{"annotation_id":"77e485de-eb33-4444-aa96-7fb9a098cc9c","file_hash":"51709d98c4d70e734a542541284ae5522148c3ebc75d247628d5301be0152135","schema_id":"open/document-extraction","schema_version":"0.5.0","record":{"extraction_type":"boxes","producer":"pdf-extractor-v0.5.0","blocks":[{"id":"15940153-b9c1-4a2c-86a2-e82fc015491a","block_type":"box","text":"iShares, Inc. and iShares Trust","page_number":1,"box":{"x":386,"y":69,"width":231,"height":12}},{"id":"f05d0545-2f90-425c-8432-2d160b952c31","block_type":"box","text":"Supplement dated October 15, 2026","page_number":1,"box":{"x":367,"y":92,"width":269,"height":13}},{"id":"b96cd601-9a40-41c6-9db6-1731b219a981","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":"fc01ddf6-f576-4b43-9206-23d72694e4c1","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":"d17c9451-fae8-49be-9f7c-ea95ce53c700","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":"16700beb-cc51-4bfd-87f1-17b8d7ed51f3","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":"3d38abf6-fa1e-4536-b698-3eb3e7dcfe72","block_type":"box","text":"Effective immediately, the following changes are made:","page_number":1,"box":{"x":117,"y":185,"width":404,"height":13}},{"id":"91ee2221-978b-494a-8f6f-5087b15aa84c","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":"6db1558c-ce17-4d5e-80bc-b7b3c63ab976","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":"2fed9d0f-9ffd-4e7c-a8e6-136dce3562a7","block_type":"box","text":"Risks” section of its Prospectus.","page_number":1,"box":{"x":151,"y":240,"width":233,"height":12}},{"id":"2efcc45e-9e9e-4500-9557-7c817a290426","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":"e6bf64dc-984b-42ea-b6c8-5c194c9ecd3a","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":"205dfae2-473b-4c88-b1cb-88ce6ccdb1fd","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":"eff41df6-7757-4a05-9000-272560ace859","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":"2992854c-9b3a-472f-8f45-2ec23e39280a","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":"157ebfa4-7948-42b6-ac60-e8418cdbb2fb","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":"f615ea73-c074-4615-b5b3-ca1238b396ef","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":"9aa8d9a2-de66-4c7e-a59f-96cacfc5ae9f","block_type":"box","text":"of trades and rebalancing of portfolio holdings.","page_number":1,"box":{"x":150,"y":379,"width":345,"height":13}},{"id":"45d97709-859c-43c0-920a-f488f59d9e01","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":"2d6579fb-0437-4fc7-b3c6-59175d13777f","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":"baf26366-a30b-45a4-a7c5-22d1ea7768b8","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":"33d360d8-8044-4471-bc1f-d24bee1df97c","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":"8a3780f4-56f2-4d73-a3f7-17bcaeadbe27","block_type":"box","text":"Appendix A","page_number":1,"box":{"x":456,"y":472,"width":92,"height":13}},{"id":"acbfcb5d-92b7-4279-99e8-a512f4f5d06e","block_type":"box","text":"iShares Blockchain and Tech ETF","page_number":1,"box":{"x":117,"y":495,"width":242,"height":10}},{"id":"fb56fb42-d288-430c-8f7d-29e9fb111997","block_type":"box","text":"iShares China Large-Cap ETF","page_number":1,"box":{"x":117,"y":511,"width":213,"height":13}},{"id":"c0e75c35-a2b2-4fd9-b773-1c1ec1edc7a3","block_type":"box","text":"iShares Core MSCI Pacific ETF","page_number":1,"box":{"x":117,"y":526,"width":220,"height":10}},{"id":"b447ecae-97fd-4d96-9a6a-934d1973acfd","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":"377aa3a6-55f1-4477-93d7-75ad1b3011e5","block_type":"box","text":"iShares Global Healthcare ETF","page_number":1,"box":{"x":117,"y":557,"width":221,"height":10}},{"id":"25bd439d-127b-4adb-b07b-c91927661376","block_type":"box","text":"iShares International Developed Real Estate ETF","page_number":1,"box":{"x":511,"y":495,"width":349,"height":13}},{"id":"02883ad9-b1c9-4e2e-8105-61cf1bc4e1f4","block_type":"box","text":"iShares MSCI Global Gold Miners ETF","page_number":1,"box":{"x":511,"y":511,"width":273,"height":10}},{"id":"6f419132-a658-43c3-a2e9-721453b8a330","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":"f8a0aa12-8680-4e4e-9845-20aeb6a3981d","block_type":"box","text":"iShares MSCI Pacific ex Japan ETF","page_number":1,"box":{"x":511,"y":542,"width":246,"height":13}},{"id":"eec21c77-6465-4f5d-8de0-6a5939453d48","block_type":"box","text":"iShares Neuroscience and Healthcare ETF","page_number":1,"box":{"x":511,"y":557,"width":304,"height":10}},{"id":"8c2b64bc-ec42-4990-85fb-758ac0664196","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":"91ca26f5-6ced-42ec-9d18-0a83600f562a","block_type":"box","text":"iShares","page_number":1,"box":{"x":117,"y":869,"width":40,"height":8}},{"id":"8485b338-dd44-45c4-ae42-748feee5c12c","block_type":"box","text":"®","page_number":1,"box":{"x":158,"y":869,"width":8,"height":5}},{"id":"0128914b-8573-4c8f-b570-eccd91afd754","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":"c44609be-5029-4a52-9e0e-e139c938afae","block_type":"box","text":"IS-A-LOC-1026","page_number":1,"box":{"x":794,"y":887,"width":89,"height":8}},{"id":"5d5e4373-7041-4198-b345-8041724616ae","block_type":"box","text":"PLEASE RETAIN THIS SUPPLEMENT","page_number":1,"box":{"x":368,"y":911,"width":265,"height":9}},{"id":"a4bd088a-0500-4e28-a509-66570217fc7c","block_type":"box","text":"FOR FUTURE REFERENCE","page_number":1,"box":{"x":407,"y":926,"width":186,"height":10}},{"id":"8c3807ed-a48c-464d-b7b1-385968fe5ec8","block_type":"box","text":"[THIS PAGE INTENTIONALLY LEFT BLANK]","page_number":2,"box":{"x":360,"y":333,"width":268,"height":10}},{"id":"5ce50e63-a069-4e46-a5d7-5e6788c82642","block_type":"box","text":"[THIS PAGE INTENTIONALLY LEFT BLANK]","page_number":3,"box":{"x":360,"y":333,"width":268,"height":10}},{"id":"bd91bf8c-4ce6-4e04-ae5c-731ea3aafd16","block_type":"box","text":"[THIS PAGE INTENTIONALLY LEFT BLANK]","page_number":4,"box":{"x":360,"y":333,"width":268,"height":10}},{"id":"30de2318-68f1-46e8-8e2b-09a40fa5240c","block_type":"box","text":"iShares","page_number":5,"box":{"x":445,"y":87,"width":95,"height":15}},{"id":"4c2999f4-36ab-4e9f-8ce4-32fe63e99dbb","block_type":"box","text":"®","page_number":5,"box":{"x":541,"y":85,"width":15,"height":12}},{"id":"a7d11f6e-31ce-4a2a-95d8-281763cf5080","block_type":"box","text":"iShares Trust, iShares U.S. ETF Trust and iShares, Inc.","page_number":5,"box":{"x":282,"y":123,"width":435,"height":12}},{"id":"5d14fe09-c24f-4552-a8de-916c2472603c","block_type":"box","text":"Supplement dated April 2, 2026","page_number":5,"box":{"x":375,"y":139,"width":249,"height":12}},{"id":"4e98fbf5-27df-40e7-b0aa-95d5f56dcd11","block_type":"box","text":"to the currently effective Summary Prospectus,","page_number":5,"box":{"x":311,"y":154,"width":376,"height":12}},{"id":"6e8d4566-51e9-420c-a137-aee80fcbcb90","block_type":"box","text":"Prospectus and Statement of Additional Information (“SAI”)","page_number":5,"box":{"x":262,"y":170,"width":476,"height":12}},{"id":"68f8a39e-e968-4eaa-b81f-3b69208ab9c0","block_type":"box","text":"for the Funds listed in Appendix A and Appendix B","page_number":5,"box":{"x":296,"y":185,"width":406,"height":12}},{"id":"38630ccf-4489-48bd-a79e-bf229de13755","block_type":"box","text":"(each, a “Fund” and collectively, the “Funds”)","page_number":5,"box":{"x":316,"y":201,"width":367,"height":12}},{"id":"7e367c0d-b4de-431f-aa1a-7a045034b995","block_type":"box","text":"Effective immediately, BlackRock International Limited is added as a Sub-Adviser for the iShares","page_number":5,"box":{"x":117,"y":232,"width":717,"height":12}},{"id":"64bcdd82-62ac-455e-8889-eceac9f8c50d","block_type":"box","text":"Bloomberg Roll Select Commodity Strategy ETF, and the following changes are made:","page_number":5,"box":{"x":117,"y":247,"width":642,"height":12}},{"id":"e37fe007-28ed-4894-a7e0-ee37851ae994","block_type":"box","text":"1. In the Fund’s Summary Prospectus and Prospectus (Fund Summary), the first paragraph","page_number":5,"box":{"x":151,"y":278,"width":693,"height":12}},{"id":"28c1ae96-8594-437a-aa82-b0d56cb21519","block_type":"box","text":"under the “Management” section is deleted in its entirety and replaced with the following:","page_number":5,"box":{"x":184,"y":294,"width":656,"height":12}},{"id":"e1ef1e7d-fa2c-475b-96e0-0f51b99e2664","block_type":"box","text":"Investment Adviser and Sub-Adviser","page_number":5,"box":{"x":184,"y":325,"width":293,"height":9}},{"id":"df58988e-3e6e-435f-8a4e-2fe3f81b0c04","block_type":"box","text":". The Fund’s investment adviser is BFA. The Fund’s","page_number":5,"box":{"x":478,"y":325,"width":384,"height":9}},{"id":"fb492d43-c582-4196-9f5b-96fdeee7ac85","block_type":"box","text":"sub-adviser is BlackRock International Limited (“BIL” or the “Sub-Adviser”).","page_number":5,"box":{"x":184,"y":340,"width":554,"height":12}},{"id":"26a61b51-7559-47d9-92c3-dbf3cbb68739","block_type":"box","text":"2. In the Fund’s Prospectus, the “Management of the Funds – Sub-Adviser” section is updated","page_number":5,"box":{"x":150,"y":371,"width":714,"height":12}},{"id":"969d79a7-699f-4141-baba-3824d5b72131","block_type":"box","text":"to state that BlackRock Fund Advisors has entered into a sub-advisory agreement with BIL","page_number":5,"box":{"x":183,"y":387,"width":673,"height":12}},{"id":"62b51922-86f5-4d96-85b1-5c69f4afb904","block_type":"box","text":"with respect to the Fund.","page_number":5,"box":{"x":183,"y":402,"width":183,"height":12}},{"id":"8db86827-5928-4200-b670-aeb6dc5dbc01","block_type":"box","text":"3. In the Fund’s SAI, the second paragraph of the “General Description of the Trust and the","page_number":5,"box":{"x":150,"y":433,"width":691,"height":12}},{"id":"4458f278-7991-4d78-b346-e2312d6c3e67","block_type":"box","text":"Fund” section is deleted in its entirety and replaced with the following:","page_number":5,"box":{"x":184,"y":449,"width":515,"height":12}},{"id":"c5433d2c-e09b-4706-a6db-113b687c64f0","block_type":"box","text":"The Fund is managed by BlackRock Fund Advisors (“BFA”) and sub-advised by BlackRock","page_number":5,"box":{"x":183,"y":480,"width":677,"height":12}},{"id":"9e5c6d86-ef47-4530-87cb-f7470141aca9","block_type":"box","text":"International Limited (“BIL”), each of which is a consolidated subsidiary of BlackRock, Inc.,","page_number":5,"box":{"x":185,"y":495,"width":667,"height":12}},{"id":"43bc8fc5-3c2d-4a44-9cac-611bca763708","block_type":"box","text":"and generally seeks to track the investment results of the specific benchmark index identified","page_number":5,"box":{"x":184,"y":511,"width":689,"height":12}},{"id":"1f727b42-4cb5-4e30-be10-08a48a0d0484","block_type":"box","text":"in the Fund’s Prospectus (the “Underlying Index”).","page_number":5,"box":{"x":184,"y":526,"width":369,"height":12}},{"id":"79161cfa-e6eb-4397-b2e5-ebff98de3dc5","block_type":"box","text":"4. The following is added to the “Investment Advisory, Administrative and Distribution Services”","page_number":5,"box":{"x":150,"y":557,"width":720,"height":12}},{"id":"cc5d64e6-2816-414c-9de0-113d79e5888d","block_type":"box","text":"section of the Fund’s SAI:","page_number":5,"box":{"x":184,"y":573,"width":189,"height":9}},{"id":"d7ca6227-0a63-44ae-8b87-8dfc75a4a225","block_type":"box","text":"Investment Sub-Adviser.","page_number":5,"box":{"x":184,"y":604,"width":195,"height":9}},{"id":"f1fa31d2-2c87-4160-8b74-fad9bff97be3","block_type":"box","text":"Pursuant to the Investment Advisory Agreement between BFA and","page_number":5,"box":{"x":386,"y":604,"width":494,"height":12}},{"id":"03639721-85b7-4fd5-a57d-c32c7fe40d93","block_type":"box","text":"the Trust entered into on behalf of the Fund, BFA may from time to time, in its sole discretion,","page_number":5,"box":{"x":183,"y":619,"width":692,"height":12}},{"id":"36641666-0e51-4fcc-a522-f193be17045f","block_type":"box","text":"to the extent permitted by applicable law, appoint one or more sub-advisers, including, without","page_number":5,"box":{"x":183,"y":635,"width":699,"height":12}},{"id":"898356ab-76e2-4b1f-9688-8f6db7a32d21","block_type":"box","text":"limitation, affiliates of BFA, to perform investment advisory services with respect to the Fund.","page_number":5,"box":{"x":184,"y":650,"width":686,"height":12}},{"id":"1262d88e-9bf8-4b61-a999-e2366f38820b","block_type":"box","text":"In addition, BFA may delegate certain of its investment advisory functions under the","page_number":5,"box":{"x":185,"y":666,"width":620,"height":12}},{"id":"adea53db-28df-4d72-b3bd-67eb9a3677b8","block_type":"box","text":"Investment Advisory Agreement to one or more of its affiliates to the extent permitted by","page_number":5,"box":{"x":185,"y":681,"width":652,"height":12}},{"id":"f8e00d1e-3c12-47db-82ba-09542547d09e","block_type":"box","text":"applicable law. BFA may terminate any or all sub-advisers or such delegation arrangements","page_number":5,"box":{"x":184,"y":697,"width":681,"height":12}},{"id":"0fd198dd-add1-4dea-8c46-d91eb5d3c8cc","block_type":"box","text":"in its sole discretion at any time to the extent permitted by applicable law.","page_number":5,"box":{"x":184,"y":712,"width":541,"height":12}},{"id":"a335e25d-6794-4cdd-a610-2b4c828b3907","block_type":"box","text":"BFA has entered into an investment sub-advisory agreement (the “Sub-Advisory Agreement”","page_number":5,"box":{"x":184,"y":743,"width":688,"height":12}},{"id":"30069647-54d8-4a77-9de5-71e13152a3a9","block_type":"box","text":"and together with the Investment Advisory Agreement, the “Advisory Agreements”) with","page_number":5,"box":{"x":184,"y":759,"width":648,"height":12}},{"id":"1aa2670c-3ff5-4b63-b8dd-0f62f2073a84","block_type":"box","text":"BlackRock International Limited (“BIL” or the “Sub-Adviser”) with respect to the Fund. The","page_number":5,"box":{"x":184,"y":774,"width":665,"height":12}},{"id":"68c647ad-686e-4955-b549-1a83d64f79fd","block_type":"box","text":"Sub-Adviser is an investment adviser located in the U.K. The Sub-Adviser is an affiliate of","page_number":5,"box":{"x":184,"y":790,"width":666,"height":9}},{"id":"ce2b39ac-ad66-414c-8842-27a5aa0e9d87","block_type":"box","text":"BFA, an SEC-registered investment adviser, and a commodity trading advisor.","page_number":5,"box":{"x":184,"y":805,"width":580,"height":12}},{"id":"34e839c4-c586-4363-9ff9-0612b43312c8","block_type":"box","text":"Under the Sub-Advisory Agreement, subject to the supervision and oversight of the Board and","page_number":5,"box":{"x":184,"y":836,"width":698,"height":12}},{"id":"16112a51-e255-4732-9618-1362102627b0","block_type":"box","text":"BFA, the Sub-Adviser is responsible for day-to-day management of specified assets in the","page_number":5,"box":{"x":184,"y":852,"width":668,"height":12}},{"id":"c8802208-1967-4ff0-8599-f419db93283c","block_type":"box","text":"Fund’s portfolio. Pursuant to the Sub-Advisory Agreement, BFA pays the Sub-Adviser for","page_number":6,"box":{"x":184,"y":87,"width":661,"height":12}},{"id":"4dc4c45d-4414-4a2e-bfd3-444a37f98b6f","block_type":"box","text":"services it provides a fee equal to 60% of the management fee paid to BFA under the","page_number":6,"box":{"x":184,"y":102,"width":633,"height":13}},{"id":"447a76a5-9ac5-43f5-9380-615e514440d4","block_type":"box","text":"Investment Advisory Agreement.","page_number":6,"box":{"x":185,"y":118,"width":240,"height":12}},{"id":"7244bbea-3573-4404-82b3-36bb47966fc5","block_type":"box","text":"Unless earlier terminated as described below, each Advisory Agreement will remain in effect","page_number":6,"box":{"x":184,"y":149,"width":684,"height":12}},{"id":"41e523e3-5a6e-4e45-8620-7b763fc82a87","block_type":"box","text":"for an initial two-year period and from year to year if approved annually (i) by the Board or by","page_number":6,"box":{"x":183,"y":165,"width":689,"height":12}},{"id":"81d9673a-a113-46cd-8f51-633d6baa59ee","block_type":"box","text":"a vote of a majority of the applicable Fund’s outstanding voting securities and (ii) by a majority","page_number":6,"box":{"x":184,"y":180,"width":697,"height":12}},{"id":"6ed96751-e639-4150-b432-316f60724686","block_type":"box","text":"of the Trustees who are not parties to such agreement or interested persons (as defined in","page_number":6,"box":{"x":184,"y":196,"width":671,"height":12}},{"id":"1f048a2f-b567-4093-b819-d3e5f479363d","block_type":"box","text":"the 1940 Act) of any such party by a vote cast in person at a meeting called for the purpose of","page_number":6,"box":{"x":183,"y":211,"width":699,"height":12}},{"id":"06aa82a1-281f-45aa-b4ce-dfb5f64e8f92","block_type":"box","text":"voting on such approval.","page_number":6,"box":{"x":183,"y":227,"width":181,"height":12}},{"id":"840fb9fb-a90b-4e1e-afb4-88ff85d1ee27","block_type":"box","text":"Each Advisory Agreement with respect to the Fund is terminable without penalty, on 60 days’","page_number":6,"box":{"x":184,"y":258,"width":689,"height":12}},{"id":"c76ad9eb-a448-4a01-8791-829574258272","block_type":"box","text":"notice, by the Board or by a vote of the holders of a majority of the Fund’s outstanding voting","page_number":6,"box":{"x":184,"y":273,"width":687,"height":12}},{"id":"e5158cd5-8bed-4b3a-9ba3-c00d2ade6162","block_type":"box","text":"securities (as defined in the 1940 Act). The Sub-Advisory Agreement is also terminable on 60","page_number":6,"box":{"x":184,"y":289,"width":692,"height":12}},{"id":"44ff380b-36fe-48c8-9bc9-d77d3c6db4d3","block_type":"box","text":"days’ written notice at the option of either BFA or the Sub-Adviser. 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In the Summary Prospectus and Prospectus (Fund Summary) for each of the iShares","page_number":6,"box":{"x":151,"y":428,"width":666,"height":12}},{"id":"1fda08ff-2820-4b68-989e-0abfc2fb79c6","block_type":"box","text":"Currency Hedged MSCI EAFE ETF, iShares Currency Hedged MSCI Emerging Markets ETF,","page_number":6,"box":{"x":184,"y":444,"width":693,"height":12}},{"id":"57ef4208-f061-42a1-a684-fde919682bae","block_type":"box","text":"iShares Currency Hedged MSCI Eurozone ETF and iShares Currency Hedged MSCI Japan","page_number":6,"box":{"x":184,"y":459,"width":680,"height":12}},{"id":"841749f1-08cb-44cc-941e-9a32ffb5e349","block_type":"box","text":"ETF, the “Portfolio Manager” section is deleted in its entirety and replaced with the following:","page_number":6,"box":{"x":184,"y":475,"width":684,"height":12}},{"id":"302984d0-e8a7-4a0f-bd76-f8976e41bd1a","block_type":"box","text":"Portfolio Managers.","page_number":6,"box":{"x":184,"y":506,"width":155,"height":12}},{"id":"e6b813ce-3110-403c-86bd-6440a911b949","block_type":"box","text":"Orlando Montalvo and Franzel Medina (the “Portfolio Managers”) are","page_number":6,"box":{"x":346,"y":506,"width":510,"height":12}},{"id":"dc5a39cf-48d5-4e88-b3b4-c753ea89dd12","block_type":"box","text":"primarily responsible for the day-to-day management of the Fund. Mr. Montalvo and","page_number":6,"box":{"x":184,"y":521,"width":621,"height":12}},{"id":"fc92511c-5fe5-4a9b-a8ff-5f88f6187422","block_type":"box","text":"Ms. Medina have been Portfolio Managers of the Fund since 2014 and 2026, respectively.","page_number":6,"box":{"x":184,"y":537,"width":667,"height":12}},{"id":"0c3215db-f7ea-45d1-849f-2f57c685a20b","block_type":"box","text":"2. In the Summary Prospectus and Prospectus (Fund Summary) for each of the iShares","page_number":6,"box":{"x":150,"y":568,"width":667,"height":12}},{"id":"89f0bb87-b8e1-413c-8124-4449bdf71741","block_type":"box","text":"Currency Hedged MSCI ACWI ex U.S. ETF and iShares Currency Hedged MSCI EAFE","page_number":6,"box":{"x":184,"y":583,"width":648,"height":12}},{"id":"a0bad6dc-952a-4847-8de4-11ea0a068001","block_type":"box","text":"Small-Cap ETF, the “Portfolio Manager” section is deleted in its entirety and replaced with the","page_number":6,"box":{"x":184,"y":599,"width":694,"height":12}},{"id":"d05f5b1c-540d-47cc-955f-c3e4a1bd3850","block_type":"box","text":"following:","page_number":6,"box":{"x":183,"y":614,"width":69,"height":12}},{"id":"5777b798-052c-499e-bed5-0eefae6f4bd0","block_type":"box","text":"Portfolio Managers.","page_number":6,"box":{"x":184,"y":645,"width":155,"height":12}},{"id":"51782b18-0649-410c-924e-1e01bc988189","block_type":"box","text":"Orlando Montalvo and Franzel Medina (the “Portfolio Managers”) are","page_number":6,"box":{"x":346,"y":645,"width":510,"height":12}},{"id":"ba187284-3db6-49a9-8f28-31418f91d6ae","block_type":"box","text":"primarily responsible for the day-to-day management of the Fund. Mr. Montalvo and","page_number":6,"box":{"x":184,"y":661,"width":621,"height":12}},{"id":"f4e77321-2e2d-47bf-bcd5-3ecae165c961","block_type":"box","text":"Ms. Medina have been Portfolio Managers of the Fund since 2015 and 2026, respectively.","page_number":6,"box":{"x":184,"y":676,"width":667,"height":12}},{"id":"985f02d6-4498-466a-9656-caec1349c259","block_type":"box","text":"3. In the Prospectus for each Fund listed in Appendix A, the “Management of the Funds –","page_number":6,"box":{"x":150,"y":707,"width":679,"height":12}},{"id":"c1ef3afc-30b4-46f5-a9c6-a4294470b8a1","block_type":"box","text":"Portfolio Managers” section is updated to state that Orlando Montalvo and Franzel Medina are","page_number":6,"box":{"x":184,"y":723,"width":698,"height":12}},{"id":"39e1b7b9-f028-46dd-9640-3013acd345c4","block_type":"box","text":"primarily responsible for the day-to-day management of the Fund. In addition, the following is","page_number":6,"box":{"x":184,"y":738,"width":689,"height":12}},{"id":"aa438a85-7837-4943-8161-7ba8c94bc476","block_type":"box","text":"added to that section:","page_number":6,"box":{"x":184,"y":754,"width":159,"height":9}},{"id":"473eb4c3-2ee4-49db-9e65-522727d27e20","block_type":"box","text":"Franzel Medina has been employed by BFA or its affiliates as a portfolio manager since 2012.","page_number":6,"box":{"x":184,"y":785,"width":695,"height":12}},{"id":"b72fd492-bb94-4d92-bd04-415329e06cba","block_type":"box","text":"She is a Director of BlackRock, Inc.","page_number":6,"box":{"x":184,"y":800,"width":261,"height":11}},{"id":"c9647f80-13a4-4207-a8d4-49e5f4e5ad89","block_type":"box","text":"4. In the SAI for each Fund listed in Appendix A, the following is added to the “Investment","page_number":6,"box":{"x":150,"y":831,"width":678,"height":12}},{"id":"66f5f322-bcbc-4c13-9e14-1a8570f5770c","block_type":"box","text":"Advisory, Administrative and Distribution Services – Portfolio Managers” section:","page_number":6,"box":{"x":183,"y":847,"width":597,"height":12}},{"id":"eb43e91a-d6a6-464c-8672-a2f10630581f","block_type":"box","text":"Franzel Medina","page_number":7,"box":{"x":184,"y":87,"width":120,"height":10}},{"id":"55cf7b5e-7bf8-4bec-90ab-d9de6ea531b2","block_type":"box","text":"(as of March 27, 2026)","page_number":7,"box":{"x":310,"y":87,"width":168,"height":12}},{"id":"b8acee79-f45d-47f4-a426-60db1aabc01f","block_type":"box","text":"Number of","page_number":7,"box":{"x":397,"y":117,"width":84,"height":9}},{"id":"5528c31f-b498-4f8f-a0d8-6e25e82bf50f","block_type":"box","text":"Other","page_number":7,"box":{"x":397,"y":132,"width":44,"height":10}},{"id":"b4e84d4e-8073-4f92-80aa-100b5d3536b2","block_type":"box","text":"Accounts","page_number":7,"box":{"x":396,"y":148,"width":76,"height":9}},{"id":"6a545784-3f66-41a7-af75-82fbf8fe59ce","block_type":"box","text":"Total Assets Number of Other","page_number":7,"box":{"x":498,"y":117,"width":293,"height":9}},{"id":"b911beac-0b6e-4b28-99c3-9b703940ccf5","block_type":"box","text":"Accounts with","page_number":7,"box":{"x":657,"y":132,"width":114,"height":10}},{"id":"7cf489de-3acd-454d-abc3-8432388570e4","block_type":"box","text":"Performance Fees","page_number":7,"box":{"x":658,"y":148,"width":144,"height":9}},{"id":"aadcca4f-f02a-424c-8573-9841d785bf8d","block_type":"box","text":"Total","page_number":7,"box":{"x":820,"y":117,"width":39,"height":9}},{"id":"5d0f57e2-8a04-471e-93c0-73f766976c13","block_type":"box","text":"Assets","page_number":7,"box":{"x":820,"y":132,"width":54,"height":10}},{"id":"a561c57c-6d28-4d58-ae16-207180a7cdcb","block_type":"box","text":"Registered Investment","page_number":7,"box":{"x":193,"y":179,"width":167,"height":12}},{"id":"4f4b3c0c-1278-4c6f-933c-696f8d542434","block_type":"box","text":"Companies","page_number":7,"box":{"x":192,"y":194,"width":84,"height":12}},{"id":"7e9e2af9-e573-4efd-a4b6-ffb43c16b453","block_type":"box","text":"0 N/A 0 N/A","page_number":7,"box":{"x":397,"y":179,"width":451,"height":9}},{"id":"95de9255-f203-43f6-8a19-dce0de70a583","block_type":"box","text":"Other Pooled Investment","page_number":7,"box":{"x":192,"y":225,"width":185,"height":10}},{"id":"c860cfb0-9a10-4d1e-8e97-811028c825ae","block_type":"box","text":"Vehicles","page_number":7,"box":{"x":192,"y":241,"width":62,"height":9}},{"id":"1d6f699d-c105-453f-b13a-cbb78802da58","block_type":"box","text":"55 $125,128,900,000 0 N/A","page_number":7,"box":{"x":397,"y":224,"width":451,"height":12}},{"id":"29f0d83d-db3c-4796-82ca-196203991fcb","block_type":"box","text":"Other Accounts 18 $5,264,200,000 0 N/A","page_number":7,"box":{"x":192,"y":271,"width":656,"height":12}},{"id":"28f8f3ca-de8e-45ec-9475-044f0339b0d2","block_type":"box","text":"As of March 31, 2026, Franzel Medina did not beneficially own shares of the Funds.","page_number":7,"box":{"x":183,"y":301,"width":621,"height":12}},{"id":"4d6f6764-5239-45b1-8fff-a5ccd5a8e9fa","block_type":"box","text":"*******","page_number":7,"box":{"x":463,"y":331,"width":73,"height":4}},{"id":"1c4c5bae-cf19-470d-8fe0-9c793959abe0","block_type":"box","text":"Effective immediately, Kyle Peppo is added as a portfolio manager for each Fund listed in Appendix B,","page_number":7,"box":{"x":117,"y":361,"width":758,"height":12}},{"id":"884c82ac-1aef-4521-93e8-4c0dae9d266f","block_type":"box","text":"and the following changes are made:","page_number":7,"box":{"x":116,"y":376,"width":273,"height":12}},{"id":"72282e6c-2777-4546-879c-79eb94064b0e","block_type":"box","text":"1. In the Summary Prospectus and Prospectus (Fund Summary) for the iShares Bloomberg Roll","page_number":7,"box":{"x":151,"y":406,"width":725,"height":12}},{"id":"0ebace4f-1be3-4326-963a-c7229360bdc2","block_type":"box","text":"Select Commodity Strategy ETF, the “Portfolio Managers” section is deleted in its entirety and","page_number":7,"box":{"x":184,"y":421,"width":695,"height":12}},{"id":"1718fb0f-a727-4f17-8866-4c923430ef83","block_type":"box","text":"replaced with the following:","page_number":7,"box":{"x":184,"y":437,"width":200,"height":12}},{"id":"8c488bc5-cefc-4d4e-a430-d93f7a549ae4","block_type":"box","text":"Portfolio Managers.","page_number":7,"box":{"x":184,"y":466,"width":155,"height":13}},{"id":"98ce2421-7569-4a0a-83e5-2540333124fa","block_type":"box","text":"Orlando Montalvo, Richard Mejzak, Erin Armstrong and Kyle Peppo (the","page_number":7,"box":{"x":346,"y":466,"width":535,"height":13}},{"id":"477a8d8e-6701-4c87-80c0-5c2afbd9031b","block_type":"box","text":"“Portfolio Managers”) are primarily responsible for the day-to-day management of the Fund.","page_number":7,"box":{"x":184,"y":482,"width":678,"height":12}},{"id":"0be6723d-4f13-487d-9863-e7f1674083cd","block_type":"box","text":"Mr. Montalvo, Mr. Mejzak, Ms. Armstrong and Mr. Peppo have been Portfolio Managers of the","page_number":7,"box":{"x":184,"y":497,"width":698,"height":13}},{"id":"79e374e2-8657-4572-bebd-5ef6b8090654","block_type":"box","text":"Fund since 2023, 2018, 2025 and 2026, respectively.","page_number":7,"box":{"x":184,"y":513,"width":393,"height":12}},{"id":"ec271390-398d-4e05-83a4-c41ea135d97b","block_type":"box","text":"2. In the Summary Prospectus and Prospectus (Fund Summary) for the iShares GSCI","page_number":7,"box":{"x":150,"y":543,"width":652,"height":12}},{"id":"7474e304-7dbe-4023-b4a5-187c19c42e22","block_type":"box","text":"Commodity