,"width":452,"height":11}},{"id":"c8f420c0-f878-46cd-8261-12bc523124ca","block_type":"box","text":"The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and","page_number":29,"box":{"x":40,"y":690,"width":837,"height":11}},{"id":"d8a95e22-7bf5-4388-b9ab-f46cecd089d5","block_type":"box","text":"noted that the","page_number":29,"box":{"x":882,"y":690,"width":75,"height":9}},{"id":"237c17a4-66c6-4e8b-a17c-691bb5e02090","block_type":"box","text":"investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for ce","page_number":29,"box":{"x":41,"y":704,"width":824,"height":11}},{"id":"0a567b05-f28d-44aa-8935-f262d8182750","block_type":"box","text":"rtain of the Other","page_number":29,"box":{"x":867,"y":704,"width":91,"height":8}},{"id":"8b2717be-7f48-4eb4-b6dd-f724c41193bd","block_type":"box","text":"Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.","page_number":29,"box":{"x":40,"y":717,"width":713,"height":11}},{"id":"6dbc9a50-1934-4daf-9f29-3cbd8a8ac833","block_type":"box","text":"Other Benefits to BFA and/or its Affiliates:","page_number":29,"box":{"x":40,"y":738,"width":246,"height":9}},{"id":"49affb2a-1958-4509-925b-457738a687ff","block_type":"box","text":"The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services","page_number":29,"box":{"x":291,"y":738,"width":666,"height":11}},{"id":"f60effc2-a12b-4f73-99a3-933c3532422a","block_type":"box","text":"provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, fo","page_number":29,"box":{"x":41,"y":752,"width":821,"height":11}},{"id":"f9dd248b-2778-4969-afa4-c960b12f0ee8","block_type":"box","text":"r loaning portfolio","page_number":29,"box":{"x":863,"y":752,"width":94,"height":11}},{"id":"1366a321-f954-4935-88d4-14942a16b880","block_type":"box","text":"securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), a","page_number":29,"box":{"x":40,"y":766,"width":790,"height":10}},{"id":"718ed421-11ad-4c65-96b2-ce2d2f4cd728","block_type":"box","text":"nd payment of advisory","page_number":29,"box":{"x":832,"y":766,"width":126,"height":10}},{"id":"5da39ffe-4fb7-48e3-b13c-08a7484054d8","block_type":"box","text":"fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds (including cash sweep vehicles) for which BFA","page_number":29,"box":{"x":40,"y":779,"width":830,"height":11}},{"id":"7abe0ccf-8f97-4780-ba10-7521ab8648dc","block_type":"box","text":"(or its affiliates)","page_number":29,"box":{"x":874,"y":779,"width":83,"height":11}},{"id":"12f9f35c-2a76-481e-b7be-20e17253bb77","block_type":"box","text":"provides investment advisory services or other services. The Board further considered other direct benefits that might accrue to BFA, including act","page_number":29,"box":{"x":41,"y":793,"width":823,"height":10}},{"id":"8318398d-2759-4e1e-a3b0-df3901b05a91","block_type":"box","text":"ual and potential","page_number":29,"box":{"x":865,"y":793,"width":92,"height":10}},{"id":"12b9d3f6-83e4-4914-9aa5-78f7f08840a2","block_type":"box","text":"reductions in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s","page_number":29,"box":{"x":41,"y":806,"width":853,"height":11}},{"id":"528b0fd8-f065-41bf-9100-ef29e6e18d06","block_type":"box","text":"investment","page_number":29,"box":{"x":899,"y":806,"width":59,"height":9}},{"id":"6c8dacfc-8117-47ee-b699-a055cc346b04","block_type":"box","text":"operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed","page_number":29,"box":{"x":40,"y":820,"width":830,"height":11}},{"id":"8c9253b7-d638-4d82-9f3f-ebcf49af3456","block_type":"box","text":"and considered","page_number":29,"box":{"x":874,"y":820,"width":83,"height":8}},{"id":"03ece8de-cbb6-42fd-8df6-f6ae8c212bd9","block_type":"box","text":"information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investment","page_number":29,"box":{"x":41,"y":833,"width":812,"height":11}},{"id":"05d3aff6-7683-4cc6-b296-92f698b95831","block_type":"box","text":"s, LLC (“BRIL”), an","page_number":29,"box":{"x":854,"y":833,"width":103,"height":11}},{"id":"85d9b22f-7463-436f-94e7-3d1eaf9aa0c8","block_type":"box","text":"affiliate of BFA, and paid for by authorized participants under the ETF Solutions Platform. The Board also noted the revenue received by BFA and/or its","page_number":29,"box":{"x":40,"y":847,"width":817,"height":11}},{"id":"11d0ca23-5d2b-4458-97a3-23a5ba797c44","block_type":"box","text":"affiliates pursuant","page_number":29,"box":{"x":862,"y":847,"width":96,"height":10}},{"id":"214ae36d-c1c0-4336-bf08-afb85ed83757","block_type":"box","text":"to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or i","page_number":29,"box":{"x":40,"y":860,"width":854,"height":11}},{"id":"bbc0b8b2-1bf6-467c-b7a1-8da798f79c56","block_type":"box","text":"ts affiliates,","page_number":29,"box":{"x":895,"y":860,"width":62,"height":10}},{"id":"e90c670e-7d83-4092-881e-162a9122c536","block_type":"box","text":"including the iShares funds. The Board further noted that certain index providers pay a fee or reimburse a portion of the costs of BFA and/or its affilia","page_number":29,"box":{"x":41,"y":874,"width":843,"height":11}},{"id":"6b212f16-5fd9-46f2-b361-4ba9598fc3d6","block_type":"box","text":"tes of certain","page_number":29,"box":{"x":884,"y":874,"width":73,"height":8}},{"id":"6196c6bc-1168-4cfc-9fc1-33a6ccbc1cbe","block_type":"box","text":"co-marketing activities that promote products and strategic initiatives that incorporate the index providers’ logos and branding. 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The Board also considered other indirect and intangible benefits to BlackRock as a result of its advisory relationships with the Fund, inclu","page_number":30,"box":{"x":40,"y":81,"width":795,"height":11}},{"id":"008f19ac-2f52-4e00-aa76-590a33e60043","block_type":"box","text":"ding without limitation,","page_number":30,"box":{"x":837,"y":81,"width":120,"height":11}},{"id":"2080c600-4aa5-4452-95b5-fb679ee595d1","block_type":"box","text":"BlackRock’s potential benefits to its profile and standing in the investment community as a result of providing investment advisory services to the i","page_number":30,"box":{"x":41,"y":95,"width":795,"height":10}},{"id":"0cd996b1-e3b7-44e0-9be4-fb62be4c74e5","block_type":"box","text":"Shares funds.","page_number":30,"box":{"x":838,"y":95,"width":75,"height":8}},{"id":"1cdac880-b1d4-4e0f-af5d-45f4a457bae5","block_type":"box","text":"The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with