{"annotation_id":"cd6a2bbe-abd9-4dc7-9a8a-59b22e9381b0","file_hash":"072a8636edac68c5814a5502f85593e95c06946ff4dae7a02d6f82b81892e74e","schema_id":"open/document-extraction","schema_version":"0.5.0","record":{"extraction_type":"boxes","producer":"pdf-extractor-v0.5.0","blocks":[{"id":"15089a79-0db3-4d4e-af25-ee884b196d87","block_type":"box","text":"iShares, Inc. and iShares Trust","page_number":1,"box":{"x":386,"y":69,"width":231,"height":12}},{"id":"a979d055-8006-4529-a5be-809d8ba3c3ae","block_type":"box","text":"Supplement dated October 15, 2026","page_number":1,"box":{"x":367,"y":92,"width":269,"height":13}},{"id":"a7a0e532-4d81-4bdc-871d-829b1d3d15a1","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":"705bd2c5-d410-437f-9e09-7f2df8238bf0","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":"0f815582-ce30-4ae9-a80c-40bd886e9936","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":"29cb5ed7-a8d1-4b89-adc3-0d6bfbef6a4b","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":"244d136a-5dd5-4c79-be39-aa5238f8798f","block_type":"box","text":"Effective immediately, the following changes are made:","page_number":1,"box":{"x":117,"y":185,"width":404,"height":13}},{"id":"78b252f2-9f5e-41f8-8086-3cf755b941a3","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":"2f263edd-160d-48df-ab55-5a816dd61683","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":"4ef22a03-51bc-4de4-93a8-6c10fbbee69e","block_type":"box","text":"Risks” section of its Prospectus.","page_number":1,"box":{"x":151,"y":240,"width":233,"height":12}},{"id":"ddc54569-93d3-4332-a4a2-2f516af6c1aa","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":"1d80a8f9-07ff-4e15-8812-6fef9d660b65","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":"c5896887-094b-48b7-896f-76cb21c25e43","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":"bf2ec588-cf5a-4196-a04c-9743dc6b44c6","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":"da52f0c2-0aed-47f6-b1ab-6f03c566380a","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":"bc667cdc-82f0-40a9-bf15-3a6e8bb6654d","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":"0f39a6ce-6b10-477d-a93f-39de08bf6e0d","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":"7cdacdc9-5a74-4241-9611-e7cccf7e1235","block_type":"box","text":"of trades and rebalancing of portfolio holdings.","page_number":1,"box":{"x":150,"y":379,"width":345,"height":13}},{"id":"e68a14a5-b832-4bf6-95e5-b8117ca59dc5","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":"0c757d42-229c-4a73-9292-69206177a9dd","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":"cb505f4a-d120-4574-871b-534e6a190330","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":"740f46d1-c515-4cee-b8a3-135bf1868593","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":"d8cb78ad-0a22-4dd1-8fa3-7293540c65cf","block_type":"box","text":"Appendix A","page_number":1,"box":{"x":456,"y":472,"width":92,"height":13}},{"id":"2af4ca72-1625-42e9-a57b-dca8d429544f","block_type":"box","text":"iShares Blockchain and Tech ETF","page_number":1,"box":{"x":117,"y":495,"width":242,"height":10}},{"id":"95eea6fd-18aa-4289-bceb-1d59204f83ad","block_type":"box","text":"iShares China Large-Cap ETF","page_number":1,"box":{"x":117,"y":511,"width":213,"height":13}},{"id":"758c63ee-be4c-44e0-a872-caf25e30b48b","block_type":"box","text":"iShares Core MSCI Pacific ETF","page_number":1,"box":{"x":117,"y":526,"width":220,"height":10}},{"id":"926ac758-05b3-4b07-a69d-23a2809a85c1","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":"e9bb1bc0-9c2a-4143-82df-288e70890169","block_type":"box","text":"iShares Global Healthcare ETF","page_number":1,"box":{"x":117,"y":557,"width":221,"height":10}},{"id":"e62a25aa-1d91-4e51-8682-711747ef84ee","block_type":"box","text":"iShares International Developed Real Estate ETF","page_number":1,"box":{"x":511,"y":495,"width":349,"height":13}},{"id":"35244adb-3af8-425b-b591-9dc4235d9e69","block_type":"box","text":"iShares MSCI Global Gold Miners ETF","page_number":1,"box":{"x":511,"y":511,"width":273,"height":10}},{"id":"2eb80d41-268d-4416-b723-4dedc045ecf5","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":"abc7769d-04ec-40c3-bae1-47b0a17e1302","block_type":"box","text":"iShares MSCI Pacific ex Japan ETF","page_number":1,"box":{"x":511,"y":542,"width":246,"height":13}},{"id":"dc21d93a-70db-4a67-b8a2-3b416518391e","block_type":"box","text":"iShares Neuroscience and Healthcare ETF","page_number":1,"box":{"x":511,"y":557,"width":304,"height":10}},{"id":"ea6d7cd0-d2d0-4da0-b9db-24a1ef45e84e","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":"92135a9a-9609-4bda-b739-ea0b3e76d5cc","block_type":"box","text":"iShares","page_number":1,"box":{"x":117,"y":869,"width":40,"height":8}},{"id":"7f16de83-bbe7-48dc-8e30-b51ae9bc7482","block_type":"box","text":"®","page_number":1,"box":{"x":158,"y":869,"width":8,"height":5}},{"id":"08d1caf0-2bb8-42da-a3a6-1a25207aaae8","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":"0fd01403-2ab9-498f-a6aa-89e4b60ea790","block_type":"box","text":"IS-A-LOC-1026","page_number":1,"box":{"x":794,"y":887,"width":89,"height":8}},{"id":"5ab0affa-3c1d-4fa2-8671-16d5669c8d18","block_type":"box","text":"PLEASE RETAIN THIS SUPPLEMENT","page_number":1,"box":{"x":368,"y":911,"width":265,"height":9}},{"id":"02898d6b-d74a-433d-a3e7-6f64eb813770","block_type":"box","text":"FOR FUTURE REFERENCE","page_number":1,"box":{"x":407,"y":926,"width":186,"height":10}},{"id":"0dc83f03-9a69-4db1-a4c7-e5fcd644eab7","block_type":"box","text":"[THIS PAGE INTENTIONALLY LEFT BLANK]","page_number":2,"box":{"x":360,"y":333,"width":268,"height":10}},{"id":"621cc409-d2e1-4bf0-81d6-385cdb149b7e","block_type":"box","text":"[THIS PAGE INTENTIONALLY LEFT BLANK]","page_number":3,"box":{"x":360,"y":333,"width":268,"height":10}},{"id":"50d11297-d45b-477d-9646-1d562705bc21","block_type":"box","text":"[THIS PAGE INTENTIONALLY LEFT BLANK]","page_number":4,"box":{"x":360,"y":333,"width":268,"height":10}},{"id":"9f0cdcfe-9af4-469d-a71d-04c75e370b96","block_type":"box","text":"iShares","page_number":5,"box":{"x":423,"y":71,"width":128,"height":24}},{"id":"7190fe10-153d-41b0-8275-a54a8df30b84","block_type":"box","text":"®","page_number":5,"box":{"x":554,"y":70,"width":23,"height":17}},{"id":"2ec153f3-92b2-4a98-ad03-8ad13c4dfcb2","block_type":"box","text":"iShares, Inc.","page_number":5,"box":{"x":454,"y":108,"width":95,"height":12}},{"id":"492aefba-81bf-4fe4-bbd1-96a187417e40","block_type":"box","text":"iShares Trust","page_number":5,"box":{"x":450,"y":123,"width":103,"height":10}},{"id":"29cd518a-855d-40ee-9fff-94000c727cd7","block_type":"box","text":"Supplement dated February 13, 2026 to the","page_number":5,"box":{"x":335,"y":139,"width":333,"height":13}},{"id":"4f33fc9f-9869-46b1-b5de-a11b38ecefa9","block_type":"box","text":"currently effective Prospectus and Statement of Additional Information (“SAI”)","page_number":5,"box":{"x":199,"y":154,"width":605,"height":13}},{"id":"c6c9188d-85cc-45a1-9130-8f5947e8c29f","block_type":"box","text":"for each of the funds listed in Appendix A (each, a “Fund”)","page_number":5,"box":{"x":278,"y":170,"width":447,"height":13}},{"id":"97bb5cfe-8c8f-4254-bd63-f31e80250519","block_type":"box","text":"On or around March 16, 2026, Citibank, N.A. (“Citibank”) will become the administrator, custodian and","page_number":5,"box":{"x":116,"y":193,"width":751,"height":13}},{"id":"24fdac78-851a-4d5d-a278-3cd41911bb94","block_type":"box","text":"transfer agent for each Fund. Effective upon this change, the following changes will be made:","page_number":5,"box":{"x":116,"y":209,"width":680,"height":12}},{"id":"c7f742d5-ceca-4957-a02d-ffcc1efee4c0","block_type":"box","text":"1) In the “Administrator, Custodian and Transfer Agent” table in each Fund’s Prospectus, Citibank","page_number":5,"box":{"x":151,"y":232,"width":726,"height":13}},{"id":"c281f095-8712-40e2-aa68-1a11e58e01c3","block_type":"box","text":"is checked for the applicable Fund.","page_number":5,"box":{"x":184,"y":247,"width":255,"height":13}},{"id":"2ba6c07a-479a-4c47-ab9f-79a91946993c","block_type":"box","text":"2) In the “Administrator, Custodian and Transfer Agent” section of each Fund’s SAI, the following","page_number":5,"box":{"x":150,"y":271,"width":725,"height":12}},{"id":"28ffa2a4-a196-4ee4-b5db-18a1c513ea31","block_type":"box","text":"language is included to apply to the applicable Fund:","page_number":5,"box":{"x":184,"y":286,"width":385,"height":13}},{"id":"40606b6e-0f89-4fbc-a935-9d12ac01f399","block_type":"box","text":"Administrator, Custodian and Transfer Agent.","page_number":5,"box":{"x":183,"y":309,"width":353,"height":13}},{"id":"ae3cea72-f6ca-453c-b78e-d2ce9914f545","block_type":"box","text":"Citibank serves as administrator, custodian and","page_number":5,"box":{"x":536,"y":309,"width":348,"height":12}},{"id":"d6a5b788-74a4-4509-9af1-89b062f2512f","block_type":"box","text":"transfer agent for the Funds under the Master Services Agreement (the “Master Services","page_number":5,"box":{"x":183,"y":325,"width":646,"height":13}},{"id":"b668bc7a-d278-4c01-a26b-f488e49eb261","block_type":"box","text":"Agreement”). Citibank’s principal address is 388 Greenwich Street, New York, NY 10013.","page_number":5,"box":{"x":183,"y":340,"width":646,"height":13}},{"id":"9b82e133-9b6a-4a7e-bcee-17dcf20aaf48","block_type":"box","text":"Pursuant to the Master Services Agreement with the Trust, Citibank provides necessary","page_number":5,"box":{"x":184,"y":356,"width":637,"height":13}},{"id":"038f657d-80b1-40ef-a76b-d16672bb6366","block_type":"box","text":"administrative, tax and accounting and financial reporting services for the maintenance and","page_number":5,"box":{"x":184,"y":371,"width":669,"height":13}},{"id":"fe6a393e-26be-407a-8911-e654a08c30ba","block_type":"box","text":"operations of the Trust and each Fund. In addition, Citibank makes available the office space,","page_number":5,"box":{"x":184,"y":387,"width":677,"height":13}},{"id":"efeefa21-4762-4c06-b719-5a38448b8036","block_type":"box","text":"equipment, personnel and facilities required to provide such services. Pursuant to the Master","page_number":5,"box":{"x":184,"y":402,"width":676,"height":13}},{"id":"e9e57d3f-78e5-4378-aead-a8a69f00717b","block_type":"box","text":"Services Agreement with the Trust, Citibank maintains, in separate accounts, cash, securities","page_number":5,"box":{"x":184,"y":418,"width":676,"height":13}},{"id":"3745b52a-46bb-44d1-8c4f-f028ca4dcf6d","block_type":"box","text":"and other assets of the Trust and each Fund, keeps all necessary accounts and records and","page_number":5,"box":{"x":184,"y":433,"width":664,"height":13}},{"id":"1f2594e2-2ddc-4233-83d4-14aa3884ab15","block_type":"box","text":"provides other services. Citibank is required, upon the order of the Trust, to deliver securities","page_number":5,"box":{"x":184,"y":449,"width":673,"height":13}},{"id":"7b38ed6e-d161-44dd-8a4f-9b1142027688","block_type":"box","text":"held by Citibank and to make payments for securities purchased by the Trust for each Fund.","page_number":5,"box":{"x":184,"y":464,"width":670,"height":13}},{"id":"d45b6f71-4ed8-4aae-a520-0c79190efa54","block_type":"box","text":"Citibank is authorized to appoint certain foreign custodians or foreign custody managers for","page_number":5,"box":{"x":184,"y":480,"width":671,"height":13}},{"id":"679fa49e-3c73-4867-88e3-d4e2449a4723","block_type":"box","text":"Fund investments outside the U.S. Pursuant to the Master Services Agreement with the Trust,","page_number":5,"box":{"x":184,"y":495,"width":682,"height":13}},{"id":"63c8579e-6c2e-4af0-9dfb-7eb54bb9dab4","block_type":"box","text":"Citibank acts as a transfer agent for each Fund’s authorized and issued shares of beneficial","page_number":5,"box":{"x":184,"y":511,"width":660,"height":13}},{"id":"6f2fbd8b-6c4f-485b-9fdf-ccdfa078c778","block_type":"box","text":"interest, and as dividend disbursing agent of the Trust. As compensation for these services,","page_number":5,"box":{"x":184,"y":526,"width":664,"height":13}},{"id":"2bf8fe1b-b38f-481d-bf03-302bd8779399","block_type":"box","text":"Citibank receives certain out-of-pocket costs, transaction fees and asset-based fees which are","page_number":5,"box":{"x":184,"y":542,"width":685,"height":13}},{"id":"1bbbb4d6-f9f4-4476-9642-0dfe0b753174","block_type":"box","text":"accrued daily and paid monthly by BFA. BFA pays the compensation because it has agreed to","page_number":5,"box":{"x":184,"y":557,"width":679,"height":13}},{"id":"5f57ba42-4bd3-48b0-b79b-2b24168c8c32","block_type":"box","text":"pay these operating expenses under the Investment Advisory Agreement as described therein.","page_number":5,"box":{"x":184,"y":573,"width":687,"height":13}},{"id":"21f77db7-8dc0-46ec-9bb0-fd443609ef56","block_type":"box","text":"Prior to March 16, 2026, State Street Bank and Trust Company (“State Street”) served as","page_number":5,"box":{"x":184,"y":596,"width":645,"height":13}},{"id":"269a4f6c-94f9-4c61-b47d-efe090e9dfbe","block_type":"box","text":"administrator, custodian and transfer agent for each Fund.","page_number":5,"box":{"x":184,"y":612,"width":428,"height":12}},{"id":"a4a57db4-0e0a-44ff-87b2-d474d697586d","block_type":"box","text":"3) For each Fund, references to “State Street” are replaced with references to “Citibank” in the","page_number":5,"box":{"x":150,"y":635,"width":700,"height":13}},{"id":"75ccfe73-d5a9-447f-bee2-f8809009288c","block_type":"box","text":"sections of the SAI entitled “Placement of Creation Orders,” “Acceptance of Orders for Creation","page_number":5,"box":{"x":184,"y":651,"width":695,"height":12}},{"id":"9f9e9805-718e-457e-abfc-649170617310","block_type":"box","text":"Units” and “Placement of Redemption Orders.”","page_number":5,"box":{"x":184,"y":666,"width":339,"height":13}},{"id":"fbc5e466-f837-4e65-94f3-ca4bdc47008d","block_type":"box","text":"4) For each Fund, the section of the SAI entitled “Costs Associated with Creation Transactions” is","page_number":5,"box":{"x":150,"y":689,"width":717,"height":13}},{"id":"b915f66a-ff5c-4c0f-9e8d-0d632658ee4b","block_type":"box","text":"deleted in its entirety and replaced with the following, although each SAI will include a","page_number":5,"box":{"x":184,"y":705,"width":623,"height":12}},{"id":"77be53ba-433b-4d05-8579-b768c8ea5f6d","block_type":"box","text":"“Standard Creation Transaction Fee” table only for applicable Funds","page_number":5,"box":{"x":184,"y":720,"width":491,"height":13}},{"id":"8f4da3db-44c2-4bfb-9943-45c8cb1be164","block_type":"box","text":":","page_number":5,"box":{"x":677,"y":724,"width":2,"height":6}},{"id":"bcb183cb-a237-492b-ba33-b2fa0a8daad4","block_type":"box","text":"Costs Associated with Creation Transactions.","page_number":5,"box":{"x":184,"y":744,"width":342,"height":10}},{"id":"4b0a1707-6ec4-4cc1-90f6-b1685c1a40fa","block_type":"box","text":"A standard creation transaction fee is imposed to offset the transfer and other transaction costs","page_number":5,"box":{"x":183,"y":767,"width":695,"height":12}},{"id":"a3b36be6-2f5d-4d88-91f6-5cbd60fd8d5f","block_type":"box","text":"associated with the issuance of Creation Units. Under an ETF Services Agreement, the Funds","page_number":5,"box":{"x":184,"y":782,"width":668,"height":13}},{"id":"9603afdd-e849-4a66-b1e2-9f1dee1106df","block_type":"box","text":"have retained BRIL, an affiliate of BFA, to perform the ETF Services. BRIL will receive from an","page_number":5,"box":{"x":184,"y":798,"width":664,"height":12}},{"id":"9f28b232-e7c2-4547-adad-061304299c82","block_type":"box","text":"Authorized Participant a standard transaction fee on each creation order, which consists of (1) a","page_number":5,"box":{"x":183,"y":813,"width":698,"height":13}},{"id":"63a39b03-1b93-4687-bd51-65d3eaa48750","block_type":"box","text":"fee for providing the ETF Services (the “ETF Servicing Fee”) and (2) transfer, processing and","page_number":5,"box":{"x":183,"y":829,"width":670,"height":12}},{"id":"63e1f9d7-a7b6-4842-a289-6489b2e56c53","block_type":"box","text":"other transaction costs charged by a Fund custodian in connection with the issuance of","page_number":5,"box":{"x":184,"y":844,"width":639,"height":13}},{"id":"39aca5bd-ef03-4468-8b7a-6bdbbb214e3f","block_type":"box","text":"Creation Units for such creation order (“Custody Transaction Costs”). BRIL is entitled to retain","page_number":5,"box":{"x":184,"y":860,"width":684,"height":12}},{"id":"00b37fd8-91dc-4d13-9c38-cf59b019143c","block_type":"box","text":"the ETF Servicing Fee pursuant to the ETF Services Agreement, but BRIL will reimburse any","page_number":5,"box":{"x":183,"y":875,"width":662,"height":13}},{"id":"b2fc3f1b-cb69-468d-8dce-9a5f85897920","block_type":"box","text":"Custody Transaction Costs to the applicable Fund custodian according to the amounts invoiced","page_number":5,"box":{"x":184,"y":891,"width":698,"height":12}},{"id":"aba4284c-dbe9-49ac-8f6a-5cdd04165b29","block_type":"box","text":"by such custodian.","page_number":5,"box":{"x":184,"y":906,"width":139,"height":13}},{"id":"15a08b1c-2092-4ce9-bcde-dcc9ba01bc53","block_type":"box","text":"The ETF Servicing Fee is a flat fee per order regardless of the number of Creation Units being","page_number":6,"box":{"x":183,"y":69,"width":674,"height":13}},{"id":"52e3037e-9af3-4a54-92b7-8b46953da1bf","block_type":"box","text":"purchased, which amount will vary among different Funds based on a number of factors,","page_number":6,"box":{"x":184,"y":85,"width":649,"height":12}},{"id":"1a3fd683-3856-41a9-94e3-1affbe452d71","block_type":"box","text":"including the complexity of the order and the types of securities or instruments included in a","page_number":6,"box":{"x":184,"y":100,"width":674,"height":13}},{"id":"af872843-980e-4e03-af86-8a7089a9cd84","block_type":"box","text":"Fund’s Creation Basket, among other variables. The ETF Servicing Fee may be equal to zero in","page_number":6,"box":{"x":184,"y":116,"width":681,"height":12}},{"id":"254c1dcf-56f1-476d-9c3c-7399d5288a01","block_type":"box","text":"certain instances, such as for creation transactions that consist solely of cash. The actual","page_number":6,"box":{"x":184,"y":131,"width":648,"height":13}},{"id":"95f98a40-8254-4933-ba96-cc4d88357a63","block_type":"box","text":"Custody Transaction Costs vary per order based on the number of trades, underlying markets","page_number":6,"box":{"x":184,"y":147,"width":682,"height":12}},{"id":"bbf8c58d-e69a-4c3b-9537-a60e43e185d2","block_type":"box","text":"and settlement locations associated with the issuance of a Creation Unit. The following table","page_number":6,"box":{"x":184,"y":162,"width":675,"height":13}},{"id":"44d5f0fd-c76c-4950-ad0c-6bd05456c08b","block_type":"box","text":"sets forth, for each Fund, an estimate of the creation transaction fee for a Creation Unit based","page_number":6,"box":{"x":184,"y":178,"width":682,"height":11}},{"id":"06f17461-d03d-48b0-9ddb-af7037ed105d","block_type":"box","text":"on data as of February 2, 2026. The actual fee charged to an Authorized Participant in","page_number":6,"box":{"x":184,"y":193,"width":625,"height":13}},{"id":"2591e601-ed2d-4a13-8535-0f0aecaa2ee2","block_type":"box","text":"connection with a creation order will vary over time depending on the factors discussed above,","page_number":6,"box":{"x":184,"y":209,"width":692,"height":12}},{"id":"9a2964c4-41e4-447e-b6ea-30fd21a72830","block_type":"box","text":"and may be higher than the fee set forth below.","page_number":6,"box":{"x":184,"y":224,"width":348,"height":13}},{"id":"7b486682-64b9-4f47-a38d-64133385a2a4","block_type":"box","text":"In order to defray transaction expenses for a Fund and protect against possible shareholder","page_number":6,"box":{"x":184,"y":247,"width":666,"height":13}},{"id":"5b3abeb3-c337-4cb3-b66b-deff754663fd","block_type":"box","text":"dilution, if a creation transaction consists solely or partially of cash, the Authorized Participant","page_number":6,"box":{"x":184,"y":263,"width":684,"height":13}},{"id":"f47decac-9b68-4080-9461-8110577e76d7","block_type":"box","text":"may also be required to cover (up to the maximum amount shown below) certain brokerage,","page_number":6,"box":{"x":184,"y":278,"width":678,"height":13}},{"id":"d12fe1ee-2486-4c2e-811c-9c52496863f3","block_type":"box","text":"tax, foreign exchange, execution and other costs and expenses related to the execution of","page_number":6,"box":{"x":183,"y":294,"width":656,"height":13}},{"id":"2cbc152f-277b-42c7-adf1-4aefbddb6d26","block_type":"box","text":"trades resulting from such transaction (which may, in certain instances, be based on a good","page_number":6,"box":{"x":183,"y":309,"width":672,"height":13}},{"id":"8073fe25-eb61-4c44-a815-8260056a7ece","block_type":"box","text":"faith estimate of transaction costs based on historical data or other inputs, at BlackRock’s","page_number":6,"box":{"x":183,"y":325,"width":654,"height":13}},{"id":"de1155d7-da21-4d2e-84d5-88fed47853fb","block_type":"box","text":"discretion, and may include part or all of the spread between the expected bid and offer side of","page_number":6,"box":{"x":184,"y":340,"width":691,"height":13}},{"id":"f32251bd-925f-4366-952b-4548fa1c69b8","block_type":"box","text":"the market and anticipated market impact). However, a Fund is not obligated to trade identical","page_number":6,"box":{"x":183,"y":356,"width":691,"height":13}},{"id":"637e2b6a-6bae-4b83-a01a-0972e83b1b87","block_type":"box","text":"securities to the securities identified by BlackRock in estimating these transaction and other","page_number":6,"box":{"x":184,"y":371,"width":668,"height":13}},{"id":"fbc6fcee-84ed-4e6d-a3ca-78275633b4f9","block_type":"box","text":"costs and expenses. In certain cases, BlackRock or an affiliate may determine in its discretion to","page_number":6,"box":{"x":184,"y":387,"width":695,"height":13}},{"id":"09df3c5c-7530-483f-a1ad-c5f756131eab","block_type":"box","text":"deviate from the regular charge, subject to the maximum amounts shown below.","page_number":6,"box":{"x":184,"y":402,"width":593,"height":13}},{"id":"a6dd88b8-0817-43f7-af45-507bf45f0b08","block_type":"box","text":"Authorized Participants will also bear the costs of transferring the Deposit Securities to the","page_number":6,"box":{"x":183,"y":426,"width":661,"height":12}},{"id":"eef74687-297f-4233-8cb9-22a8a79a7800","block_type":"box","text":"Funds. Certain fees/costs associated with creation transactions may be waived in certain","page_number":6,"box":{"x":184,"y":441,"width":649,"height":13}},{"id":"659e802d-721d-413e-b644-2eb331af6589","block_type":"box","text":"circumstances. Investors who use the services of a broker or other financial intermediary to","page_number":6,"box":{"x":184,"y":457,"width":666,"height":12}},{"id":"7804a96b-2df0-496a-aec6-c62b6fc54250","block_type":"box","text":"acquire Fund shares may be charged a fee for such services.","page_number":6,"box":{"x":184,"y":472,"width":439,"height":13}},{"id":"a0bc2746-33b5-4b5d-84ad-49cf64e3e1fb","block_type":"box","text":"The following table sets forth each Fund’s estimated creation transaction fee based on data as","page_number":6,"box":{"x":183,"y":495,"width":688,"height":13}},{"id":"7136f8d9-6453-4a95-9112-fd876bd1f1f1","block_type":"box","text":"of February 2, 2026 and maximum additional charge (as described above):","page_number":6,"box":{"x":184,"y":511,"width":545,"height":13}},{"id":"4dbf82ea-9e86-4801-a24a-04cdd6d9120e","block_type":"box","text":"Fund","page_number":6,"box":{"x":184,"y":541,"width":29,"height":8}},{"id":"ef65b0be-4928-45a6-8619-c6e1ecec6c4b","block_type":"box","text":"Standard Creation","page_number":6,"box":{"x":608,"y":531,"width":109,"height":8}},{"id":"398e790d-a1a7-4ca0-9584-91a4a58a27d7","block_type":"box","text":"Transaction Fee","page_number":6,"box":{"x":614,"y":542,"width":97,"height":7}},{"id":"2a6e0362-c3aa-4560-9c27-c75fcd2d9c6d","block_type":"box","text":"Maximum Additional","page_number":6,"box":{"x":756,"y":531,"width":127,"height":8}},{"id":"c2599558-c3c8-4ba1-a90b-b4ba6d6b7dbc","block_type":"box","text":"Charge*","page_number":6,"box":{"x":794,"y":541,"width":51,"height":11}},{"id":"f1c3ed14-51bc-474d-818c-b1b38eacbc90","block_type":"box","text":"iShares Core MSCI Pacific ETF $4,700 7.0%","page_number":6,"box":{"x":184,"y":564,"width":668,"height":12}},{"id":"4b9c365e-8a49-452f-9324-e7cf32da63d1","block_type":"box","text":"iShares ESG Advanced MSCI EAFE ETF $1,950 3.0%","page_number":6,"box":{"x":184,"y":583,"width":668,"height":12}},{"id":"700e6184-c043-4608-93f7-9808351bb75f","block_type":"box","text":"iShares ESG Advanced MSCI EM ETF $6,720 7.0%","page_number":6,"box":{"x":184,"y":603,"width":668,"height":11}},{"id":"07af97ca-9eb1-4673-971f-ae3df08a849e","block_type":"box","text":"iShares ESG Aware MSCI EAFE ETF $1,970 3.0%","page_number":6,"box":{"x":184,"y":622,"width":668,"height":12}},{"id":"abfb01f9-845a-4072-9b62-21208d847e16","block_type":"box","text":"iShares ESG Aware MSCI EM ETF $3,600 3.0%","page_number":6,"box":{"x":184,"y":641,"width":668,"height":12}},{"id":"a77c282e-4915-4f06-b20c-59db250a25bf","block_type":"box","text":"iShares ESG MSCI EM Leaders ETF $5,540 7.0%","page_number":6,"box":{"x":184,"y":661,"width":663,"height":11}},{"id":"aabeeaab-a56e-4755-a299-f0c3a47ec33d","block_type":"box","text":"iShares JPX-Nikkei 400 ETF $1,270 3.0%","page_number":6,"box":{"x":184,"y":680,"width":663,"height":12}},{"id":"0d7e15a7-dcff-4ee7-8f2c-d8930d3f68b5","block_type":"box","text":"iShares Low Carbon Optimized MSCI ACWI ETF $6,160 7.0%","page_number":6,"box":{"x":184,"y":700,"width":663,"height":12}},{"id":"181a31d5-4634-4dab-b18c-d169d97aba0c","block_type":"box","text":"iShares MSCI ACWI ETF $14,710 7.0%","page_number":6,"box":{"x":184,"y":719,"width":663,"height":12}},{"id":"7fa8b257-0f5f-4d83-9b1c-d13aae89ad67","block_type":"box","text":"iShares MSCI ACWI ex U.S. ETF $14,320 7.0%","page_number":6,"box":{"x":184,"y":738,"width":663,"height":12}},{"id":"37f92d7e-b6fe-4c75-890f-0046be375ffe","block_type":"box","text":"iShares MSCI Agriculture Producers ETF $1,640 7.0%","page_number":6,"box":{"x":184,"y":758,"width":663,"height":12}},{"id":"f9bc2931-1fe1-49e3-a344-60479e4f2d81","block_type":"box","text":"iShares MSCI Belgium ETF $450 3.0%","page_number":6,"box":{"x":184,"y":777,"width":663,"height":13}},{"id":"8658b627-d694-4148-ba89-050ff4313908","block_type":"box","text":"iShares MSCI BIC ETF $8,630 7.0%","page_number":6,"box":{"x":184,"y":797,"width":663,"height":11}},{"id":"21da3dbe-ca8f-47e2-893e-ab3628e3e9ee","block_type":"box","text":"iShares MSCI Brazil ETF $860 7.0%","page_number":6,"box":{"x":184,"y":816,"width":663,"height":11}},{"id":"32e4eda9-10ab-42e6-b695-eb4753014834","block_type":"box","text":"iShares MSCI Brazil Small-Cap ETF $1,020 3.0%","page_number":6,"box":{"x":184,"y":835,"width":668,"height":13}},{"id":"0f9de9dd-3150-4f2b-b085-9bdc4942dded","block_type":"box","text":"iShares MSCI Canada ETF $630 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Small-Cap ETF $8,440 7.0%","page_number":7,"box":{"x":184,"y":157,"width":668,"height":13}},{"id":"29d694a0-4ce4-4074-9aa5-ec6e3d61f198","block_type":"box","text":"iShares MSCI Emerging Markets Asia ETF $10,090 7.0%","page_number":7,"box":{"x":184,"y":176,"width":668,"height":13}},{"id":"0e627ba8-2ca8-445f-8289-b99f1c105ffe","block_type":"box","text":"iShares MSCI Emerging Markets Min Vol Factor ETF $5,150 7.0%","page_number":7,"box":{"x":184,"y":196,"width":668,"height":12}},{"id":"1ff8c302-fa50-41c0-b22c-74272110c67d","block_type":"box","text":"iShares MSCI Emerging Markets Quality Factor ETF $3,970 7.0%","page_number":7,"box":{"x":184,"y":215,"width":668,"height":13}},{"id":"a29e7878-4d0e-4b1b-bf29-58f7bad2d9c9","block_type":"box","text":"iShares MSCI Emerging Markets Small-Cap ETF $14,990 7.0%","page_number":7,"box":{"x":184,"y":235,"width":668,"height":12}},{"id":"aad15607-7680-45db-ae82-2ef643a1b775","block_type":"box","text":"iShares MSCI Emerging Markets Value Factor ETF $3,500 7.0%","page_number":7,"box":{"x":184,"y":254,"width":668,"height":13}},{"id":"0bfcc491-88d5-443c-a2c8-f2a13cf461b1","block_type":"box","text":"iShares MSCI France ETF $500 3.0%","page_number":7,"box":{"x":184,"y":273,"width":668,"height":11}},{"id":"c539586f-7a3e-4f7b-b99a-57c58518bf9e","block_type":"box","text":"iShares MSCI Germany ETF $460 3.0%","page_number":7,"box":{"x":184,"y":293,"width":668,"height":12}},{"id":"b4332272-b261-48ce-9232-bd59be9cb13f","block_type":"box","text":"iShares MSCI Global Gold Miners ETF $820 7.0%","page_number":7,"box":{"x":184,"y":312,"width":668,"height":11}},{"id":"4e489e7f-d86f-417d-a125-398b1cfac670","block_type":"box","text":"iShares MSCI Global Min Vol Factor ETF $3,220 7.0%","page_number":7,"box":{"x":184,"y":331,"width":668,"height":12}},{"id":"99e8f5a0-cd76-48e0-b70c-33a61828baad","block_type":"box","text":"iShares MSCI Global Quality Factor ETF $2,500 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3.0%","page_number":7,"box":{"x":184,"y":444,"width":668,"height":11}},{"id":"61f03173-d1f9-472a-ac30-5fdcb35c8ce2","block_type":"box","text":"iShares MSCI India Small-Cap ETF $2,700 3.0%","page_number":7,"box":{"x":184,"y":463,"width":668,"height":13}},{"id":"16c7028d-5901-4019-afc6-b06abd5a8966","block_type":"box","text":"iShares MSCI Indonesia ETF $1,070 3.0%","page_number":7,"box":{"x":184,"y":483,"width":668,"height":11}},{"id":"f0c397d7-cdb2-49e9-8c90-70663269f331","block_type":"box","text":"iShares MSCI Intl Momentum Factor ETF $1,500 7.0%","page_number":7,"box":{"x":184,"y":502,"width":668,"height":12}},{"id":"b0f0f8f6-51e5-425a-bb5c-b84fcea5fa1e","block_type":"box","text":"iShares MSCI Intl Quality Factor ETF $1,350 7.0%","page_number":7,"box":{"x":184,"y":521,"width":668,"height":13}},{"id":"ec86f4e3-3a82-4e07-b491-50894e7955b4","block_type":"box","text":"iShares MSCI Intl Value Factor ETF $1,570 7.0%","page_number":7,"box":{"x":184,"y":541,"width":668,"height":11}},{"id":"41d9c076-8311-4a99-8fdf-9acef532dbcd","block_type":"box","text":"iShares MSCI Japan Small-Cap ETF $2,590 3.0%","page_number":7,"box":{"x":184,"y":560,"width":668,"height":13}},{"id":"8c94b91f-da87-415f-aeb2-bccde8b2b7e3","block_type":"box","text":"iShares MSCI Japan Value ETF $580 3.0%","page_number":7,"box":{"x":184,"y":579,"width":668,"height":13}},{"id":"a7d43ff9-c80f-42f0-b204-511460e75229","block_type":"box","text":"iShares MSCI Kokusai ETF $4,020 7.0%","page_number":7,"box":{"x":184,"y":599,"width":668,"height":11}},{"id":"4c154603-7b6b-44fe-8ce5-2a58606a712e","block_type":"box","text":"iShares MSCI Kuwait ETF $2,040 7.0%","page_number":7,"box":{"x":184,"y":618,"width":668,"height":12}},{"id":"a55c7bd0-12a3-411c-9688-4199da1edd76","block_type":"box","text":"iShares MSCI Malaysia ETF $900 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3.0%","page_number":7,"box":{"x":184,"y":831,"width":668,"height":11}},{"id":"4614cae6-d512-4101-9151-54beccc05580","block_type":"box","text":"iShares MSCI Spain ETF $360 3.0%","page_number":7,"box":{"x":184,"y":851,"width":668,"height":12}},{"id":"a77e7c9a-08f9-456d-bb9c-7f4d447d6f35","block_type":"box","text":"iShares MSCI Sweden ETF $480 3.0%","page_number":7,"box":{"x":184,"y":870,"width":668,"height":11}},{"id":"3fec7b14-850a-4b46-aa11-c6cc21e1ca86","block_type":"box","text":"iShares MSCI Thailand ETF $1,200 3.0%","page_number":7,"box":{"x":184,"y":890,"width":668,"height":11}},{"id":"93d5870a-c9a8-4232-bad2-d1fc84516bba","block_type":"box","text":"iShares MSCI United Kingdom ETF $420 3.0%","page_number":7,"box":{"x":184,"y":909,"width":663,"height":13}},{"id":"153e5f2d-d733-40ad-b421-42c65e0e476d","block_type":"box","text":"Fund","page_number":8,"box":{"x":184,"y":76,"width":29,"height":8}},{"id":"626f2a39-a562-4a1e-a08f-b29efe6da22b","block_type":"box","text":"Standard Creation","page_number":8,"box":{"x":608,"y":66,"width":109,"height":8}},{"id":"04a69c87-318b-47bd-a7e9-ed95a9cc11a4","block_type":"box","text":"Transaction Fee","page_number":8,"box":{"x":614,"y":77,"width":97,"height":7}},{"id":"3d85692e-51c9-4b0e-b908-4c93d96d58be","block_type":"box","text":"Maximum Additional","page_number":8,"box":{"x":756,"y":66,"width":127,"height":8}},{"id":"0e0eac63-2d21-46a4-a53a-77366502818b","block_type":"box","text":"Charge*","page_number":8,"box":{"x":794,"y":76,"width":51,"height":10}},{"id":"e36a2141-a935-44cf-accd-f97f7243b317","block_type":"box","text":"iShares MSCI World ETF $4,480 7.0%","page_number":8,"box":{"x":184,"y":99,"width":668,"height":11}},{"id":"5ed163be-621a-4844-8ecb-4f7e90448f85","block_type":"box","text":"iShares MSCI World Small-Cap ETF $10,090 7.0%","page_number":8,"box":{"x":184,"y":118,"width":668,"height":13}},{"id":"92b76909-e90a-4485-9ec3-87c7c9af6107","block_type":"box","text":"iShares Paris-Aligned Climate Optimized MSCI World ex","page_number":8,"box":{"x":184,"y":138,"width":408,"height":12}},{"id":"8718c8f4-82c4-4e00-ae61-985ee0d7ee81","block_type":"box","text":"USA ETF $2,140 3.0%","page_number":8,"box":{"x":201,"y":153,"width":651,"height":12}},{"id":"76150b0c-2e88-4b31-8570-70d4d7fbdd4c","block_type":"box","text":"iShares U.S. Power Infrastructure ETF $240 3.0%","page_number":8,"box":{"x":184,"y":172,"width":668,"height":11}},{"id":"d94899ea-00a3-4720-a083-f758cc7b6151","block_type":"box","text":"* As a percentage of the net asset value per Creation Unit.","page_number":8,"box":{"x":184,"y":201,"width":445,"height":13}},{"id":"fee47cdd-8563-4163-be47-786318a8d248","block_type":"box","text":"5) For each Fund, the section of the SAI entitled “Costs Associated with Redemption Transactions”","page_number":8,"box":{"x":150,"y":224,"width":734,"height":13}},{"id":"bcfb9dc1-0a01-4cbc-892c-bbdedf7a4202","block_type":"box","text":"is deleted in its entirety and replaced with the following, although each SAI will include a","page_number":8,"box":{"x":184,"y":240,"width":644,"height":12}},{"id":"3d5ea16f-b562-4540-a091-1adf2655a765","block_type":"box","text":"“Standard Redemption Transaction Fee” table only for applicable Funds","page_number":8,"box":{"x":184,"y":255,"width":519,"height":13}},{"id":"70fbabea-6d98-4740-8182-7e8a08ff4d94","block_type":"box","text":":","page_number":8,"box":{"x":704,"y":259,"width":7,"height":6}},{"id":"6e2aab3c-ae40-4137-a545-8d7dc0bff96b","block_type":"box","text":"Costs Associated with Redemption Transactions.","page_number":8,"box":{"x":184,"y":278,"width":374,"height":13}},{"id":"2c20baa6-d4ad-4d14-91c5-db5180a6d2e4","block_type":"box","text":"A standard redemption transaction fee is imposed to offset transfer and other transaction costs","page_number":8,"box":{"x":183,"y":302,"width":697,"height":12}},{"id":"c0ce598f-d4ac-4c82-a68e-5c7d0decb679","block_type":"box","text":"that may be incurred by the relevant Fund. As described above, under an ETF Services","page_number":8,"box":{"x":183,"y":317,"width":626,"height":13}},{"id":"ef43e04a-29b4-4439-85f5-2a9328606b12","block_type":"box","text":"Agreement, the Funds have retained BRIL, an affiliate of BFA, to perform certain ETF Services.","page_number":8,"box":{"x":183,"y":333,"width":680,"height":12}},{"id":"d1ad233a-72dc-4e2b-8660-b7cc89624edb","block_type":"box","text":"BRIL will receive from an Authorized Participant a standard transaction fee on each redemption","page_number":8,"box":{"x":184,"y":348,"width":694,"height":13}},{"id":"70e28dfa-3408-4a2d-b651-480d8ecf9e41","block_type":"box","text":"order, which consists of (1) the ETF Servicing Fee and (2) Custody Transaction Costs. BRIL is","page_number":8,"box":{"x":184,"y":364,"width":675,"height":12}},{"id":"d87b7baf-1cd8-4de4-a675-71dc9a219900","block_type":"box","text":"entitled to retain the ETF Servicing Fee pursuant to the ETF Services Agreement, but BRIL will","page_number":8,"box":{"x":184,"y":379,"width":677,"height":13}},{"id":"43d916db-a460-4e0a-8b3f-0ce104617af5","block_type":"box","text":"reimburse any Custody Transaction Costs to the applicable Fund custodian according to the","page_number":8,"box":{"x":184,"y":395,"width":672,"height":12}},{"id":"ba1b7d8c-8798-4cee-baa7-f4769a40c5e9","block_type":"box","text":"amounts invoiced by such custodian.","page_number":8,"box":{"x":184,"y":410,"width":273,"height":13}},{"id":"107dbe06-7867-450b-9338-77403fdcaa56","block_type":"box","text":"The ETF Servicing Fee is a flat fee per order regardless of the number of Creation Units being","page_number":8,"box":{"x":183,"y":433,"width":674,"height":13}},{"id":"7477b512-5035-4a5d-b471-66f3e411e887","block_type":"box","text":"redeemed, which amount will vary among different Funds based on a number of factors,","page_number":8,"box":{"x":184,"y":449,"width":646,"height":13}},{"id":"d03b0233-d4c9-486d-afba-0c6d91806e7c","block_type":"box","text":"including the complexity of the order and the types of securities or instruments included in a","page_number":8,"box":{"x":184,"y":464,"width":674,"height":13}},{"id":"d681c220-1845-4695-9933-40b7aa4f2366","block_type":"box","text":"Fund’s Redemption Basket, among other variables. The ETF Servicing Fee may be equal to zero","page_number":8,"box":{"x":184,"y":480,"width":690,"height":13}},{"id":"faae3f31-1c72-49d1-ae83-e06ca9d9d6f5","block_type":"box","text":"in certain instances, such as for redemption transactions that consist solely of cash. The actual","page_number":8,"box":{"x":184,"y":495,"width":690,"height":13}},{"id":"f1eda453-c47b-4636-8749-70dfb0f780a0","block_type":"box","text":"Custody Transaction Costs vary per order based on the number of trades, underlying markets,","page_number":8,"box":{"x":184,"y":511,"width":686,"height":13}},{"id":"e2e13c31-cc7c-4788-8749-934e77465a4d","block_type":"box","text":"and settlement locations associated with the redemption of a Creation Unit. The following table","page_number":8,"box":{"x":184,"y":526,"width":696,"height":13}},{"id":"5300f5f4-518b-4b57-9dec-cc3f9ecdc409","block_type":"box","text":"sets forth, for each Fund, an estimate of the redemption transaction fee for a Creation Unit","page_number":8,"box":{"x":184,"y":542,"width":660,"height":13}},{"id":"3f0cc6a5-01be-4201-9bc8-c2d9ab82058f","block_type":"box","text":"based on data as of February 2, 2026. The actual fee charged to an Authorized Participant in","page_number":8,"box":{"x":184,"y":557,"width":672,"height":13}},{"id":"c5b87035-03cb-42ee-81e5-0edd9084abfe","block_type":"box","text":"connection with a redemption order will vary over time depending on the factors discussed","page_number":8,"box":{"x":184,"y":573,"width":665,"height":13}},{"id":"c954aa0b-3e87-4290-8a0f-284179cce389","block_type":"box","text":"above, and may be higher than the fee set forth below.","page_number":8,"box":{"x":184,"y":589,"width":400,"height":12}},{"id":"b6b0c748-bbf8-40be-bd7b-aa703c7491c1","block_type":"box","text":"In order to defray transaction expenses for a Fund and protect against possible shareholder","page_number":8,"box":{"x":184,"y":612,"width":666,"height":12}},{"id":"2efaa59c-4bef-4de9-8c3e-d18bd5da31b3","block_type":"box","text":"dilution, if a redemption transaction consists solely or partially of cash, the Authorized","page_number":8,"box":{"x":184,"y":627,"width":626,"height":13}},{"id":"95b5559c-46ea-4294-aa8d-05436419e25b","block_type":"box","text":"Participant may also be required to cover (up to the maximum amount shown below) certain","page_number":8,"box":{"x":184,"y":643,"width":679,"height":12}},{"id":"e4cc0ded-b7f6-491b-aad0-d20db5964d6d","block_type":"box","text":"brokerage, tax, foreign exchange, execution and other costs and expenses related to the","page_number":8,"box":{"x":184,"y":658,"width":642,"height":13}},{"id":"60f65ce7-b9c6-4bf8-aa34-b51d4d5be1ee","block_type":"box","text":"execution of trades resulting from such transaction (which may, in certain instances, be based","page_number":8,"box":{"x":184,"y":674,"width":682,"height":12}},{"id":"4953a492-7426-492f-93d7-d22d47f04bb4","block_type":"box","text":"on a good faith estimate of transaction costs based on historical data or other inputs, at","page_number":8,"box":{"x":184,"y":689,"width":636,"height":13}},{"id":"202176f4-cd35-423f-bdea-57f213137fef","block_type":"box","text":"BlackRock’s discretion, and may include part or all of the spread between the expected bid and","page_number":8,"box":{"x":184,"y":705,"width":686,"height":12}},{"id":"b4291dcc-ccb0-477d-8e06-e5ae4f8ddd17","block_type":"box","text":"offer side of the market and anticipated market impact). However, a Fund is not obligated to","page_number":8,"box":{"x":184,"y":720,"width":668,"height":13}},{"id":"9f14f25c-435d-48d2-8c33-6e5acf6b232c","block_type":"box","text":"trade identical securities to the securities identified by BlackRock in estimating these transaction","page_number":8,"box":{"x":183,"y":736,"width":697,"height":12}},{"id":"2492d95b-f10b-42a7-96ed-ff4561948436","block_type":"box","text":"and other costs and expenses. In certain cases, BlackRock or an affiliate may determine in its","page_number":8,"box":{"x":184,"y":751,"width":670,"height":13}},{"id":"62cdeac5-2a1e-46b0-9d22-ebaf0de4dd0e","block_type":"box","text":"discretion to deviate from the regular charge, subject to the maximum amounts shown below.","page_number":8,"box":{"x":184,"y":767,"width":683,"height":12}},{"id":"86dcdf8d-d45e-416c-b9ca-aeb13a5c04fb","block_type":"box","text":"Authorized Participants will also bear the costs of transferring the Fund Securities from a Fund","page_number":8,"box":{"x":183,"y":790,"width":683,"height":13}},{"id":"536af814-bc3b-4788-a8fc-4ae6dc607895","block_type":"box","text":"to their account on their order. Certain fees/costs associated with redemption transactions may","page_number":8,"box":{"x":183,"y":806,"width":696,"height":12}},{"id":"07c1ed72-e0cc-44e0-a4fd-2b228347f300","block_type":"box","text":"be waived in certain circumstances. Investors who use the services of a broker or other financial","page_number":8,"box":{"x":184,"y":821,"width":694,"height":10}},{"id":"0471a40d-3def-4c89-a5e9-761a45f79e4b","block_type":"box","text":"intermediary to dispose of Fund shares may be charged a fee for such services.","page_number":8,"box":{"x":184,"y":837,"width":575,"height":12}},{"id":"e1d3dfa5-2799-4143-af75-7bb58729e850","block_type":"box","text":"The following table sets forth each Fund’s estimated redemption transaction fee based on data","page_number":9,"box":{"x":183,"y":69,"width":693,"height":13}},{"id":"034745a6-5852-4dd8-ac68-2bc6ba4d2c88","block_type":"box","text":"as of February 2, 2026 and maximum additional charge (as described above):","page_number":9,"box":{"x":184,"y":85,"width":565,"height":12}},{"id":"9a36fd02-d42a-4bdd-b3cd-a2a2257f8c59","block_type":"box","text":"Fund","page_number":9,"box":{"x":184,"y":115,"width":29,"height":8}},{"id":"82ec85d9-1c2e-4991-926b-f32e00115f2a","block_type":"box","text":"Standard Redemption","page_number":9,"box":{"x":586,"y":105,"width":131,"height":10}},{"id":"c7f9f634-be9e-4536-966c-7522c97b91e4","block_type":"box","text":"Transaction Fee","page_number":9,"box":{"x":603,"y":115,"width":97,"height":8}},{"id":"ef7ae480-b362-46d2-9f91-048f459f8812","block_type":"box","text":"Maximum Additional","page_number":9,"box":{"x":756,"y":105,"width":127,"height":8}},{"id":"18c2f7e5-3a59-4493-935c-0b19656b9618","block_type":"box","text":"Charge*","page_number":9,"box":{"x":794,"y":115,"width":51,"height":10}},{"id":"7ff24ff9-b49b-4a26-ae69-21deefdd35c4","block_type":"box","text":"iShares Core MSCI Pacific ETF $4,700 2.0%","page_number":9,"box":{"x":184,"y":137,"width":668,"height":12}},{"id":"8b346c61-dbd2-4a16-a0fd-c149787ed134","block_type":"box","text":"iShares ESG Advanced MSCI EAFE ETF $1,950 2.0%","page_number":9,"box":{"x":184,"y":157,"width":668,"height":11}},{"id":"ab80eca7-8331-460a-9bcb-ae6d0398ca91","block_type":"box","text":"iShares ESG Advanced MSCI EM ETF $6,720 2.0%","page_number":9,"box":{"x":184,"y":176,"width":668,"height":11}},{"id":"9e3269f2-9856-408b-8a11-37c680e62592","block_type":"box","text":"iShares ESG Aware MSCI EAFE ETF $1,970 2.0%","page_number":9,"box":{"x":184,"y":195,"width":668,"height":12}},{"id":"ccb21462-71d8-4ee8-b4d2-25f6bc43cf2e","block_type":"box","text":"iShares ESG Aware MSCI EM ETF $3,600 2.0%","page_number":9,"box":{"x":184,"y":214,"width":668,"height":12}},{"id":"b8c0490d-2cd7-4b17-8faf-948f383259b4","block_type":"box","text":"iShares ESG MSCI EM Leaders ETF $5,540 2.0%","page_number":9,"box":{"x":184,"y":233,"width":668,"height":12}},{"id":"20e0ebc8-8a80-4a7d-8b00-244a4bc62690","block_type":"box","text":"iShares JPX-Nikkei 400 ETF $1,270 2.0%","page_number":9,"box":{"x":184,"y":253,"width":668,"height":11}},{"id":"625736f8-4827-4daa-968c-c718148aa014","block_type":"box","text":"iShares Low Carbon Optimized MSCI ACWI ETF $6,160 2.0%","page_number":9,"box":{"x":184,"y":272,"width":668,"height":12}},{"id":"889443c4-b5cc-46ca-8f78-1368a6716250","block_type":"box","text":"iShares MSCI ACWI ETF $14,710 2.0%","page_number":9,"box":{"x":184,"y":291,"width":668,"height":12}},{"id":"5a8541ea-353f-4edc-ba90-6b5b7659fcc1","block_type":"box","text":"iShares MSCI ACWI ex U.S. ETF $14,320 2.0%","page_number":9,"box":{"x":184,"y":310,"width":668,"height":12}},{"id":"94b476ce-1038-4a62-ac1a-76b2cb79668b","block_type":"box","text":"iShares MSCI Agriculture Producers ETF $1,640 2.0%","page_number":9,"box":{"x":184,"y":329,"width":668,"height":13}},{"id":"98de0601-3850-426d-91cc-1c135b976d27","block_type":"box","text":"iShares MSCI Belgium ETF $450 2.0%","page_number":9,"box":{"x":184,"y":348,"width":668,"height":13}},{"id":"5f301166-879b-4116-9cc2-730dd7afa847","block_type":"box","text":"iShares MSCI BIC ETF $8,630 2.0%","page_number":9,"box":{"x":184,"y":368,"width":668,"height":11}},{"id":"89e83ccd-5262-4964-bac3-b7beaed4e385","block_type":"box","text":"iShares MSCI Brazil ETF $860 2.0%","page_number":9,"box":{"x":184,"y":387,"width":668,"height":11}},{"id":"cc4ebd1f-86b2-4c1a-91d1-d5d79a6de51e","block_type":"box","text":"iShares MSCI Brazil Small-Cap ETF $1,020 2.0%","page_number":9,"box":{"x":184,"y":406,"width":668,"height":13}},{"id":"f3c76436-9828-40dc-9cb6-05c5d224632b","block_type":"box","text":"iShares MSCI Canada ETF $630 2.0%","page_number":9,"box":{"x":184,"y":425,"width":668,"height":11}},{"id":"33621dd5-7b5a-499a-8390-877393b16c91","block_type":"box","text":"iShares MSCI Chile ETF $960 2.0%","page_number":9,"box":{"x":184,"y":444,"width":668,"height":11}},{"id":"5a10b8fb-84b1-48dc-b137-de7cd6fc9a29","block_type":"box","text":"iShares MSCI China A ETF $7,080 2.0%","page_number":9,"box":{"x":184,"y":464,"width":668,"height":11}},{"id":"1afc9ce2-337f-4968-a3f1-6cedefdbec57","block_type":"box","text":"iShares MSCI China ETF $9,190 2.0%","page_number":9,"box":{"x":184,"y":483,"width":668,"height":11}},{"id":"b82f08b8-56ad-4c07-b1b8-35f27fa1a074","block_type":"box","text":"iShares MSCI China Multisector Tech ETF $3,080 2.0%","page_number":9,"box":{"x":184,"y":502,"width":668,"height":12}},{"id":"28004277-f23c-49b4-9dc1-f777f2fb30f6","block_type":"box","text":"iShares MSCI China Small-Cap ETF $3,640 2.0%","page_number":9,"box":{"x":184,"y":521,"width":668,"height":13}},{"id":"529696db-25de-40bf-ac85-5e78b8e5713b","block_type":"box","text":"iShares MSCI Denmark ETF $470 2.0%","page_number":9,"box":{"x":184,"y":540,"width":668,"height":11}},{"id":"56b93316-b911-49e4-bb88-ecb5453e5672","block_type":"box","text":"iShares MSCI EAFE Small-Cap ETF $8,440 2.0%","page_number":9,"box":{"x":184,"y":560,"width":668,"height":12}},{"id":"fc5fc2f9-6ccf-46b0-a3bf-77ac1d85052b","block_type":"box","text":"iShares MSCI Emerging Markets Asia ETF $10,090 2.0%","page_number":9,"box":{"x":184,"y":579,"width":668,"height":12}},{"id":"e7eb7560-cd45-41f8-990b-5ff0f7108a5a","block_type":"box","text":"iShares MSCI Emerging Markets Min Vol Factor ETF $5,150 2.0%","page_number":9,"box":{"x":184,"y":598,"width":668,"height":13}},{"id":"95ca57b1-2b4d-4c98-96ac-7e68bcfafedc","block_type":"box","text":"iShares MSCI Emerging Markets Quality Factor ETF $3,970 2.0%","page_number":9,"box":{"x":184,"y":617,"width":668,"height":13}},{"id":"3291685e-b108-4c13-9bd3-fd4bdf031b14","block_type":"box","text":"iShares MSCI Emerging Markets Small-Cap ETF $14,990 2.0%","page_number":9,"box":{"x":184,"y":636,"width":668,"height":13}},{"id":"218df0fe-b711-4b46-8b4c-3bdb33b8df17","block_type":"box","text":"iShares MSCI Emerging Markets Value Factor ETF $3,500 2.0%","page_number":9,"box":{"x":184,"y":655,"width":668,"height":13}},{"id":"426c0f71-838d-48d8-bda1-7d6f5f32f8ec","block_type":"box","text":"iShares MSCI France ETF $500 2.0%","page_number":9,"box":{"x":184,"y":675,"width":663,"height":10}},{"id":"ca0d3966-cc2f-4f00-9201-feb5b576c4e4","block_type":"box","text":"iShares MSCI Germany ETF $460 2.0%","page_number":9,"box":{"x":184,"y":694,"width":663,"height":12}},{"id":"b0407180-dc11-4eaf-a773-9f0c9d1040c6","block_type":"box","text":"iShares MSCI Global Gold Miners ETF $820 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Operational and technology risks for the","page_number":19,"box":{"x":82,"y":94,"width":411,"height":11}},{"id":"67f6dba3-5736-41b5-984a-f170925332fb","block_type":"box","text":"issuers in which the Fund invests could also result in material","page_number":19,"box":{"x":83,"y":108,"width":391,"height":9}},{"id":"8c1c1770-daac-4bbf-9a1c-fe3ca5f211d2","block_type":"box","text":"adverse consequences for such issuers and may cause the Fund’s","page_number":19,"box":{"x":83,"y":122,"width":421,"height":11}},{"id":"aab56549-fb87-434f-a94c-ef43936a4ec9","block_type":"box","text":"investments in such issuers to lose value.","page_number":19,"box":{"x":83,"y":137,"width":264,"height":8}},{"id":"cd80618b-61d2-4dcd-b00d-0226e89ce753","block_type":"box","text":"Reliance on Trading Partners Risk","page_number":19,"box":{"x":83,"y":160,"width":228,"height":11}},{"id":"0a9baa83-17a4-4cdf-8b9e-71ca351c2000","block_type":"box","text":".","page_number":19,"box":{"x":311,"y":166,"width":2,"height":2}},{"id":"743ff7a0-17e2-443f-b60b-c1a6a3387741","block_type":"box","text":"The Fund invests in a country","page_number":19,"box":{"x":318,"y":160,"width":188,"height":11}},{"id":"a8155fe0-889b-496a-85d4-648d89819d61","block_type":"box","text":"whose economy is heavily dependent upon trading with key","page_number":19,"box":{"x":82,"y":174,"width":381,"height":11}},{"id":"fb228d31-55a4-487f-8f45-8907a5c61ddf","block_type":"box","text":"partners. Any reduction in this trading may have an adverse","page_number":19,"box":{"x":83,"y":188,"width":380,"height":11}},{"id":"47a972b0-819f-471d-8d72-8604eaf6c3a5","block_type":"box","text":"impact on the Fund’s investments. Through its holdings of","page_number":19,"box":{"x":83,"y":202,"width":370,"height":11}},{"id":"8c77d204-b48b-412a-8c2c-22a14d80a62c","block_type":"box","text":"securities of certain issuers, the Fund is specifically exposed to","page_number":19,"box":{"x":83,"y":216,"width":403,"height":11}},{"id":"dab64b27-cecd-4910-abf9-888a46a4d56c","block_type":"box","text":"Asian Economic Risk","page_number":19,"box":{"x":82,"y":231,"width":145,"height":8}},{"id":"55e43035-2891-42bb-984a-6c97ccb68d92","block_type":"box","text":"and","page_number":19,"box":{"x":232,"y":231,"width":22,"height":8}},{"id":"9df3f344-5594-47c9-b01b-dc04afa99280","block_type":"box","text":"U.S. Economic Risk","page_number":19,"box":{"x":261,"y":231,"width":133,"height":8}},{"id":"07b276e6-df58-4148-90e2-38edb77e56c6","block_type":"box","text":".","page_number":19,"box":{"x":395,"y":238,"width":2,"height":1}},{"id":"54ac67c6-aa54-4eea-9f58-40734f2449ca","block_type":"box","text":"Securities Lending Risk.","page_number":19,"box":{"x":82,"y":254,"width":162,"height":11}},{"id":"88a56036-75f1-4da0-9265-87b5e048f03e","block_type":"box","text":"The Fund may engage in securities","page_number":19,"box":{"x":249,"y":254,"width":221,"height":11}},{"id":"08f73e7b-fa46-43f9-980a-a81370d1e579","block_type":"box","text":"lending. Securities lending involves the risk that the Fund may","page_number":19,"box":{"x":83,"y":268,"width":396,"height":11}},{"id":"7eda36f5-1f9a-4042-8295-a811350b4896","block_type":"box","text":"lose money because the borrower of the loaned securities fails to","page_number":19,"box":{"x":83,"y":282,"width":418,"height":11}},{"id":"10dad73a-24fa-4f08-b61a-1b99ac2a9ea1","block_type":"box","text":"return the securities in a timely manner or at all. The Fund could","page_number":19,"box":{"x":83,"y":296,"width":408,"height":11}},{"id":"bf12967f-6b2d-4cb1-8a71-17f8af9ab5b4","block_type":"box","text":"also lose money in the event of a decline in the value of collateral","page_number":19,"box":{"x":83,"y":311,"width":416,"height":10}},{"id":"af21a0f8-3dbd-467a-8b4e-9f8ab5556d66","block_type":"box","text":"provided for loaned securities or a decline in the value of any","page_number":19,"box":{"x":83,"y":325,"width":389,"height":11}},{"id":"40ba6d96-1702-48d2-ab8b-5fa4e744aec6","block_type":"box","text":"investments made with cash collateral. These events could also","page_number":19,"box":{"x":83,"y":339,"width":406,"height":8}},{"id":"44f8d5b7-9f07-44d9-b53f-ad0de5865c68","block_type":"box","text":"trigger adverse tax consequences for the Fund.","page_number":19,"box":{"x":83,"y":353,"width":301,"height":11}},{"id":"e27fb4ca-f533-4807-862a-b0b8ffa30715","block_type":"box","text":"Tracking Error Risk","page_number":19,"box":{"x":84,"y":376,"width":128,"height":11}},{"id":"0a474b34-86f9-4c7c-9c1a-9a6f7c5bd704","block_type":"box","text":".","page_number":19,"box":{"x":212,"y":383,"width":2,"height":2}},{"id":"ec2b97b2-2fc5-412f-9b0e-6efcd63ae89d","block_type":"box","text":"The Fund may be subject to “tracking error,”","page_number":19,"box":{"x":219,"y":376,"width":284,"height":11}},{"id":"0b9cf5ca-6e9b-469e-a0b3-4f15bede78a7","block_type":"box","text":"which is the divergence of the Fund’s performance from that of","page_number":19,"box":{"x":82,"y":391,"width":405,"height":10}},{"id":"7b7eb92c-a21f-43da-a54d-7f597eea4a3b","block_type":"box","text":"the Underlying Index. Tracking error may occur due to a number of","page_number":19,"box":{"x":83,"y":405,"width":425,"height":11}},{"id":"8c07175e-7487-412e-8975-c4ce42e4f993","block_type":"box","text":"factors, including differences between the securities and other","page_number":19,"box":{"x":82,"y":419,"width":402,"height":11}},{"id":"d37c4b44-392e-4e54-a513-f95dfbcb5743","block_type":"box","text":"assets held in the Fund’s portfolio and those included in the","page_number":19,"box":{"x":83,"y":433,"width":381,"height":11}},{"id":"42d8715f-7f11-445f-8951-d847f10cad06","block_type":"box","text":"Underlying Index; differences in the timing and methodologies","page_number":19,"box":{"x":83,"y":447,"width":396,"height":11}},{"id":"026acbec-9b66-4aed-a797-355312367db5","block_type":"box","text":"used to value securities and other assets; transaction costs and","page_number":19,"box":{"x":83,"y":461,"width":407,"height":11}},{"id":"e6806e03-4ce8-4ee1-aba4-4423648dfebf","block_type":"box","text":"other expenses incurred by the Fund that the Underlying Index","page_number":19,"box":{"x":83,"y":476,"width":400,"height":10}},{"id":"aa2aa3aa-9c5a-44ab-8dda-548d560649ae","block_type":"box","text":"does not incur; the Fund’s holding of uninvested cash; differences","page_number":19,"box":{"x":83,"y":490,"width":421,"height":11}},{"id":"d43829dd-3c05-4edb-9481-99abe43a3f65","block_type":"box","text":"in the timing of the accrual or the valuation of dividends or","page_number":19,"box":{"x":549,"y":23,"width":374,"height":11}},{"id":"59aecd7e-ff0c-4722-8de7-bff076e8d953","block_type":"box","text":"interest received by the Fund or distributions paid to Fund","page_number":19,"box":{"x":549,"y":37,"width":370,"height":11}},{"id":"e0056617-f5b4-4344-9abb-3730656e07fc","block_type":"box","text":"shareholders; tax gains or losses; differences between the","page_number":19,"box":{"x":549,"y":51,"width":372,"height":11}},{"id":"1a601f6e-4ea7-486e-871f-813a5c094fb4","block_type":"box","text":"amount and/or timing of withholding taxes on dividends reflected","page_number":19,"box":{"x":549,"y":66,"width":420,"height":11}},{"id":"83a7356e-e90d-429e-b5c4-abe94351186b","block_type":"box","text":"in the Underlying Index from the Fund’s obligation, if any, for","page_number":19,"box":{"x":549,"y":80,"width":387,"height":11}},{"id":"a038f520-3778-4a92-8bcc-590a00980d68","block_type":"box","text":"foreign withholding taxes; the requirements for the Fund to","page_number":19,"box":{"x":549,"y":94,"width":377,"height":11}},{"id":"559cc4e7-7864-4f2b-8c9f-c447c54f547a","block_type":"box","text":"maintain pass-through tax treatment; portfolio transactions","page_number":19,"box":{"x":549,"y":108,"width":380,"height":11}},{"id":"23d29387-e5fc-4c9f-8dfa-6db9723e5cc8","block_type":"box","text":"carried out to minimize the distribution of capital gains to","page_number":19,"box":{"x":549,"y":122,"width":366,"height":11}},{"id":"2f0d7ed7-b714-4b37-aa21-76914c08ebe5","block_type":"box","text":"shareholders; the acceptance of custom baskets; changes to the","page_number":19,"box":{"x":549,"y":137,"width":414,"height":10}},{"id":"64697070-2811-4de3-84b9-db75976b8fbf","block_type":"box","text":"Underlying Index; and impacts to the Fund of complying with","page_number":19,"box":{"x":550,"y":151,"width":386,"height":11}},{"id":"54c22751-bc98-4fb0-a061-1beb5938dcdf","block_type":"box","text":"certain regulatory requirements or limits. 