Dynamic Roll Strategy ETF, the “Portfolio Managers” section is deleted in its","page_number":7,"box":{"x":184,"y":558,"width":655,"height":12}},{"id":"da00cd25-8498-42c5-b569-18d3a61159e3","block_type":"box","text":"entirety and replaced with the following:","page_number":7,"box":{"x":184,"y":574,"width":292,"height":12}},{"id":"c7772b6d-b95a-4028-87ab-5403997a27d1","block_type":"box","text":"Portfolio Managers.","page_number":7,"box":{"x":184,"y":603,"width":155,"height":12}},{"id":"719ccf80-18cb-4907-9c59-47d982e676d3","block_type":"box","text":"Orlando Montalvo, Richard Mejzak, Erin Armstrong and Kyle Peppo (the","page_number":7,"box":{"x":346,"y":603,"width":535,"height":12}},{"id":"d163e4b6-2787-4cf3-a4b9-32ba6c3385ae","block_type":"box","text":"“Portfolio Managers”) are primarily responsible for the day-to-day management of the Fund.","page_number":7,"box":{"x":184,"y":619,"width":678,"height":12}},{"id":"3eac9e91-8e3b-4658-900f-788a08f2efa6","block_type":"box","text":"Mr. Montalvo, Mr. Mejzak, Ms. Armstrong and Mr. Peppo have been Portfolio Managers of the","page_number":7,"box":{"x":184,"y":634,"width":698,"height":12}},{"id":"9478766d-facc-4c6b-84b6-5d4bd95dce1e","block_type":"box","text":"Fund since 2023, 2016, 2025 and 2026, respectively.","page_number":7,"box":{"x":184,"y":650,"width":393,"height":12}},{"id":"f0da91f1-e38a-4179-ae58-8e68478354fb","block_type":"box","text":"3. In the Summary Prospectus and Prospectus (Fund Summary) for the iShares Transition","page_number":7,"box":{"x":150,"y":679,"width":691,"height":13}},{"id":"8bcb7d3e-1acb-4990-a5ee-24283945c928","block_type":"box","text":"Enabling Metals ETF, the “Portfolio Managers” section is deleted in its entirety and replaced","page_number":7,"box":{"x":184,"y":695,"width":680,"height":12}},{"id":"70bd2631-dba0-4aa9-b458-9425130d05d2","block_type":"box","text":"with the following:","page_number":7,"box":{"x":183,"y":710,"width":131,"height":13}},{"id":"856bc581-67d5-4936-9f71-238449344cd5","block_type":"box","text":"Portfolio Managers.","page_number":7,"box":{"x":184,"y":740,"width":155,"height":12}},{"id":"15674326-11b6-4c53-b17a-0af8201eee1c","block_type":"box","text":"Orlando Montalvo, Richard Mejzak, Erin Armstrong and Kyle Peppo (the","page_number":7,"box":{"x":346,"y":740,"width":535,"height":12}},{"id":"7126f0cc-ad26-4abf-b07b-15303e26d570","block_type":"box","text":"“Portfolio Managers”) are primarily responsible for the day-to-day management of the Fund.","page_number":7,"box":{"x":184,"y":756,"width":678,"height":12}},{"id":"e192bc5c-a468-4d99-a278-ca1de5649bc1","block_type":"box","text":"Mr. Montalvo, Mr. Mejzak, Ms. Armstrong and Mr. Peppo have been Portfolio Managers of the","page_number":7,"box":{"x":184,"y":771,"width":698,"height":12}},{"id":"2f861f7c-836b-4abc-b953-842a1cfd2731","block_type":"box","text":"Fund since 2025, 2023, 2025 and 2026, respectively.","page_number":7,"box":{"x":184,"y":787,"width":393,"height":12}},{"id":"541a5b42-4476-46c2-b96d-5de80fab3f41","block_type":"box","text":"4. In the Prospectus for each Fund listed in Appendix B, the “Management of the Funds –","page_number":7,"box":{"x":150,"y":816,"width":679,"height":12}},{"id":"0accd110-96b3-4dc6-9a0d-1fb083d476a0","block_type":"box","text":"Portfolio Managers” section is updated to state that Orlando Montalvo, Richard Mejzak, Erin","page_number":7,"box":{"x":184,"y":832,"width":680,"height":12}},{"id":"0d728b9c-40f3-4c9b-8f42-d6e8ca5f5cef","block_type":"box","text":"Armstrong and Kyle Peppo are primarily responsible for the day-to-day management of the","page_number":7,"box":{"x":183,"y":847,"width":675,"height":12}},{"id":"bcfc3d8a-93e1-4fe9-9c45-537f1fd1b9fc","block_type":"box","text":"Fund. In addition, the following is added to that section:","page_number":7,"box":{"x":184,"y":863,"width":408,"height":12}},{"id":"ad2f92ac-960e-4cbf-b09b-0d91fdec4ef2","block_type":"box","text":"Kyle Peppo has been employed by BFA or its affiliates as a portfolio manager since 2017. He","page_number":7,"box":{"x":184,"y":892,"width":693,"height":13}},{"id":"8fe01cb9-e0ed-47c5-9059-035f2aeb83c8","block_type":"box","text":"is a Director of BlackRock, Inc.","page_number":7,"box":{"x":184,"y":908,"width":227,"height":11}},{"id":"7ef772eb-d284-4a52-94e8-b8d7bf5e1f21","block_type":"box","text":"5. In the SAI for each Fund listed in Appendix B, the following is added to the “Investment","page_number":8,"box":{"x":150,"y":87,"width":678,"height":12}},{"id":"e941305c-db23-4108-8d25-21b77d73d059","block_type":"box","text":"Advisory, Administrative and Distribution Services – Portfolio Managers” section:","page_number":8,"box":{"x":183,"y":102,"width":597,"height":13}},{"id":"d04c53ef-9266-4514-aed2-5909ded49911","block_type":"box","text":"Kyle Peppo","page_number":8,"box":{"x":184,"y":134,"width":90,"height":12}},{"id":"430dcc22-09bb-4b77-8a2e-d3798eb4c66f","block_type":"box","text":"(as of March 27, 2026)","page_number":8,"box":{"x":280,"y":134,"width":168,"height":12}},{"id":"8b081083-5a80-4710-acf3-6ab122dfff92","block_type":"box","text":"Number","page_number":8,"box":{"x":405,"y":165,"width":63,"height":9}},{"id":"4b696522-6774-45c6-99b0-0f8b70144758","block_type":"box","text":"of Other","page_number":8,"box":{"x":404,"y":180,"width":65,"height":10}},{"id":"a25fdb75-3601-4c26-8498-2a41f56e6873","block_type":"box","text":"Accounts","page_number":8,"box":{"x":404,"y":196,"width":76,"height":9}},{"id":"4c44bef5-0639-4032-a0aa-6ad636ba00c5","block_type":"box","text":"Total Assets Number of Other","page_number":8,"box":{"x":498,"y":165,"width":293,"height":9}},{"id":"3bb7ad3a-258f-474f-995c-c869a98b3e8f","block_type":"box","text":"Accounts with","page_number":8,"box":{"x":657,"y":180,"width":114,"height":10}},{"id":"c4474b1a-ef97-4280-b961-1e3a0e2c8dc4","block_type":"box","text":"Performance Fees","page_number":8,"box":{"x":658,"y":196,"width":144,"height":9}},{"id":"f31c1ecc-8db2-4cc6-97f3-9699ffa9b16d","block_type":"box","text":"Total","page_number":8,"box":{"x":820,"y":165,"width":39,"height":9}},{"id":"90f9ac1a-8586-4c39-8696-f873ac82d1a2","block_type":"box","text":"Assets","page_number":8,"box":{"x":820,"y":180,"width":54,"height":10}},{"id":"7ead983c-6585-4293-bfa1-45e4d97d5223","block_type":"box","text":"Registered Investment","page_number":8,"box":{"x":193,"y":227,"width":167,"height":12}},{"id":"1947e222-872c-46be-8092-054e7d374a1a","block_type":"box","text":"Companies","page_number":8,"box":{"x":192,"y":242,"width":84,"height":12}},{"id":"cff2c142-ff59-41e2-9f99-bc4152ad405b","block_type":"box","text":"2 $1,675,800,000 0 N/A","page_number":8,"box":{"x":404,"y":226,"width":444,"height":12}},{"id":"35a77722-bb2c-4788-a218-ac96b3d9fdf3","block_type":"box","text":"Other Pooled 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The Underlying Fund seeks investment results that","page_number":13,"box":{"x":83,"y":66,"width":367,"height":11}},{"id":"2c21e6b6-ed7e-44c6-8fcd-74f62808ea53","block_type":"box","text":"correspond generally to the price and yield performance, before","page_number":13,"box":{"x":83,"y":80,"width":408,"height":11}},{"id":"3505e3d6-4b6b-44d6-a8e3-c6b8656116ed","block_type":"box","text":"fees and expenses, of the MSCI ACWI ex USA Index.","page_number":13,"box":{"x":82,"y":94,"width":334,"height":11}},{"id":"845c98b0-008c-4a30-9dac-05443d8339ac","block_type":"box","text":"The Underlying Index consisted of securities of companies in 46","page_number":13,"box":{"x":82,"y":116,"width":408,"height":11}},{"id":"30675480-0f9c-4e96-867f-9f89158eb255","block_type":"box","text":"countries or regions as of July 31, 2025. The Underlying Index","page_number":13,"box":{"x":83,"y":130,"width":392,"height":11}},{"id":"a3a34082-7b8a-4274-9a2a-03356d17db13","block_type":"box","text":"includes large- and mid-capitalization companies and may change","page_number":13,"box":{"x":83,"y":144,"width":420,"height":11}},{"id":"6ea474e8-5c66-4d1c-9d36-67ae3aa80765","block_type":"box","text":"over time. 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An","page_number":13,"box":{"x":83,"y":336,"width":423,"height":11}},{"id":"46df97d4-2b21-4632-97b2-f789170c0971","block_type":"box","text":"investment in the Fund will entail more direct and indirect costs","page_number":13,"box":{"x":83,"y":351,"width":407,"height":8}},{"id":"2fe93fb8-2173-481f-9c9e-2b4514593725","block_type":"box","text":"and expenses than a direct investment in the Underlying Fund and","page_number":13,"box":{"x":83,"y":365,"width":422,"height":11}},{"id":"f6fcfba2-9942-46f0-b327-46e4d9298324","block_type":"box","text":"in currency hedges. The Underlying Fund invests in non-U.S.","page_number":13,"box":{"x":83,"y":379,"width":384,"height":11}},{"id":"a21c488f-75dd-416e-ad9e-9fd1fe41e362","block_type":"box","text":"securities without implementing a hedge of the local currency","page_number":13,"box":{"x":83,"y":393,"width":395,"height":11}},{"id":"7a8d76d5-19bb-4e08-978e-493674e0de44","block_type":"box","text":"risk. 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The notional exposure to currency forward contracts (both","page_number":13,"box":{"x":83,"y":536,"width":416,"height":11}},{"id":"ae7a7a7d-7d41-43db-a5c8-597dff5f9a2a","block_type":"box","text":"deliverable and nondeliverable) generally will be a short position","page_number":13,"box":{"x":83,"y":550,"width":409,"height":11}},{"id":"4a700677-3be0-405d-8278-dc39e7a8895a","block_type":"box","text":"that hedges the currency risk of the equity portfolio.","page_number":13,"box":{"x":83,"y":565,"width":333,"height":10}},{"id":"e54c8990-6d26-4403-80ba-98cb18864340","block_type":"box","text":"The index is 100% hedged to the U.S. dollar by selling each foreign","page_number":13,"box":{"x":82,"y":586,"width":423,"height":11}},{"id":"8bbd51a7-4be1-432f-a1d0-dc1fda3a3468","block_type":"box","text":"non-U.S. dollar currency forward at the one-month forward weight","page_number":13,"box":{"x":83,"y":601,"width":424,"height":11}},{"id":"f26ad0c0-f620-468e-b97a-b62804ab3f1d","block_type":"box","text":"in order to create a “hedge” against fluctuations in the relative","page_number":13,"box":{"x":83,"y":615,"width":398,"height":11}},{"id":"06b31ebc-9f9e-4bde-b96c-7f03d7e116df","block_type":"box","text":"value of the non-U.S. dollar component currencies in relation to","page_number":13,"box":{"x":82,"y":629,"width":407,"height":11}},{"id":"f538f329-09d8-467f-bc6d-c9d5944ee196","block_type":"box","text":"the U.S. dollar. 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The Underlying","page_number":13,"box":{"x":83,"y":714,"width":406,"height":11}},{"id":"92bb68ad-e0bf-4e6c-bd8c-1a02004036a9","block_type":"box","text":"Index may therefore be slightly “over-hedged” (if equity values","page_number":13,"box":{"x":83,"y":728,"width":397,"height":11}},{"id":"9544b034-38c7-4ba0-b58c-ab5366dbae74","block_type":"box","text":"decline) or “under-hedged” (if the equity values increase) between","page_number":13,"box":{"x":83,"y":742,"width":422,"height":11}},{"id":"62a112c9-8c68-4fc7-97e3-6bdc34e5d62c","block_type":"box","text":"the month-end rebalances. The Underlying Index is designed to","page_number":13,"box":{"x":83,"y":757,"width":403,"height":10}},{"id":"b7209e37-fdfc-4529-8a18-9d795a92c534","block_type":"box","text":"have higher returns than an equivalent unhedged investment","page_number":13,"box":{"x":83,"y":771,"width":388,"height":11}},{"id":"efa746d2-c688-4fa0-8b69-37c5f7797003","block_type":"box","text":"when the non-U.S. dollar component currencies are weakening","page_number":13,"box":{"x":82,"y":785,"width":404,"height":11}},{"id":"10b6b16a-da83-4e95-b14b-78285a785372","block_type":"box","text":"relative to the U.S. dollar and appreciation in some of the non","page_number":13,"box":{"x":83,"y":799,"width":399,"height":11}},{"id":"ea13bd8b-4b31-4c41-98a5-430f884a0d01","block_type":"box","text":"U.S. dollar component currencies does not exceed the aggregate","page_number":13,"box":{"x":83,"y":813,"width":416,"height":11}},{"id":"44e3508d-e9e8-4458-95ea-5bf244811892","block_type":"box","text":"depreciation of the others. 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While this approach is designed to minimize the","page_number":13,"box":{"x":549,"y":52,"width":417,"height":10}},{"id":"e4fff6de-a0ad-4665-82d9-7545e31113ad","block_type":"box","text":"impact of currency fluctuations on Fund returns, it does not","page_number":13,"box":{"x":549,"y":66,"width":381,"height":10}},{"id":"7da89432-6aa5-4156-8e69-bbfa67341f48","block_type":"box","text":"necessarily eliminate the Fund’s exposure to the non-U.S. dollar","page_number":13,"box":{"x":549,"y":80,"width":409,"height":11}},{"id":"4510920a-48eb-4483-968b-4b670d8c4945","block_type":"box","text":"component currencies. 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An NDF contract is a contract","page_number":13,"box":{"x":549,"y":173,"width":423,"height":10}},{"id":"0cb4d417-d5cc-42a1-ad54-c15f6213e571","block_type":"box","text":"where there is no physical settlement of two currencies at","page_number":13,"box":{"x":549,"y":187,"width":371,"height":11}},{"id":"646bbb75-f840-489f-8deb-acbe13feacb0","block_type":"box","text":"maturity. 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The Fund does not try to “beat” the index it","page_number":13,"box":{"x":549,"y":267,"width":417,"height":11}},{"id":"f6460745-d3f0-46c1-9b37-c76d97c6c642","block_type":"box","text":"tracks and does not seek temporary defensive positions when","page_number":13,"box":{"x":549,"y":281,"width":396,"height":11}},{"id":"f5bd502b-9a9a-4678-b53b-e40c840dfe7b","block_type":"box","text":"markets decline or appear overvalued.","page_number":13,"box":{"x":549,"y":295,"width":244,"height":11}},{"id":"36071b04-454f-49ae-a15c-36bcea052e0d","block_type":"box","text":"Indexing may eliminate the chance that the Fund will substantially","page_number":13,"box":{"x":550,"y":318,"width":420,"height":11}},{"id":"ef95e235-ddc4-4f27-a8d2-66fe0d1799cf","block_type":"box","text":"outperform the Underlying Index but also may reduce some of the","page_number":13,"box":{"x":549,"y":333,"width":421,"height":10}},{"id":"4b653e9e-fdc0-482b-9384-f75bc5a66d19","block_type":"box","text":"risks of active management, such as poor security selection.","page_number":13,"box":{"x":549,"y":347,"width":386,"height":11}},{"id":"b5af5bce-a477-4bf1-b69b-a4ff814d791f","block_type":"box","text":"Indexing seeks to achieve lower costs and better after-tax","page_number":13,"box":{"x":550,"y":361,"width":369,"height":11}},{"id":"62c02d4d-da7c-485b-a28f-61616de7a5e7","block_type":"box","text":"performance by aiming to keep portfolio turnover low in","page_number":13,"box":{"x":549,"y":375,"width":356,"height":11}},{"id":"e7db6de8-b1b3-4576-87b0-b2db45ebbd67","block_type":"box","text":"comparison to actively managed investment companies.","page_number":13,"box":{"x":549,"y":389,"width":359,"height":11}},{"id":"e719d29a-44c2-4cf7-8d82-e438c9773cd4","block_type":"box","text":"BFA uses a representative sampling indexing strategy to manage","page_number":13,"box":{"x":550,"y":412,"width":411,"height":11}},{"id":"bfa8e1e9-e2be-4cbc-bc41-44163814ee98","block_type":"box","text":"the Fund and the Underlying Fund. “Representative sampling” is","page_number":13,"box":{"x":549,"y":427,"width":409,"height":10}},{"id":"16fd9c06-d925-4ac3-bb1c-7b979c8b9bbc","block_type":"box","text":"an indexing strategy that involves investing in a representative","page_number":13,"box":{"x":549,"y":441,"width":398,"height":11}},{"id":"77087c44-4a74-4ff6-81c0-34a663b27abd","block_type":"box","text":"sample of securities or other instruments that collectively has an","page_number":13,"box":{"x":549,"y":455,"width":414,"height":11}},{"id":"1afe34ba-f75d-46d7-89b8-526600b69d49","block_type":"box","text":"investment profile similar to that of an applicable underlying","page_number":13,"box":{"x":549,"y":469,"width":384,"height":11}},{"id":"95453f24-42cd-4991-a990-b07861b02218","block_type":"box","text":"index. The instruments selected are expected to have, in the","page_number":13,"box":{"x":549,"y":483,"width":385,"height":11}},{"id":"8d560064-9d6b-42d6-8d40-9e5ac967afd7","block_type":"box","text":"aggregate, investment characteristics (based on factors such as","page_number":13,"box":{"x":549,"y":498,"width":409,"height":10}},{"id":"dae8b801-da8a-4b15-ad22-7421270727df","block_type":"box","text":"market capitalization and industry weightings), fundamental","page_number":13,"box":{"x":549,"y":512,"width":382,"height":11}},{"id":"0f5f15ef-9702-4a8b-9d2f-f71b640539c0","block_type":"box","text":"characteristics (such as return variability and yield) and liquidity","page_number":13,"box":{"x":549,"y":526,"width":408,"height":11}},{"id":"ce01d65c-1ed5-4e8d-a109-966f5c1982d4","block_type":"box","text":"measures similar to those of an applicable underlying index. The","page_number":13,"box":{"x":549,"y":540,"width":410,"height":11}},{"id":"b018bc78-488f-425c-b08d-84f6f4313dcf","block_type":"box","text":"Fund and the Underlying Fund may not hold all of the components","page_number":13,"box":{"x":550,"y":554,"width":421,"height":11}},{"id":"ea7966e2-c28f-4ad6-95b2-8a67eb0cdcfa","block_type":"box","text":"of the applicable underlying index and may hold certain securities","page_number":13,"box":{"x":549,"y":568,"width":419,"height":11}},{"id":"03514129-7719-42cb-9701-3418003a8076","block_type":"box","text":"or other instruments that are not included in the applicable","page_number":13,"box":{"x":549,"y":583,"width":377,"height":10}},{"id":"0b10de81-593a-4f6b-84ee-8effeb1a3ad5","block_type":"box","text":"underlying index.","page_number":13,"box":{"x":549,"y":597,"width":108,"height":11}},{"id":"18036f3b-b680-409b-b901-5931e5d22582","block_type":"box","text":"The Fund generally will invest at least 80% of its assets in the","page_number":13,"box":{"x":549,"y":620,"width":389,"height":11}},{"id":"6cdb9746-3332-44ab-8673-287fdb996d6b","block_type":"box","text":"component securities (including indirect investments through the","page_number":13,"box":{"x":549,"y":634,"width":418,"height":11}},{"id":"d6175ce1-669e-4ae9-8590-e326ead89047","block_type":"box","text":"Underlying Fund) and other instruments of the Underlying Index","page_number":13,"box":{"x":550,"y":648,"width":407,"height":11}},{"id":"dc1f0ab4-dd23-48f6-ba22-4f41c4dba898","block_type":"box","text":"and in investments that have economic characteristics that are","page_number":13,"box":{"x":549,"y":663,"width":403,"height":8}},{"id":"33801007-a3cd-452a-aec5-fa666821caed","block_type":"box","text":"substantially identical to the component securities of its","page_number":13,"box":{"x":549,"y":677,"width":358,"height":11}},{"id":"5244738c-905f-4826-a0fe-8bbf2483bf85","block_type":"box","text":"Underlying Index (","page_number":13,"box":{"x":550,"y":691,"width":114,"height":11}},{"id":"da50afaf-64cf-49ac-82fb-c300a5dbafd6","block_type":"box","text":"i.e.","page_number":13,"box":{"x":665,"y":691,"width":17,"height":8}},{"id":"eb8f7b8e-3ce7-4187-86d8-9722f3d65956","block_type":"box","text":", depositary receipts representing securities","page_number":13,"box":{"x":684,"y":691,"width":282,"height":11}},{"id":"f974d217-efd6-4227-821b-5c9a30ebd455","block_type":"box","text":"of the Underlying Index) and may invest up to 20% of its assets in","page_number":13,"box":{"x":549,"y":705,"width":416,"height":11}},{"id":"1acb0d25-d91c-4d4b-933e-f88d9cb09d6d","block_type":"box","text":"certain futures, options and swap contracts, cash and cash","page_number":13,"box":{"x":549,"y":719,"width":377,"height":11}},{"id":"0e43202b-77a5-4dc3-a873-81ddca120498","block_type":"box","text":"equivalents, including shares of money market funds advised by","page_number":13,"box":{"x":549,"y":733,"width":408,"height":11}},{"id":"58ba7121-fc35-4b1c-ab28-5684c4dd1eb4","block_type":"box","text":"BFA or its affiliates, as well as in securities not included in the","page_number":13,"box":{"x":550,"y":748,"width":392,"height":10}},{"id":"0cf5aaf0-c88a-40fa-9418-b9e92ffed041","block_type":"box","text":"Underlying Index, but which BFA believes will help the Fund track","page_number":13,"box":{"x":550,"y":762,"width":413,"height":11}},{"id":"70a051e3-91ce-4b6e-9d12-3ac1adf35b8f","block_type":"box","text":"the Underlying Index. Cash and cash equivalent investments","page_number":13,"box":{"x":549,"y":776,"width":385,"height":11}},{"id":"c5eac3d5-4022-4314-b72e-ba9935500c4d","block_type":"box","text":"associated with a derivative position will be treated as part of that","page_number":13,"box":{"x":549,"y":790,"width":421,"height":11}},{"id":"2f334247-898b-4f35-9cfb-c4c926d0c0ae","block_type":"box","text":"position for the purposes of calculating the percentage of","page_number":13,"box":{"x":549,"y":804,"width":368,"height":11}},{"id":"162cb3d5-4d4e-4b44-8aea-8fda55e73a79","block_type":"box","text":"investments included in the Underlying Index. The Fund seeks to","page_number":13,"box":{"x":549,"y":819,"width":411,"height":10}},{"id":"7ab6d195-7540-4611-8ec1-a08993f18413","block_type":"box","text":"track the investment results of the Underlying Index before fees","page_number":13,"box":{"x":549,"y":833,"width":408,"height":11}},{"id":"2ce3b104-1085-4bff-a3e3-5a8f1967ae08","block_type":"box","text":"and expenses of the Fund.","page_number":13,"box":{"x":549,"y":847,"width":167,"height":11}},{"id":"f07400cc-2657-4030-8988-d33f349f0b6b","block_type":"box","text":"S-2","page_number":13,"box":{"x":525,"y":920,"width":20,"height":9}},{"id":"67df78d0-ea40-49ab-94b3-fb6a2fcccb10","block_type":"box","text":"The Fund may lend securities representing up to one-third of the","page_number":14,"box":{"x":82,"y":23,"width":412,"height":11}},{"id":"b2851206-6f8b-4464-ad19-d78d7878452d","block_type":"box","text":"value of the Fund’s total assets (including the value of any","page_number":14,"box":{"x":82,"y":37,"width":371,"height":11}},{"id":"323a2701-daad-4434-9327-aa25bbd0e439","block_type":"box","text":"collateral received).","page_number":14,"box":{"x":83,"y":52,"width":125,"height":10}},{"id":"762bfce8-232f-474a-8369-ed6f2d63012f","block_type":"box","text":"The Underlying Index is sponsored by MSCI Inc. (the “Index","page_number":14,"box":{"x":82,"y":75,"width":380,"height":11}},{"id":"f9b5fa42-e1ad-4307-9314-b35d301b8678","block_type":"box","text":"Provider” or “MSCI”), which is independent of the Fund and BFA.","page_number":14,"box":{"x":84,"y":89,"width":411,"height":11}},{"id":"6908030e-0a06-47aa-97ac-6e8a4838bd10","block_type":"box","text":"The Index Provider determines the composition and relative","page_number":14,"box":{"x":82,"y":103,"width":381,"height":11}},{"id":"ec8bec36-6af2-4215-a055-9b6016edb254","block_type":"box","text":"weightings of the securities and currency forwards in the","page_number":14,"box":{"x":82,"y":117,"width":364,"height":11}},{"id":"1761e907-49dc-4903-92d3-f219d71373e6","block_type":"box","text":"Underlying Index and publishes information regarding the market","page_number":14,"box":{"x":83,"y":131,"width":416,"height":11}},{"id":"dfd063c8-2996-47e1-b421-d6fb1e591502","block_type":"box","text":"value of the Underlying Index.","page_number":14,"box":{"x":82,"y":146,"width":190,"height":10}},{"id":"5935477d-7430-484e-9843-0638a3649aa9","block_type":"box","text":"Industry Concentration Policy.","page_number":14,"box":{"x":83,"y":169,"width":210,"height":11}},{"id":"5635c924-256e-4d06-ad2a-6942831ff8f2","block_type":"box","text":"The Fund will concentrate its","page_number":14,"box":{"x":298,"y":169,"width":184,"height":8}},{"id":"32f42703-826e-41d5-92ff-7086dd719a80","block_type":"box","text":"investments (","page_number":14,"box":{"x":83,"y":183,"width":85,"height":11}},{"id":"278c3279-b13a-425f-b6c4-f011e91ab5d3","block_type":"box","text":"i.e.","page_number":14,"box":{"x":169,"y":183,"width":17,"height":8}},{"id":"5408cb44-0c4d-44cd-a0be-8d4e724c7077","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":14,"box":{"x":189,"y":183,"width":264,"height":11}},{"id":"96218fd8-000d-4ab8-8b33-4ba0f2d83fae","block_type":"box","text":"particular industry or group of industries to approximately the","page_number":14,"box":{"x":83,"y":197,"width":394,"height":11}},{"id":"476526d2-9003-4607-8d51-88a4f61454e5","block_type":"box","text":"same extent that the Underlying Index is concentrated. For","page_number":14,"box":{"x":83,"y":211,"width":377,"height":11}},{"id":"92c7f389-bfbe-4fe9-b6a0-4a43f74a82e7","block_type":"box","text":"purposes of this limitation, securities of the U.S. government","page_number":14,"box":{"x":83,"y":226,"width":389,"height":10}},{"id":"371f9bc9-b0d5-4325-8007-24d204259d5f","block_type":"box","text":"(including its agencies and instrumentalities) and repurchase","page_number":14,"box":{"x":83,"y":240,"width":389,"height":11}},{"id":"8511f29b-6026-4e38-ac85-421aa7a1773c","block_type":"box","text":"agreements collateralized by U.S. government securities are not","page_number":14,"box":{"x":83,"y":254,"width":410,"height":11}},{"id":"5782fd9d-7c79-471c-a0d5-12bdaf278f8b","block_type":"box","text":"considered to be issued by members of any industry.","page_number":14,"box":{"x":83,"y":268,"width":337,"height":11}},{"id":"4e8fb8eb-6f80-4058-94cd-858c08522cbd","block_type":"box","text":"Summary of Principal Risks","page_number":14,"box":{"x":83,"y":297,"width":235,"height":13}},{"id":"cb6225e7-3c11-40d9-b293-39c70b7dabf1","block_type":"box","text":"As with any investment, you could lose all or part of your","page_number":14,"box":{"x":82,"y":322,"width":363,"height":11}},{"id":"ffd5645d-fae5-4ae0-bd45-885b327d6bd4","block_type":"box","text":"investment in the Fund, and the Fund’s performance could trail","page_number":14,"box":{"x":83,"y":336,"width":402,"height":11}},{"id":"e69970c9-3c74-4b9d-91ff-3ca4ef500e67","block_type":"box","text":"that of other investments. The Fund is subject to certain risks,","page_number":14,"box":{"x":83,"y":351,"width":396,"height":10}},{"id":"34b06892-00d7-4706-a9c1-d3ac984d0126","block_type":"box","text":"including the principal risks noted below (either directly or","page_number":14,"box":{"x":83,"y":365,"width":373,"height":11}},{"id":"0bcc666d-caa8-42b8-a2c8-52a69194538f","block_type":"box","text":"through its investments in the Underlying Fund), any of which may","page_number":14,"box":{"x":83,"y":379,"width":423,"height":11}},{"id":"dccf1eff-f448-4e7c-aca5-0dcc2483417e","block_type":"box","text":"adversely affect the Fund’s net asset value per share (“NAV”),","page_number":14,"box":{"x":83,"y":393,"width":392,"height":11}},{"id":"c0a03498-2d75-4eca-b3e2-335ee5e300ae","block_type":"box","text":"trading price, yield, total return and ability to meet its investment","page_number":14,"box":{"x":83,"y":407,"width":416,"height":11}},{"id":"87f9e9bc-731a-4e5f-bbd3-633733576e3f","block_type":"box","text":"objective. Certain key risks are prioritized below (with others","page_number":14,"box":{"x":83,"y":421,"width":387,"height":11}},{"id":"ab6bb1fc-12f8-419f-a9cb-1e45c2483087","block_type":"box","text":"following in alphabetical order), but the relative significance of any","page_number":14,"box":{"x":82,"y":436,"width":426,"height":10}},{"id":"ab0b2d16-ed5d-4893-a77e-634a05237601","block_type":"box","text":"risk is difficult to predict and may change over time. You should","page_number":14,"box":{"x":83,"y":450,"width":404,"height":11}},{"id":"9f3ecac0-eccd-4117-b2b7-99d153676601","block_type":"box","text":"review each risk factor carefully.","page_number":14,"box":{"x":83,"y":464,"width":206,"height":11}},{"id":"5133975b-f2b3-4350-8abf-89a4dd2a6010","block_type":"box","text":"Hedging Risk.","page_number":14,"box":{"x":83,"y":487,"width":91,"height":11}},{"id":"bf8a7a2b-1713-41d8-9e15-88f4465b41b5","block_type":"box","text":"The Fund’s use of currency hedging instruments is","page_number":14,"box":{"x":180,"y":487,"width":321,"height":11}},{"id":"950ae637-321a-4455-9238-6d78c0e5a1e6","block_type":"box","text":"intended solely to mitigate the impact of changes in the value of","page_number":14,"box":{"x":83,"y":501,"width":410,"height":11}},{"id":"c1099323-312d-49b7-9ab7-3e872b807d33","block_type":"box","text":"one or more non-U.S. currencies (in which securities in the Fund’s","page_number":14,"box":{"x":83,"y":516,"width":422,"height":10}},{"id":"8b0759ea-486a-4c6d-afba-212d17fdef27","block_type":"box","text":"portfolio are denominated) against the U.S. dollar (in which the","page_number":14,"box":{"x":83,"y":530,"width":402,"height":11}},{"id":"7c7a51b3-dc08-4738-a6d1-2a9ba16f00e8","block_type":"box","text":"Fund’s NAV is denominated). The hedging strategy is not intended","page_number":14,"box":{"x":84,"y":544,"width":419,"height":11}},{"id":"0e79b10f-0973-4719-b7b7-793a5ce28bb3","block_type":"box","text":"to mitigate market risk, credit risk, interest rate risk, or other","page_number":14,"box":{"x":83,"y":558,"width":390,"height":11}},{"id":"ef28808d-3a1e-4cd2-a69f-e39286cda5fe","block_type":"box","text":"factors, which may have a greater impact than foreign currency","page_number":14,"box":{"x":82,"y":572,"width":406,"height":11}},{"id":"9ee632f1-fef3-433e-a632-1c736f45f6fc","block_type":"box","text":"exposure on the securities’ returns. 