resp","page_number":30,"box":{"x":40,"y":116,"width":864,"height":11}},{"id":"1b07c5d6-f4e2-4468-b22d-d3f10e337e3f","block_type":"box","text":"ect to the","page_number":30,"box":{"x":905,"y":116,"width":52,"height":8}},{"id":"2d2e283a-f0fc-4d45-8ffb-2875589e42d7","block_type":"box","text":"appropriateness of approving the continuance of the Advisory Agreement for the coming year.","page_number":30,"box":{"x":40,"y":129,"width":511,"height":11}},{"id":"3f7832d9-c7dc-4a43-87ca-1075a3074c98","block_type":"box","text":"Conclusion:","page_number":30,"box":{"x":40,"y":151,"width":70,"height":8}},{"id":"a7f1a4d2-d43a-4b79-857c-e046eef3771f","block_type":"box","text":"Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the","page_number":30,"box":{"x":117,"y":151,"width":840,"height":10}},{"id":"433c1d23-0bba-46a7-a320-5be33a04a595","block_type":"box","text":"Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so d","page_number":30,"box":{"x":41,"y":164,"width":825,"height":11}},{"id":"7e7b3e50-5d4c-4910-8e35-933cc74cee58","block_type":"box","text":"isproportionately","page_number":30,"box":{"x":868,"y":164,"width":90,"height":11}},{"id":"02d76017-712a-483d-9467-b8fe716a734d","block_type":"box","text":"large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and conclude","page_number":30,"box":{"x":41,"y":178,"width":826,"height":11}},{"id":"e9873076-6016-42f4-b016-a56633151646","block_type":"box","text":"d to approve the","page_number":30,"box":{"x":868,"y":178,"width":89,"height":10}},{"id":"dc561807-5e4a-41e3-ae0c-cbfd777c87b3","block_type":"box","text":"continuance of the Advisory Agreement for the coming year.","page_number":30,"box":{"x":40,"y":191,"width":326,"height":11}},{"id":"ad48ba3b-9ce8-47be-8cdd-68cc8e45e71a","block_type":"box","text":"iShares Investment Grade Systematic Bond ETF (the “Fund”)","page_number":30,"box":{"x":41,"y":212,"width":356,"height":11}},{"id":"eaef52de-df8b-489b-aa36-bc409fe6dbec","block_type":"box","text":"Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust's Board of Trustees (the “Board”), including a majority of Board M","page_number":30,"box":{"x":41,"y":234,"width":827,"height":11}},{"id":"93c6626d-3135-41ef-b459-5b7c5c70be4e","block_type":"box","text":"embers who are","page_number":30,"box":{"x":870,"y":234,"width":87,"height":8}},{"id":"31754dea-c4c8-4fd0-b4f4-9da779919c88","block_type":"box","text":"not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the","page_number":30,"box":{"x":41,"y":247,"width":829,"height":11}},{"id":"43d1ef51-a0f8-43a7-9856-75bbba092999","block_type":"box","text":"approval of the","page_number":30,"box":{"x":875,"y":247,"width":82,"height":11}},{"id":"f8461985-0f31-4a77-b66b-04ce55eb4eea","block_type":"box","text":"Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-l","page_number":30,"box":{"x":41,"y":261,"width":847,"height":11}},{"id":"e00ea366-5538-4886-90a6-146e2c34f348","block_type":"box","text":"ong process","page_number":30,"box":{"x":890,"y":263,"width":67,"height":9}},{"id":"40a0c2cb-26ba-4437-a32e-7ab192c3f85e","block_type":"box","text":"whereby the Board and its committees (composed solely of Independent Board Members) assess the services of BFA and its affiliates to the Fund, includi","page_number":30,"box":{"x":40,"y":274,"width":839,"height":11}},{"id":"1edc09c7-d08b-484f-b129-025298cb8a51","block_type":"box","text":"ng investment","page_number":30,"box":{"x":881,"y":274,"width":77,"height":11}},{"id":"adcd146a-1510-4efe-9319-176a2e0efe9f","block_type":"box","text":"management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight;","page_number":30,"box":{"x":41,"y":288,"width":832,"height":11}},{"id":"fcc683f7-8bd8-409b-8ee2-49efcd2f276a","block_type":"box","text":"and legal and","page_number":30,"box":{"x":880,"y":288,"width":77,"height":11}},{"id":"2b0b8179-7cfa-4c9f-bf8c-a997e8ddb1fc","block_type":"box","text":"compliance services; including the ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA","page_number":30,"box":{"x":40,"y":302,"width":833,"height":10}},{"id":"705a6d12-fe15-4583-bd24-146b6b9e5f1d","block_type":"box","text":"provided, such","page_number":30,"box":{"x":877,"y":302,"width":80,"height":10}},{"id":"71e799ec-2829-4021-b46c-31ba8fd4fa6a","block_type":"box","text":"information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreemen","page_number":30,"box":{"x":41,"y":315,"width":841,"height":11}},{"id":"b628abba-f9f3-424e-8d92-a246645fe881","block_type":"box","text":"t. At meetings","page_number":30,"box":{"x":883,"y":315,"width":74,"height":11}},{"id":"09259146-82b1-4a32-935e-999daf6387ff","block_type":"box","text":"held on May 11, 2026 and May 21, 2026, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, m","page_number":30,"box":{"x":41,"y":328,"width":880,"height":11}},{"id":"3351317f-2077-4add-bbaf-ae0861c03abb","block_type":"box","text":"et with","page_number":30,"box":{"x":922,"y":329,"width":35,"height":8}},{"id":"2846ca8b-2bcc-4209-9e62-5bc07227523d","block_type":"box","text":"management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel. P","page_number":30,"box":{"x":41,"y":342,"width":844,"height":11}},{"id":"f401849a-0576-489f-8c81-87702b101ba8","block_type":"box","text":"rior to and in","page_number":30,"box":{"x":887,"y":342,"width":70,"height":9}},{"id":"ae85e1c7-e28d-482b-a2bf-1d0dde6b51cc","block_type":"box","text":"preparation for the meetings, the Board received and reviewed materials specifically relating to matters relevant to the renewal of the Advisory Agr","page_number":30,"box":{"x":41,"y":356,"width":815,"height":10}},{"id":"f2c2358c-fa06-4a1a-8e3f-20b2ac7ccf85","block_type":"box","text":"eement. Following","page_number":30,"box":{"x":857,"y":356,"width":100,"height":10}},{"id":"d6fbe132-8226-4df7-84a8-1f0749325261","block_type":"box","text":"discussion, the 15(c) Committee subsequently requested certain additional information, which management agreed to provide. At a meeting held on Ju","page_number":30,"box":{"x":40,"y":369,"width":812,"height":11}},{"id":"c507d11a-7bca-4efb-90a8-4c89f9b2e4e8","block_type":"box","text":"ne 10-11, 2026, the","page_number":30,"box":{"x":854,"y":369,"width":103,"height":10}},{"id":"7b59cde3-c46b-4654-9ff4-85476b0f0568","block_type":"box","text":"Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.","page_number":30,"box":{"x":41,"y":383,"width":783,"height":11}},{"id":"72f7cf26-c847-4f6e-8ff5-364a7e28701c","block_type":"box","text":"After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory","page_number":30,"box":{"x":40,"y":404,"width":815,"height":11}},{"id":"5bbbcb94-1010-4344-ad3a-e025efc438c2","block_type":"box","text":"Agreement