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A Fund that tracks an index with","page_number":19,"box":{"x":549,"y":193,"width":383,"height":9}},{"id":"85ead6f6-7876-4622-8131-4554a3c17afc","block_type":"box","text":"exposure to non-U.S. issuers may experience higher tracking","page_number":19,"box":{"x":549,"y":207,"width":390,"height":11}},{"id":"1bb82f2a-482a-4a5e-9c9f-8cf0351a8a55","block_type":"box","text":"error than ETFs that do not track such indexes.","page_number":19,"box":{"x":549,"y":222,"width":299,"height":8}},{"id":"7eb4ef9e-3bf2-4611-a090-7c439ecd410f","block_type":"box","text":"Valuation Risk","page_number":19,"box":{"x":550,"y":245,"width":96,"height":8}},{"id":"1ffe01c7-2668-4c4a-b0bf-2899cbdde350","block_type":"box","text":".","page_number":19,"box":{"x":646,"y":251,"width":2,"height":2}},{"id":"9962ce60-796f-4423-b3e7-d192d6db4a47","block_type":"box","text":"The price that the Fund could receive upon the","page_number":19,"box":{"x":653,"y":245,"width":298,"height":11}},{"id":"0c3ef601-7cdc-4ece-849d-670be68bb6c1","block_type":"box","text":"sale (or other disposition) of a security or other asset may differ","page_number":19,"box":{"x":549,"y":259,"width":408,"height":11}},{"id":"262fed4b-65c6-4072-a571-f09a11c54808","block_type":"box","text":"from the Fund’s valuation of the security or other asset,","page_number":19,"box":{"x":549,"y":273,"width":355,"height":11}},{"id":"9b7cb8c8-07d3-4ddf-8eec-78254fc8a7c3","block_type":"box","text":"particularly for securities or other assets that trade in low volume","page_number":19,"box":{"x":549,"y":287,"width":418,"height":11}},{"id":"0f6f66da-c351-46d6-9f23-d6ecc1cdc9ca","block_type":"box","text":"or volatile markets or that are valued using a fair value","page_number":19,"box":{"x":549,"y":302,"width":347,"height":10}},{"id":"42528189-b8b9-4476-8bd7-84f28e698e0d","block_type":"box","text":"methodology. The price received by the Fund also may differ from","page_number":19,"box":{"x":549,"y":316,"width":418,"height":11}},{"id":"3be722cd-93ed-4ee8-bece-bd08f7babd34","block_type":"box","text":"the value used by the Underlying Index. In addition, the value of","page_number":19,"box":{"x":549,"y":330,"width":406,"height":11}},{"id":"b6588465-ff7e-4f61-b936-6839a143d6c8","block_type":"box","text":"the securities or other assets in the Fund’s portfolio may change","page_number":19,"box":{"x":549,"y":344,"width":411,"height":11}},{"id":"b35bfb8e-062d-44c9-9e59-c5e3ab93e86f","block_type":"box","text":"on days or during time periods when investors are not able to","page_number":19,"box":{"x":549,"y":358,"width":392,"height":11}},{"id":"2a0fcef6-b27c-4446-a23a-77776be8c38a","block_type":"box","text":"purchase or sell Fund shares. Authorized Participants that create","page_number":19,"box":{"x":549,"y":373,"width":414,"height":10}},{"id":"bf51430c-9fac-4db4-bdb4-dcf7992e91d0","block_type":"box","text":"or redeem Fund shares on days when the Fund is holding fair","page_number":19,"box":{"x":549,"y":387,"width":394,"height":10}},{"id":"80e7aca6-e1d2-4584-b237-7c455f822318","block_type":"box","text":"valued securities or other assets may receive fewer or more","page_number":19,"box":{"x":548,"y":401,"width":383,"height":11}},{"id":"0a9f40c3-89cc-4543-a2d4-7f2afd26781b","block_type":"box","text":"shares, or lower or higher redemption proceeds, than they would","page_number":19,"box":{"x":549,"y":415,"width":414,"height":11}},{"id":"f6df01b0-2ae2-4b5b-9ad2-0c1f26413c53","block_type":"box","text":"have received had the securities or other assets not been fair","page_number":19,"box":{"x":549,"y":429,"width":392,"height":9}},{"id":"dd55c730-8229-4891-b410-1d34d21ec4e4","block_type":"box","text":"valued or been valued using a different methodology. The ability to","page_number":19,"box":{"x":548,"y":443,"width":425,"height":11}},{"id":"b343c42b-75e2-4b0d-b2d3-88f6ac6da74d","block_type":"box","text":"value investments may be impacted by technological issues or","page_number":19,"box":{"x":548,"y":458,"width":400,"height":10}},{"id":"ae481d5f-b775-4710-8b47-23e8caab806a","block_type":"box","text":"errors by pricing services or other third-party service providers.","page_number":19,"box":{"x":549,"y":472,"width":405,"height":11}},{"id":"a188d073-e109-4716-85c7-e419b084f7f8","block_type":"box","text":"S-4","page_number":19,"box":{"x":525,"y":920,"width":21,"height":9}},{"id":"8cdf8633-a421-4409-be37-174d45b14337","block_type":"box","text":"Performance Information","page_number":20,"box":{"x":84,"y":22,"width":213,"height":11}},{"id":"b8510d6d-725a-4670-af2c-71b4d43d2959","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":20,"box":{"x":82,"y":48,"width":887,"height":10}},{"id":"1c402afa-96fc-4b2d-9885-9609a2a86620","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":20,"box":{"x":83,"y":62,"width":872,"height":11}},{"id":"d048180c-d005-4da2-a052-ff5b46490f53","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":20,"box":{"x":83,"y":76,"width":867,"height":11}},{"id":"3f10adb6-22c7-42ca-ac49-b0f1665765b3","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":20,"box":{"x":83,"y":90,"width":863,"height":11}},{"id":"d14387fb-461c-4b17-a5be-3965b3b26f1b","block_type":"box","text":"agreements to waive or reimburse expenses, which would reduce performance if not in effect. 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These","page_number":21,"box":{"x":549,"y":246,"width":420,"height":11}},{"id":"067ccecd-7ec7-45b7-9e50-fc5e0c141df4","block_type":"box","text":"payments may create a conflict of interest by influencing the","page_number":21,"box":{"x":549,"y":260,"width":387,"height":11}},{"id":"7fa38883-f55e-47b9-b7d2-ac500c166643","block_type":"box","text":"broker-dealer or other intermediary and your salesperson to","page_number":21,"box":{"x":549,"y":275,"width":384,"height":10}},{"id":"9b400082-8a76-4dd1-8cb3-e35a97fa8d5a","block_type":"box","text":"recommend the Fund over another investment. Ask your","page_number":21,"box":{"x":549,"y":289,"width":361,"height":11}},{"id":"1b68cc99-24c5-47ab-ba9c-3f935df61430","block_type":"box","text":"salesperson or visit your financial intermediary’s website for more","page_number":21,"box":{"x":549,"y":303,"width":421,"height":11}},{"id":"7fedbbe8-8ea9-4878-bd79-b6b841df8b33","block_type":"box","text":"information.","page_number":21,"box":{"x":549,"y":317,"width":76,"height":9}},{"id":"4add99f5-9516-4211-b19f-5c4713be3ce2","block_type":"box","text":"S-6","page_number":21,"box":{"x":526,"y":920,"width":20,"height":9}},{"id":"eaf4b5d2-757f-4042-b1ea-eea6ee695c4a","block_type":"box","text":"iSHARES","page_number":22,"box":{"x":268,"y":24,"width":119,"height":15}},{"id":"4dc81e94-d905-4a60-92da-b1563ddb979b","block_type":"box","text":"®","page_number":22,"box":{"x":390,"y":17,"width":11,"height":8}},{"id":"cb530317-bcb4-4144-bd25-8b6cccdc5c9b","block_type":"box","text":"MSCI EMERGING MARKETS","page_number":22,"box":{"x":412,"y":24,"width":376,"height":15}},{"id":"fbd76102-c120-43dd-a4e6-da8f0d1b8e98","block_type":"box","text":"ASIA ETF","page_number":22,"box":{"x":467,"y":46,"width":122,"height":15}},{"id":"96b3c307-3483-49a4-817e-5694a37f5fb3","block_type":"box","text":"Ticker: EEMA Stock Exchange: Nasdaq","page_number":22,"box":{"x":288,"y":75,"width":475,"height":12}},{"id":"a67a5426-a97f-4d11-a500-bbf78d2f39e3","block_type":"box","text":"Investment Objective","page_number":22,"box":{"x":84,"y":113,"width":181,"height":13}},{"id":"fb24de00-6a32-4077-9672-01ceaa6c0513","block_type":"box","text":"The iShares MSCI Emerging Markets Asia ETF (the “Fund”) seeks to track the investment results of an index composed of Asian emerging","page_number":22,"box":{"x":82,"y":138,"width":881,"height":11}},{"id":"bd676837-8911-4a15-a06b-961a8d0a09af","block_type":"box","text":"market equities.","page_number":22,"box":{"x":83,"y":151,"width":102,"height":11}},{"id":"6761eaa3-3537-48bc-8b87-f40968a49eab","block_type":"box","text":"Fees and Expenses","page_number":22,"box":{"x":84,"y":179,"width":160,"height":13}},{"id":"7501850f-7b2d-4324-af0b-98f78a2a0b72","block_type":"box","text":"The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. 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portfolio securities and the execution of portfolio transactions, including brokerage commissions, (v)","page_number":22,"box":{"x":83,"y":255,"width":833,"height":11}},{"id":"836ce856-7b79-41d5-b85f-2bc9f038d078","block_type":"box","text":"distribution fees or expenses, and (vi) litigation expenses and any extraordinary expenses.","page_number":22,"box":{"x":83,"y":268,"width":575,"height":11}},{"id":"408ee64e-19a4-489e-a444-1c78de7dee37","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":22,"box":{"x":87,"y":290,"width":882,"height":11}},{"id":"bda4684a-0478-4213-b5cf-67c94c59f54d","block_type":"box","text":"the tables and examples below.","page_number":22,"box":{"x":83,"y":303,"width":220,"height":11}},{"id":"edb279d3-8c5d-4da8-b3f8-025a46dcf69b","block_type":"box","text":"Annual Fund Operating 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Fees","page_number":22,"box":{"x":393,"y":393,"width":73,"height":9}},{"id":"957c1ec8-f756-4264-bb63-267d34801ddf","block_type":"box","text":"Other","page_number":22,"box":{"x":621,"y":382,"width":35,"height":8}},{"id":"9f10629f-eb44-47e0-924c-ae255216045a","block_type":"box","text":"Expenses","page_number":22,"box":{"x":610,"y":393,"width":57,"height":9}},{"id":"2127b649-caad-4614-8d17-0bc3224ae890","block_type":"box","text":"Total 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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":22,"box":{"x":83,"y":490,"width":862,"height":11}},{"id":"5575006c-2547-4dee-ba9c-ab32830296f9","block_type":"box","text":"same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:","page_number":22,"box":{"x":83,"y":503,"width":694,"height":11}},{"id":"3ff94b83-c21d-4bf4-9d00-10f80856a5b2","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":22,"box":{"x":195,"y":532,"width":668,"height":8}},{"id":"11f2bb24-35fc-4f2e-bf55-2a734809dcac","block_type":"box","text":"$50 $157 $274 $616","page_number":22,"box":{"x":202,"y":552,"width":647,"height":9}},{"id":"8ce34097-8f5f-4c85-951c-3e9a76ddbf8d","block_type":"box","text":"Portfolio Turnover.","page_number":22,"box":{"x":83,"y":592,"width":129,"height":8}},{"id":"f4a96cf3-ca0b-49e6-9438-6f8189a44975","block_type":"box","text":"The Fund may pay transaction costs, such as","page_number":22,"box":{"x":216,"y":592,"width":287,"height":10}},{"id":"752bbc5e-5b17-45c0-9f6a-95698dd1bd4a","block_type":"box","text":"commissions, when it buys and sells securities (or “turns over” its","page_number":22,"box":{"x":83,"y":605,"width":420,"height":10}},{"id":"56ed687e-bfb3-45c4-9588-fc40e8683264","block_type":"box","text":"portfolio). A higher portfolio turnover rate may indicate higher","page_number":22,"box":{"x":83,"y":617,"width":395,"height":11}},{"id":"0b72ccf7-652e-4ab1-b8e2-f25d3a87b523","block_type":"box","text":"transaction costs and may result in higher taxes when Fund","page_number":22,"box":{"x":83,"y":630,"width":380,"height":11}},{"id":"33002d07-aadf-4ded-9eba-60d8be377bf6","block_type":"box","text":"shares are held in a taxable account. These costs, which are not","page_number":22,"box":{"x":83,"y":643,"width":409,"height":10}},{"id":"795615a6-f66a-4ff3-b751-0939f3dd019c","block_type":"box","text":"reflected in the Annual Fund Operating Expenses or in the","page_number":22,"box":{"x":83,"y":656,"width":368,"height":11}},{"id":"acc5068a-95f5-4811-993f-29797460c90c","block_type":"box","text":"Example, affect the Fund’s performance. During the most recent","page_number":22,"box":{"x":84,"y":669,"width":411,"height":11}},{"id":"a5f0848c-7909-4ca8-acbe-977b7e8cfd10","block_type":"box","text":"fiscal year, the Fund’s portfolio turnover rate was 17% of the","page_number":22,"box":{"x":82,"y":682,"width":383,"height":11}},{"id":"51c7b89c-c8b5-400a-b4ab-7a2df929cd61","block_type":"box","text":"average value of its portfolio.","page_number":22,"box":{"x":83,"y":695,"width":184,"height":11}},{"id":"87389e5d-6487-4c64-ab3b-1577c4275f2c","block_type":"box","text":"Principal Investment Strategies","page_number":22,"box":{"x":84,"y":723,"width":268,"height":13}},{"id":"8a1cf3c5-f5b5-4816-bbc6-1de1f892e98d","block_type":"box","text":"The Fund seeks to track the investment results of the MSCI EM","page_number":22,"box":{"x":82,"y":748,"width":404,"height":8}},{"id":"157600ce-e4d0-488f-8550-daa1c8c6c8a8","block_type":"box","text":"Asia Custom Capped Index (the “Underlying Index”), which is","page_number":22,"box":{"x":82,"y":762,"width":389,"height":11}},{"id":"9ab8b9fc-df6d-4d89-8dff-6f0d8f69b1b7","block_type":"box","text":"designed to measure equity market performance in the emerging","page_number":22,"box":{"x":83,"y":776,"width":416,"height":11}},{"id":"94583ddd-42f3-4d39-b7cb-68b1612295d3","block_type":"box","text":"market countries of Asia. The Underlying Index uses a capping","page_number":22,"box":{"x":83,"y":790,"width":397,"height":11}},{"id":"a54b75bf-e388-4efd-aecc-5efa91a36f1c","block_type":"box","text":"methodology to limit the weight of the securities of any single","page_number":22,"box":{"x":83,"y":804,"width":394,"height":11}},{"id":"1f5126f9-92c6-4ae4-9fe5-aa0d8048d3c2","block_type":"box","text":"issuer (as determined by MSCI Inc. (the “Index Provider” or","page_number":22,"box":{"x":83,"y":819,"width":379,"height":10}},{"id":"6ce9fba2-b5d1-4dcb-8b22-c953eea2b5ff","block_type":"box","text":"“MSCI”)) to a maximum of 25% of the Underlying Index.","page_number":22,"box":{"x":83,"y":833,"width":353,"height":11}},{"id":"3b6f4c0e-897f-42bd-be86-4df38e452646","block_type":"box","text":"Additionally, the capping methodology limits the sum of the","page_number":22,"box":{"x":82,"y":847,"width":381,"height":11}},{"id":"a58c3814-8104-49ca-8800-e56ff8b77d99","block_type":"box","text":"weights of the securities of all issuers that individually constitute","page_number":22,"box":{"x":82,"y":861,"width":414,"height":11}},{"id":"3d1dbfe9-cb98-4fb6-8947-962e19d780ba","block_type":"box","text":"more than 5% of the weight of the Underlying Index to a maximum","page_number":22,"box":{"x":83,"y":875,"width":421,"height":11}},{"id":"da7fb961-950e-4b0a-a021-07c2372d70e9","block_type":"box","text":"of 25% of the weight of the Underlying Index in the aggregate. 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The Fund may or may not hold all of","page_number":23,"box":{"x":83,"y":362,"width":410,"height":11}},{"id":"cb7d920b-5501-4985-aa7c-2e2e7fcc857e","block_type":"box","text":"the components of the Underlying Index.","page_number":23,"box":{"x":83,"y":376,"width":259,"height":11}},{"id":"2eef146e-80d7-41c8-99d6-b40514998f51","block_type":"box","text":"The Fund generally will invest at least 80% of its assets in the","page_number":23,"box":{"x":82,"y":400,"width":390,"height":10}},{"id":"b2fe5b73-90b3-4009-b829-83fa2d02f90b","block_type":"box","text":"component securities of its Underlying Index and in investments","page_number":23,"box":{"x":83,"y":414,"width":410,"height":11}},{"id":"2d090de6-2af1-4180-9a97-56a3229b62dc","block_type":"box","text":"that have economic characteristics that are substantially identical","page_number":23,"box":{"x":83,"y":428,"width":421,"height":11}},{"id":"66625b40-15e6-40dc-bcc3-007d4f1935a7","block_type":"box","text":"to the component securities of its Underlying Index (","page_number":23,"box":{"x":83,"y":442,"width":335,"height":11}},{"id":"ed50eef2-84b4-4591-a1cc-d0d235b2d8de","block_type":"box","text":"i.e","page_number":23,"box":{"x":419,"y":442,"width":14,"height":9}},{"id":"6e449f82-2917-4077-9817-0b0f675d1a9a","block_type":"box","text":".,","page_number":23,"box":{"x":435,"y":449,"width":6,"height":3}},{"id":"b9049ed0-efb1-4113-baad-7474fa6f5326","block_type":"box","text":"depositary receipts representing securities of the Underlying","page_number":23,"box":{"x":83,"y":456,"width":388,"height":11}},{"id":"7226323d-50c0-4992-be09-8bfd9589af15","block_type":"box","text":"Index) and may invest up to 20% of its assets in certain futures,","page_number":23,"box":{"x":83,"y":470,"width":403,"height":11}},{"id":"6c1812c2-e1ac-4c8c-813f-5dd16365711b","block_type":"box","text":"options and swap contracts, cash and cash equivalents, including","page_number":23,"box":{"x":83,"y":485,"width":418,"height":10}},{"id":"95306f19-48df-4b6b-aff9-2efde6c1fff6","block_type":"box","text":"shares of money market funds advised by BFA or its affiliates, as","page_number":23,"box":{"x":83,"y":499,"width":411,"height":11}},{"id":"4f1814c2-2894-433b-a45f-97a4badc11bb","block_type":"box","text":"well as in securities not included in the Underlying Index, but","page_number":23,"box":{"x":82,"y":513,"width":389,"height":11}},{"id":"8deecc31-9326-480f-ab15-4e6cffb5de6c","block_type":"box","text":"which BFA believes will help the Fund track the Underlying Index.","page_number":23,"box":{"x":82,"y":527,"width":415,"height":11}},{"id":"90aa0116-caf7-4a85-acf1-91b1d6443ec5","block_type":"box","text":"Cash and cash equivalent investments associated with a","page_number":23,"box":{"x":83,"y":541,"width":360,"height":11}},{"id":"c39324f6-54fa-425a-9e79-c63f69fc954e","block_type":"box","text":"derivative position will be treated as part of that position for the","page_number":23,"box":{"x":83,"y":556,"width":407,"height":10}},{"id":"45052d49-da07-4dbb-8853-c571537dd902","block_type":"box","text":"purposes of calculating the percentage of investments included in","page_number":23,"box":{"x":83,"y":570,"width":421,"height":11}},{"id":"e267a38f-ae26-4e11-ac34-5753a9cb9ffc","block_type":"box","text":"the Underlying Index. The Fund seeks to track the investment","page_number":23,"box":{"x":83,"y":584,"width":392,"height":11}},{"id":"0e651d31-fbdb-4990-b272-5fcd430b1974","block_type":"box","text":"results of the Underlying Index before fees and expenses of the","page_number":23,"box":{"x":83,"y":598,"width":404,"height":11}},{"id":"2333397b-66e3-4e63-bc48-fb3fc74b027c","block_type":"box","text":"Fund.","page_number":23,"box":{"x":84,"y":612,"width":33,"height":9}},{"id":"626c79b2-d834-41b0-b60c-7455133c7488","block_type":"box","text":"The Fund may lend securities representing up to one-third of the","page_number":23,"box":{"x":82,"y":635,"width":412,"height":11}},{"id":"3d1f4c96-43de-488d-9e82-e4edaf219960","block_type":"box","text":"value of the Fund’s total assets (including the value of any","page_number":23,"box":{"x":82,"y":650,"width":371,"height":10}},{"id":"1aa977bb-3a6a-442e-bbbf-bec8ca1e8bc7","block_type":"box","text":"collateral received).","page_number":23,"box":{"x":83,"y":664,"width":125,"height":11}},{"id":"c35a5c1a-71e3-47aa-819a-100034700666","block_type":"box","text":"The Underlying Index is sponsored by MSCI, which is independent","page_number":23,"box":{"x":82,"y":687,"width":422,"height":11}},{"id":"9e7229a7-aab0-44a5-84b1-d4347d297753","block_type":"box","text":"of the Fund and BFA. The Index Provider determines the","page_number":23,"box":{"x":83,"y":701,"width":356,"height":9}},{"id":"ab5a747a-157b-47f1-ae94-3b241cd7a3ee","block_type":"box","text":"composition and relative weightings of the securities in the","page_number":23,"box":{"x":83,"y":715,"width":377,"height":11}},{"id":"91b1887c-1a88-49cb-8e84-d148144f5a4d","block_type":"box","text":"Underlying Index and publishes information regarding the market","page_number":23,"box":{"x":83,"y":730,"width":416,"height":10}},{"id":"6c392644-afd2-4631-8b22-55747a607ed5","block_type":"box","text":"value of the Underlying Index.","page_number":23,"box":{"x":82,"y":744,"width":190,"height":11}},{"id":"24167519-4aed-4f96-bc6f-67d790bc6c96","block_type":"box","text":"Industry Concentration Policy.","page_number":23,"box":{"x":83,"y":767,"width":210,"height":11}},{"id":"dd091138-f2e3-47e3-b79f-a99c871fba40","block_type":"box","text":"The Fund will concentrate its","page_number":23,"box":{"x":298,"y":767,"width":184,"height":8}},{"id":"3a54654e-5741-4be8-8265-59f55fe44192","block_type":"box","text":"investments (","page_number":23,"box":{"x":83,"y":781,"width":85,"height":11}},{"id":"5e08e2c2-87a9-4580-9cb5-273c55f4bbd4","block_type":"box","text":"i.e.","page_number":23,"box":{"x":169,"y":781,"width":17,"height":9}},{"id":"3c7614e3-8743-4f22-a44b-7e8e2b668145","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":23,"box":{"x":189,"y":781,"width":264,"height":11}},{"id":"c8a2b437-e0a1-4531-8801-c61de348793c","block_type":"box","text":"particular industry or group of industries to approximately the","page_number":23,"box":{"x":83,"y":795,"width":394,"height":11}},{"id":"750a0ad1-61d7-45e7-ac18-623d5f8ae589","block_type":"box","text":"same extent that the Underlying Index is concentrated. For","page_number":23,"box":{"x":83,"y":810,"width":377,"height":10}},{"id":"13f70421-ef24-4ae1-a176-2f4c219d6738","block_type":"box","text":"purposes of this limitation, securities of the U.S. government","page_number":23,"box":{"x":83,"y":824,"width":389,"height":11}},{"id":"cab0bd1a-6b43-4f9f-ad2e-a7084aae2c38","block_type":"box","text":"(including its agencies and instrumentalities) and repurchase","page_number":23,"box":{"x":83,"y":838,"width":389,"height":11}},{"id":"1bd56fb4-bc97-4572-b8e4-ae85a2ab5587","block_type":"box","text":"agreements collateralized by U.S. government securities are not","page_number":23,"box":{"x":83,"y":852,"width":410,"height":11}},{"id":"98ccc2a2-b39b-4b4c-8b63-06541a5795f3","block_type":"box","text":"considered to be issued by members of any industry.","page_number":23,"box":{"x":83,"y":866,"width":337,"height":11}},{"id":"e780f651-0dfa-44a5-be66-45c12f133f21","block_type":"box","text":"Summary of Principal Risks","page_number":23,"box":{"x":549,"y":22,"width":235,"height":14}},{"id":"d1d120ba-0e7f-4140-9c45-6f1e17cd8dfc","block_type":"box","text":"As with any investment, you could lose all or part of your","page_number":23,"box":{"x":549,"y":48,"width":362,"height":10}},{"id":"fb7bb1f1-60ab-4786-9fef-e3f614dfb7ed","block_type":"box","text":"investment in the Fund, and the Fund’s performance could trail","page_number":23,"box":{"x":549,"y":62,"width":402,"height":11}},{"id":"db750780-3368-4660-a17f-134c88b0b3da","block_type":"box","text":"that of other investments. The Fund is subject to certain risks,","page_number":23,"box":{"x":549,"y":76,"width":396,"height":11}},{"id":"dfa58371-544a-449f-83d1-3534c238f9de","block_type":"box","text":"including the principal risks noted below, any of which may","page_number":23,"box":{"x":549,"y":90,"width":376,"height":11}},{"id":"125f0d34-494a-4203-b120-153d496fbcd2","block_type":"box","text":"adversely affect the Fund’s net asset value per share (“NAV”),","page_number":23,"box":{"x":549,"y":104,"width":392,"height":11}},{"id":"8d5e0f51-8ee7-4dd1-a994-b0fc1c342ebe","block_type":"box","text":"trading price, yield, total return and ability to meet its investment","page_number":23,"box":{"x":549,"y":119,"width":416,"height":10}},{"id":"68d57c46-c9dc-4209-8b21-acfdf0007fc2","block_type":"box","text":"objective. Certain key risks are prioritized below (with others","page_number":23,"box":{"x":549,"y":133,"width":388,"height":11}},{"id":"08aa639e-6013-4420-a2f7-6f34713096cf","block_type":"box","text":"following in alphabetical order), but the relative significance of any","page_number":23,"box":{"x":549,"y":147,"width":425,"height":11}},{"id":"77c29c5f-d40f-441d-8ade-8bf032daa4b7","block_type":"box","text":"risk is difficult to predict and may change over time. You should","page_number":23,"box":{"x":549,"y":161,"width":405,"height":11}},{"id":"0f9cf641-5e77-4251-aadc-14ccf27ab7af","block_type":"box","text":"review each risk factor carefully.","page_number":23,"box":{"x":549,"y":175,"width":206,"height":11}},{"id":"3fd4cb12-7da2-4055-924a-f6cf39550bf8","block_type":"box","text":"Risk of Investing in Asia.","page_number":23,"box":{"x":549,"y":198,"width":164,"height":11}},{"id":"dc3165a5-c89a-49fb-a98a-df8d02197b0c","block_type":"box","text":"Investments in Asian issuers subject","page_number":23,"box":{"x":720,"y":198,"width":233,"height":11}},{"id":"ad9541cb-d712-4402-aa78-03117b3e3dd9","block_type":"box","text":"the Fund to legal, regulatory, political, economic, currency,","page_number":23,"box":{"x":549,"y":213,"width":375,"height":10}},{"id":"372e008c-aa51-4995-a6d4-8aeb5b32ba34","block_type":"box","text":"geographic and security risks that are specific to Asia. There is no","page_number":23,"box":{"x":549,"y":227,"width":420,"height":11}},{"id":"ed1dac02-a92e-4bf6-b670-85dc39e24195","block_type":"box","text":"guarantee that the economic growth and industrialization in","page_number":23,"box":{"x":549,"y":241,"width":381,"height":11}},{"id":"a4cff4ee-270c-4709-a174-0f77748a2f39","block_type":"box","text":"certain Asian economies will continue. Certain Asian countries","page_number":23,"box":{"x":549,"y":255,"width":399,"height":9}},{"id":"eb1bda31-8886-4b32-8897-05c4315e1b8d","block_type":"box","text":"have experienced expropriation and/or nationalization of assets,","page_number":23,"box":{"x":549,"y":269,"width":414,"height":11}},{"id":"6c67a270-f4ec-4de0-9e2c-ceb989066699","block_type":"box","text":"confiscatory taxation, currency devaluations and restrictions,","page_number":23,"box":{"x":549,"y":284,"width":391,"height":10}},{"id":"f64be0fa-e934-4487-bfae-bb5745ed48c5","block_type":"box","text":"political or social instability, and armed conflict. 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Financial services companies also may be significantly","page_number":24,"box":{"x":549,"y":419,"width":395,"height":11}},{"id":"fe208f8f-860d-4a1f-9321-4203aa3addc2","block_type":"box","text":"affected by, among other things, interest rates, economic","page_number":24,"box":{"x":549,"y":433,"width":367,"height":11}},{"id":"dc0afae6-0412-43cf-bb7b-eb99e9056d21","block_type":"box","text":"conditions, volatility in financial markets, credit rating","page_number":24,"box":{"x":549,"y":447,"width":343,"height":11}},{"id":"098812cc-aa78-4914-93d1-27fa345376e9","block_type":"box","text":"downgrades, adverse public perception, exposure concentration","page_number":24,"box":{"x":549,"y":461,"width":410,"height":11}},{"id":"62adb22d-e39c-4481-b236-5216bb167f2f","block_type":"box","text":"and counterparty risk.","page_number":24,"box":{"x":549,"y":476,"width":140,"height":10}},{"id":"3d0221d6-a5df-405c-972d-84cfa42e48c5","block_type":"box","text":"Issuer Risk","page_number":24,"box":{"x":549,"y":499,"width":75,"height":8}},{"id":"1687b5cf-8137-4a12-a6f1-89a6d7e427df","block_type":"box","text":".","page_number":24,"box":{"x":624,"y":505,"width":3,"height":2}},{"id":"cb98199c-5c34-4baa-9e7b-8b4fc15584b7","block_type":"box","text":"The performance of the Fund depends on the","page_number":24,"box":{"x":632,"y":499,"width":288,"height":11}},{"id":"47840cf4-280a-45e0-9b71-b1e2e0f2e17e","block_type":"box","text":"performance of individual securities or other assets to which the","page_number":24,"box":{"x":549,"y":513,"width":412,"height":11}},{"id":"9fe21520-5b01-478a-9ab6-a03c844e4a9b","block_type":"box","text":"Fund has exposure. The value of securities or other assets may","page_number":24,"box":{"x":550,"y":527,"width":402,"height":11}},{"id":"e40bc442-0681-46cc-8a4b-597e9c02a11d","block_type":"box","text":"decline, or perform differently from the market as a whole, due to","page_number":24,"box":{"x":549,"y":541,"width":418,"height":11}},{"id":"a104430c-2757-4751-875f-cc5d3f998bb1","block_type":"box","text":"changes in the financial condition or credit rating of the issuer or","page_number":24,"box":{"x":549,"y":556,"width":414,"height":10}},{"id":"5dc9c220-b5a9-4e3b-8793-c618fd161ce7","block_type":"box","text":"counterparty.","page_number":24,"box":{"x":549,"y":571,"width":84,"height":10}},{"id":"d09a4a64-b429-4bb6-a1d3-a669626a8fd5","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":24,"box":{"x":549,"y":593,"width":252,"height":11}},{"id":"2ce6fff1-be14-496b-b7c7-e60136f4b2bb","block_type":"box","text":"Large-capitalization","page_number":24,"box":{"x":808,"y":593,"width":124,"height":11}},{"id":"56447995-12be-4e65-ab72-d12acd961bac","block_type":"box","text":"companies may be less able than smaller-capitalization","page_number":24,"box":{"x":549,"y":607,"width":352,"height":11}},{"id":"c7030930-fc52-4b51-848d-5ec354c54f32","block_type":"box","text":"companies to adapt to changing market conditions and","page_number":24,"box":{"x":549,"y":621,"width":352,"height":11}},{"id":"5f9c1d5e-2967-4927-a82b-1a94fbad8c91","block_type":"box","text":"competitive challenges. Large-capitalization companies may be","page_number":24,"box":{"x":549,"y":635,"width":405,"height":11}},{"id":"698a7ce3-c191-4ec1-8d90-354b1965484f","block_type":"box","text":"more mature and subject to more limited growth potential","page_number":24,"box":{"x":549,"y":650,"width":371,"height":10}},{"id":"e84c7b57-f7db-4c7d-aeab-c402cd2a6209","block_type":"box","text":"compared with smaller-capitalization companies. The","page_number":24,"box":{"x":549,"y":664,"width":340,"height":11}},{"id":"b0e2972b-e969-437c-82cc-8ba804fc3784","block_type":"box","text":"performance of large-capitalization companies could trail the","page_number":24,"box":{"x":549,"y":678,"width":390,"height":11}},{"id":"aec94a64-c1aa-470f-8944-ef52da141816","block_type":"box","text":"overall performance of the broader securities markets.","page_number":24,"box":{"x":549,"y":692,"width":349,"height":11}},{"id":"a23dac3e-d5aa-4743-a10e-7c757a515391","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk.","page_number":24,"box":{"x":549,"y":715,"width":360,"height":11}},{"id":"3c9745d3-f47e-452a-865c-171fa4c93653","block_type":"box","text":"Certain","page_number":24,"box":{"x":915,"y":715,"width":45,"height":9}},{"id":"8b95d6b2-208c-4339-b960-27dc09104869","block_type":"box","text":"shareholders of the Fund, including an Authorized Participant, a","page_number":24,"box":{"x":549,"y":730,"width":405,"height":10}},{"id":"b17df7ed-db00-4207-83a4-f05c8194cfa1","block_type":"box","text":"third-party investor, the Fund’s adviser, an affiliate of the Fund’s","page_number":24,"box":{"x":549,"y":744,"width":409,"height":11}},{"id":"88da5985-5455-4646-a08d-f8edac87ad12","block_type":"box","text":"adviser, a market maker, or another entity, may from time to time","page_number":24,"box":{"x":549,"y":758,"width":419,"height":11}},{"id":"367eefa4-637c-4399-986d-25cf7b126801","block_type":"box","text":"own or manage a substantial amount of Fund shares, or may hold","page_number":24,"box":{"x":549,"y":772,"width":417,"height":11}},{"id":"30c9ba8f-f8ca-4ce1-82bd-c27ad0bef31e","block_type":"box","text":"their investment in the Fund for a limited period of time. 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Mr.","page_number":28,"box":{"x":84,"y":128,"width":396,"height":10}},{"id":"23b1259a-bb54-4dd6-88d7-2cf443c5e9e6","block_type":"box","text":"Sietsema, Mr. Waldron and Mr. White have been Portfolio","page_number":28,"box":{"x":83,"y":142,"width":364,"height":10}},{"id":"4744f572-fc3f-4f3d-a36f-5364fb5f575e","block_type":"box","text":"Managers of the Fund since 2025.","page_number":28,"box":{"x":83,"y":156,"width":218,"height":11}},{"id":"bca13cc1-e487-44c9-91af-e785da1343c9","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":28,"box":{"x":84,"y":185,"width":290,"height":10}},{"id":"b59d5086-891f-42cd-9f89-74382da0440d","block_type":"box","text":"The Fund is an ETF. Individual shares of the Fund may only be","page_number":28,"box":{"x":82,"y":210,"width":391,"height":11}},{"id":"09f929e0-868c-4b83-99dc-8fa698467367","block_type":"box","text":"bought and sold in the secondary market through a broker-dealer.","page_number":28,"box":{"x":83,"y":224,"width":420,"height":11}},{"id":"3dca9e78-3fc7-4c99-81ac-e4ccf45a33a2","block_type":"box","text":"Because ETF shares trade at market prices rather than at NAV,","page_number":28,"box":{"x":84,"y":238,"width":399,"height":11}},{"id":"2e7cb8ca-e6f8-4d51-a8b7-78f0a762bbac","block_type":"box","text":"shares may trade at a price greater than NAV (a premium) or less","page_number":28,"box":{"x":83,"y":253,"width":416,"height":10}},{"id":"5c04a56f-5bca-4cdc-9811-1bbd3e614bf1","block_type":"box","text":"than NAV (a discount). An investor may incur costs attributable to","page_number":28,"box":{"x":83,"y":267,"width":419,"height":11}},{"id":"76db3478-21d9-4318-a8a5-0e7d1fd7ca49","block_type":"box","text":"the difference between the highest price a buyer is willing to pay","page_number":28,"box":{"x":83,"y":281,"width":412,"height":11}},{"id":"21e46fe3-d684-4508-8e56-869c67ea6584","block_type":"box","text":"to purchase shares of the Fund (bid) and the lowest price a seller","page_number":28,"box":{"x":83,"y":295,"width":416,"height":11}},{"id":"610ccc68-c3ad-4fe6-97d6-4f855609ddd0","block_type":"box","text":"is willing to accept for shares of the Fund (ask) when buying or","page_number":28,"box":{"x":83,"y":309,"width":400,"height":11}},{"id":"1bb45b2f-a71d-4ba0-885f-5cec0e3d93ba","block_type":"box","text":"selling shares in the secondary market (the “bid-ask spread”).","page_number":28,"box":{"x":83,"y":324,"width":394,"height":10}},{"id":"76102621-6364-409f-a2d6-a976676491cc","block_type":"box","text":"Tax Information","page_number":28,"box":{"x":548,"y":22,"width":133,"height":11}},{"id":"238eb808-e43f-4090-9437-32cb0f17fc84","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you","page_number":28,"box":{"x":549,"y":48,"width":422,"height":10}},{"id":"47d827fc-a489-4f2c-b9f7-92e91bd2258b","block_type":"box","text":"as ordinary income or capital gains, unless you are investing","page_number":28,"box":{"x":549,"y":62,"width":385,"height":11}},{"id":"bc6d0004-b0b6-41f3-9fcc-e91a7b2ce7b1","block_type":"box","text":"through a tax-deferred arrangement such as a 401(k) plan or an","page_number":28,"box":{"x":549,"y":76,"width":406,"height":11}},{"id":"cb425236-f533-4a81-986f-3a0bd0367af9","block_type":"box","text":"IRA, in which case, your distributions generally will be taxed when","page_number":28,"box":{"x":550,"y":90,"width":418,"height":11}},{"id":"2f8b03b2-e3f5-4584-b59b-658a2d55d1f0","block_type":"box","text":"withdrawn.","page_number":28,"box":{"x":549,"y":104,"width":69,"height":9}},{"id":"24e52cb0-9b87-430f-ba0d-0b0abcc07987","block_type":"box","text":"Payments to Broker-Dealers and Other Financial","page_number":28,"box":{"x":550,"y":133,"width":410,"height":14}},{"id":"b8ce7fe8-ea29-4451-89cb-aad6f2ddebe7","block_type":"box","text":"Intermediaries","page_number":28,"box":{"x":550,"y":150,"width":123,"height":11}},{"id":"2da81c76-7bf3-49f9-b8ef-420371dede92","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or","page_number":28,"box":{"x":550,"y":175,"width":393,"height":11}},{"id":"a70c568d-0fa6-4c67-95d6-a81e4109d179","block_type":"box","text":"other financial intermediary (such as a bank), BFA or other related","page_number":28,"box":{"x":549,"y":189,"width":421,"height":11}},{"id":"9b7e2417-cd47-4811-8b29-c7e24408456d","block_type":"box","text":"companies may pay the intermediary for marketing activities and","page_number":28,"box":{"x":549,"y":204,"width":415,"height":10}},{"id":"c63ec352-b659-476d-88e4-9ab8111819e6","block_type":"box","text":"presentations, educational training programs, conferences, the","page_number":28,"box":{"x":549,"y":218,"width":403,"height":11}},{"id":"4cac41ce-7605-4f45-ab4e-49819192201a","block_type":"box","text":"development of technology platforms and reporting systems or","page_number":28,"box":{"x":549,"y":232,"width":403,"height":11}},{"id":"999864ea-00cd-4b61-8737-126b55a78900","block_type":"box","text":"other services related to the sale or promotion of the Fund. These","page_number":28,"box":{"x":549,"y":246,"width":420,"height":11}},{"id":"268c03c8-3b73-4cac-ab60-b2f64271dbf5","block_type":"box","text":"payments may create a conflict of interest by influencing the","page_number":28,"box":{"x":549,"y":260,"width":387,"height":11}},{"id":"8b2b4d28-f560-4c59-a03b-7acd047885c6","block_type":"box","text":"broker-dealer or other intermediary and your salesperson to","page_number":28,"box":{"x":549,"y":275,"width":384,"height":10}},{"id":"231c1121-1730-499b-bb8f-4109663c84f2","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, (v)","page_number":29,"box":{"x":83,"y":227,"width":833,"height":11}},{"id":"5e144ce6-fc18-4386-9837-60e64f43767d","block_type":"box","text":"distribution fees or expenses, and (vi) litigation expenses and any extraordinary expenses.","page_number":29,"box":{"x":83,"y":241,"width":575,"height":11}},{"id":"88a5f25e-501d-4bfa-b62e-ca493de1c59d","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":29,"box":{"x":87,"y":264,"width":882,"height":11}},{"id":"41e46327-b962-43c0-9ce2-1c835a7d9b65","block_type":"box","text":"the tables and examples below.","page_number":29,"box":{"x":83,"y":278,"width":220,"height":11}},{"id":"2cdcebda-2aa7-497f-990f-d62b94731f4e","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":29,"box":{"x":83,"y":469,"width":862,"height":11}},{"id":"390ffbee-fcfb-4dd0-8039-23abfd3afe15","block_type":"box","text":"same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:","page_number":29,"box":{"x":83,"y":483,"width":694,"height":11}},{"id":"43b21cb6-7b7e-4ff5-a028-b6bb9fa1ed8c","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":29,"box":{"x":195,"y":514,"width":668,"height":7}},{"id":"244878ef-e344-46e0-a6e1-e6f5cf765875","block_type":"box","text":"$51 $160 $280 $628","page_number":29,"box":{"x":203,"y":534,"width":648,"height":9}},{"id":"8207dbb6-8e78-4c8d-9f0f-2a5b33b55563","block_type":"box","text":"Portfolio Turnover.","page_number":29,"box":{"x":83,"y":574,"width":129,"height":8}},{"id":"c76421ba-8f22-44ac-9932-439dc1a1508b","block_type":"box","text":"The Fund may pay transaction costs, such as","page_number":29,"box":{"x":216,"y":574,"width":287,"height":10}},{"id":"2e53a3a6-13ad-45c8-8de8-73ea51376ba5","block_type":"box","text":"commissions, when it buys and sells securities (or “turns over” its","page_number":29,"box":{"x":83,"y":588,"width":420,"height":11}},{"id":"ef505b08-e73c-4d0f-8bc1-1016805878c3","block_type":"box","text":"portfolio). 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As of August 31, 2025, a significant portion","page_number":29,"box":{"x":549,"y":772,"width":422,"height":11}},{"id":"7eec5b3f-83de-412c-adeb-e93967a25811","block_type":"box","text":"of the Underlying Index is represented by securities of companies","page_number":29,"box":{"x":549,"y":786,"width":419,"height":11}},{"id":"6d52d17c-02a1-4ded-85e3-c69f7bd9189a","block_type":"box","text":"in the financials, industrials and real estate industries or sectors.","page_number":29,"box":{"x":549,"y":800,"width":413,"height":11}},{"id":"83b4460a-532f-420b-9713-7ff5e9fa0c9f","block_type":"box","text":"The components of the Underlying Index are likely to change over","page_number":29,"box":{"x":549,"y":815,"width":419,"height":11}},{"id":"604cb7c5-9983-47b8-ab47-1d1395d12e27","block_type":"box","text":"time.","page_number":29,"box":{"x":549,"y":829,"width":31,"height":8}},{"id":"65c3a311-8ed9-49d7-b3b0-f83b64d9fb14","block_type":"box","text":"BFA uses an indexing approach to try to achieve the Fund’s","page_number":29,"box":{"x":550,"y":852,"width":376,"height":11}},{"id":"cda7b2ed-4a64-4646-9fa1-52d324ff185e","block_type":"box","text":"investment objective. 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Large-capitalization companies may be","page_number":31,"box":{"x":549,"y":311,"width":405,"height":10}},{"id":"47ba12c9-7654-4dfd-a298-6f167839eb03","block_type":"box","text":"more mature and subject to more limited growth potential","page_number":31,"box":{"x":549,"y":325,"width":371,"height":11}},{"id":"b8f097ac-42d2-4776-8ea0-0b0d8897e9c7","block_type":"box","text":"compared with smaller-capitalization companies. The","page_number":31,"box":{"x":549,"y":339,"width":340,"height":11}},{"id":"d3f20bc9-4043-452e-b43e-6e708468576c","block_type":"box","text":"performance of large-capitalization companies could trail the","page_number":31,"box":{"x":549,"y":353,"width":390,"height":11}},{"id":"6237b333-51ee-43b2-9987-04f1739f7d15","block_type":"box","text":"overall performance of the broader securities markets.","page_number":31,"box":{"x":549,"y":367,"width":349,"height":11}},{"id":"4264ac74-e23f-4a5c-939b-9c2883e9d640","block_type":"box","text":"Management Risk","page_number":31,"box":{"x":549,"y":391,"width":123,"height":10}},{"id":"2357ef65-1e3a-4204-96d0-7cc571ec3494","block_type":"box","text":".","page_number":31,"box":{"x":672,"y":397,"width":2,"height":2}},{"id":"ed9b62a6-6be7-48a3-abc2-afd7e206e2a8","block_type":"box","text":"The Fund generally does not attempt to take","page_number":31,"box":{"x":679,"y":391,"width":283,"height":10}},{"id":"c1647e7f-9759-45f2-9868-ef9e5df66a93","block_type":"box","text":"defensive positions under any market conditions, including","page_number":31,"box":{"x":549,"y":405,"width":376,"height":11}},{"id":"7666fe52-7bc9-4270-985b-dd0a8b0fddcc","block_type":"box","text":"declining markets. As the Fund will not fully replicate the","page_number":31,"box":{"x":549,"y":419,"width":362,"height":11}},{"id":"03b2d552-3270-422a-b4c7-1b11ca55816a","block_type":"box","text":"Underlying Index and may hold securities or other assets not","page_number":31,"box":{"x":550,"y":433,"width":387,"height":11}},{"id":"1fdfb7a2-094a-4213-aab4-1648e4239d51","block_type":"box","text":"included in the Underlying Index, it is subject to the risk that the","page_number":31,"box":{"x":549,"y":447,"width":409,"height":11}},{"id":"860e8c64-3266-4978-9b2e-2a3e0733feb4","block_type":"box","text":"investment strategy of BFA may not produce the intended results.","page_number":31,"box":{"x":549,"y":461,"width":419,"height":11}},{"id":"f40da5fd-1b87-40b5-b8f1-bf14b0c4d65b","block_type":"box","text":"There is no guarantee that the Fund’s investment results will have","page_number":31,"box":{"x":549,"y":476,"width":420,"height":10}},{"id":"3cd18a48-c8a5-47a4-87e6-883aa5d62dc4","block_type":"box","text":"a high degree of correlation to those of the Underlying Index or","page_number":31,"box":{"x":549,"y":490,"width":403,"height":11}},{"id":"659c3d09-2539-4169-b7c4-52b8bc50c337","block_type":"box","text":"that the Fund will achieve its investment objective.","page_number":31,"box":{"x":549,"y":504,"width":323,"height":11}},{"id":"21190c72-cfed-488c-96ec-a498e07777e4","block_type":"box","text":"Market Trading Risk","page_number":31,"box":{"x":549,"y":527,"width":136,"height":11}},{"id":"16f1a6b2-d2c7-4b77-a060-7a79de1a4bb9","block_type":"box","text":".","page_number":31,"box":{"x":685,"y":534,"width":2,"height":2}},{"id":"48b8a401-2abe-4c09-8db4-37d5955ce035","block_type":"box","text":"The Fund faces numerous market trading","page_number":31,"box":{"x":692,"y":527,"width":264,"height":11}},{"id":"b6160997-2400-4c5d-8273-00661ae73a9f","block_type":"box","text":"risks, including the potential lack of an active market for Fund","page_number":31,"box":{"x":549,"y":541,"width":394,"height":11}},{"id":"f44a4b4e-f659-4889-8117-c14ca66739df","block_type":"box","text":"shares (including through a trading halt), losses from trading in","page_number":31,"box":{"x":549,"y":556,"width":401,"height":10}},{"id":"5d15fae6-3947-441b-900b-7b23dad0470d","block_type":"box","text":"secondary markets, periods of high volatility, and disruptions in","page_number":31,"box":{"x":549,"y":570,"width":404,"height":11}},{"id":"7a79b32c-dfcc-4466-8d76-392c80349d1b","block_type":"box","text":"the process of creating and redeeming Fund shares. 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If you buy Fund","page_number":31,"box":{"x":549,"y":626,"width":397,"height":11}},{"id":"2dadb29f-fbca-4244-9b20-6e977fdcaabd","block_type":"box","text":"shares at a time when the market price is at a premium to NAV or","page_number":31,"box":{"x":549,"y":641,"width":419,"height":10}},{"id":"cedd7494-faeb-48a2-877c-41fd8f44d282","block_type":"box","text":"sell Fund shares at a time when the market price is at a discount","page_number":31,"box":{"x":549,"y":655,"width":413,"height":11}},{"id":"63dc6bc1-5e5f-487f-bc0c-3d3de34011dd","block_type":"box","text":"to NAV, you may pay significantly more or receive significantly","page_number":31,"box":{"x":549,"y":669,"width":397,"height":11}},{"id":"6c6f1f6a-068c-4a1d-93b1-9bf257c8a6ac","block_type":"box","text":"less than the underlying value of the Fund shares.","page_number":31,"box":{"x":549,"y":683,"width":316,"height":11}},{"id":"7f830dd0-65a1-4ac7-a4a1-be6d71f036c8","block_type":"box","text":"Mid-Capitalization Companies Risk","page_number":31,"box":{"x":549,"y":706,"width":238,"height":11}},{"id":"4624545a-1cf9-41b7-88d9-b7733ed45843","block_type":"box","text":".","page_number":31,"box":{"x":787,"y":713,"width":3,"height":2}},{"id":"dcac0370-d5cb-47a1-a410-fe20f1ee5f33","block_type":"box","text":"Compared to large","page_number":31,"box":{"x":795,"y":706,"width":124,"height":11}},{"id":"efd8a9ec-eedf-4e3e-8288-075e31e158b6","block_type":"box","text":"capitalization companies, mid-capitalization companies may be","page_number":31,"box":{"x":549,"y":721,"width":403,"height":10}},{"id":"bf6db63a-6a04-4636-99e2-637b9559e965","block_type":"box","text":"less stable and more susceptible to adverse developments. The","page_number":31,"box":{"x":549,"y":735,"width":405,"height":10}},{"id":"b83a33af-9884-4233-a600-96bc743f4ebc","block_type":"box","text":"securities of mid-capitalization companies may be more volatile","page_number":31,"box":{"x":549,"y":749,"width":407,"height":11}},{"id":"d0bd38f5-f66b-4784-b173-1ab1fe350b21","block_type":"box","text":"and less liquid than those of large-capitalization companies. As a","page_number":31,"box":{"x":549,"y":763,"width":414,"height":11}},{"id":"0ec13759-def0-45de-829a-0f392aaa29a8","block_type":"box","text":"result, the Fund’s share price may be more volatile than that of a","page_number":31,"box":{"x":549,"y":777,"width":413,"height":11}},{"id":"d4d19a60-9005-4b28-9034-20d5f98b7e94","block_type":"box","text":"fund with a greater investment in large-capitalization stocks.","page_number":31,"box":{"x":549,"y":791,"width":386,"height":11}},{"id":"76fb4c00-1145-490f-aa29-fcb51d7d0dc9","block_type":"box","text":"National Closed Market Trading Risk.","page_number":31,"box":{"x":549,"y":815,"width":250,"height":10}},{"id":"b683a4bd-07e3-4b97-a03f-60cd61f21340","block_type":"box","text":"To the extent that","page_number":31,"box":{"x":805,"y":815,"width":113,"height":8}},{"id":"473bae32-72eb-4efc-87ff-6824cc84516c","block_type":"box","text":"securities or other assets held by the Fund trade on foreign","page_number":31,"box":{"x":549,"y":829,"width":378,"height":11}},{"id":"858a4afd-18af-4e47-95cc-a0b6c05a9825","block_type":"box","text":"exchanges or in foreign markets that may be closed when the","page_number":31,"box":{"x":549,"y":843,"width":393,"height":11}},{"id":"22187366-d836-4e8b-bb44-71b6a352010c","block_type":"box","text":"securities exchange on which the Fund’s shares trade is open,","page_number":31,"box":{"x":549,"y":857,"width":396,"height":11}},{"id":"640e01ee-c8e7-4c4b-b9f0-466a15815545","block_type":"box","text":"there are likely to be deviations between such asset’s current","page_number":31,"box":{"x":549,"y":871,"width":392,"height":11}},{"id":"f1ea9467-55a6-46f1-a3d8-0e9c97c93b0f","block_type":"box","text":"S-16","page_number":31,"box":{"x":522,"y":920,"width":27,"height":9}},{"id":"28762453-844d-455b-b1fb-eabdbb774007","block_type":"box","text":"price and its last quoted price (","page_number":32,"box":{"x":83,"y":23,"width":198,"height":11}},{"id":"7a8e6b68-d0a0-49c1-aa06-b71b6b7c5ce5","block_type":"box","text":"i.e","page_number":32,"box":{"x":282,"y":23,"width":14,"height":9}},{"id":"25e072b6-9f2c-4530-9076-659d05331516","block_type":"box","text":"., the quote from the closed","page_number":32,"box":{"x":298,"y":23,"width":175,"height":11}},{"id":"1bab28c2-2cde-46e3-86c2-eaa6b759338f","block_type":"box","text":"foreign market to the Fund). The impact of a closed foreign","page_number":32,"box":{"x":82,"y":37,"width":377,"height":11}},{"id":"8b739825-bff9-463e-88c6-655ed712e7eb","block_type":"box","text":"market on the Fund is likely to be greater where a large portion of","page_number":32,"box":{"x":83,"y":51,"width":420,"height":11}},{"id":"766a093b-ce2f-4c04-9964-6b8c9c5a7ecb","block_type":"box","text":"the Fund’s holdings trade on a closed foreign market or when a","page_number":32,"box":{"x":83,"y":66,"width":403,"height":11}},{"id":"a6804241-c3a1-4c1c-b538-5ff8075ac372","block_type":"box","text":"foreign market is closed for unscheduled reasons. These","page_number":32,"box":{"x":82,"y":80,"width":361,"height":11}},{"id":"13c80610-9fb0-4b3b-add0-c93df5baa058","block_type":"box","text":"deviations could result in premiums or discounts to the Fund’s","page_number":32,"box":{"x":83,"y":94,"width":398,"height":11}},{"id":"7a6d559c-45b2-4b98-99bb-5655cb18dc30","block_type":"box","text":"NAV that may be greater than those experienced by other funds.","page_number":32,"box":{"x":84,"y":108,"width":410,"height":11}},{"id":"ffbd35af-819c-4057-a63c-f678ff36e29f","block_type":"box","text":"Non-Diversification Risk","page_number":32,"box":{"x":83,"y":131,"width":165,"height":9}},{"id":"65698a61-43b2-4503-9ae6-cc789c5c51b2","block_type":"box","text":".","page_number":32,"box":{"x":248,"y":138,"width":2,"height":2}},{"id":"a201cf5d-6a2f-4b63-aa3f-4ab2b56abfbc","block_type":"box","text":"The Fund is classified as “non","page_number":32,"box":{"x":255,"y":131,"width":193,"height":9}},{"id":"2167c0fc-3896-4293-b366-bb48ee47c7cf","block_type":"box","text":"diversified.” This means that, compared with funds that are","page_number":32,"box":{"x":83,"y":146,"width":377,"height":10}},{"id":"5b344c06-bee9-4799-ad31-cde93697118f","block_type":"box","text":"classified as “diversified,” the Fund may invest a greater","page_number":32,"box":{"x":83,"y":160,"width":358,"height":11}},{"id":"4fc64201-ab76-486b-90f8-bf8c71a9bd1c","block_type":"box","text":"percentage of its assets in securities or other instruments","page_number":32,"box":{"x":83,"y":174,"width":370,"height":11}},{"id":"04531fcf-6b1c-47fd-b526-d8ca0c19d7f2","block_type":"box","text":"representing a small number of issuers or counterparties and thus","page_number":32,"box":{"x":83,"y":188,"width":422,"height":11}},{"id":"e86f3710-d714-4ae3-8df4-8f4c7f3b0763","block_type":"box","text":"may be more susceptible to the risks associated with these","page_number":32,"box":{"x":83,"y":202,"width":379,"height":11}},{"id":"b2068495-36a4-4bfa-a6b9-c19a9cb06f32","block_type":"box","text":"particular issuers or counterparties. 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Incidents involving China’s or the region’s","page_number":32,"box":{"x":549,"y":330,"width":420,"height":11}},{"id":"c709843f-b250-4527-8a2b-b13e16295c0d","block_type":"box","text":"security may adversely affect the Chinese economy and markets","page_number":32,"box":{"x":549,"y":344,"width":413,"height":11}},{"id":"39058c41-fb05-4f0d-869c-a7c1517f2766","block_type":"box","text":"and the Fund’s investments.","page_number":32,"box":{"x":549,"y":358,"width":179,"height":9}},{"id":"5764900b-0e86-41c1-abd0-77d3f3d6f52c","block_type":"box","text":"The Chinese economy is highly reliant on trade. 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Chinese companies with securities listed on U.S.","page_number":32,"box":{"x":549,"y":674,"width":378,"height":11}},{"id":"9f43d55b-8933-457f-8354-8653abb07cd1","block_type":"box","text":"exchanges may be delisted if they do not meet U.S. accounting","page_number":32,"box":{"x":549,"y":688,"width":403,"height":11}},{"id":"320e5cff-c73a-4969-b762-e1bc75e2f705","block_type":"box","text":"standards and auditor oversight requirements, or for other","page_number":32,"box":{"x":549,"y":702,"width":374,"height":11}},{"id":"fc1f822f-13e9-475b-be1f-2227680ffbd1","block_type":"box","text":"reasons, which would significantly decrease the liquidity and value","page_number":32,"box":{"x":549,"y":717,"width":424,"height":11}},{"id":"f5428b6a-d12b-46fb-808e-34a90f8bf635","block_type":"box","text":"of the securities. 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portfolio securities and the execution of portfolio transactions, including brokerage commissions, (v)","page_number":36,"box":{"x":83,"y":227,"width":833,"height":11}},{"id":"d24e5709-e276-405b-a6d1-c3a5dc9ba2da","block_type":"box","text":"distribution fees or expenses, and (vi) litigation expenses and any extraordinary expenses.","page_number":36,"box":{"x":83,"y":241,"width":575,"height":11}},{"id":"1e6ce7f1-79bf-4d7e-8d43-4e6c49ef5553","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in","page_number":36,"box":{"x":87,"y":264,"width":882,"height":11}},{"id":"01528203-574d-4bc0-8774-7a626e447eb7","block_type":"box","text":"the tables and examples below.","page_number":36,"box":{"x":83,"y":278,"width":220,"height":11}},{"id":"16c87bc4-4edd-4e9e-b128-9cf3eee8d13a","block_type":"box","text":"Annual Fund Operating 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any.","page_number":36,"box":{"x":123,"y":421,"width":706,"height":10}},{"id":"fc79b7e5-6564-4565-97d3-ba3b0437625a","block_type":"box","text":"Example.","page_number":36,"box":{"x":83,"y":441,"width":62,"height":11}},{"id":"3ab7dfba-8b3d-4ced-8826-a744658b6e8c","block_type":"box","text":"This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds.","page_number":36,"box":{"x":150,"y":441,"width":800,"height":11}},{"id":"31b0423e-93e2-4f24-85a4-ca480925b580","block_type":"box","text":"The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those","page_number":36,"box":{"x":82,"y":454,"width":891,"height":12}},{"id":"e5e51974-da9a-4256-ad44-829eeda117a4","block_type":"box","text":"periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the","page_number":36,"box":{"x":83,"y":469,"width":862,"height":11}},{"id":"0a99e006-6731-4fac-af88-edf227f19711","block_type":"box","text":"same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:","page_number":36,"box":{"x":83,"y":483,"width":694,"height":11}},{"id":"aad20226-7672-44c7-b9e6-84ee08142974","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":36,"box":{"x":195,"y":514,"width":668,"height":7}},{"id":"337b1a20-d71c-47cf-b76d-d063a450d515","block_type":"box","text":"$50 $157 $274 $616","page_number":36,"box":{"x":202,"y":534,"width":647,"height":9}},{"id":"0a5e121d-1789-47c8-a784-7f4eb0d15955","block_type":"box","text":"Portfolio Turnover.","page_number":36,"box":{"x":83,"y":574,"width":129,"height":8}},{"id":"720a6b11-7d66-4541-b712-be4c522e3d45","block_type":"box","text":"The Fund may pay transaction costs, such as","page_number":36,"box":{"x":216,"y":574,"width":287,"height":10}},{"id":"7037bc53-0709-44e0-bfe4-4a4064105e08","block_type":"box","text":"commissions, when it buys and sells securities (or “turns over” its","page_number":36,"box":{"x":83,"y":588,"width":420,"height":11}},{"id":"634efaed-8fa6-4a62-b0eb-afc5205fd475","block_type":"box","text":"portfolio). A higher portfolio turnover rate may indicate higher","page_number":36,"box":{"x":83,"y":602,"width":395,"height":11}},{"id":"21de90de-657c-45a0-ab06-473f34cc32f3","block_type":"box","text":"transaction costs and may result in higher taxes when Fund","page_number":36,"box":{"x":83,"y":616,"width":380,"height":11}},{"id":"ab90fe1e-f13a-4e6c-bd30-46af4aa6dbc2","block_type":"box","text":"shares are held in a taxable account. These costs, which are not","page_number":36,"box":{"x":83,"y":630,"width":409,"height":10}},{"id":"13137928-0357-4599-a1b0-edec60c1f7ff","block_type":"box","text":"reflected in the Annual Fund Operating Expenses or in the","page_number":36,"box":{"x":83,"y":644,"width":368,"height":11}},{"id":"c9223288-e85c-4a3a-a00a-9274ca07e156","block_type":"box","text":"Example, affect the Fund’s performance. 