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In addition, the Fund incurs","page_number":14,"box":{"x":83,"y":643,"width":410,"height":11}},{"id":"317216da-244c-452f-98b0-e6008ec2d827","block_type":"box","text":"expenses when entering into hedging positions, and the use of","page_number":14,"box":{"x":83,"y":657,"width":399,"height":11}},{"id":"317cee7f-9614-4a49-8d58-55479daf80ba","block_type":"box","text":"hedging may result in certain adverse tax consequences.","page_number":14,"box":{"x":83,"y":672,"width":362,"height":10}},{"id":"2187fc3d-adaa-4a7d-863d-eb27e506ba9b","block_type":"box","text":"The Fund’s foreign currency exposure may not be fully hedged at","page_number":14,"box":{"x":82,"y":695,"width":414,"height":11}},{"id":"19d8d118-b921-463f-9838-45acf48f69ce","block_type":"box","text":"all times. To reduce hedging costs, a Fund with exposure to","page_number":14,"box":{"x":83,"y":709,"width":378,"height":11}},{"id":"7fc632a7-b4c7-4948-a878-e05484684724","block_type":"box","text":"multiple foreign currencies may use an optimized hedging","page_number":14,"box":{"x":83,"y":723,"width":369,"height":11}},{"id":"ca2b5b0a-ca60-4421-ae7d-73cd7d226da0","block_type":"box","text":"strategy and hedge a subset of currencies. In addition, the","page_number":14,"box":{"x":83,"y":737,"width":372,"height":11}},{"id":"93ff9844-ad03-4d5b-a484-a8721d0d6f4f","block_type":"box","text":"currency hedges in the Underlying Index are reset monthly and","page_number":14,"box":{"x":83,"y":752,"width":401,"height":10}},{"id":"7fda74a8-4b5b-4b01-b43d-e8c374ffcffc","block_type":"box","text":"will not be adjusted during the month based on changes in the","page_number":14,"box":{"x":82,"y":766,"width":399,"height":11}},{"id":"acd2a4e5-0207-406b-8661-f9ee584db570","block_type":"box","text":"value of component securities or currencies. As a result, the","page_number":14,"box":{"x":82,"y":780,"width":385,"height":11}},{"id":"41a7e0a5-1e8c-4dbe-ab2b-7813e72c1c23","block_type":"box","text":"Underlying Index may be “over-hedged” or “under-hedged”","page_number":14,"box":{"x":83,"y":794,"width":374,"height":11}},{"id":"1bbd97cb-d217-447a-85f1-fba88958e0bf","block_type":"box","text":"between month-end rebalances. The effectiveness of the hedging","page_number":14,"box":{"x":83,"y":808,"width":418,"height":11}},{"id":"94eb1f4c-a3b5-4688-9780-18c0cf7ec8ca","block_type":"box","text":"strategy generally will be reduced if there is increased volatility in","page_number":14,"box":{"x":83,"y":822,"width":417,"height":11}},{"id":"68064ecb-6585-4682-9f75-0ccbc9cc51f9","block_type":"box","text":"the Underlying Index and/or the U.S. dollar relative to the hedged","page_number":14,"box":{"x":83,"y":837,"width":420,"height":10}},{"id":"dc249b6c-ce97-4137-a3f9-c51dbc16df3d","block_type":"box","text":"currencies. In addition, volatility in one currency may offset","page_number":14,"box":{"x":83,"y":851,"width":378,"height":11}},{"id":"7057dd05-4f4d-4347-bffb-a28ab8780e55","block_type":"box","text":"stability in another currency and reduce the overall effectiveness","page_number":14,"box":{"x":83,"y":865,"width":414,"height":11}},{"id":"86a11099-74dd-4220-a3b6-fea566880e32","block_type":"box","text":"of the hedges. The effectiveness of the hedging strategy also may","page_number":14,"box":{"x":83,"y":879,"width":419,"height":11}},{"id":"158ea0c9-f5e0-4ab8-bb45-efe5211f0c54","block_type":"box","text":"be affected by significant differences between U.S. dollar interest","page_number":14,"box":{"x":549,"y":23,"width":419,"height":11}},{"id":"b4f78539-8886-47b9-8ddb-005e62b52c9a","block_type":"box","text":"rates and foreign currency interest rates.","page_number":14,"box":{"x":549,"y":37,"width":261,"height":11}},{"id":"857cb0f6-dc9a-4c88-915e-82e43f678789","block_type":"box","text":"Because currency forwards are over-the-counter instruments, the","page_number":14,"box":{"x":550,"y":60,"width":419,"height":11}},{"id":"9cad90d2-2b37-4619-8723-1ce73f4d431c","block_type":"box","text":"Fund is subject to counterparty risk as well as market and liquidity","page_number":14,"box":{"x":550,"y":75,"width":423,"height":11}},{"id":"9e4a2883-ab88-4347-8c77-670850f782d7","block_type":"box","text":"risk in its hedging transactions. NDFs may be less liquid than","page_number":14,"box":{"x":549,"y":89,"width":389,"height":11}},{"id":"7573c95a-a833-422b-9414-a8d40083acbf","block_type":"box","text":"deliverable currency forwards and require the Fund to post","page_number":14,"box":{"x":549,"y":103,"width":376,"height":11}},{"id":"d63fcae3-0ad8-4a59-ac91-656383838d8e","block_type":"box","text":"variation margin to the counterparty, which can increase costs for","page_number":14,"box":{"x":548,"y":117,"width":423,"height":11}},{"id":"3d7a6f27-cb52-460e-af7e-014a2b8653a6","block_type":"box","text":"the Fund. If a foreign currency market is subject to certain","page_number":14,"box":{"x":549,"y":131,"width":372,"height":11}},{"id":"309b89a8-8f78-4e34-8c89-07b3188d58ad","block_type":"box","text":"restrictions, such as exchange controls, currency convertibility","page_number":14,"box":{"x":549,"y":146,"width":401,"height":10}},{"id":"7df9c5a7-f126-41d9-84cf-7e7719ff2015","block_type":"box","text":"issues or lack of liquidity, the Fund’s ability to enter into hedging","page_number":14,"box":{"x":549,"y":160,"width":412,"height":11}},{"id":"e8c0f69a-0f21-4049-bd05-5781ebf2416d","block_type":"box","text":"transactions may be impaired, and the Fund may not be able to","page_number":14,"box":{"x":549,"y":174,"width":404,"height":11}},{"id":"b22e552b-fbe6-43ae-a6da-1902178c411e","block_type":"box","text":"achieve its investment objective.","page_number":14,"box":{"x":549,"y":188,"width":209,"height":11}},{"id":"580443b3-5b6d-4213-a895-8ec0513a0c22","block_type":"box","text":"Risk of Investing in Developed Countries","page_number":14,"box":{"x":549,"y":211,"width":275,"height":11}},{"id":"25dc7768-5d35-4dc4-a51e-21c5a7a55441","block_type":"box","text":".","page_number":14,"box":{"x":826,"y":218,"width":2,"height":2}},{"id":"6cf6f2fc-5dcd-4be1-877e-1d7933f08112","block_type":"box","text":"The Fund’s and the","page_number":14,"box":{"x":833,"y":211,"width":121,"height":9}},{"id":"769dc8bf-f355-4678-90a0-f53a0021498d","block_type":"box","text":"Underlying Fund’s investment in developed country issuers will","page_number":14,"box":{"x":550,"y":226,"width":404,"height":10}},{"id":"2154f4e9-66ae-4593-ba3c-74c22e28839f","block_type":"box","text":"subject the Fund to legal, regulatory, political, currency, security,","page_number":14,"box":{"x":549,"y":240,"width":415,"height":11}},{"id":"fecb47ba-3f0f-47a7-8349-4edd4670d42a","block_type":"box","text":"economic and other risks associated with developed countries.","page_number":14,"box":{"x":549,"y":254,"width":403,"height":11}},{"id":"09740de2-3ecf-41c4-8107-aba33bd97f55","block_type":"box","text":"Developed countries tend to represent a significant portion of the","page_number":14,"box":{"x":550,"y":268,"width":418,"height":11}},{"id":"7f511502-5e58-41fd-ba5a-9afc9c28c0f5","block_type":"box","text":"global economy and have generally experienced slower economic","page_number":14,"box":{"x":549,"y":282,"width":419,"height":11}},{"id":"c88f0b66-33fe-4b34-8b1e-68f1038e2a6d","block_type":"box","text":"growth than some less developed countries. Certain developed","page_number":14,"box":{"x":549,"y":296,"width":402,"height":11}},{"id":"e1571f56-e000-4aa3-b5a6-133e5df023f3","block_type":"box","text":"countries have experienced security concerns, such as war,","page_number":14,"box":{"x":549,"y":311,"width":381,"height":10}},{"id":"b2edee0e-019b-4ac5-a6fb-5c252a076dc9","block_type":"box","text":"terrorism and strained international relations. Incidents involving","page_number":14,"box":{"x":549,"y":325,"width":414,"height":11}},{"id":"a155545e-4f73-4fda-848f-93c00249ed85","block_type":"box","text":"a country’s or region’s security may cause uncertainty in its","page_number":14,"box":{"x":549,"y":339,"width":380,"height":11}},{"id":"9e5533df-820c-492a-acc0-a91e6b8b0e51","block_type":"box","text":"markets and may adversely affect its economy and the Fund’s or","page_number":14,"box":{"x":549,"y":353,"width":413,"height":11}},{"id":"a4bdf247-8fab-46d0-9c67-37693c9080f1","block_type":"box","text":"the Underlying Fund’s investments. In addition, developed","page_number":14,"box":{"x":549,"y":367,"width":370,"height":11}},{"id":"7553bb46-978f-4ab2-8c81-b06745a2d6c3","block_type":"box","text":"countries may be adversely impacted by changes to the economic","page_number":14,"box":{"x":549,"y":382,"width":422,"height":10}},{"id":"993fa8a4-4e52-4a56-a25b-646390487bfe","block_type":"box","text":"conditions of certain key trading partners, regulatory burdens,","page_number":14,"box":{"x":549,"y":396,"width":397,"height":11}},{"id":"21f20d1f-bfe2-4a6c-a837-c4d375ac97e1","block_type":"box","text":"debt burdens and the price or availability of certain commodities.","page_number":14,"box":{"x":549,"y":410,"width":416,"height":11}},{"id":"87d63bf1-f53a-432b-b75c-1d9bd5ce8a9a","block_type":"box","text":"Non-U.S. Securities Risk","page_number":14,"box":{"x":549,"y":433,"width":165,"height":9}},{"id":"52ef9842-401d-4f8e-802d-73747d95455d","block_type":"box","text":".","page_number":14,"box":{"x":714,"y":440,"width":2,"height":1}},{"id":"ff564e84-c8fe-4915-b26c-16439a1096f4","block_type":"box","text":"Securities issued by non-U.S. issuers","page_number":14,"box":{"x":722,"y":433,"width":236,"height":11}},{"id":"49a991c7-7dca-4066-b64a-ccfd6ca9b4da","block_type":"box","text":"(including depositary receipts) are subject to different legal,","page_number":14,"box":{"x":549,"y":447,"width":382,"height":11}},{"id":"129500b7-7f81-41da-8d88-8af2f714db05","block_type":"box","text":"regulatory, political, economic, and market risks than securities","page_number":14,"box":{"x":549,"y":461,"width":406,"height":11}},{"id":"8f0de0e2-cdef-4ee1-9f9a-55a5f8fb3b2a","block_type":"box","text":"issued by U.S. issuers. These risks include greater market","page_number":14,"box":{"x":549,"y":476,"width":369,"height":10}},{"id":"36155e40-1d91-497d-bf4f-ece7d7fae4d5","block_type":"box","text":"volatility, less market liquidity, higher transaction costs,","page_number":14,"box":{"x":548,"y":490,"width":356,"height":11}},{"id":"89a22901-3b11-45ab-974d-bc2c45d8105c","block_type":"box","text":"expropriation, confiscatory taxation, adverse changes in foreign","page_number":14,"box":{"x":549,"y":504,"width":407,"height":11}},{"id":"2b84acad-9ee3-4ce0-b1ad-794de2b1965a","block_type":"box","text":"investment or currency control regulations, restrictions on the","page_number":14,"box":{"x":549,"y":518,"width":397,"height":11}},{"id":"9d1f1ad8-e868-4801-9669-23708a5eac90","block_type":"box","text":"repatriation of capital, and political instability. Non-U.S. issuers","page_number":14,"box":{"x":549,"y":532,"width":403,"height":11}},{"id":"99e9a336-9528-40eb-be92-69a5482a4caa","block_type":"box","text":"may be subject to different accounting, audit and financial","page_number":14,"box":{"x":549,"y":546,"width":371,"height":11}},{"id":"c259b37b-c4d4-47fc-8b70-b621f1408628","block_type":"box","text":"reporting standards than U.S. issuers, and there may be less","page_number":14,"box":{"x":549,"y":561,"width":386,"height":11}},{"id":"aa5e4ed2-c66c-4e8a-8ac7-9a9d9e544d50","block_type":"box","text":"publicly available information about non-U.S. issuers. 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No Authorized","page_number":15,"box":{"x":83,"y":547,"width":378,"height":10}},{"id":"02af98a7-3c7a-431b-b16c-7b4d6cc0eea7","block_type":"box","text":"Participant is obligated to engage in creation or redemption","page_number":15,"box":{"x":84,"y":561,"width":379,"height":11}},{"id":"965eeeaa-76f6-4f2a-a58b-0eb15fb68c7a","block_type":"box","text":"transactions. 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The Fund also may experience reduced returns as a","page_number":15,"box":{"x":548,"y":296,"width":391,"height":11}},{"id":"0fcc71f1-e64d-4b3d-ae27-e844acbd021e","block_type":"box","text":"result of transaction costs and losses on derivatives positions.","page_number":15,"box":{"x":549,"y":311,"width":398,"height":10}},{"id":"9383451f-6b8e-48e6-b2b0-7199d3fcd4c6","block_type":"box","text":"There is the risk of imperfect correlation between the value of a","page_number":15,"box":{"x":549,"y":325,"width":406,"height":11}},{"id":"1fb84296-702c-4f61-818c-b60fd71d3d12","block_type":"box","text":"derivative and that of the asset underlying the derivative.","page_number":15,"box":{"x":549,"y":339,"width":363,"height":11}},{"id":"3ba4d93b-80dc-4e75-8f1a-a6173df18542","block_type":"box","text":"Derivatives may create investment leverage, which could result in","page_number":15,"box":{"x":550,"y":353,"width":418,"height":11}},{"id":"9e9c7e54-b7b7-4acf-95fd-47aa83eacff5","block_type":"box","text":"losses that significantly exceed the Fund’s original investment.","page_number":15,"box":{"x":549,"y":367,"width":400,"height":11}},{"id":"53ce327d-c832-4bae-88aa-860d4b3dc879","block_type":"box","text":"Derivatives are subject to the risk of mispricing or improper","page_number":15,"box":{"x":550,"y":381,"width":380,"height":11}},{"id":"d62d3114-2271-41f0-b654-9db9e99fc6af","block_type":"box","text":"valuation, particularly if there is not a liquid secondary market for","page_number":15,"box":{"x":548,"y":396,"width":419,"height":10}},{"id":"1c3408df-9b9a-491b-9d6b-e741d8cd99c3","block_type":"box","text":"the instrument. 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Financial services companies also may be significantly","page_number":15,"box":{"x":549,"y":546,"width":395,"height":11}},{"id":"857db077-9ce5-4223-870d-5e1b0e4985b1","block_type":"box","text":"affected by, among other things, interest rates, economic","page_number":15,"box":{"x":549,"y":561,"width":367,"height":11}},{"id":"0ece4ba9-4b05-4614-8472-775e1303a65d","block_type":"box","text":"conditions, volatility in financial markets, credit rating","page_number":15,"box":{"x":549,"y":575,"width":343,"height":11}},{"id":"67de56f4-24ae-4af5-b7e8-239eaa9506b6","block_type":"box","text":"downgrades, adverse public perception, exposure concentration","page_number":15,"box":{"x":549,"y":589,"width":410,"height":11}},{"id":"b4eb36c8-91e2-472e-9782-cd41ff3ec05a","block_type":"box","text":"and counterparty risk.","page_number":15,"box":{"x":549,"y":603,"width":140,"height":11}},{"id":"af5c9ffa-7416-4894-8011-81dd7b0c33f7","block_type":"box","text":"Investment in Underlying Fund Risk.","page_number":15,"box":{"x":549,"y":626,"width":244,"height":11}},{"id":"9b208487-1dc2-4568-ba17-513c49adf935","block_type":"box","text":"The Fund invests in the","page_number":15,"box":{"x":799,"y":626,"width":147,"height":9}},{"id":"fc787e4b-79a9-4c17-94b8-e79a65f5d173","block_type":"box","text":"Underlying Fund, so the Fund’s investment performance and risks","page_number":15,"box":{"x":550,"y":641,"width":419,"height":10}},{"id":"0828df75-675d-4f71-9251-d28e27bb9ae8","block_type":"box","text":"are likely to be directly related to those of the Underlying Fund.","page_number":15,"box":{"x":549,"y":655,"width":403,"height":11}},{"id":"5d377039-2dd7-4ad5-83e5-55e4b262dc79","block_type":"box","text":"The Fund’s NAV will change with changes in the value of the","page_number":15,"box":{"x":549,"y":669,"width":381,"height":11}},{"id":"389a7c40-49f9-4be3-8e8d-c3df9f7c0e10","block_type":"box","text":"Underlying Fund and other assets that the Fund holds. The shares","page_number":15,"box":{"x":550,"y":683,"width":419,"height":11}},{"id":"63a9e86f-a068-4a86-8c37-4a669db67217","block_type":"box","text":"of the Underlying Fund may trade at a premium or discount to the","page_number":15,"box":{"x":549,"y":697,"width":419,"height":11}},{"id":"94c83e83-45e0-4108-b967-f9b335488f3b","block_type":"box","text":"Underlying Fund’s NAV. Investors in the Fund will indirectly bear","page_number":15,"box":{"x":550,"y":712,"width":407,"height":10}},{"id":"4776e4a6-c2ad-4e6c-9787-775dbea54e14","block_type":"box","text":"the expenses charged by the Underlying Fund, and an investment","page_number":15,"box":{"x":549,"y":726,"width":418,"height":11}},{"id":"d8dc103b-855f-4dad-9f83-7165cf0e7363","block_type":"box","text":"in the Fund may entail more expenses than a direct investment in","page_number":15,"box":{"x":549,"y":740,"width":417,"height":11}},{"id":"1de01e54-98e5-4caf-8180-19ff0399a9cb","block_type":"box","text":"the Underlying Fund.","page_number":15,"box":{"x":549,"y":754,"width":132,"height":11}},{"id":"fef023be-ecd7-4f57-bad3-c07c6724bda7","block_type":"box","text":"Issuer Risk","page_number":15,"box":{"x":549,"y":777,"width":75,"height":9}},{"id":"1f9ecbb6-1c46-406e-be3c-f8420745378f","block_type":"box","text":".","page_number":15,"box":{"x":624,"y":784,"width":3,"height":2}},{"id":"6ea86e7a-0a7c-4749-bf2e-d811e730fe37","block_type":"box","text":"The performance of the Fund depends on the","page_number":15,"box":{"x":632,"y":777,"width":288,"height":11}},{"id":"5b948e0e-c131-442d-a363-b799d640f763","block_type":"box","text":"performance of individual securities or other assets to which the","page_number":15,"box":{"x":549,"y":791,"width":412,"height":11}},{"id":"2d2ff844-51a1-4f06-812e-1565c95689f3","block_type":"box","text":"Fund has exposure. The value of securities or other assets may","page_number":15,"box":{"x":550,"y":806,"width":402,"height":10}},{"id":"541c23d6-b3f5-494d-9fe4-0a34adebabeb","block_type":"box","text":"decline, or perform differently from the market as a whole, due to","page_number":15,"box":{"x":549,"y":820,"width":418,"height":11}},{"id":"8dd8c5f2-2227-4c50-bcab-3383718cf154","block_type":"box","text":"changes in the financial condition or credit rating of the issuer or","page_number":15,"box":{"x":549,"y":834,"width":414,"height":11}},{"id":"10a7adc1-2853-4150-8a42-400e6cce47cb","block_type":"box","text":"counterparty.","page_number":15,"box":{"x":549,"y":849,"width":84,"height":10}},{"id":"b0281f4c-8f96-46bb-95a5-0443df3d4f89","block_type":"box","text":"S-4","page_number":15,"box":{"x":525,"y":920,"width":21,"height":9}},{"id":"5b7f3227-3d50-48ce-8c73-d3010fa28f9c","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":16,"box":{"x":83,"y":23,"width":252,"height":11}},{"id":"f9917b12-7573-4d0e-ae8f-bc31f2ca3008","block_type":"box","text":"Large-capitalization","page_number":16,"box":{"x":342,"y":23,"width":124,"height":11}},{"id":"72cd878e-8367-4fc4-9884-84f7d8fd0526","block_type":"box","text":"companies may be less able than smaller-capitalization","page_number":16,"box":{"x":83,"y":37,"width":352,"height":11}},{"id":"735faac2-7a12-440d-baa4-40c0c0c62789","block_type":"box","text":"companies to adapt to changing market conditions and","page_number":16,"box":{"x":83,"y":52,"width":352,"height":10}},{"id":"3eef2b5d-1b31-44e6-a267-82734c2bdefa","block_type":"box","text":"competitive challenges. Large-capitalization companies may be","page_number":16,"box":{"x":83,"y":66,"width":405,"height":11}},{"id":"0f6d44a9-552a-4ae1-bbc9-d8e0a4219332","block_type":"box","text":"more mature and subject to more limited growth potential","page_number":16,"box":{"x":83,"y":80,"width":371,"height":11}},{"id":"244ba5fe-bb6d-4944-83bf-43b1e49e2e0a","block_type":"box","text":"compared with smaller-capitalization companies. The","page_number":16,"box":{"x":83,"y":94,"width":339,"height":11}},{"id":"6670347c-5b69-4cc1-8b92-adf607304fd2","block_type":"box","text":"performance of large-capitalization companies could trail the","page_number":16,"box":{"x":83,"y":108,"width":390,"height":11}},{"id":"53a374e7-09d5-48ca-9db4-8ba018b15ac8","block_type":"box","text":"overall performance of the broader securities markets.","page_number":16,"box":{"x":83,"y":122,"width":349,"height":11}},{"id":"85e717d6-7e77-4879-a5f9-f470951d1c8c","block_type":"box","text":"Management Risk","page_number":16,"box":{"x":83,"y":146,"width":122,"height":10}},{"id":"905003c4-f32b-49c7-8d50-3b8aab816cec","block_type":"box","text":".","page_number":16,"box":{"x":206,"y":152,"width":2,"height":2}},{"id":"28075271-a33b-4788-ab76-a53c90879457","block_type":"box","text":"The Fund generally does not attempt to take","page_number":16,"box":{"x":213,"y":146,"width":283,"height":10}},{"id":"0b684f72-0d6a-48a5-9e5f-0d4cc68dcd23","block_type":"box","text":"defensive positions under any market conditions, including","page_number":16,"box":{"x":83,"y":160,"width":376,"height":11}},{"id":"d8a4f0f9-3f71-4aef-92fe-43b568dbdcc5","block_type":"box","text":"declining markets. As the Fund will not fully replicate the","page_number":16,"box":{"x":83,"y":174,"width":362,"height":11}},{"id":"ac39816c-c605-4378-a4b3-a8bd6f280841","block_type":"box","text":"Underlying Index and may hold securities or other assets not","page_number":16,"box":{"x":83,"y":188,"width":388,"height":11}},{"id":"7a27726a-ca0d-4e23-bb4a-a39a7d7ac188","block_type":"box","text":"included in the Underlying Index, it is subject to the risk that the","page_number":16,"box":{"x":83,"y":202,"width":409,"height":11}},{"id":"8fbc3f6f-d171-408a-aea4-663282c422f1","block_type":"box","text":"investment strategy of BFA may not produce the intended results.","page_number":16,"box":{"x":83,"y":216,"width":419,"height":11}},{"id":"91d4f29e-11cb-4086-a2c1-1f509d7b1a2b","block_type":"box","text":"There is no guarantee that the Fund’s investment results will have","page_number":16,"box":{"x":82,"y":231,"width":420,"height":11}},{"id":"89ac6dd8-d3f9-4b37-b59c-171ad8ce7033","block_type":"box","text":"a high degree of correlation to those of the Underlying Index or","page_number":16,"box":{"x":83,"y":245,"width":402,"height":11}},{"id":"ab8a7d89-efd7-4df5-9f63-bc4ce953447e","block_type":"box","text":"that the Fund will achieve its investment objective.","page_number":16,"box":{"x":83,"y":259,"width":323,"height":11}},{"id":"cd30aa93-c53b-41c9-9436-a6fe87529735","block_type":"box","text":"Market Trading Risk","page_number":16,"box":{"x":83,"y":282,"width":136,"height":11}},{"id":"b022f385-b010-4363-8101-59b9b67da171","block_type":"box","text":".","page_number":16,"box":{"x":219,"y":289,"width":2,"height":2}},{"id":"6eebbe8b-7b66-4190-94af-d08a991075f3","block_type":"box","text":"The Fund faces numerous market trading","page_number":16,"box":{"x":226,"y":282,"width":263,"height":11}},{"id":"cc30a6c9-5be4-4b55-98d4-504e23d9667b","block_type":"box","text":"risks, including the potential lack of an active market for Fund","page_number":16,"box":{"x":83,"y":296,"width":394,"height":11}},{"id":"09110018-9300-488b-b691-ad58ae1e7107","block_type":"box","text":"shares (including through a trading halt), losses from trading in","page_number":16,"box":{"x":83,"y":311,"width":401,"height":10}},{"id":"cbda9fcb-05fc-4901-a576-14a0a027319b","block_type":"box","text":"secondary markets, hedging losses, periods of high volatility, and","page_number":16,"box":{"x":83,"y":325,"width":416,"height":11}},{"id":"5182a4cf-24e8-464f-b055-23ddf426879d","block_type":"box","text":"disruptions in the process of creating and redeeming Fund shares.","page_number":16,"box":{"x":83,"y":339,"width":423,"height":11}},{"id":"9b06d829-d858-47df-b843-c53956576111","block_type":"box","text":"Any of these factors, among others, may lead to the Fund’s shares","page_number":16,"box":{"x":82,"y":353,"width":424,"height":11}},{"id":"48e6940d-67d1-4c2e-991d-603502b9e7c8","block_type":"box","text":"trading in the secondary market at a premium or discount to NAV","page_number":16,"box":{"x":83,"y":367,"width":417,"height":11}},{"id":"dabab87d-0cbb-4de4-9534-f576b38ee4c0","block_type":"box","text":"or to the intraday value of the Fund’s portfolio holdings. 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Russian companies may be unable to","page_number":17,"box":{"x":549,"y":179,"width":399,"height":11}},{"id":"b1a42761-165f-45fb-8e99-00b367e1a588","block_type":"box","text":"pay dividends and, if they pay dividends, the Fund may be unable","page_number":17,"box":{"x":549,"y":193,"width":414,"height":11}},{"id":"ba62ea34-d82c-412e-b163-98713dc897be","block_type":"box","text":"to receive them. As a result of sanctions, the Fund is currently","page_number":17,"box":{"x":549,"y":207,"width":397,"height":11}},{"id":"ff3e5d16-5d52-43d9-a0fd-c3c513dc3c3e","block_type":"box","text":"restricted from trading in Russian securities, including those in its","page_number":17,"box":{"x":549,"y":222,"width":420,"height":10}},{"id":"6bf9e51b-4ce9-492e-b9c5-e4de0be752ea","block_type":"box","text":"portfolio, and the Underlying Index has removed Russian","page_number":17,"box":{"x":549,"y":236,"width":361,"height":11}},{"id":"100ea766-d178-4be9-9b19-9c69fab1f139","block_type":"box","text":"securities. 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The","page_number":17,"box":{"x":549,"y":316,"width":422,"height":11}},{"id":"fb8aa3c9-df8c-4ac9-a4ea-3055193ac534","block_type":"box","text":"economy of Saudi Arabia is dominated by petroleum exports. A","page_number":17,"box":{"x":549,"y":330,"width":403,"height":11}},{"id":"e003c21f-2ecd-4eec-86d8-c54ee43c5a6c","block_type":"box","text":"sustained decrease in petroleum prices could have a negative","page_number":17,"box":{"x":549,"y":344,"width":394,"height":11}},{"id":"81166773-231a-474f-8576-e543d8e68a89","block_type":"box","text":"impact on all aspects of the economy. 