for the","page_number":30,"box":{"x":858,"y":404,"width":99,"height":11}},{"id":"8423099c-2e5b-46d5-a977-405f2b95fc63","block_type":"box","text":"Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted","page_number":30,"box":{"x":41,"y":417,"width":835,"height":11}},{"id":"e44712de-f598-4f0f-9134-6be7fd99a12a","block_type":"box","text":"its satisfaction","page_number":30,"box":{"x":881,"y":417,"width":76,"height":9}},{"id":"dcce244e-c4c0-4cbe-9972-10e1b983d890","block_type":"box","text":"with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other inform","page_number":30,"box":{"x":40,"y":431,"width":794,"height":11}},{"id":"1f4c4170-fdaa-4f6b-8f15-75bb5fbbb1a2","block_type":"box","text":"ation provided by BFA.","page_number":30,"box":{"x":836,"y":431,"width":121,"height":11}},{"id":"2885d2cd-2c60-47cd-9861-6dbf94111e15","block_type":"box","text":"The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to t","page_number":30,"box":{"x":40,"y":445,"width":840,"height":10}},{"id":"545cf72f-6309-4640-84a7-a5ae44a1651b","block_type":"box","text":"heir review. In","page_number":30,"box":{"x":881,"y":445,"width":76,"height":8}},{"id":"2745bc63-f537-461b-ad02-c97ff104586f","block_type":"box","text":"approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, i","page_number":30,"box":{"x":40,"y":458,"width":831,"height":11}},{"id":"1f341ae0-6404-4b56-89ed-d5c8bf175d9d","block_type":"box","text":"ncluding: (i) the","page_number":30,"box":{"x":873,"y":458,"width":84,"height":11}},{"id":"11a445cb-f99b-4c25-aaa6-a5351635a63e","block_type":"box","text":"expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fu","page_number":30,"box":{"x":40,"y":472,"width":797,"height":10}},{"id":"7ecf5f7e-e845-4aa5-9e37-40a192ff7276","block_type":"box","text":"nd and profits realized","page_number":30,"box":{"x":839,"y":472,"width":118,"height":10}},{"id":"3b926963-6174-4f31-ba36-35cdf1aab8fe","block_type":"box","text":"by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparab","page_number":30,"box":{"x":41,"y":485,"width":819,"height":11}},{"id":"f3438b1b-4c4b-445f-9e0c-94f680fb1a9d","block_type":"box","text":"le funds/accounts","page_number":30,"box":{"x":861,"y":485,"width":96,"height":9}},{"id":"7b7b4b26-9832-4210-9523-fb9da194d552","block_type":"box","text":"managed by BFA and its affiliates if any; and (vi) other benefits to BFA and/or its affiliates.","page_number":30,"box":{"x":41,"y":499,"width":487,"height":11}},{"id":"7d438cc6-7989-46af-8ade-db2744ea5469","block_type":"box","text":"The Board Members did not identify any particular information or any single factor as determinative, and each Board Member may have attributed differ","page_number":30,"box":{"x":40,"y":520,"width":821,"height":11}},{"id":"8f00c206-b8ad-4a96-8e99-b4256d411416","block_type":"box","text":"ent weights to the","page_number":30,"box":{"x":862,"y":520,"width":95,"height":11}},{"id":"8b5f2212-0b6d-4493-96ae-4d1a55fd2280","block_type":"box","text":"various matters and factors considered. The material factors, considerations and conclusions that formed the basis for the Board, including the Ind","page_number":30,"box":{"x":40,"y":533,"width":827,"height":11}},{"id":"b5decc7f-6a6f-48d8-ae01-4b1705ac97db","block_type":"box","text":"ependent Board","page_number":30,"box":{"x":868,"y":534,"width":89,"height":10}},{"id":"8ff881f8-734f-46dc-987a-963142dd3a58","block_type":"box","text":"Members, to approve the continuance of the Advisory Agreement are discussed below.","page_number":30,"box":{"x":41,"y":547,"width":473,"height":11}},{"id":"0a386441-f628-4db0-bee9-37eb0474e9d1","block_type":"box","text":"Expenses and Performance of the Fund:","page_number":30,"box":{"x":41,"y":568,"width":237,"height":11}},{"id":"e94f3392-b93c-41f0-bfec-9264a8f72f14","block_type":"box","text":"The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent","page_number":30,"box":{"x":283,"y":568,"width":675,"height":11}},{"id":"6fa84ef4-c0e9-4ab7-a983-c767e30625ab","block_type":"box","text":"provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund","page_number":30,"box":{"x":41,"y":582,"width":832,"height":11}},{"id":"f50dfbd5-b04d-40ce-a4be-80b72f3aa458","block_type":"box","text":"(s) in which the","page_number":30,"box":{"x":875,"y":582,"width":82,"height":11}},{"id":"82402cca-f970-4ac1-ae02-2061480f185e","block_type":"box","text":"Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, object","page_number":30,"box":{"x":41,"y":595,"width":824,"height":11}},{"id":"5d02cc79-af0d-443a-b2f8-43924bb8a098","block_type":"box","text":"ively selected by","page_number":30,"box":{"x":865,"y":595,"width":93,"height":11}},{"id":"135501aa-06e5-4f10-880f-46251e3a4017","block_type":"box","text":"Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). 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The Board noted that, due to the l","page_number":30,"box":{"x":40,"y":622,"width":851,"height":11}},{"id":"dfecc5d1-cf78-43cf-ab45-422046e78c89","block_type":"box","text":"imitations in","page_number":30,"box":{"x":893,"y":623,"width":64,"height":8}},{"id":"6d548385-5bd7-44fc-9a4c-ab184cb848dc","block_type":"box","text":"providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct c","page_number":30,"box":{"x":41,"y":636,"width":789,"height":11}},{"id":"65fff8ce-e13e-4b73-96ef-d80fa0866c51","block_type":"box","text":"omparisons to the Fund","page_number":30,"box":{"x":831,"y":636,"width":126,"height":11}},{"id":"e2c6988c-133d-41c3-b493-683043e7ceb1","block_type":"box","text":"in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund w","page_number":30,"box":{"x":41,"y":649,"width":829,"height":11}},{"id":"5054bbf2-998b-44b5-a956-7e1687ad0ce0","block_type":"box","text":"ere within range","page_number":30,"box":{"x":871,"y":650,"width":86,"height":10}},{"id":"8faca8c7-0d16-4912-b743-e585462796dd","block_type":"box","text":"of the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excludin","page_number":30,"box":{"x":40,"y":663,"width":818,"height":11}},{"id":"8e6fe45d-a1a7-467d-a388-f6cd1d6f3457","block_type":"box","text":"g iShares