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As of August 31, 2025, a significant","page_number":36,"box":{"x":82,"y":784,"width":385,"height":11}},{"id":"0e19fa74-5d89-4e54-a0dc-701eb1a54d0b","block_type":"box","text":"portion of the Underlying Index is represented by securities of","page_number":36,"box":{"x":83,"y":798,"width":396,"height":11}},{"id":"0bcbcd4f-96b3-47ed-b03b-10915fa79999","block_type":"box","text":"companies in the consumer goods and services, financials and","page_number":36,"box":{"x":83,"y":812,"width":399,"height":11}},{"id":"79d68f93-bc6c-4183-886a-6de23977f3ea","block_type":"box","text":"industrials industries or sectors. 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Errors in index data, index computations or the","page_number":37,"box":{"x":549,"y":589,"width":366,"height":11}},{"id":"f28f9c56-0cd9-4cc9-ad1b-5b3f86a78675","block_type":"box","text":"construction of the Underlying Index in accordance with its","page_number":37,"box":{"x":549,"y":603,"width":377,"height":11}},{"id":"e4366642-2e9c-4925-99f3-05a87e17503f","block_type":"box","text":"methodology may occur, and the Index Provider may not identify","page_number":37,"box":{"x":549,"y":617,"width":413,"height":11}},{"id":"111024aa-51fc-4df5-bee4-3b37e5046feb","block_type":"box","text":"or correct them promptly or at all, which may have an adverse","page_number":37,"box":{"x":549,"y":632,"width":396,"height":10}},{"id":"51fbda34-0b07-4cd7-b5c4-0330f35fa4f2","block_type":"box","text":"impact on the Fund and its shareholders. 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portfolio securities and the execution of portfolio transactions, including brokerage commissions, (v)","page_number":42,"box":{"x":83,"y":241,"width":833,"height":11}},{"id":"e8abecac-ebd7-4f6e-b802-baa696f399b8","block_type":"box","text":"distribution fees or expenses, and (vi) litigation expenses and any extraordinary expenses.","page_number":42,"box":{"x":83,"y":255,"width":575,"height":11}},{"id":"90776577-5196-4fde-a190-06a239905275","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in","page_number":42,"box":{"x":87,"y":278,"width":882,"height":12}},{"id":"4a192d38-645f-44df-92a2-6d1d194a9a9d","block_type":"box","text":"the tables and examples below.","page_number":42,"box":{"x":83,"y":293,"width":220,"height":10}},{"id":"3488de4b-49f1-4fae-a6b4-2746555a5e3a","block_type":"box","text":"Annual Fund Operating 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any.","page_number":42,"box":{"x":123,"y":435,"width":706,"height":10}},{"id":"2fbde2df-710a-4712-82eb-2c82f077f674","block_type":"box","text":"Example.","page_number":42,"box":{"x":83,"y":455,"width":62,"height":11}},{"id":"60630b1b-127b-46fc-8875-5434907d749c","block_type":"box","text":"This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds.","page_number":42,"box":{"x":150,"y":455,"width":800,"height":11}},{"id":"2caa42df-ea53-4747-bb8f-82ce574a03d2","block_type":"box","text":"The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those","page_number":42,"box":{"x":82,"y":468,"width":891,"height":12}},{"id":"1f4a96a6-5014-4a7f-b541-5d7574aee7c1","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":42,"box":{"x":83,"y":483,"width":862,"height":11}},{"id":"4e411188-078e-401d-a9f6-fdc9f2f2affb","block_type":"box","text":"same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:","page_number":42,"box":{"x":83,"y":498,"width":694,"height":10}},{"id":"da2925fd-3d32-4ca3-8b09-cd3464596968","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":42,"box":{"x":195,"y":528,"width":668,"height":8}},{"id":"15d00dbf-d14e-4d12-9df9-3f3d1cebf38f","block_type":"box","text":"$51 $160 $280 $628","page_number":42,"box":{"x":203,"y":548,"width":648,"height":9}},{"id":"1ba07464-b815-47e9-b967-293a96b27bed","block_type":"box","text":"Portfolio Turnover.","page_number":42,"box":{"x":83,"y":588,"width":129,"height":8}},{"id":"ef2cfe57-87cf-47f1-a44b-83ffb8175040","block_type":"box","text":"The Fund may pay transaction costs, such as","page_number":42,"box":{"x":216,"y":588,"width":287,"height":11}},{"id":"42fd0f1b-5078-4e7b-a2c9-d74cc5f85cbd","block_type":"box","text":"commissions, when it buys and sells securities (or “turns over” its","page_number":42,"box":{"x":83,"y":602,"width":420,"height":11}},{"id":"7a473ed7-aff0-4c95-9df1-632063c2e802","block_type":"box","text":"portfolio). A higher portfolio turnover rate may indicate higher","page_number":42,"box":{"x":83,"y":616,"width":395,"height":11}},{"id":"10029e49-35fc-4bf8-8f18-14758b1670f7","block_type":"box","text":"transaction costs and may result in higher taxes when Fund","page_number":42,"box":{"x":83,"y":630,"width":380,"height":11}},{"id":"0a19a84c-b7ae-4bb8-9c13-a3adb6e7fa82","block_type":"box","text":"shares are held in a taxable account. These costs, which are not","page_number":42,"box":{"x":83,"y":645,"width":409,"height":10}},{"id":"a111fe63-3170-4f4e-ba9f-194bef7bbbcb","block_type":"box","text":"reflected in the Annual Fund Operating Expenses or in the","page_number":42,"box":{"x":83,"y":659,"width":368,"height":11}},{"id":"84a9cd8a-a477-47d7-b13a-1a5faa6d2c15","block_type":"box","text":"Example, affect the Fund’s performance. During the most recent","page_number":42,"box":{"x":84,"y":673,"width":411,"height":11}},{"id":"4d9bc37f-aa8f-4b49-a24a-7adc4e9d369b","block_type":"box","text":"fiscal year, the Fund’s portfolio turnover rate was 17% of the","page_number":42,"box":{"x":82,"y":687,"width":383,"height":11}},{"id":"62c9d2f5-498f-40d8-93e6-63cd4acd6470","block_type":"box","text":"average value of its portfolio.","page_number":42,"box":{"x":83,"y":701,"width":184,"height":11}},{"id":"71e9576d-3287-4fc7-9804-ba40e0dedff9","block_type":"box","text":"Principal Investment Strategies","page_number":42,"box":{"x":84,"y":730,"width":268,"height":14}},{"id":"230f7d91-5b2d-4bd6-98bc-f4ee4ebdd15c","block_type":"box","text":"The Fund seeks to track the investment results of the MSCI Japan","page_number":42,"box":{"x":82,"y":755,"width":420,"height":11}},{"id":"cf32656e-deea-4d04-a0e8-a0c19c9d77f9","block_type":"box","text":"Small Cap Index (the “Underlying Index”), which is designed to","page_number":42,"box":{"x":83,"y":770,"width":398,"height":10}},{"id":"191fe8cc-1ed1-42f1-8b41-0dfa0ca30923","block_type":"box","text":"measure the performance of equity securities of Japanese small","page_number":42,"box":{"x":83,"y":784,"width":413,"height":11}},{"id":"1f762123-cfe3-4bfd-b703-0075bf3369b6","block_type":"box","text":"capitalization companies and represents approximately 14% of the","page_number":42,"box":{"x":83,"y":798,"width":422,"height":11}},{"id":"7ff5540a-49eb-4f7d-b04d-6ad80f00f4d7","block_type":"box","text":"free float-adjusted market capitalization of the Japan equity","page_number":42,"box":{"x":82,"y":812,"width":381,"height":11}},{"id":"e4291728-89e0-4ab9-bc73-514e64a76a29","block_type":"box","text":"universe. As of August 31, 2025, a significant portion of the","page_number":42,"box":{"x":83,"y":826,"width":378,"height":11}},{"id":"502eeffd-98b9-42be-80aa-ba3f1369b180","block_type":"box","text":"Underlying Index is represented by securities of companies in the","page_number":42,"box":{"x":83,"y":840,"width":418,"height":11}},{"id":"d3a9729f-efe9-41f2-97e9-19d5d95d426b","block_type":"box","text":"consumer goods and services and industrials industries or","page_number":42,"box":{"x":83,"y":855,"width":372,"height":10}},{"id":"ab0fede4-0132-46bf-a132-b790169905a1","block_type":"box","text":"sectors. The components of the Underlying Index are likely to","page_number":42,"box":{"x":549,"y":580,"width":392,"height":11}},{"id":"9fe61bf1-1514-4af3-b861-901bffee77b1","block_type":"box","text":"change over time.","page_number":42,"box":{"x":549,"y":594,"width":113,"height":11}},{"id":"61909a08-3c9e-436b-b414-b14f00a64918","block_type":"box","text":"BFA uses an indexing approach to try to achieve the Fund’s","page_number":42,"box":{"x":550,"y":617,"width":376,"height":11}},{"id":"aea5f730-8695-4699-9397-66e0380cf2d7","block_type":"box","text":"investment objective. 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For","page_number":43,"box":{"x":83,"y":485,"width":377,"height":10}},{"id":"f09ced5f-b95b-4756-9f8d-c438f7aa0ab9","block_type":"box","text":"purposes of this limitation, securities of the U.S. government","page_number":43,"box":{"x":83,"y":499,"width":389,"height":11}},{"id":"09a1120f-59d7-4240-9d20-16dddeaa8d13","block_type":"box","text":"(including its agencies and instrumentalities) and repurchase","page_number":43,"box":{"x":83,"y":513,"width":389,"height":11}},{"id":"74505261-1983-4722-b0cc-b7606c290532","block_type":"box","text":"agreements collateralized by U.S. government securities are not","page_number":43,"box":{"x":83,"y":527,"width":410,"height":11}},{"id":"247feea9-e333-4d55-86ad-06b99e6768fc","block_type":"box","text":"considered to be issued by members of any industry.","page_number":43,"box":{"x":83,"y":541,"width":337,"height":11}},{"id":"1cc30b55-b0d2-4d8a-a2b2-9eb7427ed6f5","block_type":"box","text":"Summary of Principal Risks","page_number":43,"box":{"x":83,"y":570,"width":235,"height":14}},{"id":"b3aae311-b46e-4df7-bba2-e441d7225e2c","block_type":"box","text":"As with any investment, you could lose all or part of your","page_number":43,"box":{"x":82,"y":596,"width":363,"height":10}},{"id":"11b66431-022e-40cd-8e3b-199705b8cd9b","block_type":"box","text":"investment in the Fund, and the Fund’s performance could trail","page_number":43,"box":{"x":83,"y":610,"width":402,"height":10}},{"id":"0a0f1b6f-98a1-48bf-9804-0007b9af0540","block_type":"box","text":"that of other investments. The Fund is subject to certain risks,","page_number":43,"box":{"x":83,"y":624,"width":396,"height":11}},{"id":"12dcec99-5f86-47b4-b905-f67e31ee0cf0","block_type":"box","text":"including the principal risks noted below, any of which may","page_number":43,"box":{"x":83,"y":638,"width":376,"height":11}},{"id":"f54ae322-6a3f-4523-a101-1be611f9da96","block_type":"box","text":"adversely affect the Fund’s net asset value per share (“NAV”),","page_number":43,"box":{"x":83,"y":652,"width":392,"height":11}},{"id":"30771557-e4dc-42fe-bc6e-ff10df504b3a","block_type":"box","text":"trading price, yield, total return and ability to meet its investment","page_number":43,"box":{"x":83,"y":666,"width":416,"height":11}},{"id":"3d1297b8-3a5b-4d8b-8340-ab925a6958f7","block_type":"box","text":"objective. Certain key risks are prioritized below (with others","page_number":43,"box":{"x":83,"y":681,"width":387,"height":10}},{"id":"b57aaad8-74d7-4d45-bee3-fb4852be0881","block_type":"box","text":"following in alphabetical order), but the relative significance of any","page_number":43,"box":{"x":82,"y":695,"width":426,"height":11}},{"id":"687a9f9b-80a9-4f23-a5f6-5efedab9fc76","block_type":"box","text":"risk is difficult to predict and may change over time. 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Japan’s","page_number":43,"box":{"x":83,"y":775,"width":405,"height":11}},{"id":"6d923b07-dc2e-487c-b7eb-fa3f18a9ca23","block_type":"box","text":"economy depends heavily on international trade, oil and other","page_number":43,"box":{"x":83,"y":789,"width":396,"height":11}},{"id":"476d99bc-56a2-414a-9fe1-4b4c7df42790","block_type":"box","text":"commodity imports, and government policy supporting its","page_number":43,"box":{"x":83,"y":803,"width":369,"height":11}},{"id":"0d9ec9df-87af-4636-879d-1adbab137528","block_type":"box","text":"exports. Other risks facing the Japanese economy include","page_number":43,"box":{"x":83,"y":817,"width":368,"height":11}},{"id":"e168e5b1-01af-4450-830b-5278b59f56c4","block_type":"box","text":"significant public debt and deficits, currency fluctuations, and","page_number":43,"box":{"x":83,"y":831,"width":393,"height":11}},{"id":"09cd7e92-f82d-4099-95c7-b69a0a089c91","block_type":"box","text":"labor shortages due to an aging and declining population. Japan’s","page_number":43,"box":{"x":83,"y":846,"width":416,"height":10}},{"id":"a682b98c-fffa-4bb6-8355-7339a4cffe42","block_type":"box","text":"relations with its neighbors have been strained at times, which","page_number":43,"box":{"x":83,"y":860,"width":399,"height":11}},{"id":"8a805ed8-5661-4934-8a50-3de0da940923","block_type":"box","text":"could adversely affect its markets and economy. 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As a result, the Fund’s share price may","page_number":43,"box":{"x":549,"y":131,"width":415,"height":11}},{"id":"8c6d8563-23da-466c-b48e-9f655d13053b","block_type":"box","text":"be more volatile than that of a fund with a greater investment in","page_number":43,"box":{"x":549,"y":146,"width":407,"height":10}},{"id":"6070a13a-207a-4659-b536-768d7109add6","block_type":"box","text":"large- or mid-capitalization stocks.","page_number":43,"box":{"x":549,"y":160,"width":220,"height":11}},{"id":"fd0932aa-3c8d-403c-bc2c-69a255d576f7","block_type":"box","text":"Equity Securities Risk","page_number":43,"box":{"x":549,"y":183,"width":148,"height":11}},{"id":"7793f7f5-0c2f-47a8-9c67-a71615b7fd7a","block_type":"box","text":".","page_number":43,"box":{"x":697,"y":190,"width":2,"height":1}},{"id":"8acf7908-2c5f-4322-9e34-fbd8db23c717","block_type":"box","text":"Equity securities are subject to changes","page_number":43,"box":{"x":705,"y":183,"width":254,"height":11}},{"id":"dc527f4f-3616-4b93-87db-f115e8173726","block_type":"box","text":"in value, and their values may be more volatile than those of other","page_number":43,"box":{"x":549,"y":197,"width":422,"height":11}},{"id":"9253b135-6ed0-44c6-913a-c57a5c37615d","block_type":"box","text":"asset classes. 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An investor may incur costs attributable to","page_number":47,"box":{"x":83,"y":267,"width":419,"height":11}},{"id":"22a5a5bc-fecf-4d97-b6ab-2c13760da5c9","block_type":"box","text":"the difference between the highest price a buyer is willing to pay","page_number":47,"box":{"x":83,"y":281,"width":412,"height":11}},{"id":"52d7f124-dbb5-46a7-ad69-39905d71468b","block_type":"box","text":"to purchase shares of the Fund (bid) and the lowest price a seller","page_number":47,"box":{"x":83,"y":295,"width":416,"height":11}},{"id":"6644bf4e-c209-4b40-89bd-2533a5ecdf5b","block_type":"box","text":"is willing to accept for shares of the Fund (ask) when buying or","page_number":47,"box":{"x":83,"y":309,"width":400,"height":11}},{"id":"7992dd61-0b16-4d50-b200-af5e9908abfd","block_type":"box","text":"selling shares in the secondary market (the “bid-ask spread”).","page_number":47,"box":{"x":83,"y":324,"width":394,"height":10}},{"id":"63f57a69-bf50-4bf4-8fce-86c22bf2fac7","block_type":"box","text":"Tax Information","page_number":47,"box":{"x":548,"y":22,"width":133,"height":11}},{"id":"96c7406e-0d4c-4fcd-b0c4-e4bc4c434b62","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you","page_number":47,"box":{"x":549,"y":48,"width":422,"height":10}},{"id":"acd17825-b961-4744-8f94-0eb891db867e","block_type":"box","text":"as ordinary income or capital gains, unless you are investing","page_number":47,"box":{"x":549,"y":62,"width":385,"height":11}},{"id":"6950e6d8-6c80-4adc-9b6e-94dd733419e2","block_type":"box","text":"through a tax-deferred arrangement such as a 401(k) plan or an","page_number":47,"box":{"x":549,"y":76,"width":406,"height":11}},{"id":"157b0b1b-e30d-4dce-8620-d1bf4d5200b0","block_type":"box","text":"IRA, in which case, your distributions generally will be taxed when","page_number":47,"box":{"x":550,"y":90,"width":418,"height":11}},{"id":"db89dfe9-7d3a-4813-8d16-18cd13ad6832","block_type":"box","text":"withdrawn.","page_number":47,"box":{"x":549,"y":104,"width":69,"height":9}},{"id":"0efc1fac-5786-4053-adcb-f2d8fa20da57","block_type":"box","text":"Payments to Broker-Dealers and Other Financial","page_number":47,"box":{"x":550,"y":133,"width":410,"height":14}},{"id":"638eb677-586d-48aa-bb29-718a141cd719","block_type":"box","text":"Intermediaries","page_number":47,"box":{"x":550,"y":150,"width":123,"height":11}},{"id":"f800c969-3263-42ab-909c-41922b93d34d","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or","page_number":47,"box":{"x":550,"y":175,"width":393,"height":11}},{"id":"7a1059b3-219e-4585-b286-7a2ed71b1e39","block_type":"box","text":"other financial intermediary (such as a bank), BFA or other related","page_number":47,"box":{"x":549,"y":189,"width":421,"height":11}},{"id":"db3279a4-c209-42b8-b389-5ada0c375a8f","block_type":"box","text":"companies may pay the intermediary for marketing activities and","page_number":47,"box":{"x":549,"y":204,"width":415,"height":10}},{"id":"f7d25960-d7ba-4a9a-9d8a-b5116fd9989e","block_type":"box","text":"presentations, educational training programs, conferences, the","page_number":47,"box":{"x":549,"y":218,"width":403,"height":11}},{"id":"f3746a20-ddb0-44c5-a58a-b79a77133353","block_type":"box","text":"development of technology platforms and reporting systems or","page_number":47,"box":{"x":549,"y":232,"width":403,"height":11}},{"id":"66af3daa-9a79-4bcd-8dde-83d1e99aa583","block_type":"box","text":"other services related to the sale or promotion of the Fund. These","page_number":47,"box":{"x":549,"y":246,"width":420,"height":11}},{"id":"adaf3bf7-ea35-464e-acf3-83ff51b3a664","block_type":"box","text":"payments may create a conflict of interest by influencing the","page_number":47,"box":{"x":549,"y":260,"width":387,"height":11}},{"id":"22398269-098b-4020-babb-7ed4f0f4966a","block_type":"box","text":"broker-dealer or other intermediary and your salesperson to","page_number":47,"box":{"x":549,"y":275,"width":384,"height":10}},{"id":"a6b41f96-cfe9-41e1-8382-4ce22dd91bcb","block_type":"box","text":"recommend the Fund over another investment. 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Amounts in the table","page_number":48,"box":{"x":82,"y":170,"width":869,"height":11}},{"id":"ef0ccba7-cbff-4782-bef5-0bbd92c57fd1","block_type":"box","text":"are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement between iShares, Inc.","page_number":48,"box":{"x":83,"y":184,"width":863,"height":11}},{"id":"e99cc6f6-d1ec-4d09-a476-5a34d75baf3e","block_type":"box","text":"(the “Company”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that BFA will pay all operating","page_number":48,"box":{"x":83,"y":198,"width":854,"height":11}},{"id":"70ce5a81-7b50-4b05-8c7a-333f89f2018b","block_type":"box","text":"expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, (iv) expenses incurred with respect to the","page_number":48,"box":{"x":83,"y":213,"width":834,"height":10}},{"id":"a14c6266-bd8b-45da-9fff-f3df84b22c28","block_type":"box","text":"acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, (v)","page_number":48,"box":{"x":83,"y":227,"width":833,"height":11}},{"id":"796d0350-23bc-4494-a005-2b13b67c9274","block_type":"box","text":"distribution fees or expenses, and (vi) litigation expenses and any extraordinary expenses.","page_number":48,"box":{"x":83,"y":241,"width":575,"height":11}},{"id":"1d7f03c9-b63b-4515-9d66-c510dfb95048","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":48,"box":{"x":87,"y":264,"width":882,"height":11}},{"id":"3ffb4ed9-e16c-4dcc-9f2f-b7af65962ae4","block_type":"box","text":"the tables and examples below.","page_number":48,"box":{"x":83,"y":278,"width":220,"height":11}},{"id":"2a29c235-121d-4505-9b7e-d8c70231f62a","block_type":"box","text":"Annual Fund Operating 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The Fund seeks to track the investment","page_number":49,"box":{"x":83,"y":179,"width":392,"height":11}},{"id":"329889f4-c3be-4250-a0e2-49519ae96dba","block_type":"box","text":"results of the Underlying Index before fees and expenses of the","page_number":49,"box":{"x":83,"y":193,"width":404,"height":11}},{"id":"f88b6780-17c7-4291-90d5-4361f6d1c104","block_type":"box","text":"Fund.","page_number":49,"box":{"x":84,"y":208,"width":33,"height":8}},{"id":"efafd995-d6e7-4440-b296-2bbdb9b073da","block_type":"box","text":"The Fund may lend securities representing up to one-third of the","page_number":49,"box":{"x":82,"y":231,"width":412,"height":11}},{"id":"0b6c7db7-98b2-4167-ba1d-3d8915dc9a5c","block_type":"box","text":"value of the Fund’s total assets (including the value of any","page_number":49,"box":{"x":82,"y":245,"width":371,"height":11}},{"id":"e35e2ce9-5838-418a-9fbd-7ca9174120dd","block_type":"box","text":"collateral received).","page_number":49,"box":{"x":83,"y":259,"width":125,"height":11}},{"id":"a047aad8-d2b9-46bb-923f-14aaedf8a68b","block_type":"box","text":"The Underlying Index is sponsored by MSCI Inc. (the “Index","page_number":49,"box":{"x":82,"y":282,"width":380,"height":11}},{"id":"bf3f0160-6adb-4469-8e46-2c7d02ebf92e","block_type":"box","text":"Provider” or “MSCI”), which is independent of the Fund and BFA.","page_number":49,"box":{"x":84,"y":296,"width":411,"height":11}},{"id":"7f900bd5-0f13-4afd-b6b7-1ee6986d428f","block_type":"box","text":"The Index Provider determines the composition and relative","page_number":49,"box":{"x":82,"y":311,"width":381,"height":10}},{"id":"1838dae5-be8e-4a47-9fad-134235dd9742","block_type":"box","text":"weightings of the securities in the Underlying Index and publishes","page_number":49,"box":{"x":82,"y":325,"width":420,"height":11}},{"id":"80399355-4a5e-45cf-b356-d77dea8445cc","block_type":"box","text":"information regarding the market value of the Underlying Index.","page_number":49,"box":{"x":83,"y":339,"width":405,"height":11}},{"id":"be7a00f9-c660-421b-8690-6d814a8974ca","block_type":"box","text":"Industry Concentration Policy.","page_number":49,"box":{"x":83,"y":362,"width":210,"height":11}},{"id":"9fa219f0-e7f5-418e-9fd5-51d8fcc74a86","block_type":"box","text":"The Fund will concentrate its","page_number":49,"box":{"x":298,"y":362,"width":184,"height":9}},{"id":"37687c99-bc9e-4109-8308-1868d71e1380","block_type":"box","text":"investments (","page_number":49,"box":{"x":83,"y":376,"width":85,"height":11}},{"id":"ab08d9cb-9a3e-48ae-829f-7410bd7cb8da","block_type":"box","text":"i.e.","page_number":49,"box":{"x":169,"y":376,"width":17,"height":9}},{"id":"daa69086-0a54-4d85-b9c6-aa94673e7625","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":49,"box":{"x":189,"y":376,"width":264,"height":11}},{"id":"1ea7db7a-11b1-4e6c-b229-d429cc10412a","block_type":"box","text":"particular industry or group of industries to approximately the","page_number":49,"box":{"x":83,"y":391,"width":394,"height":10}},{"id":"0fc7705d-b99d-4aed-83f8-e316f1eaf8d0","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":49,"box":{"x":83,"y":544,"width":396,"height":11}},{"id":"918809d5-2be8-4f92-99d4-e2c3cef4db65","block_type":"box","text":"including the principal risks noted below, any of which may","page_number":49,"box":{"x":83,"y":558,"width":376,"height":11}},{"id":"5ad32acd-2398-4925-8758-d3995107bd9e","block_type":"box","text":"adversely affect the Fund’s net asset value per share (“NAV”),","page_number":49,"box":{"x":83,"y":572,"width":392,"height":11}},{"id":"b0eafe8f-f9c6-4dab-83d3-33dd20d37f55","block_type":"box","text":"trading price, yield, total return and ability to meet its investment","page_number":49,"box":{"x":83,"y":587,"width":416,"height":10}},{"id":"98aa17dd-5808-47cb-853e-049080495545","block_type":"box","text":"objective. 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Non-U.S. issuers","page_number":49,"box":{"x":549,"y":37,"width":403,"height":11}},{"id":"7bf46d2e-c364-47ce-824c-083f4791a3fe","block_type":"box","text":"may be subject to different accounting, audit and financial","page_number":49,"box":{"x":549,"y":51,"width":371,"height":11}},{"id":"2ce09d57-8137-4eac-ac92-81b4ed2b1738","block_type":"box","text":"reporting standards than U.S. issuers, and there may be less","page_number":49,"box":{"x":549,"y":66,"width":386,"height":11}},{"id":"5f9738e7-ab4a-4a35-a25d-3e5750ac7b25","block_type":"box","text":"publicly available information about non-U.S. issuers. Foreign","page_number":49,"box":{"x":549,"y":80,"width":391,"height":11}},{"id":"3fd85fc4-e094-4f61-83d6-40a8b5459eba","block_type":"box","text":"market trading hours, different clearing and settlement","page_number":49,"box":{"x":549,"y":94,"width":351,"height":11}},{"id":"454bb3ab-5b44-4538-b8af-63280d243ca4","block_type":"box","text":"procedures, and holiday schedules may limit the Fund’s ability to","page_number":49,"box":{"x":549,"y":108,"width":413,"height":11}},{"id":"9400a4d3-4e36-4ee8-80a7-d230fa5c9805","block_type":"box","text":"engage in portfolio transactions. 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The","page_number":49,"box":{"x":549,"y":151,"width":395,"height":11}},{"id":"05cbffc2-b13e-479d-b4b3-9e82d5bde5aa","block_type":"box","text":"Fund is specifically exposed to","page_number":49,"box":{"x":550,"y":165,"width":194,"height":11}},{"id":"30d2a533-05e2-48c7-8660-9dda6703b4ea","block_type":"box","text":"Asian Economic Risk","page_number":49,"box":{"x":749,"y":165,"width":144,"height":8}},{"id":"d735b054-0806-4e7f-8547-9017dd71fe85","block_type":"box","text":".","page_number":49,"box":{"x":894,"y":172,"width":2,"height":1}},{"id":"c2971693-1c60-42de-96c7-9727dd57334a","block_type":"box","text":"Equity Securities Risk","page_number":49,"box":{"x":549,"y":188,"width":148,"height":11}},{"id":"34bbf2a0-09ea-4833-9b3c-8123f5ee82f5","block_type":"box","text":".","page_number":49,"box":{"x":697,"y":195,"width":2,"height":2}},{"id":"c7163865-3078-4eb7-9281-22984fa0b281","block_type":"box","text":"Equity securities are subject to changes","page_number":49,"box":{"x":705,"y":188,"width":254,"height":11}},{"id":"d6591c55-c9a8-4cb1-942b-07c5ba9aa344","block_type":"box","text":"in value, and their values may be more volatile than those of other","page_number":49,"box":{"x":549,"y":202,"width":422,"height":11}},{"id":"7e9f4060-346e-42af-aa6c-9cf8a7f0b01e","block_type":"box","text":"asset classes. 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Errors in index data, index computations or the","page_number":49,"box":{"x":549,"y":561,"width":366,"height":10}},{"id":"ff47dd10-7c8a-4f8e-a1bc-67283f43e5dd","block_type":"box","text":"construction of the Underlying Index in accordance with its","page_number":49,"box":{"x":549,"y":575,"width":377,"height":11}},{"id":"05053d3a-90b5-4b96-853a-0e24267acdec","block_type":"box","text":"methodology may occur, and the Index Provider may not identify","page_number":49,"box":{"x":549,"y":589,"width":413,"height":11}},{"id":"a6c7dcd6-5dc3-4162-b48c-dcb0725c6ec8","block_type":"box","text":"or correct them promptly or at all, which may have an adverse","page_number":49,"box":{"x":549,"y":603,"width":396,"height":11}},{"id":"ceed2219-bdab-4129-b665-c1901c329505","block_type":"box","text":"impact on the Fund and its shareholders. Unusual market","page_number":49,"box":{"x":549,"y":617,"width":367,"height":11}},{"id":"feebc87f-772f-4f43-8d22-2143400ee59e","block_type":"box","text":"conditions or other unforeseen circumstances (such as natural","page_number":49,"box":{"x":549,"y":632,"width":400,"height":10}},{"id":"79e5185f-1357-4de3-80e2-ef7ad820ce9c","block_type":"box","text":"disasters, political unrest or war) may impact the Index Provider","page_number":49,"box":{"x":549,"y":646,"width":409,"height":11}},{"id":"524ebe1c-25a4-4cab-89ee-22de02f41b27","block_type":"box","text":"or a third-party data provider and could cause the Index Provider","page_number":49,"box":{"x":549,"y":660,"width":414,"height":11}},{"id":"81c3cd18-cdec-4eeb-9f07-128603265a02","block_type":"box","text":"to postpone a scheduled rebalance. This could cause the","page_number":49,"box":{"x":549,"y":674,"width":362,"height":11}},{"id":"ff4db6c3-38d2-4f07-bb06-10165b581ffa","block_type":"box","text":"Underlying Index to vary from its normal or expected composition.","page_number":49,"box":{"x":550,"y":688,"width":422,"height":11}},{"id":"612d54a1-3bbf-4459-863c-32d66d2bd5e7","block_type":"box","text":"Asset Class Risk.","page_number":49,"box":{"x":548,"y":711,"width":114,"height":9}},{"id":"417ee464-f42c-4c26-9d00-e1a8f3ea099c","block_type":"box","text":"The securities and other assets in the","page_number":49,"box":{"x":668,"y":712,"width":239,"height":8}},{"id":"a408de9a-d569-4e85-aebe-5390668b162c","block_type":"box","text":"Underlying Index or in the Fund’s portfolio may underperform in","page_number":49,"box":{"x":550,"y":726,"width":405,"height":11}},{"id":"5e0af592-3904-4b84-821c-44bfd1b801a3","block_type":"box","text":"comparison to financial markets generally, a particular financial","page_number":49,"box":{"x":549,"y":740,"width":405,"height":11}},{"id":"2152d908-c570-413b-90de-eca0e44af977","block_type":"box","text":"market, another index, or other asset classes.","page_number":49,"box":{"x":549,"y":754,"width":292,"height":10}},{"id":"08172c4a-f528-47bd-9fb6-445aa9deec8b","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":49,"box":{"x":548,"y":777,"width":290,"height":11}},{"id":"577cf7ae-0023-4051-b4ed-813f7870c951","block_type":"box","text":"An “Authorized","page_number":49,"box":{"x":847,"y":777,"width":93,"height":9}},{"id":"8d132ab2-19bf-4d4c-8c57-e6fc806b4c0d","block_type":"box","text":"Participant” is a member or participant of a clearing agency","page_number":49,"box":{"x":550,"y":791,"width":379,"height":11}},{"id":"8749bf13-d1cd-4bda-9365-0daa492fe511","block_type":"box","text":"registered with the SEC, which has a written agreement with the","page_number":49,"box":{"x":549,"y":806,"width":411,"height":10}},{"id":"99146f06-e333-4a6a-8fe8-d790b57d4836","block_type":"box","text":"Fund or one of its service providers that allows the Authorized","page_number":49,"box":{"x":550,"y":820,"width":395,"height":11}},{"id":"e0f69867-3dd9-4ff8-9042-2b4637d4aee9","block_type":"box","text":"Participant to place orders for the purchase and redemption of","page_number":49,"box":{"x":550,"y":834,"width":399,"height":11}},{"id":"78586157-cf0e-4172-a821-c4f832c71617","block_type":"box","text":"creation units (“Creation Units”). 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No Authorized","page_number":50,"box":{"x":83,"y":37,"width":378,"height":11}},{"id":"3375b5e1-09ed-432c-8e8a-58fdc29cda01","block_type":"box","text":"Participant is obligated to engage in creation or redemption","page_number":50,"box":{"x":84,"y":52,"width":379,"height":10}},{"id":"c3e11296-4e61-44b3-a6d3-c020f165b895","block_type":"box","text":"transactions. 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This may cause the Fund to sell a security and","page_number":50,"box":{"x":83,"y":202,"width":420,"height":11}},{"id":"42f10baf-9798-46b6-a344-f3448674406f","block_type":"box","text":"recognize a capital gain or loss that might not have been incurred","page_number":50,"box":{"x":83,"y":217,"width":417,"height":10}},{"id":"67906e10-9229-41a2-91c9-1c4448778aa8","block_type":"box","text":"if it had made a redemption in-kind. The use of cash creations and","page_number":50,"box":{"x":83,"y":231,"width":422,"height":10}},{"id":"2e1523ca-6d64-422e-95b5-6971a1753d1b","block_type":"box","text":"redemptions may also cause the Fund’s shares to trade in the","page_number":50,"box":{"x":83,"y":245,"width":394,"height":11}},{"id":"a86c58d4-8854-4e02-beec-19bf11b0911d","block_type":"box","text":"market at wider bid-ask spreads or greater premiums or discounts","page_number":50,"box":{"x":83,"y":259,"width":424,"height":11}},{"id":"11a30153-d4ec-411e-a00e-7b159ed1a2ee","block_type":"box","text":"to the Fund’s NAV.","page_number":50,"box":{"x":83,"y":273,"width":116,"height":9}},{"id":"d7340bdf-5c64-4a75-97a4-a9bf41eb82a7","block_type":"box","text":"Concentration Risk.","page_number":50,"box":{"x":83,"y":296,"width":132,"height":9}},{"id":"558a2b8d-17d4-4fa3-aec1-5cc474f0049a","block_type":"box","text":"The Fund may be susceptible to an","page_number":50,"box":{"x":220,"y":296,"width":222,"height":11}},{"id":"b51c153e-d66e-4d5f-8432-6c46586c1aa0","block_type":"box","text":"increased risk of loss, including losses due to adverse events that","page_number":50,"box":{"x":83,"y":311,"width":419,"height":10}},{"id":"983be796-4b87-4730-bb57-17bd90aa4bbe","block_type":"box","text":"affect the Fund’s investments more than the market as a whole,","page_number":50,"box":{"x":83,"y":325,"width":407,"height":10}},{"id":"ebcb7a64-dcfb-46fd-b63f-ebc9e234d6b8","block_type":"box","text":"to the extent that the Fund’s investments are concentrated in the","page_number":50,"box":{"x":83,"y":339,"width":417,"height":8}},{"id":"65d2f0e8-29e0-4e57-ab18-12697c18affd","block_type":"box","text":"securities or other assets of one or more issuers, countries or","page_number":50,"box":{"x":83,"y":353,"width":395,"height":10}},{"id":"4881b560-8338-44ab-bae5-8beeba04d3aa","block_type":"box","text":"other geographic units, markets, industries, project types, or","page_number":50,"box":{"x":83,"y":367,"width":388,"height":11}},{"id":"9570b60c-61d9-490f-9eba-8da307ac6de2","block_type":"box","text":"asset classes.","page_number":50,"box":{"x":83,"y":382,"width":88,"height":8}},{"id":"55bb204f-ad27-490c-bd26-5d2f42495933","block_type":"box","text":"Currency Risk","page_number":50,"box":{"x":83,"y":405,"width":95,"height":11}},{"id":"b543650b-fb8a-446b-affa-2d92bf846518","block_type":"box","text":".","page_number":50,"box":{"x":179,"y":411,"width":2,"height":2}},{"id":"1d100c43-31bb-46dc-8135-10ce24c55c64","block_type":"box","text":"Because the Fund’s NAV is determined in U.S.","page_number":50,"box":{"x":187,"y":405,"width":292,"height":8}},{"id":"07e7ff41-3154-479a-952d-19fc83311f27","block_type":"box","text":"dollars, the NAV could decline if the currency of the non-U.S.","page_number":50,"box":{"x":83,"y":419,"width":388,"height":11}},{"id":"d5ceb3fe-32da-4acd-a3c3-ce153b78209a","block_type":"box","text":"market in which the Fund invests depreciates against the U.S.","page_number":50,"box":{"x":83,"y":433,"width":395,"height":11}},{"id":"f92dbddb-75ef-46fa-8b52-5710d6d4d12c","block_type":"box","text":"dollar or if there are delays or limits on the repatriation of foreign","page_number":50,"box":{"x":83,"y":447,"width":415,"height":11}},{"id":"29a4d3b8-e698-418c-843f-fad019d6d3a1","block_type":"box","text":"currency. Currency exchange rates can be very volatile and can","page_number":50,"box":{"x":83,"y":461,"width":404,"height":11}},{"id":"6d13e735-e6c9-41b2-b6a5-caaddb9ad254","block_type":"box","text":"change quickly and unpredictably. As a result, the Fund’s NAV","page_number":50,"box":{"x":83,"y":476,"width":394,"height":10}},{"id":"9cf1051b-ed76-48fb-b3ac-6a6de8e0f1b7","block_type":"box","text":"may change quickly and without warning. In addition, the Fund","page_number":50,"box":{"x":83,"y":490,"width":398,"height":11}},{"id":"4bfb2e02-bba2-439e-bdf3-fc4bea73f50d","block_type":"box","text":"may incur costs in connection with conversions between U.S.","page_number":50,"box":{"x":83,"y":504,"width":392,"height":11}},{"id":"a870c4a3-38e9-4074-8edb-faac221aa202","block_type":"box","text":"dollars and foreign currencies.","page_number":50,"box":{"x":83,"y":518,"width":193,"height":11}},{"id":"02036ef4-7525-4c22-8e6d-6fe34d0d0400","block_type":"box","text":"Custody Risk","page_number":50,"box":{"x":83,"y":541,"width":89,"height":11}},{"id":"03a85a1e-e74f-4139-b640-8570f7b214e6","block_type":"box","text":".","page_number":50,"box":{"x":172,"y":548,"width":2,"height":2}},{"id":"9a9c2c44-b5a0-48b0-81ae-25f799febd7c","block_type":"box","text":"Less developed securities markets are more likely","page_number":50,"box":{"x":180,"y":541,"width":319,"height":11}},{"id":"e756105e-d9f2-424b-9140-79ba776cbedf","block_type":"box","text":"to experience problems with the clearing and settlement of","page_number":50,"box":{"x":83,"y":556,"width":378,"height":10}},{"id":"fdd59183-cb8b-4fa6-af95-d17bd86dfe15","block_type":"box","text":"trades, as well as the custody of securities and other assets by","page_number":50,"box":{"x":83,"y":570,"width":401,"height":11}},{"id":"77e87ac5-b585-49fc-9247-8ba3b68ccb8e","block_type":"box","text":"local banks, agents and depositories. These issues may have an","page_number":50,"box":{"x":83,"y":584,"width":406,"height":11}},{"id":"15ecf96c-4998-4b29-a820-9920babef7d9","block_type":"box","text":"adverse impact on the Fund, including losses or delays in","page_number":50,"box":{"x":83,"y":598,"width":364,"height":11}},{"id":"68e53b25-1e55-4975-ab9d-1bb4ba5ed8b6","block_type":"box","text":"payments, delivery or recovery of money or other assets.","page_number":50,"box":{"x":83,"y":612,"width":364,"height":11}},{"id":"f27eb069-c487-4ae5-9855-d580782531ab","block_type":"box","text":"Financial Companies Risk","page_number":50,"box":{"x":83,"y":635,"width":174,"height":11}},{"id":"5b29d5aa-399d-41e1-92c2-76f54dfb89a3","block_type":"box","text":".","page_number":50,"box":{"x":257,"y":642,"width":3,"height":2}},{"id":"ffc9e7d1-2381-4ae3-9066-6d825d2083a2","block_type":"box","text":"Financial services companies are","page_number":50,"box":{"x":266,"y":636,"width":211,"height":10}},{"id":"62192b50-30a1-48fa-a776-a0ef786411a5","block_type":"box","text":"subject to extensive governmental regulation and intervention,","page_number":50,"box":{"x":83,"y":650,"width":400,"height":10}},{"id":"0af5ce3c-6192-41f5-8d5e-e36c3dd529e1","block_type":"box","text":"which may adversely affect their profitability, the scope of their","page_number":50,"box":{"x":82,"y":664,"width":405,"height":11}},{"id":"5fddde33-7af2-47fb-8e15-0159b162ff22","block_type":"box","text":"activities, the prices they can charge, the amount of capital and","page_number":50,"box":{"x":83,"y":678,"width":405,"height":11}},{"id":"66ec9e61-e2e2-4ca4-a79f-f7241fa8b326","block_type":"box","text":"liquid assets they must maintain and their size, among other","page_number":50,"box":{"x":83,"y":692,"width":385,"height":11}},{"id":"10f3afd2-bf8a-4e49-b313-5af5986d4d40","block_type":"box","text":"things. Financial services companies also may be significantly","page_number":50,"box":{"x":83,"y":706,"width":395,"height":11}},{"id":"c09ad993-2ac2-4abe-9894-f7b8989dc998","block_type":"box","text":"affected by, among other things, interest rates, economic","page_number":50,"box":{"x":83,"y":721,"width":367,"height":10}},{"id":"8fbf48fa-07b1-4a75-9936-a01144bc881a","block_type":"box","text":"conditions, volatility in financial markets, credit rating","page_number":50,"box":{"x":83,"y":735,"width":343,"height":11}},{"id":"39b4c3cd-4b92-4062-852b-58d28f29cb7b","block_type":"box","text":"downgrades, adverse public perception, exposure concentration","page_number":50,"box":{"x":83,"y":749,"width":410,"height":11}},{"id":"3e8d5f8a-215b-490e-acf2-61658ca9f1e5","block_type":"box","text":"and counterparty risk.","page_number":50,"box":{"x":83,"y":763,"width":140,"height":11}},{"id":"448006b0-e45b-4e27-aec3-cf8053edbdba","block_type":"box","text":"Issuer Risk","page_number":50,"box":{"x":83,"y":786,"width":75,"height":9}},{"id":"088f4a2e-99be-4114-b10c-f3b3864e92ae","block_type":"box","text":".","page_number":50,"box":{"x":158,"y":793,"width":3,"height":2}},{"id":"ba5459ff-0fe8-46c9-b5b8-8f2121711217","block_type":"box","text":"The performance of the Fund depends on the","page_number":50,"box":{"x":166,"y":786,"width":288,"height":11}},{"id":"640d1f85-ba8c-4007-af7c-498efe320796","block_type":"box","text":"performance of individual securities or other assets to which the","page_number":50,"box":{"x":83,"y":800,"width":412,"height":11}},{"id":"87e139d8-9073-4031-938a-2f37693cbb93","block_type":"box","text":"Fund has exposure. The value of securities or other assets may","page_number":50,"box":{"x":84,"y":815,"width":401,"height":10}},{"id":"51d2d086-3fa7-4b95-ac62-3c1ffad4099d","block_type":"box","text":"decline, or perform differently from the market as a whole, due to","page_number":50,"box":{"x":83,"y":829,"width":418,"height":11}},{"id":"b0159fac-706f-40ab-acc9-eddbe328b46e","block_type":"box","text":"changes in the financial condition or credit rating of the issuer or","page_number":50,"box":{"x":83,"y":843,"width":414,"height":11}},{"id":"18f3ee21-6157-48b0-93a3-72bee1f1ff33","block_type":"box","text":"counterparty.","page_number":50,"box":{"x":83,"y":858,"width":84,"height":10}},{"id":"10286f14-6333-4877-a80d-b40ee80a9299","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":50,"box":{"x":549,"y":23,"width":252,"height":11}},{"id":"be6f2759-db17-452b-af9c-ca517e5ee113","block_type":"box","text":"Large-capitalization","page_number":50,"box":{"x":808,"y":23,"width":124,"height":11}},{"id":"57618b5d-ad9b-461a-9055-0824bd8bb5b3","block_type":"box","text":"companies may be less able than smaller-capitalization","page_number":50,"box":{"x":549,"y":37,"width":352,"height":11}},{"id":"f5ae5252-e693-405f-b878-87f2ca07de4e","block_type":"box","text":"companies to adapt to changing market conditions and","page_number":50,"box":{"x":549,"y":52,"width":352,"height":10}},{"id":"19c5d47f-e3fe-40f7-860f-60da0c136416","block_type":"box","text":"competitive challenges. Large-capitalization companies may be","page_number":50,"box":{"x":549,"y":66,"width":405,"height":11}},{"id":"62199ab7-a618-473f-94a2-ce19d64ffa62","block_type":"box","text":"more mature and subject to more limited growth potential","page_number":50,"box":{"x":549,"y":80,"width":371,"height":11}},{"id":"423bc181-260f-43a7-89fb-31640b08445a","block_type":"box","text":"compared with smaller-capitalization companies. The","page_number":50,"box":{"x":549,"y":94,"width":340,"height":11}},{"id":"ea4e6586-9108-4e8d-b401-ad80d7abb47f","block_type":"box","text":"performance of large-capitalization companies could trail the","page_number":50,"box":{"x":549,"y":108,"width":390,"height":11}},{"id":"3b4ba2c3-fe06-4e76-af41-fca3c91eb7f7","block_type":"box","text":"overall performance of the broader securities markets.","page_number":50,"box":{"x":549,"y":122,"width":349,"height":11}},{"id":"3a78eb73-95f0-491c-aad4-73b3249a60ca","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk.","page_number":50,"box":{"x":549,"y":146,"width":360,"height":10}},{"id":"e517becf-546e-4cd6-a908-52ee3d9cb2b2","block_type":"box","text":"Certain","page_number":50,"box":{"x":915,"y":146,"width":45,"height":8}},{"id":"170d9d81-80fd-40c7-b8a1-cba37d79bcc1","block_type":"box","text":"shareholders of the Fund, including an Authorized Participant, a","page_number":50,"box":{"x":549,"y":160,"width":405,"height":11}},{"id":"75e62a41-c413-4647-b488-313fc1552a8b","block_type":"box","text":"third-party investor, the Fund’s adviser, an affiliate of the Fund’s","page_number":50,"box":{"x":549,"y":174,"width":409,"height":11}},{"id":"81fe74f4-62a8-4b44-ac87-6b507a570ad6","block_type":"box","text":"adviser, a market maker, or another entity, may from time to time","page_number":50,"box":{"x":549,"y":188,"width":419,"height":11}},{"id":"22c38cc9-f6bc-41bc-a9ad-e14c1f433440","block_type":"box","text":"own or manage a substantial amount of Fund shares, or may hold","page_number":50,"box":{"x":549,"y":202,"width":417,"height":11}},{"id":"1ccee2d3-7f55-4477-b82f-ab300b9fc6c4","block_type":"box","text":"their investment in the Fund for a limited period of time. There can","page_number":50,"box":{"x":549,"y":216,"width":424,"height":11}},{"id":"dad64e30-e4e4-404a-852c-bb605281555d","block_type":"box","text":"be no assurance that any large shareholder or large group of","page_number":50,"box":{"x":549,"y":231,"width":387,"height":11}},{"id":"5242a096-fa5f-4e29-86a5-39c5071186ab","block_type":"box","text":"shareholders would not redeem their investment. Redemptions of","page_number":50,"box":{"x":549,"y":245,"width":421,"height":11}},{"id":"9a91b7c5-6509-4788-af4f-29a2a8a006bc","block_type":"box","text":"a large number of Fund shares could require the Fund to dispose","page_number":50,"box":{"x":549,"y":259,"width":413,"height":11}},{"id":"3461821e-a73b-4290-be4d-3d1652eb9e1e","block_type":"box","text":"of assets to meet the redemption requests, which can accelerate","page_number":50,"box":{"x":549,"y":273,"width":416,"height":11}},{"id":"1cbbeffb-a18a-403f-abd9-05e553d2de0a","block_type":"box","text":"the realization of taxable income and/or capital gains and cause","page_number":50,"box":{"x":549,"y":287,"width":411,"height":11}},{"id":"83afa3cf-227f-46ce-9f5c-ec3048ad3afa","block_type":"box","text":"the Fund to make taxable distributions to its shareholders earlier","page_number":50,"box":{"x":549,"y":302,"width":415,"height":8}},{"id":"1c72de7f-5e68-43d3-bd38-2c710bcd0839","block_type":"box","text":"than the Fund otherwise would have. 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These","page_number":51,"box":{"x":82,"y":188,"width":361,"height":11}},{"id":"e35f3c32-b6ec-4e3a-ac4c-3af78fe519e7","block_type":"box","text":"deviations could result in premiums or discounts to the Fund’s","page_number":51,"box":{"x":83,"y":202,"width":398,"height":11}},{"id":"05822b9d-b0dd-42a8-8ece-95594b2c5fec","block_type":"box","text":"NAV that may be greater than those experienced by other funds.","page_number":51,"box":{"x":84,"y":216,"width":410,"height":11}},{"id":"949702ed-2695-4dd2-9290-e72f9cf3005a","block_type":"box","text":"Non-Diversification Risk","page_number":51,"box":{"x":83,"y":240,"width":165,"height":8}},{"id":"b6d9b778-c873-4476-93e7-460d0d31e0ac","block_type":"box","text":".","page_number":51,"box":{"x":248,"y":246,"width":2,"height":2}},{"id":"86ca3916-2966-4091-b5cf-a8cb01e99dcd","block_type":"box","text":"The Fund is classified as “non","page_number":51,"box":{"x":255,"y":240,"width":193,"height":8}},{"id":"dee1052a-70c6-47e9-bc31-6cdbc5738505","block_type":"box","text":"diversified.” This means that, compared with funds that are","page_number":51,"box":{"x":83,"y":254,"width":377,"height":11}},{"id":"a5784c14-b859-45c4-8e08-e54511d11e0d","block_type":"box","text":"classified as “diversified,” the Fund may invest a greater","page_number":51,"box":{"x":83,"y":268,"width":358,"height":11}},{"id":"3b5e3f54-036e-4186-bcf6-3a3fa347fbc1","block_type":"box","text":"percentage of its assets in securities or other instruments","page_number":51,"box":{"x":83,"y":282,"width":370,"height":11}},{"id":"2df8514e-b89e-47a4-8d43-02e00c10ccf8","block_type":"box","text":"representing a small number of issuers or counterparties and thus","page_number":51,"box":{"x":83,"y":296,"width":422,"height":11}},{"id":"e990e011-e9b3-4a99-96dd-e65a68e773d9","block_type":"box","text":"may be more susceptible to the risks associated with these","page_number":51,"box":{"x":83,"y":311,"width":379,"height":10}},{"id":"bb91cc5c-5f4a-401c-b2c1-88c7ed7f7620","block_type":"box","text":"particular issuers or counterparties. 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Operational and technology risks for the","page_number":51,"box":{"x":82,"y":532,"width":411,"height":11}},{"id":"fb6b7140-4795-44c3-8c67-3ad6d4a027b5","block_type":"box","text":"issuers in which the Fund invests could also result in material","page_number":51,"box":{"x":83,"y":547,"width":391,"height":8}},{"id":"e529a307-6bee-4181-ad3a-293d704765ff","block_type":"box","text":"adverse consequences for such issuers and may cause the Fund’s","page_number":51,"box":{"x":83,"y":561,"width":421,"height":11}},{"id":"0ff731ca-de02-46fc-a30c-f114f0a43756","block_type":"box","text":"investments in such issuers to lose value.","page_number":51,"box":{"x":83,"y":575,"width":264,"height":8}},{"id":"1d342e23-f179-4c14-bb65-c9619e46ebc8","block_type":"box","text":"Reliance on Trading Partners Risk","page_number":51,"box":{"x":83,"y":598,"width":228,"height":11}},{"id":"201a8074-bf29-4ef8-9062-1062e580a049","block_type":"box","text":".","page_number":51,"box":{"x":311,"y":605,"width":2,"height":2}},{"id":"f36a7a99-81d6-4cc8-bf5e-285f1ac0da62","block_type":"box","text":"The Fund invests in a country","page_number":51,"box":{"x":318,"y":598,"width":188,"height":11}},{"id":"c3cbc6b4-cea1-49d4-a08e-ff0f32f03f6c","block_type":"box","text":"whose economy is heavily dependent upon trading with key","page_number":51,"box":{"x":82,"y":612,"width":381,"height":11}},{"id":"246bff7a-c825-455b-b5fd-64431dfcb4d9","block_type":"box","text":"partners. Any reduction in this trading may have an adverse","page_number":51,"box":{"x":83,"y":626,"width":380,"height":11}},{"id":"7b3617f1-5956-490d-b0f8-57fc5f72f2bd","block_type":"box","text":"impact on the Fund’s investments. Through its holdings of","page_number":51,"box":{"x":83,"y":641,"width":370,"height":10}},{"id":"766c9786-cf86-4687-a66c-d2946c4e05a9","block_type":"box","text":"securities of certain issuers, the Fund is specifically exposed to","page_number":51,"box":{"x":83,"y":655,"width":403,"height":11}},{"id":"c1f3dfc9-c1ba-4f2d-b2a9-e9850e440df1","block_type":"box","text":"Asian Economic Risk","page_number":51,"box":{"x":82,"y":669,"width":145,"height":8}},{"id":"af443b97-5a0c-4673-9e9c-7b5d6eac77aa","block_type":"box","text":"and","page_number":51,"box":{"x":232,"y":669,"width":22,"height":8}},{"id":"baff0175-f3a9-4235-ae4a-0c57755a3fb2","block_type":"box","text":"U.S. Economic Risk","page_number":51,"box":{"x":261,"y":669,"width":133,"height":8}},{"id":"1cd5b88b-e202-440a-b645-a42f83007a2e","block_type":"box","text":".","page_number":51,"box":{"x":395,"y":676,"width":2,"height":1}},{"id":"7a9ca9b5-0e9f-489d-aa09-de4733c58e66","block_type":"box","text":"Risk of Investing in Emerging Markets","page_number":51,"box":{"x":83,"y":692,"width":258,"height":11}},{"id":"c41fb270-8775-4f08-a4c7-6a6ba6ac1fd0","block_type":"box","text":".","page_number":51,"box":{"x":342,"y":699,"width":3,"height":2}},{"id":"986cf372-5d1a-432a-b63f-208cba365ea0","block_type":"box","text":"Investments in emerging","page_number":51,"box":{"x":351,"y":692,"width":157,"height":11}},{"id":"9b3dfe46-9c1a-46c7-ac91-4cc836b019ea","block_type":"box","text":"markets may be subject to a greater risk of loss than investments","page_number":51,"box":{"x":83,"y":706,"width":419,"height":11}},{"id":"29afa0b6-f9c3-4b22-bc97-1f7f944fbdb8","block_type":"box","text":"in more developed markets. 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Ask your","page_number":53,"box":{"x":549,"y":289,"width":361,"height":11}},{"id":"2184118f-d0dc-4724-8d10-1c6c56a2462c","block_type":"box","text":"salesperson or visit your financial intermediary’s website for more","page_number":53,"box":{"x":549,"y":303,"width":421,"height":11}},{"id":"9245dd9e-27be-44ad-a35e-7f985b189dd8","block_type":"box","text":"information.","page_number":53,"box":{"x":549,"y":317,"width":76,"height":9}},{"id":"d684172d-e3d5-49cb-9d3f-cd97619ade81","block_type":"box","text":"S-38","page_number":53,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"e64bc658-1bd1-46b1-b518-73637005e7f1","block_type":"box","text":"iSHARES","page_number":54,"box":{"x":266,"y":24,"width":119,"height":15}},{"id":"69d2dfc4-3993-4143-832f-1ec86e65778a","block_type":"box","text":"®","page_number":54,"box":{"x":388,"y":17,"width":11,"height":8}},{"id":"fe6b2e48-1909-4644-87e5-b5eba023db8d","block_type":"box","text":"MSCI PACIFIC ex JAPAN ETF","page_number":54,"box":{"x":410,"y":24,"width":382,"height":15}},{"id":"64450668-a3b8-4d24-b33a-47ca75b8e94f","block_type":"box","text":"Ticker: EPP Stock Exchange: NYSE Arca","page_number":54,"box":{"x":285,"y":53,"width":481,"height":12}},{"id":"58da2f54-7b8a-4c92-a1a1-747b790fc33d","block_type":"box","text":"Investment Objective","page_number":54,"box":{"x":84,"y":91,"width":181,"height":13}},{"id":"586dd718-a02b-4697-8866-0ce20f2066d7","block_type":"box","text":"The iShares MSCI Pacific ex Japan ETF (the “Fund”) seeks to track the investment results of an index composed of Pacific region developed","page_number":54,"box":{"x":82,"y":116,"width":891,"height":11}},{"id":"d3f4766f-5f5b-427c-b0e1-60917946284c","block_type":"box","text":"market equities, excluding Japan.","page_number":54,"box":{"x":83,"y":130,"width":211,"height":11}},{"id":"e725c845-3709-4fed-a3a8-ad83c5df70ef","block_type":"box","text":"Fees and Expenses","page_number":54,"box":{"x":84,"y":159,"width":160,"height":13}},{"id":"f779e7a8-b924-4551-97b9-59869b47ed5f","block_type":"box","text":"The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. 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portfolio securities and the execution of portfolio transactions, including brokerage commissions, (v)","page_number":54,"box":{"x":83,"y":241,"width":833,"height":11}},{"id":"10d94d24-a5ae-4a1e-9ec3-b3c7b2aa8922","block_type":"box","text":"distribution fees or expenses, and (vi) litigation expenses and any extraordinary expenses.","page_number":54,"box":{"x":83,"y":255,"width":575,"height":11}},{"id":"793a912d-1bca-4de4-ae66-75a727648987","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":54,"box":{"x":87,"y":278,"width":882,"height":12}},{"id":"ee81e169-c7ec-47da-bc40-3776c69cab00","block_type":"box","text":"the tables and examples below.","page_number":54,"box":{"x":83,"y":293,"width":220,"height":10}},{"id":"b96cbf43-9359-49bd-acf9-d502ce11f73c","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":54,"box":{"x":83,"y":483,"width":862,"height":11}},{"id":"bdef9378-6f39-4c3d-9290-fc56495a42b5","block_type":"box","text":"same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:","page_number":54,"box":{"x":83,"y":498,"width":694,"height":10}},{"id":"89cdbb88-cc91-4982-8119-4946c31d091d","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":54,"box":{"x":195,"y":528,"width":668,"height":8}},{"id":"bce5cfbf-a211-4d5f-af9b-4c7b075bea21","block_type":"box","text":"$48 $151 $263 $591","page_number":54,"box":{"x":202,"y":548,"width":647,"height":9}},{"id":"0a301602-ce11-471d-bc6e-ebd309125580","block_type":"box","text":"Portfolio Turnover.","page_number":54,"box":{"x":83,"y":588,"width":129,"height":8}},{"id":"71a22cf1-18a3-4c8e-89d1-661e1e86b9fe","block_type":"box","text":"The Fund may pay transaction costs, such as","page_number":54,"box":{"x":216,"y":588,"width":287,"height":11}},{"id":"62cd5c38-71e3-4f43-95bd-e4cade52aec8","block_type":"box","text":"commissions, when it buys and sells securities (or “turns over” its","page_number":54,"box":{"x":83,"y":602,"width":420,"height":11}},{"id":"0e14da3b-a1ce-44ac-a8e1-9afe301c61fe","block_type":"box","text":"portfolio). 