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Such heightened risks may include, among","page_number":17,"box":{"x":550,"y":415,"width":405,"height":11}},{"id":"971d36f2-ffe4-4c39-93b1-e878feb240d8","block_type":"box","text":"others, the expropriation and/or nationalization of assets,","page_number":17,"box":{"x":549,"y":429,"width":371,"height":11}},{"id":"a23bbf08-ba7b-4692-bf47-82910136f0e1","block_type":"box","text":"restrictions on and government intervention in international trade,","page_number":17,"box":{"x":549,"y":443,"width":423,"height":11}},{"id":"63c4524f-9191-4de3-bf05-c2dfcecbc680","block_type":"box","text":"confiscatory taxation, political instability, including authoritarian","page_number":17,"box":{"x":549,"y":458,"width":410,"height":10}},{"id":"096fd39f-0b16-4433-a0ff-59e34fa10312","block_type":"box","text":"and/or military involvement in governmental decision-making,","page_number":17,"box":{"x":549,"y":472,"width":399,"height":11}},{"id":"1eda18a9-5b65-438c-9684-f4d2289f804e","block_type":"box","text":"armed conflict, crime and instability as a result of religious, ethnic","page_number":17,"box":{"x":549,"y":486,"width":421,"height":11}},{"id":"5d536f66-7a7a-4f88-9ce3-9a0442742da9","block_type":"box","text":"and/or socioeconomic unrest. Instability in the Middle East region","page_number":17,"box":{"x":549,"y":500,"width":423,"height":11}},{"id":"4c9e9546-847c-4cbb-a5df-064bdd6d0f65","block_type":"box","text":"could adversely impact the economy of Saudi Arabia, and there is","page_number":17,"box":{"x":549,"y":514,"width":418,"height":11}},{"id":"2ae0809a-c63c-4b24-9919-c0fb24368f8f","block_type":"box","text":"no assurance of political stability in Saudi Arabia.","page_number":17,"box":{"x":549,"y":528,"width":313,"height":11}},{"id":"f90d63f7-ba66-4f61-a502-576cf4f9617b","block_type":"box","text":"The ability of foreign investors to invest in the securities of Saudi","page_number":17,"box":{"x":549,"y":552,"width":413,"height":11}},{"id":"534ee506-97c5-4f1a-9ae6-35cae18a81a4","block_type":"box","text":"Arabian companies could be restricted by the Saudi Arabian","page_number":17,"box":{"x":549,"y":566,"width":382,"height":11}},{"id":"33bba645-0cf7-4047-9505-5996bad9606f","block_type":"box","text":"government at any time, and unforeseen risks could materialize","page_number":17,"box":{"x":549,"y":580,"width":406,"height":11}},{"id":"19dc269d-8d16-4b41-aba9-4bab70b0c83a","block_type":"box","text":"with respect to foreign ownership of such securities. 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However, there may be a limited number of brokers","page_number":17,"box":{"x":549,"y":651,"width":419,"height":11}},{"id":"fc0d15fb-4f36-4c2e-aa67-5ca9cfe2a776","block_type":"box","text":"who can provide services to the Fund, which may have an adverse","page_number":17,"box":{"x":549,"y":665,"width":422,"height":11}},{"id":"90547fd5-53d2-4695-9a60-a221701caa42","block_type":"box","text":"impact on the prices, quantity or timing of Fund transactions.","page_number":17,"box":{"x":549,"y":679,"width":391,"height":11}},{"id":"4b09a412-8aeb-4326-beea-b651e2ef784e","block_type":"box","text":"Securities Lending Risk.","page_number":17,"box":{"x":548,"y":702,"width":162,"height":11}},{"id":"8bb59b06-9a5f-4ba6-b694-a0c45888af8f","block_type":"box","text":"The Fund may engage in securities","page_number":17,"box":{"x":716,"y":703,"width":221,"height":10}},{"id":"de754042-5a8f-4e25-8fc8-7b5b4ba82bd8","block_type":"box","text":"lending. Securities lending involves the risk that the Fund may","page_number":17,"box":{"x":549,"y":717,"width":397,"height":11}},{"id":"605baf91-9095-4d37-bd1d-2f87460791aa","block_type":"box","text":"lose money because the borrower of the loaned securities fails to","page_number":17,"box":{"x":549,"y":731,"width":418,"height":11}},{"id":"b0f0c313-023e-484b-8284-424746beb552","block_type":"box","text":"return the securities in a timely manner or at all. The Fund could","page_number":17,"box":{"x":549,"y":745,"width":409,"height":11}},{"id":"1f46caa6-ce6e-4c46-8581-4a40b1b155af","block_type":"box","text":"also lose money in the event of a decline in the value of collateral","page_number":17,"box":{"x":549,"y":759,"width":416,"height":11}},{"id":"6907bcb4-d572-4559-86cd-e25f69946ea7","block_type":"box","text":"provided for loaned securities or a decline in the value of any","page_number":17,"box":{"x":549,"y":773,"width":389,"height":11}},{"id":"9bf2cc90-b5be-4cf2-9272-2ad0e0e095a6","block_type":"box","text":"investments made with cash collateral. These events could also","page_number":17,"box":{"x":549,"y":788,"width":406,"height":8}},{"id":"9ec4fffc-850d-4c8c-b845-46519ed96e4c","block_type":"box","text":"trigger adverse tax consequences for the Fund.","page_number":17,"box":{"x":549,"y":802,"width":301,"height":11}},{"id":"918c46bd-146f-470d-b01e-d32e19676f08","block_type":"box","text":"Tax Risk","page_number":17,"box":{"x":550,"y":825,"width":54,"height":8}},{"id":"0add4139-e409-4020-97a0-758bbbc137e7","block_type":"box","text":".","page_number":17,"box":{"x":604,"y":832,"width":3,"height":1}},{"id":"8276e129-3c26-49aa-a4b2-83a81bc7b7b0","block_type":"box","text":"Because the Fund invests in the Underlying Fund, the","page_number":17,"box":{"x":613,"y":825,"width":339,"height":11}},{"id":"f016779a-4e35-491e-bf0f-be3d99e7343c","block_type":"box","text":"Fund’s realized losses on sales of shares of the Underlying Fund","page_number":17,"box":{"x":550,"y":839,"width":407,"height":11}},{"id":"dc221b7b-add1-4062-a9b2-1fb8c01f4e0c","block_type":"box","text":"may be indefinitely or permanently deferred as “wash sales.”","page_number":17,"box":{"x":549,"y":853,"width":388,"height":11}},{"id":"9b272dea-49b2-4890-95a5-9d283a245455","block_type":"box","text":"Distributions of short-term capital gains by the Underlying Fund","page_number":17,"box":{"x":550,"y":867,"width":405,"height":11}},{"id":"625f0278-f585-4465-8d6c-2124d036fd9b","block_type":"box","text":"S-6","page_number":17,"box":{"x":526,"y":920,"width":20,"height":9}},{"id":"98cfa4d4-1797-49f7-80ed-f587fde88a09","block_type":"box","text":"will be recognized as ordinary income by the Fund and would not","page_number":18,"box":{"x":82,"y":23,"width":415,"height":11}},{"id":"ff0907ab-72ea-4389-84cf-175170f92a3c","block_type":"box","text":"be offset by the Fund’s capital loss carryforwards, if any. Capital","page_number":18,"box":{"x":83,"y":37,"width":409,"height":11}},{"id":"3a9aa52d-d779-4cea-9634-160ae09c5e1a","block_type":"box","text":"loss carryforwards of the Underlying Fund, if any, would not offset","page_number":18,"box":{"x":83,"y":51,"width":421,"height":11}},{"id":"6b821b8f-01a8-4bfd-acef-e83d468b896c","block_type":"box","text":"net capital gains of the Fund. Each of these effects is caused","page_number":18,"box":{"x":83,"y":66,"width":387,"height":11}},{"id":"8b04fb74-1c0a-453a-8b61-395be40baca0","block_type":"box","text":"by the Fund’s investment in the Underlying Fund and may result in","page_number":18,"box":{"x":83,"y":80,"width":422,"height":11}},{"id":"927a1aa9-08fc-45ce-b0fb-e52570d19cc4","block_type":"box","text":"distributions to Fund shareholders being of higher magnitude and","page_number":18,"box":{"x":83,"y":94,"width":417,"height":11}},{"id":"d1418295-b024-4f5e-a6a1-fd59a682084a","block_type":"box","text":"less likely to qualify for lower capital gain tax rates than if the","page_number":18,"box":{"x":83,"y":108,"width":391,"height":11}},{"id":"4f889a14-25a6-426c-b540-82ef3c5a3284","block_type":"box","text":"Fund were to invest directly in the securities and other","page_number":18,"box":{"x":84,"y":122,"width":347,"height":11}},{"id":"95c33e50-1e81-4945-ab5b-f16ef48b7a9f","block_type":"box","text":"instruments composing the Underlying Index. The Fund invests in","page_number":18,"box":{"x":83,"y":137,"width":416,"height":10}},{"id":"ed0750b7-ad57-431e-9770-0aa6a901e231","block_type":"box","text":"derivatives. The federal income tax treatment of a derivative may","page_number":18,"box":{"x":83,"y":151,"width":415,"height":11}},{"id":"8210968c-3a83-49d4-8b9f-1dcd4df3697c","block_type":"box","text":"not be as favorable as a direct investment in an underlying asset.","page_number":18,"box":{"x":83,"y":165,"width":415,"height":11}},{"id":"b4aa3684-8ece-4fca-8340-d25a135f650b","block_type":"box","text":"Derivatives may produce taxable income and taxable realized","page_number":18,"box":{"x":83,"y":179,"width":391,"height":11}},{"id":"d9006371-daf4-4ae6-a8a1-f87dd3380e19","block_type":"box","text":"gain. Derivatives may adversely affect the timing, character and","page_number":18,"box":{"x":83,"y":193,"width":406,"height":11}},{"id":"6f470422-cf71-41e1-8dcc-91e1ed6b3cdd","block_type":"box","text":"amount of income the Fund realizes from its investments. As a","page_number":18,"box":{"x":83,"y":207,"width":399,"height":9}},{"id":"bcd4b812-1a8e-43e0-bc80-462876533401","block_type":"box","text":"result, a larger portion of the Fund’s distributions may be treated","page_number":18,"box":{"x":83,"y":222,"width":413,"height":10}},{"id":"d5236b54-af65-47cb-9ddc-fb037b222c73","block_type":"box","text":"as ordinary income rather than as capital gains. In addition,","page_number":18,"box":{"x":83,"y":236,"width":379,"height":11}},{"id":"593289a3-7bf4-4f28-9de6-757419967408","block_type":"box","text":"certain derivatives are subject to mark-to-market or straddle","page_number":18,"box":{"x":83,"y":250,"width":388,"height":11}},{"id":"ebba5ca3-39fb-42fe-9d87-de30a894eb34","block_type":"box","text":"provisions of the Internal Revenue Code of 1986, as amended (the","page_number":18,"box":{"x":83,"y":264,"width":422,"height":11}},{"id":"09dddb8f-5aa2-4da2-8ba8-388a87254635","block_type":"box","text":"“Internal Revenue Code”). If such provisions are applicable, there","page_number":18,"box":{"x":83,"y":278,"width":416,"height":11}},{"id":"0be87df4-8b7a-459a-a7bc-c87a8f7b4e61","block_type":"box","text":"could be an increase (or decrease) in the amount of taxable","page_number":18,"box":{"x":83,"y":293,"width":380,"height":10}},{"id":"9a3cac69-cfc6-4edb-8ec5-c24ba2b3bab1","block_type":"box","text":"dividends paid by the Fund. Income from swaps is generally","page_number":18,"box":{"x":83,"y":307,"width":380,"height":11}},{"id":"1339465a-78aa-4873-8c80-471fdc0b9115","block_type":"box","text":"taxable. In addition, the tax treatment of certain derivatives, such","page_number":18,"box":{"x":83,"y":321,"width":417,"height":10}},{"id":"359770b5-502a-4a83-81a4-2248a21f478c","block_type":"box","text":"as swaps, is unsettled and may be subject to future legislation,","page_number":18,"box":{"x":83,"y":335,"width":401,"height":11}},{"id":"2b34b5c5-e5a3-4cf1-8733-9bbf349b4753","block_type":"box","text":"regulation or administrative pronouncements issued by the U.S.","page_number":18,"box":{"x":83,"y":349,"width":407,"height":11}},{"id":"2bc6cf97-7710-42a7-9a86-1bff5934b701","block_type":"box","text":"Internal Revenue Service (“IRS”).","page_number":18,"box":{"x":83,"y":363,"width":209,"height":11}},{"id":"de67c807-a1a5-4729-ac17-737960e9fa31","block_type":"box","text":"Tracking Error Risk","page_number":18,"box":{"x":84,"y":387,"width":128,"height":10}},{"id":"50b0ec11-efab-4b78-8748-aa73d857023b","block_type":"box","text":".","page_number":18,"box":{"x":212,"y":393,"width":2,"height":2}},{"id":"687a479f-1933-4a7e-9dd3-3378d8737b78","block_type":"box","text":"The Fund may be subject to “tracking error,”","page_number":18,"box":{"x":219,"y":387,"width":284,"height":11}},{"id":"439bd86c-8d21-40de-9b08-9c80450a7c35","block_type":"box","text":"which is the divergence of the Fund’s performance from that of","page_number":18,"box":{"x":82,"y":401,"width":405,"height":11}},{"id":"83dc4232-38be-4f42-a822-a7b67221b08f","block_type":"box","text":"the Underlying Index. Tracking error may occur due to a number of","page_number":18,"box":{"x":83,"y":415,"width":425,"height":11}},{"id":"dc14c3a7-7a97-4c9d-81ef-b472fb65fe9d","block_type":"box","text":"factors, including differences between the securities and other","page_number":18,"box":{"x":82,"y":429,"width":402,"height":11}},{"id":"012dbf01-95ba-40e0-a9a5-278410ceca75","block_type":"box","text":"assets held in the Fund’s portfolio and those included in the","page_number":18,"box":{"x":83,"y":443,"width":381,"height":11}},{"id":"da30e66e-683c-44dc-8145-84226ebbdd51","block_type":"box","text":"Underlying Index; differences in the timing and methodologies","page_number":18,"box":{"x":83,"y":458,"width":396,"height":10}},{"id":"8b739942-96de-44e1-b3bf-e2f6ce842010","block_type":"box","text":"used to value securities and other assets; transaction costs and","page_number":18,"box":{"x":83,"y":472,"width":407,"height":10}},{"id":"350e18f1-0d17-4776-9076-7f433e9ea4db","block_type":"box","text":"other expenses incurred by the Fund that the Underlying Index","page_number":18,"box":{"x":83,"y":486,"width":400,"height":11}},{"id":"4eb1a69c-fb7c-43c7-a6e5-690057451297","block_type":"box","text":"does not incur; the Fund’s holding of uninvested cash; differences","page_number":18,"box":{"x":83,"y":500,"width":421,"height":11}},{"id":"cbc03666-aa02-4360-bece-de185134fdaa","block_type":"box","text":"in the timing of the accrual or the valuation of dividends or","page_number":18,"box":{"x":83,"y":514,"width":373,"height":11}},{"id":"dead00ea-b78c-4415-8041-4531bd0322f8","block_type":"box","text":"interest received by the Fund or distributions paid to Fund","page_number":18,"box":{"x":83,"y":529,"width":370,"height":10}},{"id":"d51e7449-d449-4d52-b0a6-5a99f7656ec4","block_type":"box","text":"shareholders; tax gains or losses; differences between the","page_number":18,"box":{"x":83,"y":543,"width":372,"height":10}},{"id":"f222257a-a8ea-4c0b-94cf-e4a2c1c63b32","block_type":"box","text":"amount and/or timing of withholding taxes on dividends reflected","page_number":18,"box":{"x":549,"y":23,"width":420,"height":11}},{"id":"7f11606c-e3ff-45a8-9a76-56a8c261c0c7","block_type":"box","text":"in the Underlying Index from the Fund’s obligation, if any, for","page_number":18,"box":{"x":549,"y":37,"width":387,"height":11}},{"id":"47b47028-064b-4d05-922b-b4ae193aca99","block_type":"box","text":"foreign withholding taxes; the requirements for the Fund to","page_number":18,"box":{"x":549,"y":51,"width":377,"height":11}},{"id":"8ebff88f-e27a-4e06-b3eb-e2f3e46fe374","block_type":"box","text":"maintain pass-through tax treatment; portfolio transactions","page_number":18,"box":{"x":549,"y":66,"width":380,"height":11}},{"id":"4445a405-77d2-42e8-99ea-eebc5e398286","block_type":"box","text":"carried out to minimize the distribution of capital gains to","page_number":18,"box":{"x":549,"y":80,"width":366,"height":11}},{"id":"8ad3fab9-1988-4534-b5ae-f6518796d87a","block_type":"box","text":"shareholders; the acceptance of custom baskets; changes to the","page_number":18,"box":{"x":549,"y":94,"width":414,"height":11}},{"id":"8ff0af51-6f04-46df-bd05-8a7a24764cbb","block_type":"box","text":"Underlying Index; and impacts to the Fund of complying with","page_number":18,"box":{"x":550,"y":108,"width":386,"height":11}},{"id":"c36edbe5-c2f6-4137-9901-36da0754c678","block_type":"box","text":"certain regulatory requirements or limits. Tracking error risk may","page_number":18,"box":{"x":549,"y":122,"width":414,"height":11}},{"id":"c0c7d84d-8d43-43ce-8ee8-bd952b24bc93","block_type":"box","text":"be heightened during times of increased market volatility or other","page_number":18,"box":{"x":549,"y":137,"width":420,"height":10}},{"id":"00546c4e-9421-4df8-9cb8-10a80e05dbe8","block_type":"box","text":"unusual market conditions. To the extent that the Fund seeks to","page_number":18,"box":{"x":549,"y":151,"width":408,"height":8}},{"id":"3dd991df-1790-45e6-af30-495a5fac2304","block_type":"box","text":"achieve its investment objective through investments in the","page_number":18,"box":{"x":549,"y":165,"width":381,"height":11}},{"id":"902391fa-ffc1-4527-ae9d-0acecab6659d","block_type":"box","text":"Underlying Fund, the Fund may experience increased tracking","page_number":18,"box":{"x":550,"y":179,"width":394,"height":11}},{"id":"0693252d-db69-471e-b15e-be68fcf61821","block_type":"box","text":"error as compared to investing directly in the securities or other","page_number":18,"box":{"x":549,"y":193,"width":409,"height":11}},{"id":"4561c2ca-62ed-4134-848d-0a31163eb6b7","block_type":"box","text":"assets included in the underlying index of the Underlying Fund. A","page_number":18,"box":{"x":549,"y":207,"width":414,"height":11}},{"id":"a11772a4-c488-485c-9867-28b4db45faca","block_type":"box","text":"Fund that tracks an index with exposure to non-U.S. issuers may","page_number":18,"box":{"x":550,"y":222,"width":412,"height":10}},{"id":"1af4df3a-c48a-48d9-86e2-ccd265801ede","block_type":"box","text":"experience higher tracking error than ETFs that do not track such","page_number":18,"box":{"x":549,"y":236,"width":417,"height":11}},{"id":"ef024f66-52bc-4146-9c9b-4d8ae63e3b40","block_type":"box","text":"indexes. A Fund that tracks an index with exposure to swaps,","page_number":18,"box":{"x":549,"y":250,"width":390,"height":11}},{"id":"33b4bc30-b739-482b-954f-b6e45abfa5f9","block_type":"box","text":"options, futures and/or other derivatives may experience higher","page_number":18,"box":{"x":549,"y":264,"width":411,"height":11}},{"id":"5ac5b1b4-40ae-4057-962b-a83d58818542","block_type":"box","text":"tracking error than ETFs that do not track such indexes.","page_number":18,"box":{"x":549,"y":278,"width":355,"height":11}},{"id":"dcb638a7-2d2e-46e7-bad0-6f06fba58b9a","block_type":"box","text":"Valuation Risk","page_number":18,"box":{"x":550,"y":302,"width":96,"height":8}},{"id":"b41080bf-c39b-4780-a31a-397216b9ca7b","block_type":"box","text":".","page_number":18,"box":{"x":646,"y":308,"width":2,"height":2}},{"id":"e70b69dd-465d-46c6-b5b8-a034aeea0279","block_type":"box","text":"The price that the Fund could receive upon the","page_number":18,"box":{"x":653,"y":302,"width":298,"height":10}},{"id":"2cb7d4a5-53f5-4598-920e-42a494b2eb79","block_type":"box","text":"sale (or other disposition) of a security or other asset may differ","page_number":18,"box":{"x":549,"y":316,"width":408,"height":11}},{"id":"ddfb2685-937e-4d21-a5d3-0b931163ea04","block_type":"box","text":"from the Fund’s valuation of the security or other asset,","page_number":18,"box":{"x":549,"y":330,"width":355,"height":11}},{"id":"9e58c461-a599-4778-9e79-7bbbb33efd24","block_type":"box","text":"particularly for securities or other assets that trade in low volume","page_number":18,"box":{"x":549,"y":344,"width":418,"height":11}},{"id":"4decc60f-a3ac-4de3-a3db-5d81e738128d","block_type":"box","text":"or volatile markets or that are valued using a fair value","page_number":18,"box":{"x":549,"y":358,"width":347,"height":11}},{"id":"78e58da0-eb82-4111-9b33-739d747c8e79","block_type":"box","text":"methodology. The price received by the Fund also may differ from","page_number":18,"box":{"x":549,"y":372,"width":418,"height":11}},{"id":"6d825bc8-89b1-4fb0-b5cf-d594f2f97d8b","block_type":"box","text":"the value used by the Underlying Index. In addition, the value of","page_number":18,"box":{"x":549,"y":387,"width":406,"height":10}},{"id":"4cf059cc-4d34-4864-88db-b551dae754ea","block_type":"box","text":"the securities or other assets in the Fund’s portfolio may change","page_number":18,"box":{"x":549,"y":401,"width":411,"height":11}},{"id":"f966120e-b2ad-4413-bd1b-7073b8254d01","block_type":"box","text":"on days or during time periods when investors are not able to","page_number":18,"box":{"x":549,"y":415,"width":392,"height":11}},{"id":"9d02690c-8185-4ff4-9ecc-0bb62e2b8e04","block_type":"box","text":"purchase or sell Fund shares. Authorized Participants that create","page_number":18,"box":{"x":549,"y":429,"width":414,"height":11}},{"id":"db2f1d66-18b4-40a4-b6a3-4f88e6c81248","block_type":"box","text":"or redeem Fund shares on days when the Fund is holding fair","page_number":18,"box":{"x":549,"y":443,"width":394,"height":11}},{"id":"aa3e4263-5428-426c-9be9-5db71ec481c4","block_type":"box","text":"valued securities or other assets may receive fewer or more","page_number":18,"box":{"x":548,"y":458,"width":383,"height":10}},{"id":"68ba75c7-4895-4f72-b36d-cf634c1d2a29","block_type":"box","text":"shares, or lower or higher redemption proceeds, than they would","page_number":18,"box":{"x":549,"y":472,"width":414,"height":11}},{"id":"a223bf31-6a70-49d9-b9d3-8584ee896b64","block_type":"box","text":"have received had the securities or other assets not been fair","page_number":18,"box":{"x":549,"y":486,"width":392,"height":8}},{"id":"d79f200c-cdd5-49cb-92de-7e5ee6f6041d","block_type":"box","text":"valued or been valued using a different methodology. The ability to","page_number":18,"box":{"x":548,"y":500,"width":425,"height":11}},{"id":"743df313-b008-4083-bfe5-9ecb613466c5","block_type":"box","text":"value investments may be impacted by technological issues or","page_number":18,"box":{"x":548,"y":514,"width":400,"height":11}},{"id":"2199caec-6f76-4b7a-b4d3-a3ab88a2c319","block_type":"box","text":"errors by pricing services or other third-party service providers.","page_number":18,"box":{"x":549,"y":528,"width":405,"height":11}},{"id":"5922170b-f3bb-41e6-a3ad-2555a5872cbe","block_type":"box","text":"S-7","page_number":18,"box":{"x":525,"y":920,"width":21,"height":9}},{"id":"8f44ef99-b91f-42d9-92d1-1e62bcef7775","block_type":"box","text":"Performance Information","page_number":19,"box":{"x":84,"y":22,"width":213,"height":11}},{"id":"c5300033-7755-4f66-adf4-4639107e4ae7","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":19,"box":{"x":82,"y":48,"width":887,"height":10}},{"id":"0d535448-1929-46db-82f0-a6d3e45cc751","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":19,"box":{"x":83,"y":62,"width":872,"height":11}},{"id":"90a0a792-b23d-49d5-b242-fc1d1224c685","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":19,"box":{"x":83,"y":76,"width":867,"height":11}},{"id":"1087cce7-71b5-4997-b49d-b0805791e5cb","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":19,"box":{"x":83,"y":90,"width":863,"height":11}},{"id":"11e62ed3-f46c-405d-8c1a-ae28cc0f1a2f","block_type":"box","text":"agreements to waive or reimburse expenses, which would reduce performance if not in effect. 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Actual after-tax returns depend on an investor’s tax situation and may differ from those shown,","page_number":19,"box":{"x":83,"y":673,"width":871,"height":11}},{"id":"d89ab077-86aa-4cde-a95c-9f772564b336","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":19,"box":{"x":83,"y":687,"width":860,"height":11}},{"id":"5d321de9-a8db-4505-8342-e0b2982b2c72","block_type":"box","text":"such as 401(k) plans or individual retirement accounts (“IRAs”). 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To the extent the Underlying Fund incurs costs from","page_number":21,"box":{"x":83,"y":880,"width":421,"height":11}},{"id":"aab5497c-d22c-44c1-9a84-2283e248ab6e","block_type":"box","text":"high portfolio turnover, such costs may have a negative effect on","page_number":21,"box":{"x":549,"y":731,"width":414,"height":10}},{"id":"15e42eb7-520b-4035-b4c0-24fade28b18f","block_type":"box","text":"the performance of the Fund. During the most recent fiscal year,","page_number":21,"box":{"x":549,"y":745,"width":412,"height":11}},{"id":"34076771-6b23-48f7-b1da-bcd44db28339","block_type":"box","text":"the Fund’s portfolio turnover rate was 14% of the average value of","page_number":21,"box":{"x":549,"y":759,"width":419,"height":11}},{"id":"c6300c5a-d18c-4475-ae96-7bf037645cc5","block_type":"box","text":"its portfolio.","page_number":21,"box":{"x":549,"y":773,"width":76,"height":11}},{"id":"aea424cf-8e50-45aa-b284-16f218a5c257","block_type":"box","text":"Principal Investment Strategies","page_number":21,"box":{"x":550,"y":802,"width":268,"height":13}},{"id":"5f444381-8ecd-462f-a1f6-0664415e74b1","block_type":"box","text":"The Fund seeks to track the investment results of the MSCI","page_number":21,"box":{"x":549,"y":827,"width":379,"height":9}},{"id":"87c102b0-5d2e-4830-8e4c-97502ceb8495","block_type":"box","text":"EAFE","page_number":21,"box":{"x":550,"y":842,"width":31,"height":8}},{"id":"9039ac11-2eb4-439c-b7d2-c10c8fb63d8d","block_type":"box","text":"®","page_number":21,"box":{"x":582,"y":841,"width":9,"height":6}},{"id":"a7950311-b8b7-4f31-b7fe-c8db9d939374","block_type":"box","text":"100% Hedged to USD Index (the “Underlying Index”), which","page_number":21,"box":{"x":598,"y":841,"width":374,"height":11}},{"id":"29a42998-dc8a-4c78-b337-323c38b93759","block_type":"box","text":"has been developed by MSCI Inc. (the “Index Provider” or “MSCI”)","page_number":21,"box":{"x":549,"y":856,"width":423,"height":10}},{"id":"dae34e9a-0276-4e15-ad87-317668cff2f9","block_type":"box","text":"as an equity benchmark for international stock performance,","page_number":21,"box":{"x":549,"y":870,"width":388,"height":11}},{"id":"4b5bfd0b-abd7-4b19-ad0c-e06515b3160e","block_type":"box","text":"S-10","page_number":21,"box":{"x":522,"y":920,"width":27,"height":9}},{"id":"ff472bb3-50be-45f6-9073-2aae0be871ab","block_type":"box","text":"The Fund may incur “Acquired Fund Fees and Expenses.” Acquired Fund Fees and Expenses reflect the Fund’s pro rata share of the fees","page_number":21,"box":{"x":82,"y":302,"width":867,"height":10}},{"id":"42c932ff-7a4f-44a4-b7b6-c3aafc9b3ec6","block_type":"box","text":"and expenses incurred indirectly by the Fund as a result of investing in other investment companies. The impact of Acquired Fund Fees and","page_number":21,"box":{"x":83,"y":314,"width":890,"height":11}},{"id":"89abd1ac-753b-403a-a85b-e7d96206accf","block_type":"box","text":"Expenses is included in the Fund’s total return but is not included in the Fund’s ratio of expenses to average net assets. Both figures are","page_number":21,"box":{"x":84,"y":327,"width":868,"height":11}},{"id":"7134a8ce-534e-4a8f-bb9e-cad9c002c5f4","block_type":"box","text":"shown in the Financial Highlights section of the Fund’s prospectus (the “Prospectus”). BFA, the investment adviser to the Fund, has","page_number":21,"box":{"x":83,"y":340,"width":839,"height":11}},{"id":"b75f3626-dc49-416d-91bc-c7c0e360457b","block_type":"box","text":"contractually agreed to waive a portion of its management fees so that the Fund’s total annual fund operating expenses after the fee","page_number":21,"box":{"x":83,"y":353,"width":847,"height":11}},{"id":"bdf858d1-20e3-4ade-9f37-2e73410f9951","block_type":"box","text":"waiver is equal to the Acquired Fund Fees and Expenses attributable to the Fund’s investment in the iShares MSCI EAFE ETF (“EFA” or the","page_number":21,"box":{"x":82,"y":366,"width":881,"height":11}},{"id":"e36f4d21-1281-41d9-8581-b209da5b327a","block_type":"box","text":"“Underlying Fund”), after taking into account any fee waivers by EFA, plus 0.03% through November 29, 2030. The contractual waiver may","page_number":21,"box":{"x":83,"y":379,"width":884,"height":11}},{"id":"1285825f-7aa8-46d8-bed7-1ec43c095f25","block_type":"box","text":"be terminated prior to November 29, 2030 only upon written agreement of the Trust and BFA.","page_number":21,"box":{"x":83,"y":392,"width":598,"height":11}},{"id":"8f8f4ca1-467c-4071-adf6-742ddc8fe41f","block_type":"box","text":"which attempts to mitigate exposure to the currency risk inherent","page_number":22,"box":{"x":82,"y":23,"width":421,"height":11}},{"id":"d936a738-4699-4306-b620-133cfc7d9f2e","block_type":"box","text":"in certain securities included in the Underlying Index by hedging","page_number":22,"box":{"x":83,"y":37,"width":409,"height":11}},{"id":"94b686b1-f041-4d5a-a81a-77f405ff17a9","block_type":"box","text":"to the U.S. dollar. The Underlying Fund seeks investment results","page_number":22,"box":{"x":83,"y":52,"width":409,"height":10}},{"id":"97a74729-b280-4f6b-b559-e58f79c6d435","block_type":"box","text":"that correspond generally to the price and yield performance,","page_number":22,"box":{"x":83,"y":66,"width":392,"height":11}},{"id":"784a18d4-ff71-4df8-9335-c67eabe0d3f8","block_type":"box","text":"before fees and expenses, of the MSCI EAFE Index.","page_number":22,"box":{"x":83,"y":80,"width":327,"height":11}},{"id":"395ce3e0-dd63-4b37-9cc7-423ac28db505","block_type":"box","text":"The Underlying Index includes stocks from Europe, Australasia","page_number":22,"box":{"x":86,"y":102,"width":398,"height":11}},{"id":"3f6f2e54-9755-48e4-b59d-892f7022a5e6","block_type":"box","text":"and