funds.In","page_number":30,"box":{"x":860,"y":663,"width":97,"height":11}},{"id":"0ec8e65a-b575-4eaa-89f5-8f528c5b2b75","block_type":"box","text":"addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadrid","page_number":30,"box":{"x":40,"y":677,"width":823,"height":10}},{"id":"843007bd-4c32-459c-9f94-477f69d25e6b","block_type":"box","text":"ge also provided,","page_number":30,"box":{"x":864,"y":677,"width":92,"height":10}},{"id":"04ebab38-8ce6-4f69-9fad-999fc88cf599","block_type":"box","text":"and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as ap","page_number":30,"box":{"x":40,"y":690,"width":809,"height":11}},{"id":"62dba1a9-9cec-40d1-8f5c-7422429dcc0a","block_type":"box","text":"plicable, and for the","page_number":30,"box":{"x":851,"y":690,"width":106,"height":11}},{"id":"52e197d5-c0be-4a90-b803-b1d35260d95c","block_type":"box","text":"quarter ended December 31, 2025, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its speci","page_number":30,"box":{"x":40,"y":704,"width":837,"height":11}},{"id":"aa0056e0-8fa1-4d8c-b6ad-2e231de889bc","block_type":"box","text":"fied underlying","page_number":30,"box":{"x":878,"y":704,"width":79,"height":11}},{"id":"b9acfaed-922c-4767-912d-99543aa94379","block_type":"box","text":"index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlyi","page_number":30,"box":{"x":41,"y":717,"width":790,"height":11}},{"id":"81414b94-1977-44d5-af0e-2f925b841572","block_type":"box","text":"ng index. Such periodic","page_number":30,"box":{"x":833,"y":717,"width":125,"height":11}},{"id":"ff0f632b-af1d-40e0-b633-05cafbf339b0","block_type":"box","text":"comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted th","page_number":30,"box":{"x":40,"y":731,"width":801,"height":11}},{"id":"f4110dd0-c5c8-4c0c-a2d0-6d71df059c46","block_type":"box","text":"at the Fund generally","page_number":30,"box":{"x":843,"y":731,"width":115,"height":11}},{"id":"7370b4c8-51e6-49a0-9c44-8f8da9481c48","block_type":"box","text":"performed in line with its underlying index over the relevant periods.","page_number":30,"box":{"x":41,"y":744,"width":368,"height":11}},{"id":"a95a3980-6258-452d-accf-812c9ffa48d4","block_type":"box","text":"Based on this review, the other relevant factors and information considered at the meeting, and their general knowledge of ETF pricing, the Board conc","page_number":30,"box":{"x":41,"y":766,"width":840,"height":10}},{"id":"29183f7b-7e48-4217-a63a-c05b1ea3369d","block_type":"box","text":"luded that the","page_number":30,"box":{"x":882,"y":766,"width":75,"height":8}},{"id":"4d321090-44ec-445e-acb8-792abc32c1df","block_type":"box","text":"investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Adv","page_number":30,"box":{"x":41,"y":779,"width":827,"height":11}},{"id":"9c9add34-991c-4eaf-8f4f-fc001c6319c2","block_type":"box","text":"isory Agreement","page_number":30,"box":{"x":869,"y":779,"width":89,"height":11}},{"id":"22c3d00a-ff38-4caf-a1c2-ed90300e0003","block_type":"box","text":"for the coming year.","page_number":30,"box":{"x":40,"y":793,"width":108,"height":10}},{"id":"1dd45ce9-a18f-4859-93c1-494d222d588b","block_type":"box","text":"Nature, Extent and Quality of Services Provided:","page_number":30,"box":{"x":41,"y":814,"width":287,"height":11}},{"id":"f3c4eb18-a414-4506-98e1-f797f4f55ac0","block_type":"box","text":"Based on management’s representations, including information about ongoing enhancements and initiatives with","page_number":30,"box":{"x":334,"y":814,"width":623,"height":11}},{"id":"ac04d7cf-92c3-42c5-a3e8-646e8d3c6193","block_type":"box","text":"respect to the iShares product line and platform and BFA’s business, including with respect to capital markets support and analysis, technology, por","page_number":30,"box":{"x":41,"y":827,"width":811,"height":11}},{"id":"db184859-79a1-4f44-9042-404388da3d8b","block_type":"box","text":"tfolio management,","page_number":30,"box":{"x":852,"y":827,"width":105,"height":11}},{"id":"56d10949-bf10-4306-9c0b-a7be6e68720a","block_type":"box","text":"product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminu","page_number":30,"box":{"x":41,"y":841,"width":826,"height":11}},{"id":"7dfbbaf7-a10e-4512-9a5f-75deb50e29a5","block_type":"box","text":"tion in the scope","page_number":30,"box":{"x":868,"y":841,"width":89,"height":11}},{"id":"362514ae-ebc6-4dd9-8ff6-de184d272233","block_type":"box","text":"of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during","page_number":30,"box":{"x":40,"y":854,"width":852,"height":11}},{"id":"bd2a8305-deae-483a-a730-9b826eb97d66","block_type":"box","text":"prior years.","page_number":30,"box":{"x":897,"y":855,"width":60,"height":10}},{"id":"431c5dcc-13ae-45b7-9971-f0f52980fab4","block_type":"box","text":"In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have co","page_number":30,"box":{"x":41,"y":868,"width":814,"height":11}},{"id":"a32d2062-0b31-4798-98af-a2d07cb7994e","block_type":"box","text":"mmitted significant","page_number":30,"box":{"x":856,"y":868,"width":102,"height":11}},{"id":"ff724ef5-ffdb-4413-92af-24fdf35de036","block_type":"box","text":"resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into t","page_number":30,"box":{"x":41,"y":882,"width":797,"height":10}},{"id":"763cdbc5-4546-4a20-8f1d-29d91f215a53","block_type":"box","text":"he ETF business. The","page_number":30,"box":{"x":839,"y":882,"width":118,"height":8}},{"id":"333a0e91-5e43-4aec-b1d2-91b67b69b8dc","block_type":"box","text":"Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant","page_number":30,"box":{"x":41,"y":895,"width":843,"height":11}},{"id":"67cffe1d-8e41-4d70-b24d-378cd1e903dd","block_type":"box","text":"to regulatory","page_number":30,"box":{"x":889,"y":895,"width":69,"height":11}},{"id":"b18a9c48-e205-4800-9ab1-b0b74e855810","block_type":"box","text":"requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in co","page_number":30,"box":{"x":41,"y":909,"width":844,"height":10}},{"id":"193a0b09-23f8-481b-9489-096f271db0f6","block_type":"box","text":"nnection with","page_number":30,"box":{"x":886,"y":909,"width":71,"height":8}},{"id":"1f4c3dab-a48f-4155-bc6f-6ab2a145ca1b","block_type":"box","text":"Board Review and Approval of Investment Advisory