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These","page_number":56,"box":{"x":549,"y":829,"width":360,"height":11}},{"id":"611029fb-549d-4ca4-9413-48896e68cee3","block_type":"box","text":"deviations could result in premiums or discounts to the Fund’s","page_number":56,"box":{"x":549,"y":843,"width":398,"height":11}},{"id":"f52b6a71-36f6-48e2-b08b-7b7df813677a","block_type":"box","text":"NAV that may be greater than those experienced by other funds.","page_number":56,"box":{"x":550,"y":857,"width":410,"height":11}},{"id":"0752adc5-ed74-4a31-9834-a12de152f664","block_type":"box","text":"S-41","page_number":56,"box":{"x":522,"y":920,"width":26,"height":9}},{"id":"b2798d88-2986-41ee-b0ad-91f103cad14c","block_type":"box","text":"Non-Diversification Risk","page_number":57,"box":{"x":83,"y":23,"width":165,"height":9}},{"id":"7b0cdd1f-73cc-468a-b98c-f1b1677a48d8","block_type":"box","text":".","page_number":57,"box":{"x":248,"y":30,"width":2,"height":2}},{"id":"6e4afe53-4daa-4019-ba67-0dc164d24390","block_type":"box","text":"To the extent the Fund is non","page_number":57,"box":{"x":255,"y":23,"width":191,"height":9}},{"id":"e620c065-aca7-44e3-8298-d5dfd0f55058","block_type":"box","text":"diversified, the Fund may invest a large percentage of its assets in","page_number":57,"box":{"x":83,"y":37,"width":421,"height":11}},{"id":"8889be6c-b466-4fd4-9301-3c6a028929fc","block_type":"box","text":"securities or other instruments representing a small number of","page_number":57,"box":{"x":83,"y":51,"width":402,"height":11}},{"id":"7a8cf37f-651d-4aad-9f57-20774f623f98","block_type":"box","text":"issuers or counterparties and thus may be more susceptible to","page_number":57,"box":{"x":83,"y":66,"width":400,"height":10}},{"id":"5d6a55d8-8633-4d69-be9c-65347ca00cf7","block_type":"box","text":"the risks associated with these particular issuers or","page_number":57,"box":{"x":83,"y":80,"width":329,"height":11}},{"id":"e75b52ad-7f08-45aa-90e6-2bfb73920806","block_type":"box","text":"counterparties. 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These","page_number":60,"box":{"x":549,"y":233,"width":420,"height":11}},{"id":"531d965a-8b87-4060-be51-e19ce1118d5b","block_type":"box","text":"payments may create a conflict of interest by influencing the","page_number":60,"box":{"x":549,"y":246,"width":387,"height":11}},{"id":"6de6b194-e837-455f-bbf2-7a87a8708434","block_type":"box","text":"broker-dealer or other intermediary and your salesperson to","page_number":60,"box":{"x":549,"y":259,"width":384,"height":11}},{"id":"c3e6bcd8-0d0e-4f2c-82a5-3c9bc79eada1","block_type":"box","text":"recommend the Fund over another investment. 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Amounts in the table","page_number":61,"box":{"x":82,"y":170,"width":869,"height":11}},{"id":"7532c957-5446-4a8e-93ef-cb0aef65f33f","block_type":"box","text":"are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement between iShares, Inc.","page_number":61,"box":{"x":83,"y":184,"width":863,"height":11}},{"id":"06edf67d-cc81-4990-b7d5-1bcf3a32471e","block_type":"box","text":"(the “Company”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that BFA will pay all operating","page_number":61,"box":{"x":83,"y":198,"width":854,"height":11}},{"id":"ad4692f6-8221-4817-a15d-f65a9e76459b","block_type":"box","text":"expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, (iv) expenses incurred with respect to the","page_number":61,"box":{"x":83,"y":213,"width":834,"height":10}},{"id":"950d1125-ffa2-497c-8ed1-26b1034f31cc","block_type":"box","text":"acquisition and disposition of 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To determine “group entities,”","page_number":61,"box":{"x":549,"y":637,"width":407,"height":11}},{"id":"87046b92-0d1a-444a-89d6-40459b82cfe7","block_type":"box","text":"MSCI analyzes financial accounts of listed companies holding","page_number":61,"box":{"x":550,"y":651,"width":392,"height":11}},{"id":"b89e835d-faee-4e48-b548-ace5341fafe2","block_type":"box","text":"stakes of 20% or more in other listed companies to determine","page_number":61,"box":{"x":549,"y":665,"width":394,"height":11}},{"id":"209e9bd0-bb9d-49d7-8eb8-7dabb548cf30","block_type":"box","text":"whether these stakes are controlling in nature. 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Certain key risks are prioritized below (with others","page_number":62,"box":{"x":549,"y":23,"width":388,"height":11}},{"id":"ec6d4da2-f53d-4a6e-bf78-aece923bfc5f","block_type":"box","text":"following in alphabetical order), but the relative significance of any","page_number":62,"box":{"x":549,"y":37,"width":425,"height":11}},{"id":"45067d1d-1f2f-43c0-9c17-ed2be5126d8f","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":62,"box":{"x":549,"y":820,"width":366,"height":11}},{"id":"ec0c798d-1639-4c44-a029-cebd82d5ac21","block_type":"box","text":"construction of the Underlying Index in accordance with its","page_number":62,"box":{"x":549,"y":834,"width":377,"height":11}},{"id":"e24d16b3-cd62-4e28-a893-0171f8aa639c","block_type":"box","text":"methodology may occur, and the Index Provider may not identify","page_number":62,"box":{"x":549,"y":848,"width":413,"height":11}},{"id":"30541bcf-8809-4be6-b328-36384de7a245","block_type":"box","text":"or correct them promptly or at all, which may have an adverse","page_number":62,"box":{"x":549,"y":862,"width":396,"height":11}},{"id":"e2a7926e-3187-49f7-8d08-9077b165b7db","block_type":"box","text":"impact on the Fund and its shareholders. 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The value of securities or other assets may","page_number":63,"box":{"x":550,"y":202,"width":402,"height":11}},{"id":"4bfabf2f-c8ec-49a2-b959-a5c1ee740890","block_type":"box","text":"decline, or perform differently from the market as a whole, due to","page_number":63,"box":{"x":549,"y":216,"width":418,"height":11}},{"id":"5f1f9235-e16e-4f3c-9b49-43a02a857a01","block_type":"box","text":"changes in the financial condition or credit rating of the issuer or","page_number":63,"box":{"x":549,"y":231,"width":414,"height":11}},{"id":"e4b9bf5a-fa79-4b25-820f-638069d0cc34","block_type":"box","text":"counterparty.","page_number":63,"box":{"x":549,"y":246,"width":84,"height":10}},{"id":"c8122a60-0423-484b-995c-16e7f22dff6e","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":63,"box":{"x":549,"y":268,"width":252,"height":11}},{"id":"ee8d125e-5af7-4d88-8661-56d41fce097c","block_type":"box","text":"Large-capitalization","page_number":63,"box":{"x":808,"y":268,"width":124,"height":11}},{"id":"8365427f-8b42-4559-b08c-4539efc353b7","block_type":"box","text":"companies may be less able than smaller-capitalization","page_number":63,"box":{"x":549,"y":282,"width":352,"height":11}},{"id":"36309ea6-1de3-4262-9174-3eb8ae0071ad","block_type":"box","text":"companies to adapt to changing market conditions and","page_number":63,"box":{"x":549,"y":296,"width":352,"height":11}},{"id":"4a69d934-8c40-4da7-b2b2-f4b4cabdb49b","block_type":"box","text":"competitive challenges. 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The","page_number":63,"box":{"x":549,"y":339,"width":340,"height":11}},{"id":"9e11e537-9033-4f24-9a7e-d848ac57caa2","block_type":"box","text":"performance of large-capitalization companies could trail the","page_number":63,"box":{"x":549,"y":353,"width":390,"height":11}},{"id":"504fc586-4857-443a-a543-75c1b6011bf2","block_type":"box","text":"overall performance of the broader securities markets.","page_number":63,"box":{"x":549,"y":367,"width":349,"height":11}},{"id":"24f8039e-2844-454c-8db8-a13ebdfd3450","block_type":"box","text":"Management Risk","page_number":63,"box":{"x":549,"y":391,"width":123,"height":10}},{"id":"ea03f5b1-c55c-45f5-b591-36b83f938746","block_type":"box","text":".","page_number":63,"box":{"x":672,"y":397,"width":2,"height":2}},{"id":"07bdfdc6-162a-4cea-a6ac-109b252579d6","block_type":"box","text":"The Fund generally does not attempt to take","page_number":63,"box":{"x":679,"y":391,"width":283,"height":10}},{"id":"89443621-d9a1-4553-90ce-f3b328c587bb","block_type":"box","text":"defensive positions under any market conditions, including","page_number":63,"box":{"x":549,"y":405,"width":376,"height":11}},{"id":"b3607bfc-a110-47ba-836a-6fdc51fa4832","block_type":"box","text":"declining markets. 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These","page_number":64,"box":{"x":82,"y":80,"width":361,"height":11}},{"id":"272a59ae-88d8-4b70-932e-2093bb64e56a","block_type":"box","text":"deviations could result in premiums or discounts to the Fund’s","page_number":64,"box":{"x":83,"y":94,"width":398,"height":11}},{"id":"b23bfe24-88a3-462e-8fbb-12358d58fc52","block_type":"box","text":"NAV that may be greater than those experienced by other funds.","page_number":64,"box":{"x":84,"y":108,"width":410,"height":11}},{"id":"affd8cb5-0405-421c-b7d6-7f41b6136f76","block_type":"box","text":"Non-Diversification Risk","page_number":64,"box":{"x":83,"y":131,"width":165,"height":9}},{"id":"1cd73fac-367a-4084-8206-10598d08e2d4","block_type":"box","text":".","page_number":64,"box":{"x":248,"y":138,"width":2,"height":2}},{"id":"0b2df918-4c3c-4260-853d-c92d09bdb1a1","block_type":"box","text":"The Fund is classified as “non","page_number":64,"box":{"x":255,"y":131,"width":193,"height":9}},{"id":"4c4baa3a-91c2-464c-b48e-491dd63654a2","block_type":"box","text":"diversified.” This means that, compared with funds that are","page_number":64,"box":{"x":83,"y":146,"width":377,"height":10}},{"id":"c4c767fa-bb16-4e53-b1da-3cfd4b385d05","block_type":"box","text":"classified as “diversified,” the Fund may invest a greater","page_number":64,"box":{"x":83,"y":160,"width":358,"height":11}},{"id":"c5f1e607-77cb-4476-ad1b-eda3b6a72340","block_type":"box","text":"percentage of its assets in securities or other instruments","page_number":64,"box":{"x":83,"y":174,"width":370,"height":11}},{"id":"157a34c4-aace-4d13-8b6c-cfb03c35596c","block_type":"box","text":"representing a small number of issuers or counterparties and thus","page_number":64,"box":{"x":83,"y":188,"width":422,"height":11}},{"id":"c94dcd87-26cb-4d45-9939-ae65c392e00c","block_type":"box","text":"may be more susceptible to the risks associated with these","page_number":64,"box":{"x":83,"y":202,"width":379,"height":11}},{"id":"45465f25-5f75-48f3-b328-107d321a52b3","block_type":"box","text":"particular issuers or counterparties. 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Operational and technology risks for the","page_number":64,"box":{"x":82,"y":424,"width":411,"height":11}},{"id":"c6d40ff1-0009-4c22-959f-b3ffaa639633","block_type":"box","text":"issuers in which the Fund invests could also result in material","page_number":64,"box":{"x":83,"y":438,"width":391,"height":9}},{"id":"70edc3c5-c05d-4028-a007-8331119e2a6c","block_type":"box","text":"adverse consequences for such issuers and may cause the Fund’s","page_number":64,"box":{"x":83,"y":452,"width":421,"height":11}},{"id":"8715abd6-1ab8-47b9-b8a4-88a1c585b2d5","block_type":"box","text":"investments in such issuers to lose value.","page_number":64,"box":{"x":83,"y":467,"width":264,"height":8}},{"id":"8ed83e94-43a6-4f68-82b8-c3a26aa1bd85","block_type":"box","text":"Reliance on Trading Partners Risk","page_number":64,"box":{"x":83,"y":490,"width":228,"height":11}},{"id":"fe7e448f-40f5-4207-b8c7-30777eed230e","block_type":"box","text":".","page_number":64,"box":{"x":311,"y":496,"width":2,"height":2}},{"id":"8594163a-d8a2-4704-8da6-085ceaccd66d","block_type":"box","text":"The Fund invests in a country","page_number":64,"box":{"x":318,"y":490,"width":188,"height":11}},{"id":"3b5e2a83-aab2-4352-9b66-3cca671763d5","block_type":"box","text":"whose economy is heavily dependent upon trading with key","page_number":64,"box":{"x":82,"y":504,"width":381,"height":11}},{"id":"798f715b-235a-4ff0-afa3-8ea966e30128","block_type":"box","text":"partners. Any reduction in this trading may have an adverse","page_number":64,"box":{"x":83,"y":518,"width":380,"height":11}},{"id":"81205935-cf4c-4d67-988b-97e4142dc1c1","block_type":"box","text":"impact on the Fund’s investments. Through its holdings of","page_number":64,"box":{"x":83,"y":532,"width":370,"height":11}},{"id":"5c4c199d-98e7-4a36-8f51-8b8b46408cd8","block_type":"box","text":"securities of certain issuers, the Fund is specifically exposed to","page_number":64,"box":{"x":83,"y":547,"width":403,"height":10}},{"id":"27e712c9-3109-41d2-920f-bf675e097bf9","block_type":"box","text":"Asian Economic Risk","page_number":64,"box":{"x":82,"y":561,"width":145,"height":8}},{"id":"b5920bfb-0b7e-41a8-8a80-1dac8d3da06c","block_type":"box","text":"and","page_number":64,"box":{"x":232,"y":561,"width":22,"height":8}},{"id":"ef444ef9-eeb4-4d8d-ab9c-0e8ea499a97d","block_type":"box","text":"U.S. Economic Risk","page_number":64,"box":{"x":261,"y":561,"width":133,"height":8}},{"id":"0f5f2de4-d746-467f-a581-5a7695464535","block_type":"box","text":".","page_number":64,"box":{"x":395,"y":568,"width":2,"height":1}},{"id":"79d5c00c-fc6f-48c8-9e19-048fc6fb10fa","block_type":"box","text":"Securities Lending Risk.","page_number":64,"box":{"x":82,"y":584,"width":162,"height":11}},{"id":"88af5542-3e48-4883-a10f-70a6ff5a266c","block_type":"box","text":"The Fund may engage in securities","page_number":64,"box":{"x":249,"y":584,"width":221,"height":11}},{"id":"f5bf4e32-8aef-4f5f-a8ec-af16ce473242","block_type":"box","text":"lending. 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Individual shares of the Fund may only be","page_number":66,"box":{"x":82,"y":210,"width":391,"height":11}},{"id":"539db3ab-ea41-4e9e-843b-cc8e4fce0cfe","block_type":"box","text":"bought and sold in the secondary market through a broker-dealer.","page_number":66,"box":{"x":83,"y":224,"width":420,"height":11}},{"id":"776b309a-5939-4c81-aa49-9c3d2521a680","block_type":"box","text":"Because ETF shares trade at market prices rather than at NAV,","page_number":66,"box":{"x":84,"y":238,"width":399,"height":11}},{"id":"121b68eb-32c9-42b0-b3f6-24e799ed93cd","block_type":"box","text":"shares may trade at a price greater than NAV (a premium) or less","page_number":66,"box":{"x":83,"y":253,"width":416,"height":10}},{"id":"2bf34803-9e40-432e-a328-d3ac9478cb24","block_type":"box","text":"than NAV (a discount). An investor may incur costs attributable to","page_number":66,"box":{"x":83,"y":267,"width":419,"height":11}},{"id":"4c00f41d-ca6d-4ae0-88a6-e71bddb7d09c","block_type":"box","text":"the difference between the highest price a buyer is willing to pay","page_number":66,"box":{"x":83,"y":281,"width":412,"height":11}},{"id":"f9545b2e-01f1-455d-b721-861a7abe5211","block_type":"box","text":"to purchase shares of the Fund (bid) and the lowest price a seller","page_number":66,"box":{"x":83,"y":295,"width":416,"height":11}},{"id":"255e5c32-bbd9-4cdb-ba07-6561078d6514","block_type":"box","text":"is willing to accept for shares of the Fund (ask) when buying or","page_number":66,"box":{"x":83,"y":309,"width":400,"height":11}},{"id":"4bf81563-7273-4dfa-9db1-c140aff710c2","block_type":"box","text":"selling shares in the secondary market (the “bid-ask spread”).","page_number":66,"box":{"x":83,"y":324,"width":394,"height":10}},{"id":"40269a16-0045-4472-af82-86348c6d113a","block_type":"box","text":"Tax Information","page_number":66,"box":{"x":548,"y":22,"width":133,"height":11}},{"id":"5b0f04d3-a008-479f-a758-619236bce269","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you","page_number":66,"box":{"x":549,"y":48,"width":422,"height":10}},{"id":"5abf05ca-da9a-4159-b77f-2131e04d4038","block_type":"box","text":"as ordinary income or capital gains, unless you are investing","page_number":66,"box":{"x":549,"y":62,"width":385,"height":11}},{"id":"8c00fb3d-351d-45b0-a6b1-67c9baae7d4f","block_type":"box","text":"through a tax-deferred arrangement such as a 401(k) plan or an","page_number":66,"box":{"x":549,"y":76,"width":406,"height":11}},{"id":"8c60d42d-7409-4b48-a837-26013750a7d1","block_type":"box","text":"IRA, in which case, your distributions generally will be taxed when","page_number":66,"box":{"x":550,"y":90,"width":418,"height":11}},{"id":"8759a3a7-97e5-4541-8db7-fa99e90f0e8a","block_type":"box","text":"withdrawn.","page_number":66,"box":{"x":549,"y":104,"width":69,"height":9}},{"id":"03957ab8-a4a7-45f3-b9ab-3f7a0679600a","block_type":"box","text":"Payments to Broker-Dealers and Other Financial","page_number":66,"box":{"x":550,"y":133,"width":410,"height":14}},{"id":"7167efab-95ca-4947-a42f-b540c6595ba0","block_type":"box","text":"Intermediaries","page_number":66,"box":{"x":550,"y":150,"width":123,"height":11}},{"id":"fa92c483-f21f-477c-b4f7-6da7f01aca6d","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or","page_number":66,"box":{"x":550,"y":175,"width":393,"height":11}},{"id":"dd43ca99-9a9c-4759-92ec-46ea563e3f93","block_type":"box","text":"other financial intermediary (such as a bank), BFA or other related","page_number":66,"box":{"x":549,"y":189,"width":421,"height":11}},{"id":"3a3064c2-8fc3-4d47-81b3-acda7a23130b","block_type":"box","text":"companies may pay the intermediary for marketing activities and","page_number":66,"box":{"x":549,"y":204,"width":415,"height":10}},{"id":"37a4e6db-0aa1-485c-9ba5-0f333025cb16","block_type":"box","text":"presentations, educational training programs, conferences, the","page_number":66,"box":{"x":549,"y":218,"width":403,"height":11}},{"id":"33ad1ae1-8391-4731-9d01-57d895740a10","block_type":"box","text":"development of technology platforms and reporting systems or","page_number":66,"box":{"x":549,"y":232,"width":403,"height":11}},{"id":"ef7a9296-b243-49a5-9893-00857def503a","block_type":"box","text":"other services related to the sale or promotion of the Fund. These","page_number":66,"box":{"x":549,"y":246,"width":420,"height":11}},{"id":"311189c2-07f6-4605-8246-fa1da80744c1","block_type":"box","text":"payments may create a conflict of interest by influencing the","page_number":66,"box":{"x":549,"y":260,"width":387,"height":11}},{"id":"e52e62bf-69e1-47c9-b9e6-572ac04c7016","block_type":"box","text":"broker-dealer or other intermediary and your salesperson to","page_number":66,"box":{"x":549,"y":275,"width":384,"height":10}},{"id":"aa55bd6a-83bb-4ab9-9155-24a455602c45","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, (v)","page_number":67,"box":{"x":83,"y":227,"width":833,"height":11}},{"id":"c593288f-cfcb-462e-9d11-e207e50ac130","block_type":"box","text":"distribution fees or expenses, and (vi) litigation expenses and any extraordinary expenses.","page_number":67,"box":{"x":83,"y":241,"width":575,"height":11}},{"id":"f80cacbe-fae7-4afd-9fb9-0dbd3530f7a8","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":67,"box":{"x":87,"y":264,"width":882,"height":11}},{"id":"5584ebc2-46e9-4457-84c6-67fb5c297904","block_type":"box","text":"the tables and examples below.","page_number":67,"box":{"x":83,"y":278,"width":220,"height":11}},{"id":"0e674a7e-ed8d-45a2-bc8d-e2d896856f11","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":67,"box":{"x":83,"y":469,"width":862,"height":11}},{"id":"351e6d90-5f84-49ca-b9c8-804837130d79","block_type":"box","text":"same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:","page_number":67,"box":{"x":83,"y":483,"width":694,"height":11}},{"id":"ee50a42c-1a6e-4e62-a55f-ca84e6ad6e15","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":67,"box":{"x":195,"y":514,"width":668,"height":7}},{"id":"93ae4b9f-17c8-4dca-b191-0254a8227f2e","block_type":"box","text":"$60 $189 $329 $738","page_number":67,"box":{"x":202,"y":534,"width":649,"height":9}},{"id":"b819054b-a0a0-47d9-b950-e21e68ef461f","block_type":"box","text":"Portfolio Turnover.","page_number":67,"box":{"x":83,"y":574,"width":129,"height":8}},{"id":"4739420a-4dac-4745-a26f-d818b0a9a34f","block_type":"box","text":"The Fund may pay transaction costs, such as","page_number":67,"box":{"x":216,"y":574,"width":287,"height":10}},{"id":"286bcf96-488f-4b4c-88ae-3758e42115d8","block_type":"box","text":"commissions, when it buys and sells securities (or “turns over” its","page_number":67,"box":{"x":83,"y":588,"width":420,"height":11}},{"id":"fc0f7ab4-0b1a-49e9-9cd8-2724ff77b1cc","block_type":"box","text":"portfolio). 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Errors in index data, index computations or the","page_number":68,"box":{"x":549,"y":834,"width":366,"height":11}},{"id":"97a3a55c-014c-48d8-a720-a6c46c3b5571","block_type":"box","text":"construction of the Underlying Index in accordance with its","page_number":68,"box":{"x":549,"y":848,"width":377,"height":11}},{"id":"a56a358d-28d2-4895-80e4-466564a71406","block_type":"box","text":"methodology may occur, and the Index Provider may not identify","page_number":68,"box":{"x":549,"y":862,"width":413,"height":11}},{"id":"843c1d01-6d6e-4fee-ba2e-852bee3f5b8d","block_type":"box","text":"or correct them promptly or at all, which may have an adverse","page_number":68,"box":{"x":549,"y":877,"width":396,"height":10}},{"id":"c80b846c-e656-4977-9134-a91e9c6a6162","block_type":"box","text":"S-53","page_number":68,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"26b376c8-05eb-48ce-ab38-1f45ed1f1188","block_type":"box","text":"impact on the Fund and its shareholders. Unusual market","page_number":69,"box":{"x":83,"y":23,"width":367,"height":11}},{"id":"a240b9b9-b87d-4318-a960-b8b94edebd7f","block_type":"box","text":"conditions or other unforeseen circumstances (such as natural","page_number":69,"box":{"x":83,"y":37,"width":400,"height":11}},{"id":"79cbb365-5915-4c30-b9fe-14cfa97739a2","block_type":"box","text":"disasters, political unrest or war) may impact the Index Provider","page_number":69,"box":{"x":83,"y":52,"width":409,"height":10}},{"id":"bce0de3c-edf3-4e2d-ac84-693448cad358","block_type":"box","text":"or a third-party data provider and could cause the Index Provider","page_number":69,"box":{"x":83,"y":66,"width":414,"height":10}},{"id":"19ef5961-fff4-405d-8e93-e69803ae8393","block_type":"box","text":"to postpone a scheduled rebalance. This could cause the","page_number":69,"box":{"x":83,"y":80,"width":362,"height":11}},{"id":"0bf276ef-247b-4342-892e-7b60a79fde51","block_type":"box","text":"Underlying Index to vary from its normal or expected composition.","page_number":69,"box":{"x":83,"y":94,"width":423,"height":11}},{"id":"d3fa2acd-6401-4d33-b2ff-9f1a85e74315","block_type":"box","text":"Asset Class Risk.","page_number":69,"box":{"x":81,"y":117,"width":115,"height":9}},{"id":"c28d0313-04e5-46ea-90f2-27762f4747fc","block_type":"box","text":"The securities and other assets in the","page_number":69,"box":{"x":202,"y":117,"width":239,"height":9}},{"id":"bd90e2bd-f320-46ec-9ff2-6f668ef2c76f","block_type":"box","text":"Underlying Index or in the Fund’s portfolio may underperform in","page_number":69,"box":{"x":83,"y":131,"width":406,"height":11}},{"id":"b9e9ee2e-aad4-4ead-b654-41f8326f9e61","block_type":"box","text":"comparison to financial markets generally, a particular financial","page_number":69,"box":{"x":83,"y":146,"width":405,"height":10}},{"id":"bcec0108-1667-418b-bdb9-ae1da1e4981a","block_type":"box","text":"market, another index, or other asset classes.","page_number":69,"box":{"x":83,"y":160,"width":292,"height":10}},{"id":"ddd79a85-3d46-46c8-be30-e08ff5dfeb72","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":69,"box":{"x":81,"y":183,"width":290,"height":11}},{"id":"f8e521a6-a225-43b4-9d7f-6acf1599b5e2","block_type":"box","text":"An “Authorized","page_number":69,"box":{"x":381,"y":183,"width":93,"height":8}},{"id":"b6a8fc2c-3e5d-4842-bd02-f19ae507e247","block_type":"box","text":"Participant” is a member or participant of a clearing agency","page_number":69,"box":{"x":84,"y":197,"width":379,"height":11}},{"id":"74cef205-4e78-4ccd-9387-a953fc3e6bbf","block_type":"box","text":"registered with the SEC, which has a written agreement with the","page_number":69,"box":{"x":83,"y":211,"width":411,"height":11}},{"id":"e97f90c5-4add-425c-84a8-e1b03467b668","block_type":"box","text":"Fund or one of its service providers that allows the Authorized","page_number":69,"box":{"x":84,"y":226,"width":395,"height":10}},{"id":"39742617-59f6-4350-a775-b9ef7797d581","block_type":"box","text":"Participant to place orders for the purchase and redemption of","page_number":69,"box":{"x":84,"y":240,"width":399,"height":10}},{"id":"915fda80-30c6-4003-84e0-a658750d17d1","block_type":"box","text":"creation units (“Creation Units”). 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No Authorized","page_number":69,"box":{"x":83,"y":311,"width":378,"height":10}},{"id":"a673c4ca-e79f-4e61-9503-a9d30214b083","block_type":"box","text":"Participant is obligated to engage in creation or redemption","page_number":69,"box":{"x":84,"y":325,"width":379,"height":11}},{"id":"92ade61e-4786-4977-b765-36bad9f56956","block_type":"box","text":"transactions. 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This may cause the Fund to sell a security and","page_number":69,"box":{"x":83,"y":476,"width":420,"height":10}},{"id":"2e063d6d-8537-478e-bb72-9b4fd46cea51","block_type":"box","text":"recognize a capital gain or loss that might not have been incurred","page_number":69,"box":{"x":83,"y":490,"width":417,"height":11}},{"id":"6bf85c43-6d34-4311-9001-fc0b9e71ee97","block_type":"box","text":"if it had made a redemption in-kind. 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The value of securities or other assets may","page_number":69,"box":{"x":550,"y":240,"width":402,"height":11}},{"id":"8028871c-6ec3-41ac-b8a4-cf4523b7f2fe","block_type":"box","text":"decline, or perform differently from the market as a whole, due to","page_number":69,"box":{"x":549,"y":254,"width":418,"height":11}},{"id":"7b955064-5363-4069-8afe-620caf8ea4c9","block_type":"box","text":"changes in the financial condition or credit rating of the issuer or","page_number":69,"box":{"x":549,"y":268,"width":414,"height":11}},{"id":"4d48bf43-8b95-4c68-949d-18155c001387","block_type":"box","text":"counterparty.","page_number":69,"box":{"x":549,"y":283,"width":84,"height":10}},{"id":"4020bda0-2bba-4df1-b268-ef3fee6af3c5","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":69,"box":{"x":549,"y":305,"width":252,"height":11}},{"id":"8c5b5c73-0184-4d15-afae-b2decaefabdc","block_type":"box","text":"Large-capitalization","page_number":69,"box":{"x":808,"y":305,"width":124,"height":11}},{"id":"92c9b24d-7abb-4d76-af89-c0dae4618e73","block_type":"box","text":"companies may be less able than smaller-capitalization","page_number":69,"box":{"x":549,"y":320,"width":352,"height":10}},{"id":"bf3d9225-c46b-4a49-bb92-c08c56a40cf6","block_type":"box","text":"companies to adapt to changing market conditions and","page_number":69,"box":{"x":549,"y":334,"width":352,"height":11}},{"id":"4a7a8930-3b2b-4723-944b-e11317b2e209","block_type":"box","text":"competitive challenges. 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The","page_number":70,"box":{"x":83,"y":231,"width":405,"height":10}},{"id":"8c8729bf-709c-4256-912c-d54b945fa606","block_type":"box","text":"securities of mid-capitalization companies may be more volatile","page_number":70,"box":{"x":83,"y":245,"width":407,"height":11}},{"id":"fa620103-08c3-4386-9225-4fc388c4f962","block_type":"box","text":"and less liquid than those of large-capitalization companies. 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These","page_number":70,"box":{"x":82,"y":438,"width":361,"height":11}},{"id":"d6067710-5e15-45a8-be35-89283d3dba78","block_type":"box","text":"deviations could result in premiums or discounts to the Fund’s","page_number":70,"box":{"x":83,"y":452,"width":398,"height":11}},{"id":"ac8f91de-1f0e-4a5a-9563-4df9220f8e5c","block_type":"box","text":"NAV that may be greater than those experienced by other funds.","page_number":70,"box":{"x":84,"y":467,"width":410,"height":10}},{"id":"bb6085a9-507b-44db-be46-ce33b09f507e","block_type":"box","text":"Non-Diversification Risk","page_number":70,"box":{"x":83,"y":490,"width":165,"height":8}},{"id":"01391f4e-9c38-4678-98fa-8b5e68b77af0","block_type":"box","text":".","page_number":70,"box":{"x":248,"y":496,"width":2,"height":2}},{"id":"6fbb8761-67dc-439e-bd3e-e6fe38b94e31","block_type":"box","text":"The Fund is classified as “non","page_number":70,"box":{"x":255,"y":490,"width":193,"height":8}},{"id":"5f9e0a58-c548-4ed6-868d-4978ef65004a","block_type":"box","text":"diversified.” This means that, compared with funds that are","page_number":70,"box":{"x":83,"y":504,"width":377,"height":11}},{"id":"e07c5f37-ab21-4517-921a-e39465b594dd","block_type":"box","text":"classified as “diversified,” the Fund may invest a greater","page_number":70,"box":{"x":83,"y":518,"width":358,"height":11}},{"id":"1e91b8ad-4ccc-4947-b315-4f3d3b1fec45","block_type":"box","text":"percentage of its assets in securities or other instruments","page_number":70,"box":{"x":83,"y":532,"width":370,"height":11}},{"id":"a7635f01-aa9b-4767-9b3a-cfbff09ef436","block_type":"box","text":"representing a small number of issuers or counterparties and thus","page_number":70,"box":{"x":83,"y":547,"width":422,"height":10}},{"id":"120df26e-8c6e-49eb-a14c-d746389f9338","block_type":"box","text":"may be more susceptible to the risks associated with these","page_number":70,"box":{"x":83,"y":561,"width":379,"height":11}},{"id":"abd3a2f9-afcd-4249-ba09-d0cc5285a67b","block_type":"box","text":"particular issuers or counterparties. 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Any reduction in this trading may have an adverse","page_number":70,"box":{"x":83,"y":877,"width":380,"height":10}},{"id":"7e676f76-6ef2-41ad-ab34-d896d8690e48","block_type":"box","text":"impact on the Fund’s investments. Through its holdings of","page_number":70,"box":{"x":549,"y":23,"width":370,"height":11}},{"id":"fbc7004b-792f-415c-a681-90add789f7a2","block_type":"box","text":"securities of certain issuers, the Fund is specifically exposed to","page_number":70,"box":{"x":549,"y":37,"width":404,"height":11}},{"id":"c0b380be-2449-4ad2-8678-d2d7f05ab738","block_type":"box","text":"Asian Economic Risk","page_number":70,"box":{"x":548,"y":51,"width":145,"height":9}},{"id":"9c42489b-c270-41ac-96e5-84e36e7a292b","block_type":"box","text":"and","page_number":70,"box":{"x":698,"y":52,"width":22,"height":8}},{"id":"ea4424ef-31dd-4164-8396-4eba91140dae","block_type":"box","text":"U.S. Economic Risk","page_number":70,"box":{"x":727,"y":51,"width":133,"height":9}},{"id":"4fcc1169-9d26-485e-a884-3200df857c5e","block_type":"box","text":".","page_number":70,"box":{"x":861,"y":59,"width":2,"height":1}},{"id":"87b87767-408c-4323-a1fc-10dd840b1ea3","block_type":"box","text":"Risk of Investing in Emerging Markets","page_number":70,"box":{"x":549,"y":75,"width":258,"height":10}},{"id":"f653627f-1898-41cf-9a8f-a2d10dc73ee7","block_type":"box","text":".","page_number":70,"box":{"x":808,"y":81,"width":3,"height":2}},{"id":"21b8725a-8ff4-4ad1-9f5e-97b1a847d062","block_type":"box","text":"Investments in emerging","page_number":70,"box":{"x":817,"y":75,"width":157,"height":11}},{"id":"fdd6708a-09ea-402a-8843-20ee63a8b044","block_type":"box","text":"markets may be subject to a greater risk of loss than investments","page_number":70,"box":{"x":549,"y":89,"width":419,"height":11}},{"id":"45564bb7-395e-45c0-9c52-5d711229cbd4","block_type":"box","text":"in more developed markets. 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Securities lending involves the risk that the Fund may","page_number":70,"box":{"x":549,"y":339,"width":397,"height":11}},{"id":"3c943dd6-5d4d-41e0-9d5f-17b0e4ebbac9","block_type":"box","text":"lose money because the borrower of the loaned securities fails to","page_number":70,"box":{"x":549,"y":353,"width":418,"height":11}},{"id":"37c58b18-f81b-4bc6-972a-9d99234aee74","block_type":"box","text":"return the securities in a timely manner or at all. The Fund could","page_number":70,"box":{"x":549,"y":367,"width":409,"height":11}},{"id":"7f2f6082-6cf6-4bed-adc6-9581c02048d9","block_type":"box","text":"also lose money in the event of a decline in the value of collateral","page_number":70,"box":{"x":549,"y":381,"width":416,"height":11}},{"id":"3d2630b7-f909-4c1f-bf89-6235436db9bf","block_type":"box","text":"provided for loaned securities or a decline in the value of any","page_number":70,"box":{"x":549,"y":396,"width":389,"height":10}},{"id":"e70b3980-0ba1-4312-8210-04fc4435c911","block_type":"box","text":"investments made with cash collateral. 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These companies typically face intense","page_number":70,"box":{"x":549,"y":490,"width":348,"height":11}},{"id":"19f0d3f7-9b77-49bb-9351-34446e295c73","block_type":"box","text":"competition, potentially rapid product obsolescence and changes","page_number":70,"box":{"x":549,"y":504,"width":418,"height":11}},{"id":"10ae88cb-f69e-4188-81cf-e679dfb52632","block_type":"box","text":"in product cycles and customer preferences. 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These","page_number":73,"box":{"x":549,"y":246,"width":420,"height":11}},{"id":"3cda3b56-245a-4492-8de8-95fa53301137","block_type":"box","text":"payments may create a conflict of interest by influencing the","page_number":73,"box":{"x":549,"y":260,"width":387,"height":11}},{"id":"3a5732c1-5454-4831-ac12-5b920469f377","block_type":"box","text":"broker-dealer or other intermediary and your salesperson to","page_number":73,"box":{"x":549,"y":275,"width":384,"height":10}},{"id":"46adb5b8-dac2-4831-83be-735cb5efc4e5","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, (v)","page_number":74,"box":{"x":83,"y":227,"width":833,"height":11}},{"id":"78c7528c-c822-4fa4-a9ee-8be38fd055c3","block_type":"box","text":"distribution fees or expenses, and (vi) litigation expenses and any extraordinary expenses.","page_number":74,"box":{"x":83,"y":241,"width":575,"height":11}},{"id":"e46417d2-bf6a-4828-b7b4-33aa137e1d0d","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":74,"box":{"x":87,"y":264,"width":882,"height":11}},{"id":"dd5916c9-eca6-4a17-a3c3-b670c876610c","block_type":"box","text":"the tables and examples below.","page_number":74,"box":{"x":83,"y":278,"width":220,"height":11}},{"id":"74c069ab-3efa-4d93-a782-ce32c62f7a94","block_type":"box","text":"Annual Fund Operating 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Although your actual costs may be higher or lower, based on these assumptions, your costs would be:","page_number":74,"box":{"x":83,"y":483,"width":694,"height":11}},{"id":"3ff29814-a1de-438f-833c-6df8d0148328","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":74,"box":{"x":195,"y":514,"width":668,"height":7}},{"id":"acdd9c8a-8403-4947-a2c8-02567e37cc6c","block_type":"box","text":"$60 $189 $329 $738","page_number":74,"box":{"x":202,"y":534,"width":649,"height":9}},{"id":"16aed8e9-cb20-468d-9603-367e06a65962","block_type":"box","text":"Portfolio Turnover.","page_number":74,"box":{"x":83,"y":574,"width":129,"height":8}},{"id":"17328f11-ea2e-4575-8dcb-22868ec941cb","block_type":"box","text":"The Fund may pay transaction costs, such as","page_number":74,"box":{"x":216,"y":574,"width":287,"height":10}},{"id":"f4b2510a-a834-432e-97b8-5b634035d79f","block_type":"box","text":"commissions, when it buys and sells securities (or “turns over” its","page_number":74,"box":{"x":83,"y":588,"width":420,"height":11}},{"id":"7922540e-9926-4d42-93c0-1fec0c72dbef","block_type":"box","text":"portfolio). 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The Fund does not try to “beat” the index it","page_number":74,"box":{"x":549,"y":838,"width":417,"height":11}},{"id":"ca99a0c4-888c-4e28-af8c-58bdfc2ccad3","block_type":"box","text":"tracks and does not seek temporary defensive positions when","page_number":74,"box":{"x":549,"y":852,"width":396,"height":11}},{"id":"cf3b1191-de7e-4a66-8c36-d9bc282e0c1b","block_type":"box","text":"markets decline or appear overvalued.","page_number":74,"box":{"x":549,"y":866,"width":244,"height":11}},{"id":"ba187d07-fcae-4891-b966-cb7a0a6e2191","block_type":"box","text":"S-59","page_number":74,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"a4a4cfc6-0446-4346-b727-58a0386e5158","block_type":"box","text":"Indexing may eliminate the chance that the Fund will substantially","page_number":75,"box":{"x":83,"y":23,"width":421,"height":11}},{"id":"a16126d9-1e52-4c3b-a818-61bed11d4d22","block_type":"box","text":"outperform the Underlying Index but also may reduce some of the","page_number":75,"box":{"x":83,"y":37,"width":421,"height":11}},{"id":"b852b268-2537-4b86-b1cf-b6a33e6b5b80","block_type":"box","text":"risks of active management, such as poor security selection.","page_number":75,"box":{"x":83,"y":51,"width":386,"height":11}},{"id":"e57937d8-ac6e-45f1-9068-2cc0747a320e","block_type":"box","text":"Indexing seeks to achieve lower costs and better after-tax","page_number":75,"box":{"x":83,"y":66,"width":370,"height":11}},{"id":"b33c1fc0-5df2-48e6-8120-d67d203bc5ad","block_type":"box","text":"performance by aiming to keep portfolio turnover low in","page_number":75,"box":{"x":83,"y":80,"width":356,"height":11}},{"id":"e1865d98-99eb-48a2-ac2c-9f2e78982c54","block_type":"box","text":"comparison to actively managed investment companies.","page_number":75,"box":{"x":83,"y":94,"width":359,"height":11}},{"id":"2e0d94c1-63f0-45a6-9d3d-160cdb795fb9","block_type":"box","text":"BFA uses a representative sampling indexing strategy to manage","page_number":75,"box":{"x":84,"y":117,"width":411,"height":11}},{"id":"48f5b90c-e71c-47d9-99f4-b3bdf923ccf5","block_type":"box","text":"the Fund. “Representative sampling” is an indexing strategy that","page_number":75,"box":{"x":83,"y":131,"width":411,"height":11}},{"id":"e9f9bbb1-5909-4731-b167-6ea9d647c413","block_type":"box","text":"involves investing in a representative sample of securities or other","page_number":75,"box":{"x":83,"y":146,"width":424,"height":10}},{"id":"0a873cf0-fdb3-48af-80ca-f6dfe9931986","block_type":"box","text":"instruments that collectively has an investment profile similar to","page_number":75,"box":{"x":83,"y":160,"width":410,"height":11}},{"id":"66d8e542-0618-4176-b05f-1eba53aa2b25","block_type":"box","text":"that of an applicable underlying index. 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Errors in index data, index computations or the","page_number":76,"box":{"x":83,"y":23,"width":366,"height":11}},{"id":"19df662b-fabe-442c-9099-ab0c4fe2c6da","block_type":"box","text":"construction of the Underlying Index in accordance with its","page_number":76,"box":{"x":83,"y":37,"width":377,"height":11}},{"id":"410da2c3-1889-4a4d-8b1b-922d70fc7e01","block_type":"box","text":"methodology may occur, and the Index Provider may not identify","page_number":76,"box":{"x":83,"y":51,"width":413,"height":11}},{"id":"58e15bd2-9c3f-4bb8-98a4-a31106a0e85b","block_type":"box","text":"or correct them promptly or at all, which may have an adverse","page_number":76,"box":{"x":83,"y":66,"width":396,"height":10}},{"id":"6df5db65-2b0e-4602-9fb8-b6bb745542e8","block_type":"box","text":"impact on the Fund and its shareholders. Unusual market","page_number":76,"box":{"x":83,"y":80,"width":367,"height":11}},{"id":"1ea2e714-53e1-4d0e-a5d1-f246f54f0157","block_type":"box","text":"conditions or other unforeseen circumstances (such as natural","page_number":76,"box":{"x":83,"y":94,"width":400,"height":11}},{"id":"b598f3fb-9036-4b47-b82b-bae5fa6f432f","block_type":"box","text":"disasters, political unrest or war) may impact the Index Provider","page_number":76,"box":{"x":83,"y":108,"width":409,"height":11}},{"id":"6253c4c7-8a7a-47f9-981d-40edd7cabc69","block_type":"box","text":"or a third-party data provider and could cause the Index Provider","page_number":76,"box":{"x":83,"y":122,"width":414,"height":11}},{"id":"c3fcb574-3653-4d6f-bab3-a9b8d496d56b","block_type":"box","text":"to postpone a scheduled rebalance. This could cause the","page_number":76,"box":{"x":83,"y":137,"width":362,"height":10}},{"id":"76aa87d9-28df-41b6-b6a0-849994248600","block_type":"box","text":"Underlying Index to vary from its normal or expected composition.","page_number":76,"box":{"x":83,"y":151,"width":423,"height":11}},{"id":"c8f8c0b8-0163-4fee-85c3-f3de89cf5e9d","block_type":"box","text":"Asset Class Risk.","page_number":76,"box":{"x":81,"y":174,"width":115,"height":8}},{"id":"b537be65-42c3-4a29-b810-90a660ccf25f","block_type":"box","text":"The securities and other assets in the","page_number":76,"box":{"x":202,"y":174,"width":239,"height":8}},{"id":"06991749-6057-4a06-8e0a-bb66d8f93a86","block_type":"box","text":"Underlying Index or in the Fund’s portfolio may underperform in","page_number":76,"box":{"x":83,"y":188,"width":406,"height":11}},{"id":"7a898861-eb67-4d60-96db-897a41ac4987","block_type":"box","text":"comparison to financial markets generally, a particular financial","page_number":76,"box":{"x":83,"y":202,"width":405,"height":11}},{"id":"28e5ebfb-7450-4b1a-bb61-2c445b70c8c2","block_type":"box","text":"market, another index, or other asset classes.","page_number":76,"box":{"x":83,"y":217,"width":292,"height":10}},{"id":"781ed7e3-b936-47cb-8b74-b4341b852bd0","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":76,"box":{"x":81,"y":240,"width":290,"height":10}},{"id":"a61ead40-8050-4902-81f2-3e9d7dbd0865","block_type":"box","text":"An “Authorized","page_number":76,"box":{"x":381,"y":240,"width":93,"height":8}},{"id":"24b9b6d0-1652-490b-9a63-8a824ee24601","block_type":"box","text":"Participant” is a member or participant of a clearing agency","page_number":76,"box":{"x":84,"y":254,"width":379,"height":11}},{"id":"1512dfd5-70f8-4574-a00e-af0d7cf95729","block_type":"box","text":"registered with the SEC, which has a written agreement with the","page_number":76,"box":{"x":83,"y":268,"width":411,"height":11}},{"id":"d677c648-4371-4fde-b99c-6a94c93e90f2","block_type":"box","text":"Fund or one of its service providers that allows the Authorized","page_number":76,"box":{"x":84,"y":282,"width":395,"height":11}},{"id":"25025ad0-8e56-4b0e-af26-8c3a0a64fb43","block_type":"box","text":"Participant to place orders for the purchase and redemption of","page_number":76,"box":{"x":84,"y":296,"width":399,"height":11}},{"id":"0f4e4e26-3a77-4c75-9f41-f65f036c4df2","block_type":"box","text":"creation units (“Creation Units”). Only an Authorized Participant","page_number":76,"box":{"x":83,"y":311,"width":407,"height":10}},{"id":"b45c7e23-0595-442d-96e2-8fb31073abad","block_type":"box","text":"may engage in creation or redemption transactions directly with","page_number":76,"box":{"x":83,"y":325,"width":409,"height":11}},{"id":"7a7d4055-5475-4e6d-81a6-34f3e998543e","block_type":"box","text":"the Fund. There are a limited number of institutions that may act","page_number":76,"box":{"x":83,"y":339,"width":412,"height":11}},{"id":"14aa2c03-4fb2-4ddf-8b46-a8761b3f2c8f","block_type":"box","text":"as Authorized Participants for the Fund, including on an agency","page_number":76,"box":{"x":83,"y":353,"width":403,"height":11}},{"id":"c5360a8c-5d49-4f2d-9a86-a29eca3eb6b9","block_type":"box","text":"basis on behalf of other market participants. No Authorized","page_number":76,"box":{"x":83,"y":367,"width":378,"height":11}},{"id":"578cef42-ea75-4b7e-80ff-1135a6d58cef","block_type":"box","text":"Participant is obligated to engage in creation or redemption","page_number":76,"box":{"x":84,"y":382,"width":379,"height":10}},{"id":"10ea9798-6e9b-431d-8b5f-8e3e1d2574c4","block_type":"box","text":"transactions. To the extent that Authorized Participants exit the","page_number":76,"box":{"x":83,"y":396,"width":404,"height":10}},{"id":"227d6d04-e9cf-41f6-a8bb-4256f3f19074","block_type":"box","text":"business or do not place creation or redemption orders for the","page_number":76,"box":{"x":83,"y":410,"width":399,"height":11}},{"id":"46fc9d3e-bb32-4667-9f64-1a90af636e8c","block_type":"box","text":"Fund and no other Authorized Participant places orders, Fund","page_number":76,"box":{"x":84,"y":424,"width":391,"height":11}},{"id":"d38f8731-a0cb-4bad-8169-3f6e849aa9b9","block_type":"box","text":"shares are more likely to trade at a premium or discount to NAV","page_number":76,"box":{"x":83,"y":438,"width":408,"height":11}},{"id":"08e8e10c-854a-42ab-a60f-c32a8f95404f","block_type":"box","text":"and possibly face trading halts or delisting.","page_number":76,"box":{"x":83,"y":452,"width":273,"height":11}},{"id":"3759b4b9-08ef-4d5b-9c56-ff62bf033b0e","block_type":"box","text":"Cash Transactions Risk","page_number":76,"box":{"x":83,"y":476,"width":157,"height":8}},{"id":"bce97ddc-4dda-4768-bcd5-019f9ef29f3c","block_type":"box","text":".","page_number":76,"box":{"x":240,"y":482,"width":3,"height":2}},{"id":"9ac84bfb-b59e-4a94-9136-6c6f7220ae84","block_type":"box","text":"The Fund expects to effect all of its","page_number":76,"box":{"x":248,"y":476,"width":224,"height":10}},{"id":"ae1354d6-acc1-4414-ab83-4276a3ad6613","block_type":"box","text":"creations and redemptions for cash, rather than in-kind securities.","page_number":76,"box":{"x":83,"y":490,"width":423,"height":11}},{"id":"16b6658b-0184-411f-95de-b5ae1808eb8e","block_type":"box","text":"As a result, the Fund may have to sell portfolio securities at","page_number":76,"box":{"x":82,"y":504,"width":380,"height":11}},{"id":"d9dc510f-442d-4e1f-94ea-9ce23cf09c11","block_type":"box","text":"inopportune times in order to obtain the cash needed to meet","page_number":76,"box":{"x":83,"y":518,"width":395,"height":11}},{"id":"bb172ac1-9034-4573-a64d-9b3fb2ac6768","block_type":"box","text":"redemption orders. This may cause the Fund to sell a security and","page_number":76,"box":{"x":83,"y":532,"width":420,"height":11}},{"id":"bf95230e-2951-4905-b5ce-0fed433c96db","block_type":"box","text":"recognize a capital gain or loss that might not have been incurred","page_number":76,"box":{"x":83,"y":547,"width":417,"height":10}},{"id":"8669b25f-c2fd-4fee-9902-6a9faf2d7ed0","block_type":"box","text":"if it had made a redemption in-kind. The use of cash creations and","page_number":76,"box":{"x":83,"y":561,"width":422,"height":10}},{"id":"5fd77942-063e-4c6a-b9b4-0e4390c3ae60","block_type":"box","text":"redemptions may also cause the Fund’s shares to trade in the","page_number":76,"box":{"x":83,"y":575,"width":394,"height":11}},{"id":"fbabf02c-0338-4517-b241-b0563b723df3","block_type":"box","text":"market at wider bid-ask spreads or greater premiums or discounts","page_number":76,"box":{"x":83,"y":589,"width":424,"height":11}},{"id":"0170377f-7230-40f9-a78b-800339379b33","block_type":"box","text":"to the Fund’s NAV.","page_number":76,"box":{"x":83,"y":603,"width":116,"height":9}},{"id":"a98a39e4-3bd6-4761-b698-685a487e0d82","block_type":"box","text":"Concentration Risk.","page_number":76,"box":{"x":83,"y":626,"width":132,"height":9}},{"id":"b444a34d-2679-4dfd-b6f7-1c0522236fcf","block_type":"box","text":"The Fund may be susceptible to an","page_number":76,"box":{"x":220,"y":626,"width":222,"height":11}},{"id":"f9fd3cf9-58ab-47ca-8cab-af8151f8fa91","block_type":"box","text":"increased risk of loss, including losses due to adverse events that","page_number":76,"box":{"x":83,"y":641,"width":419,"height":10}},{"id":"722448f7-368b-4773-95b9-614338807ade","block_type":"box","text":"affect the Fund’s investments more than the market as a whole,","page_number":76,"box":{"x":83,"y":655,"width":407,"height":10}},{"id":"d7a3ec96-56c7-4b12-815d-19b1af7ef1f0","block_type":"box","text":"to the extent that the Fund’s investments are concentrated in the","page_number":76,"box":{"x":83,"y":669,"width":417,"height":8}},{"id":"08971024-3ca7-450d-8b58-eebfea2b2c01","block_type":"box","text":"securities or other assets of one or more issuers, countries or","page_number":76,"box":{"x":83,"y":683,"width":395,"height":10}},{"id":"6cc71d01-af1c-4ef7-9d24-6b40c65cc75c","block_type":"box","text":"other geographic units, markets, industries, project types, or","page_number":76,"box":{"x":83,"y":697,"width":388,"height":11}},{"id":"32396fba-8751-4873-aa7b-c3aac4cd903e","block_type":"box","text":"asset classes.","page_number":76,"box":{"x":83,"y":712,"width":88,"height":8}},{"id":"e81f4c53-8827-492d-b131-c66fe69cbeea","block_type":"box","text":"Currency Risk","page_number":76,"box":{"x":83,"y":735,"width":95,"height":11}},{"id":"c77a69ce-b341-4cf3-8874-99abb9d6948b","block_type":"box","text":".","page_number":76,"box":{"x":179,"y":741,"width":2,"height":2}},{"id":"3e291905-d1f3-401c-b0e5-46309b4ecd73","block_type":"box","text":"Because the Fund’s NAV is determined in U.S.","page_number":76,"box":{"x":187,"y":735,"width":292,"height":8}},{"id":"4ed1cc0e-628c-408a-a12d-47b7ce32aa39","block_type":"box","text":"dollars, the NAV could decline if the currency of the non-U.S.","page_number":76,"box":{"x":83,"y":749,"width":388,"height":11}},{"id":"20efe0d8-f6f0-463e-81e0-b8929ca304f2","block_type":"box","text":"market in which the Fund invests depreciates against the U.S.","page_number":76,"box":{"x":83,"y":763,"width":395,"height":11}},{"id":"bd0ab0ba-8f26-4ad0-83ec-de7bf88d8e30","block_type":"box","text":"dollar or if there are delays or limits on the repatriation of foreign","page_number":76,"box":{"x":83,"y":777,"width":415,"height":11}},{"id":"d6217321-5ce7-49ea-ab58-3cec431da903","block_type":"box","text":"currency. 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The","page_number":77,"box":{"x":83,"y":296,"width":405,"height":11}},{"id":"8949b96e-31ad-4d8a-85a5-2d35beb6794b","block_type":"box","text":"securities of mid-capitalization companies may be more volatile","page_number":77,"box":{"x":83,"y":311,"width":407,"height":10}},{"id":"21e88e31-925f-4a7b-be75-0bbbc6563e80","block_type":"box","text":"and less liquid than those of large-capitalization companies. 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Such indices use withholding tax rates that are often at a higher rate","page_number":79,"box":{"x":123,"y":605,"width":843,"height":10}},{"id":"bdb04e16-a4d4-480f-8a75-cf60fb863cc8","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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Actual after-tax returns depend on an investor’s tax situation and may differ from those shown,","page_number":79,"box":{"x":83,"y":681,"width":871,"height":10}},{"id":"be53089f-6d81-4ff5-bd21-aea8925fd212","block_type":"box","text":"and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements,","page_number":79,"box":{"x":83,"y":695,"width":860,"height":11}},{"id":"b56f6155-2791-4afa-aaa8-bddfd86f7807","block_type":"box","text":"such as 401(k) plans or individual retirement accounts (“IRAs”). 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An investor may incur costs attributable to","page_number":80,"box":{"x":83,"y":267,"width":419,"height":11}},{"id":"319db253-bdf8-41e8-8196-49389f794847","block_type":"box","text":"the difference between the highest price a buyer is willing to pay","page_number":80,"box":{"x":83,"y":281,"width":412,"height":11}},{"id":"75400e40-5e05-41bd-b4de-fdccb79aee73","block_type":"box","text":"to purchase shares of the Fund (bid) and the lowest price a seller","page_number":80,"box":{"x":83,"y":295,"width":416,"height":11}},{"id":"f1a5cc25-0929-4e11-b7a1-f3ada142b93f","block_type":"box","text":"is willing to accept for shares of the Fund (ask) when buying or","page_number":80,"box":{"x":83,"y":309,"width":400,"height":11}},{"id":"874395c9-7b68-4ffa-867a-6397a5fa8b4d","block_type":"box","text":"selling shares in the secondary market (the “bid-ask spread”).","page_number":80,"box":{"x":83,"y":324,"width":394,"height":10}},{"id":"1fc314f5-460c-4097-b194-5c0738e7764a","block_type":"box","text":"Tax Information","page_number":80,"box":{"x":548,"y":22,"width":133,"height":11}},{"id":"50fc9f8d-605a-4672-a19e-22f89d761a2b","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you","page_number":80,"box":{"x":549,"y":48,"width":422,"height":10}},{"id":"8655e9c9-ee13-4c12-b95f-1a0cc3d9f053","block_type":"box","text":"as ordinary income or capital gains, unless you are investing","page_number":80,"box":{"x":549,"y":62,"width":385,"height":11}},{"id":"2ff599d0-4db0-4cb0-b695-b5012610433e","block_type":"box","text":"through a tax-deferred arrangement such as a 401(k) plan or an","page_number":80,"box":{"x":549,"y":76,"width":406,"height":11}},{"id":"28e55f94-eb36-4f2f-9f94-c652414345a2","block_type":"box","text":"IRA, in which case, your distributions generally will be taxed when","page_number":80,"box":{"x":550,"y":90,"width":418,"height":11}},{"id":"7096689a-7ee5-4224-8067-4ec5e41cce84","block_type":"box","text":"withdrawn.","page_number":80,"box":{"x":549,"y":104,"width":69,"height":9}},{"id":"1bbaf347-d389-4937-a5c9-6143b42e74bc","block_type":"box","text":"Payments to Broker-Dealers and Other Financial","page_number":80,"box":{"x":550,"y":133,"width":410,"height":14}},{"id":"25c6a509-7907-46b6-8a18-937050bb88bd","block_type":"box","text":"Intermediaries","page_number":80,"box":{"x":550,"y":150,"width":123,"height":11}},{"id":"d03ee8a1-5056-4a22-9c51-4b15091bb680","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or","page_number":80,"box":{"x":550,"y":175,"width":393,"height":11}},{"id":"55d08878-ed11-4013-b622-092f0e3ed40f","block_type":"box","text":"other financial intermediary (such as a bank), BFA or other related","page_number":80,"box":{"x":549,"y":189,"width":421,"height":11}},{"id":"2057974f-7c01-466b-81f1-841fea7a4967","block_type":"box","text":"companies may pay the intermediary for marketing activities and","page_number":80,"box":{"x":549,"y":204,"width":415,"height":10}},{"id":"fcc6497f-f37a-4356-8307-acc92d4312d0","block_type":"box","text":"presentations, educational training programs, conferences, the","page_number":80,"box":{"x":549,"y":218,"width":403,"height":11}},{"id":"4f15fcd5-a6c8-4180-b042-01ff916d0db0","block_type":"box","text":"development of technology platforms and reporting systems or","page_number":80,"box":{"x":549,"y":232,"width":403,"height":11}},{"id":"635d3d3c-a828-4dfa-a01c-a312f04793c6","block_type":"box","text":"other services related to the sale or promotion of the Fund. 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portfolio securities and the execution of portfolio transactions, including brokerage commissions, (v)","page_number":81,"box":{"x":83,"y":227,"width":833,"height":11}},{"id":"e006dda4-2270-4e2e-9016-d0927274dbc9","block_type":"box","text":"distribution fees or expenses, and (vi) litigation expenses and any extraordinary expenses.","page_number":81,"box":{"x":83,"y":241,"width":575,"height":11}},{"id":"ccb6e421-964d-4479-8024-09b2231b40a6","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":81,"box":{"x":87,"y":264,"width":882,"height":11}},{"id":"dedbdbbe-e077-4104-87d2-9c4463d823fd","block_type":"box","text":"the tables and examples below.","page_number":81,"box":{"x":83,"y":278,"width":220,"height":11}},{"id":"2f622227-1244-435e-a381-b83acd3dbe2c","block_type":"box","text":"Annual Fund Operating 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These issues may have an","page_number":83,"box":{"x":83,"y":829,"width":406,"height":11}},{"id":"9bcfe89a-d7a8-4170-9f21-0af6a522818a","block_type":"box","text":"adverse impact on the Fund, including losses or delays in","page_number":83,"box":{"x":83,"y":843,"width":364,"height":11}},{"id":"4c53397f-cd13-435a-8e20-a9f66eeee750","block_type":"box","text":"payments, delivery or recovery of money or other assets.","page_number":83,"box":{"x":83,"y":857,"width":364,"height":11}},{"id":"08836996-c7cb-4bc4-a389-1a4f7130be45","block_type":"box","text":"Issuer Risk","page_number":83,"box":{"x":549,"y":23,"width":75,"height":9}},{"id":"4a1981d5-c7e2-48a4-aa30-4d9a36936789","block_type":"box","text":".","page_number":83,"box":{"x":624,"y":30,"width":3,"height":2}},{"id":"f8d8e8fe-8e9d-43ae-99b0-933e7a15891a","block_type":"box","text":"The performance of the Fund depends on the","page_number":83,"box":{"x":632,"y":23,"width":288,"height":11}},{"id":"d6db4e51-8de8-405d-bdf7-39f0ae407551","block_type":"box","text":"performance of individual securities or other assets to which the","page_number":83,"box":{"x":549,"y":37,"width":412,"height":11}},{"id":"94ffa6f5-3ff3-4a26-9492-7f4cae644cc0","block_type":"box","text":"Fund has exposure. The value of securities or other assets may","page_number":83,"box":{"x":550,"y":51,"width":402,"height":11}},{"id":"b9ddc017-1cdf-4a25-ae72-d63340ccd5b9","block_type":"box","text":"decline, or perform differently from the market as a whole, due to","page_number":83,"box":{"x":549,"y":66,"width":418,"height":10}},{"id":"6280533f-7732-4b5c-bdde-8fe276886e7e","block_type":"box","text":"changes in the financial condition or credit rating of the issuer or","page_number":83,"box":{"x":549,"y":80,"width":414,"height":11}},{"id":"d356d473-d297-472d-b724-425b8d03ec99","block_type":"box","text":"counterparty.","page_number":83,"box":{"x":549,"y":95,"width":84,"height":10}},{"id":"59cdef8a-6e2d-425d-bd2d-d64e5f66ea0b","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":83,"box":{"x":549,"y":117,"width":252,"height":11}},{"id":"e2343eae-2ef2-45df-a78f-eec376c3acb8","block_type":"box","text":"Large-capitalization","page_number":83,"box":{"x":808,"y":117,"width":124,"height":11}},{"id":"084661c6-81f4-4198-9628-50d53169ef5f","block_type":"box","text":"companies may be less able than smaller-capitalization","page_number":83,"box":{"x":549,"y":131,"width":352,"height":11}},{"id":"bb860647-f89c-4b14-b0b0-0428af65867f","block_type":"box","text":"companies to adapt to changing market conditions and","page_number":83,"box":{"x":549,"y":146,"width":352,"height":10}},{"id":"794f79ca-6cde-4eca-9851-9725284797f8","block_type":"box","text":"competitive challenges. 