the Far East and, as of July 31, 2025, consisted of securities","page_number":22,"box":{"x":83,"y":116,"width":408,"height":11}},{"id":"d8dd1f3d-64ae-4b74-b18a-be43e7121536","block_type":"box","text":"from the following 21 developed market countries or regions:","page_number":22,"box":{"x":82,"y":130,"width":391,"height":11}},{"id":"f5c4daf6-2ab1-4d4e-9333-45d9f6b12020","block_type":"box","text":"Australia, Austria, Belgium, Denmark, Finland, France, Germany,","page_number":22,"box":{"x":82,"y":144,"width":410,"height":11}},{"id":"2b1d617b-93a3-4552-9b08-65f4df95debc","block_type":"box","text":"Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New","page_number":22,"box":{"x":84,"y":159,"width":389,"height":10}},{"id":"4e233b8a-1119-437c-b322-3cc4ac331deb","block_type":"box","text":"Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland","page_number":22,"box":{"x":83,"y":173,"width":424,"height":11}},{"id":"7abc1aeb-8029-4305-b000-1fd537fd0aa3","block_type":"box","text":"and the United Kingdom (the “U.K.”). The Underlying Index","page_number":22,"box":{"x":83,"y":187,"width":374,"height":11}},{"id":"472d9348-9250-4743-ae04-5b69c2b1f5e8","block_type":"box","text":"includes large- and mid- capitalization companies and may change","page_number":22,"box":{"x":83,"y":201,"width":424,"height":11}},{"id":"c0c653c8-5ff5-4517-b50b-98fefc504b52","block_type":"box","text":"over time. As of July 31, 2025, a significant portion of the","page_number":22,"box":{"x":83,"y":215,"width":363,"height":11}},{"id":"a4bace49-d4a9-4510-95fe-baa26ef5f8a9","block_type":"box","text":"Underlying Index is represented by securities of companies in the","page_number":22,"box":{"x":83,"y":229,"width":418,"height":11}},{"id":"9f7934e5-9c63-4de1-a87e-6ad19cf890cb","block_type":"box","text":"consumer goods and services, financials and industrials industries","page_number":22,"box":{"x":83,"y":244,"width":423,"height":10}},{"id":"e29ecd91-847a-4365-9a14-f50f08143c13","block_type":"box","text":"or sectors. The components of the Underlying Index are likely to","page_number":22,"box":{"x":83,"y":258,"width":409,"height":11}},{"id":"08603c24-41d9-4e66-8562-c420e6490d26","block_type":"box","text":"change over time.","page_number":22,"box":{"x":83,"y":272,"width":113,"height":11}},{"id":"d189bfdb-2934-4401-901a-293ef8d68831","block_type":"box","text":"The Fund seeks to achieve its investment objective by investing a","page_number":22,"box":{"x":82,"y":294,"width":417,"height":11}},{"id":"94df76fa-2bfb-4bf3-943c-9f3c37242821","block_type":"box","text":"substantial portion of its assets in the Underlying Fund. As a","page_number":22,"box":{"x":83,"y":308,"width":384,"height":11}},{"id":"7fc882df-dd8d-42db-a27a-6e337ed52105","block_type":"box","text":"result, the Fund’s investment performance is likely to be directly","page_number":22,"box":{"x":83,"y":322,"width":411,"height":11}},{"id":"c4fd2881-cb96-4921-b9e3-a6086b042351","block_type":"box","text":"related to the performance of the Underlying Fund. The Fund’s","page_number":22,"box":{"x":83,"y":336,"width":398,"height":11}},{"id":"7a7d3d90-ca5a-4952-bacf-83c4923efb54","block_type":"box","text":"NAV will change with changes in the value of the Underlying Fund","page_number":22,"box":{"x":84,"y":351,"width":415,"height":10}},{"id":"138d3380-6e69-4bfa-92e1-40f2ceb95129","block_type":"box","text":"and other instruments in which the Fund invests, subject to the","page_number":22,"box":{"x":83,"y":365,"width":404,"height":10}},{"id":"7512419b-dd30-4dd0-92ba-48b504688fea","block_type":"box","text":"impact of currency hedges, which may cause the Fund to","page_number":22,"box":{"x":83,"y":379,"width":364,"height":11}},{"id":"b6aca0a1-891d-4ee1-ae6c-82816bba87d9","block_type":"box","text":"outperform or underperform the return of the Underlying Fund. An","page_number":22,"box":{"x":83,"y":393,"width":423,"height":11}},{"id":"397ef938-da44-49f1-88cf-f8ce0390d45b","block_type":"box","text":"investment in the Fund will entail more direct and indirect costs","page_number":22,"box":{"x":83,"y":407,"width":407,"height":9}},{"id":"bed4b606-c7dc-431c-ab0a-15ac4a6a0517","block_type":"box","text":"and expenses than a direct investment in the Underlying Fund and","page_number":22,"box":{"x":83,"y":422,"width":422,"height":10}},{"id":"66a1af94-747f-4445-855e-30f861929a2b","block_type":"box","text":"in currency hedges. The Underlying Fund invests in non-U.S.","page_number":22,"box":{"x":83,"y":436,"width":384,"height":10}},{"id":"b69ee0ba-e496-47c8-9a1e-2aee9251e200","block_type":"box","text":"securities without implementing a hedge of the local currency","page_number":22,"box":{"x":83,"y":450,"width":395,"height":11}},{"id":"5dda9e28-ac6d-4618-908a-e465e2239ea7","block_type":"box","text":"risk. This strategy is subject to additional risks, as described in","page_number":22,"box":{"x":83,"y":464,"width":400,"height":11}},{"id":"168cca15-ae07-4306-b492-5c745bc96654","block_type":"box","text":"this Prospectus and the Fund’s SAI.","page_number":22,"box":{"x":83,"y":478,"width":226,"height":11}},{"id":"78127219-a1af-4443-84c0-8b9e7510a160","block_type":"box","text":"BFA is not required to invest the Fund’s assets in, or allocate any","page_number":22,"box":{"x":84,"y":500,"width":412,"height":11}},{"id":"4dcc5196-ab66-49aa-98f0-c1015bc7a7b6","block_type":"box","text":"particular percentage of the Fund’s assets to, any particular","page_number":22,"box":{"x":83,"y":514,"width":382,"height":11}},{"id":"24fa10d0-13bb-4e37-b6a9-8a831d9fb504","block_type":"box","text":"underlying fund, including the Underlying Fund.","page_number":22,"box":{"x":83,"y":528,"width":300,"height":11}},{"id":"e2abd1b0-44c3-4d0f-8678-10f4a2fcc1d5","block_type":"box","text":"Components of the Underlying Index include equity securities and","page_number":22,"box":{"x":83,"y":550,"width":420,"height":11}},{"id":"af1962cd-88a7-4fd6-a695-0d7bb92a64de","block_type":"box","text":"currency forward contracts both deliverable and nondeliverable","page_number":22,"box":{"x":83,"y":565,"width":406,"height":10}},{"id":"7ceda7f8-05e4-423c-886d-fc2c2b19a29a","block_type":"box","text":"designed to hedge non-U.S. currency fluctuations against the U.S.","page_number":22,"box":{"x":83,"y":579,"width":422,"height":11}},{"id":"0ef7dd1a-98a8-4b9a-a67a-5c7a139383c9","block_type":"box","text":"dollar. The notional exposure to currency forward contracts (both","page_number":22,"box":{"x":83,"y":593,"width":416,"height":11}},{"id":"ac33d6c9-6e2b-4e61-b11e-e162de5011ad","block_type":"box","text":"deliverable and nondeliverable) generally will be a short position","page_number":22,"box":{"x":83,"y":607,"width":409,"height":11}},{"id":"600a8ef2-8b5f-44b8-9857-293d4f608225","block_type":"box","text":"that hedges the currency risk of the equity portfolio.","page_number":22,"box":{"x":83,"y":621,"width":333,"height":11}},{"id":"69d64467-e65b-485e-a2c2-9d7a3ea4b7ef","block_type":"box","text":"The index is 100% hedged to the U.S. dollar by selling each foreign","page_number":22,"box":{"x":82,"y":643,"width":423,"height":11}},{"id":"29e77164-0167-49c1-b1c9-f64d5e314832","block_type":"box","text":"non-U.S. dollar currency forward at the one-month forward weight","page_number":22,"box":{"x":83,"y":657,"width":424,"height":11}},{"id":"b5f9ca6e-8eda-4a87-9c1a-23a1611da333","block_type":"box","text":"in order to create a “hedge” against fluctuations in the relative","page_number":22,"box":{"x":83,"y":672,"width":398,"height":10}},{"id":"04651c87-1413-4dba-8ae0-649d50664d01","block_type":"box","text":"value of the non-U.S. dollar component currencies in relation to","page_number":22,"box":{"x":82,"y":686,"width":407,"height":11}},{"id":"eccf1baf-3998-4f09-84b6-eaa608ec3461","block_type":"box","text":"the U.S. dollar. A currency forward contract is an over-the-counter","page_number":22,"box":{"x":83,"y":700,"width":424,"height":11}},{"id":"5e7b1934-6169-4a79-b4cd-d15f8df69914","block_type":"box","text":"(“OTC”) contract between two parties to buy or sell a specified","page_number":22,"box":{"x":83,"y":714,"width":398,"height":11}},{"id":"91b85cd7-d88b-4041-a3dc-effd8bec5080","block_type":"box","text":"amount of a specific currency in the future at an agreed-upon","page_number":22,"box":{"x":83,"y":728,"width":392,"height":11}},{"id":"45c0d495-b6a7-4bd4-8066-5b8b0d85260a","block_type":"box","text":"exchange rate. The hedge is reset monthly by MSCI and is not","page_number":22,"box":{"x":83,"y":742,"width":395,"height":11}},{"id":"c92ef105-027b-4215-b04a-2a602a37b068","block_type":"box","text":"adjusted intra-month based on movement in the value of the","page_number":22,"box":{"x":83,"y":757,"width":387,"height":10}},{"id":"c41e44ff-4a49-4407-ad3f-b3392bc746c1","block_type":"box","text":"component equity securities and/or currencies. The Underlying","page_number":22,"box":{"x":83,"y":771,"width":406,"height":11}},{"id":"96f516ab-c373-401e-a264-e0c989a8bd09","block_type":"box","text":"Index may therefore be slightly “over-hedged” (if equity values","page_number":22,"box":{"x":83,"y":785,"width":397,"height":11}},{"id":"2afa970e-3318-42af-919c-c635dc28f4b7","block_type":"box","text":"decline) or “under-hedged” (if the equity values increase) between","page_number":22,"box":{"x":83,"y":799,"width":422,"height":11}},{"id":"c7f3a982-275d-4641-8360-10e1eedc6a88","block_type":"box","text":"the month-end rebalances. The Underlying Index is designed to","page_number":22,"box":{"x":83,"y":813,"width":403,"height":11}},{"id":"445c50ea-b993-4065-ade1-bf87afd4695b","block_type":"box","text":"have higher returns than an equivalent unhedged investment","page_number":22,"box":{"x":83,"y":828,"width":388,"height":10}},{"id":"f2c7d6f1-a51a-460b-8593-ba5cbf6cd2be","block_type":"box","text":"when the non-U.S. dollar component currencies are weakening","page_number":22,"box":{"x":82,"y":842,"width":404,"height":11}},{"id":"932d7477-d6b5-43fc-930a-c46bba8942b5","block_type":"box","text":"relative to the U.S. dollar and appreciation in some of the non","page_number":22,"box":{"x":83,"y":856,"width":399,"height":11}},{"id":"b8a764af-245b-49d3-b285-5c9cc009f77c","block_type":"box","text":"U.S. dollar component currencies does not exceed the aggregate","page_number":22,"box":{"x":83,"y":870,"width":416,"height":11}},{"id":"faa3d9cf-26d2-4008-9a8c-fe807bcc1e10","block_type":"box","text":"depreciation of the others. Conversely, the Underlying Index is","page_number":22,"box":{"x":549,"y":23,"width":398,"height":11}},{"id":"fc308261-654c-4715-8e92-18b8da70fad9","block_type":"box","text":"designed to have lower returns than an equivalent unhedged","page_number":22,"box":{"x":549,"y":37,"width":386,"height":11}},{"id":"081523fc-ceeb-489b-85b5-1f4810d1f0b3","block_type":"box","text":"investment when the non-U.S. dollar component currencies are","page_number":22,"box":{"x":549,"y":51,"width":405,"height":11}},{"id":"ec5c0d39-f7dc-4031-9c4a-1bd919e8e90c","block_type":"box","text":"rising relative to the U.S. dollar.","page_number":22,"box":{"x":549,"y":66,"width":200,"height":11}},{"id":"36a11275-bce3-4f3c-9532-ce4f1086f853","block_type":"box","text":"In order to track the “hedging” component of the Underlying","page_number":22,"box":{"x":550,"y":88,"width":384,"height":10}},{"id":"2c335d46-fc7d-4275-90b2-2c797038b797","block_type":"box","text":"Index, the Fund enters into currency forward contracts as","page_number":22,"box":{"x":550,"y":102,"width":367,"height":11}},{"id":"61ca97e4-fc47-43e7-85be-93266d907f67","block_type":"box","text":"described above. While this approach is designed to minimize the","page_number":22,"box":{"x":549,"y":116,"width":417,"height":11}},{"id":"d7563f9a-4ee7-4583-9c43-5628d79b8e22","block_type":"box","text":"impact of currency fluctuations on Fund returns, it does not","page_number":22,"box":{"x":549,"y":130,"width":381,"height":11}},{"id":"3b42b560-1c94-44f4-a517-7fd247f94497","block_type":"box","text":"necessarily eliminate the Fund’s exposure to the non-U.S. dollar","page_number":22,"box":{"x":549,"y":144,"width":409,"height":11}},{"id":"0a372b68-b9ce-4534-9722-0361abdec5fe","block_type":"box","text":"component currencies. The return of the currency forward","page_number":22,"box":{"x":549,"y":158,"width":371,"height":11}},{"id":"16b6d40a-1783-4205-bf6a-45993a19ed14","block_type":"box","text":"contracts may not perfectly offset the actual fluctuations in value","page_number":22,"box":{"x":549,"y":173,"width":417,"height":10}},{"id":"f09d4397-5900-42c1-b9a7-34c2c65e7377","block_type":"box","text":"between the non-U.S. dollar component currencies and the U.S.","page_number":22,"box":{"x":549,"y":187,"width":409,"height":11}},{"id":"5bdd83cd-c389-4730-a4f4-9ec5d2a1ac9b","block_type":"box","text":"dollar.","page_number":22,"box":{"x":549,"y":201,"width":38,"height":9}},{"id":"41823967-67ca-49d6-9b17-979f7d0274d9","block_type":"box","text":"The Fund may also use non-deliverable forward (“NDF”) contracts","page_number":22,"box":{"x":549,"y":223,"width":419,"height":11}},{"id":"b454553d-0863-47a8-aecd-22ca3678bc6f","block_type":"box","text":"to execute its hedging transactions. An NDF contract is a contract","page_number":22,"box":{"x":549,"y":237,"width":423,"height":11}},{"id":"3d88f10d-0c60-4dba-83f1-8cd85fa6fc54","block_type":"box","text":"where there is no physical settlement of two currencies at","page_number":22,"box":{"x":549,"y":251,"width":371,"height":11}},{"id":"5cba9bd7-5866-4c20-ab7e-93d1f499ea0b","block_type":"box","text":"maturity. Rather, based on the movements of the currencies and","page_number":22,"box":{"x":549,"y":265,"width":412,"height":11}},{"id":"27cc0f1a-7d05-406a-8793-e7e5f86fda87","block_type":"box","text":"the contractually agreed-upon exchange rate, a net cash","page_number":22,"box":{"x":549,"y":280,"width":360,"height":10}},{"id":"6efec43e-2bb3-4d53-ab8a-00a00f6cd8c0","block_type":"box","text":"settlement will be made by one party to the other in U.S. dollars.","page_number":22,"box":{"x":549,"y":294,"width":412,"height":11}},{"id":"566ca938-44aa-481a-b71e-1af622172bc4","block_type":"box","text":"BFA uses an indexing approach to try to achieve the Fund’s","page_number":22,"box":{"x":550,"y":317,"width":376,"height":11}},{"id":"8d0641a1-9492-4616-b620-ad0a7a984e8f","block_type":"box","text":"investment objective. 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The instruments selected are expected to have, in the","page_number":22,"box":{"x":549,"y":548,"width":385,"height":11}},{"id":"feda6ec2-3d31-4bc2-a1ac-8c734e6c4634","block_type":"box","text":"aggregate, investment characteristics (based on factors such as","page_number":22,"box":{"x":549,"y":562,"width":409,"height":11}},{"id":"78f4f36c-d6df-407f-b813-96b46544f85f","block_type":"box","text":"market capitalization and industry weightings), fundamental","page_number":22,"box":{"x":549,"y":576,"width":382,"height":11}},{"id":"a37b6266-5d78-4d26-8dd5-b8c2b513f67a","block_type":"box","text":"characteristics (such as return variability and yield) and liquidity","page_number":22,"box":{"x":549,"y":590,"width":408,"height":11}},{"id":"f4d2484a-881d-4091-b484-b760c6a472a7","block_type":"box","text":"measures similar to those of an applicable underlying index. The","page_number":22,"box":{"x":549,"y":605,"width":410,"height":10}},{"id":"6127bd24-8638-4a67-851d-6104edf69770","block_type":"box","text":"Fund and the Underlying Fund may not hold all of the components","page_number":22,"box":{"x":550,"y":619,"width":421,"height":11}},{"id":"9a95092d-7ee9-4276-bfea-3507b074132b","block_type":"box","text":"of the applicable underlying index and may hold certain securities","page_number":22,"box":{"x":549,"y":633,"width":419,"height":11}},{"id":"949a536c-70a3-49df-bd25-04863bcaafeb","block_type":"box","text":"or other instruments that are not included in the applicable","page_number":22,"box":{"x":549,"y":647,"width":377,"height":11}},{"id":"dc520e02-5433-45b4-bfa6-569d9d5be345","block_type":"box","text":"underlying index.","page_number":22,"box":{"x":549,"y":661,"width":108,"height":11}},{"id":"c9ad3954-ce0d-460d-a945-d90d963040c2","block_type":"box","text":"The Fund generally will invest at least 80% of its assets in the","page_number":22,"box":{"x":549,"y":684,"width":389,"height":11}},{"id":"35f5365e-529e-4eb9-ba9b-c37a22f4a816","block_type":"box","text":"component securities (including indirect investments through the","page_number":22,"box":{"x":549,"y":699,"width":418,"height":10}},{"id":"a19d585a-9c14-48b4-8b1f-f47c653b3cf5","block_type":"box","text":"Underlying Fund) and other instruments of the Underlying Index","page_number":22,"box":{"x":550,"y":713,"width":407,"height":11}},{"id":"0a8d3a69-e941-4dae-acf8-5b61b7660b28","block_type":"box","text":"and in investments that have economic characteristics that are","page_number":22,"box":{"x":549,"y":727,"width":403,"height":8}},{"id":"cdc461b3-fab4-490f-8c3b-e6b1370e11d4","block_type":"box","text":"substantially identical to the component securities of its","page_number":22,"box":{"x":549,"y":741,"width":358,"height":11}},{"id":"a481dd26-4c4a-4477-90d8-72fa502d2647","block_type":"box","text":"Underlying Index (","page_number":22,"box":{"x":550,"y":755,"width":114,"height":11}},{"id":"dc5fd904-ed99-4912-9820-0292f27d9632","block_type":"box","text":"i.e.","page_number":22,"box":{"x":665,"y":755,"width":17,"height":9}},{"id":"3a40e3fb-ffe8-4a2e-97fc-19d7867611c9","block_type":"box","text":", depositary receipts representing securities","page_number":22,"box":{"x":684,"y":755,"width":282,"height":11}},{"id":"8b789cf0-882a-4c01-b880-5c5bcaabaed1","block_type":"box","text":"of the Underlying Index) and may invest up to 20% of its assets in","page_number":22,"box":{"x":549,"y":770,"width":416,"height":10}},{"id":"fc0b19b5-2fa7-4b9a-aa2b-4d68b299a37f","block_type":"box","text":"certain futures, options and swap contracts, cash and cash","page_number":22,"box":{"x":549,"y":784,"width":377,"height":10}},{"id":"19864f37-1789-4e6b-898a-f0d01dfa9b5a","block_type":"box","text":"equivalents, including shares of money market funds advised by","page_number":22,"box":{"x":549,"y":798,"width":408,"height":11}},{"id":"7ab2c1b9-8356-4ea8-9d20-e092c3ad50be","block_type":"box","text":"BFA or its affiliates, as well as in securities not included in the","page_number":22,"box":{"x":550,"y":812,"width":392,"height":10}},{"id":"7c32bf54-1d4a-4b4c-a5ba-07ee7164d0d6","block_type":"box","text":"Underlying Index, but which BFA believes will help the Fund track","page_number":22,"box":{"x":550,"y":826,"width":413,"height":11}},{"id":"f704416d-3fff-48bc-bc60-4e5c9553ae2a","block_type":"box","text":"the Underlying Index. Cash and cash equivalent investments","page_number":22,"box":{"x":549,"y":840,"width":385,"height":11}},{"id":"523700ee-1ed8-447c-9591-ce77efeb21cc","block_type":"box","text":"associated with a derivative position will be treated as part of that","page_number":22,"box":{"x":549,"y":855,"width":421,"height":10}},{"id":"5f870627-568b-4a7f-94cc-611c18e43dc7","block_type":"box","text":"position for the purposes of calculating the percentage of","page_number":22,"box":{"x":549,"y":869,"width":368,"height":11}},{"id":"76db91d5-9cef-435a-bfee-8bb1d28105d5","block_type":"box","text":"S-11","page_number":22,"box":{"x":522,"y":920,"width":25,"height":9}},{"id":"30c9098c-2498-444a-98a6-9903c36b5558","block_type":"box","text":"investments included in the Underlying Index. The Fund seeks to","page_number":23,"box":{"x":83,"y":23,"width":411,"height":11}},{"id":"26d2fb7b-0b9a-4bb8-9f95-683535ae3fd2","block_type":"box","text":"track the investment results of the Underlying Index before fees","page_number":23,"box":{"x":83,"y":37,"width":408,"height":11}},{"id":"6f054a8d-9378-414c-b034-5a034637dcc4","block_type":"box","text":"and expenses of the Fund.","page_number":23,"box":{"x":83,"y":51,"width":167,"height":11}},{"id":"7264e243-9ce9-4b45-a01b-04b05c71e351","block_type":"box","text":"The Fund may lend securities representing up to one-third of the","page_number":23,"box":{"x":82,"y":75,"width":412,"height":11}},{"id":"be5888e2-0f12-4ecd-a759-92bae9ef1879","block_type":"box","text":"value of the Fund’s total assets (including the value of any","page_number":23,"box":{"x":82,"y":89,"width":371,"height":11}},{"id":"efc041d2-2935-4c00-8d96-03964ab99b89","block_type":"box","text":"collateral received).","page_number":23,"box":{"x":83,"y":103,"width":125,"height":11}},{"id":"a08515b5-8919-4430-be1e-b15f89c4c850","block_type":"box","text":"The Underlying Index is sponsored by MSCI, which is independent","page_number":23,"box":{"x":82,"y":126,"width":422,"height":11}},{"id":"8003960c-2636-4160-a01f-10e96e7e4efc","block_type":"box","text":"of the Fund and BFA. The Index Provider determines the","page_number":23,"box":{"x":83,"y":140,"width":356,"height":9}},{"id":"b0f8f2ff-910e-4e9b-ab67-2f3b960bb6e1","block_type":"box","text":"composition and relative weightings of the securities and","page_number":23,"box":{"x":83,"y":155,"width":364,"height":10}},{"id":"a68f9e83-1ee3-458e-aad5-386bc1fa6d14","block_type":"box","text":"currency forwards in the Underlying Index and publishes","page_number":23,"box":{"x":83,"y":169,"width":359,"height":11}},{"id":"548146d5-3a81-4879-9e3f-efbfd998c453","block_type":"box","text":"information regarding the market value of the Underlying Index.","page_number":23,"box":{"x":83,"y":183,"width":405,"height":11}},{"id":"74602213-7f2a-41f6-9a3c-f22c338cea4d","block_type":"box","text":"Industry Concentration Policy.","page_number":23,"box":{"x":83,"y":206,"width":210,"height":11}},{"id":"d0d1365b-9bd5-4ad7-b339-c57a3bcdb347","block_type":"box","text":"The Fund will concentrate its","page_number":23,"box":{"x":298,"y":206,"width":184,"height":9}},{"id":"3ef7223d-bec1-4f99-b92e-0e7dad1b1d32","block_type":"box","text":"investments (","page_number":23,"box":{"x":83,"y":220,"width":85,"height":11}},{"id":"6ae71ff4-41dc-4512-ab2c-07f0370776da","block_type":"box","text":"i.e.","page_number":23,"box":{"x":169,"y":220,"width":17,"height":9}},{"id":"bfb201d6-9397-47cc-9f07-1afb705ee623","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":23,"box":{"x":189,"y":220,"width":264,"height":11}},{"id":"bc01ed7d-3e04-4eff-bec2-3c6a0158b5dd","block_type":"box","text":"particular industry or group of industries to approximately the","page_number":23,"box":{"x":83,"y":235,"width":394,"height":10}},{"id":"186a8115-8533-4bc4-a23a-cc069db50a6f","block_type":"box","text":"same extent that the Underlying Index is concentrated. For","page_number":23,"box":{"x":83,"y":249,"width":377,"height":11}},{"id":"945d7fb6-8532-43a9-b253-98861295e390","block_type":"box","text":"purposes of this limitation, securities of the U.S. government","page_number":23,"box":{"x":83,"y":263,"width":389,"height":11}},{"id":"284243d2-8e2c-4c9b-9694-88ade19311a9","block_type":"box","text":"(including its agencies and instrumentalities) and repurchase","page_number":23,"box":{"x":83,"y":277,"width":389,"height":11}},{"id":"0a527e6d-e504-4c83-890c-f7001938ac4a","block_type":"box","text":"agreements collateralized by U.S. government securities are not","page_number":23,"box":{"x":83,"y":291,"width":410,"height":11}},{"id":"fc86507d-23a5-43c6-b522-e3873efa6917","block_type":"box","text":"considered to be issued by members of any industry.","page_number":23,"box":{"x":83,"y":305,"width":337,"height":11}},{"id":"b41cb3f5-c89c-4e7b-970a-7b7adb3d0ac6","block_type":"box","text":"Summary of Principal Risks","page_number":23,"box":{"x":83,"y":334,"width":235,"height":14}},{"id":"74ed3117-4e17-4de3-ace3-1cd88c50508c","block_type":"box","text":"As with any investment, you could lose all or part of your","page_number":23,"box":{"x":82,"y":360,"width":363,"height":10}},{"id":"a1a25164-a736-496b-bab2-c8bc2b65cee4","block_type":"box","text":"investment in the Fund, and the Fund’s performance could trail","page_number":23,"box":{"x":83,"y":374,"width":402,"height":11}},{"id":"2dfa6312-147f-4ea8-888a-419bd8bda34c","block_type":"box","text":"that of other investments. The Fund is subject to certain risks,","page_number":23,"box":{"x":83,"y":388,"width":396,"height":11}},{"id":"64725173-fc6e-435f-abcf-d1fd0aeff729","block_type":"box","text":"including the principal risks noted below (either directly or","page_number":23,"box":{"x":83,"y":402,"width":373,"height":11}},{"id":"3c24a68d-39d7-4832-bce6-9d72b2a300fa","block_type":"box","text":"through its investments in the Underlying Fund), any of which may","page_number":23,"box":{"x":83,"y":416,"width":423,"height":11}},{"id":"fe78623c-5866-488e-b22e-2cb94a1883d6","block_type":"box","text":"adversely affect the Fund’s net asset value per share (“NAV”),","page_number":23,"box":{"x":83,"y":430,"width":392,"height":11}},{"id":"a77c60f8-ebb1-4c3f-99c1-90d6bf0f0baf","block_type":"box","text":"trading price, yield, total return and ability to meet its investment","page_number":23,"box":{"x":83,"y":445,"width":416,"height":11}},{"id":"a87019c2-bfdb-4ef8-b260-48d62ff2e0e5","block_type":"box","text":"objective. Certain key risks are prioritized below (with others","page_number":23,"box":{"x":83,"y":459,"width":387,"height":11}},{"id":"29718410-eb3b-4b34-a33d-dd0eac35368e","block_type":"box","text":"following in alphabetical order), but the relative significance of any","page_number":23,"box":{"x":82,"y":473,"width":426,"height":11}},{"id":"83de01c5-d634-4da1-85f5-b223c6012bfe","block_type":"box","text":"risk is difficult to predict and may change over time. You should","page_number":23,"box":{"x":83,"y":487,"width":404,"height":11}},{"id":"4a3daf84-923d-4f18-8454-91cf6ce117a4","block_type":"box","text":"review each risk factor carefully.","page_number":23,"box":{"x":83,"y":501,"width":206,"height":11}},{"id":"e92ea397-b3f8-4c4e-901f-5756d598efb7","block_type":"box","text":"Hedging Risk.","page_number":23,"box":{"x":83,"y":525,"width":91,"height":10}},{"id":"78e50c9e-4829-4b14-b106-386ceddb8c91","block_type":"box","text":"The Fund’s use of currency hedging instruments is","page_number":23,"box":{"x":180,"y":525,"width":321,"height":10}},{"id":"f55365e7-e176-4395-8b5b-4bab3efab74f","block_type":"box","text":"intended solely to mitigate the impact of changes in the value of","page_number":23,"box":{"x":83,"y":539,"width":410,"height":11}},{"id":"77f54dbc-7397-4c73-babe-20ea2f0b37fe","block_type":"box","text":"one or more non-U.S. currencies (in which securities in the Fund’s","page_number":23,"box":{"x":83,"y":553,"width":422,"height":11}},{"id":"39cd050c-1eae-4389-9445-00ed86f2ac52","block_type":"box","text":"portfolio are denominated) against the U.S. dollar (in which the","page_number":23,"box":{"x":83,"y":567,"width":402,"height":11}},{"id":"59838f3b-4875-4a23-847b-6850d55efac8","block_type":"box","text":"Fund’s NAV is denominated). The hedging strategy is not intended","page_number":23,"box":{"x":84,"y":581,"width":419,"height":11}},{"id":"7e275ed5-ac2f-4fb2-ae34-081e18be80ec","block_type":"box","text":"to mitigate market risk, credit risk, interest rate risk, or other","page_number":23,"box":{"x":83,"y":596,"width":390,"height":10}},{"id":"51c0a6fd-5845-4191-8f25-a8d9ca075ea2","block_type":"box","text":"factors, which may have a greater impact than foreign currency","page_number":23,"box":{"x":82,"y":610,"width":406,"height":11}},{"id":"177c80ce-196e-40cb-8ea9-8bd31e87798f","block_type":"box","text":"exposure on the securities’ returns. There is no guarantee that","page_number":23,"box":{"x":83,"y":624,"width":399,"height":11}},{"id":"2c968417-91a2-460f-835a-6014d52d3f58","block_type":"box","text":"hedging will completely eliminate the impact of currency","page_number":23,"box":{"x":83,"y":638,"width":361,"height":11}},{"id":"d62b3172-062c-4907-bcaa-05755333af85","block_type":"box","text":"fluctuations, and hedging can also reduce or eliminate gains. The","page_number":23,"box":{"x":82,"y":652,"width":415,"height":11}},{"id":"da6762e9-b177-479a-acc4-843fe343ba3b","block_type":"box","text":"Fund may be more volatile or have lower returns than a similar","page_number":23,"box":{"x":84,"y":666,"width":398,"height":11}},{"id":"ebead50f-39be-4c44-937b-9d5dd487bd44","block_type":"box","text":"portfolio without a hedging strategy. In addition, the Fund incurs","page_number":23,"box":{"x":83,"y":681,"width":410,"height":10}},{"id":"97d5a750-a410-45ca-908d-f50465c4e45a","block_type":"box","text":"expenses when entering into hedging positions, and the use of","page_number":23,"box":{"x":83,"y":695,"width":399,"height":11}},{"id":"4003f5a9-79bf-4c54-8266-8c348b744789","block_type":"box","text":"hedging may result in certain adverse tax consequences.","page_number":23,"box":{"x":83,"y":709,"width":362,"height":11}},{"id":"ba7c1dca-4f56-4487-9693-9cad1d759c98","block_type":"box","text":"The Fund’s foreign currency exposure may not be fully hedged at","page_number":23,"box":{"x":82,"y":732,"width":414,"height":11}},{"id":"d4e6be28-485d-4c93-85ac-aeb19ba7d539","block_type":"box","text":"all times. To reduce hedging costs, a Fund with exposure to","page_number":23,"box":{"x":83,"y":746,"width":378,"height":11}},{"id":"a953b4bc-9706-4bcf-b58d-6926dd59e6f6","block_type":"box","text":"multiple foreign currencies may use an optimized hedging","page_number":23,"box":{"x":83,"y":761,"width":369,"height":10}},{"id":"40b65df5-9ae5-4d72-bdc8-494227176ad1","block_type":"box","text":"strategy and hedge a subset of currencies. In addition, the","page_number":23,"box":{"x":83,"y":775,"width":372,"height":11}},{"id":"f731ea8c-7c84-4aec-820c-685482d2ab93","block_type":"box","text":"currency hedges in the Underlying Index are reset monthly and","page_number":23,"box":{"x":83,"y":789,"width":401,"height":11}},{"id":"5dddf76e-5a08-40c9-bc68-30e542ca6323","block_type":"box","text":"will not be adjusted during the month based on changes in the","page_number":23,"box":{"x":82,"y":803,"width":399,"height":11}},{"id":"0df8edc8-b907-40c6-8bb8-b10fd53319ae","block_type":"box","text":"value of component securities or currencies. As a result, the","page_number":23,"box":{"x":82,"y":817,"width":385,"height":11}},{"id":"6eb27b5c-dfbb-4dbd-9b0c-30646ea9839c","block_type":"box","text":"Underlying Index may be “over-hedged” or “under-hedged”","page_number":23,"box":{"x":83,"y":831,"width":374,"height":11}},{"id":"839e5eb6-9cf1-4fea-9ae5-b131ea71a6f0","block_type":"box","text":"between month-end rebalances. 