Contract","page_number":30,"box":{"x":41,"y":39,"width":514,"height":16}},{"id":"89256a98-160e-4567-9952-0b3458388046","block_type":"box","text":"(continued)","page_number":30,"box":{"x":567,"y":43,"width":60,"height":11}},{"id":"e0e51c3c-f183-4af4-9950-e52df1603c79","block_type":"box","text":"B","page_number":30,"box":{"x":41,"y":966,"width":6,"height":7}},{"id":"01a23d9b-196e-47c4-9b9b-fbd7cab22817","block_type":"box","text":"OARD","page_number":30,"box":{"x":52,"y":968,"width":33,"height":6}},{"id":"eefc9fda-2bd1-40ef-bf09-fdb65e0383bd","block_type":"box","text":"R","page_number":30,"box":{"x":97,"y":966,"width":7,"height":7}},{"id":"353178e2-9177-4992-a4d0-a6c955938711","block_type":"box","text":"EVIEW AND","page_number":30,"box":{"x":109,"y":968,"width":74,"height":5}},{"id":"27086485-9143-4c57-bd54-a18ac4097d71","block_type":"box","text":"A","page_number":30,"box":{"x":194,"y":966,"width":7,"height":7}},{"id":"390ba650-7145-4e4e-8d91-aabf7943902a","block_type":"box","text":"PPROVAL OF","page_number":30,"box":{"x":206,"y":968,"width":84,"height":6}},{"id":"4b0d9bfc-a9fd-4f92-9fa9-8423612b96c3","block_type":"box","text":"I","page_number":30,"box":{"x":302,"y":966,"width":1,"height":7}},{"id":"8f6af8e8-f284-4328-8221-a73d75f62cc6","block_type":"box","text":"NVESTMENT","page_number":30,"box":{"x":309,"y":968,"width":78,"height":6}},{"id":"5e27bd96-69b5-4b1c-8439-c778a0dfa021","block_type":"box","text":"A","page_number":30,"box":{"x":397,"y":966,"width":8,"height":7}},{"id":"6951e1af-9709-4f3f-a301-cd61c1985285","block_type":"box","text":"DVISORY","page_number":30,"box":{"x":409,"y":968,"width":58,"height":6}},{"id":"7a6543ba-4f6d-4e9d-8049-9501bf603152","block_type":"box","text":"C","page_number":30,"box":{"x":478,"y":966,"width":7,"height":8}},{"id":"8e3dc54a-2b6b-4a76-b8db-525a6bad2722","block_type":"box","text":"ONTRACT","page_number":30,"box":{"x":490,"y":968,"width":60,"height":6}},{"id":"bf281c00-e690-4941-b956-155db9e0f7cc","block_type":"box","text":"30","page_number":30,"box":{"x":942,"y":965,"width":14,"height":9}},{"id":"e6a98e0f-dfa7-436d-a48e-a2fd9865af80","block_type":"box","text":"BNM1026U-6054792-19277011","page_number":30,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"ccd9a85e-7ea1-43fc-8ee5-674de16c6dea","block_type":"box","text":"regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant offic","page_number":31,"box":{"x":41,"y":81,"width":842,"height":11}},{"id":"fffd66e4-10a1-4bee-abd8-731465de923e","block_type":"box","text":"ers and other","page_number":31,"box":{"x":884,"y":81,"width":74,"height":9}},{"id":"92f98be6-eb5f-4ced-ae5d-c0088c49de77","block_type":"box","text":"employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background an","page_number":31,"box":{"x":40,"y":95,"width":813,"height":10}},{"id":"d23a7374-0ee0-4dd4-ade4-a49e7de00d3b","block_type":"box","text":"d experience of the","page_number":31,"box":{"x":854,"y":95,"width":103,"height":10}},{"id":"0720b923-0c42-40a6-91cd-4f52c96b7568","block_type":"box","text":"persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above","page_number":31,"box":{"x":41,"y":108,"width":830,"height":11}},{"id":"fcd25776-5460-40d3-b6e4-cb9993496ecc","block_type":"box","text":"considerations,","page_number":31,"box":{"x":875,"y":108,"width":81,"height":10}},{"id":"bfbf1433-a1e9-4b33-8d00-bc7aa4f00293","block_type":"box","text":"the Board reviewed and considered detailed presentations regarding the investment performance of iShares funds, investment and risk management pr","page_number":31,"box":{"x":40,"y":122,"width":847,"height":10}},{"id":"9874e10c-822b-4a74-bb71-89b0562d408a","block_type":"box","text":"ocesses and","page_number":31,"box":{"x":888,"y":122,"width":69,"height":8}},{"id":"3c6d792e-7151-466c-a005-50e2d4f7ab36","block_type":"box","text":"strategies provided at the May 11, 2026 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other complian","page_number":31,"box":{"x":40,"y":135,"width":824,"height":11}},{"id":"df61acf5-512d-48d6-8648-96a4e982391e","block_type":"box","text":"ce programs and","page_number":31,"box":{"x":866,"y":135,"width":91,"height":11}},{"id":"bc32003f-2026-437e-a299-78e4e4067d72","block_type":"box","text":"services, as well as BlackRock’s continued investments in its ETF business and ETF platform.","page_number":31,"box":{"x":40,"y":149,"width":514,"height":10}},{"id":"40250879-150c-4bdc-9642-024a627f490b","block_type":"box","text":"Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of serv","page_number":31,"box":{"x":41,"y":170,"width":810,"height":11}},{"id":"f56d36c0-b9b4-4284-85c2-8fe51f355b03","block_type":"box","text":"ices provided to the","page_number":31,"box":{"x":852,"y":170,"width":105,"height":11}},{"id":"8372d277-9952-4192-9466-5ee765a30b76","block_type":"box","text":"Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.","page_number":31,"box":{"x":41,"y":183,"width":737,"height":11}},{"id":"a581d2ab-047b-44e4-b791-3166325bae13","block_type":"box","text":"Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates:","page_number":31,"box":{"x":40,"y":205,"width":493,"height":11}},{"id":"a11b5323-d673-41a2-a52c-10c9ce6be957","block_type":"box","text":"The Board reviewed information about the estimated profitability to BlackRock","page_number":31,"box":{"x":537,"y":205,"width":421,"height":11}},{"id":"84f260db-ade1-4fc8-b36a-83da46f1a42f","block_type":"box","text":"in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue an","page_number":31,"box":{"x":41,"y":218,"width":820,"height":11}},{"id":"2b17b1a8-84dc-4658-8b4e-dcc586304a06","block_type":"box","text":"d expense to BFA","page_number":31,"box":{"x":863,"y":218,"width":95,"height":11}},{"id":"9dcb3649-c4cd-44f4-b1c9-6ffdf566b741","block_type":"box","text":"and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated prof","page_number":31,"box":{"x":40,"y":232,"width":800,"height":11}},{"id":"8b6c287e-7e18-4c55-8a2b-5532936dcf5b","block_type":"box","text":"itability of the iShares","page_number":31,"box":{"x":841,"y":232,"width":116,"height":11}},{"id":"6b6dc2bd-67bf-4c69-86f2-50d32692ca21","block_type":"box","text":"funds, noting that the 15(c) Committee and the Board had focused on the methodology (including refinements to the methodology from prior years) and pr","page_number":31,"box":{"x":40,"y":245,"width":869,"height":11}},{"id":"e5ec841a-38ab-4d8d-baf7-71482bb4aa33","block_type":"box","text":"ofitability","page_number":31,"box":{"x":910,"y":245,"width":47,"height":11}},{"id":"4a80549d-737f-487b-891b-939105e204dd","block_type":"box","text":"presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the