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Economic events in key trading countries can have a significant effect on the Australasian economies.","page_number":92,"box":{"x":76,"y":714,"width":813,"height":11}},{"id":"7907fb0b-e91f-4083-9126-aae25fe70b8a","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":92,"box":{"x":76,"y":738,"width":898,"height":10}},{"id":"ca947ca7-1d1a-4604-82d9-9780f287a3be","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":92,"box":{"x":76,"y":752,"width":847,"height":11}},{"id":"18ed1389-9dd9-484f-ad19-1e2656cd01c9","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":92,"box":{"x":76,"y":766,"width":840,"height":11}},{"id":"95f11ae7-5ac5-4963-8ac2-83d64d652b9f","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":92,"box":{"x":76,"y":789,"width":296,"height":11}},{"id":"373afa73-d4ef-4463-98dd-d1ebd8210f26","block_type":"box","text":"Only an Authorized Participant may engage in creation or redemption transactions directly","page_number":92,"box":{"x":378,"y":789,"width":578,"height":11}},{"id":"05476168-60bf-45b6-ac23-fb1f8d4ebe6d","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":92,"box":{"x":76,"y":803,"width":894,"height":11}},{"id":"1fc7989d-1765-4cc7-a5eb-9f8598b6f895","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":92,"box":{"x":76,"y":818,"width":882,"height":10}},{"id":"9d2f8e91-14ef-48f8-928f-23bb76abcb32","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":92,"box":{"x":76,"y":832,"width":888,"height":11}},{"id":"1395bfe4-c337-49c8-93a4-f885e877ddaf","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":92,"box":{"x":76,"y":846,"width":889,"height":11}},{"id":"7d429fec-7326-4484-a968-35806c272c6f","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":92,"box":{"x":77,"y":860,"width":885,"height":11}},{"id":"88b797c5-e610-4e9f-bfba-52cfb6544e8f","block_type":"box","text":"6","page_number":92,"box":{"x":526,"y":921,"width":6,"height":8}},{"id":"5ccd8462-d981-4647-8cab-e7f16afbb470","block_type":"box","text":"trading volume. Such assets often entail greater settlement and operational complexity and higher capital costs for Authorized Participants,","page_number":93,"box":{"x":76,"y":23,"width":893,"height":11}},{"id":"bd0bb953-3025-4604-b960-8db7a8deda2b","block_type":"box","text":"which may limit the number of Authorized Participants that engage with the Fund.","page_number":93,"box":{"x":76,"y":37,"width":521,"height":11}},{"id":"ce38044e-24b6-4c73-9005-77481b4cf6a3","block_type":"box","text":"Borrowing Risk.","page_number":93,"box":{"x":77,"y":61,"width":108,"height":10}},{"id":"3151e290-844a-4482-9459-10f0078a3eb1","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":93,"box":{"x":191,"y":61,"width":739,"height":10}},{"id":"553bfd03-8e3a-4767-a557-612b0f17b7bb","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":93,"box":{"x":76,"y":75,"width":890,"height":11}},{"id":"695f8e43-5b3d-4f72-a294-660d3384958f","block_type":"box","text":"not be advantageous to do so to satisfy its obligations.","page_number":93,"box":{"x":76,"y":89,"width":348,"height":11}},{"id":"ad09869c-5a13-443f-87da-53613e3af57f","block_type":"box","text":"Cash Transactions Risk.","page_number":93,"box":{"x":76,"y":112,"width":164,"height":9}},{"id":"dd8e196f-9698-4e1a-bedd-17454ddd8dc5","block_type":"box","text":"Unlike most other ETFs, the Fund expects to effect all of its creations and redemptions for cash, rather than in","page_number":93,"box":{"x":245,"y":112,"width":711,"height":11}},{"id":"b18882ed-dc1b-4efd-925b-62f5a9c22210","block_type":"box","text":"kind securities. Paying redemption proceeds in cash rather than through in-kind delivery of portfolio securities may require the Fund to","page_number":93,"box":{"x":77,"y":126,"width":861,"height":11}},{"id":"6cb09a11-1d99-4e3f-b929-2bba783cf9b9","block_type":"box","text":"dispose of or sell portfolio securities or other assets at an inopportune time to obtain the cash needed to meet redemption orders. This may","page_number":93,"box":{"x":76,"y":140,"width":895,"height":11}},{"id":"a47f8876-04be-412c-b969-e3df12a82e03","block_type":"box","text":"cause the Fund to sell a security and recognize a capital gain or loss that might not have been incurred if it had made a redemption in-kind.","page_number":93,"box":{"x":76,"y":155,"width":888,"height":10}},{"id":"ccf7ad29-95e7-4486-a846-9454e07250f9","block_type":"box","text":"As a result, the Fund may pay out higher or lower annual capital gains distributions than ETFs that redeem in-kind. The use of cash creations","page_number":93,"box":{"x":76,"y":169,"width":897,"height":11}},{"id":"24e66a1a-016a-44e1-8b98-0eaa70e0c4ec","block_type":"box","text":"and redemptions may also cause the Fund’s shares to trade in the market at greater bid-ask spreads or greater premiums or discounts to the","page_number":93,"box":{"x":76,"y":183,"width":904,"height":11}},{"id":"25a971e4-788c-4d60-88fd-9a4bec864884","block_type":"box","text":"Fund’s NAV. Furthermore, the Fund may not be able to execute cash transactions for creation and redemption purposes at the same price","page_number":93,"box":{"x":77,"y":197,"width":881,"height":11}},{"id":"9f4e1abf-edbe-417c-9244-4323c2eb3eda","block_type":"box","text":"used to determine the Fund’s NAV. To the extent that the maximum additional charge for creation or redemption transactions is insufficient","page_number":93,"box":{"x":77,"y":211,"width":889,"height":11}},{"id":"38783c2a-935b-4276-80bc-84f56ab97e9e","block_type":"box","text":"to cover the execution shortfall, the Fund’s performance could be negatively impacted.","page_number":93,"box":{"x":76,"y":226,"width":555,"height":10}},{"id":"8c9645c6-030b-4331-b22e-fd6abe1465f3","block_type":"box","text":"Close-Out Risk for Qualified Financial Contracts.","page_number":93,"box":{"x":76,"y":249,"width":336,"height":8}},{"id":"4098ea35-562a-4541-b2b8-7c31860e5c55","block_type":"box","text":"Regulations adopted by global prudential regulators require counterparties that are part","page_number":93,"box":{"x":418,"y":249,"width":562,"height":11}},{"id":"391beec6-198f-42bf-a353-2c1f18e95d91","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":93,"box":{"x":76,"y":263,"width":880,"height":11}},{"id":"a845ff62-1373-4b04-8b6f-e3111573e958","block_type":"box","text":"agreements relating to qualified financial contracts. Qualified financial contracts include agreements relating to swaps, currency forwards","page_number":93,"box":{"x":76,"y":277,"width":881,"height":11}},{"id":"771ffbb2-5343-4be8-aad5-89d01bb79afc","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":93,"box":{"x":76,"y":291,"width":896,"height":11}},{"id":"553e47ad-9a16-45eb-af79-33da26aff2b7","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":93,"box":{"x":76,"y":305,"width":889,"height":11}},{"id":"40d2d36e-863b-49de-889a-339ed34f80d4","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":93,"box":{"x":76,"y":320,"width":903,"height":10}},{"id":"8c47acb7-df6e-4500-a505-33d33dee5d18","block_type":"box","text":"credit risk and other risks to a Fund.","page_number":93,"box":{"x":76,"y":334,"width":231,"height":8}},{"id":"c0ac64b7-e61f-4cfc-9938-a0c7c96d9fde","block_type":"box","text":"Commodity Risk.","page_number":93,"box":{"x":76,"y":357,"width":117,"height":11}},{"id":"55ae5964-77f9-4cc4-ae49-5d77b1038241","block_type":"box","text":"Commodity prices may be influenced or characterized by unpredictable factors, including, where applicable, high","page_number":93,"box":{"x":198,"y":357,"width":723,"height":11}},{"id":"912cf7eb-0120-40d8-9988-16d43cd3e495","block_type":"box","text":"volatility, changes in supply and demand relationships, weather, agriculture, trade, pestilence, political instability, war, catastrophic even","page_number":93,"box":{"x":76,"y":371,"width":873,"height":11}},{"id":"c36978a3-6639-416e-b860-a4ceaf1d2c5d","block_type":"box","text":"ts,","page_number":93,"box":{"x":951,"y":372,"width":14,"height":9}},{"id":"f6b5956a-6441-4be7-b0ac-24d5468d2e03","block_type":"box","text":"changes in interest rates and monetary and other governmental policies, action and inaction, including price changes due to trade relations.","page_number":93,"box":{"x":76,"y":385,"width":895,"height":11}},{"id":"1a10121d-4d03-45f6-9111-8608f2c976be","block_type":"box","text":"Securities of companies that are dependent on a single commodity, or are concentrated in a single commodity sector, may typically exhibit","page_number":93,"box":{"x":76,"y":400,"width":890,"height":10}},{"id":"b462015f-adf6-4a73-8607-261374376e34","block_type":"box","text":"even higher volatility attributable to commodity prices.","page_number":93,"box":{"x":76,"y":414,"width":349,"height":11}},{"id":"aeb58968-4024-48f6-8786-c1864aaba25f","block_type":"box","text":"Communications Companies Risk.","page_number":93,"box":{"x":76,"y":437,"width":236,"height":11}},{"id":"5bb26cb7-3c28-4ddb-8447-c11336a87428","block_type":"box","text":"Communications companies may face rapid product obsolescence as well as unexpected risks and","page_number":93,"box":{"x":317,"y":437,"width":633,"height":11}},{"id":"d0700aae-1eab-4c59-93bf-4d3447b584ab","block_type":"box","text":"costs related to product compatibility and standardization, new product introduction and technological developments, such as artificial","page_number":93,"box":{"x":76,"y":451,"width":863,"height":11}},{"id":"45ec3ff6-4a5d-4a09-a86a-df78ce32af82","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":93,"box":{"x":76,"y":465,"width":897,"height":11}},{"id":"c5607263-f23c-4a49-9a81-98e2ac03573b","block_type":"box","text":"products and services. Demographic shifts and changes in consumer preferences and expectations may have negative impacts on their","page_number":93,"box":{"x":76,"y":479,"width":868,"height":11}},{"id":"00c12c92-ef82-4504-9ddc-7c3500fb7899","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":93,"box":{"x":76,"y":494,"width":881,"height":11}},{"id":"60f01365-5981-41cf-bb91-bb310598ff4f","block_type":"box","text":"information or disruptions in service could have a material adverse effect on their operations and reputation.","page_number":93,"box":{"x":76,"y":508,"width":694,"height":11}},{"id":"f778d652-3bcb-425b-af51-5ce05dcc8929","block_type":"box","text":"Communications companies are subject to extensive government regulation, including licensing and franchise requirements. The costs of","page_number":93,"box":{"x":76,"y":531,"width":880,"height":11}},{"id":"979670fe-04c1-418b-8fcf-08ab82c628f9","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":93,"box":{"x":76,"y":545,"width":897,"height":11}},{"id":"2ef8f13f-6513-4747-9421-9865f744ad8d","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":93,"box":{"x":76,"y":559,"width":898,"height":11}},{"id":"d09cecbc-6e4a-41e2-8ca6-d0d47767e965","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":93,"box":{"x":76,"y":574,"width":805,"height":10}},{"id":"1d68ec53-2316-4930-bb59-6d27638805e3","block_type":"box","text":"Concentration Risk.","page_number":93,"box":{"x":76,"y":597,"width":136,"height":8}},{"id":"324592de-b62f-4250-94d0-a56cd9df3b64","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":93,"box":{"x":217,"y":597,"width":744,"height":11}},{"id":"f3c36762-d47c-4387-9951-7c3bd90686c5","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":93,"box":{"x":76,"y":611,"width":903,"height":10}},{"id":"e0140fc9-fca5-4a2f-9a0a-7ffcc2c1871b","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":93,"box":{"x":76,"y":625,"width":853,"height":11}},{"id":"4b49d4de-7535-451f-a329-3c157a2b681b","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":93,"box":{"x":76,"y":639,"width":897,"height":11}},{"id":"3c4cfa3d-648e-4821-9990-78845fa3894b","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":93,"box":{"x":76,"y":654,"width":905,"height":10}},{"id":"0eddaf41-f572-4ce6-9619-90afe701bdf5","block_type":"box","text":"its investments.","page_number":93,"box":{"x":76,"y":668,"width":100,"height":8}},{"id":"5e237071-57a3-4adf-97ba-37898bbc719c","block_type":"box","text":"Consumer Goods and Services Com","page_number":93,"box":{"x":76,"y":691,"width":247,"height":8}},{"id":"4e0af640-c6d4-451f-a862-cc3079776132","block_type":"box","text":"panies Risk.","page_number":93,"box":{"x":325,"y":691,"width":83,"height":11}},{"id":"621b3960-e8e0-4a7c-81a0-d7297cffe532","block_type":"box","text":"Many consumer goods and services companies (“consumer companies”) rely heavily on","page_number":93,"box":{"x":414,"y":691,"width":561,"height":11}},{"id":"ed980437-ff7c-4dd2-90a8-51119d3cf01c","block_type":"box","text":"disposable household income and consumer spending and may be impacted by social trends, marketing campaigns, demographic shifts and","page_number":93,"box":{"x":76,"y":705,"width":897,"height":11}},{"id":"68951493-5bf0-4eb9-b495-bd48d9cde049","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":93,"box":{"x":76,"y":719,"width":860,"height":11}},{"id":"e8fa2d16-d775-4722-a20c-53de626ef6e4","block_type":"box","text":"adverse impact on consumer companies.","page_number":93,"box":{"x":76,"y":733,"width":262,"height":11}},{"id":"3b4d5004-126d-47b4-bc57-4aa111373e86","block_type":"box","text":"Certain consumer companies, such as those providing discretionary goods or services, may depend more on business cycles, overall","page_number":93,"box":{"x":76,"y":757,"width":849,"height":10}},{"id":"c8185450-e492-4c2a-a7b2-ad3524382206","block_type":"box","text":"economic conditions and consumer confidence. Many consumer goods and services are subject to government regulation and the related","page_number":93,"box":{"x":76,"y":771,"width":883,"height":11}},{"id":"272dcb32-8de9-415a-8140-81b74f7e6b98","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":93,"box":{"x":76,"y":785,"width":856,"height":11}},{"id":"8a7258db-439a-40db-9096-abb23520e6d9","block_type":"box","text":"affected by volatility in commodity prices, supply chain disruptions and labor shortages.","page_number":93,"box":{"x":76,"y":799,"width":561,"height":11}},{"id":"44dc2a6b-b539-4c99-8368-f48e4921c7e4","block_type":"box","text":"Currency Risk.","page_number":93,"box":{"x":76,"y":822,"width":100,"height":11}},{"id":"a5b7c606-9780-4803-8547-40f8c5034f1b","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":93,"box":{"x":182,"y":822,"width":782,"height":11}},{"id":"9c2f9c41-f886-4f9c-9b48-edac2581407f","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":93,"box":{"x":77,"y":837,"width":871,"height":10}},{"id":"00515d4c-6f97-4046-8114-ca53b104cb8b","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":93,"box":{"x":76,"y":851,"width":867,"height":11}},{"id":"77b15a43-121f-4691-901f-104e107bec44","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":93,"box":{"x":76,"y":865,"width":892,"height":11}},{"id":"4d549674-59e2-4027-b715-0cf9badaf5cf","block_type":"box","text":"connection with conversions between U.S. dollars and foreign currencies.","page_number":93,"box":{"x":76,"y":879,"width":470,"height":11}},{"id":"bafd4141-d47d-4950-b91e-9a518a527783","block_type":"box","text":"7","page_number":93,"box":{"x":526,"y":921,"width":6,"height":8}},{"id":"ab92c229-7a06-43ac-b5e5-ae0b8abebf39","block_type":"box","text":"Custody Risk.","page_number":94,"box":{"x":76,"y":23,"width":94,"height":11}},{"id":"f36319f2-7c03-475e-ad25-b8c147ca2423","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":94,"box":{"x":175,"y":23,"width":780,"height":11}},{"id":"f35fe16c-6687-4e9b-b250-7eab6f1fa16c","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":94,"box":{"x":76,"y":37,"width":853,"height":11}},{"id":"c60d86ad-a43b-476f-9dc9-25f496a36a57","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":94,"box":{"x":76,"y":51,"width":893,"height":11}},{"id":"43606d88-3cba-45f5-a612-b9cff61c9fc5","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":94,"box":{"x":76,"y":66,"width":822,"height":11}},{"id":"fea5941d-65ee-4216-b5f3-8cbdabe376c4","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":94,"box":{"x":76,"y":80,"width":905,"height":11}},{"id":"18780708-05bd-4907-9ca1-b4f528b3abbe","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":94,"box":{"x":76,"y":94,"width":850,"height":11}},{"id":"15b63c5d-c9c2-4d45-a520-ab09183b8e33","block_type":"box","text":"country’s securities markets are, the higher the degree of custody risk.","page_number":94,"box":{"x":76,"y":108,"width":453,"height":11}},{"id":"1c74eaa7-b22e-4627-8dc5-24ebdf977d2a","block_type":"box","text":"Energy Companies Risk.","page_number":94,"box":{"x":77,"y":131,"width":165,"height":11}},{"id":"938fb0c6-cbdd-4091-b9f1-100b2c6c495d","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":94,"box":{"x":247,"y":131,"width":695,"height":11}},{"id":"793166e2-30a4-4317-808f-a93ff54e9b63","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":94,"box":{"x":76,"y":146,"width":904,"height":10}},{"id":"7e17c077-c211-4b70-a14a-40e24b07e3cf","block_type":"box","text":"other conflicts, sanctions, import/export controls, depletion of resources, technological advances and labor relations. This sector generally i","page_number":94,"box":{"x":76,"y":160,"width":898,"height":11}},{"id":"1f0a8023-de2f-438c-8aa9-2e71c32e3027","block_type":"box","text":"s","page_number":94,"box":{"x":976,"y":162,"width":6,"height":6}},{"id":"bb7cdd7d-8a65-4992-9392-68e4f3f859c8","block_type":"box","text":"subject to substantial government regulation, and companies may incur significant costs in complying with environmental and other laws.","page_number":94,"box":{"x":76,"y":174,"width":880,"height":11}},{"id":"f73142fb-86ee-437c-98a8-053a48113770","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":94,"box":{"x":77,"y":188,"width":866,"height":11}},{"id":"f8912e08-cc19-46dc-8104-3589ae1c1fc2","block_type":"box","text":"energy companies.","page_number":94,"box":{"x":76,"y":202,"width":120,"height":11}},{"id":"f180ff56-5ca8-435a-ae51-cdd6950e80bf","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":94,"box":{"x":77,"y":226,"width":892,"height":10}},{"id":"42caed52-6f17-4f51-b8df-be1d8ae0ac60","block_type":"box","text":"production of energy sources and the development of energy infrastructure often require significant capital expenditures, and companies","page_number":94,"box":{"x":76,"y":240,"width":878,"height":11}},{"id":"b88a2fba-1b0f-4927-9990-34235dc8ec87","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":94,"box":{"x":76,"y":254,"width":885,"height":11}},{"id":"ac0349b0-0722-473e-a9e7-fbecadd2e683","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":94,"box":{"x":77,"y":268,"width":866,"height":11}},{"id":"b1dfc559-0fe2-4b3f-b40e-52209d7b2e37","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":94,"box":{"x":76,"y":282,"width":883,"height":11}},{"id":"1acd2d24-f07f-47d5-ab0a-dbfaf72cf018","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":94,"box":{"x":76,"y":296,"width":800,"height":11}},{"id":"ae1de866-c7e9-4ac8-944e-1ff8b771a3e8","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":94,"box":{"x":76,"y":320,"width":837,"height":10}},{"id":"405fc2c2-350e-417a-bf72-ab32690e5137","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":94,"box":{"x":76,"y":334,"width":882,"height":11}},{"id":"f391e818-a886-40ba-8efa-0090d61cb394","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":94,"box":{"x":76,"y":348,"width":899,"height":11}},{"id":"2276743e-f2e0-4c01-9a58-3a3309e82913","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":94,"box":{"x":76,"y":362,"width":860,"height":11}},{"id":"ef8ca58a-b5fb-47c9-8d3c-eb57b1486e24","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":94,"box":{"x":76,"y":376,"width":868,"height":11}},{"id":"163240ad-a7ae-4fe2-b5f7-e85c8d8792b2","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":94,"box":{"x":76,"y":391,"width":867,"height":10}},{"id":"51bfe663-e637-42fb-a625-733c514d2dfc","block_type":"box","text":"Equity Securities Risk.","page_number":94,"box":{"x":77,"y":414,"width":154,"height":11}},{"id":"a2edfbe1-f6c3-4b40-98ae-01fcddaa8005","block_type":"box","text":"Equity securities are subject to changes in value due to general market or economic conditions, perceptions about","page_number":94,"box":{"x":237,"y":414,"width":732,"height":11}},{"id":"4704bcaa-ec73-438c-b9b7-f81cfe1e1178","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":94,"box":{"x":76,"y":428,"width":877,"height":11}},{"id":"d4e6cbfa-c581-4c6d-8a87-b469a4b6e1d3","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":94,"box":{"x":76,"y":442,"width":905,"height":11}},{"id":"c7711241-06f4-43a1-a9b7-d15ea1ca7806","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":94,"box":{"x":76,"y":456,"width":875,"height":11}},{"id":"3447c382-1d89-4a46-af3c-998a9b7575a1","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":94,"box":{"x":76,"y":470,"width":812,"height":11}},{"id":"f271acb2-8c97-461f-b42a-0e2f2d8eee3d","block_type":"box","text":"European Economic Risk.","page_number":94,"box":{"x":77,"y":494,"width":174,"height":10}},{"id":"40ab33f7-07ba-4c8e-88e1-e1108259db3b","block_type":"box","text":"The Economic and Monetary Union (the “eurozone”) of the EU requires compliance by member states that are","page_number":94,"box":{"x":256,"y":494,"width":704,"height":10}},{"id":"919fac7c-1e84-48e5-9670-f87902e8eaac","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":94,"box":{"x":76,"y":508,"width":893,"height":11}},{"id":"0ff339e2-8074-4e79-bb44-90271bce6259","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":94,"box":{"x":76,"y":522,"width":899,"height":11}},{"id":"6808fc6b-a538-4330-bd01-ffb27b516120","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":94,"box":{"x":77,"y":536,"width":888,"height":11}},{"id":"c75ab7db-340f-4c7b-84cd-e8bbb3ade90e","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":94,"box":{"x":77,"y":550,"width":879,"height":11}},{"id":"b95a6404-24a2-4685-9ab6-caf2f5072dff","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":94,"box":{"x":76,"y":565,"width":887,"height":10}},{"id":"af57c9be-a58c-4c6e-9c39-f68c8dd3c9cb","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":94,"box":{"x":76,"y":579,"width":874,"height":11}},{"id":"48f909d7-85fa-4f8c-8e5e-1337411895f5","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":94,"box":{"x":76,"y":593,"width":889,"height":11}},{"id":"debdb464-30a8-415b-9604-35d167ea85cb","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":94,"box":{"x":76,"y":607,"width":899,"height":11}},{"id":"179a92ff-7278-44f8-88fe-5e763fe17a0a","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":94,"box":{"x":76,"y":621,"width":904,"height":11}},{"id":"c28ca30b-c84b-4ca7-9555-8b66de8f6809","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":94,"box":{"x":76,"y":635,"width":857,"height":11}},{"id":"1dc68996-9c8c-46d5-92f7-c31e2343b9a7","block_type":"box","text":"countries.","page_number":94,"box":{"x":76,"y":650,"width":63,"height":8}},{"id":"e7ab2cfa-3580-4289-9b67-252e17dc80c8","block_type":"box","text":"Responses to financial problems by European governments, central banks and others, including austerity measures and reforms, may not","page_number":94,"box":{"x":77,"y":673,"width":878,"height":11}},{"id":"0c43ec1d-1357-45b7-9d0d-ce77a28927e8","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":94,"box":{"x":76,"y":687,"width":858,"height":11}},{"id":"2b200481-65fa-4e8a-ba49-6fa81ae14307","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":94,"box":{"x":76,"y":701,"width":882,"height":11}},{"id":"3a7a0791-8777-4fa4-99db-98808650bf91","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":94,"box":{"x":76,"y":715,"width":859,"height":11}},{"id":"cf9cd82c-b11d-48b9-88e4-c48a00fb8f13","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":94,"box":{"x":76,"y":730,"width":866,"height":10}},{"id":"6a809b6a-c2f7-43de-a6bd-e98676979b7e","block_type":"box","text":"regulatory, economic or market conditions and could contribute to instability in global political institutions, regulatory agencies and financia","page_number":94,"box":{"x":77,"y":744,"width":894,"height":11}},{"id":"5bea79bf-cfd2-4247-b9ef-f46524177769","block_type":"box","text":"l","page_number":94,"box":{"x":973,"y":744,"width":1,"height":8}},{"id":"3ffe22c2-f7ab-485c-a5e6-b8e13f2dc20e","block_type":"box","text":"markets.","page_number":94,"box":{"x":76,"y":758,"width":55,"height":8}},{"id":"2645df59-17b1-49a3-bad9-168c9ef2fd26","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":94,"box":{"x":76,"y":781,"width":880,"height":11}},{"id":"5b2130d5-adcd-4232-a0ac-56a5c6421e12","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":94,"box":{"x":76,"y":795,"width":896,"height":11}},{"id":"5a5fa911-eb7e-487d-b501-2cb78004723d","block_type":"box","text":"experience social and political unrest. Unanticipated or sudden political or social developments may result in sudden and significant","page_number":94,"box":{"x":76,"y":809,"width":845,"height":11}},{"id":"fc87a6d0-7752-4c17-b640-02c801843d39","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":94,"box":{"x":76,"y":824,"width":871,"height":11}},{"id":"c0732a51-8a45-4331-8acc-f20eb05ddd59","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":94,"box":{"x":76,"y":838,"width":872,"height":11}},{"id":"7e1cc5f6-051a-42ce-afb0-e1e81b72ce65","block_type":"box","text":"investments.","page_number":94,"box":{"x":76,"y":852,"width":81,"height":9}},{"id":"977141d4-b835-49f7-9dd7-0f6ccb14d412","block_type":"box","text":"8","page_number":94,"box":{"x":526,"y":921,"width":6,"height":8}},{"id":"d8304315-e796-484b-9b66-716107f4c7e6","block_type":"box","text":"Russian Invasion of Ukraine","page_number":95,"box":{"x":76,"y":23,"width":172,"height":9}},{"id":"b0b4c4f6-ae1d-4b67-8673-13b049bec4ca","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":95,"box":{"x":250,"y":23,"width":720,"height":11}},{"id":"defbbadf-0ae7-4197-9f7d-d310fb6854aa","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":95,"box":{"x":76,"y":37,"width":893,"height":11}},{"id":"188490d7-62f5-4dd3-9fdb-99736eaa7ad6","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":95,"box":{"x":76,"y":51,"width":887,"height":11}},{"id":"7f1c87c7-2eae-4414-8600-50cb890ff735","block_type":"box","text":"cyberattacks and espionage) or resulting actual and threatened responses to such activity, including purchasing and financing restrictions,","page_number":95,"box":{"x":76,"y":66,"width":886,"height":11}},{"id":"e995fcbb-dac7-481a-afea-b92c9e466aed","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":95,"box":{"x":76,"y":80,"width":894,"height":11}},{"id":"7a28af71-8044-4f40-90e2-fe72c8144836","block_type":"box","text":"government, Russian companies or Russian individuals, including politicians, may impact Russia’s economy, Russian issuers of securities in","page_number":95,"box":{"x":76,"y":94,"width":891,"height":11}},{"id":"25af8740-397f-4b61-bca5-848c762eec44","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":95,"box":{"x":76,"y":108,"width":885,"height":11}},{"id":"488ec4db-8764-49d5-a1e0-2aa97f3bb648","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":95,"box":{"x":76,"y":122,"width":892,"height":11}},{"id":"1d0fcaca-ba1a-48cd-985c-d173e2da8e78","block_type":"box","text":"have collateral impacts on such sectors across Europe and globally.","page_number":95,"box":{"x":77,"y":137,"width":431,"height":10}},{"id":"7eabb904-6e0f-43b6-95aa-031d898fe9ce","block_type":"box","text":"Financial Companies Risk.","page_number":95,"box":{"x":77,"y":160,"width":180,"height":11}},{"id":"bcce768e-19b3-4496-9a61-40bad27a654b","block_type":"box","text":"Financial services companies are subject to extensive governmental regulation and intervention, which may","page_number":95,"box":{"x":263,"y":160,"width":689,"height":11}},{"id":"a00ade28-717e-42e4-92e8-45bc931330d1","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":95,"box":{"x":76,"y":174,"width":892,"height":11}},{"id":"e178645f-dd4a-45bd-98d9-bde25b1c39ab","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":95,"box":{"x":76,"y":188,"width":891,"height":11}},{"id":"33ac75df-5cb3-4105-97c5-dc9772b287e6","block_type":"box","text":"among other things, interest rates, economic conditions, credit rating downgrades, adverse public perception and exposure concentration.","page_number":95,"box":{"x":76,"y":202,"width":888,"height":11}},{"id":"c41aa7dd-2d07-4f8e-9963-858b683d2784","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":95,"box":{"x":77,"y":216,"width":870,"height":11}},{"id":"32a4fc33-1c31-47f9-8cf3-965d5be3c2dd","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":95,"box":{"x":77,"y":231,"width":766,"height":11}},{"id":"46427953-6e9b-481a-a90d-3f185c4916aa","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":95,"box":{"x":77,"y":254,"width":890,"height":11}},{"id":"4a55f6a5-9974-4722-bc7a-4aa999b81d95","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":95,"box":{"x":76,"y":268,"width":848,"height":11}},{"id":"21cbad78-bdf2-4d74-b71a-e4c87b7a3985","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":95,"box":{"x":76,"y":282,"width":884,"height":11}},{"id":"ae8dab2c-b684-4f3c-b6a7-a001e7bcea0f","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":95,"box":{"x":76,"y":296,"width":889,"height":11}},{"id":"7736c785-403c-4358-b285-b2fff9bf1e00","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":95,"box":{"x":76,"y":311,"width":856,"height":10}},{"id":"6be74cf0-2e71-4f2e-932f-94ce08c89169","block_type":"box","text":"financial sector generally.","page_number":95,"box":{"x":76,"y":325,"width":162,"height":11}},{"id":"720f7129-db51-46bd-a59e-9d3ba25db037","block_type":"box","text":"Geographic and Security Risks.","page_number":95,"box":{"x":76,"y":348,"width":216,"height":11}},{"id":"0950454a-8453-45b3-b908-59b89a6a0ef1","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":95,"box":{"x":298,"y":348,"width":668,"height":11}},{"id":"e0924b21-1c51-454c-8cb5-51a1130adf67","block_type":"box","text":"natural disasters, such as severe heat, earthquakes, tornadoes, volcanic eruptions, wildfires, droughts, floods, hurricanes and tsunamis. In","page_number":95,"box":{"x":76,"y":362,"width":885,"height":11}},{"id":"67a8ace6-d76f-479f-b00c-a2aab9f04824","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":95,"box":{"x":76,"y":376,"width":840,"height":11}},{"id":"8911d6c6-8e1d-4774-8319-b28c7a9d400a","block_type":"box","text":"terrorism, strained international relations and territorial disputes. Any of these events may adversely affect the issuers, markets and","page_number":95,"box":{"x":76,"y":391,"width":845,"height":10}},{"id":"6bf54745-43d1-4cea-83c5-ed66c4337147","block_type":"box","text":"economies to which a Fund is exposed, which may adversely affect the value of the Fund.","page_number":95,"box":{"x":76,"y":405,"width":570,"height":11}},{"id":"dec5ffeb-5a31-481e-b253-b224344c223c","block_type":"box","text":"Healthcare Companies Risk.","page_number":95,"box":{"x":77,"y":428,"width":194,"height":11}},{"id":"46e53b26-cad7-4e8b-a6f9-d7d071a911b4","block_type":"box","text":"The profitability of healthcare companies may be adversely affected by the following factors, among others:","page_number":95,"box":{"x":276,"y":428,"width":688,"height":11}},{"id":"542fbc3f-2bbe-42d0-852e-94788454db19","block_type":"box","text":"extensive government regulations, restrictions on government reimbursement for medical expenses, rising costs of medical products and","page_number":95,"box":{"x":76,"y":442,"width":879,"height":11}},{"id":"22b5b81c-4c52-4192-b5e1-c8e9c0b7cfce","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":95,"box":{"x":76,"y":456,"width":899,"height":11}},{"id":"92e8eb2f-a3c7-42d4-8bbb-bfb2186523cb","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":95,"box":{"x":76,"y":470,"width":888,"height":11}},{"id":"7bf906fa-55c8-42d7-ba76-3af4576a5ba7","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":95,"box":{"x":76,"y":485,"width":891,"height":10}},{"id":"797fa23d-68f5-49ce-9bef-8c719c67ee81","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":95,"box":{"x":76,"y":499,"width":882,"height":11}},{"id":"c3ec0a07-f081-401b-8d3d-40ee4cc18423","block_type":"box","text":"product liability and similar claims.","page_number":95,"box":{"x":76,"y":513,"width":221,"height":11}},{"id":"2d88ac57-8faa-4a8f-affb-9f11e3c2cab3","block_type":"box","text":"Illiquid Investments Risk.","page_number":95,"box":{"x":77,"y":536,"width":174,"height":11}},{"id":"5fa11c00-30fb-48c1-8f8c-55aff12cfe6b","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":95,"box":{"x":256,"y":536,"width":719,"height":11}},{"id":"3b5f49f5-76d8-4f63-8b57-3667b38d6579","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":95,"box":{"x":76,"y":550,"width":883,"height":11}},{"id":"600ca282-9b1f-459e-b0dc-6057ed5ca998","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":95,"box":{"x":76,"y":565,"width":885,"height":10}},{"id":"fc213455-fe04-4e06-913c-22f9cfa4ac6b","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":95,"box":{"x":76,"y":579,"width":902,"height":11}},{"id":"b8a99df2-5eb8-47c7-a3ac-067287ad7059","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":95,"box":{"x":76,"y":593,"width":890,"height":11}},{"id":"51de5a18-f2a3-4ae6-bed7-52968ffa2c0c","block_type":"box","text":"risks associated with illiquid investments. Illiquid investments may be harder to value, especially in changing markets.","page_number":95,"box":{"x":77,"y":607,"width":751,"height":11}},{"id":"3393a142-1096-4da3-8d5a-b5ec64467525","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":95,"box":{"x":77,"y":630,"width":884,"height":11}},{"id":"93d99a01-28e7-4ebb-a8a9-2bf74f614111","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":95,"box":{"x":76,"y":644,"width":900,"height":11}},{"id":"6183f409-e00a-46d8-ab73-9cf7f428e8dd","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":95,"box":{"x":76,"y":659,"width":867,"height":11}},{"id":"8fafcda4-bf2c-4c76-a6d4-502cb28f302a","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":95,"box":{"x":77,"y":682,"width":900,"height":11}},{"id":"d432a47b-ba78-404a-8a66-f345f2b0fa43","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":95,"box":{"x":76,"y":696,"width":890,"height":11}},{"id":"afa10cfd-fc0a-4291-b77d-ea5f1d5de4c2","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":95,"box":{"x":76,"y":710,"width":828,"height":11}},{"id":"51bcebc8-33e8-4991-a90b-fe1530a00f68","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":95,"box":{"x":77,"y":724,"width":873,"height":11}},{"id":"635630ee-a20a-486f-a72c-f7e7993602f0","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":95,"box":{"x":77,"y":739,"width":887,"height":10}},{"id":"32ef7dce-b852-43d0-b589-abe3b513e0dc","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":95,"box":{"x":77,"y":753,"width":896,"height":11}},{"id":"86b77356-2bd6-4df7-a89c-b0f4bf902efe","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":95,"box":{"x":76,"y":767,"width":869,"height":11}},{"id":"792fe59a-975b-492a-8ff0-4910da09e976","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":95,"box":{"x":77,"y":781,"width":886,"height":11}},{"id":"ad4adfce-ee10-42d3-8c74-e89b6fd2c9cf","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":95,"box":{"x":77,"y":795,"width":858,"height":11}},{"id":"b515864f-3f1c-454a-8b6c-f996e6e91670","block_type":"box","text":"premium or discount to the Fund’s NAV.","page_number":95,"box":{"x":76,"y":810,"width":254,"height":10}},{"id":"7c16c9c1-65f5-4c2c-8e62-1e4146642200","block_type":"box","text":"Index-Related Risk.","page_number":95,"box":{"x":77,"y":833,"width":132,"height":8}},{"id":"6ebeeed5-1e89-40e1-a4e4-f45c22b1295b","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":95,"box":{"x":214,"y":833,"width":728,"height":11}},{"id":"8c684d75-3155-4df0-826c-33b89b9bbc54","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":95,"box":{"x":76,"y":847,"width":869,"height":11}},{"id":"e0b80f82-fe6d-4f4d-9eaa-d0807bdd0987","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":95,"box":{"x":77,"y":861,"width":872,"height":11}},{"id":"239b40e4-abb6-4762-8b21-75ea6787bd0c","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":95,"box":{"x":77,"y":875,"width":862,"height":11}},{"id":"014fea59-6542-459d-94f1-66d98fc7f09a","block_type":"box","text":"9","page_number":95,"box":{"x":526,"y":921,"width":6,"height":8}},{"id":"1a92a027-5e4d-4e80-afce-5b75653ed130","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":96,"box":{"x":76,"y":23,"width":897,"height":11}},{"id":"a6d9b1e1-1fe1-47e0-b9cc-a773e1149396","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":96,"box":{"x":76,"y":37,"width":881,"height":11}},{"id":"f248251a-1170-4681-8538-8dbc25692c5d","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":96,"box":{"x":76,"y":61,"width":852,"height":10}},{"id":"f17e3c6c-ffc1-4b78-bdd4-902aec968c18","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":96,"box":{"x":76,"y":75,"width":850,"height":11}},{"id":"301b47e4-0eb1-410a-b17d-7e00166d3661","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":96,"box":{"x":76,"y":89,"width":877,"height":11}},{"id":"f4b9f72f-233a-4b52-b9e1-40eace690738","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":96,"box":{"x":76,"y":103,"width":906,"height":11}},{"id":"238598cd-7332-490b-b88e-fdc22a7091ea","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":96,"box":{"x":76,"y":117,"width":904,"height":11}},{"id":"5e33367e-927c-4864-b0c4-c37839a94f03","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":96,"box":{"x":76,"y":131,"width":894,"height":11}},{"id":"a17a2c88-46e9-4f9b-b66e-1ab10d40a364","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":96,"box":{"x":76,"y":146,"width":877,"height":10}},{"id":"083c1fe3-312a-46ac-ab3c-1d520c97fe10","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":96,"box":{"x":76,"y":160,"width":881,"height":11}},{"id":"3f53998b-c4c7-4f49-969c-e119721cc964","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":96,"box":{"x":76,"y":174,"width":844,"height":11}},{"id":"cbf8fb1d-e4a4-4f7c-9b97-9b828e1aee52","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":96,"box":{"x":77,"y":188,"width":879,"height":11}},{"id":"238248ed-ef26-41ea-b0e8-df907e35d481","block_type":"box","text":"errors will be borne by the Fund and its shareholders.","page_number":96,"box":{"x":76,"y":202,"width":340,"height":11}},{"id":"4485e790-3ee5-446c-8fa0-bef1abd094a0","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":96,"box":{"x":77,"y":226,"width":857,"height":10}},{"id":"1af140b0-215a-4a76-a534-dc28c60a08c8","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":96,"box":{"x":77,"y":240,"width":880,"height":11}},{"id":"d5f05fc2-256c-4744-a9ca-095503e26b05","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":96,"box":{"x":76,"y":254,"width":902,"height":11}},{"id":"60e5305f-6336-41fa-9371-1da9fc40ee1d","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":96,"box":{"x":76,"y":268,"width":905,"height":11}},{"id":"692e4353-9777-4e90-86cc-04544bff08e5","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":96,"box":{"x":76,"y":282,"width":889,"height":11}},{"id":"e590af47-ef39-4695-b96c-9708af1edf91","block_type":"box","text":"extent circumstances evolve between periodic index reviews and reconstitutions, an Underlying Index may include constituents that do not","page_number":96,"box":{"x":76,"y":296,"width":890,"height":11}},{"id":"e75fba02-3ecc-47e0-89fe-ddcdcdbf6127","block_type":"box","text":"align with its objective or selection criteria, and the Fund tracking the Underlying Index may be similarly affected.","page_number":96,"box":{"x":76,"y":311,"width":723,"height":10}},{"id":"21837aed-4cb6-4d25-9939-0e0ebbba9036","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":96,"box":{"x":77,"y":334,"width":899,"height":11}},{"id":"1c51afe6-f38f-4e2e-9c0c-d285e56ba8f0","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":96,"box":{"x":76,"y":348,"width":876,"height":11}},{"id":"271581d3-bb5b-4506-b92a-884af484127a","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":96,"box":{"x":76,"y":362,"width":865,"height":11}},{"id":"4e3d3dc7-eb99-4783-b6a3-467aed665028","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":96,"box":{"x":76,"y":376,"width":897,"height":11}},{"id":"c5ed0932-7ec2-40b6-bf7c-ee22761f4134","block_type":"box","text":"a Fund’s costs and tracking error.","page_number":96,"box":{"x":76,"y":391,"width":213,"height":10}},{"id":"405c274d-8d89-4cd1-8fb1-3c60933cae8d","block_type":"box","text":"Industrial Companies Risk.","page_number":96,"box":{"x":77,"y":414,"width":184,"height":10}},{"id":"2bc3aa48-ddaa-478f-a10c-fb29ff9fb99d","block_type":"box","text":"Industrial companies face a number of risks, including supply chain and distribution disruptions, business","page_number":96,"box":{"x":267,"y":414,"width":673,"height":11}},{"id":"1c655da1-54ad-4ebf-92b7-939e8977de7e","block_type":"box","text":"interruptions, third-party vendor risks, cyber attacks, trade disputes, product recalls, liability and environmental damage claims, scarcity of","page_number":96,"box":{"x":76,"y":428,"width":889,"height":11}},{"id":"76a0c8a3-7583-4959-84cd-a3164416e7ee","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":96,"box":{"x":76,"y":442,"width":878,"height":11}},{"id":"a69d7a73-48bb-4cae-87e2-2547ce5b17e5","block_type":"box","text":"industrial companies may face obsolescence due to technological developments and new product introduction. Furthermore, changes in","page_number":96,"box":{"x":76,"y":456,"width":873,"height":11}},{"id":"ea78663d-e0f5-4986-881c-2d5c1bb2aa94","block_type":"box","text":"trade restrictions and tariffs as well as broader geopolitical developments could adversely affect industrial companies. These companies also","page_number":96,"box":{"x":76,"y":470,"width":902,"height":11}},{"id":"7139a0c0-e18b-4d75-a2ec-9f781ea28781","block_type":"box","text":"may be significantly affected by domestic and international economic conditions, legislative and regulatory changes, and labor relations.","page_number":96,"box":{"x":76,"y":485,"width":872,"height":10}},{"id":"5f851a37-f930-433e-be7c-ee1083cbc59f","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":96,"box":{"x":77,"y":499,"width":881,"height":11}},{"id":"d1b7fb41-c888-4490-ada5-478e56bea2ee","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":96,"box":{"x":76,"y":513,"width":892,"height":11}},{"id":"baaa7918-b87a-4cbb-812f-9630581faa1e","block_type":"box","text":"infringing the intellectual property rights of others.","page_number":96,"box":{"x":76,"y":527,"width":322,"height":11}},{"id":"c77bb841-ce1a-4960-8db5-b2f86d9eae51","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":96,"box":{"x":77,"y":550,"width":899,"height":11}},{"id":"bd375483-ad03-423d-a824-fd0fcce2c01f","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":96,"box":{"x":76,"y":565,"width":864,"height":10}},{"id":"51a00286-19f1-4f20-a55b-5cabd65d7ea5","block_type":"box","text":"locations that are more susceptible to adverse physical events.","page_number":96,"box":{"x":77,"y":579,"width":402,"height":11}},{"id":"8df3f3b0-15bb-4508-b083-c066bf400414","block_type":"box","text":"Issuer Risk.","page_number":96,"box":{"x":77,"y":602,"width":79,"height":8}},{"id":"6a5583ba-06ed-46ee-9fe5-43b9015003d6","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":96,"box":{"x":161,"y":602,"width":755,"height":11}},{"id":"7b36c522-f958-49c0-a586-a776022324fb","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":96,"box":{"x":76,"y":616,"width":861,"height":11}},{"id":"b520ac41-6fe4-48e3-9f1e-7202f4b62d8b","block_type":"box","text":"financial condition or credit rating of the issuer or counterparty.","page_number":96,"box":{"x":76,"y":630,"width":406,"height":11}},{"id":"4273fd2b-e096-40d5-929c-1a42fe763976","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":96,"box":{"x":77,"y":654,"width":256,"height":10}},{"id":"28ed6ffe-6560-4a69-ac67-a5a219b315b8","block_type":"box","text":"Large-capitalization companies may be less able than smaller-capitalization companies to adapt to","page_number":96,"box":{"x":340,"y":654,"width":630,"height":10}},{"id":"4142ac70-339f-4291-8a07-7afdc63c0d1b","block_type":"box","text":"changing market conditions and competitive challenges. Large-capitalization companies may be more mature and subject to more limited","page_number":96,"box":{"x":76,"y":668,"width":881,"height":11}},{"id":"50891a2d-0abb-42d2-8666-a2bf99977a5c","block_type":"box","text":"growth potential compared with smaller-capitalization companies. The performance of large-capitalization companies could trail the overall","page_number":96,"box":{"x":76,"y":682,"width":890,"height":11}},{"id":"5aad3473-f791-4af1-8346-55216495390d","block_type":"box","text":"performance of the broader securities markets.","page_number":96,"box":{"x":76,"y":696,"width":303,"height":11}},{"id":"6b4920ca-409a-4d1b-aaab-2fd8ab5c69ed","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk.","page_number":96,"box":{"x":77,"y":719,"width":368,"height":11}},{"id":"02a31b83-4fb8-4b1f-bd19-8fdb496f3d40","block_type":"box","text":"Certain shareholders of a Fund, including an Authorized Participant, a third-party","page_number":96,"box":{"x":450,"y":719,"width":518,"height":11}},{"id":"853a668f-478e-4cfa-9f01-838ef8d00e48","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":96,"box":{"x":76,"y":733,"width":875,"height":11}},{"id":"753a094f-c9ec-4e72-8b75-ea99931145bb","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":96,"box":{"x":76,"y":748,"width":899,"height":10}},{"id":"fc238c2a-d6cc-4ecd-8978-5523a832ee9a","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":96,"box":{"x":76,"y":762,"width":901,"height":11}},{"id":"8f093b37-faf1-4b3b-8859-f5fc9b6738e8","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":96,"box":{"x":76,"y":776,"width":888,"height":11}},{"id":"ae05c228-3055-4dbe-83ec-7a778bbb8d6b","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":96,"box":{"x":76,"y":790,"width":882,"height":11}},{"id":"b5ce5787-05f0-47ed-9bd2-763f6de390ce","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":96,"box":{"x":76,"y":804,"width":889,"height":11}},{"id":"0331c8b4-959b-4b75-8c8d-352e248556f4","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":96,"box":{"x":76,"y":819,"width":906,"height":10}},{"id":"b51e6ef4-af0b-4569-8f15-429e2af3b775","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":96,"box":{"x":76,"y":833,"width":904,"height":11}},{"id":"7eca5522-3b52-448b-bf45-bbff2877a9a5","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":96,"box":{"x":76,"y":847,"width":855,"height":11}},{"id":"5c220f84-cee3-48a3-b7da-f01f8a69ac1a","block_type":"box","text":"10","page_number":96,"box":{"x":524,"y":921,"width":12,"height":8}},{"id":"679ef43f-a391-47b6-9631-4f967d7a15fd","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":97,"box":{"x":77,"y":23,"width":892,"height":11}},{"id":"0d654000-debb-4d68-be84-1fe0f5ba8a23","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":97,"box":{"x":77,"y":37,"width":901,"height":11}},{"id":"606f106e-bb76-49cf-94d8-5828199c9bef","block_type":"box","text":"to price.","page_number":97,"box":{"x":76,"y":52,"width":52,"height":10}},{"id":"7f301455-63fa-4e6a-b566-e4715c3c28ac","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":97,"box":{"x":76,"y":75,"width":840,"height":11}},{"id":"4b0f4b19-8ea3-41e8-b2ef-f97e7f570d2c","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":97,"box":{"x":76,"y":89,"width":898,"height":11}},{"id":"1ebd923b-28f9-4035-a9a4-76fc59a0babe","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":97,"box":{"x":76,"y":103,"width":878,"height":11}},{"id":"a8c7c8f0-1b80-46c8-a2e8-743a3fa36405","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":97,"box":{"x":76,"y":117,"width":792,"height":11}},{"id":"e2526981-1765-4257-880a-393fcffc8c6d","block_type":"box","text":"Management Risk.","page_number":97,"box":{"x":77,"y":140,"width":126,"height":11}},{"id":"3142b42e-9091-45c7-9606-7d6385165712","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":97,"box":{"x":208,"y":140,"width":757,"height":11}},{"id":"026316b6-9073-4cf3-a74f-699504ea9e34","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":97,"box":{"x":76,"y":155,"width":863,"height":10}},{"id":"c4dbc732-773a-4a71-905e-dbead19e7a2f","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":97,"box":{"x":76,"y":169,"width":864,"height":11}},{"id":"00ee470c-fed1-4510-9ba9-a167b45d70ff","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":97,"box":{"x":77,"y":183,"width":898,"height":11}},{"id":"db604ea2-9471-4264-b607-78dcf4311b6f","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":97,"box":{"x":76,"y":197,"width":837,"height":11}},{"id":"fc4520ec-d879-405b-9528-dd8667db00cf","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":97,"box":{"x":77,"y":211,"width":888,"height":11}},{"id":"c5af81ea-860c-4a9d-ad33-6965f2f4babb","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":97,"box":{"x":77,"y":226,"width":883,"height":10}},{"id":"30bcc817-bd21-4868-8614-cdeb9bbe38cd","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":97,"box":{"x":76,"y":240,"width":889,"height":11}},{"id":"05e49edc-f135-4222-ae83-2a402ef35ad6","block_type":"box","text":"its investment objective.","page_number":97,"box":{"x":76,"y":254,"width":156,"height":11}},{"id":"1836e2f4-9df1-4294-bd4e-b8e70e26320e","block_type":"box","text":"Market Risk.","page_number":97,"box":{"x":77,"y":277,"width":85,"height":9}},{"id":"9d155ad2-deca-4e5e-9ab0-7a27e5055233","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":97,"box":{"x":167,"y":277,"width":764,"height":11}},{"id":"8cce0f77-ce0e-4006-a431-4cc41fe80147","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":97,"box":{"x":76,"y":291,"width":879,"height":11}},{"id":"86a37450-a150-4fa1-8096-82279e3c143e","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":97,"box":{"x":76,"y":305,"width":884,"height":11}},{"id":"103e11e0-4276-45d7-8dea-f8c2c4b3e408","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":97,"box":{"x":76,"y":320,"width":904,"height":10}},{"id":"d95b7897-232f-4f54-bd4e-6f46a5a12b37","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":97,"box":{"x":76,"y":334,"width":858,"height":11}},{"id":"7f4e7ae6-90ac-4cb8-80c9-df0c94a53f89","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":97,"box":{"x":76,"y":348,"width":869,"height":11}},{"id":"f0f9c49b-906f-40ca-8820-efbd8495b1b2","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":97,"box":{"x":76,"y":362,"width":885,"height":11}},{"id":"f8ac6d64-8d17-4561-9749-95e87c17826b","block_type":"box","text":"and assets.","page_number":97,"box":{"x":76,"y":376,"width":71,"height":9}},{"id":"28932559-4797-402a-986d-19b0ab822a2d","block_type":"box","text":"Market Trading Risk.","page_number":97,"box":{"x":77,"y":400,"width":140,"height":10}},{"id":"d362dca2-9de3-47c2-b622-43a2754b31a2","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":97,"box":{"x":222,"y":400,"width":753,"height":10}},{"id":"71f055ae-cb89-487b-a132-fabec99ec421","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":97,"box":{"x":76,"y":414,"width":896,"height":11}},{"id":"381c45da-95ef-4f9f-abc6-c48a521a92dc","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":97,"box":{"x":76,"y":428,"width":877,"height":11}},{"id":"7cf64f92-f7a0-4bb3-bc01-5398caa1d963","block_type":"box","text":"receive significantly less than the underlying value of the Fund shares.","page_number":97,"box":{"x":77,"y":442,"width":446,"height":11}},{"id":"46a25510-a2c9-4a65-82ae-10a90e2e8c65","block_type":"box","text":"Absence of an Active Primary Market.","page_number":97,"box":{"x":75,"y":465,"width":236,"height":11}},{"id":"2812c67c-7379-48df-85c7-419823047092","block_type":"box","text":"Although Fund shares are listed for trading on one or more stock exchanges, there can be no assurance","page_number":97,"box":{"x":317,"y":465,"width":663,"height":11}},{"id":"3314b73d-78f3-484d-a81c-1d836bc427fd","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":97,"box":{"x":76,"y":479,"width":826,"height":11}},{"id":"b942747d-d526-4393-8018-11a48ad8fa39","block_type":"box","text":"Secondary Listing Risks.","page_number":97,"box":{"x":76,"y":503,"width":151,"height":11}},{"id":"d65037d1-5202-4b15-ad88-2bcc70da666b","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":97,"box":{"x":233,"y":503,"width":732,"height":11}},{"id":"978c05c2-5efd-4e4c-8aeb-181b045f6992","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":97,"box":{"x":76,"y":517,"width":841,"height":11}},{"id":"1706c3b9-57b4-4712-883c-7073163f96ac","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":97,"box":{"x":76,"y":531,"width":890,"height":11}},{"id":"3278218f-1827-4c3a-91ce-d3339b82d9b2","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":97,"box":{"x":76,"y":545,"width":880,"height":11}},{"id":"f2fab139-76e8-4e38-88fd-2f6528381436","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":97,"box":{"x":76,"y":559,"width":872,"height":11}},{"id":"1e95c8a4-33cb-4b1f-98b3-55ac0b3f52a6","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":97,"box":{"x":76,"y":574,"width":897,"height":10}},{"id":"2f78b4af-7917-4c0e-bb06-c9d8342f7708","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":97,"box":{"x":76,"y":588,"width":862,"height":11}},{"id":"934bee04-a9b7-4094-9ffb-fd9f29a21961","block_type":"box","text":"markets, which may result in secondary market prices in such markets being less efficient.","page_number":97,"box":{"x":76,"y":602,"width":579,"height":11}},{"id":"0c8dc81f-838f-4b4f-b36e-2588fa093097","block_type":"box","text":"Secondary Market Trading Risk.","page_number":97,"box":{"x":76,"y":625,"width":196,"height":11}},{"id":"ad95dd98-e650-4ab5-84be-6923132aa7bd","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":97,"box":{"x":279,"y":625,"width":703,"height":11}},{"id":"3c8d2118-335b-4c74-8a50-ec9ff33cabf5","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":97,"box":{"x":76,"y":639,"width":896,"height":11}},{"id":"73f0ee5a-bbd7-4c8b-91c6-140a9b2e7191","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":97,"box":{"x":76,"y":654,"width":880,"height":10}},{"id":"c5cf0146-bd54-47b6-ab98-0991f77382d0","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":97,"box":{"x":76,"y":668,"width":900,"height":11}},{"id":"1c2be9fc-90c1-4fa3-8905-6c114a49f2e6","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":97,"box":{"x":76,"y":682,"width":893,"height":11}},{"id":"770af9ef-e953-4b75-bcc7-fe14b9181d96","block_type":"box","text":"may