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In addition, volatility in one currency may offset","page_number":23,"box":{"x":549,"y":23,"width":378,"height":11}},{"id":"52dfd135-f4b0-4cad-8144-d1110a65f7cf","block_type":"box","text":"stability in another currency and reduce the overall effectiveness","page_number":23,"box":{"x":549,"y":37,"width":414,"height":11}},{"id":"406981a9-cf0e-4cfc-9a38-5ce407ff75c8","block_type":"box","text":"of the hedges. 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Certain developed","page_number":23,"box":{"x":549,"y":339,"width":402,"height":11}},{"id":"91e2c1ee-e38d-4f97-9388-dbe181dc996d","block_type":"box","text":"countries have experienced security concerns, such as war,","page_number":23,"box":{"x":549,"y":353,"width":381,"height":11}},{"id":"350f277a-6429-4a10-a78c-ac45858906bf","block_type":"box","text":"terrorism and strained international relations. Incidents involving","page_number":23,"box":{"x":549,"y":367,"width":414,"height":11}},{"id":"b5c23eb0-9d27-4a7e-af47-590c13d86beb","block_type":"box","text":"a country’s or region’s security may cause uncertainty in its","page_number":23,"box":{"x":549,"y":382,"width":380,"height":10}},{"id":"d1bd6a41-c6b0-4a77-a52c-bfa75d3a7559","block_type":"box","text":"markets and may adversely affect its economy and the Fund’s or","page_number":23,"box":{"x":549,"y":396,"width":413,"height":10}},{"id":"b58a64f3-06b5-4b2c-88ca-ccaa81091d45","block_type":"box","text":"the Underlying Fund’s investments. 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in","page_number":24,"box":{"x":83,"y":834,"width":399,"height":11}},{"id":"d64cadbb-5a07-4b4f-9105-5e6f093e73fa","block_type":"box","text":"consumer preferences and disposable income, commodity prices,","page_number":24,"box":{"x":83,"y":848,"width":420,"height":11}},{"id":"94e9c6e3-6bb7-4550-a6d2-2a07a87e3dcb","block_type":"box","text":"government regulation, supply chain disruptions, damage to brand","page_number":24,"box":{"x":83,"y":862,"width":423,"height":11}},{"id":"d887ce5c-f2cb-4ac8-bf3a-e08551e90670","block_type":"box","text":"or reputation, economic slowdown and labor shortages, among","page_number":24,"box":{"x":549,"y":23,"width":404,"height":11}},{"id":"fd23d974-fad7-43b9-a5c5-2c58132f64a5","block_type":"box","text":"other things.","page_number":24,"box":{"x":549,"y":37,"width":80,"height":11}},{"id":"346e0c4f-9d25-454a-b931-a4738a2a101a","block_type":"box","text":"Currency 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As a result, the Fund’s NAV may","page_number":24,"box":{"x":549,"y":131,"width":375,"height":11}},{"id":"06793ff1-adb8-4223-ab5b-ad152f43f5bd","block_type":"box","text":"change quickly and without warning. In addition, the Fund may","page_number":24,"box":{"x":549,"y":146,"width":399,"height":10}},{"id":"688421a8-c25c-4199-beb4-d342e3574628","block_type":"box","text":"incur costs in connection with conversions between U.S. dollars","page_number":24,"box":{"x":549,"y":160,"width":409,"height":8}},{"id":"eeaf1dbf-1204-41be-a64f-7485a09a9c9a","block_type":"box","text":"and foreign currencies.","page_number":24,"box":{"x":549,"y":174,"width":146,"height":11}},{"id":"da64e2cc-b950-4726-bd57-8420f00e01fd","block_type":"box","text":"Derivatives Risk.","page_number":24,"box":{"x":549,"y":197,"width":111,"height":9}},{"id":"f8a54f9c-5fee-49f7-bd4c-3638252a1722","block_type":"box","text":"The Fund’s use of derivatives (","page_number":24,"box":{"x":666,"y":197,"width":193,"height":11}},{"id":"24777a81-33f9-4ac7-ac84-f346487a08e0","block_type":"box","text":"e.g","page_number":24,"box":{"x":860,"y":200,"width":19,"height":8}},{"id":"423c5472-e42f-4cd9-b595-874a1f94b2ad","block_type":"box","text":"., futures,","page_number":24,"box":{"x":880,"y":197,"width":59,"height":10}},{"id":"9c4fe848-b90b-4722-aa5b-54f79a8742c6","block_type":"box","text":"forwards, swaps, options) may be riskier than other types of","page_number":24,"box":{"x":549,"y":211,"width":384,"height":11}},{"id":"b942700b-65d9-4edf-abf2-0ac3d0f1b769","block_type":"box","text":"investments and may not have the intended effect on the Fund’s","page_number":24,"box":{"x":549,"y":226,"width":411,"height":10}},{"id":"1fd32ad1-0ccb-4cff-94c4-b673563ec3f9","block_type":"box","text":"performance. Derivatives can be sensitive to changes in economic","page_number":24,"box":{"x":549,"y":240,"width":424,"height":11}},{"id":"755373d6-ac12-4617-aae1-e820b0bed81b","block_type":"box","text":"and market conditions, and they may increase the Fund’s","page_number":24,"box":{"x":549,"y":254,"width":365,"height":11}},{"id":"cbcd82ba-fb3e-40dd-b54b-7122be981a30","block_type":"box","text":"volatility. The Fund also may experience reduced returns as a","page_number":24,"box":{"x":548,"y":268,"width":391,"height":11}},{"id":"6b961106-bb98-4095-be1c-8433db6e8b18","block_type":"box","text":"result of transaction costs and losses on derivatives positions.","page_number":24,"box":{"x":549,"y":282,"width":398,"height":11}},{"id":"60f837db-1fef-4720-8c30-48767eeffb34","block_type":"box","text":"There is the risk of imperfect correlation between the value of a","page_number":24,"box":{"x":549,"y":296,"width":406,"height":11}},{"id":"11685e82-2286-43f0-949d-83c8684fc8ae","block_type":"box","text":"derivative and that of the asset underlying the derivative.","page_number":24,"box":{"x":549,"y":311,"width":363,"height":10}},{"id":"a4db6600-8d65-4e41-b08d-1b1675634695","block_type":"box","text":"Derivatives may create investment leverage, which could result in","page_number":24,"box":{"x":550,"y":325,"width":418,"height":11}},{"id":"7247a0a3-e644-4962-8c70-9e5c18532740","block_type":"box","text":"losses that significantly exceed the Fund’s original investment.","page_number":24,"box":{"x":549,"y":339,"width":400,"height":11}},{"id":"64764af7-288b-4072-84cc-f37944ee869b","block_type":"box","text":"Derivatives are subject to the risk of mispricing or improper","page_number":24,"box":{"x":550,"y":353,"width":380,"height":11}},{"id":"a5e4dc61-4d18-4b51-ae45-8dddf1a48401","block_type":"box","text":"valuation, particularly if there is not a liquid secondary market for","page_number":24,"box":{"x":548,"y":367,"width":419,"height":11}},{"id":"b6f0a4db-5c3c-4833-8893-2099cb4eb72b","block_type":"box","text":"the instrument. Certain derivatives are subject to counterparty","page_number":24,"box":{"x":549,"y":382,"width":401,"height":10}},{"id":"06c46aa2-5c65-4281-b844-2c7f81deda66","block_type":"box","text":"risk, which is the risk that the other party in the transaction will","page_number":24,"box":{"x":549,"y":396,"width":404,"height":10}},{"id":"690520d8-685a-4591-9eaf-294fa9e95051","block_type":"box","text":"not fulfill its contractual obligations. The use of derivatives also","page_number":24,"box":{"x":549,"y":410,"width":402,"height":11}},{"id":"a2886621-53c2-4754-9e10-7e277c3bdae2","block_type":"box","text":"exposes the Fund to additional operational and legal risks.","page_number":24,"box":{"x":549,"y":424,"width":372,"height":11}},{"id":"857aaa2a-1e4d-4a7d-b0e9-4a35ce384b1e","block_type":"box","text":"Financial Companies Risk","page_number":24,"box":{"x":549,"y":447,"width":175,"height":11}},{"id":"798aa120-2e5d-4cc9-89b4-6e6d89b5ca6e","block_type":"box","text":".","page_number":24,"box":{"x":724,"y":454,"width":2,"height":2}},{"id":"c0a9d0f4-dcb3-473e-8ff4-5eb13e3a381b","block_type":"box","text":"Financial services companies are","page_number":24,"box":{"x":732,"y":447,"width":211,"height":11}},{"id":"70e9766f-f324-436a-9174-105796169c36","block_type":"box","text":"subject to extensive governmental regulation and intervention,","page_number":24,"box":{"x":549,"y":461,"width":400,"height":11}},{"id":"9fe26cac-f155-4d79-a001-9a243b48b596","block_type":"box","text":"which may adversely affect their profitability, the scope of their","page_number":24,"box":{"x":549,"y":476,"width":404,"height":10}},{"id":"e044f87f-0e0c-4355-9b04-b0b27b155852","block_type":"box","text":"activities, the prices they can charge, the amount of capital and","page_number":24,"box":{"x":549,"y":490,"width":405,"height":11}},{"id":"8d787e9d-2a7e-4ca9-8c94-655398523ed1","block_type":"box","text":"liquid assets they must maintain and their size, among other","page_number":24,"box":{"x":549,"y":504,"width":385,"height":11}},{"id":"429433c3-cb06-439c-9a78-117f3c9a6f55","block_type":"box","text":"things. Financial services companies also may be significantly","page_number":24,"box":{"x":549,"y":518,"width":395,"height":11}},{"id":"ab37bb0b-9d07-44b4-8111-ee55ab728869","block_type":"box","text":"affected by, among other things, interest rates, economic","page_number":24,"box":{"x":549,"y":532,"width":367,"height":11}},{"id":"c924f51b-896e-4d94-bd08-39786f97afd6","block_type":"box","text":"conditions, volatility in financial markets, credit rating","page_number":24,"box":{"x":549,"y":546,"width":343,"height":11}},{"id":"16d18032-d536-486c-9e16-993e32ee397f","block_type":"box","text":"downgrades, adverse public perception, exposure concentration","page_number":24,"box":{"x":549,"y":561,"width":410,"height":11}},{"id":"42f35d31-7ba6-499c-8f28-55d162ea223e","block_type":"box","text":"and counterparty risk.","page_number":24,"box":{"x":549,"y":575,"width":140,"height":11}},{"id":"4ec02071-ccb3-43ec-813d-c9192aa7aba0","block_type":"box","text":"Industrial Companies Risk.","page_number":24,"box":{"x":549,"y":598,"width":181,"height":11}},{"id":"8a7fc91b-2c9e-4e8a-b467-7aaf9a4fb70d","block_type":"box","text":"Industrial companies face a number","page_number":24,"box":{"x":736,"y":598,"width":229,"height":11}},{"id":"cf83617e-f9f3-4699-95a1-062711dbe229","block_type":"box","text":"of risks, including supply chain and distribution disruptions,","page_number":24,"box":{"x":549,"y":612,"width":378,"height":11}},{"id":"d3438239-0932-4b75-a4ad-c46b30ab7b1f","block_type":"box","text":"business interruptions, product obsolescence, third-party vendor","page_number":24,"box":{"x":549,"y":626,"width":416,"height":11}},{"id":"2e7d1091-16ec-4619-876b-d0b22d395c23","block_type":"box","text":"risks, cyber attacks, trade disputes, product recalls, liability","page_number":24,"box":{"x":549,"y":641,"width":380,"height":10}},{"id":"3401e636-9c46-46df-b7bc-db85bdfdf269","block_type":"box","text":"claims, scarcity of materials or parts, excess capacity, changes in","page_number":24,"box":{"x":549,"y":655,"width":418,"height":11}},{"id":"f91a4d98-0d55-40be-9393-140864294bc7","block_type":"box","text":"consumer preferences, and volatility in commodity prices and","page_number":24,"box":{"x":549,"y":669,"width":394,"height":11}},{"id":"8f6c7efa-6537-4fdd-ba69-fbd6cdd39b9e","block_type":"box","text":"currencies. The performance of such companies may also be","page_number":24,"box":{"x":549,"y":683,"width":388,"height":11}},{"id":"454f7262-dc2a-4fcd-8992-83e0d2b95fe2","block_type":"box","text":"affected by technological developments, labor relations,","page_number":24,"box":{"x":549,"y":697,"width":358,"height":11}},{"id":"3a041327-74f1-4843-9284-4ca3f77b5109","block_type":"box","text":"legislative and regulatory changes, government spending policies,","page_number":24,"box":{"x":549,"y":712,"width":420,"height":10}},{"id":"2a558806-7906-4c83-a46c-3bb9435aa9d7","block_type":"box","text":"and changes in domestic and international economies.","page_number":24,"box":{"x":549,"y":726,"width":348,"height":11}},{"id":"00e047f2-12a0-4249-b7dc-c617770ad7fc","block_type":"box","text":"Investment in Underlying Fund Risk.","page_number":24,"box":{"x":549,"y":749,"width":244,"height":11}},{"id":"09d8158d-9d13-4e8d-ac33-d9a09996938c","block_type":"box","text":"The Fund invests in the","page_number":24,"box":{"x":799,"y":749,"width":147,"height":8}},{"id":"dc24c78d-2140-4688-96c6-d90edd2c9629","block_type":"box","text":"Underlying Fund, so the Fund’s investment performance and risks","page_number":24,"box":{"x":550,"y":763,"width":419,"height":11}},{"id":"668bd430-42ff-4cba-9780-41844d61e393","block_type":"box","text":"are likely to be directly related to those of the Underlying Fund.","page_number":24,"box":{"x":549,"y":777,"width":403,"height":11}},{"id":"9f480675-d59a-4b27-8e52-5af17441dfcb","block_type":"box","text":"The Fund’s NAV will change with changes in the value of the","page_number":24,"box":{"x":549,"y":791,"width":381,"height":11}},{"id":"f6f918f9-ac70-43b6-8c5e-114102a65f02","block_type":"box","text":"Underlying Fund and other assets that the Fund holds. 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Capital","page_number":25,"box":{"x":549,"y":806,"width":409,"height":10}},{"id":"a243a0fe-7928-453d-9844-049f3b39c4e8","block_type":"box","text":"loss carryforwards of the Underlying Fund, if any, would not offset","page_number":25,"box":{"x":549,"y":820,"width":422,"height":11}},{"id":"9c26ebd5-2368-464a-87b2-2a61346ab812","block_type":"box","text":"net capital gains of the Fund. 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The Fund invests in","page_number":26,"box":{"x":83,"y":37,"width":416,"height":11}},{"id":"182e12e1-44fb-45c8-b750-98503ac156ab","block_type":"box","text":"derivatives. The federal income tax treatment of a derivative may","page_number":26,"box":{"x":83,"y":51,"width":415,"height":11}},{"id":"6943bc8c-f31e-4687-a948-6c7e45f4a22b","block_type":"box","text":"not be as favorable as a direct investment in an underlying asset.","page_number":26,"box":{"x":83,"y":66,"width":415,"height":11}},{"id":"d0539bb8-5295-48f8-a634-6f288d357a33","block_type":"box","text":"Derivatives may produce taxable income and taxable realized","page_number":26,"box":{"x":83,"y":80,"width":391,"height":11}},{"id":"d8924b14-3f89-44e2-bb0f-c376a0da91bd","block_type":"box","text":"gain. Derivatives may adversely affect the timing, character and","page_number":26,"box":{"x":83,"y":94,"width":406,"height":11}},{"id":"895c6928-cda7-4cf2-a9a1-3865e88eb7a3","block_type":"box","text":"amount of income the Fund realizes from its investments. As a","page_number":26,"box":{"x":83,"y":108,"width":399,"height":9}},{"id":"d0df818d-2542-478a-b16c-fb84ada9eb24","block_type":"box","text":"result, a larger portion of the Fund’s distributions may be treated","page_number":26,"box":{"x":83,"y":122,"width":413,"height":11}},{"id":"a77b0875-e25d-45da-b77a-3cf5e520967b","block_type":"box","text":"as ordinary income rather than as capital gains. In addition,","page_number":26,"box":{"x":83,"y":137,"width":379,"height":10}},{"id":"01b2ab29-5448-4369-a3a2-bdb85b2c1eb0","block_type":"box","text":"certain derivatives are subject to mark-to-market or straddle","page_number":26,"box":{"x":83,"y":151,"width":388,"height":10}},{"id":"b7196467-e6d2-4018-8d5f-35a3783d3503","block_type":"box","text":"provisions of the Internal Revenue Code of 1986, as amended (the","page_number":26,"box":{"x":83,"y":165,"width":422,"height":11}},{"id":"b41fbd90-511a-4d03-92d6-c721adc7fdfd","block_type":"box","text":"“Internal Revenue Code”). If such provisions are applicable, there","page_number":26,"box":{"x":83,"y":179,"width":416,"height":11}},{"id":"69b3dfca-cf07-41ad-86f4-0e851b3ee405","block_type":"box","text":"could be an increase (or decrease) in the amount of taxable","page_number":26,"box":{"x":83,"y":193,"width":380,"height":11}},{"id":"327deafc-25b8-43d2-ad4d-dfe7bb42f4f5","block_type":"box","text":"dividends paid by the Fund. Income from swaps is generally","page_number":26,"box":{"x":83,"y":207,"width":380,"height":11}},{"id":"41bec895-396b-4095-be4f-b478b1c9314b","block_type":"box","text":"taxable. In addition, the tax treatment of certain derivatives, such","page_number":26,"box":{"x":83,"y":222,"width":417,"height":10}},{"id":"f5877ebe-eb57-476b-9022-ed185101132a","block_type":"box","text":"as swaps, is unsettled and may be subject to future legislation,","page_number":26,"box":{"x":83,"y":236,"width":401,"height":11}},{"id":"672abf35-92a0-4953-b3b0-9b7ba435e29f","block_type":"box","text":"regulation or administrative pronouncements issued by the U.S.","page_number":26,"box":{"x":83,"y":250,"width":407,"height":11}},{"id":"7401a5a2-55b1-4ea8-9f9d-b8c5adaafc10","block_type":"box","text":"Internal Revenue Service (“IRS”).","page_number":26,"box":{"x":83,"y":264,"width":209,"height":11}},{"id":"8248942f-f737-4b32-bad0-6e2e7cc13f88","block_type":"box","text":"Tracking Error Risk","page_number":26,"box":{"x":84,"y":287,"width":128,"height":11}},{"id":"fab0cb1b-5a2d-4897-86c4-8c4a773975bf","block_type":"box","text":".","page_number":26,"box":{"x":212,"y":294,"width":2,"height":2}},{"id":"48ffc121-dd30-4595-8ef9-475fa30930fe","block_type":"box","text":"The Fund may be subject to “tracking error,”","page_number":26,"box":{"x":219,"y":287,"width":284,"height":11}},{"id":"4905f340-8140-41e3-aca3-bed42e2512a9","block_type":"box","text":"which is the divergence of the Fund’s performance from that of","page_number":26,"box":{"x":82,"y":302,"width":405,"height":10}},{"id":"e7a9b064-fd2c-403c-8582-f9c7cd08422a","block_type":"box","text":"the Underlying Index. Tracking error may occur due to a number of","page_number":26,"box":{"x":83,"y":316,"width":425,"height":11}},{"id":"9ad28b04-9411-465f-9974-264a2e043825","block_type":"box","text":"factors, including differences between the securities and other","page_number":26,"box":{"x":82,"y":330,"width":402,"height":11}},{"id":"cb8b9eef-5b06-48ad-9e06-6ae50c632be2","block_type":"box","text":"assets held in the Fund’s portfolio and those included in the","page_number":26,"box":{"x":83,"y":344,"width":381,"height":11}},{"id":"b4e2d9a9-454b-4e84-81b7-e6ac9566b3b4","block_type":"box","text":"Underlying Index; differences in the timing and methodologies","page_number":26,"box":{"x":83,"y":358,"width":396,"height":11}},{"id":"586b2d1c-bcb4-46a5-855a-3924ec49cc5f","block_type":"box","text":"used to value securities and other assets; transaction costs and","page_number":26,"box":{"x":83,"y":373,"width":407,"height":10}},{"id":"7f0bf697-2840-42e4-9675-f86f868d3b61","block_type":"box","text":"other expenses incurred by the Fund that the Underlying Index","page_number":26,"box":{"x":83,"y":387,"width":400,"height":11}},{"id":"09959eec-6b42-4d9c-a3f9-99f76f50d9f9","block_type":"box","text":"does not incur; the Fund’s holding of uninvested cash; differences","page_number":26,"box":{"x":83,"y":401,"width":421,"height":11}},{"id":"581bdb4f-37d3-49d4-9724-d68fc0c3c56e","block_type":"box","text":"in the timing of the accrual or the valuation of dividends or","page_number":26,"box":{"x":83,"y":415,"width":373,"height":11}},{"id":"f8e976f6-a9f5-4f33-b3c9-0cef741896de","block_type":"box","text":"interest received by the Fund or distributions paid to Fund","page_number":26,"box":{"x":83,"y":429,"width":370,"height":11}},{"id":"68bf2f98-5abd-4f7a-bea7-e97fe500f263","block_type":"box","text":"shareholders; tax gains or losses; differences between the","page_number":26,"box":{"x":83,"y":443,"width":372,"height":11}},{"id":"4452fbe0-77d7-45a8-9b8e-5d83ea6cd17c","block_type":"box","text":"amount and/or timing of withholding taxes on dividends reflected","page_number":26,"box":{"x":83,"y":458,"width":420,"height":10}},{"id":"a5358f24-56aa-4a8b-a69e-ce9d3b0fec52","block_type":"box","text":"in the Underlying Index from the Fund’s obligation, if any, for","page_number":26,"box":{"x":83,"y":472,"width":386,"height":11}},{"id":"3555051f-bc82-4a3d-979a-f122032b4936","block_type":"box","text":"foreign withholding taxes; the requirements for the Fund to","page_number":26,"box":{"x":82,"y":486,"width":378,"height":11}},{"id":"c0fc89f7-b8d0-48d6-978f-7f0b580cd040","block_type":"box","text":"maintain pass-through tax treatment; portfolio transactions","page_number":26,"box":{"x":83,"y":500,"width":380,"height":11}},{"id":"af107e6a-f072-44cc-8804-05be7b25cb9a","block_type":"box","text":"carried out to minimize the distribution of capital gains to","page_number":26,"box":{"x":549,"y":23,"width":366,"height":11}},{"id":"0948c893-d74a-4315-a7b2-a18f8fdb84c8","block_type":"box","text":"shareholders; the acceptance of custom baskets; changes to the","page_number":26,"box":{"x":549,"y":37,"width":414,"height":11}},{"id":"cc476e50-6f7a-4359-8b04-9635a3e30d99","block_type":"box","text":"Underlying Index; and impacts to the Fund of complying with","page_number":26,"box":{"x":550,"y":51,"width":386,"height":11}},{"id":"2cab2422-5fd6-483f-a5a8-df1fe8874d71","block_type":"box","text":"certain regulatory requirements or limits. Tracking error risk may","page_number":26,"box":{"x":549,"y":66,"width":414,"height":11}},{"id":"e8a43cbf-6fb5-4776-a335-141c087e4d65","block_type":"box","text":"be heightened during times of increased market volatility or other","page_number":26,"box":{"x":549,"y":80,"width":420,"height":11}},{"id":"51c16a02-22ef-4e0c-b25c-7a3a24773089","block_type":"box","text":"unusual market conditions. To the extent that the Fund seeks to","page_number":26,"box":{"x":549,"y":94,"width":408,"height":9}},{"id":"bda78405-e8b8-4b75-9dae-83508c1bd778","block_type":"box","text":"achieve its investment objective through investments in the","page_number":26,"box":{"x":549,"y":108,"width":381,"height":11}},{"id":"5488b652-4579-4ada-a58a-10c6a480cbb7","block_type":"box","text":"Underlying Fund, the Fund may experience increased tracking","page_number":26,"box":{"x":550,"y":122,"width":394,"height":11}},{"id":"0fcbe42a-833b-4a53-8c97-12fddd4e0b9c","block_type":"box","text":"error as compared to investing directly in the securities or other","page_number":26,"box":{"x":549,"y":137,"width":409,"height":10}},{"id":"9b08caf4-ab6d-4bcd-8521-dfc2ae8ff8d4","block_type":"box","text":"assets included in the underlying index of the Underlying Fund. A","page_number":26,"box":{"x":549,"y":151,"width":414,"height":11}},{"id":"2bafcb6f-29fd-4860-8225-eeeea2a3bed8","block_type":"box","text":"Fund that tracks an index with exposure to non-U.S. issuers may","page_number":26,"box":{"x":550,"y":165,"width":412,"height":11}},{"id":"6d68ef6d-5037-4a45-8e01-81711ba681d9","block_type":"box","text":"experience higher tracking error than ETFs that do not track such","page_number":26,"box":{"x":549,"y":179,"width":417,"height":11}},{"id":"b86c7ea0-11be-4779-a379-7ab62d52010d","block_type":"box","text":"indexes. A Fund that tracks an index with exposure to swaps,","page_number":26,"box":{"x":549,"y":193,"width":390,"height":11}},{"id":"f56c3e57-267e-4986-b3bd-f1e5060f79fa","block_type":"box","text":"options, futures and/or other derivatives may experience higher","page_number":26,"box":{"x":549,"y":207,"width":411,"height":11}},{"id":"21870ff0-bed2-42f5-af53-2bbe6e1db272","block_type":"box","text":"tracking error than ETFs that do not track such indexes.","page_number":26,"box":{"x":549,"y":222,"width":355,"height":10}},{"id":"3b52852f-595a-441f-907e-6f371bc08b0b","block_type":"box","text":"Valuation Risk","page_number":26,"box":{"x":550,"y":245,"width":96,"height":8}},{"id":"f5b94480-f3a0-4d01-a18b-db08a73bcfe9","block_type":"box","text":".","page_number":26,"box":{"x":646,"y":251,"width":2,"height":2}},{"id":"53b1035a-5af6-4d3a-8ac2-cc262dbd268b","block_type":"box","text":"The price that the Fund could receive upon the","page_number":26,"box":{"x":653,"y":245,"width":298,"height":11}},{"id":"3b355aaa-5b6c-45f8-b9cd-7393f06bf86b","block_type":"box","text":"sale (or other disposition) of a security or other asset may differ","page_number":26,"box":{"x":549,"y":259,"width":408,"height":11}},{"id":"11643a37-4a78-4ae3-8de1-6d54aaf30faf","block_type":"box","text":"from the Fund’s valuation of the security or other asset,","page_number":26,"box":{"x":549,"y":273,"width":355,"height":11}},{"id":"2e1ae5e8-454a-45eb-8514-583d68065d4f","block_type":"box","text":"particularly for securities or other assets that trade in low volume","page_number":26,"box":{"x":549,"y":287,"width":418,"height":11}},{"id":"f0fddfc1-63a3-47ff-a4fc-2df920b08980","block_type":"box","text":"or volatile markets or that are valued using a fair value","page_number":26,"box":{"x":549,"y":302,"width":347,"height":10}},{"id":"d438ed8d-0645-4633-b4ed-69f2deef3d4b","block_type":"box","text":"methodology. 