ty","page_number":31,"box":{"x":41,"y":259,"width":793,"height":11}},{"id":"37110a2e-e43a-4b3c-98a7-af2de4f970b4","block_type":"box","text":"pes of funds managed,","page_number":31,"box":{"x":835,"y":259,"width":121,"height":11}},{"id":"6aa8baf3-d67a-4c97-85bc-c6cbe0b84166","block_type":"box","text":"expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challeng","page_number":31,"box":{"x":40,"y":272,"width":779,"height":11}},{"id":"648e281c-e5a3-4fbb-855f-4e94a9be7003","block_type":"box","text":"ing. The Board discussed","page_number":31,"box":{"x":821,"y":273,"width":136,"height":10}},{"id":"cc5867eb-960e-4f88-b645-8cd448dafbd8","block_type":"box","text":"with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fun","page_number":31,"box":{"x":40,"y":286,"width":819,"height":11}},{"id":"b29fdd60-ae96-43c0-a9bd-41158623214f","block_type":"box","text":"d. The Board also","page_number":31,"box":{"x":860,"y":286,"width":97,"height":9}},{"id":"0455f2fd-b15c-4fa4-bb86-dad45f328225","block_type":"box","text":"discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies","page_number":31,"box":{"x":40,"y":299,"width":790,"height":11}},{"id":"0296e5df-008a-41e3-b35f-cf0ea13f3658","block_type":"box","text":"of scale (as discussed","page_number":31,"box":{"x":835,"y":299,"width":122,"height":11}},{"id":"4e44d73c-d60d-401c-bf05-e27388106c05","block_type":"box","text":"below).","page_number":31,"box":{"x":41,"y":313,"width":38,"height":11}},{"id":"5481efe7-198e-4814-898b-654a4083f346","block_type":"box","text":"Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advi","page_number":31,"box":{"x":41,"y":334,"width":805,"height":11}},{"id":"6307361b-4180-48c9-aef1-6a21b1d37190","block_type":"box","text":"sory Agreement and","page_number":31,"box":{"x":847,"y":334,"width":110,"height":11}},{"id":"eb9c4d5c-c00a-40ba-b563-d9d3ecda6c48","block_type":"box","text":"from other relationships between the Fund and BFA and/or its affiliates, if any, and related costs of the services provided as well as the other factors","page_number":31,"box":{"x":40,"y":348,"width":817,"height":11}},{"id":"eb67c2c5-2b76-445a-8248-ad29909f9ab7","block_type":"box","text":"considered at the","page_number":31,"box":{"x":862,"y":348,"width":95,"height":8}},{"id":"114d3b79-34a4-44c7-b037-f4dd42b6e664","block_type":"box","text":"meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.","page_number":31,"box":{"x":41,"y":361,"width":586,"height":11}},{"id":"ea67b861-77e3-4317-83a8-55ed1dce096a","block_type":"box","text":"Economies of Scale:","page_number":31,"box":{"x":41,"y":383,"width":118,"height":8}},{"id":"0045de05-5472-4280-b547-63e05e254c97","block_type":"box","text":"The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting","page_number":31,"box":{"x":163,"y":383,"width":794,"height":11}},{"id":"2a604559-27b5-4721-a269-6bca07ee7c28","block_type":"box","text":"that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by managemen","page_number":31,"box":{"x":40,"y":396,"width":855,"height":11}},{"id":"5659658a-541c-479a-bafb-8fbea15c0f43","block_type":"box","text":"t. 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The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the","page_number":31,"box":{"x":40,"y":423,"width":812,"height":11}},{"id":"fb36b83c-94f9-4ac4-9e8e-85c086e2bfb1","block_type":"box","text":"level and nature of","page_number":31,"box":{"x":857,"y":423,"width":101,"height":9}},{"id":"bf4f6481-6042-4670-9f0f-c3d4977b32d5","block_type":"box","text":"fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficul","page_number":31,"box":{"x":40,"y":437,"width":790,"height":11}},{"id":"786a2095-5a39-41ec-b75e-79f8a1f77591","block_type":"box","text":"t to measure. The 15(c)","page_number":31,"box":{"x":831,"y":437,"width":126,"height":11}},{"id":"22a6aa2c-ac08-4800-afa8-922007cca70d","block_type":"box","text":"Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, in","page_number":31,"box":{"x":40,"y":450,"width":857,"height":11}},{"id":"2659878b-440e-4c44-b121-40250cfdd540","block_type":"box","text":"cluding, as","page_number":31,"box":{"x":898,"y":450,"width":59,"height":11}},{"id":"01a1fa05-556f-403a-964d-7a655503efa5","block_type":"box","text":"applicable, through breakpoints, waivers, or other fee reductions, as well as through additional investment in the ETF business by BFA and its affili","page_number":31,"box":{"x":40,"y":464,"width":836,"height":11}},{"id":"81fc10e1-689a-4039-820b-c2239d85aa26","block_type":"box","text":"ates, including","page_number":31,"box":{"x":877,"y":464,"width":80,"height":11}},{"id":"c0a88e60-d675-4dec-92fb-6d207cfd1586","block_type":"box","text":"enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders to further improve product qu","page_number":31,"box":{"x":40,"y":477,"width":816,"height":11}},{"id":"ef271bf7-82f0-4123-a3ab-424d3303baf6","block_type":"box","text":"ality, enhance and","page_number":31,"box":{"x":857,"y":478,"width":100,"height":10}},{"id":"4fa4a938-df4b-4d71-9a76-4eded784e1d0","block_type":"box","text":"strengthen the ETF ecosystem and the ETF platform and to pursue continual advancement of the overall investor experience. With respect to applicable","page_number":31,"box":{"x":40,"y":491,"width":828,"height":11}},{"id":"715e6061-4d75-4d3c-85bb-89f8f77b5d48","block_type":"box","text":"funds, the 15(c)","page_number":31,"box":{"x":872,"y":491,"width":85,"height":11}},{"id":"df89955d-58de-4fa6-bf01-92547eaa98f8","block_type":"box","text":"Committee and the Board reviewed information with respect to management fees having been set at levels that anticipate scale over time. In addition, t","page_number":31,"box":{"x":40,"y":504,"width":810,"height":11}},{"id":"23943ad5-6fa0-43f4-8cfa-ce4b0ba609f9","block_type":"box","text":"he 15(c) Committee","page_number":31,"box":{"x":851,"y":504,"width":106,"height":11}},{"id":"9c4e7a21-e959-45ab-8f00-04bf03256a07","block_type":"box","text":"and the Board reviewed information with respect to certain benefits to iShares funds’ shareholders as a result of BlackRock’s overall size and global","page_number":31,"box":{"x":40,"y":518,"width":804,"height":11}},{"id":"7e8a08d8-2683-42cd-87d5-d7211f9d1df8","block_type":"box","text":"platform. The Board","page_number":31,"box":{"x":849,"y":518,"width":108,"height":11}},{"id":"d413d10c-da0b-4ae3-a5e3-89c721e5ed7a","block_type":"box","text":"noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund incre","page_number":31,"box":{"x":41,"y":532,"width":818,"height":10}},{"id":"fbfc1903-02dd-45b7-a495-6b4a75a6ac91","block_type":"box","text":"ase. However, the","page_number":31,"box":{"x":860,"y":532,"width":97,"height":10}},{"id":"10687e62-90e4-451f-851a-05e292ba5f39","block_type":"box","text":"Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.","page_number":31,"box":{"x":41,"y":545,"width":548,"height":11}},{"id":"6e089b0e-4fce-4251-beb6-631db75d1ead","block_type":"box","text":"The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the","page_number":31,"box":{"x":40,"y":566,"width":808,"height":11}},{"id":"aa4c9950-c21b-474f-9ed1-50261e883078","block_type":"box","text":"meeting, supported","page_number":31,"box":{"x":853,"y":566,"width":104,"height":11}},{"id":"fb3fa373-fc26-4493-a9ad-c301f4ba5b44","block_type":"box","text":"the Board’s approval of the continuance of the Advisory Agreement for the coming year.","page_number":31,"box":{"x":40,"y":580,"width":478,"height":11}},{"id":"0c5256e4-bff2-4f29-b696-dfc29527071b","block_type":"box","text":"Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates:","page_number":31,"box":{"x":41,"y":601,"width":597,"height":11}},{"id":"f53f5049-bbc6-40db-be23-874d5422fdb7","block_type":"box","text":"The Board received and considered information regarding","page_number":31,"box":{"x":642,"y":601,"width":315,"height":11}},{"id":"6c79e4de-1fc5-44de-bb72-64ea8007c286","block_type":"box","text":"the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/m","page_number":31,"box":{"x":40,"y":615,"width":802,"height":11}},{"id":"76afeade-12af-42e9-9eda-f84c2cf4459b","block_type":"box","text":"anagement services,","page_number":31,"box":{"x":844,"y":615,"width":113,"height":11}},{"id":"5ebfb52a-3fbc-4e75-bcae-e0ced6ba0918","block_type":"box","text":"including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts","page_number":31,"box":{"x":41,"y":628,"width":786,"height":11}},{"id":"4c6f9790-a3e8-44da-a666-b1bf68103b0a","block_type":"box","text":"(collectively, the “Other","page_number":31,"box":{"x":832,"y":628,"width":126,"height":11}},{"id":"aa350f39-b85f-4e97-93a9-a9df32b86884","block_type":"box","text":"Accounts”).","page_number":31,"box":{"x":40,"y":642,"width":61,"height":11}},{"id":"64d3f3ac-71a0-4282-b1a6-290619146508","block_type":"box","text":"The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services a","page_number":31,"box":{"x":40,"y":663,"width":818,"height":11}},{"id":"357d4157-b45e-4fd7-a68f-5f9d7c145442","block_type":"box","text":"nd generally more","page_number":31,"box":{"x":859,"y":663,"width":98,"height":11}},{"id":"1d887717-af78-4fd8-9a5f-b4d1e7938364","block_type":"box","text":"extensive character and scope of services provided to the Fund, as well as other significant differences. In that regard, the Board considered that th","page_number":31,"box":{"x":40,"y":677,"width":795,"height":10}},{"id":"2f6538fd-1c7a-4d94-9b6e-0681cf743159","block_type":"box","text":"e pricing of services to","page_number":31,"box":{"x":837,"y":677,"width":120,"height":10}},{"id":"dcf77371-100c-4197-a6f9-5f0f6a60b088","block_type":"box","text":"institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends o","page_number":31,"box":{"x":41,"y":690,"width":846,"height":11}},{"id":"c5958a7f-ac8d-4746-91d4-0ae1cfa3fd86","block_type":"box","text":"n the overall","page_number":31,"box":{"x":888,"y":690,"width":69,"height":9}},{"id":"d7979e8f-a4af-4f1d-b82c-b634f51ec24c","block_type":"box","text":"relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and","page_number":31,"box":{"x":41,"y":704,"width":754,"height":11}},{"id":"673b6bae-f62c-4137-9568-01c62b5abe0d","block_type":"box","text":"inherent risks and challenges","page_number":31,"box":{"x":800,"y":704,"width":157,"height":11}},{"id":"c6843b40-c2b4-4bf6-a1d5-293e0d32db35","block_type":"box","text":"of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those t","page_number":31,"box":{"x":40,"y":717,"width":814,"height":11}},{"id":"017a5b57-ed40-41aa-ab3e-938818aacb64","block_type":"box","text":"hat are institutional","page_number":31,"box":{"x":855,"y":717,"width":102,"height":9}},{"id":"89d702bd-2457-4348-af5c-a37c6f51659f","block_type":"box","text":"clients, in light of differing regulatory requirements and client-imposed mandates. The Board acknowledged BFA’s representation that the iShares","page_number":31,"box":{"x":40,"y":731,"width":783,"height":11}},{"id":"92919500-edf3-4cdc-9740-fca4921a034d","block_type":"box","text":"funds are fundamentally","page_number":31,"box":{"x":827,"y":731,"width":131,"height":11}},{"id":"7a6cc73c-b64e-43a2-80bc-61bd9eb22da1","block_type":"box","text":"different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information prov","page_number":31,"box":{"x":40,"y":744,"width":771,"height":11}},{"id":"bb625350-c651-47a8-bc2b-d70e27ccab28","block_type":"box","text":"ided. The Board noted that","page_number":31,"box":{"x":812,"y":744,"width":146,"height":9}},{"id":"cf69606c-3c55-481b-8469-b965e43b08d2","block_type":"box","text":"BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same in","page_number":31,"box":{"x":41,"y":758,"width":825,"height":11}},{"id":"0773aca2-643e-4959-b4fc-f00853f92e92","block_type":"box","text":"dex as the Fund.","page_number":31,"box":{"x":867,"y":758,"width":90,"height":8}},{"id":"c6bc4029-886d-4037-b09e-de8c0c8bb6b3","block_type":"box","text":"The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched a","page_number":31,"box":{"x":40,"y":779,"width":816,"height":11}},{"id":"a32ce325-722f-4890-a7b1-75b7f455cef6","block_type":"box","text":"n iShares fund that","page_number":31,"box":{"x":857,"y":779,"width":101,"height":9}},{"id":"17aa3edc-1071-4405-ab79-b7961b8945d7","block_type":"box","text":"may provide a similar investment exposure at a lower investment advisory fee rate.","page_number":31,"box":{"x":41,"y":793,"width":452,"height":10}},{"id":"c6d54364-fc69-4a7e-ad45-7170458621a7","block_type":"box","text":"The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and","page_number":31,"box":{"x":40,"y":814,"width":837,"height":11}},{"id":"26c46a00-d745-4c88-ba00-dbcded610c06","block_type":"box","text":"noted that the","page_number":31,"box":{"x":882,"y":814,"width":75,"height":8}},{"id":"498bb841-9656-4575-935e-da2528e7fb77","block_type":"box","text":"investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for