be wider bid/ask spreads on the exchange and a greater premium or discount to NAV.","page_number":97,"box":{"x":76,"y":696,"width":581,"height":11}},{"id":"87a65edf-7625-4fe2-83ba-872a8ff712b9","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":97,"box":{"x":77,"y":719,"width":900,"height":11}},{"id":"6a5fdfbd-ac0c-4951-93de-5b4317866277","block_type":"box","text":"the Fund’s portfolio holdings, and an investor may be unable to sell their Fund shares.","page_number":97,"box":{"x":76,"y":733,"width":547,"height":11}},{"id":"7f67110f-29ae-4a56-8504-1fcbeb8715f5","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":97,"box":{"x":76,"y":757,"width":894,"height":10}},{"id":"39817cd4-d1a5-44a9-9434-5efa7cd9a511","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":97,"box":{"x":76,"y":771,"width":905,"height":11}},{"id":"8984f8e2-479f-49ff-9fb7-c03e857e8e55","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":97,"box":{"x":77,"y":785,"width":874,"height":11}},{"id":"0f8c6bc7-b0ac-4b7b-9caf-adbef6c0cb31","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":97,"box":{"x":76,"y":799,"width":890,"height":11}},{"id":"73c20eef-ead4-48f7-9c65-5e4cb693619e","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":97,"box":{"x":76,"y":813,"width":857,"height":11}},{"id":"238ce00d-0d5d-465f-814f-77625553c203","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":97,"box":{"x":76,"y":828,"width":891,"height":10}},{"id":"91248fd4-9669-43fd-b2a0-fab1bf901253","block_type":"box","text":"substantial trading losses.","page_number":97,"box":{"x":76,"y":842,"width":166,"height":11}},{"id":"6849e129-8ffa-4140-8773-41ebfa7a5289","block_type":"box","text":"11","page_number":97,"box":{"x":524,"y":921,"width":10,"height":8}},{"id":"0fbc8223-e3b3-4f05-a04b-0bd04a7169df","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":98,"box":{"x":76,"y":23,"width":874,"height":11}},{"id":"9985d296-b7ac-4117-8cf4-8964ac01c37b","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":98,"box":{"x":76,"y":37,"width":893,"height":11}},{"id":"429a2647-efa1-41ef-808f-6c88b280e86c","block_type":"box","text":"may lead to increased trading volume and volatility in the secondary market for the shares of the Fund.","page_number":98,"box":{"x":76,"y":51,"width":658,"height":11}},{"id":"fb48a391-8b4b-4417-b87d-6750e2524865","block_type":"box","text":"Fund Shares May Trade at Prices Other Than NAV.","page_number":98,"box":{"x":76,"y":75,"width":310,"height":10}},{"id":"4f8a5227-6439-40ad-bd73-1c90732b814b","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":98,"box":{"x":385,"y":75,"width":572,"height":11}},{"id":"a4960c39-6eea-4829-8181-8a5c42c1b535","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":98,"box":{"x":77,"y":89,"width":852,"height":11}},{"id":"f4a643da-45bd-4658-ac8c-11bcf6467209","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":98,"box":{"x":76,"y":103,"width":892,"height":11}},{"id":"8a2a65b3-c897-42fb-84ca-ae2d10ecd702","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":98,"box":{"x":77,"y":117,"width":885,"height":11}},{"id":"39ef55c3-9958-487a-876c-86efcd66412c","block_type":"box","text":"significantly from NAV during times of market volatility, significant redemption requests, or other unusual market conditions","page_number":98,"box":{"x":76,"y":131,"width":792,"height":11}},{"id":"13441f1e-5cfd-427c-ab5a-0b0f97056716","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":98,"box":{"x":77,"y":155,"width":886,"height":10}},{"id":"4f723297-4868-4af5-9050-eae1952809bd","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":98,"box":{"x":77,"y":169,"width":891,"height":11}},{"id":"30580884-782a-478b-94c5-d9d915e02f55","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":98,"box":{"x":76,"y":183,"width":899,"height":11}},{"id":"141861ef-03b5-428c-a160-eee322afb438","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":98,"box":{"x":77,"y":197,"width":899,"height":11}},{"id":"99ffe4e2-bf68-43c7-86b0-36c3cbd0c642","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":98,"box":{"x":76,"y":211,"width":878,"height":11}},{"id":"347eb888-fbf5-455b-829e-b075acd94c64","block_type":"box","text":"creations and redemptions, including disruptions at market makers, Authorized Participants, or other market participants, and during periods","page_number":98,"box":{"x":76,"y":226,"width":902,"height":10}},{"id":"dc6dea48-7b49-48e2-95e0-13d050de93f4","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":98,"box":{"x":76,"y":240,"width":891,"height":11}},{"id":"ee5b34ce-c9bf-402a-b5d0-38b9eb08bab8","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":98,"box":{"x":76,"y":254,"width":849,"height":11}},{"id":"1f6e02b0-3a9c-4472-85b5-de6f17269c22","block_type":"box","text":"investments, which may contribute to the Fund’s shares trading at a premium or discount to NAV.","page_number":98,"box":{"x":76,"y":268,"width":622,"height":11}},{"id":"ff0bf134-dd98-46d4-8340-9c80ae8e41d1","block_type":"box","text":"Costs of Buying or Selling Fund Shares.","page_number":98,"box":{"x":76,"y":291,"width":245,"height":11}},{"id":"cb418928-c083-4a37-84ec-aabea459fd1e","block_type":"box","text":"Buying or selling Fund shares on an exchange involves two types of costs that apply to all securities","page_number":98,"box":{"x":328,"y":291,"width":636,"height":11}},{"id":"8c16c27c-bcbd-4108-8afd-7682ac48d44e","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":98,"box":{"x":76,"y":305,"width":853,"height":11}},{"id":"b63e517c-5ebe-4cc3-bb64-4614685137fb","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":98,"box":{"x":76,"y":320,"width":895,"height":10}},{"id":"1d7a2bea-3595-483d-8f68-30b9b5f8436b","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":98,"box":{"x":76,"y":334,"width":865,"height":11}},{"id":"0c70f96c-b67f-4666-ac3e-2aa36e931c5c","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":98,"box":{"x":76,"y":348,"width":885,"height":11}},{"id":"8178ca45-315f-44c6-91aa-5082cc678fbf","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":98,"box":{"x":77,"y":362,"width":891,"height":11}},{"id":"a840c4e0-40e6-4b6a-a051-a35254b20ba3","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":98,"box":{"x":76,"y":376,"width":901,"height":11}},{"id":"3c8307a0-d08e-4b04-a1e9-f1ef75749293","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":98,"box":{"x":76,"y":391,"width":858,"height":10}},{"id":"8a954118-dbc1-4494-856c-c59a8b0d9abd","block_type":"box","text":"regularly making small investments through a brokerage account.","page_number":98,"box":{"x":77,"y":405,"width":418,"height":11}},{"id":"e5076e86-5fc8-4b46-973f-6d741b657297","block_type":"box","text":"Materials Companies Risk.","page_number":98,"box":{"x":77,"y":428,"width":182,"height":11}},{"id":"f754ec21-fbaf-4ee2-a421-11b977721201","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":98,"box":{"x":264,"y":428,"width":710,"height":11}},{"id":"99ba0d73-41f2-46e8-9b74-b13514c00eb6","block_type":"box","text":"demand dynamics. Materials companies may be adversely affected by commodity price volatility, exchange rate fluctuations, social and","page_number":98,"box":{"x":76,"y":442,"width":868,"height":11}},{"id":"0cf3c37e-53cc-401d-aa91-f527faf14285","block_type":"box","text":"political unrest, war, import and export controls, supply chain disruption, increased competition, depletion of resources, technical advances,","page_number":98,"box":{"x":76,"y":456,"width":897,"height":11}},{"id":"3c03aeb5-e560-4563-88f6-855f7c1ad07f","block_type":"box","text":"labor relations, litigation and government regulations, among other factors. Materials companies are at risk of liability for environmental","page_number":98,"box":{"x":77,"y":470,"width":868,"height":11}},{"id":"c637be53-a3aa-4c1f-b82c-9dfde2b8803e","block_type":"box","text":"damage and product liability claims and may incur significant costs in complying with environmental laws.","page_number":98,"box":{"x":76,"y":485,"width":676,"height":10}},{"id":"67a7fdf4-a986-4298-bc66-587e557f7073","block_type":"box","text":"Mid-Capitalization Companies Risk.","page_number":98,"box":{"x":77,"y":508,"width":243,"height":11}},{"id":"84048609-75ba-4a03-bb0b-64534ca1cf54","block_type":"box","text":"Investments in mid-capitalization companies may be riskier, less liquid, more volatile and more","page_number":98,"box":{"x":326,"y":508,"width":607,"height":11}},{"id":"eb8b4624-dfd3-45e4-a966-6d3ab1122791","block_type":"box","text":"susceptible to economic, market and industry changes than investments in large-capitalization companies. Mid-capitalization companies","page_number":98,"box":{"x":76,"y":522,"width":875,"height":11}},{"id":"1d1d72b1-25c7-4e6d-9c30-67172053c7e5","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":98,"box":{"x":76,"y":536,"width":847,"height":11}},{"id":"5ed915d4-423c-47ba-994d-1200fd5ed29d","block_type":"box","text":"vulnerable than large-capitalization companies to adverse business and economic developments. Mid-capitalization companies may have a","page_number":98,"box":{"x":76,"y":550,"width":889,"height":11}},{"id":"94434e00-fffc-4419-8eba-9a8b2aae0261","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":98,"box":{"x":76,"y":565,"width":882,"height":10}},{"id":"04592998-c36b-4c6b-9cff-ba0e75408745","block_type":"box","text":"frequently and in smaller volumes than the securities of larger companies.","page_number":98,"box":{"x":76,"y":579,"width":473,"height":11}},{"id":"69fe9735-455d-405e-b1f3-7f22e3740291","block_type":"box","text":"National Closed Market Trading Risk.","page_number":98,"box":{"x":77,"y":602,"width":254,"height":11}},{"id":"4e466870-a6c8-4109-8347-e129ac792c7a","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":98,"box":{"x":336,"y":602,"width":637,"height":11}},{"id":"b163025b-d665-4784-b98b-e0479d09cac2","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":98,"box":{"x":76,"y":616,"width":905,"height":11}},{"id":"944c6051-33f9-422a-adbd-1417e3790f8a","block_type":"box","text":"such asset’s current price and its last quoted price (","page_number":98,"box":{"x":76,"y":630,"width":332,"height":11}},{"id":"edc082b3-0f0b-4a4b-804c-ee0796762b17","block_type":"box","text":"i.e","page_number":98,"box":{"x":408,"y":630,"width":15,"height":9}},{"id":"4969da7b-4233-4812-8206-1f2b390f704f","block_type":"box","text":"., the quote from the closed foreign market to the Fund). The impact of a closed","page_number":98,"box":{"x":425,"y":630,"width":508,"height":11}},{"id":"ecfb9b9d-5a04-4b5f-9833-515286fc0f32","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":98,"box":{"x":76,"y":644,"width":863,"height":11}},{"id":"f83ed7c2-473c-4226-9091-9267d7c1f919","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":98,"box":{"x":76,"y":659,"width":862,"height":11}},{"id":"31df7569-cdb4-4efe-bbc6-41be469f5c11","block_type":"box","text":"greater than those experienced by other funds.","page_number":98,"box":{"x":76,"y":673,"width":300,"height":11}},{"id":"240eaee4-6d81-413f-bfdb-0367b56020db","block_type":"box","text":"Non-Diversification Risk.","page_number":98,"box":{"x":77,"y":696,"width":170,"height":9}},{"id":"a084d703-6c9a-45ab-be9f-65508b18a7c7","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":98,"box":{"x":252,"y":696,"width":711,"height":11}},{"id":"1ad2ea56-4b16-4c6b-8d12-f512fbb6658b","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":98,"box":{"x":76,"y":710,"width":855,"height":11}},{"id":"3a91b282-b03f-40d6-a7cd-dd6459c4d0d8","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":98,"box":{"x":76,"y":724,"width":886,"height":11}},{"id":"7c5ea6db-c332-4701-9120-3747c5a66467","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":98,"box":{"x":76,"y":739,"width":879,"height":10}},{"id":"9b1ce4d7-353c-4873-981f-c29d4c41981a","block_type":"box","text":"Fund, and a non-diversified Fund’s NAV may be more volatile.","page_number":98,"box":{"x":77,"y":753,"width":390,"height":11}},{"id":"3551a1f5-e352-45f7-af39-9993d54d3229","block_type":"box","text":"Non-U.S. Securities Risk.","page_number":98,"box":{"x":77,"y":776,"width":171,"height":8}},{"id":"a6af5f75-80b0-4d80-9057-9c95b92b0fcd","block_type":"box","text":"Securities issued by non-U.S. issuers (including depositary receipts) are subject to different legal, regulatory,","page_number":98,"box":{"x":253,"y":776,"width":698,"height":11}},{"id":"2a309b37-20ba-47d6-9caf-a49412e5e866","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":98,"box":{"x":76,"y":790,"width":889,"height":11}},{"id":"e6af5ea7-b8f2-4f1b-9516-33e0d964dbc4","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":98,"box":{"x":76,"y":804,"width":880,"height":11}},{"id":"2d1e8c96-f4fd-4da2-befc-be8859c8f9c3","block_type":"box","text":"following, any of which may have an adverse impact on a Fund:","page_number":98,"box":{"x":76,"y":819,"width":402,"height":10}},{"id":"5c9bc8a2-ed1e-4e9d-9624-985be2cc861a","block_type":"box","text":"Less liquid markets, which may make valuing securities more difficult;","page_number":98,"box":{"x":114,"y":837,"width":445,"height":10}},{"id":"d7fafa4e-df85-4c09-b905-2c7d284af383","block_type":"box","text":"Greater market volatility;","page_number":98,"box":{"x":113,"y":855,"width":158,"height":10}},{"id":"6b0c4cd2-7cb5-4f67-a35f-7be437ae5e36","block_type":"box","text":"Government intervention in issuers’ operations or structure;","page_number":98,"box":{"x":113,"y":873,"width":383,"height":10}},{"id":"653ed8a9-4b44-45f3-963e-6436a45c355d","block_type":"box","text":"12","page_number":98,"box":{"x":524,"y":921,"width":11,"height":8}},{"id":"42bf1e65-5df1-4e1e-8084-dac421f0c8fa","block_type":"box","text":"Government expropriation or nationalization of assets;","page_number":99,"box":{"x":113,"y":23,"width":348,"height":11}},{"id":"09f4feae-03d4-4be0-9002-ec3aad2bfb9e","block_type":"box","text":"Exchange rate fluctuations and currency controls;","page_number":99,"box":{"x":114,"y":41,"width":316,"height":11}},{"id":"fae13b5d-69a6-4724-bf91-ab266b4b190a","block_type":"box","text":"Limitations on the foreign ownership of securities;","page_number":99,"box":{"x":114,"y":59,"width":319,"height":11}},{"id":"87084127-cade-4e31-b2f1-d14b287e70d4","block_type":"box","text":"Imposition of withholding or other taxes;","page_number":99,"box":{"x":114,"y":77,"width":257,"height":11}},{"id":"acbb0bf9-96e1-4477-a547-d8a16a1b1997","block_type":"box","text":"Restrictions on the repatriation of capital;","page_number":99,"box":{"x":114,"y":95,"width":265,"height":11}},{"id":"f5f1070e-b4e8-4012-97fd-62faa5c53ce4","block_type":"box","text":"Higher transaction and custody costs;","page_number":99,"box":{"x":114,"y":113,"width":241,"height":11}},{"id":"6be4e343-1ef2-45fe-b3f7-1362b5d800fb","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":99,"box":{"x":114,"y":131,"width":852,"height":11}},{"id":"8de05c2e-c2d6-4237-ae50-1da97de19b6e","block_type":"box","text":"engage in portfolio transactions;","page_number":99,"box":{"x":113,"y":146,"width":206,"height":10}},{"id":"6297010f-5ee9-48c0-a8d7-f79af934d2d4","block_type":"box","text":"Less regulation of the securities and other financial markets;","page_number":99,"box":{"x":114,"y":164,"width":386,"height":10}},{"id":"711a72aa-3262-429a-a90b-b9c44b004df2","block_type":"box","text":"Less availability of public information about issuers;","page_number":99,"box":{"x":114,"y":182,"width":329,"height":11}},{"id":"255de651-496b-4893-908f-06b2c4278dd6","block_type":"box","text":"Weaker accounting, audit, disclosure and financial reporting requirements and the risk of being delisted from U.S. exchanges;","page_number":99,"box":{"x":113,"y":200,"width":803,"height":11}},{"id":"ef55d7de-5810-4ce3-bc83-760d8b39da74","block_type":"box","text":"Difficulties in enforcing contractual obligations; and","page_number":99,"box":{"x":114,"y":218,"width":328,"height":11}},{"id":"ef406f26-6a44-49d7-9025-7bc30115fdc4","block_type":"box","text":"Legal principles relating to corporate governance, directors’ fiduciary duties and liabilities, and shareholder rights that are less robust","page_number":99,"box":{"x":114,"y":236,"width":853,"height":11}},{"id":"7dab0db7-deed-4255-8432-631df458ea4b","block_type":"box","text":"than those that apply in the U.S.","page_number":99,"box":{"x":113,"y":250,"width":205,"height":11}},{"id":"bf489a35-32ae-4e20-9beb-98de154fbff3","block_type":"box","text":"Withholding Tax Reclaims Risk","page_number":99,"box":{"x":77,"y":273,"width":188,"height":11}},{"id":"c77e742d-633a-4383-8d72-3ef3a14fe1c4","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":99,"box":{"x":265,"y":273,"width":674,"height":11}},{"id":"ad6dfb88-39dc-439e-8f08-0ff16249c634","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":99,"box":{"x":76,"y":287,"width":905,"height":11}},{"id":"683d373d-612d-495b-8d90-2861a322666c","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":99,"box":{"x":76,"y":302,"width":898,"height":10}},{"id":"b6fbe5ab-ad86-4fea-b18e-789370aa8114","block_type":"box","text":"on a continuous assessment of the probability of recovery, the Fund’s NAV generally includes accruals for such tax refunds. Funds continue","page_number":99,"box":{"x":76,"y":316,"width":892,"height":11}},{"id":"84bf6a3d-4c62-4efc-895b-721eeb067f94","block_type":"box","text":"to evaluate tax developments for potential impact to the probability of recovery. If the likelihood of receiving a tax refund materially","page_number":99,"box":{"x":76,"y":330,"width":840,"height":11}},{"id":"db3bcfb3-7f18-40f2-8160-9a8011c277b7","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":99,"box":{"x":76,"y":344,"width":901,"height":11}},{"id":"85f275c4-feb4-432f-b32b-385c1f288abf","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":99,"box":{"x":76,"y":358,"width":897,"height":11}},{"id":"7133753b-d386-42d2-ae75-3d712ad5e07f","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":99,"box":{"x":77,"y":372,"width":882,"height":11}},{"id":"841d10ab-5053-4c94-9b89-f9e4d1fa2575","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":99,"box":{"x":76,"y":387,"width":906,"height":11}},{"id":"f158d062-08ca-4a98-9151-d7ffdccca3f1","block_type":"box","text":"NAV. Investors who sold their shares prior to such time will not benefit from any such NAV increase.","page_number":99,"box":{"x":77,"y":401,"width":636,"height":11}},{"id":"347dfba4-3a4c-42b2-b3f8-e75822011037","block_type":"box","text":"Operational and Technology Risks.","page_number":99,"box":{"x":76,"y":424,"width":239,"height":11}},{"id":"29ad1f80-6933-45ca-bee6-b3281819897d","block_type":"box","text":"A Fund and the entities with which it interacts directly or indirectly are susceptible to operational and","page_number":99,"box":{"x":320,"y":424,"width":648,"height":11}},{"id":"63c958c5-ea26-43da-8290-ad1f21d8af01","block_type":"box","text":"technology risks, including those related to human errors, processing errors, communication errors, systems failures, cybersecurity","page_number":99,"box":{"x":76,"y":438,"width":842,"height":11}},{"id":"c3dd9d81-9722-4004-938d-2db5920a61e3","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":99,"box":{"x":76,"y":452,"width":877,"height":11}},{"id":"5d764c50-4171-4724-a127-2e0e4f178c15","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":99,"box":{"x":76,"y":467,"width":844,"height":10}},{"id":"bbcf1bdc-a4fc-4349-8ab8-0faf3cf4d2e8","block_type":"box","text":"providers (e.g., index and benchmark providers, accountants, custodians, and transfer agents), financial intermediaries, counterparties,","page_number":99,"box":{"x":76,"y":481,"width":866,"height":11}},{"id":"b475c36b-0124-4fac-ac4f-bfa657592923","block_type":"box","text":"market makers, Authorized Participants, listing exchanges, other financial market operators, and governmental authorities. Operational and","page_number":99,"box":{"x":76,"y":495,"width":892,"height":11}},{"id":"94ff4297-1d0e-4689-98bb-9039b6265357","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":99,"box":{"x":76,"y":509,"width":889,"height":11}},{"id":"c8a3c6ea-2b63-46cc-a596-4f56896c2deb","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":99,"box":{"x":76,"y":523,"width":870,"height":11}},{"id":"a018628f-41d4-41a5-96ae-e9801f95a24d","block_type":"box","text":"risks.","page_number":99,"box":{"x":77,"y":538,"width":32,"height":8}},{"id":"b13721e9-9a2e-4cc1-9375-99fd8fd59811","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":99,"box":{"x":76,"y":561,"width":895,"height":11}},{"id":"3abd02fb-a0a8-46d1-b12d-e6fa8ab3d427","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":99,"box":{"x":76,"y":575,"width":878,"height":11}},{"id":"b6aef1f5-e0a4-49e5-a4da-4f7b71da3456","block_type":"box","text":"information, corrupting or destroying data, and causing operational disruption. Geopolitical tension may increase the scale and sophistication","page_number":99,"box":{"x":76,"y":589,"width":905,"height":11}},{"id":"9771b216-9eb9-4446-bebb-ff9f19a4b6d4","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":99,"box":{"x":76,"y":603,"width":885,"height":11}},{"id":"83760ab3-f4c5-465d-88ec-db51ba2183a3","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":99,"box":{"x":76,"y":617,"width":828,"height":11}},{"id":"1244d3b6-386a-4f28-81ea-4dcb8bb30f3d","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":99,"box":{"x":76,"y":632,"width":898,"height":10}},{"id":"5a07cfc2-8c58-4060-a795-f7414feb54bd","block_type":"box","text":"its service providers to transact business; violations of applicable privacy and other laws; regulatory fines; penalties; reputational damage;","page_number":99,"box":{"x":76,"y":646,"width":884,"height":11}},{"id":"a1920e6f-d442-443c-be05-80d60eeaf951","block_type":"box","text":"reimbursement or other compensation costs; and other legal and compliance expenses. Furthermore, cybersecurity incidents may render","page_number":99,"box":{"x":77,"y":660,"width":880,"height":11}},{"id":"7aace377-b04e-4e43-be3a-c142bcc7edbf","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":99,"box":{"x":77,"y":674,"width":898,"height":11}},{"id":"72b1e70d-a7fe-459e-839d-017c2fb70233","block_type":"box","text":"a Fund’s functioning, inaccessible, inaccurate or incomplete. Power outages, natural disasters, equipment malfunctions and processing","page_number":99,"box":{"x":76,"y":688,"width":866,"height":11}},{"id":"a5375a03-92d9-4861-8de1-3d265114ff59","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":99,"box":{"x":76,"y":702,"width":906,"height":11}},{"id":"16ff4380-c951-4e96-a1ad-0c91f4a5234a","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":99,"box":{"x":76,"y":717,"width":904,"height":11}},{"id":"e656471a-cde1-4ea8-9ec1-62523b89b276","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":99,"box":{"x":76,"y":731,"width":885,"height":11}},{"id":"dbfd85db-22cb-423c-ab71-87a17afa88a1","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":99,"box":{"x":77,"y":745,"width":872,"height":11}},{"id":"845d35a5-8a49-4bdd-b651-e87e8992f432","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":99,"box":{"x":76,"y":759,"width":855,"height":11}},{"id":"ce94bfdd-4fc6-40bd-ab7c-c0179e54b5bd","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":99,"box":{"x":76,"y":773,"width":857,"height":11}},{"id":"6beadaa7-b9ce-42a8-95b2-01554328e15c","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":99,"box":{"x":76,"y":788,"width":897,"height":10}},{"id":"54f3c625-12bf-474d-bad7-0663f3396ff4","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":99,"box":{"x":76,"y":802,"width":886,"height":11}},{"id":"10cd5e7e-4f63-4aef-9500-2a4dea17bba5","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":99,"box":{"x":76,"y":816,"width":876,"height":11}},{"id":"7645075d-bc43-497b-884a-c11bfc0f216f","block_type":"box","text":"anticipate the full scope of future AI capabilities or rules and the associated risks to a Fund.","page_number":99,"box":{"x":76,"y":830,"width":585,"height":11}},{"id":"e4f82b34-4480-4297-96e7-e0bb949b4fb6","block_type":"box","text":"While a Fund’s service providers are required to have appropriate operational, information security and cybersecurity risk management","page_number":99,"box":{"x":76,"y":853,"width":864,"height":11}},{"id":"2abc8933-b575-4d52-87d2-9858b85ad215","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":99,"box":{"x":76,"y":868,"width":889,"height":10}},{"id":"9e205611-0813-4ac9-8e5f-be0d75885755","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":99,"box":{"x":77,"y":882,"width":839,"height":11}},{"id":"73843c93-f789-4890-b3c5-e5f248aaa396","block_type":"box","text":"13","page_number":99,"box":{"x":524,"y":921,"width":12,"height":8}},{"id":"6802f06a-836b-4def-9d3a-47bc8c54265b","block_type":"box","text":"procedures and oversight, including establishing business continuity plans and risk management systems. However, there are inherent","page_number":100,"box":{"x":76,"y":23,"width":862,"height":11}},{"id":"608825f0-95df-419f-84e6-c12a0f7b8de0","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":100,"box":{"x":77,"y":37,"width":863,"height":11}},{"id":"0a891648-b868-452c-b488-def673533f15","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":100,"box":{"x":76,"y":51,"width":871,"height":11}},{"id":"994c986d-2297-473e-a2ed-30197c14a82f","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":100,"box":{"x":76,"y":66,"width":895,"height":10}},{"id":"7e1eada5-49eb-4c85-99d7-c919eb8dd855","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":100,"box":{"x":76,"y":80,"width":882,"height":11}},{"id":"f353b61d-d6c3-4092-b2bc-44fc2cf5adcb","block_type":"box","text":"invests or its service providers, counterparties, and other third parties whose activities affect the Fund.","page_number":100,"box":{"x":76,"y":94,"width":659,"height":11}},{"id":"fa23f0d9-62b4-4b11-bbe9-fb089619c255","block_type":"box","text":"Lastly, the regulatory climate governing cybersecurity and data protection is developing quickly and may vary considerably across","page_number":100,"box":{"x":77,"y":117,"width":830,"height":11}},{"id":"3145ed22-1b5b-4c1c-8d65-27cc0659081f","block_type":"box","text":"jurisdictions. Regulators continue to develop new rules and standards related to cybersecurity and data protection. Compliance with evolving","page_number":100,"box":{"x":75,"y":131,"width":905,"height":11}},{"id":"14a891a3-a390-484c-8cdf-c95bf109e338","block_type":"box","text":"regulations can be demanding and costly, requiring substantial resources to monitor and implement required changes.","page_number":100,"box":{"x":77,"y":146,"width":756,"height":10}},{"id":"4364f0b7-3c88-4072-94fd-94f2ffd90bdc","block_type":"box","text":"Ownership Limitations Risk.","page_number":100,"box":{"x":76,"y":169,"width":195,"height":11}},{"id":"a55b6608-1263-42b2-bbb5-871a358320fe","block_type":"box","text":"If certain aggregate and/or fund-level ownership thresholds are reached through transactions undertaken by","page_number":100,"box":{"x":277,"y":169,"width":697,"height":11}},{"id":"835e91e4-35c9-40e1-8132-11a91415783d","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":100,"box":{"x":77,"y":183,"width":900,"height":11}},{"id":"d0fc1f7a-a21a-4d6d-bd7f-b503baeb7244","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":100,"box":{"x":76,"y":197,"width":851,"height":11}},{"id":"38c02582-0e8f-4151-aef7-ac6d7549e8d8","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":100,"box":{"x":77,"y":211,"width":866,"height":11}},{"id":"e40a788c-fbcb-4f92-a668-89e5daa72821","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":100,"box":{"x":76,"y":226,"width":903,"height":10}},{"id":"9ca33cb6-4095-4132-9ccc-6a6052729803","block_type":"box","text":"holdings.","page_number":100,"box":{"x":77,"y":240,"width":55,"height":11}},{"id":"13c90519-34c8-479b-a496-6a09329d122d","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":100,"box":{"x":77,"y":263,"width":851,"height":11}},{"id":"83208194-7cfd-4c0b-8e7b-b0f0419a6baf","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":100,"box":{"x":76,"y":277,"width":890,"height":11}},{"id":"55b16b97-1a4a-409c-b70e-aabebbf7836b","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":100,"box":{"x":76,"y":291,"width":870,"height":11}},{"id":"58241a44-cc80-4e1c-9c3a-1fb34f586fea","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":100,"box":{"x":76,"y":305,"width":884,"height":11}},{"id":"ee86b464-332f-4c97-af96-426afe23bd43","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":100,"box":{"x":76,"y":320,"width":906,"height":10}},{"id":"43e6799b-00ae-4e4f-bfda-7b405fe77ec4","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":100,"box":{"x":76,"y":334,"width":886,"height":11}},{"id":"2b7ec753-b64c-46d3-bc80-e74d84a49543","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":100,"box":{"x":76,"y":348,"width":896,"height":11}},{"id":"64d79ce2-d3ab-45c6-86d6-abb409efad6a","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":100,"box":{"x":76,"y":371,"width":885,"height":11}},{"id":"3d152e46-1fbb-4408-abcb-170d725942bf","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":100,"box":{"x":76,"y":385,"width":854,"height":11}},{"id":"3a7d8763-11fa-4f3d-bbea-cab8f00cbf2d","block_type":"box","text":"disapproval that was obtained.","page_number":100,"box":{"x":76,"y":400,"width":195,"height":10}},{"id":"6f2e2253-c3df-43ab-bcae-363116d8b9e0","block_type":"box","text":"Real Estate Companies Risk.","page_number":100,"box":{"x":77,"y":423,"width":196,"height":11}},{"id":"6e30f359-eacc-41e7-acaa-f444c43c0979","block_type":"box","text":"Real estate companies, which include real estate investment trusts, real estate holding and operating","page_number":100,"box":{"x":279,"y":423,"width":649,"height":11}},{"id":"5fb39678-b48c-4b49-a54c-0c31ed321aac","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":100,"box":{"x":76,"y":437,"width":903,"height":11}},{"id":"63d0fc1e-cae4-4ce4-bfc8-9d1a6ce75d5b","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":100,"box":{"x":76,"y":451,"width":883,"height":11}},{"id":"052de09c-6776-41b6-8a65-7d6f24c05075","block_type":"box","text":"and other governmental actions, including tax increases, zoning changes and other usage restrictions, environmental regulations, regulatory","page_number":100,"box":{"x":76,"y":465,"width":897,"height":11}},{"id":"929da4ad-6b9c-454e-be13-ad98744071f1","block_type":"box","text":"limitations on rent or eviction, and eminent domain.","page_number":100,"box":{"x":77,"y":480,"width":329,"height":10}},{"id":"7a96bd05-6042-4474-a772-5208fdb9887e","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":100,"box":{"x":77,"y":503,"width":897,"height":11}},{"id":"8ec4a5fc-1e59-4152-84b6-17190bc4c5c8","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":100,"box":{"x":77,"y":517,"width":900,"height":11}},{"id":"eaa920f2-6b2a-452c-8a90-fdd1bedfa151","block_type":"box","text":"or property type. Economic downturns or other adverse events (","page_number":100,"box":{"x":76,"y":531,"width":409,"height":11}},{"id":"a3f98bcb-b64e-4314-8058-0441c323948b","block_type":"box","text":"e.g.","page_number":100,"box":{"x":487,"y":533,"width":20,"height":9}},{"id":"cf247b18-7fa0-4b9d-b18b-b466e46641f2","block_type":"box","text":", natural disasters) that affect a particular region, industry or property","page_number":100,"box":{"x":510,"y":531,"width":446,"height":11}},{"id":"36ac14be-b30a-4880-a1ea-1934f5f5ccfd","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":100,"box":{"x":76,"y":545,"width":891,"height":11}},{"id":"c5cd35ce-9a55-48a7-beac-1a666ecb2194","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":100,"box":{"x":76,"y":559,"width":882,"height":11}},{"id":"5c650a81-0311-4bf7-b5b3-f0fc05114648","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":100,"box":{"x":76,"y":574,"width":858,"height":10}},{"id":"b8fe40d8-b730-43f8-a7ec-c1958f110e98","block_type":"box","text":"response to economic conditions or other events.","page_number":100,"box":{"x":77,"y":588,"width":316,"height":11}},{"id":"3fb1a8a4-ea77-4242-9b96-edf844ec045e","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":100,"box":{"x":77,"y":611,"width":900,"height":11}},{"id":"99ff4bc7-a024-4dc1-aaf6-3d79de2a92c3","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":100,"box":{"x":77,"y":625,"width":881,"height":11}},{"id":"cc9747e3-93f3-425c-b014-a269afc21be6","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":100,"box":{"x":76,"y":639,"width":867,"height":11}},{"id":"79a32557-1530-49b8-9fa3-2f132b5429ae","block_type":"box","text":"redeployment of capital in less desirable investments.","page_number":100,"box":{"x":77,"y":654,"width":343,"height":10}},{"id":"fe92decf-e70d-4ded-9a41-025c9d107dcc","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":100,"box":{"x":76,"y":677,"width":875,"height":11}},{"id":"a6490870-3369-4c33-a71b-5d47753c8702","block_type":"box","text":"economic consequences for the company and its investors, including a Fund.","page_number":100,"box":{"x":76,"y":691,"width":492,"height":11}},{"id":"b240c37e-abf6-4df9-9c73-89e19bb589c8","block_type":"box","text":"Reliance on Trading Partners Risk.","page_number":100,"box":{"x":77,"y":714,"width":235,"height":11}},{"id":"f8f1891a-eaed-4396-834e-3da4ee032822","block_type":"box","text":"The economies of some countries or regions depend on trading with certain key trading partners. A","page_number":100,"box":{"x":317,"y":714,"width":636,"height":11}},{"id":"2da39519-304b-47f3-9a86-0e0ceb16d0f4","block_type":"box","text":"reduction in spending on the products and services of these countries or regions, the institution of tariffs or other trade barriers by a key","page_number":100,"box":{"x":77,"y":728,"width":873,"height":11}},{"id":"0d279097-bf49-4167-a7ed-9d6c4c130256","block_type":"box","text":"trading partner or a slowdown in the economy of a key trading partner may cause an adverse impact on the economies of such countries or","page_number":100,"box":{"x":76,"y":742,"width":893,"height":11}},{"id":"48c62f8d-7c38-47e9-bd77-2d97358e8947","block_type":"box","text":"regions and may negatively impact the performance of a Fund with exposure to those countries or regions.","page_number":100,"box":{"x":77,"y":757,"width":681,"height":10}},{"id":"b100447c-e6b3-4440-8b03-57563da69f9f","block_type":"box","text":"Risk of Investing in Australia.","page_number":100,"box":{"x":77,"y":780,"width":202,"height":11}},{"id":"fec654f1-2429-4401-af48-f726b5fab557","block_type":"box","text":"Investing in Australian issuers involves legal, regulatory, political, currency, security, and economic risks that","page_number":100,"box":{"x":285,"y":780,"width":696,"height":11}},{"id":"0e1e1190-2ac6-45bc-8017-6354f7227aa2","block_type":"box","text":"are specific to Australia. The Australian economy depends heavily on exports from the energy, agricultural and mining sectors and, as a","page_number":100,"box":{"x":76,"y":794,"width":864,"height":11}},{"id":"f93ee362-506f-42f8-a10d-6ce14bad8a6a","block_type":"box","text":"result, is susceptible to fluctuations in the commodity markets. The Australian economy also increasingly depends on its growing services","page_number":100,"box":{"x":77,"y":808,"width":880,"height":11}},{"id":"198bad29-0943-4465-95e4-d1b093efb422","block_type":"box","text":"industry. Intensifying natural disasters in Australia, including drought and bushfires, could adversely impact the value of investments in","page_number":100,"box":{"x":76,"y":822,"width":861,"height":11}},{"id":"ac1d0c8d-0db6-47f4-8ef4-99edf679181e","block_type":"box","text":"Australian issuers. The Australian economy depends on trading with key trading partners, including China, Japan, South Korea, the U.S., and","page_number":100,"box":{"x":76,"y":837,"width":893,"height":10}},{"id":"56023a60-5f46-41ea-b476-701d8cc9c87f","block_type":"box","text":"certain European countries. Reduced spending by any of these trading partners on Australian products and services, or negative changes in","page_number":100,"box":{"x":76,"y":851,"width":892,"height":11}},{"id":"79b3dfb3-a9a2-4689-8473-95d38881079b","block_type":"box","text":"any of these economies, may have an adverse impact on the Australian economy. Economic events in key trading countries can have a","page_number":100,"box":{"x":76,"y":865,"width":861,"height":11}},{"id":"69d87da5-6f19-4fba-a497-7fbb361df182","block_type":"box","text":"significant effect on the Australian economy.","page_number":100,"box":{"x":76,"y":879,"width":285,"height":11}},{"id":"eed357b2-86ea-4e27-85ac-c728b626bdba","block_type":"box","text":"14","page_number":100,"box":{"x":524,"y":921,"width":12,"height":8}},{"id":"1737ca11-5e55-4598-904e-def3b9659ce0","block_type":"box","text":"Risk of Investing in China.","page_number":101,"box":{"x":77,"y":23,"width":178,"height":11}},{"id":"784dca38-370e-4c6c-ac47-b08a8470a156","block_type":"box","text":"Investments in Chinese securities, including certain Hong Kong-listed and U.S.-listed securities, subject a Fund","page_number":101,"box":{"x":261,"y":23,"width":711,"height":11}},{"id":"50c7393e-0362-4da4-9136-5c92e01e2cf8","block_type":"box","text":"to risks specific to China. China is subject to a considerable degree of economic, political and social instability.","page_number":101,"box":{"x":76,"y":37,"width":708,"height":11}},{"id":"b8ca9158-f23b-4f87-b82f-e3c1baf8b72a","block_type":"box","text":"Political and Social Risk.","page_number":101,"box":{"x":76,"y":61,"width":151,"height":8}},{"id":"f982e168-1d10-49d5-a82a-5818d35b9043","block_type":"box","text":"The Chinese government is authoritarian and has periodically used force to suppress civil dissent. Disparities of","page_number":101,"box":{"x":233,"y":61,"width":713,"height":10}},{"id":"96e18c9f-a144-48e9-8530-9cf8d5bba7f8","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":101,"box":{"x":76,"y":75,"width":839,"height":11}},{"id":"6e9bbaa5-91a3-45f9-aae9-491c24a54dd3","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":101,"box":{"x":76,"y":89,"width":888,"height":11}},{"id":"f792116c-3fa2-4901-b31e-4fb3d428c2a0","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":101,"box":{"x":76,"y":103,"width":892,"height":11}},{"id":"6f53fa6d-dcb1-4c51-9214-2c3223c0f20b","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":101,"box":{"x":77,"y":117,"width":873,"height":11}},{"id":"32681abc-ff02-41ce-bc7c-7da435cfd8aa","block_type":"box","text":"result in sudden and significant investment losses. China’s income inequality, rapidly aging population and significant environmental issues","page_number":101,"box":{"x":77,"y":131,"width":888,"height":11}},{"id":"07c00f96-047f-4d4a-92e7-2d559a1e4ab2","block_type":"box","text":"also are factors that may affect the Chinese economy.","page_number":101,"box":{"x":76,"y":146,"width":345,"height":10}},{"id":"4ceb9b96-8818-4adb-bfc4-8207955a3c9f","block_type":"box","text":"Government Control and Regulations.","page_number":101,"box":{"x":76,"y":169,"width":234,"height":11}},{"id":"e73905ab-316e-432d-8d63-d0f357707c73","block_type":"box","text":"Despite the Chinese government’s implementation of economic and market reforms in recent decades,","page_number":101,"box":{"x":317,"y":169,"width":659,"height":11}},{"id":"2c468fe5-87e8-4ce7-9b86-bf782723b73d","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":101,"box":{"x":76,"y":183,"width":889,"height":11}},{"id":"1289f338-6a9e-4fb2-9eab-259db3758fbe","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":101,"box":{"x":77,"y":197,"width":898,"height":11}},{"id":"2bbd7493-3f60-4884-9992-356e002133e3","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":101,"box":{"x":76,"y":211,"width":894,"height":11}},{"id":"cdd6b106-f283-4aee-8590-d3149e8c4856","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":101,"box":{"x":76,"y":226,"width":855,"height":10}},{"id":"3d722f04-dbba-4325-93b3-a332e168cb62","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":101,"box":{"x":76,"y":240,"width":880,"height":11}},{"id":"a89ec2e2-ab95-4e95-8eef-46ee72b28209","block_type":"box","text":"Chinese economy and a Fund’s investments. Chinese markets generally continue to experience inefficiency, lack of publicly available","page_number":101,"box":{"x":76,"y":254,"width":850,"height":11}},{"id":"21781ce8-6aed-4c13-9f7d-f156062f5673","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":101,"box":{"x":76,"y":268,"width":893,"height":11}},{"id":"224e553f-fe44-4bfe-95e9-13aa9019bd7b","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":101,"box":{"x":76,"y":282,"width":905,"height":11}},{"id":"adadae3d-47dd-411e-a5a1-c4dd7252c5ad","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":101,"box":{"x":76,"y":296,"width":778,"height":11}},{"id":"d1b3ca6c-c1a1-494e-ae5a-b8f6662180be","block_type":"box","text":"Economic Risk.","page_number":101,"box":{"x":76,"y":320,"width":94,"height":8}},{"id":"49acb565-d8f1-43d6-b3c3-a9a522abfca0","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":101,"box":{"x":176,"y":320,"width":766,"height":10}},{"id":"84369712-b492-445f-b80b-8ec3878fd55c","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":101,"box":{"x":76,"y":334,"width":887,"height":11}},{"id":"9f7680aa-62a9-436b-bfaa-828eb9f433fb","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":101,"box":{"x":76,"y":348,"width":869,"height":11}},{"id":"f68c94e8-545b-40bd-9e2f-d27a5d2436c5","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":101,"box":{"x":76,"y":362,"width":893,"height":11}},{"id":"bc080391-a6a6-47b8-ad3c-65ced33feaa1","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":101,"box":{"x":76,"y":376,"width":871,"height":11}},{"id":"c6d6dba9-4649-4f25-8d60-27b5a323207d","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":101,"box":{"x":76,"y":391,"width":881,"height":10}},{"id":"5c032028-8111-41c1-a113-e32f0f9ddab8","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":101,"box":{"x":76,"y":405,"width":876,"height":11}},{"id":"d56fdafd-9dfe-4bf9-a73a-b41fabd77444","block_type":"box","text":"may occur.","page_number":101,"box":{"x":76,"y":421,"width":69,"height":9}},{"id":"94c1991a-dd11-4a5c-86fa-4144f84c6d33","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":101,"box":{"x":77,"y":442,"width":840,"height":11}},{"id":"b60a53f2-dc95-455f-882b-68f0ab0b6529","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":101,"box":{"x":77,"y":456,"width":872,"height":11}},{"id":"97f296c6-6bb0-466f-af5c-5e1e2fe1f938","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":101,"box":{"x":76,"y":470,"width":848,"height":11}},{"id":"4ade9d90-a79e-4149-bca4-b8e4287755d3","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":101,"box":{"x":76,"y":485,"width":893,"height":10}},{"id":"287798e7-9a36-4343-a1a5-187a8c222936","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":101,"box":{"x":76,"y":499,"width":898,"height":11}},{"id":"d52b1a03-387d-45c7-94e8-2012712ce434","block_type":"box","text":"Chinese financial markets or securities exchanges could interfere with orderly trading, delay settlement or cause market disruptions. A","page_number":101,"box":{"x":76,"y":513,"width":863,"height":11}},{"id":"c0de2bd2-9d58-4463-8a65-701dcadd78c4","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":101,"box":{"x":77,"y":527,"width":897,"height":11}},{"id":"07e7cdbc-4e93-4d32-9c22-3944ff4c506e","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":101,"box":{"x":76,"y":541,"width":884,"height":11}},{"id":"cd8247a8-2e25-4364-ab3f-f387f935833d","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":101,"box":{"x":76,"y":556,"width":905,"height":10}},{"id":"b02f5907-943e-4c78-9877-6fa3a9c8416e","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":101,"box":{"x":76,"y":570,"width":893,"height":11}},{"id":"3f0af2a5-618c-4152-83b9-cc6c6cc22343","block_type":"box","text":"exporting of its excess industrial capacity and overall approach to economic management.","page_number":101,"box":{"x":76,"y":584,"width":578,"height":11}},{"id":"94c7b686-3af1-4c46-9829-c0e5118e0645","block_type":"box","text":"Expropriation Risk.","page_number":101,"box":{"x":76,"y":607,"width":116,"height":11}},{"id":"55f4479f-e4ea-4e75-922b-1c67ffe8984e","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":101,"box":{"x":198,"y":607,"width":781,"height":11}},{"id":"8ea3aeff-c5ed-4190-b1ab-dd976608829d","block_type":"box","text":"to expropriation, nationalization, confiscation of assets and property or the imposition of restrictions on foreign investments and on","page_number":101,"box":{"x":76,"y":621,"width":841,"height":11}},{"id":"62624947-9486-4f21-b155-c082416b4daa","block_type":"box","text":"repatriation of capital invested.","page_number":101,"box":{"x":77,"y":635,"width":198,"height":11}},{"id":"1bd0a95f-0993-4b0c-a493-49f008cb4b5d","block_type":"box","text":"Security Risk.","page_number":101,"box":{"x":76,"y":659,"width":83,"height":10}},{"id":"31a1b9c6-25ea-4e2c-9b15-9f4abb9a1106","block_type":"box","text":"China has strained international relations with Taiwan, Japan, the Philippines, India, and other neighbors due to territorial","page_number":101,"box":{"x":166,"y":659,"width":770,"height":11}},{"id":"150ca460-df5c-4a49-9a89-25f63a813a69","block_type":"box","text":"disputes, historical animosities, defense concerns and other security concerns. China has a complex territorial dispute regarding the","page_number":101,"box":{"x":76,"y":673,"width":848,"height":11}},{"id":"cd66b264-da55-46a8-839f-e9dcca7ed499","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":101,"box":{"x":76,"y":687,"width":898,"height":11}},{"id":"cd5fee6b-298e-4e3e-8104-5d3fd2bcbbe2","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":101,"box":{"x":76,"y":701,"width":886,"height":11}},{"id":"318de6ae-fa96-4bb4-84dd-6808a8395dfa","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":101,"box":{"x":76,"y":715,"width":879,"height":11}},{"id":"f461e966-8470-45f6-a084-3c49c3ddbdf0","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":101,"box":{"x":76,"y":730,"width":887,"height":10}},{"id":"4f0d303d-b6c0-4454-a097-f59599493770","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":101,"box":{"x":76,"y":744,"width":883,"height":11}},{"id":"f34ba19d-7e97-4721-a7db-69bcd1c4c906","block_type":"box","text":"risk of escalation potentially leading to military conflict.","page_number":101,"box":{"x":77,"y":758,"width":353,"height":11}},{"id":"057dab00-bac5-4fe0-8c99-f1e53358f27e","block_type":"box","text":"Additionally, China is alleged to have participated in state-sponsored cyberattacks against foreign companies and foreign governments.","page_number":101,"box":{"x":76,"y":781,"width":866,"height":11}},{"id":"8db02396-81b1-45e2-acae-448d33723647","block_type":"box","text":"Actual and threatened responses to such activity and strained international relations, including purchasing restrictions, sanctions, export","page_number":101,"box":{"x":76,"y":795,"width":876,"height":11}},{"id":"9ae192f7-728a-4e77-be15-c2789b7072c3","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":101,"box":{"x":76,"y":809,"width":871,"height":11}},{"id":"486b07a2-3e4a-4c0b-8280-83e9178a38e5","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":101,"box":{"x":76,"y":824,"width":891,"height":10}},{"id":"a5a11a1a-60ed-4050-8be6-8a83662e00ec","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":101,"box":{"x":76,"y":838,"width":863,"height":11}},{"id":"c45f8d4c-6e57-485c-8a79-8e6f81e28620","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":101,"box":{"x":76,"y":852,"width":855,"height":11}},{"id":"ef6778eb-79fd-4fbe-ac82-85b3132a4519","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":101,"box":{"x":76,"y":866,"width":893,"height":11}},{"id":"ffe7ff85-3348-4dbe-92e0-ab1c8eaecba8","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":101,"box":{"x":77,"y":880,"width":879,"height":11}},{"id":"6261299a-8725-4699-9c8a-a6e69265f197","block_type":"box","text":"15","page_number":101,"box":{"x":524,"y":921,"width":11,"height":8}},{"id":"8e4b62db-562f-4992-9ece-5a062a638b58","block_type":"box","text":"Chinese Equity Markets.","page_number":102,"box":{"x":76,"y":23,"width":151,"height":11}},{"id":"aa3489a4-f1c2-45d0-ba77-8189e1b3c194","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":102,"box":{"x":233,"y":23,"width":726,"height":11}},{"id":"efd2899f-dbfa-4597-bb32-981158cf4274","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":102,"box":{"x":76,"y":37,"width":889,"height":11}},{"id":"8fe20d75-8376-495d-a194-2b4218ca354f","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":102,"box":{"x":76,"y":51,"width":887,"height":11}},{"id":"76ed0c0f-5e1b-46ec-8a81-80cbb213fb44","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":102,"box":{"x":76,"y":66,"width":834,"height":11}},{"id":"c3124ec0-ccd4-4cd3-81c9-fa7de42540c4","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":102,"box":{"x":76,"y":80,"width":880,"height":11}},{"id":"9ae2deff-37dd-4147-abd3-00dbfe43835f","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":102,"box":{"x":77,"y":94,"width":905,"height":11}},{"id":"d546d996-9fe8-45fb-bf3e-bd57fbbb326a","block_type":"box","text":"volume and price volatility.","page_number":102,"box":{"x":76,"y":108,"width":170,"height":11}},{"id":"91be3ff0-3263-426e-9508-dae72ad2fae2","block_type":"box","text":"Hong Kong Political Risk.","page_number":102,"box":{"x":76,"y":131,"width":154,"height":11}},{"id":"c01703b4-62ec-49fe-a2c2-23c3c463d7f7","block_type":"box","text":"Hong Kong reverted to Chinese sovereignty on July 1, 1997 as a Special Administrative Region (“SAR”) of the","page_number":102,"box":{"x":237,"y":131,"width":692,"height":11}},{"id":"569bb84c-4fe9-46b6-acd5-c4d8de7b9af3","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":102,"box":{"x":77,"y":146,"width":887,"height":10}},{"id":"64a91cdb-56b0-4f0c-9111-dccb9d684eb9","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":102,"box":{"x":76,"y":160,"width":861,"height":11}},{"id":"2a640924-9a56-4406-9cd3-2683cf4652fd","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":102,"box":{"x":76,"y":174,"width":895,"height":11}},{"id":"d1677418-9542-4b03-b018-d9e3a83be568","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":102,"box":{"x":76,"y":188,"width":881,"height":11}},{"id":"a8fc2ddc-15bd-4ad8-b330-3719ccf6af18","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":102,"box":{"x":76,"y":202,"width":823,"height":11}},{"id":"54b9e030-4b1c-471a-8e55-dd7c9d333d3b","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":102,"box":{"x":76,"y":217,"width":853,"height":10}},{"id":"7b864fcc-9453-4501-98e9-ac587cf7abb6","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":102,"box":{"x":76,"y":231,"width":888,"height":11}},{"id":"92322e44-48c7-4264-8eed-8a7c271f3286","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":102,"box":{"x":76,"y":245,"width":838,"height":11}},{"id":"5e4fce9a-0b34-48a2-bdba-1f1e368a6dcf","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":102,"box":{"x":76,"y":259,"width":869,"height":11}},{"id":"2713734c-158d-4fa7-8164-a80d1e1d872d","block_type":"box","text":"Fund’s NAV because the NAV is denominated in U.S. dollars.","page_number":102,"box":{"x":77,"y":273,"width":384,"height":9}},{"id":"08398ea8-8c15-478c-9b0b-cb273980690c","block_type":"box","text":"Limited Information, Legal Remedies and VIE Structure Risk.","page_number":102,"box":{"x":76,"y":296,"width":376,"height":11}},{"id":"e5defcc9-7d57-44bd-afb2-4f4415553572","block_type":"box","text":"Chinese companies, including Chinese companies that are listed on U.S.","page_number":102,"box":{"x":459,"y":296,"width":462,"height":11}},{"id":"25eb16b4-4284-4ded-a8a9-881ecfcbf46b","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":102,"box":{"x":76,"y":311,"width":896,"height":10}},{"id":"f1b5068c-bade-40c7-8206-069124d4dd83","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":102,"box":{"x":76,"y":325,"width":855,"height":11}},{"id":"45a6fd35-7c9b-4615-bf67-54e7b97f7e61","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":102,"box":{"x":76,"y":339,"width":864,"height":11}},{"id":"19c8c7a8-6c15-4f86-8777-9843f0ae2155","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":102,"box":{"x":76,"y":353,"width":859,"height":11}},{"id":"08794218-0b1b-4c2a-a1d7-736c921abefb","block_type":"box","text":"significant obstacles to obtaining information necessary for investigations into or litigation against Chinese companies, and shareholders","page_number":102,"box":{"x":76,"y":367,"width":876,"height":11}},{"id":"f5a0b7b0-3869-4bc4-9582-cf3ea41b3e74","block_type":"box","text":"may have limited legal remedies. The Funds do not select investments based on investor protection considerations.","page_number":102,"box":{"x":76,"y":382,"width":738,"height":10}},{"id":"6a0eebbf-c78e-4811-9ba3-8f5525c2dc6e","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":102,"box":{"x":77,"y":405,"width":888,"height":11}},{"id":"7078d3c4-50ed-4bdd-87a0-4326c15ccca9","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":102,"box":{"x":77,"y":419,"width":869,"height":11}},{"id":"6b55a619-ec19-4324-94da-7624585b076a","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":102,"box":{"x":76,"y":433,"width":888,"height":11}},{"id":"104348f2-54ef-475d-a13f-4565a38c9a07","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":102,"box":{"x":76,"y":447,"width":858,"height":11}},{"id":"ec686b63-1c88-4e5b-b92e-fc8c2d13b1ef","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":102,"box":{"x":76,"y":461,"width":852,"height":11}},{"id":"4ddba63f-5fc8-4aa0-abe8-0a511e1dddf3","block_type":"box","text":"represent equity ownership in the operating company.","page_number":102,"box":{"x":77,"y":476,"width":344,"height":10}},{"id":"ac588237-c988-4618-9892-e6bab56cbb39","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":102,"box":{"x":76,"y":499,"width":888,"height":11}},{"id":"31b6b539-ffcc-4bfa-8e22-025acba7e654","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":102,"box":{"x":76,"y":513,"width":906,"height":11}},{"id":"2c389e50-c6e5-4f31-8e7f-46cfa4da9e42","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":102,"box":{"x":76,"y":527,"width":849,"height":11}},{"id":"ad1d6894-050a-49e3-ae4c-e810c35621c8","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":102,"box":{"x":76,"y":541,"width":890,"height":11}},{"id":"f566b8c7-f667-43cb-ae6b-ef66724926dd","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":102,"box":{"x":76,"y":556,"width":855,"height":10}},{"id":"6d0a8794-66fe-461f-9e1b-30c7a5d9647d","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":102,"box":{"x":76,"y":570,"width":898,"height":11}},{"id":"ad84e1fd-cde5-4faa-bccc-371ffe8440e3","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":102,"box":{"x":76,"y":584,"width":892,"height":11}},{"id":"eafeefcc-db84-4ab7-a78e-84b45384515c","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":102,"box":{"x":77,"y":598,"width":879,"height":11}},{"id":"710958a5-23cb-43e3-ad5c-1102cd2d93a4","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":102,"box":{"x":76,"y":612,"width":904,"height":11}},{"id":"99e1971b-2297-4935-a097-01c56b5cd102","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":102,"box":{"x":76,"y":626,"width":894,"height":11}},{"id":"11c5f43b-028a-433a-9d67-48e9e121b177","block_type":"box","text":"possibly permanent and/or total, losses to a Fund.","page_number":102,"box":{"x":76,"y":641,"width":324,"height":10}},{"id":"e296b117-be47-423a-ae7e-5697ea450631","block_type":"box","text":"Risk of Investing in Developed Countries.","page_number":102,"box":{"x":77,"y":664,"width":285,"height":11}},{"id":"17bd3618-0a8f-47b2-a673-24b78fdd6104","block_type":"box","text":"Investment in developed country issuers will subject a Fund to