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These","page_number":28,"box":{"x":549,"y":246,"width":420,"height":11}},{"id":"9988fbe7-cc91-4351-a5af-a84841f66a3c","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":"d366b01c-322f-4abf-b562-c89c06e52933","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":"112db372-865b-4c35-a625-0f125fab8542","block_type":"box","text":"recommend the Fund over another investment. Ask your","page_number":28,"box":{"x":549,"y":289,"width":361,"height":11}},{"id":"b9b5b02e-0eb3-4ec3-ba65-9d4a6ef50ed6","block_type":"box","text":"salesperson or visit your financial intermediary’s website for more","page_number":28,"box":{"x":549,"y":303,"width":421,"height":11}},{"id":"398997b5-7924-4b21-861d-523b85cffa48","block_type":"box","text":"information.","page_number":28,"box":{"x":549,"y":317,"width":76,"height":9}},{"id":"55e17b1b-da3f-489e-bd8e-6b40cc505923","block_type":"box","text":"S-17","page_number":28,"box":{"x":522,"y":920,"width":27,"height":9}},{"id":"9308d636-6bc0-4a97-8caa-60a6509faf17","block_type":"box","text":"iSHARES","page_number":29,"box":{"x":116,"y":24,"width":118,"height":15}},{"id":"ea3e3c5e-ad63-4c53-9f5b-e7243190d172","block_type":"box","text":"®","page_number":29,"box":{"x":238,"y":17,"width":10,"height":8}},{"id":"b8b50dac-96c9-453f-a4e6-6fd85d9e76f6","block_type":"box","text":"CURRENCY HEDGED MSCI EAFE SMALL-CAP ETF","page_number":29,"box":{"x":259,"y":24,"width":683,"height":15}},{"id":"31972f47-6ec8-4e15-8617-a942f798be88","block_type":"box","text":"Ticker: HSCZ Stock Exchange: NYSE Arca","page_number":29,"box":{"x":281,"y":53,"width":489,"height":12}},{"id":"171a4c4e-156f-488f-8649-510ba0e0d673","block_type":"box","text":"Investment Objective","page_number":29,"box":{"x":84,"y":91,"width":181,"height":13}},{"id":"6b36293c-f698-48ac-ae5a-913e009c6e8e","block_type":"box","text":"The iShares Currency Hedged MSCI EAFE Small-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of small","page_number":29,"box":{"x":82,"y":116,"width":886,"height":11}},{"id":"a5a1def2-e85c-4c31-81cd-0549ef71393b","block_type":"box","text":"capitalization developed market equities, excluding the U.S. and Canada, while mitigating exposure to fluctuations between the value of","page_number":29,"box":{"x":83,"y":129,"width":868,"height":11}},{"id":"c23b3a2f-1ecc-413c-a87a-e90a6dc6d925","block_type":"box","text":"the component currencies and the U.S. dollar.","page_number":29,"box":{"x":83,"y":142,"width":293,"height":10}},{"id":"0a4ccca0-6076-43d1-a76e-8f7e3016174d","block_type":"box","text":"Fees and Expenses","page_number":29,"box":{"x":84,"y":170,"width":160,"height":13}},{"id":"6ede2c4c-ac18-4d8c-843e-6d69bc124a32","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) distribution fees or","page_number":29,"box":{"x":83,"y":246,"width":858,"height":11}},{"id":"3db80fd2-7683-4c7a-be71-220093de4714","block_type":"box","text":"expenses, and (vi) litigation expenses and any extraordinary expenses.","page_number":29,"box":{"x":83,"y":259,"width":450,"height":11}},{"id":"ff2969f8-b342-471c-beb2-1332922aadda","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":82,"y":392,"width":883,"height":11}},{"id":"7926d326-1be6-4cef-96e6-1ae8e2710a8c","block_type":"box","text":"the tables and examples below.","page_number":29,"box":{"x":83,"y":405,"width":220,"height":10}},{"id":"e2dfc791-eff1-48e9-bc79-c32346fe3177","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":612,"width":862,"height":11}},{"id":"4f19588d-c70b-4cae-898e-e634650f6650","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":626,"width":694,"height":11}},{"id":"c8d97a53-8545-4305-b8e6-1fba0fe83faf","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":29,"box":{"x":195,"y":657,"width":668,"height":7}},{"id":"5201f931-6642-4cf6-9405-29fc8c0d370b","block_type":"box","text":"$44 $138 $241 $816","page_number":29,"box":{"x":202,"y":677,"width":647,"height":9}},{"id":"dc214a30-bcb7-49e5-a690-4c30dbd8ca90","block_type":"box","text":"Portfolio Turnover.","page_number":29,"box":{"x":83,"y":716,"width":129,"height":9}},{"id":"c3c693c5-41db-4362-bf94-331ce7e4cf18","block_type":"box","text":"The Fund and the Underlying Fund in which","page_number":29,"box":{"x":216,"y":716,"width":275,"height":11}},{"id":"27aeaafc-e6a1-41d3-b83e-f512553b274a","block_type":"box","text":"the Fund principally invests, the iShares MSCI EAFE Small-Cap","page_number":29,"box":{"x":83,"y":731,"width":400,"height":10}},{"id":"fcfa6517-578a-4503-bd90-8a7757c0443d","block_type":"box","text":"ETF, may pay transaction costs, such as commissions, when they","page_number":29,"box":{"x":84,"y":745,"width":416,"height":11}},{"id":"a2a5790a-725e-433a-87fa-5e37e909f171","block_type":"box","text":"buy and sell securities (or “turn over” their portfolios). 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These costs, which","page_number":29,"box":{"x":83,"y":802,"width":416,"height":10}},{"id":"997232d4-6041-4124-a5ad-369410ff7934","block_type":"box","text":"are not reflected in the Annual Fund Operating Expenses or in the","page_number":29,"box":{"x":83,"y":816,"width":418,"height":11}},{"id":"83d48717-d281-4de3-8ba7-c5691d431b62","block_type":"box","text":"Example (except costs to the Underlying Fund included as part of","page_number":29,"box":{"x":84,"y":830,"width":416,"height":11}},{"id":"b8f2b89e-29d7-4304-ba0a-998d158095f8","block_type":"box","text":"Acquired Fund Fees and Expenses), affect the Fund’s","page_number":29,"box":{"x":82,"y":844,"width":339,"height":11}},{"id":"12d2eaf4-265d-40ce-818e-ca624046f978","block_type":"box","text":"performance. To the extent the Underlying Fund incurs costs from","page_number":29,"box":{"x":83,"y":858,"width":421,"height":11}},{"id":"460cf337-f3d2-4736-b6d7-0c1ec4c1ea7c","block_type":"box","text":"high portfolio turnover, such costs may have a negative effect on","page_number":29,"box":{"x":83,"y":872,"width":414,"height":11}},{"id":"bcdbae2c-f39b-4ce8-b22c-39cc9677537e","block_type":"box","text":"the performance of the Fund. During the most recent fiscal year,","page_number":29,"box":{"x":549,"y":709,"width":412,"height":11}},{"id":"21f410f1-566c-45a8-b880-a66b0d2ccbb2","block_type":"box","text":"the Fund’s portfolio turnover rate was 16% of the average value of","page_number":29,"box":{"x":549,"y":723,"width":419,"height":11}},{"id":"af10ed95-8245-442f-a72a-14969e9bc36d","block_type":"box","text":"its portfolio.","page_number":29,"box":{"x":549,"y":737,"width":76,"height":11}},{"id":"a950b435-641f-4b24-9929-3805f0a30a7a","block_type":"box","text":"Principal Investment Strategies","page_number":29,"box":{"x":550,"y":766,"width":268,"height":13}},{"id":"50c6f0ff-1e11-4eb6-96dc-4bc4567f92f1","block_type":"box","text":"The Fund seeks to track the investment results of the MSCI EAFE","page_number":29,"box":{"x":549,"y":791,"width":416,"height":9}},{"id":"ce2dbc6d-4d5f-438f-9c53-2845fb78d074","block_type":"box","text":"Small Cap 100% Hedged to USD Index (the “Underlying Index”), an","page_number":29,"box":{"x":549,"y":805,"width":423,"height":11}},{"id":"e5978a3b-de26-44bd-9ac9-037afa801e1f","block_type":"box","text":"equity benchmark which represents the performance of","page_number":29,"box":{"x":549,"y":820,"width":356,"height":10}},{"id":"2da18415-4717-4597-90b3-f443def345bd","block_type":"box","text":"international small-cap stocks, which attempts to mitigate","page_number":29,"box":{"x":549,"y":834,"width":372,"height":11}},{"id":"31ab2a4b-25cb-4384-a095-9970c56951d1","block_type":"box","text":"exposure to the currency risk inherent in certain securities","page_number":29,"box":{"x":549,"y":848,"width":378,"height":11}},{"id":"b77d8fa5-f976-4d05-9721-2e194665b31d","block_type":"box","text":"included in the Underlying Index by hedging to the U.S. dollar. The","page_number":29,"box":{"x":549,"y":862,"width":421,"height":11}},{"id":"a44ef7af-a2c7-4d37-b8d6-7d7131c8f12c","block_type":"box","text":"Underlying Fund seeks investment results that correspond","page_number":29,"box":{"x":550,"y":876,"width":372,"height":11}},{"id":"bfd1652c-7529-432c-be40-bb5d89457136","block_type":"box","text":"S-18","page_number":29,"box":{"x":522,"y":920,"width":27,"height":9}},{"id":"f6fb1fba-b097-4f81-b5a8-5edbaa43cd81","block_type":"box","text":"The Fund may incur “Acquired Fund Fees and Expenses.” Acquired Fund Fees and Expenses reflect the Fund’s pro rata share of the fees","page_number":29,"box":{"x":82,"y":280,"width":867,"height":10}},{"id":"019b19e2-beec-42c3-a75c-7c41db7b9d03","block_type":"box","text":"and expenses incurred indirectly by the Fund as a result of investing in other investment companies. The impact of Acquired Fund Fees and","page_number":29,"box":{"x":83,"y":293,"width":890,"height":10}},{"id":"68b1c42d-6e47-4759-a4b6-b39582123645","block_type":"box","text":"Expenses is included in the Fund’s total return but is not included in the Fund’s ratio of expenses to average net assets. Both figures are","page_number":29,"box":{"x":84,"y":305,"width":868,"height":11}},{"id":"7975bc8f-119f-41b4-9704-aa96e0c9fbfa","block_type":"box","text":"shown in the Financial Highlights section of the Fund’s prospectus (the “Prospectus”). BFA, the investment adviser to the Fund, has","page_number":29,"box":{"x":83,"y":318,"width":839,"height":11}},{"id":"f4ffb333-454b-436c-9165-7be13838483f","block_type":"box","text":"contractually agreed to waive a portion of its management fees so that the Fund’s total annual fund operating expenses after the fee","page_number":29,"box":{"x":83,"y":331,"width":847,"height":11}},{"id":"2ea76988-8739-49c9-8944-2de3593c0b8e","block_type":"box","text":"waiver is equal to the Acquired Fund Fees and Expenses attributable to the Fund’s investment in the iShares MSCI EAFE Small-Cap ETF","page_number":29,"box":{"x":82,"y":344,"width":866,"height":11}},{"id":"5016dbfa-4454-4969-94ef-fa83b4e1363f","block_type":"box","text":"(“SCZ” or the “Underlying Fund”), after taking into account any fee waivers by SCZ, plus 0.03% through November 29, 2030. The","page_number":29,"box":{"x":83,"y":357,"width":821,"height":11}},{"id":"8c7ba32b-6da1-4dd1-8364-02859d066c09","block_type":"box","text":"contractual waiver may be terminated prior to November 29, 2030 only upon written agreement of the Trust and BFA.","page_number":29,"box":{"x":83,"y":370,"width":751,"height":11}},{"id":"a536c725-d615-4e25-986f-2a5a91cd43e4","block_type":"box","text":"generally to the price and yield performance, before fees and","page_number":30,"box":{"x":83,"y":23,"width":390,"height":11}},{"id":"1afd576f-bfdb-41ec-987a-d96677de6548","block_type":"box","text":"expenses, of the MSCI EAFE Small Cap Index.","page_number":30,"box":{"x":83,"y":37,"width":291,"height":11}},{"id":"4622c49c-46d0-4725-86b7-d9f46ec60158","block_type":"box","text":"As of July 31, 2025, the Underlying Index consisted of securities","page_number":30,"box":{"x":82,"y":59,"width":408,"height":11}},{"id":"50347c20-3664-4e13-8b26-045aca395beb","block_type":"box","text":"from the following 21 developed market countries or regions:","page_number":30,"box":{"x":82,"y":73,"width":391,"height":11}},{"id":"f41451ea-e5aa-40e1-ad7f-7ed75362f0ee","block_type":"box","text":"Australia, Austria, Belgium, Denmark, Finland, France, Germany,","page_number":30,"box":{"x":82,"y":88,"width":410,"height":10}},{"id":"d46a618f-9909-41c3-893f-0d2473169317","block_type":"box","text":"Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New","page_number":30,"box":{"x":84,"y":102,"width":389,"height":11}},{"id":"127e5370-0c8d-4276-aec9-b6bec1cbf54b","block_type":"box","text":"Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland","page_number":30,"box":{"x":83,"y":116,"width":424,"height":11}},{"id":"56f93b2b-ceff-4754-bf6c-6bb64f374e68","block_type":"box","text":"and the United Kingdom (the “U.K.”). Under MSCI’s Global","page_number":30,"box":{"x":83,"y":130,"width":372,"height":11}},{"id":"d88c7cda-761b-4659-92d7-7d81f79674f1","block_type":"box","text":"Investable Market Index Methodology, the small-cap universe","page_number":30,"box":{"x":83,"y":144,"width":393,"height":11}},{"id":"c52483dd-35b4-40cd-9ef2-8d295dc54d94","block_type":"box","text":"consists of securities of those companies not included in the","page_number":30,"box":{"x":83,"y":158,"width":388,"height":11}},{"id":"de2771a0-233d-4880-aba7-91e08aca5f20","block_type":"box","text":"large-cap or mid-cap segments of a particular market, which","page_number":30,"box":{"x":83,"y":173,"width":385,"height":11}},{"id":"cd1ccaf4-077e-40f2-82bb-5e89d283acca","block_type":"box","text":"together comprise approximately 85% of each market’s free float","page_number":30,"box":{"x":83,"y":187,"width":420,"height":11}},{"id":"d14decdc-1fdc-49c7-81c6-01f4cd1a960d","block_type":"box","text":"adjusted market capitalization. The small-cap segment covers","page_number":30,"box":{"x":83,"y":201,"width":395,"height":11}},{"id":"521f2f48-6576-427b-b08a-b78badff3c43","block_type":"box","text":"approximately the 85%-99% range of each market’s free float","page_number":30,"box":{"x":83,"y":215,"width":393,"height":11}},{"id":"ac47aff6-32d8-474b-a9e7-7a7c738fb5bc","block_type":"box","text":"adjusted market capitalization. As of July 31, 2025, a significant","page_number":30,"box":{"x":83,"y":229,"width":405,"height":11}},{"id":"4791c88e-ac4f-4dd8-b704-bb09b8ae8489","block_type":"box","text":"portion of the Underlying Index is represented by securities of","page_number":30,"box":{"x":83,"y":244,"width":396,"height":10}},{"id":"db721fb1-7909-498d-abc0-750d3b70223f","block_type":"box","text":"companies in the consumer goods and services and industrials","page_number":30,"box":{"x":83,"y":258,"width":401,"height":11}},{"id":"87fba302-dd3c-4ae8-8462-ad5788083392","block_type":"box","text":"industries or sectors. The components of the Underlying Index are","page_number":30,"box":{"x":83,"y":272,"width":422,"height":11}},{"id":"45074bcc-4586-47d7-9b41-55621451a83d","block_type":"box","text":"likely to change over time.","page_number":30,"box":{"x":83,"y":286,"width":167,"height":11}},{"id":"da80b0a7-c277-4635-b8a5-12a6f715f061","block_type":"box","text":"The Fund seeks to achieve its investment objective by investing a","page_number":30,"box":{"x":82,"y":308,"width":417,"height":11}},{"id":"35b437be-745d-4b83-8d70-cfbde0e4735e","block_type":"box","text":"substantial portion of its assets in the Underlying Fund. As a","page_number":30,"box":{"x":83,"y":322,"width":384,"height":11}},{"id":"a7ee2c10-2f2a-48e7-91b7-a9fa4756cc28","block_type":"box","text":"result, the Fund’s investment performance is likely to be directly","page_number":30,"box":{"x":83,"y":336,"width":411,"height":11}},{"id":"61c6e9ba-02f8-49fd-ac2c-13e45230364b","block_type":"box","text":"related to the performance of the Underlying Fund. The Fund’s","page_number":30,"box":{"x":83,"y":351,"width":398,"height":10}},{"id":"c2e7da3f-7473-4128-9eae-1030fdba0c99","block_type":"box","text":"NAV will change with changes in the value of the Underlying Fund","page_number":30,"box":{"x":84,"y":365,"width":415,"height":11}},{"id":"0ded259b-d244-4993-a5df-346a97e39d3b","block_type":"box","text":"and other instruments in which the Fund invests, subject to the","page_number":30,"box":{"x":83,"y":379,"width":404,"height":11}},{"id":"47fb30c0-cd9d-4db7-bab6-5d475d840a82","block_type":"box","text":"impact of currency hedges, which may cause the Fund to","page_number":30,"box":{"x":83,"y":393,"width":364,"height":11}},{"id":"44aa3b21-d82d-454c-bb6c-7b973b1be50f","block_type":"box","text":"outperform or underperform the return of the Underlying Fund. An","page_number":30,"box":{"x":83,"y":407,"width":423,"height":11}},{"id":"f3515ee2-1aef-4b12-8d26-2ad5bc857c08","block_type":"box","text":"investment in the Fund will entail more direct and indirect costs","page_number":30,"box":{"x":83,"y":422,"width":407,"height":8}},{"id":"3d3c04dd-e780-40d3-bc17-74992f1cb354","block_type":"box","text":"and expenses than a direct investment in the Underlying Fund and","page_number":30,"box":{"x":83,"y":436,"width":422,"height":10}},{"id":"a4679d19-79b3-4922-9784-eb481c47553e","block_type":"box","text":"in currency hedges. The Underlying Fund invests in non-U.S.","page_number":30,"box":{"x":83,"y":450,"width":384,"height":11}},{"id":"9bee972f-b674-48fd-88d5-da8adf2fb9ef","block_type":"box","text":"securities without implementing a hedge of the local currency","page_number":30,"box":{"x":83,"y":464,"width":395,"height":11}},{"id":"2586a21b-492a-416e-bd31-e62e5a92f46f","block_type":"box","text":"risk. This strategy is subject to additional risks, as described in","page_number":30,"box":{"x":83,"y":478,"width":400,"height":11}},{"id":"0f472bf3-fc99-4a19-95a1-f2540ae7ac84","block_type":"box","text":"this Prospectus and the Fund’s SAI.","page_number":30,"box":{"x":83,"y":492,"width":226,"height":11}},{"id":"1077517e-b742-4f9f-85da-e10ba1a45bc8","block_type":"box","text":"BFA is not required to invest the Fund’s assets in, or allocate any","page_number":30,"box":{"x":84,"y":514,"width":412,"height":11}},{"id":"e2f19214-0946-40d2-acd5-388d6cbaf110","block_type":"box","text":"particular percentage of the Fund’s assets to, any particular","page_number":30,"box":{"x":83,"y":528,"width":382,"height":11}},{"id":"7cb5a3e3-a4fc-4a9e-85b6-999aefa9cce9","block_type":"box","text":"underlying fund, including the Underlying Fund.","page_number":30,"box":{"x":83,"y":543,"width":300,"height":10}},{"id":"1cafb7dc-8463-4bb7-a53b-37bef82c9de3","block_type":"box","text":"Components of the Underlying Index include equity securities and","page_number":30,"box":{"x":83,"y":565,"width":420,"height":10}},{"id":"7c05c486-a3ba-4124-bf26-02cad860b1e7","block_type":"box","text":"currency forward contracts both deliverable and nondeliverable","page_number":30,"box":{"x":83,"y":579,"width":406,"height":11}},{"id":"26d2ca2d-089f-429d-afe1-8679d84f5654","block_type":"box","text":"designed to hedge non-U.S. currency fluctuations against the U.S.","page_number":30,"box":{"x":83,"y":593,"width":422,"height":11}},{"id":"005fe966-ba5d-4577-a952-9e6ee8cccb7d","block_type":"box","text":"dollar. The notional exposure to currency forward contracts (both","page_number":30,"box":{"x":83,"y":607,"width":416,"height":11}},{"id":"9558e719-95d9-4c61-b659-4d3ba9246922","block_type":"box","text":"deliverable and nondeliverable) generally will be a short position","page_number":30,"box":{"x":83,"y":621,"width":409,"height":11}},{"id":"386bd315-5db6-4d3a-9a20-d1003ab63f95","block_type":"box","text":"that hedges the currency risk of the equity portfolio.","page_number":30,"box":{"x":83,"y":635,"width":333,"height":11}},{"id":"ec488f1b-d587-45b5-931c-d99b28e54c85","block_type":"box","text":"The index is 100% hedged to the U.S. dollar by selling each foreign","page_number":30,"box":{"x":82,"y":657,"width":423,"height":11}},{"id":"41ceb183-2561-4d27-a52f-75604ac8742e","block_type":"box","text":"non-U.S. dollar currency forward at the one-month forward weight","page_number":30,"box":{"x":83,"y":672,"width":424,"height":10}},{"id":"9992cb89-993b-46d6-8349-7dc913d32d49","block_type":"box","text":"in order to create a “hedge” against fluctuations in the relative","page_number":30,"box":{"x":83,"y":686,"width":398,"height":11}},{"id":"75f289e0-9408-41d8-8101-7176f9813378","block_type":"box","text":"value of the non-U.S. dollar component currencies in relation to","page_number":30,"box":{"x":82,"y":700,"width":407,"height":11}},{"id":"1dae00e1-b0e0-4d0d-8b4e-356d9627a1db","block_type":"box","text":"the U.S. dollar. A currency forward contract is an over-the-counter","page_number":30,"box":{"x":83,"y":714,"width":424,"height":11}},{"id":"07080a99-f927-4b42-9b12-ec0cc23439bd","block_type":"box","text":"(“OTC”) contract between two parties to buy or sell a specified","page_number":30,"box":{"x":83,"y":728,"width":398,"height":11}},{"id":"104b85a8-0e81-4b0a-ae96-a15216bb79df","block_type":"box","text":"amount of a specific currency in the future at an agreed-upon","page_number":30,"box":{"x":83,"y":742,"width":392,"height":11}},{"id":"040e703b-c58c-48c2-8685-f3e446d9e7d5","block_type":"box","text":"exchange rate. The hedge is reset monthly by MSCI and is not","page_number":30,"box":{"x":83,"y":757,"width":395,"height":10}},{"id":"a82657ac-f5d0-46fe-96cb-cbd2ede921b7","block_type":"box","text":"adjusted intra-month based on movement in the value of the","page_number":30,"box":{"x":83,"y":771,"width":387,"height":10}},{"id":"7b8ec40f-cb1d-4e2a-a6ba-edbcd5c81939","block_type":"box","text":"component equity securities and/or currencies. The Underlying","page_number":30,"box":{"x":83,"y":785,"width":406,"height":11}},{"id":"22e32129-ad1d-46aa-b02e-63069f8cc88d","block_type":"box","text":"Index may therefore be slightly “over-hedged” (if equity values","page_number":30,"box":{"x":83,"y":799,"width":397,"height":11}},{"id":"0f93d3ca-d33a-4069-9e77-a591d2bd39e2","block_type":"box","text":"decline) or “under-hedged” (if the equity values increase) between","page_number":30,"box":{"x":83,"y":813,"width":422,"height":11}},{"id":"35c1471c-a8e4-4f03-b369-873de80fd657","block_type":"box","text":"the month-end rebalances. The Underlying Index is designed to","page_number":30,"box":{"x":83,"y":828,"width":403,"height":10}},{"id":"4dc465c8-a08d-46c1-933c-eee116f015e9","block_type":"box","text":"have higher returns than an equivalent unhedged investment","page_number":30,"box":{"x":83,"y":842,"width":388,"height":11}},{"id":"dc9b4925-3cb1-4eb9-9c57-4463126212b1","block_type":"box","text":"when the non-U.S. dollar component currencies are weakening","page_number":30,"box":{"x":82,"y":856,"width":404,"height":11}},{"id":"88e3aa8f-81dd-44f2-b0b2-ee8ebc5f1ecf","block_type":"box","text":"relative to the U.S. dollar and appreciation in some of the non","page_number":30,"box":{"x":83,"y":870,"width":399,"height":11}},{"id":"63239117-fae6-4c08-875d-3e103548cd40","block_type":"box","text":"U.S. dollar component currencies does not exceed the aggregate","page_number":30,"box":{"x":550,"y":23,"width":415,"height":11}},{"id":"725290db-a816-4389-acaf-e327ddca4cbb","block_type":"box","text":"depreciation of the others. Conversely, the Underlying Index is","page_number":30,"box":{"x":549,"y":37,"width":398,"height":11}},{"id":"1a2c35d5-152d-48ee-a4b7-117cfcbfb536","block_type":"box","text":"designed to have lower returns than an equivalent unhedged","page_number":30,"box":{"x":549,"y":52,"width":386,"height":10}},{"id":"6c0b12d4-d935-4d2b-9063-2e76bac7a0a2","block_type":"box","text":"investment when the non-U.S. dollar component currencies are","page_number":30,"box":{"x":549,"y":66,"width":405,"height":10}},{"id":"ce14ad2e-5134-4cc0-bec4-0ef305838d59","block_type":"box","text":"rising relative to the U.S. dollar.","page_number":30,"box":{"x":549,"y":80,"width":200,"height":11}},{"id":"23a6f4e1-8de2-482b-979b-375f0fe72594","block_type":"box","text":"In order to track the “hedging” component of the Underlying","page_number":30,"box":{"x":550,"y":102,"width":384,"height":11}},{"id":"23b25aa5-7d9f-4e56-9179-41190538a8a2","block_type":"box","text":"Index, the Fund enters into currency forward contracts as","page_number":30,"box":{"x":550,"y":116,"width":367,"height":11}},{"id":"6a1ada41-38d8-4d14-b3ae-159c189a9cd5","block_type":"box","text":"described above. While this approach is designed to minimize the","page_number":30,"box":{"x":549,"y":130,"width":417,"height":11}},{"id":"bd18ac60-5843-49df-9708-50535c832cc1","block_type":"box","text":"impact of currency fluctuations on Fund returns, it does not","page_number":30,"box":{"x":549,"y":144,"width":381,"height":11}},{"id":"8713c38e-1992-4bea-a053-8aef40368365","block_type":"box","text":"necessarily eliminate the Fund’s exposure to the non-U.S. dollar","page_number":30,"box":{"x":549,"y":158,"width":409,"height":11}},{"id":"e6ec627f-a851-4222-bcd6-0969f2c9d856","block_type":"box","text":"component currencies. The return of the currency forward","page_number":30,"box":{"x":549,"y":173,"width":371,"height":10}},{"id":"812e30b4-4a19-419b-819c-fef62fda274a","block_type":"box","text":"contracts may not perfectly offset the actual fluctuations in value","page_number":30,"box":{"x":549,"y":187,"width":417,"height":11}},{"id":"b178bdac-30ff-48ab-a7d1-4c554ddfbc60","block_type":"box","text":"between the non-U.S. dollar component currencies and the U.S.","page_number":30,"box":{"x":549,"y":201,"width":409,"height":11}},{"id":"b6944061-4fdb-4f10-a48f-628ff1690bff","block_type":"box","text":"dollar.","page_number":30,"box":{"x":549,"y":215,"width":38,"height":9}},{"id":"d73273f5-8256-47cd-953a-348e0aad0b0c","block_type":"box","text":"The Fund may also use non-deliverable forward (“NDF”) contracts","page_number":30,"box":{"x":549,"y":237,"width":419,"height":11}},{"id":"ec466e06-ae3f-4689-9273-b7d5a6de2423","block_type":"box","text":"to execute its hedging transactions. An NDF contract is a contract","page_number":30,"box":{"x":549,"y":251,"width":423,"height":11}},{"id":"51fef36b-e9db-4c87-b225-854285ac465b","block_type":"box","text":"where there is no physical settlement of two currencies at","page_number":30,"box":{"x":549,"y":265,"width":371,"height":11}},{"id":"a363d924-7cf5-4ea0-b54e-fc6dce91554f","block_type":"box","text":"maturity. Rather, based on the movement of the currencies and","page_number":30,"box":{"x":549,"y":280,"width":405,"height":10}},{"id":"110bb38b-ab1d-4d40-9d67-415c55c271ae","block_type":"box","text":"the contractually agreed-upon exchange rate, a net cash","page_number":30,"box":{"x":549,"y":294,"width":360,"height":11}},{"id":"4a6b91de-9a65-4392-ac56-a494613b8424","block_type":"box","text":"settlement will be made by one party to the other in U.S. dollars.","page_number":30,"box":{"x":549,"y":308,"width":412,"height":11}},{"id":"d6fecc4e-d507-43c1-b2e8-0ecd045fb0ae","block_type":"box","text":"BFA uses an indexing approach to try to achieve the Fund’s","page_number":30,"box":{"x":550,"y":331,"width":376,"height":11}},{"id":"df79f7e1-fd6f-4df9-853e-5d749e8f8adf","block_type":"box","text":"investment objective. 