ce","page_number":31,"box":{"x":41,"y":827,"width":824,"height":11}},{"id":"190032df-6f80-41ee-991f-8abbae5a0184","block_type":"box","text":"rtain of the Other","page_number":31,"box":{"x":867,"y":827,"width":91,"height":9}},{"id":"9a925f13-5242-4334-856e-08e36040d806","block_type":"box","text":"Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.","page_number":31,"box":{"x":40,"y":841,"width":713,"height":11}},{"id":"0ac44147-e69a-43ef-8064-4e7ff7fe32a5","block_type":"box","text":"Other Benefits to BFA and/or its Affiliates:","page_number":31,"box":{"x":40,"y":862,"width":246,"height":9}},{"id":"9e5efe1c-6f31-44dd-9407-53ad39cd6ea5","block_type":"box","text":"The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services","page_number":31,"box":{"x":291,"y":862,"width":666,"height":11}},{"id":"a93a4245-104d-4eca-aeba-75ff8ffd06dd","block_type":"box","text":"provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, fo","page_number":31,"box":{"x":41,"y":876,"width":821,"height":11}},{"id":"b8ae2382-f3e8-4384-b4d2-6eeede4196c8","block_type":"box","text":"r loaning portfolio","page_number":31,"box":{"x":863,"y":876,"width":94,"height":11}},{"id":"390be666-a79f-42c3-8fe9-0e5e184a68db","block_type":"box","text":"securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), a","page_number":31,"box":{"x":40,"y":889,"width":790,"height":11}},{"id":"8a84ca75-e343-412b-a877-ade212682e22","block_type":"box","text":"nd payment of advisory","page_number":31,"box":{"x":832,"y":889,"width":126,"height":11}},{"id":"e93f4509-784f-4dde-b5b7-87cea4bc99d6","block_type":"box","text":"fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds (including cash sweep vehicles) for which BFA","page_number":31,"box":{"x":40,"y":903,"width":830,"height":11}},{"id":"2f33b7cc-6d6c-478f-b30f-1850f0e67dd7","block_type":"box","text":"(or its affiliates)","page_number":31,"box":{"x":874,"y":903,"width":83,"height":11}},{"id":"afe7d73c-30ef-4783-9ff1-36cc244f4b51","block_type":"box","text":"provides investment advisory services or other services. The Board further considered other direct benefits that might accrue to BFA, including act","page_number":31,"box":{"x":41,"y":916,"width":823,"height":11}},{"id":"e881d1db-7592-48aa-8027-09a81fd53fb5","block_type":"box","text":"ual and potential","page_number":31,"box":{"x":865,"y":916,"width":92,"height":11}},{"id":"1ed3afb9-1675-4343-8586-32a498e15cb8","block_type":"box","text":"Board Review and Approval of Investment Advisory Contract","page_number":31,"box":{"x":41,"y":39,"width":514,"height":16}},{"id":"f29901a6-d7ff-4aa1-979e-abc8f356b4d4","block_type":"box","text":"(continued)","page_number":31,"box":{"x":567,"y":43,"width":60,"height":11}},{"id":"c6d91e38-9d49-4299-946b-02f0b9e3ace5","block_type":"box","text":"31","page_number":31,"box":{"x":40,"y":965,"width":13,"height":9}},{"id":"f6c18e36-375c-4bae-9b02-e41fc9d1aceb","block_type":"box","text":"2026","page_number":31,"box":{"x":332,"y":968,"width":27,"height":6}},{"id":"5b088c50-2b77-4121-9279-08bb662aad50","block_type":"box","text":"I","page_number":31,"box":{"x":370,"y":968,"width":1,"height":5}},{"id":"46c49797-56b1-4d84-8212-186565edaaea","block_type":"box","text":"S","page_number":31,"box":{"x":376,"y":966,"width":6,"height":8}},{"id":"b13fd2b3-260b-4fa7-84b8-5a1306eadce8","block_type":"box","text":"HARES","page_number":31,"box":{"x":388,"y":968,"width":41,"height":6}},{"id":"bf8fbe3b-9b0b-4ba7-a5eb-e3802bec5c22","block_type":"box","text":"S","page_number":31,"box":{"x":441,"y":966,"width":6,"height":8}},{"id":"90b5dad8-4b44-40fa-b20b-bcff51334e6d","block_type":"box","text":"EMI","page_number":31,"box":{"x":452,"y":968,"width":20,"height":5}},{"id":"ec3c7bcf-a7cc-4b00-9cce-98daa32b0530","block_type":"box","text":"-A","page_number":31,"box":{"x":477,"y":966,"width":15,"height":7}},{"id":"388442a8-8cb0-42eb-97a4-3ca98b661925","block_type":"box","text":"NNUAL","page_number":31,"box":{"x":497,"y":968,"width":41,"height":6}},{"id":"688f25ff-6287-4657-982c-92575b8f9841","block_type":"box","text":"F","page_number":31,"box":{"x":549,"y":966,"width":6,"height":7}},{"id":"31f7fc90-1535-4d39-9c7e-8a93c2588fd2","block_type":"box","text":"INANCIAL","page_number":31,"box":{"x":560,"y":968,"width":62,"height":6}},{"id":"e938d5c1-8052-4225-b8a2-e1320d10fddc","block_type":"box","text":"S","page_number":31,"box":{"x":633,"y":966,"width":7,"height":8}},{"id":"1652d7c9-d461-43dd-93a5-8eb5887b1955","block_type":"box","text":"TATEMENTS AND","page_number":31,"box":{"x":644,"y":968,"width":111,"height":6}},{"id":"4c246b75-ebbd-4883-ba3d-f6bd9f16d630","block_type":"box","text":"A","page_number":31,"box":{"x":765,"y":966,"width":8,"height":7}},{"id":"a1a33c5b-7638-4cdb-b50c-ddcfc08cd5e3","block_type":"box","text":"DDITIONAL","page_number":31,"box":{"x":777,"y":968,"width":72,"height":6}},{"id":"6b716e1c-82bd-41ae-af9d-8401c4fd9c30","block_type":"box","text":"I","page_number":31,"box":{"x":861,"y":966,"width":1,"height":7}},{"id":"3794d263-a1c4-4c80-9412-5e3132295040","block_type":"box","text":"NFORMATION","page_number":31,"box":{"x":868,"y":968,"width":85,"height":6}},{"id":"8744796c-a67a-40b5-8738-2e84a9c893aa","block_type":"box","text":"BNM1026U-6054792-19277011","page_number":31,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"b8817ac2-0146-48c1-b652-4e101b3996ac","block_type":"box","text":"reductions in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s","page_number":32,"box":{"x":41,"y":81,"width":853,"height":11}},{"id":"4e2f7243-be3b-4094-9a72-e31fa83570ac","block_type":"box","text":"investment","page_number":32,"box":{"x":899,"y":81,"width":59,"height":9}},{"id":"ab821488-fb35-4f17-98ea-96144bf05ef5","block_type":"box","text":"operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. 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The Board further noted that certain index providers pay a fee or reimburse a portion of the costs of BFA and/or its affilia","page_number":32,"box":{"x":41,"y":149,"width":843,"height":11}},{"id":"68236575-f797-4a23-9956-40f56c23a9fe","block_type":"box","text":"tes of certain","page_number":32,"box":{"x":884,"y":149,"width":73,"height":8}},{"id":"3387ed44-3d46-440c-9862-bbf758b97b5a","block_type":"box","text":"co-marketing activities that promote products and strategic initiatives that incorporate the index providers’ logos and branding. 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