legal, regulatory, political,","page_number":102,"box":{"x":368,"y":664,"width":568,"height":11}},{"id":"b53a5058-90b5-40f3-8e08-33936260237e","block_type":"box","text":"currency, security, economic and other risks associated with developed countries. Developed countries generally tend to rely on services","page_number":102,"box":{"x":76,"y":678,"width":878,"height":11}},{"id":"724ed345-f68d-4831-92a6-de86f1138d6d","block_type":"box","text":"sectors (","page_number":102,"box":{"x":76,"y":692,"width":55,"height":11}},{"id":"d436853d-7353-456b-ab42-535abd3dc16c","block_type":"box","text":"e.g.,","page_number":102,"box":{"x":132,"y":695,"width":25,"height":8}},{"id":"910f43fc-8e3d-4575-b100-5b73d42ea39b","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":102,"box":{"x":163,"y":692,"width":817,"height":11}},{"id":"865712ca-2bc5-4c28-b44d-3586e9ab466b","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":102,"box":{"x":76,"y":706,"width":887,"height":11}},{"id":"bd10bcb5-22ca-431b-895a-341838e16d66","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":102,"box":{"x":76,"y":721,"width":884,"height":10}},{"id":"9cb5d142-bf48-40f0-93f3-a0b598d41126","block_type":"box","text":"areas in which a Fund invests have experienced strained international relations due to territorial disputes, historical animosities, defense","page_number":102,"box":{"x":76,"y":735,"width":874,"height":10}},{"id":"f8e33b48-1bed-4900-9a81-6ac8b5c798fa","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":102,"box":{"x":76,"y":749,"width":868,"height":11}},{"id":"49ba8344-00c0-4ad9-b276-2e0a38aa6fe0","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":102,"box":{"x":76,"y":763,"width":897,"height":11}},{"id":"620130a6-10f1-4637-ad46-7b5f027fb281","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":102,"box":{"x":77,"y":777,"width":899,"height":11}},{"id":"43eaf469-8742-4608-a043-7fbc1c94c940","block_type":"box","text":"prolonged periods of recession. Many developed countries are heavily indebted and face rising healthcare and retirement expenses. In","page_number":102,"box":{"x":76,"y":791,"width":860,"height":11}},{"id":"e1da2d9a-b912-4111-9799-95bab2d53a01","block_type":"box","text":"addition, price fluctuations of certain commodities and regulations impacting the import of commodities may negatively affect developed","page_number":102,"box":{"x":76,"y":806,"width":877,"height":10}},{"id":"de94285a-4cc0-43b7-b9e8-a020372fcc22","block_type":"box","text":"country economies.","page_number":102,"box":{"x":76,"y":820,"width":126,"height":11}},{"id":"ce7c3134-d70c-4fe8-985c-a9f4fa8d2ad4","block_type":"box","text":"Risk of Investing in Emerging Markets.","page_number":102,"box":{"x":77,"y":843,"width":266,"height":11}},{"id":"7843e916-a089-44cc-8870-7841a69c50f7","block_type":"box","text":"Investments in emerging market issuers may be subject to a greater risk of loss than investments","page_number":102,"box":{"x":349,"y":843,"width":625,"height":11}},{"id":"cbb9ea24-58c2-41ee-bdcc-a7673720fb65","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":102,"box":{"x":76,"y":857,"width":869,"height":11}},{"id":"9efb9d52-5ec9-4075-acd7-063ea23fd36d","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":102,"box":{"x":77,"y":871,"width":836,"height":11}},{"id":"1dde055f-013a-46db-a79a-694c2468cd0d","block_type":"box","text":"governmental limitations on foreign investments in emerging market countries than are typically found in more developed markets.","page_number":102,"box":{"x":76,"y":886,"width":838,"height":10}},{"id":"a6196e8a-27d1-4998-ba2a-d5a209d8c89a","block_type":"box","text":"16","page_number":102,"box":{"x":524,"y":921,"width":11,"height":8}},{"id":"67727d63-43a2-4f73-b4fc-2a10d0e0b981","block_type":"box","text":"Some emerging market countries may experience economic instability, including instability resulting from substantial rates of inflation or","page_number":103,"box":{"x":76,"y":23,"width":876,"height":11}},{"id":"518a66c3-a104-4204-9b41-1bed2947f8ef","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":103,"box":{"x":76,"y":37,"width":856,"height":11}},{"id":"715a9663-6778-4741-82f0-e175f2489e82","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":103,"box":{"x":76,"y":51,"width":879,"height":11}},{"id":"bf0f431c-c3a6-42ac-b12d-31816c43d76b","block_type":"box","text":"exchange rates, and there may be a lack of available currency hedging instruments.","page_number":103,"box":{"x":76,"y":66,"width":533,"height":11}},{"id":"2f0f80af-de42-45ec-a405-070f62116358","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":103,"box":{"x":77,"y":89,"width":852,"height":11}},{"id":"05d5dc6b-5d1a-4744-adcf-3b634df69377","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":103,"box":{"x":76,"y":103,"width":854,"height":11}},{"id":"b4edfc5d-f890-46ef-a94e-590780def582","block_type":"box","text":"significant investment losses.","page_number":103,"box":{"x":76,"y":117,"width":188,"height":11}},{"id":"3119a7e3-87d7-43ce-b984-7a0700ec7c20","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":103,"box":{"x":76,"y":140,"width":863,"height":11}},{"id":"b9f6bbd8-c549-404e-9c45-1bad0e998712","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":103,"box":{"x":76,"y":155,"width":884,"height":10}},{"id":"2d382849-8b01-4ca4-ab9c-a95ac98c0785","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":103,"box":{"x":77,"y":169,"width":902,"height":11}},{"id":"4f2af521-5fce-49ee-86b0-085eea755ac9","block_type":"box","text":"of securities than developed markets. There may be significant obstacles to obtaining information necessary for investigations into or","page_number":103,"box":{"x":76,"y":183,"width":854,"height":11}},{"id":"1fb0e629-3d82-4651-9678-295033ad50a7","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":103,"box":{"x":77,"y":197,"width":878,"height":11}},{"id":"e5a47fc3-bf6b-4ba7-9d8b-cda141a54558","block_type":"box","text":"protection considerations.","page_number":103,"box":{"x":76,"y":211,"width":167,"height":11}},{"id":"a4ed5dbf-87ce-465d-8363-2f4435f41dc8","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":103,"box":{"x":77,"y":235,"width":851,"height":10}},{"id":"07d4acf6-0120-4db0-9c64-936d1add1c08","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":103,"box":{"x":76,"y":249,"width":892,"height":11}},{"id":"3ac43fcd-43f6-4003-a358-1193781db685","block_type":"box","text":"and investment. Chronic structural public sector deficits in some countries may adversely impact a Fund’s investments.","page_number":103,"box":{"x":76,"y":263,"width":765,"height":11}},{"id":"6b360427-6605-4766-885b-d0759aa91187","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":103,"box":{"x":77,"y":286,"width":885,"height":11}},{"id":"8d7efb65-87d2-449b-89cf-e0502d1535f5","block_type":"box","text":"changes in trading volume, potentially making prompt liquidation of holdings difficult or impossible at times. Settlement procedures in","page_number":103,"box":{"x":76,"y":300,"width":857,"height":11}},{"id":"f3636d02-9bc2-4c8b-a3e4-8e195d3ed3a9","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":103,"box":{"x":76,"y":314,"width":875,"height":11}},{"id":"e980c02e-eb65-400b-b8f0-49873ea44d6d","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":103,"box":{"x":76,"y":329,"width":870,"height":10}},{"id":"9998b0ce-df2e-4e6c-a798-6f0c79cb4948","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":103,"box":{"x":76,"y":343,"width":867,"height":11}},{"id":"6160079b-4a3c-48bf-8173-fde4de063544","block_type":"box","text":"objective.","page_number":103,"box":{"x":76,"y":357,"width":61,"height":11}},{"id":"c4956367-f598-48dd-80a8-4eac934e1926","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":103,"box":{"x":76,"y":380,"width":858,"height":11}},{"id":"681a2f93-3a42-4f9e-a538-e4f7cefce0cd","block_type":"box","text":"changes, social issues and governance risk. Additionally, disclosures or third-party data coverage associated with sustainability risks is","page_number":103,"box":{"x":76,"y":394,"width":863,"height":11}},{"id":"3a93abbf-1a2a-4be1-ba61-b2f65e755a0a","block_type":"box","text":"generally less available or transparent in these markets.","page_number":103,"box":{"x":76,"y":409,"width":357,"height":10}},{"id":"a9ea35c3-0334-46f8-b8eb-f595fdf78726","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":103,"box":{"x":77,"y":432,"width":904,"height":11}},{"id":"4712823f-6706-4511-a4e7-0d8ff350af9a","block_type":"box","text":"the imposition of restrictions on foreign investments and on repatriation of capital invested in such countries.","page_number":103,"box":{"x":76,"y":446,"width":700,"height":11}},{"id":"8c21702f-d2f6-489e-a028-aee3555b3012","block_type":"box","text":"Risk of Investing in Hong Kong.","page_number":103,"box":{"x":77,"y":469,"width":215,"height":11}},{"id":"dd39db5f-2b9d-480f-99ca-ddccfcfd977b","block_type":"box","text":"Investing in Hong Kong issuers subjects a Fund to legal, regulatory, political, economic, currency,","page_number":103,"box":{"x":298,"y":469,"width":623,"height":11}},{"id":"204c507d-4b69-4049-950e-f996b2eeed34","block_type":"box","text":"geographic and security risks that are specific to Hong Kong. Hong Kong’s economy and political environment are closely tied to those of","page_number":103,"box":{"x":76,"y":483,"width":878,"height":11}},{"id":"e54c0fdd-ba4f-4403-90a1-7f307275bd51","block_type":"box","text":"China, which is Hong Kong’s largest trading partner for exports and imports. Changes in China’s economy, markets or policies may have an","page_number":103,"box":{"x":76,"y":498,"width":889,"height":10}},{"id":"fcb2c2fe-a862-4d71-8d47-59a26db9364d","block_type":"box","text":"adverse impact on Hong Kong’s economy. Additionally, fluctuations or shortages in the commodity markets could have a negative impact on","page_number":103,"box":{"x":76,"y":512,"width":897,"height":11}},{"id":"322b2fc5-7af3-454f-9ad0-df58c71bdc6b","block_type":"box","text":"the economy of Hong Kong, which has few natural resources. The Hong Kong dollar trades at a fixed exchange rate in relation to (or, is","page_number":103,"box":{"x":76,"y":526,"width":860,"height":11}},{"id":"fd65d0f9-2823-4099-930e-1a7954e0555a","block_type":"box","text":"“pegged” to) the U.S. dollar, which has contributed to the growth and stability of the Hong Kong economy. However, it is uncertain how long","page_number":103,"box":{"x":76,"y":540,"width":895,"height":11}},{"id":"1764dddf-0d28-4c86-8e0e-97b6651c00c6","block_type":"box","text":"the currency peg will continue or what effect the establishment of an alternative exchange rate system would have on Hong Kong’s economy.","page_number":103,"box":{"x":76,"y":554,"width":903,"height":11}},{"id":"99b1a4ee-3fad-4d9a-b687-dd60b7b55f48","block_type":"box","text":"Such a change could result in a decline in a Fund’s NAV because the NAV is denominated in U.S. dollars.","page_number":103,"box":{"x":76,"y":568,"width":665,"height":11}},{"id":"6a2fc719-03f0-4a6e-a7a2-8597573575dc","block_type":"box","text":"Hong Kong reverted to Chinese sovereignty on July 1, 1997 as a Special Administrative Region of the People’s Republic of China under the","page_number":103,"box":{"x":77,"y":592,"width":879,"height":10}},{"id":"97f7268e-3bcd-4db1-a9e2-86deccc2238e","block_type":"box","text":"principle of “one country, two systems.” Although China is obligated by treaty to maintain the current capitalist economic and social system","page_number":103,"box":{"x":76,"y":606,"width":894,"height":11}},{"id":"2e2d5e7b-2a7f-4aac-92d0-6af0985c1b4e","block_type":"box","text":"of Hong Kong through June 30, 2047, the continuation of economic and social freedoms in Hong Kong depends on the government of China.","page_number":103,"box":{"x":76,"y":620,"width":898,"height":11}},{"id":"f882607e-9c15-49bd-8454-c670696b963c","block_type":"box","text":"Hong Kong has experienced protests and unrest related to China’s control, and tensions have increased between China and Hong Kong. Due","page_number":103,"box":{"x":77,"y":634,"width":898,"height":11}},{"id":"718c644b-5082-45be-9c48-4c0c66fc50ea","block_type":"box","text":"to the interconnected nature of the Hong Kong and Chinese economies, instability in Hong Kong may adversely affect the Hong Kong and","page_number":103,"box":{"x":76,"y":648,"width":877,"height":11}},{"id":"2905ef27-5837-4020-83e6-4252d6033576","block_type":"box","text":"Chinese markets. Other countries’ perceptions of the degree of convergence between China and Hong Kong, such as with respect to trade,","page_number":103,"box":{"x":76,"y":663,"width":890,"height":10}},{"id":"8b130f08-cb88-4477-ae8a-575a4979db6d","block_type":"box","text":"and resulting actions also may impact both economies.","page_number":103,"box":{"x":76,"y":677,"width":352,"height":11}},{"id":"b5c3724c-32ae-49b7-a1ce-0301fc253a6d","block_type":"box","text":"Risk of Investing in India.","page_number":103,"box":{"x":77,"y":700,"width":173,"height":11}},{"id":"bbcbe229-43d3-48a3-858b-379c2d7d8e35","block_type":"box","text":"India is an emerging market country and exhibits significantly greater market volatility from time to time in","page_number":103,"box":{"x":256,"y":700,"width":681,"height":11}},{"id":"045922fb-845f-4759-ad7e-2c6f7299d9a6","block_type":"box","text":"comparison to more developed markets. Political and legal uncertainty, greater government control over the economy, currency fluctuations","page_number":103,"box":{"x":76,"y":714,"width":899,"height":11}},{"id":"181ff1f4-4a01-45a7-ba7b-44eb1845aa1f","block_type":"box","text":"or blockage, and the risk of nationalization or expropriation of assets may result in higher potential for losses.","page_number":103,"box":{"x":76,"y":728,"width":700,"height":11}},{"id":"0776c504-b0f1-460a-86ca-56b531513c0c","block_type":"box","text":"Moreover, governmental actions can have a significant effect on the economic conditions in India, which could adversely affect the value and","page_number":103,"box":{"x":77,"y":751,"width":901,"height":11}},{"id":"3511ee03-5b6b-4556-a67e-73f30d4671cf","block_type":"box","text":"liquidity of a Fund’s investments. In November 2016, the Indian government eliminated certain large denomination cash notes as legal tender,","page_number":103,"box":{"x":77,"y":766,"width":905,"height":11}},{"id":"1b7bd780-5c72-4164-bd8b-bdb54170c8bb","block_type":"box","text":"causing uncertainty in certain financial markets. The securities markets in India are comparatively underdeveloped, and stockbrokers and","page_number":103,"box":{"x":76,"y":780,"width":879,"height":11}},{"id":"d360fe8d-9a36-41c7-9810-14607745ef51","block_type":"box","text":"other intermediaries may not perform as well as their counterparts in the U.S. and other more developed securities markets. The limited","page_number":103,"box":{"x":76,"y":794,"width":871,"height":11}},{"id":"89189633-3c52-4f77-942e-2d28aafaf225","block_type":"box","text":"liquidity of the Indian securities markets may also affect the Fund’s ability to acquire or dispose of securities at the price and time that it","page_number":103,"box":{"x":77,"y":808,"width":870,"height":11}},{"id":"22f9127c-434b-4941-a1a9-2192f1e71902","block_type":"box","text":"desires.","page_number":103,"box":{"x":76,"y":822,"width":49,"height":9}},{"id":"807860ab-872b-4e4d-b012-e7cb1e8194aa","block_type":"box","text":"Global factors and foreign actions may inhibit the flow of foreign capital on which India is dependent to sustain its growth. In addition, the","page_number":103,"box":{"x":76,"y":846,"width":879,"height":10}},{"id":"21f6c1f1-a513-4d02-9bb1-12478abe2e77","block_type":"box","text":"Reserve Bank of India (“RBI”) has imposed limits on foreign ownership of Indian securities, which may decrease the liquidity of a Fund’s","page_number":103,"box":{"x":77,"y":860,"width":864,"height":11}},{"id":"a442d18a-1851-441c-9536-9431188aed83","block_type":"box","text":"portfolio and result in extreme volatility in the prices of Indian securities. These factors, coupled with the lack of extensive accounting,","page_number":103,"box":{"x":76,"y":874,"width":858,"height":11}},{"id":"e07da45b-3b89-4924-997a-8f79dfc89607","block_type":"box","text":"auditing and financial reporting standards and practices, as compared to the U.S., may increase a Fund’s risk of loss.","page_number":103,"box":{"x":76,"y":888,"width":747,"height":11}},{"id":"ae012e96-eb92-4311-ac2c-abf8850436c9","block_type":"box","text":"17","page_number":103,"box":{"x":524,"y":921,"width":11,"height":8}},{"id":"0d1f2c93-6e30-47dc-973c-58eaac111622","block_type":"box","text":"Further, certain Indian regulatory approvals, including approvals from the Securities and Exchange Board of India (“","page_number":104,"box":{"x":77,"y":23,"width":735,"height":11}},{"id":"a85279ca-f1e7-471a-9880-2e868d24504f","block_type":"box","text":"SEBI”), the RBI, the","page_number":104,"box":{"x":813,"y":23,"width":123,"height":11}},{"id":"156b8808-78b4-4908-80ed-84b60fb5817c","block_type":"box","text":"central government and the tax authorities (to the extent that tax benefits need to be utilized), may be required before the Fund can make","page_number":104,"box":{"x":76,"y":37,"width":882,"height":11}},{"id":"ac477489-2798-4684-b84f-d3f112e05559","block_type":"box","text":"investments in the securities of Indian companies. Capital gains from Indian securities may be subject to local taxation.","page_number":104,"box":{"x":76,"y":51,"width":763,"height":11}},{"id":"478c5263-cabd-40ea-8aef-61c287d30a1f","block_type":"box","text":"Risk of Investing in Japan.","page_number":104,"box":{"x":77,"y":75,"width":178,"height":11}},{"id":"5902bd51-8c93-4037-bab9-b0c156275239","block_type":"box","text":"Investing in Japanese issuers subjects a Fund to legal, regulatory, political, economic, currency, geographic and","page_number":104,"box":{"x":261,"y":75,"width":713,"height":11}},{"id":"8f4d2237-e265-41ab-af02-6503b0bb737f","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":104,"box":{"x":76,"y":89,"width":903,"height":11}},{"id":"35c4c370-6401-41ab-b32e-d3da4806c7ed","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":104,"box":{"x":76,"y":103,"width":864,"height":11}},{"id":"97439500-da64-4911-9046-b6b498f654f4","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":104,"box":{"x":77,"y":117,"width":868,"height":11}},{"id":"5a00fc6a-b5f3-4ea1-9407-05df64f03e8b","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":104,"box":{"x":76,"y":131,"width":890,"height":11}},{"id":"a8791fdb-f3d2-4f1b-9187-4aaee37c6695","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":104,"box":{"x":76,"y":146,"width":891,"height":10}},{"id":"162a8783-f52d-443a-9954-aa8868960977","block_type":"box","text":"could cause losses to investors.","page_number":104,"box":{"x":76,"y":160,"width":203,"height":8}},{"id":"0fc50f1f-6a59-4f44-beec-b6827b5dce83","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":104,"box":{"x":76,"y":183,"width":896,"height":11}},{"id":"e1048ab5-f5d1-4b8e-a532-0a9119137b78","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":104,"box":{"x":76,"y":197,"width":885,"height":11}},{"id":"6e386ce4-f75c-4c74-a2ba-3b27cf636a23","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":104,"box":{"x":77,"y":211,"width":899,"height":11}},{"id":"873332a7-1999-4b7b-b620-d565e654d16c","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":104,"box":{"x":76,"y":226,"width":903,"height":10}},{"id":"a95b6171-bc1b-4f3a-96f4-9bf418b846d3","block_type":"box","text":"Risk of Investing in Malaysia.","page_number":104,"box":{"x":77,"y":249,"width":200,"height":11}},{"id":"bef6ace2-1364-4baa-8eaa-c52ccdd69052","block_type":"box","text":"Investments in Malaysian issuers involve risks that are specific to Malaysia, including, legal, regulatory,","page_number":104,"box":{"x":283,"y":249,"width":659,"height":11}},{"id":"b097677a-bcb8-495c-b603-c6fbd4cba0c6","block_type":"box","text":"political, currency and economic risks. The Malaysian economy, among other things is dependent upon external trade with other economies,","page_number":104,"box":{"x":76,"y":263,"width":898,"height":11}},{"id":"d0ed6410-e2bb-4e62-ac4d-90b24ac1f960","block_type":"box","text":"including the U.S., China, Japan and Singapore. As a result, Malaysia is dependent on the economies of these other countries and any change","page_number":104,"box":{"x":76,"y":277,"width":904,"height":11}},{"id":"62bfb62c-3cab-424a-a81e-be829611bd15","block_type":"box","text":"in the price or demand for Malaysian exports may have an adverse impact on the Malaysian economy. In addition, the Malaysian economy is","page_number":104,"box":{"x":76,"y":291,"width":896,"height":11}},{"id":"30fa815d-f930-4354-8abf-769d13191170","block_type":"box","text":"heavily focused on export of electronic goods. As a result, Malaysia’s reliance on the electronics sector makes it vulnerable to economic","page_number":104,"box":{"x":77,"y":305,"width":870,"height":11}},{"id":"180aa51b-27bf-40ac-a97d-656069aec136","block_type":"box","text":"downturns in, among other sectors, the technology sector.","page_number":104,"box":{"x":76,"y":320,"width":374,"height":10}},{"id":"e885cef9-9290-4f81-803a-cd4d01f83237","block_type":"box","text":"Risk of Investing in New Zealand.","page_number":104,"box":{"x":77,"y":343,"width":228,"height":11}},{"id":"fed277be-6bdc-4426-ab8c-fe59dce77d89","block_type":"box","text":"Investing in New Zealand issuers subjects a Fund to legal, regulatory, political, economic, currency,","page_number":104,"box":{"x":312,"y":343,"width":635,"height":11}},{"id":"0f6d7492-5af4-4588-9ad6-cf78049a47df","block_type":"box","text":"geographic and security risks that are specific to New Zealand. Global trade is critical to New Zealand’s economy. It depends heavily on","page_number":104,"box":{"x":76,"y":357,"width":865,"height":11}},{"id":"91edcd3e-e5ab-49bf-910a-8046cbda8593","block_type":"box","text":"agricultural exports, which are susceptible to weather hazards and environmental issues. New Zealand’s key trading partners are China,","page_number":104,"box":{"x":76,"y":371,"width":868,"height":11}},{"id":"f89895ca-6ac3-4888-a4ee-f509d7eb2c9d","block_type":"box","text":"Australia and the U.S., and it is vulnerable to changes in demand from these and other countries. Other risks facing New Zealand include","page_number":104,"box":{"x":76,"y":385,"width":873,"height":11}},{"id":"1199fcc2-9981-4f00-bb87-45c92cccb6c9","block_type":"box","text":"skilled labor shortages, dependence on foreign investment and natural disasters.","page_number":104,"box":{"x":76,"y":400,"width":517,"height":10}},{"id":"aeb5cf40-cd8f-4402-85a7-662503238489","block_type":"box","text":"Risk of Investing in Singapore.","page_number":104,"box":{"x":77,"y":423,"width":209,"height":11}},{"id":"5c6e28b6-642c-41bc-be7c-4ee5a65d3450","block_type":"box","text":"Investments in Singaporean issuers will subject the Fund to legal, regulatory, political, currency and","page_number":104,"box":{"x":292,"y":423,"width":638,"height":11}},{"id":"3d1c9af9-c500-479c-884b-bfdb229f3e9f","block_type":"box","text":"economic risks specific to Singapore. Specifically, political and economic developments of its neighbors may have an adverse effect on","page_number":104,"box":{"x":76,"y":437,"width":864,"height":11}},{"id":"2c5bcbd5-4542-4e3a-8296-8b59e71b12a4","block_type":"box","text":"Singapore’s economy. In addition, because its economy is export-driven, Singapore relies heavily on its trading partners. China is a major","page_number":104,"box":{"x":76,"y":451,"width":877,"height":11}},{"id":"ccc9aebd-6911-42e6-ac9a-eec4c8e5de23","block_type":"box","text":"purchaser of Singapore’s exports and serves as a source of Singapore’s imports. Singapore derives a significant portion of its foreign","page_number":104,"box":{"x":76,"y":465,"width":849,"height":11}},{"id":"1d95c0aa-9f0a-40da-b2dd-86e5f1bf6029","block_type":"box","text":"investments from China. Singapore also has substantial economic exposure to Malaysia, Hong Kong, and the U.S. As a result, Singapore’s","page_number":104,"box":{"x":76,"y":479,"width":882,"height":11}},{"id":"fbc65c74-5496-4756-92a8-d0c2d67e2cce","block_type":"box","text":"economy is susceptible to fluctuations in the world economy. A downturn in the economies of China, Malaysia, Hong Kong, or the U.S.,","page_number":104,"box":{"x":76,"y":494,"width":862,"height":11}},{"id":"aaab21da-5a5b-479c-96a7-b1e20e47a490","block_type":"box","text":"among other countries or regions, could adversely affect Singapore’s economy. In addition, Singapore’s economy may be particularly","page_number":104,"box":{"x":76,"y":508,"width":851,"height":11}},{"id":"a4e2cd93-d4f9-4ec0-81af-bbc1688c3d98","block_type":"box","text":"vulnerable to external market changes due to its smaller size.","page_number":104,"box":{"x":76,"y":522,"width":392,"height":11}},{"id":"ccede9d6-2b7c-4a8a-9569-33238f86a910","block_type":"box","text":"Risk of Investing in South Korea.","page_number":104,"box":{"x":77,"y":545,"width":225,"height":11}},{"id":"014df274-4f8c-4dfb-840b-f509f4625063","block_type":"box","text":"Investments in South Korean issuers involve risks that are specific to South Korea, including legal,","page_number":104,"box":{"x":308,"y":545,"width":628,"height":11}},{"id":"ad1fd082-a4e1-4a8d-b8ec-e2a213f7f76a","block_type":"box","text":"regulatory, political, currency, security and economic risks. Substantial political tensions exist between North Korea and South Korea.","page_number":104,"box":{"x":77,"y":559,"width":855,"height":11}},{"id":"37c839f5-09ce-4bdc-ae8e-76c4f4c09466","block_type":"box","text":"Escalated tensions involving the two nations and the outbreak of hostilities between the two nations, or even the threat of an outbreak of","page_number":104,"box":{"x":77,"y":574,"width":877,"height":10}},{"id":"6a559f35-53eb-4436-9f47-b79b12ea5220","block_type":"box","text":"hostilities, could have a severe adverse effect on the South Korean economy. In addition, South Korea’s economic growth potential has","page_number":104,"box":{"x":77,"y":588,"width":863,"height":11}},{"id":"e44ead0a-de1c-4881-92f5-7664fc69d718","block_type":"box","text":"recently been on a decline because of a rapidly aging population and structural problems, among other factors. The South Korean economy is","page_number":104,"box":{"x":77,"y":602,"width":904,"height":11}},{"id":"8e5d8f4e-47f3-4a8a-84a1-5759af4db3c6","block_type":"box","text":"heavily reliant on trading exports and disruptions or decreases in trade activity could lead to further declines.","page_number":104,"box":{"x":77,"y":616,"width":696,"height":11}},{"id":"e3633ecd-faf0-41c1-a9aa-3f0a1ab6842a","block_type":"box","text":"Risk of Investing in Taiwan.","page_number":104,"box":{"x":77,"y":639,"width":187,"height":11}},{"id":"599d1cf2-8711-423f-ab5b-17c244f99a0a","block_type":"box","text":"Investing in Taiwanese issuers subjects a Fund to legal, regulatory, political, economic, currency, geographic","page_number":104,"box":{"x":270,"y":639,"width":693,"height":11}},{"id":"02ef8304-f635-4bf8-82a3-78619c1cde29","block_type":"box","text":"and security risks that are specific to Taiwan. Taiwan’s economy is export-oriented, so it depends on a free-trade regime. It may be adversely","page_number":104,"box":{"x":76,"y":654,"width":900,"height":10}},{"id":"1e54019d-7d50-4157-80e5-1c5d07c086dd","block_type":"box","text":"affected by trade conflicts, downturns in the world economy and reduced demand for its goods, particularly from key trading partners such","page_number":104,"box":{"x":76,"y":668,"width":888,"height":11}},{"id":"d1f1738b-606a-4943-af0e-6adb2e046096","block_type":"box","text":"as China. Taiwan has limited natural resources and relies on imports for its commodity needs, making it vulnerable to global fluctuations in","page_number":104,"box":{"x":76,"y":682,"width":886,"height":11}},{"id":"1521f049-2c01-46d6-97de-1dd205d74157","block_type":"box","text":"price and supply. This dependence is especially pronounced in the energy sector. Electricity and water shortages pose threats to Taiwan’s","page_number":104,"box":{"x":76,"y":696,"width":879,"height":11}},{"id":"a49721f7-a1d5-4a95-a99f-35c29da2455e","block_type":"box","text":"high-tech manufacturing sector. Other long-term challenges for Taiwan include an aging population, a shortage of skilled labor and increasing","page_number":104,"box":{"x":77,"y":710,"width":902,"height":11}},{"id":"c196e530-36fb-4122-8258-6800902d53e8","block_type":"box","text":"competition from neighboring lower-cost countries.","page_number":104,"box":{"x":76,"y":724,"width":328,"height":11}},{"id":"e1a04168-da7c-4aaa-92fd-e864ce7054f0","block_type":"box","text":"China has a complex territorial dispute regarding the sovereignty of Taiwan and has pledged to take control of Taiwan, including by force if","page_number":104,"box":{"x":76,"y":748,"width":883,"height":10}},{"id":"78889254-c683-4d6d-a141-9516334fa37c","block_type":"box","text":"necessary. The Chinese military has conducted military drills around Taiwan in connection with China’s claim to Taiwan. Taiwan-based","page_number":104,"box":{"x":76,"y":762,"width":853,"height":11}},{"id":"1adb49cb-ff36-4076-87d2-32a3ba4a2188","block_type":"box","text":"companies and individuals are significant investors in China. Continuing hostility between China and Taiwan may have an adverse impact on","page_number":104,"box":{"x":76,"y":776,"width":893,"height":11}},{"id":"e20e70a2-bf16-4fbf-b0ca-90ee98de9148","block_type":"box","text":"their economies and markets and on the value of a Fund’s investments in China, Taiwan or the region, may cause a suspension in a Fund’s","page_number":104,"box":{"x":76,"y":790,"width":882,"height":11}},{"id":"e4919cf3-ae93-4750-b100-2129094d3408","block_type":"box","text":"ability to trade in certain securities or other assets, or may otherwise make such investments impracticable or impossible.","page_number":104,"box":{"x":76,"y":804,"width":781,"height":11}},{"id":"5e291d66-2bf6-41cf-a3cb-ac54900f30dd","block_type":"box","text":"Risk of Investing in Thailand.","page_number":104,"box":{"x":77,"y":827,"width":198,"height":11}},{"id":"aba4e0f7-8173-4cae-9356-a19f3ed3e195","block_type":"box","text":"Investing in Thai issuers subjects a Fund to legal, regulatory, political, economic, currency, geographic and","page_number":104,"box":{"x":281,"y":828,"width":681,"height":10}},{"id":"8fa242b0-8e9f-478e-9a17-95d40b3c7962","block_type":"box","text":"security risks that are specific to Thailand. Thailand’s economy is heavily export-dependent and is vulnerable to changes in demand from its","page_number":104,"box":{"x":76,"y":842,"width":893,"height":11}},{"id":"0a8f25c4-c7ad-472c-93ee-c90bb963bd90","block_type":"box","text":"key trading partners, which include the U.S., China and Japan. The tourism industry is a key contributor to Thailand’s economy and could be","page_number":104,"box":{"x":77,"y":856,"width":890,"height":11}},{"id":"69eb0a65-b3da-4318-8926-a0bbe6d995c4","block_type":"box","text":"adversely affected by disruptions in international travel and natural disasters, among other things. Other risks facing Thailand include periods","page_number":104,"box":{"x":76,"y":870,"width":903,"height":11}},{"id":"5e7f065c-9c80-4157-8c01-af3ec6b2f6a8","block_type":"box","text":"of political instability, perceptions of corruption, an aging population, skilled labor shortages and infrastructure challenges.","page_number":104,"box":{"x":76,"y":884,"width":784,"height":11}},{"id":"cc2a87cd-4295-4ea9-8025-ee5d4dd559d4","block_type":"box","text":"18","page_number":104,"box":{"x":524,"y":921,"width":12,"height":8}},{"id":"e3bb4d81-e7f0-4404-8b2c-f13512817781","block_type":"box","text":"Securities Lending Risk.","page_number":105,"box":{"x":76,"y":23,"width":166,"height":11}},{"id":"bcd92084-62de-4c11-9606-1f50e2c78be6","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":105,"box":{"x":247,"y":23,"width":730,"height":11}},{"id":"d6db8eaa-f440-466a-8a72-6aca3aa2fdb2","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":105,"box":{"x":76,"y":37,"width":898,"height":11}},{"id":"b2a1523d-3502-4a48-bda0-4a9952b9bd36","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":105,"box":{"x":76,"y":51,"width":892,"height":11}},{"id":"fd8af414-e749-4932-a8b6-ec0299a0c107","block_type":"box","text":"events could also trigger adverse tax consequences for a Fund.","page_number":105,"box":{"x":76,"y":66,"width":403,"height":11}},{"id":"14cefdd6-45d3-4bd1-8096-4d06a3b4242a","block_type":"box","text":"Small-Capitalization Companies Risk.","page_number":105,"box":{"x":76,"y":89,"width":257,"height":11}},{"id":"ac2446eb-3daa-445f-a96c-7282e0e5b346","block_type":"box","text":"Investments in small-capitalization companies may be riskier, less liquid, more volatile and more","page_number":105,"box":{"x":339,"y":89,"width":617,"height":11}},{"id":"406b8e95-c42f-4504-bc25-73b63ffa1c83","block_type":"box","text":"susceptible to economic, market and industry changes than investments in large- or mid-capitalization companies. Small-capitalization","page_number":105,"box":{"x":76,"y":103,"width":863,"height":11}},{"id":"7f367fec-bca1-43ad-b425-30f8ff05db53","block_type":"box","text":"companies may have more limited product lines, markets, financial resources, personnel and management experience. As a result, they","page_number":105,"box":{"x":76,"y":117,"width":868,"height":11}},{"id":"d60079f3-e29c-4d72-8225-1206a3b3b853","block_type":"box","text":"generally are more vulnerable than larger companies to adverse business and economic developments. Small-capitalization companies may","page_number":105,"box":{"x":76,"y":131,"width":895,"height":11}},{"id":"745eba1f-a802-4a52-9a81-fc2ecaf15e61","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":105,"box":{"x":77,"y":146,"width":898,"height":10}},{"id":"66a84ac1-c9db-4fb9-a7cf-ccfd2476ca44","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":105,"box":{"x":76,"y":160,"width":900,"height":11}},{"id":"ff086fa2-4e07-455d-b94d-617f3b9400f0","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":105,"box":{"x":77,"y":174,"width":885,"height":11}},{"id":"fd19c90f-b759-446e-81d9-9279e075efde","block_type":"box","text":"favorable price, in order to meet the Fund’s obligations.","page_number":105,"box":{"x":76,"y":188,"width":354,"height":11}},{"id":"992562ed-4591-4ed7-a5f6-2633dc0b6396","block_type":"box","text":"Sustainability Risk.","page_number":105,"box":{"x":76,"y":211,"width":132,"height":11}},{"id":"7ddeb164-4ebd-4c73-a78f-8b33dfb69af3","block_type":"box","text":"Sustainability risk is an inclusive term to designate investment risk (probability or uncertainty of occurrence of material","page_number":105,"box":{"x":214,"y":211,"width":762,"height":11}},{"id":"262aae01-f781-4e79-b104-8d6da93525b6","block_type":"box","text":"losses relative to the expected return of an investment) that relates to environmental, social or governance issues.","page_number":105,"box":{"x":77,"y":226,"width":732,"height":10}},{"id":"d51af73f-ec27-47b1-b929-fc9538cf2ecd","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":105,"box":{"x":76,"y":249,"width":874,"height":11}},{"id":"e4ad87d7-aede-4daf-a0fa-b320ae489177","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":105,"box":{"x":76,"y":263,"width":875,"height":11}},{"id":"7f8a96b0-a605-4108-8061-d1e241df6009","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":105,"box":{"x":76,"y":277,"width":901,"height":11}},{"id":"5318df7f-0aae-4794-8dfe-0d82dbbdc395","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":105,"box":{"x":76,"y":291,"width":883,"height":11}},{"id":"63e11172-9dfa-49db-8d89-d66b6b2939a6","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":105,"box":{"x":76,"y":305,"width":863,"height":11}},{"id":"a07de021-8bc5-476c-bfa4-2aa77f3deadb","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":105,"box":{"x":76,"y":320,"width":864,"height":10}},{"id":"b208258c-b946-45a5-9dfc-4d41bbadac09","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":105,"box":{"x":76,"y":334,"width":886,"height":11}},{"id":"299b8d18-b232-44ad-8cd2-4d8d78170865","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":105,"box":{"x":76,"y":357,"width":905,"height":11}},{"id":"78117a88-8658-479c-a914-db9f40772ac3","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":105,"box":{"x":76,"y":371,"width":851,"height":11}},{"id":"d8d2e8f3-f2c3-4a8c-bdb8-cce0004a540b","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":105,"box":{"x":76,"y":394,"width":875,"height":11}},{"id":"de33ae98-5b09-4775-94d2-6105fe366078","block_type":"box","text":"edit","page_number":105,"box":{"x":952,"y":394,"width":24,"height":9}},{"id":"bc294612-abf2-4990-8cc8-ce697e03b966","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":105,"box":{"x":76,"y":409,"width":890,"height":10}},{"id":"23364f78-7b96-4c3e-8a13-baf4e5a4fab3","block_type":"box","text":"or increased expenditures from physical climate risk (","page_number":105,"box":{"x":76,"y":423,"width":343,"height":11}},{"id":"1ced789a-853e-4352-ada4-9f597f98076a","block_type":"box","text":"e.g","page_number":105,"box":{"x":420,"y":425,"width":19,"height":9}},{"id":"8824aa0c-cddc-47ba-82bf-d5b8c7f5a46a","block_type":"box","text":"., decreased production capacity due to supply chain perturbations, lower sales due","page_number":105,"box":{"x":440,"y":423,"width":534,"height":11}},{"id":"86cbf5e2-24cc-47a2-8ec6-d81ba01cfb01","block_type":"box","text":"to demand shocks or higher operating or capital costs) or transition risk (","page_number":105,"box":{"x":76,"y":437,"width":468,"height":11}},{"id":"bd7c7e91-21b4-4aa3-a000-ccdb03dbb7f0","block_type":"box","text":"e.g","page_number":105,"box":{"x":545,"y":439,"width":19,"height":9}},{"id":"e943f98f-ff0d-49ec-b324-08c5c48f0e65","block_type":"box","text":"., decreased demand for carbon-intensive products and services","page_number":105,"box":{"x":565,"y":437,"width":410,"height":11}},{"id":"a21fb2f5-9b91-45b4-88a4-69b60c183505","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":105,"box":{"x":76,"y":451,"width":845,"height":11}},{"id":"a3c41afb-c9a2-4882-a5b0-29a455c0775a","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":105,"box":{"x":76,"y":465,"width":777,"height":11}},{"id":"dd7d0317-49f4-4053-8988-5705ab8974ca","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":105,"box":{"x":76,"y":489,"width":903,"height":10}},{"id":"1eb229ea-527e-40e4-9c8e-34868cb6d627","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":105,"box":{"x":76,"y":503,"width":840,"height":11}},{"id":"e68cda6c-ac9d-4330-b2cc-ccd0c776c430","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":105,"box":{"x":76,"y":517,"width":898,"height":11}},{"id":"2cbb62d6-b16c-4742-b186-a8a39055a0f3","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":105,"box":{"x":77,"y":531,"width":873,"height":11}},{"id":"5cc844b0-a1c3-4054-aa55-70a33d39b7ec","block_type":"box","text":"transition risks.","page_number":105,"box":{"x":76,"y":545,"width":98,"height":9}},{"id":"6b573f50-e710-403e-94c8-23a4fd26b2ab","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":105,"box":{"x":76,"y":568,"width":869,"height":11}},{"id":"fd6ee837-7b8d-403a-8237-0db57c4996a2","block_type":"box","text":"events could have a material impact on the value of shares of a Fund.","page_number":105,"box":{"x":76,"y":583,"width":443,"height":10}},{"id":"48052e19-aaec-4ee3-815d-e3d2b9770fcb","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":105,"box":{"x":76,"y":606,"width":850,"height":11}},{"id":"8923f2fc-ae37-4278-b185-f952871764cf","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":105,"box":{"x":76,"y":620,"width":889,"height":11}},{"id":"6fe4a5dd-9358-471e-9eb0-a9ef6953d726","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":105,"box":{"x":76,"y":634,"width":903,"height":11}},{"id":"355d4020-0004-484e-9413-effa49999d95","block_type":"box","text":"materiality and on the Fund’s objective.","page_number":105,"box":{"x":76,"y":648,"width":252,"height":11}},{"id":"981a8a9e-6a68-4372-b0da-4e421c80b137","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":105,"box":{"x":76,"y":672,"width":829,"height":10}},{"id":"0cdc1ce8-f1a6-402a-9fdf-859bdf695ee4","block_type":"box","text":"information regarding sustainability factors and impacts become available.","page_number":105,"box":{"x":76,"y":686,"width":477,"height":11}},{"id":"77f856e8-7449-42c7-a555-d67ad48d1199","block_type":"box","text":"Technology Companies Risk.","page_number":105,"box":{"x":76,"y":709,"width":198,"height":11}},{"id":"9d73b6aa-f4a2-49b1-b5dd-74f18f91a1a7","block_type":"box","text":"Technology companies and companies that rely heavily on technological advances may have limited product","page_number":105,"box":{"x":278,"y":709,"width":693,"height":11}},{"id":"2d5f2723-60ec-4160-addb-2778bc98cbb1","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":105,"box":{"x":77,"y":723,"width":882,"height":11}},{"id":"c5a0086b-f7a9-4a95-b00e-6aff196b2278","block_type":"box","text":"costs related to new product introduction and technological developments, such as artificial intelligence and machine learning. Technology","page_number":105,"box":{"x":76,"y":737,"width":888,"height":11}},{"id":"c3274735-21d1-4132-a562-8a205d5fe57c","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. 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A Fund that tracks an index composed of a large number of securities or other assets may","page_number":106,"box":{"x":76,"y":80,"width":844,"height":11}},{"id":"954c1c1d-7f57-4af8-81cb-96d50b689b7c","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":106,"box":{"x":76,"y":94,"width":851,"height":11}},{"id":"13c5493c-3191-4c38-a13e-91813f80cef5","block_type":"box","text":"increased market volatility or other unusual market conditions.","page_number":106,"box":{"x":76,"y":108,"width":401,"height":11}},{"id":"cf93e002-8d91-49d8-9181-c8ea513a577b","block_type":"box","text":"U.S. Economic Risk.","page_number":106,"box":{"x":77,"y":131,"width":135,"height":9}},{"id":"49184151-6ebc-4266-9f87-a8e69f03c736","block_type":"box","text":"The U.S. is a significant trading partner of, or foreign investor in, a number of countries. 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Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such","page_number":106,"box":{"x":77,"y":188,"width":897,"height":11}},{"id":"ed3b53e9-19fc-49b2-83d5-e7dd170a8c3f","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":106,"box":{"x":76,"y":202,"width":902,"height":11}},{"id":"1ec68e56-b722-466c-9980-5be2819f0ffb","block_type":"box","text":"global financial system.","page_number":106,"box":{"x":76,"y":216,"width":149,"height":11}},{"id":"56794350-a013-4a3d-bf04-c809255514ee","block_type":"box","text":"Utility Companies Risk.","page_number":106,"box":{"x":77,"y":240,"width":160,"height":11}},{"id":"5231e554-5b32-4ae3-9ae7-a086c60893fc","block_type":"box","text":"Utility infrastructure often requires significant capital expenditures, and utility companies may face high interest","page_number":106,"box":{"x":243,"y":240,"width":717,"height":11}},{"id":"b36b62a1-33f7-4e53-9c8f-6e94876a5425","block_type":"box","text":"costs and difficulty in raising capital. 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There is no assurance that regulators will grant rate increases or that rate levels will be","page_number":106,"box":{"x":76,"y":334,"width":842,"height":11}},{"id":"1edb2692-3ee5-4619-aa35-46361472ad7a","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":106,"box":{"x":76,"y":348,"width":899,"height":11}},{"id":"ec60faaa-59f6-4a09-8373-f96b63a2ee64","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":106,"box":{"x":76,"y":362,"width":894,"height":11}},{"id":"5c3944d5-a4eb-45ea-9c19-0fe11a8dc619","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":106,"box":{"x":76,"y":376,"width":873,"height":11}},{"id":"8e6ade54-ba79-48ca-be73-2214609fd7c5","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":106,"box":{"x":77,"y":391,"width":891,"height":10}},{"id":"ac589741-17c8-4652-9afe-4b66a3bdec84","block_type":"box","text":"sustainability policies also may impact utility companies. 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The price received by a Fund also may differ from the value used by the Underlying Index (if","page_number":106,"box":{"x":76,"y":470,"width":857,"height":11}},{"id":"4d6c8aa6-b9d6-4d25-9466-34472a95a709","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":106,"box":{"x":76,"y":485,"width":898,"height":10}},{"id":"5c32842b-6a35-4cff-b12c-f9a64c0e6438","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":106,"box":{"x":76,"y":499,"width":849,"height":11}},{"id":"016763fd-d64a-4fa2-a2c5-f1af060be900","block_type":"box","text":"purchase or sell Fund shares.","page_number":106,"box":{"x":76,"y":513,"width":187,"height":11}},{"id":"af6c3902-ed9b-405d-81a1-a64502dd3050","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":106,"box":{"x":77,"y":536,"width":886,"height":11}},{"id":"84501d40-e730-463a-8303-4cfff3d39ed7","block_type":"box","text":"dollars at the prevailing market rates. 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The ability to value","page_number":106,"box":{"x":77,"y":607,"width":857,"height":11}},{"id":"440433b7-77e0-46c9-9f38-88604ef0e47f","block_type":"box","text":"investments may be impacted by technological issues or errors by pricing services or other third-party service providers.","page_number":106,"box":{"x":76,"y":621,"width":772,"height":11}},{"id":"9ac94856-094e-4d34-ad43-263dd2af1c51","block_type":"box","text":"Portfolio Holdings Information","page_number":106,"box":{"x":78,"y":650,"width":296,"height":17}},{"id":"0087b7a3-b436-4f03-8d11-90797fb55a6e","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":106,"box":{"x":76,"y":679,"width":896,"height":11}},{"id":"19236779-ae1c-4d8e-a87f-db8fdeda99df","block_type":"box","text":"is available in the applicable Statement of Additional Information (“SAI”). 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This team approach brings together many disciplines and leverages BFA’s extensive resources.","page_number":106,"box":{"x":77,"y":846,"width":852,"height":10}},{"id":"a1a1c6b6-0452-4955-a2f5-f19352aaa6ae","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":106,"box":{"x":77,"y":869,"width":901,"height":11}},{"id":"2ee92231-bc6b-42f1-be3a-37f9628abea4","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":106,"box":{"x":76,"y":882,"width":823,"height":12}},{"id":"fdbe03b2-c2cf-431c-95e6-18d01a4f4092","block_type":"box","text":"20","page_number":106,"box":{"x":522,"y":921,"width":15,"height":8}},{"id":"6fb9c461-fb75-4b98-bb8b-87ecf6872f00","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":107,"box":{"x":77,"y":23,"width":887,"height":11}},{"id":"f1edbb87-b3ba-46d8-8415-abbf09106fe3","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":107,"box":{"x":76,"y":37,"width":885,"height":11}},{"id":"26c1373b-83a3-4e2f-8ec8-6a265cc4fc3b","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":107,"box":{"x":76,"y":51,"width":892,"height":11}},{"id":"633a266b-5d16-4505-b153-8cfb8f5c5b14","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":107,"box":{"x":76,"y":66,"width":886,"height":10}},{"id":"51dc0025-e57d-4848-8ce7-8a593209c439","block_type":"box","text":"indication of trading intent on behalf of a Fund.","page_number":107,"box":{"x":76,"y":80,"width":299,"height":11}},{"id":"6a3aba49-b97c-4ddd-95cb-ef92858b4d72","block_type":"box","text":"Fees and Expenses","page_number":107,"box":{"x":77,"y":103,"width":131,"height":11}},{"id":"46cb072c-4060-4736-9183-8810ded8dd7c","block_type":"box","text":"Pursuant to the Investment Advisory Agreement between BFA and the Company (entered into on behalf of the Funds), BFA is responsible for","page_number":107,"box":{"x":77,"y":126,"width":896,"height":11}},{"id":"9180ed79-40bc-4afe-96d3-459c4e01d637","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":107,"box":{"x":76,"y":140,"width":858,"height":11}},{"id":"f71d0816-8976-425b-ad47-d1b48ac706e9","block_type":"box","text":"acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, distribution","page_number":107,"box":{"x":76,"y":155,"width":891,"height":10}},{"id":"5ba8055c-9ca5-42f9-b94c-a82cbbd411e7","block_type":"box","text":"fees or expenses, and litigation expenses and any extraordinary expenses (as determined by a majority of the Directors who are not","page_number":107,"box":{"x":76,"y":169,"width":843,"height":11}},{"id":"e4cb093e-7fa5-49e6-8441-6a0cd5ddde0c","block_type":"box","text":"“interested persons” of the Company). 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A Fund may be adversely impacted by the effects of transactions undertaken by BFA or an Affiliate or their directors, officers,","page_number":108,"box":{"x":76,"y":778,"width":857,"height":11}},{"id":"cac03c9c-f4c3-4a2b-9251-2db11a6a7de6","block_type":"box","text":"employees or clients.","page_number":108,"box":{"x":76,"y":792,"width":135,"height":11}},{"id":"f9fda998-a119-4a34-b2bd-f959f2a85f27","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":108,"box":{"x":77,"y":815,"width":876,"height":11}},{"id":"d7845114-0672-4460-9ab5-ff78490ac2c0","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":108,"box":{"x":76,"y":829,"width":851,"height":11}},{"id":"24a5068b-0aad-41a5-8cd9-2c6c2c4c0e42","block_type":"box","text":"purchases and sales of the Fund by BlackRock or its advisory clients.","page_number":108,"box":{"x":76,"y":844,"width":440,"height":10}},{"id":"8e0df949-8e6b-44ce-84af-8208566958c1","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":108,"box":{"x":76,"y":867,"width":901,"height":11}},{"id":"a4318245-36e7-4b68-b3f0-37e5a01bb82a","block_type":"box","text":"such restrictions.","page_number":108,"box":{"x":76,"y":881,"width":110,"height":9}},{"id":"eb995e26-a885-4ffe-a562-adbb8a9dde35","block_type":"box","text":"22","page_number":108,"box":{"x":522,"y":921,"width":14,"height":8}},{"id":"bb1cc707-edfe-48a1-820e-6fdc512be8f3","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":109,"box":{"x":77,"y":23,"width":863,"height":11}},{"id":"d835bf54-13b9-41e1-b8ed-df1c6fb155cc","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":109,"box":{"x":77,"y":37,"width":854,"height":11}},{"id":"50e52540-3b12-47d5-9e21-a42e95fbda41","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":109,"box":{"x":77,"y":51,"width":862,"height":11}},{"id":"57a1baec-50df-49d1-8f26-33aafe41ac99","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":109,"box":{"x":77,"y":66,"width":876,"height":11}},{"id":"776e49e8-94eb-4b3b-bffc-306ee2f45d00","block_type":"box","text":"portfolio securities under the securities lending program.","page_number":109,"box":{"x":76,"y":80,"width":363,"height":11}},{"id":"71227ced-a901-40e9-9de4-cc27949802bf","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":109,"box":{"x":77,"y":103,"width":894,"height":11}},{"id":"b6eb4fa5-bd25-46fb-9df8-9d9b72cd8687","block_type":"box","text":"to perform certain order processing, Authorized Participant communications, and related services in connection with the issuance and","page_number":109,"box":{"x":76,"y":117,"width":860,"height":11}},{"id":"05a74ec5-dbe6-4b5b-a2bb-6881201672cb","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":109,"box":{"x":77,"y":131,"width":854,"height":11}},{"id":"49f07279-4bcb-4c8b-a03c-5c5dd522bd8e","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":109,"box":{"x":76,"y":146,"width":894,"height":10}},{"id":"655d4abd-7fbe-4197-919b-b5d88705c2ea","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":109,"box":{"x":76,"y":160,"width":871,"height":11}},{"id":"41f8f5ab-8255-441e-8278-ecd6c9a08865","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":109,"box":{"x":76,"y":174,"width":848,"height":11}},{"id":"1eed24f8-c60f-471a-8b25-e26ef13098d8","block_type":"box","text":"BlackRock or funds managed by BFA and its Affiliates.","page_number":109,"box":{"x":77,"y":188,"width":342,"height":11}},{"id":"4abcc71b-8374-4eaa-ab82-f78d002832f8","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":109,"box":{"x":77,"y":211,"width":893,"height":11}},{"id":"77853225-3df3-429d-9884-8ff02646e5b9","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":109,"box":{"x":76,"y":226,"width":885,"height":10}},{"id":"d93d6704-c960-4cbd-b040-cbc6fdf10b26","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":109,"box":{"x":76,"y":240,"width":897,"height":11}},{"id":"00a5df49-d520-4711-9b99-eb26a42c5492","block_type":"box","text":"licensees.","page_number":109,"box":{"x":77,"y":254,"width":61,"height":8}},{"id":"2f5575c3-4b8d-4bcc-86fc-b3138404e507","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":109,"box":{"x":76,"y":277,"width":875,"height":11}},{"id":"8307142a-0b2a-4e4a-a282-7e7db527286c","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":109,"box":{"x":76,"y":291,"width":886,"height":11}},{"id":"34d0f691-b768-466b-b8f7-ad98ad23aeee","block_type":"box","text":"interest. Please see the SAI for further information.","page_number":109,"box":{"x":76,"y":305,"width":326,"height":9}},{"id":"598c63c6-e882-4b8c-af50-ccaa293bb92e","block_type":"box","text":"Shareholder Information","page_number":109,"box":{"x":77,"y":334,"width":240,"height":14}},{"id":"3d18cfca-980a-4860-a5e5-2fffdbfb628c","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":109,"box":{"x":75,"y":363,"width":821,"height":11}},{"id":"038b7591-b51d-4bce-b143-f79d7bfd51ab","block_type":"box","text":"1-800-iShares (1-800-474-2737) or visiting www.iShares.com.","page_number":109,"box":{"x":78,"y":378,"width":383,"height":10}},{"id":"47b086de-205e-41cf-95e8-b2860d7c4713","block_type":"box","text":"Buying and Selling Shares","page_number":109,"box":{"x":77,"y":401,"width":180,"height":11}},{"id":"1f316e26-256c-4877-a6b4-f53ab2369ecb","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":109,"box":{"x":76,"y":424,"width":839,"height":11}},{"id":"11b1ffc4-6e20-4d46-9c49-f421db95b707","block_type":"box","text":"“creations” and “redemptions,” occur only between the Funds and Authorized Participants (","page_number":109,"box":{"x":76,"y":438,"width":584,"height":11}},{"id":"843c15a6-69d7-4b88-a204-99570a6c6943","block_type":"box","text":"i.e","page_number":109,"box":{"x":661,"y":438,"width":14,"height":9}},{"id":"59c9ed30-cd85-46a3-8a55-0d8914fb0ad6","block_type":"box","text":"., financial institutions that are authorized to","page_number":109,"box":{"x":677,"y":438,"width":282,"height":10}},{"id":"af7eafc2-9c50-45c9-a3fc-378def960858","block_type":"box","text":"participate in such transactions), as described in the","page_number":109,"box":{"x":76,"y":452,"width":335,"height":11}},{"id":"26cbbc9c-9956-4abd-891f-12db01659b70","block_type":"box","text":"Creations and Redemptions","page_number":109,"box":{"x":417,"y":452,"width":173,"height":11}},{"id":"ad4a8954-9b3f-41a7-ba7e-181bdb7d7b58","block_type":"box","text":"section below.","page_number":109,"box":{"x":595,"y":452,"width":90,"height":9}},{"id":"b27f1e1c-95a6-4b6f-bf17-a1813c133746","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":109,"box":{"x":77,"y":476,"width":904,"height":10}},{"id":"5f762adf-91f9-4471-a91d-0ab1ca27c64c","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":109,"box":{"x":77,"y":490,"width":860,"height":11}},{"id":"72803450-04f3-46e8-a2f0-e06af05d8d2b","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":109,"box":{"x":76,"y":504,"width":857,"height":11}},{"id":"88506477-dad7-477d-930b-1f317906fef0","block_type":"box","text":"investment for Fund shares purchased on an exchange or otherwise in the secondary market.","page_number":109,"box":{"x":76,"y":518,"width":598,"height":11}},{"id":"21f594c2-2c70-44ab-b58a-ecccc9cee354","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":109,"box":{"x":77,"y":541,"width":899,"height":11}},{"id":"380562d9-61a5-4f64-b8e0-52de4b34e58c","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":109,"box":{"x":76,"y":556,"width":869,"height":10}},{"id":"361fe931-02ad-4ecb-8249-73757b56951a","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":109,"box":{"x":76,"y":570,"width":888,"height":11}},{"id":"a1afcad5-eb9b-4c30-99d9-c41caa806e86","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":109,"box":{"x":76,"y":584,"width":884,"height":11}},{"id":"d4334260-a397-4457-a538-4f65aebe3fd9","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":109,"box":{"x":76,"y":598,"width":904,"height":11}},{"id":"340f751b-c939-4065-b784-c314c35b6ae7","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":109,"box":{"x":76,"y":612,"width":897,"height":11}},{"id":"bb6a6ec5-73c2-454d-8f51-9ac3b8ae5f6c","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":109,"box":{"x":76,"y":626,"width":887,"height":11}},{"id":"72d56af7-2935-4ace-87aa-c1c3bf3f44a0","block_type":"box","text":"particularly for newly launched or smaller funds, or by instances of significant volatility of the underlying assets.","page_number":109,"box":{"x":76,"y":641,"width":713,"height":10}},{"id":"ae89ad1c-7c02-422d-ac28-434734bed47b","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":109,"box":{"x":76,"y":664,"width":902,"height":11}},{"id":"a55a54f2-2618-42e3-a6e5-d8aa60de989b","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":109,"box":{"x":76,"y":678,"width":856,"height":11}},{"id":"727f8374-2053-4fb7-b8bc-e0fa267fdcad","block_type":"box","text":"Memorial Day, Juneteenth, Independence Day, Labor Day, Thanksgiving Day and Christmas Day.","page_number":109,"box":{"x":77,"y":692,"width":612,"height":11}},{"id":"01c0f1c8-7245-4e03-a833-b6aa2c058c1b","block_type":"box","text":"Investments in Investment Companies","page_number":109,"box":{"x":77,"y":715,"width":268,"height":11}},{"id":"c2fb1494-cdf5-48f4-9943-01b9f1727906","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":109,"box":{"x":76,"y":739,"width":873,"height":10}},{"id":"3f84be48-bfbf-4756-b7d2-09d77b22d687","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":109,"box":{"x":76,"y":753,"width":889,"height":11}},{"id":"8c329d1a-c082-43bd-be51-0cd08a93b222","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":109,"box":{"x":76,"y":767,"width":847,"height":11}},{"id":"83e78eff-c04c-4a09-9ece-c5ea14b7337f","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":109,"box":{"x":76,"y":781,"width":897,"height":11}},{"id":"d4de53d2-2fce-46bb-9a2c-a45171eb46d4","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":109,"box":{"x":76,"y":795,"width":890,"height":11}},{"id":"046c3dc5-4050-4400-917d-e6a7f12802f8","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":109,"box":{"x":76,"y":809,"width":904,"height":11}},{"id":"41186363-2677-4095-9f26-add37ad6e400","block_type":"box","text":"investment companies and companies controlled by them.","page_number":109,"box":{"x":76,"y":824,"width":374,"height":11}},{"id":"042c48d8-2733-472f-9828-96c0fbfbce39","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":109,"box":{"x":77,"y":847,"width":867,"height":11}},{"id":"ab88239e-f090-4d67-9f01-5dd3f139a9d7","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":109,"box":{"x":78,"y":861,"width":871,"height":11}},{"id":"f53835a0-ef83-40a0-b0db-985bb48ebbe0","block_type":"box","text":"Fund, a registered investment company must, among other things, enter into an agreement with the Company. If an Acquired Fund invests","page_number":109,"box":{"x":77,"y":875,"width":884,"height":11}},{"id":"b1e58bc2-1017-4e4b-9eb5-433ef06c01c8","block_type":"box","text":"23","page_number":109,"box":{"x":522,"y":921,"width":15,"height":8}},{"id":"43b18d7f-1a9a-4e4c-99c3-b1266403b8c3","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":110,"box":{"x":76,"y":23,"width":874,"height":11}},{"id":"7c3f8764-960f-47bb-8258-00105a40a085","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":110,"box":{"x":78,"y":37,"width":894,"height":11}},{"id":"4743bc68-2982-49d1-940a-68eb3b3fe48f","block_type":"box","text":"the limits set forth in Section 12(d)(1) should contact BFA.","page_number":110,"box":{"x":76,"y":51,"width":367,"height":11}},{"id":"6008c0d9-dbfc-4940-a486-19c76dd69e4a","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":110,"box":{"x":77,"y":75,"width":883,"height":11}},{"id":"6c6c2890-9017-4f72-aa72-c9a6850ac074","block_type":"box","text":"SEC no-action relief.","page_number":110,"box":{"x":76,"y":89,"width":130,"height":8}},{"id":"89b866e6-b408-487d-9fa6-af5a6b97b62a","block_type":"box","text":"Book Entry","page_number":110,"box":{"x":77,"y":112,"width":76,"height":11}},{"id":"0362a0bb-01d4-4de7-bc16-1b5a34aa607c","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":110,"box":{"x":76,"y":135,"width":892,"height":11}},{"id":"73f1f69e-4053-4db6-bed2-b94e838caca8","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":110,"box":{"x":76,"y":149,"width":832,"height":11}},{"id":"30bac0db-a263-42f6-be3e-282f9ac20fa3","block_type":"box","text":"outstanding shares of the Funds.","page_number":110,"box":{"x":76,"y":164,"width":209,"height":10}},{"id":"d1732562-67a9-4418-b393-c0de6521c420","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":110,"box":{"x":77,"y":187,"width":885,"height":11}},{"id":"9f6bdecf-abcf-4e07-8b5d-76514be6fca2","block_type":"box","text":"brokers and dealers, banks, trust companies, clearing corporations and other institutions that directly or indirectly maintain a custodial","page_number":110,"box":{"x":76,"y":201,"width":863,"height":11}},{"id":"b8c5e190-eff3-43ab-a7f4-852827b0f42b","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":110,"box":{"x":77,"y":215,"width":888,"height":11}},{"id":"ddd3e8ba-a517-4d57-a81f-a9f23a565a17","block_type":"box","text":"shares registered in your name, and you are not considered a registered owner of shares. Therefore, to exercise any right as an owner of","page_number":110,"box":{"x":76,"y":229,"width":874,"height":11}},{"id":"73bfa43d-77b0-4c5e-839a-c7b81e3a8234","block_type":"box","text":"Fund shares, you must rely upon the procedures of DTC and its participants. These procedures are the same as those that apply to any other","page_number":110,"box":{"x":77,"y":244,"width":899,"height":10}},{"id":"8c581318-e15a-4f2b-b13d-7b0f8a82c6ce","block_type":"box","text":"securities held in book-entry or “street name” form.","page_number":110,"box":{"x":76,"y":258,"width":330,"height":11}},{"id":"289eef1f-5bf4-4d67-8665-9ef739b56f85","block_type":"box","text":"Share Prices","page_number":110,"box":{"x":76,"y":281,"width":87,"height":8}},{"id":"6182524a-7824-4633-8f7a-f5ca0a540b55","block_type":"box","text":"The trading prices of a Fund’s shares in the secondary market generally differ from the Fund’s daily NAV and are affected by various factors,","page_number":110,"box":{"x":76,"y":304,"width":894,"height":11}},{"id":"7b0f89d3-d75a-4e40-852c-a3e211d2eef0","block_type":"box","text":"such as the supply of and demand for ETF shares and the securities or other assets held by a Fund as well as other market and economic","page_number":110,"box":{"x":76,"y":318,"width":876,"height":11}},{"id":"e20a43b6-0956-46ce-838f-add13ad7b20c","block_type":"box","text":"conditions.","page_number":110,"box":{"x":76,"y":333,"width":69,"height":8}},{"id":"a074330b-215f-4e10-9d73-61a72b42afd8","block_type":"box","text":"Determination of Net Asset Value","page_number":110,"box":{"x":77,"y":356,"width":233,"height":8}},{"id":"5a478245-e10e-42bb-8319-887b885dca26","block_type":"box","text":"The NAV of a Fund normally is determined once daily Monday through Friday, on each day that the New York Stock Exchange (“NYSE”) is","page_number":110,"box":{"x":76,"y":379,"width":872,"height":11}},{"id":"1f229d38-017b-4a03-8856-f03ac46e8357","block_type":"box","text":"open for trading. The NAV generally is determined as of the close of the NYSE’s regular trading hours, normally 4:00 p.m. Eastern time, based","page_number":110,"box":{"x":76,"y":393,"width":904,"height":11}},{"id":"83dd4558-1eaf-4d69-8e2e-cc8d9312e206","block_type":"box","text":"on prices at the time of closing.","page_number":110,"box":{"x":76,"y":407,"width":201,"height":11}},{"id":"f0f1839d-42d4-4338-a274-b40e1b6ffed7","block_type":"box","text":"Any Fund assets or liabilities that are denominated in currencies other than the U.S. dollar are translated into U.S. dollars at the prevailing","page_number":110,"box":{"x":76,"y":431,"width":883,"height":10}},{"id":"185ae381-0479-4ede-91af-52dd088f69c7","block_type":"box","text":"market rates on the date of valuation as quoted by one or more data service providers.","page_number":110,"box":{"x":76,"y":445,"width":554,"height":10}},{"id":"74cd1b52-3c54-4499-a95c-e589d14fa888","block_type":"box","text":"The NAV of a Fund is calculated by dividing the value of the Fund’s net assets (","page_number":110,"box":{"x":76,"y":468,"width":501,"height":11}},{"id":"9d6ad4b3-5ae4-4e83-af75-f745b6e3d88e","block_type":"box","text":"i.e","page_number":110,"box":{"x":578,"y":468,"width":14,"height":8}},{"id":"7a1b4fae-b821-4835-99b0-b19233dd802c","block_type":"box","text":"., the value of its total assets, including the value of any","page_number":110,"box":{"x":594,"y":468,"width":353,"height":11}},{"id":"9c086656-8e14-497f-8900-e4de019dedef","block_type":"box","text":"underlying fund shares in which the Fund invests, less total liabilities) by the total number of outstanding shares of the Fund, generally","page_number":110,"box":{"x":77,"y":482,"width":857,"height":11}},{"id":"80645a8d-a089-4cb2-8dd2-bcb78856a7d4","block_type":"box","text":"rounded to the nearest cent. The value of a Fund’s assets and liabilities is determined pursuant to BFA’s valuation policies and procedures.","page_number":110,"box":{"x":77,"y":496,"width":883,"height":11}},{"id":"f05a633c-ed63-47f4-a276-89c8d788a3af","block_type":"box","text":"BFA has been designated by the Board as the valuation designee for each Fund pursuant to Rule 2a-5 under the Investment Company Act.","page_number":110,"box":{"x":77,"y":510,"width":881,"height":11}},{"id":"4081e9db-cf43-434f-a0c8-5549caf56601","block_type":"box","text":"Equity securities and other equity instruments (except ETF options, equity index options or those that are customized) for which market","page_number":110,"box":{"x":77,"y":534,"width":867,"height":10}},{"id":"6647a45c-7642-4c5a-aba5-18508d28b1e0","block_type":"box","text":"quotations are readily available are valued at market value, which is generally determined using the last reported official closing price or, if a","page_number":110,"box":{"x":76,"y":548,"width":896,"height":11}},{"id":"4f5c53ec-16eb-49db-a6f8-963576072a20","block_type":"box","text":"reported closing price is not available, the last traded price on the exchange or market on which the security or instrument is primarily traded","page_number":110,"box":{"x":77,"y":562,"width":903,"height":11}},{"id":"5a46c083-899c-40dd-ade4-3ab5d07c24a7","block_type":"box","text":"at the time of valuation. Shares of underlying open-end funds (including money market funds) that are not traded on an exchange are valued","page_number":110,"box":{"x":76,"y":576,"width":897,"height":11}},{"id":"4a7d694a-bd22-424a-8a7d-d0bc7d840efc","block_type":"box","text":"at net asset value. Shares of underlying ETFs and closed-end funds that trade on exchanges are valued at their most recent market closing","page_number":110,"box":{"x":76,"y":590,"width":887,"height":11}},{"id":"88ba02d6-5da3-4b4b-bb6c-6d623606d628","block_type":"box","text":"price.","page_number":110,"box":{"x":76,"y":605,"width":35,"height":10}},{"id":"275ebb06-05a7-4827-8264-0720db01112a","block_type":"box","text":"Fixed-income securities and certain derivative instruments are valued using last available bid prices or current market quotations provided by","page_number":110,"box":{"x":77,"y":628,"width":904,"height":11}},{"id":"dd40c7a1-cd76-4d6c-931e-dd8703e4d13f","block_type":"box","text":"dealers or prices (including evaluated prices) supplied by the Funds’ approved independent third-party pricing services, each in accordance","page_number":110,"box":{"x":76,"y":642,"width":891,"height":11}},{"id":"b1522dd3-ffe0-4fc5-8e82-7284845d0cbd","block_type":"box","text":"with BFA’s valuation policies and procedures. Pricing services may use matrix pricing or valuation models that utilize certain inputs and","page_number":110,"box":{"x":76,"y":656,"width":861,"height":11}},{"id":"149a0454-72e1-437b-a7a2-7d1a341b1d99","block_type":"box","text":"assumptions to derive values. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round","page_number":110,"box":{"x":76,"y":670,"width":901,"height":11}},{"id":"3d62322e-9fbe-4bec-a509-e1a35232bf06","block_type":"box","text":"lot size, but a Fund may hold or transact in such securities in smaller odd lot sizes. Odd lots of securities in certain asset classes may trade at","page_number":110,"box":{"x":77,"y":684,"width":904,"height":11}},{"id":"db92ac1e-f9e4-49ed-bb01-c386b15e4d48","block_type":"box","text":"lower prices than institutional round lots, and the value ultimately realized when the securities are sold could differ from the prices used by a","page_number":110,"box":{"x":77,"y":699,"width":899,"height":10}},{"id":"bb6c655d-31cf-4018-ae0e-e87d4eb177d7","block_type":"box","text":"Fund. The amortized cost method of valuation may be used with respect to debt obligations with 60 days or less remaining to maturity unless","page_number":110,"box":{"x":77,"y":713,"width":902,"height":11}},{"id":"cf8e7c57-53e2-41ef-9634-ea1904f5d259","block_type":"box","text":"BFA determines in good faith that such method does not represent fair value.","page_number":110,"box":{"x":77,"y":727,"width":491,"height":11}},{"id":"8ee48544-5eaa-44b6-828d-012ab21a9ed4","block_type":"box","text":"Generally, trading in certain instruments (","page_number":110,"box":{"x":76,"y":750,"width":265,"height":11}},{"id":"618fd328-8880-4f79-8d4b-dafe8089869b","block_type":"box","text":"e.g","page_number":110,"box":{"x":343,"y":753,"width":19,"height":8}},{"id":"413ef5fb-e87a-4ff3-8804-98947ae1cb8f","block_type":"box","text":"., non-U.S. securities, money market instruments, etc.) is substantially completed each day at","page_number":110,"box":{"x":362,"y":750,"width":599,"height":11}},{"id":"67a5166b-c524-44d7-8801-4ca6b019cb73","block_type":"box","text":"various times prior to the close of the NYSE’s regular trading hours. The values of such instruments used in computing a Fund’s NAV are","page_number":110,"box":{"x":76,"y":764,"width":869,"height":11}},{"id":"53c71876-31b2-4b00-a39b-454f44e41612","block_type":"box","text":"determined as of such times.","page_number":110,"box":{"x":76,"y":779,"width":185,"height":8}},{"id":"b2689146-0228-4e2d-ad25-f2cec2404826","block_type":"box","text":"For certain foreign assets, a third-party vendor supplies evaluated, systematic fair value pricing based upon the movement of a proprietary","page_number":110,"box":{"x":77,"y":802,"width":885,"height":11}},{"id":"f8c15edc-0393-4849-9301-b3726c2b1125","block_type":"box","text":"multi-factor model after the relevant foreign markets have closed. This systematic fair value pricing methodology is designed to correlate the","page_number":110,"box":{"x":76,"y":816,"width":901,"height":11}},{"id":"16ce9e04-79e6-4220-9d37-438f83caa995","block_type":"box","text":"prices of foreign assets in one or more non-U.S. markets following the close of the local markets to the prices that might have prevailed as of","page_number":110,"box":{"x":76,"y":830,"width":904,"height":11}},{"id":"949322bb-27a8-469b-a98d-1ff4d6d6aae4","block_type":"box","text":"a Fund’s pricing time.","page_number":110,"box":{"x":76,"y":844,"width":136,"height":11}},{"id":"87a01e5d-cdde-46ab-ba10-d0124547db1e","block_type":"box","text":"Customized exchange-traded equity options, ETF options, equity index options and other derivatives may be valued using a mathematical","page_number":110,"box":{"x":76,"y":868,"width":877,"height":10}},{"id":"0c05bbc8-d78c-4c0d-8d72-c320f8d73c7f","block_type":"box","text":"model that may incorporate a number of market data factors.","page_number":110,"box":{"x":76,"y":882,"width":392,"height":11}},{"id":"d6c558f7-c4ec-43ac-8d8c-b4766a9c5f48","block_type":"box","text":"24","page_number":110,"box":{"x":522,"y":921,"width":15,"height":8}},{"id":"d7e26bc9-5aa2-461d-a2b7-011e62ed857a","block_type":"box","text":"When market quotations are not readily available or are believed by BFA to be unreliable, BFA will fair value a Fund’s investments in","page_number":111,"box":{"x":76,"y":23,"width":837,"height":11}},{"id":"ac4ee519-5134-4dae-a05f-952fd4ec6c79","block_type":"box","text":"accordance with its policies and procedures. Fair value represents a good faith approximation of the value of an asset or liability. It is the","page_number":111,"box":{"x":76,"y":37,"width":874,"height":11}},{"id":"e395e630-5813-4b00-9c03-2e736c8c3721","block_type":"box","text":"amount that the Fund might reasonably expect to receive from the current sale of an asset or the cost to extinguish a liability in an arm’s","page_number":111,"box":{"x":76,"y":51,"width":879,"height":11}},{"id":"f895d60d-9f46-45dc-a0b1-852bc4de06df","block_type":"box","text":"length transaction.","page_number":111,"box":{"x":77,"y":66,"width":118,"height":11}},{"id":"669347cd-4f9a-4539-bfd7-8f2fe82b212f","block_type":"box","text":"BFA may conclude that a market quotation is not readily available or is unreliable if:","page_number":111,"box":{"x":77,"y":89,"width":531,"height":11}},{"id":"057709a6-4e04-4eae-94b6-bf2d1551dc40","block_type":"box","text":"An asset or liability does not have a price source due to its lack of trading or other reasons;","page_number":111,"box":{"x":113,"y":107,"width":582,"height":11}},{"id":"22385464-9a30-4e7e-9621-5a26a8839599","block_type":"box","text":"A market quotation differs significantly from recent price quotations or otherwise no longer appears to reflect fair value;","page_number":111,"box":{"x":113,"y":125,"width":767,"height":11}},{"id":"026962d0-63e7-476a-b61c-1e4a5d73ab3e","block_type":"box","text":"An asset or liability is thinly traded;","page_number":111,"box":{"x":113,"y":143,"width":223,"height":11}},{"id":"86957b07-0d03-4400-b830-e7466f72c5d6","block_type":"box","text":"There is a significant event subsequent to the most recent market quotation; or","page_number":111,"box":{"x":113,"y":161,"width":508,"height":11}},{"id":"22d0fd87-3d58-47c8-8702-52b7cbdcb523","block_type":"box","text":"The trading market on which an instrument is listed is suspended or closed and no appropriate alternative trading market is available.","page_number":111,"box":{"x":113,"y":179,"width":853,"height":11}},{"id":"aa7d8421-e22c-422e-99ba-35d8bef115ac","block_type":"box","text":"A “significant event” is deemed to occur if BFA determines, in its reasonable business judgment prior to or at the time of pricing a Fund’s","page_number":111,"box":{"x":76,"y":202,"width":874,"height":11}},{"id":"7448485b-fdb8-461a-ac2f-b0d48345b259","block_type":"box","text":"assets or liabilities, that the event is likely to cause a material change to the last exchange closing price or closing market price of one or","page_number":111,"box":{"x":76,"y":216,"width":876,"height":11}},{"id":"b94ecb58-e79b-41a6-83e6-f2d00fa11ba5","block_type":"box","text":"more of the Fund’s assets or liabilities.","page_number":111,"box":{"x":76,"y":231,"width":246,"height":8}},{"id":"83188f3d-5c96-41b6-ad3f-422b00f4aeb0","block_type":"box","text":"Valuing a Fund’s investments using fair value pricing may result in prices that differ from current market valuations and that may not be the","page_number":111,"box":{"x":76,"y":254,"width":890,"height":11}},{"id":"27f5ecf1-92f6-4543-9ff9-1a79e2f35d11","block_type":"box","text":"prices at which those investments could have been sold during the period for which the particular fair values were used. For an index Fund,","page_number":111,"box":{"x":76,"y":268,"width":888,"height":11}},{"id":"4bd635c4-6521-4abd-910d-413d0f5a6478","block_type":"box","text":"the use of both fair value prices and current market valuations in a particular NAV calculation could result in a difference between the prices","page_number":111,"box":{"x":76,"y":282,"width":896,"height":11}},{"id":"e2dd24e6-861d-4889-a05f-e45ebbc776b1","block_type":"box","text":"used to calculate a Fund’s NAV and the prices used by the Fund’s underlying index. This could, in turn, result in a difference between the","page_number":111,"box":{"x":77,"y":296,"width":870,"height":11}},{"id":"21968487-0cdd-4c4b-9020-9a931160fabe","block_type":"box","text":"Fund’s performance and the performance of its underlying index.","page_number":111,"box":{"x":77,"y":311,"width":414,"height":10}},{"id":"781f0579-091d-4e06-b164-f25215f74f22","block_type":"box","text":"Dividends and Distributions","page_number":111,"box":{"x":77,"y":334,"width":192,"height":8}},{"id":"62073c06-d8c3-4614-9a99-f7794ad429ca","block_type":"box","text":"General Policies.","page_number":111,"box":{"x":76,"y":357,"width":103,"height":9}},{"id":"a01801c2-52f2-4f43-8489-aa08edf55972","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":111,"box":{"x":185,"y":357,"width":782,"height":11}},{"id":"943f8736-4be4-4135-bc53-15963ed04722","block_type":"box","text":"realized securities gains, if any, generally are declared and paid once a year, but the Company may make distributions on a more frequent","page_number":111,"box":{"x":77,"y":371,"width":879,"height":11}},{"id":"835398cc-defd-411c-978f-754d319527ea","block_type":"box","text":"basis for a Fund. The Company reserves the right to declare special distributions if, in its reasonable discretion, such action is necessary or","page_number":111,"box":{"x":76,"y":385,"width":890,"height":11}},{"id":"fdf92ea4-8870-413d-9d1d-1486ffad605e","block_type":"box","text":"advisable to preserve its status as a regulated investment company (“RIC”) or to avoid the imposition of income or excise taxes on","page_number":111,"box":{"x":76,"y":400,"width":834,"height":10}},{"id":"702dc94f-3f38-480b-b637-5067b4d228f3","block_type":"box","text":"undistributed income or realized gains.","page_number":111,"box":{"x":77,"y":414,"width":247,"height":11}},{"id":"7f883d7d-268f-418a-97d0-981c098128cb","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":111,"box":{"x":77,"y":437,"width":885,"height":11}},{"id":"fe5d0086-bf68-4760-a7e5-40dad2ba43af","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":111,"box":{"x":76,"y":451,"width":856,"height":11}},{"id":"6891d70a-7fd8-41ba-b741-ac0e1006d8cd","block_type":"box","text":"received from the Funds.","page_number":111,"box":{"x":77,"y":465,"width":157,"height":9}},{"id":"3950de4e-8adb-4286-a0e7-3ae9a93998dc","block_type":"box","text":"Dividend Reinvestment Service.","page_number":111,"box":{"x":76,"y":489,"width":197,"height":8}},{"id":"ab1fb3a9-d4c0-454a-91c2-cfc7e2bba713","block_type":"box","text":"No dividend reinvestment service is provided by the Company. Broker-dealers may make the DTC book-entry","page_number":111,"box":{"x":280,"y":489,"width":695,"height":10}},{"id":"b4c90d15-79ee-4f8c-bafd-949163d4f5ac","block_type":"box","text":"Dividend Reinvestment Program available to beneficial owners of Fund shares for the reinvestment of distributions. Beneficial owners should","page_number":111,"box":{"x":77,"y":503,"width":899,"height":11}},{"id":"c95453bf-1781-488e-aeaa-3219402f4080","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":111,"box":{"x":76,"y":517,"width":869,"height":11}},{"id":"bc7ab6a5-06f5-4d70-a76d-b87fab81fe5f","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":111,"box":{"x":76,"y":531,"width":895,"height":11}},{"id":"561c8354-5077-48be-88b4-ce6e22f358f1","block_type":"box","text":"be automatically reinvested in additional whole Fund shares purchased in the secondary market.","page_number":111,"box":{"x":76,"y":545,"width":617,"height":11}},{"id":"ce71c3dc-538b-453c-9cb3-6c15ae065596","block_type":"box","text":"Note on Tax Information.","page_number":111,"box":{"x":76,"y":568,"width":167,"height":9}},{"id":"704ad541-c457-4fea-ae3f-eab92c7fd16b","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":111,"box":{"x":249,"y":568,"width":723,"height":11}},{"id":"31852a15-2980-434e-abc1-f3fbda98bed2","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":111,"box":{"x":76,"y":583,"width":905,"height":10}},{"id":"9ee0fd2c-11cc-477e-91c6-03b04f0aba25","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":111,"box":{"x":76,"y":597,"width":893,"height":11}},{"id":"ad4e081c-a339-4be3-a193-a72e45797d8e","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":111,"box":{"x":76,"y":611,"width":893,"height":11}},{"id":"733214cf-de6b-4625-a946-6909ca2a49c1","block_type":"box","text":"laws.","page_number":111,"box":{"x":76,"y":625,"width":30,"height":9}},{"id":"21c76dd1-4b47-454a-97a0-6f8095c4c58f","block_type":"box","text":"Taxes","page_number":111,"box":{"x":76,"y":649,"width":38,"height":8}},{"id":"5ad1fc43-e153-4643-b325-0b149f796509","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":111,"box":{"x":76,"y":672,"width":874,"height":10}},{"id":"13cf4d48-7817-46f9-aa18-225f94866140","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":111,"box":{"x":76,"y":686,"width":877,"height":11}},{"id":"a308386b-7b17-48c0-97e4-ae0040ba6531","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":111,"box":{"x":76,"y":700,"width":895,"height":11}},{"id":"da4257d3-c291-42a4-bed8-41155fb7cd97","block_type":"box","text":"is no guarantee that shares of a Fund will receive certain regulatory or accounting treatment.","page_number":111,"box":{"x":76,"y":714,"width":594,"height":11}},{"id":"089db15c-8d98-4c92-8e0c-ac824570c26d","block_type":"box","text":"Taxes on Fund Distributions","page_number":111,"box":{"x":76,"y":737,"width":194,"height":9}},{"id":"075e8509-e61a-435a-86ec-5e662c1f4900","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":111,"box":{"x":76,"y":761,"width":863,"height":10}},{"id":"6fbc47c1-33c7-4f9c-b5c3-02291f839df0","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":111,"box":{"x":76,"y":775,"width":873,"height":11}},{"id":"1ad75592-cd77-4940-9459-f950990d697c","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":111,"box":{"x":76,"y":789,"width":713,"height":11}},{"id":"e57b9110-6275-4c02-87a5-eb08c6b1ce69","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":111,"box":{"x":77,"y":812,"width":902,"height":11}},{"id":"845de8e7-e06a-45c9-ba6f-012125856feb","block_type":"box","text":"may be treated as paid on December 31 of the prior year.","page_number":111,"box":{"x":76,"y":826,"width":365,"height":11}},{"id":"da77b4c4-b0c8-42f0-8846-cc15577a701d","block_type":"box","text":"Capital Gains.","page_number":111,"box":{"x":76,"y":849,"width":86,"height":11}},{"id":"176635c4-fff5-4164-9387-5aacef6be848","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":111,"box":{"x":169,"y":849,"width":785,"height":11}},{"id":"37858ca1-166f-4a73-a60d-62d5b1e49429","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":111,"box":{"x":76,"y":864,"width":857,"height":10}},{"id":"28b4d172-12bc-4cdb-9456-37a8c0425536","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":111,"box":{"x":76,"y":878,"width":878,"height":11}},{"id":"3488841c-d03b-4740-86e7-5d627c586f72","block_type":"box","text":"25","page_number":111,"box":{"x":522,"y":921,"width":14,"height":8}},{"id":"4d04767c-b08c-4544-8e03-ee9fbb7055a5","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":112,"box":{"x":77,"y":23,"width":871,"height":11}},{"id":"ffcd76c9-e2c1-4b55-a872-b5bd6c960a75","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":112,"box":{"x":76,"y":37,"width":892,"height":11}},{"id":"5d333b63-d1a4-46f7-b33f-1002ba5ccb15","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":112,"box":{"x":76,"y":51,"width":878,"height":11}},{"id":"672955f5-dc0c-451c-a3ba-e86b2f6556fb","block_type":"box","text":"real estate investment trusts (“REITs”), if any.","page_number":112,"box":{"x":77,"y":66,"width":289,"height":10}},{"id":"7bd3881d-557a-4032-9598-c551bcc25aea","block_type":"box","text":"Return of Capital.","page_number":112,"box":{"x":76,"y":89,"width":108,"height":11}},{"id":"494b3097-6d98-4bc8-97d7-9071162bfa01","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":112,"box":{"x":191,"y":89,"width":775,"height":11}},{"id":"b11e4844-28f5-441e-b54a-59572867de02","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":112,"box":{"x":76,"y":103,"width":904,"height":11}},{"id":"d8626784-c25d-4596-add7-90a4229cd9a0","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":112,"box":{"x":76,"y":117,"width":888,"height":11}},{"id":"e734c2f7-84c6-4a7b-b0ae-0c5b7baef3f9","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":112,"box":{"x":76,"y":131,"width":843,"height":11}},{"id":"441beb26-f2a9-4623-9dc8-4f75696533ff","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":112,"box":{"x":76,"y":146,"width":874,"height":10}},{"id":"5d5a7efa-d88d-4dcf-92ee-1ab0599e1c86","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":112,"box":{"x":76,"y":160,"width":803,"height":11}},{"id":"fae8af91-552b-439e-a36e-682cfb718d64","block_type":"box","text":"Qualified Dividend Income.","page_number":112,"box":{"x":76,"y":183,"width":167,"height":8}},{"id":"c2e37665-3b9d-42e7-886c-a7a8ebaa31fb","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":112,"box":{"x":249,"y":183,"width":702,"height":11}},{"id":"5eed415e-2a4d-4e5a-aaea-7a847a38af28","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":112,"box":{"x":76,"y":197,"width":848,"height":11}},{"id":"06c2b766-623f-414f-8585-484d081d0569","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":112,"box":{"x":76,"y":211,"width":846,"height":11}},{"id":"98edab5d-ba73-419f-a876-0879cec76d4e","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":112,"box":{"x":76,"y":226,"width":872,"height":10}},{"id":"bf3121b5-6ba1-4aa0-83f8-883a58158ebe","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":112,"box":{"x":76,"y":240,"width":892,"height":11}},{"id":"5800a560-2c49-40e7-99b5-328a1b5db220","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":112,"box":{"x":76,"y":254,"width":886,"height":11}},{"id":"3e57a3cf-65b4-4532-b26f-2dd32139f7fc","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":112,"box":{"x":76,"y":268,"width":854,"height":11}},{"id":"6c20d13c-21a2-454f-a927-0737a69a4802","block_type":"box","text":"company.","page_number":112,"box":{"x":76,"y":285,"width":60,"height":8}},{"id":"7f9eb2fc-5bde-429b-9ff0-06f00e2215e4","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":112,"box":{"x":77,"y":305,"width":904,"height":11}},{"id":"389e8ea3-595b-4af2-8207-f4789ea2e6ae","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":112,"box":{"x":76,"y":320,"width":901,"height":10}},{"id":"b12ee7a7-35d9-411d-89b1-aa9daf0a2b41","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":112,"box":{"x":76,"y":334,"width":865,"height":11}},{"id":"a281bb97-24eb-43e2-a282-762d7aa4fd00","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":112,"box":{"x":76,"y":348,"width":895,"height":11}},{"id":"1c92515d-3eb2-4165-a345-8ebf475efbfe","block_type":"box","text":"from ordinary REIT dividends, reduced by allocable Fund expenses.","page_number":112,"box":{"x":76,"y":362,"width":428,"height":11}},{"id":"ee1ee461-a273-4997-a3a3-fa8daa91a394","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":112,"box":{"x":77,"y":385,"width":891,"height":11}},{"id":"ee6d6a74-e6ea-4f90-a4f0-167d3e876273","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":112,"box":{"x":77,"y":400,"width":861,"height":10}},{"id":"813648e2-6050-4cc6-a9d4-08f23b39e94c","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":112,"box":{"x":76,"y":414,"width":883,"height":11}},{"id":"d6fad493-1048-49a6-83cc-e71bbb004020","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":112,"box":{"x":76,"y":428,"width":682,"height":11}},{"id":"37392ce0-c546-42cb-960a-01ab7a5cb241","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":112,"box":{"x":77,"y":451,"width":872,"height":11}},{"id":"3ff6f3a8-467c-46ee-abe9-317ae579f724","block_type":"box","text":"Fund shareholders that are corporations, subject to certain hedging and holding requirements.","page_number":112,"box":{"x":77,"y":465,"width":603,"height":11}},{"id":"63e3db06-c9a8-408d-a726-2b20de84840b","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":112,"box":{"x":76,"y":489,"width":876,"height":10}},{"id":"75c273ea-85c5-4822-a22f-8def9418ba8a","block_type":"box","text":"Medicare Tax.","page_number":112,"box":{"x":76,"y":512,"width":85,"height":8}},{"id":"dbf3dde3-9b03-4a84-817a-4efabceb27c2","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":112,"box":{"x":167,"y":512,"width":791,"height":11}},{"id":"cd797c90-bbb4-4c96-8a33-6b9cc1a38162","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":112,"box":{"x":76,"y":525,"width":876,"height":12}},{"id":"4456ae1c-3c52-43cd-a273-a7a740be21f6","block_type":"box","text":"trusts.","page_number":112,"box":{"x":76,"y":541,"width":40,"height":8}},{"id":"e4d6af12-5410-460e-958c-08f629110cec","block_type":"box","text":"Alternative Minimum Tax.","page_number":112,"box":{"x":75,"y":563,"width":157,"height":9}},{"id":"78bda2fc-847d-436c-883f-eaaf2538a203","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":112,"box":{"x":238,"y":563,"width":738,"height":11}},{"id":"ed737f6c-08c9-403b-9f89-a0f368ea2c31","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":112,"box":{"x":76,"y":577,"width":833,"height":11}},{"id":"7a3157bf-e572-40de-ab45-be09178230e6","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":112,"box":{"x":76,"y":592,"width":877,"height":10}},{"id":"08e26fbc-3bac-454e-9c4c-14ecc8edc793","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":112,"box":{"x":77,"y":606,"width":903,"height":11}},{"id":"2b2f8bc4-2ed5-403d-8136-29b72f2885dc","block_type":"box","text":"liability and the regular income tax liability.","page_number":112,"box":{"x":77,"y":620,"width":271,"height":11}},{"id":"bf5971b2-8aeb-4844-b9e4-d7d20e50266b","block_type":"box","text":"Original Issue Discount and Inflation-Related Adjustments","page_number":112,"box":{"x":76,"y":643,"width":406,"height":11}},{"id":"db189409-863c-484e-93b9-377d1918d26d","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":112,"box":{"x":76,"y":666,"width":892,"height":11}},{"id":"0eefa857-e7f0-4206-ab10-70e0fb623b08","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":112,"box":{"x":76,"y":681,"width":874,"height":10}},{"id":"b12b8fc5-4590-4b0a-b5c3-cfe4697ed8ca","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":112,"box":{"x":76,"y":695,"width":864,"height":11}},{"id":"f3c176fd-0be8-4464-b787-1f056f7a978b","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":112,"box":{"x":76,"y":709,"width":895,"height":11}},{"id":"0dbd0acf-5ad2-472f-b905-e1484d3010c6","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":112,"box":{"x":77,"y":723,"width":896,"height":11}},{"id":"2039ab37-b41f-450f-a9f0-7ac3f3bda1f9","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":112,"box":{"x":76,"y":737,"width":905,"height":11}},{"id":"4a1f256c-9e1f-4e41-8063-dbdaeab74e15","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":112,"box":{"x":76,"y":751,"width":707,"height":11}},{"id":"12a8d30b-b85e-4416-9c19-8bb57ee07f14","block_type":"box","text":"Market Discount Bonds","page_number":112,"box":{"x":77,"y":775,"width":162,"height":8}},{"id":"422053cc-c09b-460c-980c-9d4ad944489a","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":112,"box":{"x":76,"y":798,"width":898,"height":11}},{"id":"ef190b57-e8c9-410f-97f0-353c0c86a1b4","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":112,"box":{"x":76,"y":812,"width":903,"height":11}},{"id":"e8cbbbce-cfbc-4613-8270-2ff54561ca31","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":112,"box":{"x":76,"y":826,"width":898,"height":11}},{"id":"e8a89f18-9205-47b2-b13a-ca251b22f58e","block_type":"box","text":"treated as ordinary income rather than capital gains to the extent of the accrued market discount.","page_number":112,"box":{"x":76,"y":840,"width":626,"height":11}},{"id":"04aef2dc-e5b5-490e-bae3-eaf5de9aa514","block_type":"box","text":"26","page_number":112,"box":{"x":522,"y":921,"width":14,"height":8}},{"id":"23c70ca4-27a2-4581-a467-44b9c624f615","block_type":"box","text":"Derivatives and Other Complex Instruments","page_number":113,"box":{"x":77,"y":23,"width":307,"height":11}},{"id":"da3c4321-1598-4ea8-b117-693867651f81","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":113,"box":{"x":76,"y":46,"width":874,"height":11}},{"id":"ab2599a8-ed03-44dc-b53c-ca50c0b253b8","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":113,"box":{"x":76,"y":61,"width":860,"height":10}},{"id":"2c2a0a7b-c192-4c92-9c08-a62b6b367c58","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":113,"box":{"x":77,"y":75,"width":852,"height":11}},{"id":"10d31e8d-294f-469f-8830-bbe98fb17bb3","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":113,"box":{"x":76,"y":89,"width":863,"height":11}},{"id":"65a042a1-3b04-4ef1-b4b0-41a98914dc3d","block_type":"box","text":"Non-U.S. Income Taxes","page_number":113,"box":{"x":77,"y":112,"width":158,"height":9}},{"id":"4105b308-99ce-4500-83d1-bf128f671fa8","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":113,"box":{"x":77,"y":135,"width":837,"height":11}},{"id":"9deb11e0-1132-44e7-b633-769d6c6d6298","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":113,"box":{"x":76,"y":149,"width":863,"height":11}},{"id":"6a5b63f3-3d01-42a1-b9b3-91a0d546195a","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":113,"box":{"x":77,"y":164,"width":865,"height":10}},{"id":"3c21a8bb-ee7f-49ed-95e2-6ff9c0542164","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":113,"box":{"x":77,"y":178,"width":875,"height":11}},{"id":"cd71d070-e116-4c14-a5fd-47c11131800a","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":113,"box":{"x":77,"y":192,"width":895,"height":11}},{"id":"b6bc6cdf-27bb-4b1d-82a2-6dcbdffd5305","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":113,"box":{"x":76,"y":206,"width":888,"height":11}},{"id":"f16fd714-7172-46f2-834c-750fb2721b8c","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":113,"box":{"x":76,"y":220,"width":875,"height":11}},{"id":"b1236a12-f975-4009-8127-df41728cc990","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":113,"box":{"x":76,"y":235,"width":896,"height":10}},{"id":"d7908b7e-3960-4c86-be23-650be5b4800e","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":113,"box":{"x":76,"y":249,"width":635,"height":11}},{"id":"78008c69-3eaa-4fb3-9928-b1e0d8b9ff06","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":113,"box":{"x":77,"y":272,"width":896,"height":11}},{"id":"401ef811-67d7-4bdd-b370-454c18ab5c6c","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":113,"box":{"x":76,"y":286,"width":903,"height":11}},{"id":"2201123d-fbd8-4f94-ac6e-1b7f0f9ee9a7","block_type":"box","text":"could be reduced.","page_number":113,"box":{"x":76,"y":300,"width":114,"height":9}},{"id":"00c86903-9f5f-43a2-85d8-3188593286ff","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":113,"box":{"x":77,"y":323,"width":853,"height":11}},{"id":"c8460680-62f5-45ce-b210-08f549265dab","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":113,"box":{"x":76,"y":338,"width":900,"height":10}},{"id":"7797b7d8-bd32-474d-9925-09cdfae8aaf9","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":113,"box":{"x":76,"y":352,"width":876,"height":11}},{"id":"e91338bb-2f19-4acb-b1b0-be7482765752","block_type":"box","text":"paid by the Fund or, if its assets meet these requirements, the Underlying Fund.","page_number":113,"box":{"x":76,"y":366,"width":509,"height":11}},{"id":"33b893f3-aeb7-454f-8c46-c138532b0a6d","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":113,"box":{"x":77,"y":389,"width":879,"height":11}},{"id":"efed152d-de94-4741-8d4f-1b9a4925aeb5","block_type":"box","text":"income, limiting the availability of such credits for U.S. persons.","page_number":113,"box":{"x":76,"y":403,"width":407,"height":11}},{"id":"8d227103-4354-49e7-806d-0a9444a25afc","block_type":"box","text":"Non-U.S. Shareholders","page_number":113,"box":{"x":77,"y":427,"width":156,"height":8}},{"id":"39741128-a824-4112-9cd3-928004401619","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":113,"box":{"x":77,"y":450,"width":888,"height":11}},{"id":"f520ade1-887e-4ce7-bbd9-65c4cc6bf6f6","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":113,"box":{"x":77,"y":464,"width":904,"height":11}},{"id":"4d02a019-e080-42bc-91fd-abcce40cf5fe","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":113,"box":{"x":77,"y":478,"width":868,"height":11}},{"id":"41088e5c-a466-4df5-8703-324ec7d39e13","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":113,"box":{"x":76,"y":492,"width":886,"height":11}},{"id":"cfc9fe05-a451-4675-80e9-e7cd0e3a1fcb","block_type":"box","text":"gain dividends, interest-related dividends or short-term capital gain dividends.","page_number":113,"box":{"x":76,"y":507,"width":499,"height":10}},{"id":"2cb8ec0d-86d2-4289-8d7c-c00a1581cf96","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":113,"box":{"x":76,"y":530,"width":896,"height":11}},{"id":"9ec35055-70c2-429f-ac67-12c2deee1254","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":113,"box":{"x":76,"y":544,"width":894,"height":11}},{"id":"e41d8fb1-0303-430f-926e-0bb74c08b0fc","block_type":"box","text":"U.S.-owned foreign investment accounts.","page_number":113,"box":{"x":77,"y":558,"width":262,"height":11}},{"id":"e19d698f-8f3c-48d3-a5ea-911f2a9937a9","block_type":"box","text":"Backup Withholding","page_number":113,"box":{"x":77,"y":581,"width":139,"height":11}},{"id":"6e22ead0-a812-448e-840a-ce9e2f5f165a","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":113,"box":{"x":77,"y":605,"width":890,"height":10}},{"id":"3be33400-4669-45a6-957e-809ec63f2a48","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":113,"box":{"x":76,"y":619,"width":789,"height":11}},{"id":"f323b815-a7f9-4f21-afc2-abe7cdd414ae","block_type":"box","text":"Securities Lending","page_number":113,"box":{"x":76,"y":642,"width":129,"height":11}},{"id":"0444bf45-932b-4a9c-8e2b-7a902b564dae","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":113,"box":{"x":77,"y":665,"width":901,"height":11}},{"id":"49dd1e85-bd94-4ceb-8324-f0827ffaf379","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":113,"box":{"x":76,"y":679,"width":892,"height":11}},{"id":"c338c3d1-fd65-4f3d-890a-0a50d12878c7","block_type":"box","text":"through by the Fund.","page_number":113,"box":{"x":76,"y":694,"width":132,"height":10}},{"id":"e97d0409-1f0d-4ab3-b1ef-f94eb04c647d","block_type":"box","text":"Fund of Funds","page_number":113,"box":{"x":77,"y":717,"width":98,"height":8}},{"id":"ddb0f679-7ebd-4a5b-b67a-53bcb594b7ca","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":113,"box":{"x":77,"y":740,"width":844,"height":11}},{"id":"00ad548d-3e4a-4a8a-b532-724a3452bb57","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":113,"box":{"x":76,"y":754,"width":870,"height":11}},{"id":"764f3bad-a669-4868-8a94-1cf87ae98de5","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":113,"box":{"x":77,"y":768,"width":864,"height":11}},{"id":"3c60e392-eec4-4ddd-bb40-59e8ba3ecefd","block_type":"box","text":"Capital loss carryforwards of the Underlying Fund, if any, will not offset net capital gains of the Fund.","page_number":113,"box":{"x":76,"y":782,"width":643,"height":11}},{"id":"f93d0b40-d009-4788-adf6-3c2123172147","block_type":"box","text":"Taxes on the Sale of Exchange-Listed Fund Shares","page_number":113,"box":{"x":76,"y":806,"width":350,"height":10}},{"id":"7dc3bfcf-86d9-49b0-9430-9cdbef08b8c2","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":113,"box":{"x":76,"y":829,"width":876,"height":11}},{"id":"a4c21b53-f049-4b80-8951-6f7fa1d63c56","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":113,"box":{"x":77,"y":843,"width":896,"height":11}},{"id":"25e87647-6bcb-49ef-9920-f9d6a7409c1a","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":113,"box":{"x":76,"y":857,"width":870,"height":11}},{"id":"0f884cd8-7e67-4d03-bee7-c33a20c17ff8","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":113,"box":{"x":77,"y":871,"width":892,"height":11}},{"id":"c95597d3-5749-4b2a-98dc-8c8398b7efa6","block_type":"box","text":"27","page_number":113,"box":{"x":522,"y":921,"width":14,"height":8}},{"id":"200f9ca3-4247-47ee-ab4b-8e1459a28a3e","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":114,"box":{"x":76,"y":23,"width":892,"height":11}},{"id":"3bb0c14d-b2d9-4b87-9957-6c833c0e0753","block_type":"box","text":"contribution tax mentioned above.","page_number":114,"box":{"x":76,"y":37,"width":219,"height":9}},{"id":"f6359716-d760-4bc7-ad5c-dc15f9a5cff5","block_type":"box","text":"Creations and Redemptions","page_number":114,"box":{"x":76,"y":61,"width":193,"height":10}},{"id":"e9f7b211-9b84-4a4d-afe1-f766fa6e8566","block_type":"box","text":"Prior to being traded in the secondary market, Fund shares are “created” at NAV by Authorized Participants (","page_number":114,"box":{"x":77,"y":84,"width":693,"height":11}},{"id":"75837712-5a97-4fac-a9a4-733e3accea40","block_type":"box","text":"i.e.","page_number":114,"box":{"x":771,"y":84,"width":17,"height":8}},{"id":"68e27461-3e53-498a-a731-81aa5620c99d","block_type":"box","text":", market makers, large","page_number":114,"box":{"x":790,"y":84,"width":143,"height":11}},{"id":"6344fd55-2fbc-4b68-97e5-23a6edb732cd","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":114,"box":{"x":76,"y":98,"width":866,"height":11}},{"id":"f01f70ed-4d51-463b-bb71-726408466039","block_type":"box","text":"Creation Units, and only Authorized Participants may create or redeem Creation Units with the Funds.","page_number":114,"box":{"x":76,"y":112,"width":650,"height":11}},{"id":"d026f438-1af9-4c58-ad85-09cb3eaca266","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":114,"box":{"x":77,"y":135,"width":832,"height":11}},{"id":"d536d6e8-14c5-4472-aefa-2dba075138d2","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":114,"box":{"x":76,"y":149,"width":891,"height":11}},{"id":"1f3cbc47-0230-4d96-804b-82df724198e1","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":114,"box":{"x":76,"y":164,"width":874,"height":10}},{"id":"5495c095-5a03-43ce-8d36-53304435ef7c","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":114,"box":{"x":76,"y":178,"width":904,"height":11}},{"id":"db92e55f-77ea-443b-8000-26e36e11b117","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":114,"box":{"x":76,"y":201,"width":875,"height":11}},{"id":"10f80c03-d16b-407f-9c53-51ba6465af61","block_type":"box","text":"cash.","page_number":114,"box":{"x":76,"y":215,"width":33,"height":9}},{"id":"f1e205eb-2aca-461f-bb21-95f49499615b","block_type":"box","text":"In-Kind","page_number":114,"box":{"x":76,"y":238,"width":45,"height":9}},{"id":"8b8262ea-7ced-456f-a2c5-e5443c008860","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":114,"box":{"x":122,"y":238,"width":860,"height":11}},{"id":"31b077ea-2966-4ab2-af37-0d12eae105ee","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":114,"box":{"x":76,"y":253,"width":898,"height":10}},{"id":"a469ddf3-13b6-464f-8341-243fcf19e462","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":114,"box":{"x":77,"y":267,"width":851,"height":11}},{"id":"b6d75671-5ac5-4bb6-bdde-e5e35b2d2aa9","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":114,"box":{"x":76,"y":281,"width":686,"height":11}},{"id":"9cdfd626-8069-4d4e-addb-9de747656cff","block_type":"box","text":"Partial Cash","page_number":114,"box":{"x":76,"y":304,"width":74,"height":9}},{"id":"2507d417-295f-4798-ba5b-55d8b0ee5c78","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":114,"box":{"x":152,"y":304,"width":806,"height":11}},{"id":"5b03e4ee-a111-4058-9f87-f0141e5e6cdc","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":114,"box":{"x":76,"y":318,"width":870,"height":11}},{"id":"d5b5c8dc-ae81-4413-a943-0e359388ace8","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":114,"box":{"x":77,"y":333,"width":870,"height":10}},{"id":"20e9d971-0389-49a3-8ccd-ad5955379249","block_type":"box","text":"replaces a security or other asset in the redemption basket.","page_number":114,"box":{"x":77,"y":347,"width":380,"height":11}},{"id":"87ec8113-6247-49d3-b2c9-f2f14c274ce2","block_type":"box","text":"All Cash","page_number":114,"box":{"x":75,"y":370,"width":51,"height":8}},{"id":"795d8d72-8c35-4278-94c6-44a3177830a5","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":114,"box":{"x":128,"y":370,"width":833,"height":11}},{"id":"a4f71f1d-27e2-48db-a0ce-5993f0246560","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":114,"box":{"x":76,"y":384,"width":869,"height":11}},{"id":"45d2d5eb-27fc-49cb-bde8-837486f43a7b","block_type":"box","text":"specified amount of cash.","page_number":114,"box":{"x":76,"y":398,"width":164,"height":11}},{"id":"deb96881-eda0-41fd-bfdb-cd849b0eca36","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":114,"box":{"x":76,"y":421,"width":845,"height":11}},{"id":"791eb6ca-5af4-4bd6-b9dd-8355a322e0c6","block_type":"box","text":"information about custom baskets is provided in the Funds’ SAI.","page_number":114,"box":{"x":76,"y":436,"width":408,"height":10}},{"id":"a5baff39-299e-47ca-832d-2ef6070c737c","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":114,"box":{"x":77,"y":459,"width":855,"height":11}},{"id":"42a66b78-58af-407b-b11e-1bf84ac776f4","block_type":"box","text":"circumstances, however, a Fund may use another transaction method (","page_number":114,"box":{"x":76,"y":473,"width":455,"height":11}},{"id":"881f8018-0a41-49e3-b1af-cacf08b2f9ee","block_type":"box","text":"e.g.","page_number":114,"box":{"x":532,"y":475,"width":21,"height":9}},{"id":"169a00de-f207-4424-a021-0eaede317bf4","block_type":"box","text":", an in-kind Fund may transact partially or fully in cash).","page_number":114,"box":{"x":555,"y":473,"width":354,"height":11}},{"id":"231ba667-8314-4437-a0cc-31b0e091e640","block_type":"box","text":"Fund","page_number":114,"box":{"x":87,"y":504,"width":33,"height":9}},{"id":"389e5ee5-7db5-4d8f-9265-6cf92c0b4131","block_type":"box","text":"In-Kind Partial Cash All Cash","page_number":114,"box":{"x":621,"y":504,"width":296,"height":9}},{"id":"03dd3913-d818-47e2-b760-8e7a1b1eb39f","block_type":"box","text":"iShares MSCI Australia ETF","page_number":114,"box":{"x":87,"y":522,"width":173,"height":9}},{"id":"e1b63fac-b238-4888-a1b0-37bbc6fe201b","block_type":"box","text":"iShares MSCI Emerging Markets Asia ETF","page_number":114,"box":{"x":87,"y":540,"width":264,"height":11}},{"id":"6dc65496-82ee-46a8-a912-f5e901a9b3fb","block_type":"box","text":"iShares MSCI Hong Kong ETF","page_number":114,"box":{"x":87,"y":558,"width":187,"height":11}},{"id":"fa9ac3e2-ea19-4c50-821f-698829da76ab","block_type":"box","text":"iShares MSCI Japan ETF","page_number":114,"box":{"x":87,"y":577,"width":153,"height":10}},{"id":"983db479-6a79-4819-b791-fa8694891dca","block_type":"box","text":"iShares MSCI Japan Small-Cap ETF","page_number":114,"box":{"x":87,"y":595,"width":223,"height":10}},{"id":"1b587e9e-ec3e-439d-83d0-a09288a5f0eb","block_type":"box","text":"iShares MSCI Malaysia ETF","page_number":114,"box":{"x":87,"y":613,"width":173,"height":10}},{"id":"65e1ac3e-d2e5-41ee-bfe8-9c43a9faceac","block_type":"box","text":"iShares MSCI Pacific ex Japan ETF","page_number":114,"box":{"x":87,"y":631,"width":218,"height":10}},{"id":"0e4bca17-b7e5-4cb9-9bf8-984ae7eab881","block_type":"box","text":"iShares MSCI Singapore ETF","page_number":114,"box":{"x":87,"y":649,"width":182,"height":11}},{"id":"9fdaf7db-9932-4ec2-b017-0754b990a2fb","block_type":"box","text":"iShares MSCI South Korea ETF","page_number":114,"box":{"x":87,"y":667,"width":196,"height":8}},{"id":"f7c381db-d3de-474f-ae5e-1415f2231109","block_type":"box","text":"iShares MSCI Taiwan ETF","page_number":114,"box":{"x":87,"y":685,"width":160,"height":8}},{"id":"b6583893-76bd-4100-9499-22633c568e95","block_type":"box","text":"iShares MSCI Thailand ETF","page_number":114,"box":{"x":87,"y":703,"width":170,"height":8}},{"id":"55437c6f-c05b-4849-9195-68f87a9c8d7a","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":114,"box":{"x":76,"y":733,"width":897,"height":11}},{"id":"0123eea1-5544-407e-9606-ed3d6d8cc0e7","block_type":"box","text":"is tendered in an acceptable form under the Authorized Participant agreement. 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The Board","page_number":114,"box":{"x":76,"y":836,"width":848,"height":11}},{"id":"9c013270-1839-4c71-aabb-b1093310770d","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":114,"box":{"x":76,"y":850,"width":876,"height":11}},{"id":"b617eb8d-75d6-497e-b832-a7da5d7aa44a","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":114,"box":{"x":76,"y":864,"width":894,"height":11}},{"id":"dec03e84-124a-43d6-9582-56df36979e21","block_type":"box","text":"placing cash-related transactions no later than the close of the primary markets for the Fund’s portfolio securities. 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Broker-dealers and other persons are cautioned that some activities on their part may, depending on","page_number":115,"box":{"x":77,"y":197,"width":902,"height":11}},{"id":"8ea16e3d-874e-4083-974c-8cd63ca7dd60","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":115,"box":{"x":76,"y":211,"width":868,"height":11}},{"id":"8b0b0d8a-a9a9-4dc7-81e0-caad9876d9f0","block_type":"box","text":"subject to the prospectus delivery and liability provisions of the 1933 Act. 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Please contact your broker-dealer if you are interested in enrolling in householding and","page_number":115,"box":{"x":76,"y":394,"width":862,"height":11}},{"id":"1ed62cf8-b979-4a96-a766-86855ab34e5b","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":115,"box":{"x":77,"y":409,"width":855,"height":10}},{"id":"22f99b95-4183-4456-a00d-80a8352900ff","block_type":"box","text":"change your householding status.","page_number":115,"box":{"x":76,"y":423,"width":214,"height":11}},{"id":"405d78d5-b885-463d-8718-00cabe0d711b","block_type":"box","text":"Abu Dhabi Global Market Disclosures","page_number":115,"box":{"x":76,"y":446,"width":260,"height":8}},{"id":"d0f94874-23e3-4c21-9228-638d6444a664","block_type":"box","text":"The following applies with respect to iShares MSCI Australia ETF and iShares MSCI Pacific ex Japan ETF:","page_number":115,"box":{"x":76,"y":468,"width":666,"height":11}},{"id":"731a0bb1-61ed-43bb-b848-5ec157dc1747","block_type":"box","text":"This Prospectus may not be distributed in or from the Abu Dhabi Global Market (“ADGM”) except to such persons meeting the “Professional","page_number":115,"box":{"x":76,"y":490,"width":891,"height":11}},{"id":"40d9095a-fd28-44f3-9ec4-a0ee16e3a56a","block_type":"box","text":"Client” criteria set out in Rule 2.4.1 of the conduct of business rules (“COBs”) in the Financial Services Regulatory Authority of the Abu Dhabi","page_number":115,"box":{"x":76,"y":503,"width":900,"height":11}},{"id":"bdafbc47-8943-43cd-b765-516338e4ad6b","block_type":"box","text":"Global Market (“FSRA”) handbook.","page_number":115,"box":{"x":76,"y":516,"width":221,"height":10}},{"id":"8b58ac6b-efa9-468b-9d4a-c5baebf639a0","block_type":"box","text":"This Prospectus and any related document are strictly not directed to any person who would be","page_number":115,"box":{"x":302,"y":516,"width":672,"height":10}},{"id":"9ba56aa9-fc8d-4a74-a61b-4a301380cde3","block_type":"box","text":"considered a “Retail Client” in the ADGM under the COBs.","page_number":115,"box":{"x":76,"y":528,"width":402,"height":9}},{"id":"1aaa44d6-e0db-45c4-8ae7-163e4f1788e7","block_type":"box","text":"No Fund is subject to any form of regulation or approval by the FSRA. 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