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Cash and cash equivalent investments","page_number":30,"box":{"x":549,"y":855,"width":385,"height":10}},{"id":"747c6e6b-65d9-4301-8480-c041a4e3f372","block_type":"box","text":"associated with a derivative position will be treated as part of that","page_number":30,"box":{"x":549,"y":869,"width":421,"height":11}},{"id":"a6d0099e-b6d4-4f56-9574-7c82c846db10","block_type":"box","text":"S-19","page_number":30,"box":{"x":522,"y":920,"width":27,"height":9}},{"id":"1109c36f-5447-43f1-817e-93892a0f0dab","block_type":"box","text":"position for the purposes of calculating the percentage of","page_number":31,"box":{"x":83,"y":23,"width":367,"height":11}},{"id":"003bf39c-3917-4247-8c38-dacc70159c93","block_type":"box","text":"investments included in the Underlying Index. The Fund seeks to","page_number":31,"box":{"x":83,"y":37,"width":411,"height":11}},{"id":"7e337ce2-3e44-4f02-b597-5c37da8bf80b","block_type":"box","text":"track the investment results of the Underlying Index before fees","page_number":31,"box":{"x":83,"y":51,"width":408,"height":11}},{"id":"10d6b1a9-20e7-40dd-b67b-14e592ed31e6","block_type":"box","text":"and expenses of the Fund.","page_number":31,"box":{"x":83,"y":66,"width":167,"height":10}},{"id":"fac09447-2e1b-402d-a927-743d62587c2e","block_type":"box","text":"The Fund may lend securities representing up to one-third of the","page_number":31,"box":{"x":82,"y":89,"width":412,"height":11}},{"id":"e2003645-4cec-4bb4-8bb5-5fe89ad29bc7","block_type":"box","text":"value of the Fund’s total assets (including the value of any","page_number":31,"box":{"x":82,"y":103,"width":371,"height":11}},{"id":"c2de7d44-20d2-4066-9bf6-ae6c1353413e","block_type":"box","text":"collateral received).","page_number":31,"box":{"x":83,"y":117,"width":125,"height":11}},{"id":"02855468-3b4a-47bd-9ce4-d462e43ebb48","block_type":"box","text":"The Underlying Index is sponsored by MSCI Inc. (the “Index","page_number":31,"box":{"x":82,"y":140,"width":380,"height":11}},{"id":"606cc3e0-1d52-4e07-a75d-b316e41a239c","block_type":"box","text":"Provider” or “MSCI”), which is independent of the Fund and BFA.","page_number":31,"box":{"x":84,"y":155,"width":411,"height":10}},{"id":"3df6a59f-a9ea-448f-bb1a-802c9f8b57d6","block_type":"box","text":"The Index Provider determines the composition and relative","page_number":31,"box":{"x":82,"y":169,"width":381,"height":11}},{"id":"23730410-a766-47bb-87db-324b2e263625","block_type":"box","text":"weightings of the securities and currency forwards in the","page_number":31,"box":{"x":82,"y":183,"width":364,"height":11}},{"id":"5a090040-e183-4230-b568-6647776a967f","block_type":"box","text":"Underlying Index and publishes information regarding the market","page_number":31,"box":{"x":83,"y":197,"width":416,"height":11}},{"id":"dffdf6e2-2e7a-4a56-ba40-de2ec8ef0ee0","block_type":"box","text":"value of the Underlying Index.","page_number":31,"box":{"x":82,"y":211,"width":190,"height":11}},{"id":"04200c04-7137-46e5-99cc-ca3a4ad37427","block_type":"box","text":"Industry Concentration Policy.","page_number":31,"box":{"x":83,"y":235,"width":210,"height":10}},{"id":"80774fbe-5afe-40d3-b386-1bbcf026f39e","block_type":"box","text":"The Fund will concentrate its","page_number":31,"box":{"x":298,"y":235,"width":184,"height":8}},{"id":"378f257a-4a23-4f63-8a64-f074c552715f","block_type":"box","text":"investments (","page_number":31,"box":{"x":83,"y":249,"width":85,"height":11}},{"id":"f7ec0f00-f349-4ca6-a68f-102604d29f26","block_type":"box","text":"i.e.","page_number":31,"box":{"x":169,"y":249,"width":17,"height":8}},{"id":"ec1d5002-3c16-4f38-af43-1544dd2cbfae","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":31,"box":{"x":189,"y":249,"width":264,"height":11}},{"id":"7ab47884-02e2-4cc1-9512-19d354bf5572","block_type":"box","text":"particular industry or group of industries to approximately the","page_number":31,"box":{"x":83,"y":263,"width":394,"height":11}},{"id":"835ba968-c9df-4c82-98ab-09e57777df00","block_type":"box","text":"same extent that the Underlying Index is concentrated. For","page_number":31,"box":{"x":83,"y":277,"width":377,"height":11}},{"id":"3328c468-332e-4a1e-932e-ca798e3cbe02","block_type":"box","text":"purposes of this limitation, securities of the U.S. government","page_number":31,"box":{"x":83,"y":291,"width":389,"height":11}},{"id":"9a972c97-bbd4-4ce2-8f8e-5d24a20ddf2d","block_type":"box","text":"(including its agencies and instrumentalities) and repurchase","page_number":31,"box":{"x":83,"y":305,"width":389,"height":11}},{"id":"d4c9257d-0fb3-4861-a536-63c89113355e","block_type":"box","text":"agreements collateralized by U.S. government securities are not","page_number":31,"box":{"x":83,"y":320,"width":410,"height":10}},{"id":"4c3dbdb3-0023-4afb-9c37-37961f9b46bb","block_type":"box","text":"considered to be issued by members of any industry.","page_number":31,"box":{"x":83,"y":334,"width":337,"height":11}},{"id":"9522aa6c-0f1a-4945-9742-5f2e8597092e","block_type":"box","text":"Summary of Principal Risks","page_number":31,"box":{"x":83,"y":363,"width":235,"height":13}},{"id":"3e9b56f3-3c7c-4533-b501-a5cfa267f17c","block_type":"box","text":"As with any investment, you could lose all or part of your","page_number":31,"box":{"x":82,"y":388,"width":363,"height":11}},{"id":"dce88956-fb2d-4941-97c6-f5d0b52f6d04","block_type":"box","text":"investment in the Fund, and the Fund’s performance could trail","page_number":31,"box":{"x":83,"y":402,"width":402,"height":11}},{"id":"2c945cd7-28e8-4611-a1bd-aac41f096a65","block_type":"box","text":"that of other investments. The Fund is subject to certain risks,","page_number":31,"box":{"x":83,"y":416,"width":396,"height":11}},{"id":"16fcd26a-4298-4f53-b379-23c9f5ad2ab5","block_type":"box","text":"including the principal risks noted below (either directly or","page_number":31,"box":{"x":83,"y":431,"width":373,"height":10}},{"id":"3961ded6-fae4-4b4c-bda8-a85585061082","block_type":"box","text":"through its investments in the Underlying Fund), any of which may","page_number":31,"box":{"x":83,"y":445,"width":423,"height":11}},{"id":"bdae9a82-c3c3-4612-b2a8-98be206a4313","block_type":"box","text":"adversely affect the Fund’s net asset value per share (“NAV”),","page_number":31,"box":{"x":83,"y":459,"width":392,"height":11}},{"id":"6aefc85d-d9a9-4775-8614-f20d4b0ac0cf","block_type":"box","text":"trading price, yield, total return and ability to meet its investment","page_number":31,"box":{"x":83,"y":473,"width":416,"height":11}},{"id":"847f851a-0629-4215-8160-8ec3fbaab6e6","block_type":"box","text":"objective. Certain key risks are prioritized below (with others","page_number":31,"box":{"x":83,"y":487,"width":387,"height":11}},{"id":"8cd65c7e-941d-4c2e-8c10-ec9a8b227379","block_type":"box","text":"following in alphabetical order), but the relative significance of any","page_number":31,"box":{"x":82,"y":501,"width":426,"height":11}},{"id":"44574835-5575-4552-a243-202308693a62","block_type":"box","text":"risk is difficult to predict and may change over time. You should","page_number":31,"box":{"x":83,"y":516,"width":404,"height":10}},{"id":"f3392906-2c88-4b96-9f3c-650379a36f12","block_type":"box","text":"review each risk factor carefully.","page_number":31,"box":{"x":83,"y":530,"width":206,"height":11}},{"id":"e4522a7f-ffba-4ff0-8881-6213fa3a0e06","block_type":"box","text":"Hedging Risk.","page_number":31,"box":{"x":83,"y":553,"width":91,"height":11}},{"id":"0631a245-be19-419e-a72b-6d47a95d517b","block_type":"box","text":"The Fund’s use of currency hedging instruments is","page_number":31,"box":{"x":180,"y":553,"width":321,"height":11}},{"id":"0a0daa59-fc5c-41bf-9315-f2233fe2b66c","block_type":"box","text":"intended solely to mitigate the impact of changes in the value of","page_number":31,"box":{"x":83,"y":567,"width":410,"height":11}},{"id":"422ccf0d-144d-409c-880b-c65afc31be37","block_type":"box","text":"one or more non-U.S. currencies (in which securities in the Fund’s","page_number":31,"box":{"x":83,"y":581,"width":422,"height":11}},{"id":"37f68fcf-0526-4427-868e-bc535eca622d","block_type":"box","text":"portfolio are denominated) against the U.S. dollar (in which the","page_number":31,"box":{"x":83,"y":596,"width":402,"height":10}},{"id":"ea6bebe8-b5b8-482e-a97b-a7f69d92acf0","block_type":"box","text":"Fund’s NAV is denominated). The hedging strategy is not intended","page_number":31,"box":{"x":84,"y":610,"width":419,"height":11}},{"id":"fefcab2e-5e6b-4b7b-af91-f042a23f5e7b","block_type":"box","text":"to mitigate market risk, credit risk, interest rate risk, or other","page_number":31,"box":{"x":83,"y":624,"width":390,"height":11}},{"id":"969db047-e411-492f-923d-46e4ce4e61e0","block_type":"box","text":"factors, which may have a greater impact than foreign currency","page_number":31,"box":{"x":82,"y":638,"width":406,"height":11}},{"id":"e277857f-551f-4ba9-8136-0ef8f89f30f5","block_type":"box","text":"exposure on the securities’ returns. There is no guarantee that","page_number":31,"box":{"x":83,"y":652,"width":399,"height":11}},{"id":"236f6b18-1c0e-47f1-bdbf-011bd3bc5232","block_type":"box","text":"hedging will completely eliminate the impact of currency","page_number":31,"box":{"x":83,"y":666,"width":361,"height":11}},{"id":"8a8cba81-643a-4927-a950-049200355c9f","block_type":"box","text":"fluctuations, and hedging can also reduce or eliminate gains. The","page_number":31,"box":{"x":82,"y":681,"width":415,"height":10}},{"id":"5008802a-537c-4b1a-8826-e63881412677","block_type":"box","text":"Fund may be more volatile or have lower returns than a similar","page_number":31,"box":{"x":84,"y":695,"width":398,"height":11}},{"id":"39a71f94-b6d2-4956-8977-869f540415cf","block_type":"box","text":"portfolio without a hedging strategy. In addition, the Fund incurs","page_number":31,"box":{"x":83,"y":709,"width":410,"height":11}},{"id":"aa3df67d-2ca7-45a1-ba9a-1eb0a510ce69","block_type":"box","text":"expenses when entering into hedging positions, and the use of","page_number":31,"box":{"x":83,"y":723,"width":399,"height":11}},{"id":"3826fd4e-3746-4959-9a30-edd7170e925b","block_type":"box","text":"hedging may result in certain adverse tax consequences.","page_number":31,"box":{"x":83,"y":737,"width":362,"height":11}},{"id":"c7c8d19f-31f2-409b-8f5a-a9d489848222","block_type":"box","text":"The Fund’s foreign currency exposure may not be fully hedged at","page_number":31,"box":{"x":82,"y":761,"width":414,"height":10}},{"id":"b1e388ca-4900-412f-8cf1-aea66263a585","block_type":"box","text":"all times. To reduce hedging costs, a Fund with exposure to","page_number":31,"box":{"x":83,"y":775,"width":378,"height":11}},{"id":"fc9d66de-9c7b-4b8a-9aac-d4c3fadae9c9","block_type":"box","text":"multiple foreign currencies may use an optimized hedging","page_number":31,"box":{"x":83,"y":789,"width":369,"height":11}},{"id":"bf409141-055b-483b-8b47-77998d680b7a","block_type":"box","text":"strategy and hedge a subset of currencies. 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No Authorized","page_number":32,"box":{"x":83,"y":518,"width":378,"height":11}},{"id":"8fc882e4-6466-4ecb-b305-adc060369650","block_type":"box","text":"Participant is obligated to engage in creation or redemption","page_number":32,"box":{"x":84,"y":532,"width":379,"height":11}},{"id":"5b28f90e-0271-45de-8b0f-2816cf964ac2","block_type":"box","text":"transactions. To the extent that Authorized Participants exit the","page_number":32,"box":{"x":83,"y":547,"width":404,"height":10}},{"id":"d649e149-61c1-48bd-9ed2-37bcbd7c1186","block_type":"box","text":"business or do not place creation or redemption orders for the","page_number":32,"box":{"x":83,"y":561,"width":399,"height":10}},{"id":"4055dc5d-f769-4c27-ba4c-93062c5c772b","block_type":"box","text":"Fund and no other Authorized Participant places orders, Fund","page_number":32,"box":{"x":84,"y":575,"width":391,"height":11}},{"id":"d97f104c-45a0-46a6-8b73-03c1ae74341a","block_type":"box","text":"shares are more likely to trade at a premium or discount to NAV","page_number":32,"box":{"x":83,"y":589,"width":408,"height":11}},{"id":"ad4ef1ad-5eae-478c-9524-978a67ad66cd","block_type":"box","text":"and possibly face trading halts or delisting.","page_number":32,"box":{"x":83,"y":603,"width":273,"height":11}},{"id":"f46aaadc-0541-4c78-ad6e-63a3e7448efb","block_type":"box","text":"Concentration 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or","page_number":32,"box":{"x":83,"y":683,"width":395,"height":10}},{"id":"baf4dc5b-eb1d-432b-b8bf-78dee7ce5723","block_type":"box","text":"other geographic units, markets, industries, project types, or","page_number":32,"box":{"x":83,"y":697,"width":388,"height":11}},{"id":"f5f3b669-01dc-4b00-847b-fc8151b97285","block_type":"box","text":"asset classes.","page_number":32,"box":{"x":83,"y":712,"width":88,"height":8}},{"id":"3c92b341-afb1-467b-a2a5-0452c096d9d6","block_type":"box","text":"Consumer Goods and Services Companies Risk.","page_number":32,"box":{"x":83,"y":735,"width":325,"height":10}},{"id":"fbc9f558-b218-4c56-a440-7449544ef85e","block_type":"box","text":"Consumer","page_number":32,"box":{"x":414,"y":735,"width":65,"height":8}},{"id":"bfabd356-d7f5-431f-8988-8fd5c5c14385","block_type":"box","text":"goods and services companies face risks related to changes in","page_number":32,"box":{"x":83,"y":749,"width":399,"height":11}},{"id":"6d2d76ef-51c7-415b-ba02-b3ab8739f2de","block_type":"box","text":"consumer preferences and disposable income, commodity prices,","page_number":32,"box":{"x":83,"y":763,"width":420,"height":11}},{"id":"ad495f84-700d-447a-8ee4-1da845bfeab8","block_type":"box","text":"government regulation, supply chain disruptions, damage to brand","page_number":32,"box":{"x":83,"y":777,"width":423,"height":11}},{"id":"97b9f927-3c2a-4fe9-b988-deff1d994387","block_type":"box","text":"or reputation, economic slowdown and labor shortages, among","page_number":32,"box":{"x":83,"y":791,"width":403,"height":11}},{"id":"c3769da1-e4bb-4b8f-9874-7e61ed8eafb8","block_type":"box","text":"other things.","page_number":32,"box":{"x":83,"y":806,"width":79,"height":10}},{"id":"2c192f83-43af-4bf4-bc01-a423b8cd7e50","block_type":"box","text":"Currency 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currency.","page_number":32,"box":{"x":83,"y":871,"width":409,"height":11}},{"id":"8f359a7b-201b-4a57-b316-ccc313003e5e","block_type":"box","text":"Currency exchange rates can be very volatile and can change","page_number":32,"box":{"x":549,"y":23,"width":391,"height":11}},{"id":"56806907-835b-4697-a305-79e135cd8c9a","block_type":"box","text":"quickly and unpredictably. As a result, the Fund’s NAV may","page_number":32,"box":{"x":549,"y":37,"width":375,"height":11}},{"id":"0103e163-9c0c-429e-ac86-9e62105f1c23","block_type":"box","text":"change quickly and without warning. In addition, the Fund may","page_number":32,"box":{"x":549,"y":52,"width":399,"height":10}},{"id":"cc9dc5aa-9521-44af-9f38-d5292bbdea83","block_type":"box","text":"incur costs in connection with conversions between U.S. dollars","page_number":32,"box":{"x":549,"y":66,"width":409,"height":8}},{"id":"5f5edd3b-9040-4225-90ed-6866f603fea0","block_type":"box","text":"and foreign currencies.","page_number":32,"box":{"x":549,"y":80,"width":146,"height":11}},{"id":"25daeb06-22b3-4b4b-980b-86de5862f0c8","block_type":"box","text":"Derivatives Risk.","page_number":32,"box":{"x":549,"y":103,"width":111,"height":9}},{"id":"ad1a2131-702a-4ac5-8faf-1e09a324d9db","block_type":"box","text":"The Fund’s use of derivatives (","page_number":32,"box":{"x":666,"y":103,"width":193,"height":11}},{"id":"8c8a7f86-2627-491e-b7c4-26b014e90e03","block_type":"box","text":"e.g","page_number":32,"box":{"x":860,"y":105,"width":19,"height":9}},{"id":"d376bfb3-e9cc-478c-8d39-140df56967ee","block_type":"box","text":"., futures,","page_number":32,"box":{"x":880,"y":103,"width":59,"height":10}},{"id":"3207c889-ab8c-44e4-80f6-f6b97ea8a220","block_type":"box","text":"forwards, swaps, options) may be riskier than other types of","page_number":32,"box":{"x":549,"y":117,"width":384,"height":11}},{"id":"05c14a2c-8a30-4fa7-9612-6651405d09e8","block_type":"box","text":"investments and may not have the intended effect on the Fund’s","page_number":32,"box":{"x":549,"y":131,"width":411,"height":11}},{"id":"8e3b248a-d226-4540-933c-9a305417e72a","block_type":"box","text":"performance. Derivatives can be sensitive to changes in economic","page_number":32,"box":{"x":549,"y":146,"width":424,"height":10}},{"id":"bc8b654b-3628-4e8b-bb79-bc480162686b","block_type":"box","text":"and market conditions, and they may increase the Fund’s","page_number":32,"box":{"x":549,"y":160,"width":365,"height":11}},{"id":"43feb0f5-c38a-4edd-a3e4-ec776edc0043","block_type":"box","text":"volatility. The Fund also may experience reduced returns as a","page_number":32,"box":{"x":548,"y":174,"width":391,"height":11}},{"id":"98cba4d6-4b32-4535-a52e-cd9f46a8abe5","block_type":"box","text":"result of transaction costs and losses on derivatives positions.","page_number":32,"box":{"x":549,"y":188,"width":398,"height":11}},{"id":"d638932e-1f37-4ca0-af15-bb69e98559eb","block_type":"box","text":"There is the risk of imperfect correlation between the value of a","page_number":32,"box":{"x":549,"y":202,"width":406,"height":11}},{"id":"100071ca-88fe-473a-9045-fabdb80926fb","block_type":"box","text":"derivative and that of the asset underlying the derivative.","page_number":32,"box":{"x":549,"y":216,"width":363,"height":11}},{"id":"c2b9c83a-b3bd-4cbd-9b8c-7e7375ef3179","block_type":"box","text":"Derivatives may create investment leverage, which could result in","page_number":32,"box":{"x":550,"y":231,"width":418,"height":11}},{"id":"9a5b2041-06d2-4f84-9f8d-a8120ed113c7","block_type":"box","text":"losses that significantly exceed the Fund’s original investment.","page_number":32,"box":{"x":549,"y":245,"width":400,"height":11}},{"id":"78120754-665e-4498-ab23-13f90bdf37ca","block_type":"box","text":"Derivatives are subject to the risk of mispricing or improper","page_number":32,"box":{"x":550,"y":259,"width":380,"height":11}},{"id":"327a0eba-7813-4e79-a692-2d61fa699396","block_type":"box","text":"valuation, particularly if there is not a liquid secondary market for","page_number":32,"box":{"x":548,"y":273,"width":419,"height":11}},{"id":"fcec3b0f-45f5-4448-b409-1e9f844d2960","block_type":"box","text":"the instrument. Certain derivatives are subject to counterparty","page_number":32,"box":{"x":549,"y":287,"width":401,"height":11}},{"id":"bc728732-5270-4c98-811e-d8b940060398","block_type":"box","text":"risk, which is the risk that the other party in the transaction will","page_number":32,"box":{"x":549,"y":302,"width":404,"height":10}},{"id":"5ed95389-cca2-40e3-aac4-4e202d9462fc","block_type":"box","text":"not fulfill its contractual obligations. The use of derivatives also","page_number":32,"box":{"x":549,"y":316,"width":402,"height":11}},{"id":"923c26ba-5640-4577-80ef-4cf3a9395f15","block_type":"box","text":"exposes the Fund to additional operational and legal risks.","page_number":32,"box":{"x":549,"y":330,"width":372,"height":11}},{"id":"8efee812-2e22-4127-a618-ee9db8fd3735","block_type":"box","text":"Industrial Companies Risk.","page_number":32,"box":{"x":549,"y":353,"width":181,"height":11}},{"id":"f2c25a49-22c0-4175-a8cf-72261d4cedf7","block_type":"box","text":"Industrial companies face a number","page_number":32,"box":{"x":736,"y":353,"width":229,"height":11}},{"id":"3afea5fb-1807-4ca2-bf23-8b99c567f166","block_type":"box","text":"of risks, including supply chain and distribution disruptions,","page_number":32,"box":{"x":549,"y":367,"width":378,"height":11}},{"id":"191acd64-4ca1-4d91-a43d-b22f0765890f","block_type":"box","text":"business interruptions, product obsolescence, third-party vendor","page_number":32,"box":{"x":549,"y":382,"width":416,"height":10}},{"id":"c7c9c204-e6d8-4f54-a7ea-15b698384458","block_type":"box","text":"risks, cyber attacks, trade disputes, product recalls, liability","page_number":32,"box":{"x":549,"y":396,"width":380,"height":10}},{"id":"0d2c3479-2277-46f6-91a1-27bff2ff889e","block_type":"box","text":"claims, scarcity of materials or parts, excess capacity, changes in","page_number":32,"box":{"x":549,"y":410,"width":418,"height":11}},{"id":"49b4afe8-3d7e-4bec-a565-66c7c8682d95","block_type":"box","text":"consumer preferences, and volatility in commodity prices and","page_number":32,"box":{"x":549,"y":424,"width":394,"height":11}},{"id":"512a4b83-d1e3-4430-b753-29d3c821ce21","block_type":"box","text":"currencies. The performance of such companies may also be","page_number":32,"box":{"x":549,"y":438,"width":388,"height":11}},{"id":"dcda2233-2991-4aec-b0c5-124529758d60","block_type":"box","text":"affected by technological developments, labor relations,","page_number":32,"box":{"x":549,"y":452,"width":358,"height":11}},{"id":"d78a77db-917d-4152-a298-e14417137a87","block_type":"box","text":"legislative and regulatory changes, government spending policies,","page_number":32,"box":{"x":549,"y":467,"width":420,"height":10}},{"id":"0d9ec893-aa8d-4d74-ab3e-0dd84731923b","block_type":"box","text":"and changes in domestic and international economies.","page_number":32,"box":{"x":549,"y":481,"width":348,"height":11}},{"id":"e680bd44-97d0-463a-afb8-806da69ea1f8","block_type":"box","text":"Investment in Underlying Fund Risk.","page_number":32,"box":{"x":549,"y":504,"width":244,"height":11}},{"id":"76121b8c-6baf-4e35-928b-1ba1d638bde3","block_type":"box","text":"The Fund invests in the","page_number":32,"box":{"x":799,"y":504,"width":147,"height":8}},{"id":"54a40c13-5df5-4106-a852-f10b751a1214","block_type":"box","text":"Underlying Fund, so the Fund’s investment performance and risks","page_number":32,"box":{"x":550,"y":518,"width":419,"height":11}},{"id":"dbbb2172-2018-48ba-bef8-f17beb78c95b","block_type":"box","text":"are likely to be directly related to those of the Underlying Fund.","page_number":32,"box":{"x":549,"y":532,"width":403,"height":11}},{"id":"416d53ef-bdcb-41b4-9c74-c27c665dc352","block_type":"box","text":"The Fund’s NAV will change with changes in the value of the","page_number":32,"box":{"x":549,"y":546,"width":381,"height":11}},{"id":"909dccd6-bf4c-4e1d-adcc-043f03065740","block_type":"box","text":"Underlying Fund and other assets that the Fund holds. The shares","page_number":32,"box":{"x":550,"y":561,"width":419,"height":11}},{"id":"373106fe-194a-4b90-af74-092faac707d2","block_type":"box","text":"of the Underlying Fund may trade at a premium or discount to the","page_number":32,"box":{"x":549,"y":575,"width":419,"height":11}},{"id":"fe77d607-e0d2-4bfa-abbc-f7ca823068b2","block_type":"box","text":"Underlying Fund’s NAV. Investors in the Fund will indirectly bear","page_number":32,"box":{"x":550,"y":589,"width":407,"height":11}},{"id":"3e68fb92-34f7-4931-bd9a-66ed2a6526f1","block_type":"box","text":"the expenses charged by the Underlying Fund, and an investment","page_number":32,"box":{"x":549,"y":603,"width":418,"height":11}},{"id":"f7ef2871-78dd-4945-ba0b-d592d0d280f2","block_type":"box","text":"in the Fund may entail more expenses than a direct investment in","page_number":32,"box":{"x":549,"y":617,"width":417,"height":11}},{"id":"b0eacf09-119c-428c-86c3-17d6188ec30a","block_type":"box","text":"the Underlying Fund.","page_number":32,"box":{"x":549,"y":632,"width":132,"height":10}},{"id":"bd3f1578-dba2-4a16-ad4c-4edbe7a8307b","block_type":"box","text":"Issuer Risk","page_number":32,"box":{"x":549,"y":655,"width":75,"height":8}},{"id":"4aab2ae5-6b26-459a-aac3-606b8b1bbc3f","block_type":"box","text":".","page_number":32,"box":{"x":624,"y":661,"width":3,"height":2}},{"id":"dceb9b0b-b573-4c27-bf86-a3dee5c9427e","block_type":"box","text":"The performance of the Fund depends on the","page_number":32,"box":{"x":632,"y":655,"width":288,"height":11}},{"id":"20646491-4586-4440-8a91-6db45c8cd102","block_type":"box","text":"performance of individual securities or other assets to which the","page_number":32,"box":{"x":549,"y":669,"width":412,"height":11}},{"id":"32fb7c72-71a5-493c-bf4d-40ecc51b503c","block_type":"box","text":"Fund has exposure. 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Chinese companies with securities listed on U.S.","page_number":33,"box":{"x":549,"y":561,"width":378,"height":10}},{"id":"b6d36bb3-dc3a-475a-a6a0-019e47d5794c","block_type":"box","text":"exchanges may be delisted if they do not meet U.S. accounting","page_number":33,"box":{"x":549,"y":575,"width":403,"height":11}},{"id":"9fafa292-8988-41b7-9a33-f68ce239af85","block_type":"box","text":"standards and auditor oversight requirements, or for other","page_number":33,"box":{"x":549,"y":589,"width":374,"height":11}},{"id":"b507f597-b42c-42c7-bb42-59c48bfc388c","block_type":"box","text":"reasons, which would significantly decrease the liquidity and value","page_number":33,"box":{"x":549,"y":603,"width":424,"height":11}},{"id":"6d38d52d-2134-4afb-a656-fbe68149e724","block_type":"box","text":"of the securities. There may be significant obstacles to obtaining","page_number":33,"box":{"x":549,"y":617,"width":413,"height":11}},{"id":"aa3aa52b-e151-40f8-9688-b0f77c55bc0a","block_type":"box","text":"information necessary for investigations into or litigation against","page_number":33,"box":{"x":549,"y":632,"width":412,"height":10}},{"id":"cc3a40ea-bddd-49fe-9e65-046122083740","block_type":"box","text":"Chinese companies, and shareholders may have limited legal","page_number":33,"box":{"x":549,"y":646,"width":389,"height":11}},{"id":"c4d8c25a-8d0d-4551-b707-e274365e6911","block_type":"box","text":"remedies.","page_number":33,"box":{"x":549,"y":660,"width":62,"height":8}},{"id":"6157dfb6-f239-4072-bc43-f7e00421cd6b","block_type":"box","text":"Many Chinese companies listed on U.S. exchanges use variable","page_number":33,"box":{"x":550,"y":683,"width":404,"height":11}},{"id":"a7b93deb-ca87-4cad-bd1e-9440fb9cbf60","block_type":"box","text":"interest entities or “VIEs” in their structure as a result of foreign","page_number":33,"box":{"x":549,"y":697,"width":408,"height":11}},{"id":"1d42d180-8ff5-4afe-a7af-7bb22f0dba82","block_type":"box","text":"ownership restrictions. 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The Fund does not select investments based on","page_number":33,"box":{"x":548,"y":768,"width":383,"height":9}},{"id":"f568d838-48b4-4413-bc07-fa543eb97768","block_type":"box","text":"investor protection considerations.","page_number":33,"box":{"x":549,"y":782,"width":223,"height":11}},{"id":"59107ea3-5a1a-4093-8524-2c04bc528125","block_type":"box","text":"Risk of Investing in Developed Countries","page_number":33,"box":{"x":549,"y":806,"width":275,"height":10}},{"id":"2fca39ff-9b3d-466b-95fe-32da9747c739","block_type":"box","text":".","page_number":33,"box":{"x":826,"y":812,"width":2,"height":2}},{"id":"f4092068-9aa8-4154-ab3b-fc76186f7fc6","block_type":"box","text":"The Fund’s and the","page_number":33,"box":{"x":833,"y":806,"width":121,"height":8}},{"id":"b0f0aba1-ab6f-4e11-ad6a-c26a9506bbc1","block_type":"box","text":"Underlying Fund’s investment in developed country issuers will","page_number":33,"box":{"x":550,"y":820,"width":404,"height":11}},{"id":"a29c6347-806f-4ffe-a8f2-eab738e5f198","block_type":"box","text":"subject the Fund to legal, regulatory, political, currency, security,","page_number":33,"box":{"x":549,"y":834,"width":415,"height":11}},{"id":"87270e07-5405-420f-97ee-ff3594a33a39","block_type":"box","text":"economic and other risks associated with developed countries.","page_number":33,"box":{"x":549,"y":848,"width":403,"height":11}},{"id":"df49e480-8afc-42a3-b346-5400b7779507","block_type":"box","text":"Developed countries tend to represent a significant portion of the","page_number":33,"box":{"x":550,"y":862,"width":418,"height":11}},{"id":"48a19927-b072-4d5e-a0ce-c9cf1404d12f","block_type":"box","text":"global economy and have generally experienced slower economic","page_number":33,"box":{"x":549,"y":877,"width":419,"height":10}},{"id":"45efe18b-c324-4f87-9ce3-8e89f6f3f622","block_type":"box","text":"S-22","page_number":33,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"87858176-9ffc-4b0e-a893-b8f7217419c0","block_type":"box","text":"growth than some less developed countries. Certain developed","page_number":34,"box":{"x":83,"y":23,"width":402,"height":11}},{"id":"dbba914f-cd24-4c0c-858a-ac39cb04f93f","block_type":"box","text":"countries have experienced security concerns, such as war,","page_number":34,"box":{"x":83,"y":37,"width":381,"height":11}},{"id":"4e8ebfb1-6f5c-4345-bb96-ce58d27674d2","block_type":"box","text":"terrorism and strained international relations. Incidents involving","page_number":34,"box":{"x":83,"y":52,"width":414,"height":10}},{"id":"56e179bf-012b-41da-a1ee-e7d10c15f241","block_type":"box","text":"a country’s or region’s security may cause uncertainty in its","page_number":34,"box":{"x":83,"y":66,"width":380,"height":11}},{"id":"88799e81-de67-4eff-ac64-817cca60cf41","block_type":"box","text":"markets and may adversely affect its economy and the Fund’s or","page_number":34,"box":{"x":83,"y":80,"width":413,"height":11}},{"id":"b5585aef-8a31-476d-bdab-b14c5f502759","block_type":"box","text":"the Underlying Fund’s investments. In addition, developed","page_number":34,"box":{"x":83,"y":94,"width":370,"height":11}},{"id":"054df4eb-39b0-45eb-91c0-15fbb59d083a","block_type":"box","text":"countries may be adversely impacted by changes to the economic","page_number":34,"box":{"x":83,"y":108,"width":422,"height":11}},{"id":"4403cdf3-2c26-42f8-bf85-507f0206f2f7","block_type":"box","text":"conditions of certain key trading partners, regulatory burdens,","page_number":34,"box":{"x":83,"y":122,"width":396,"height":11}},{"id":"00989edc-c5f7-4c5c-a3b6-d4808b60be86","block_type":"box","text":"debt burdens and the price or availability of certain commodities.","page_number":34,"box":{"x":83,"y":137,"width":416,"height":10}},{"id":"7f4c06df-abea-47d6-9b1f-a3db6b9f3f02","block_type":"box","text":"Risk of Investing in Japan","page_number":34,"box":{"x":83,"y":160,"width":170,"height":11}},{"id":"8d1f1797-d409-45f4-87bc-37bc87e548e8","block_type":"box","text":".","page_number":34,"box":{"x":255,"y":166,"width":2,"height":2}},{"id":"634ddb2c-af5d-4c1f-be3f-4c3758b98d27","block_type":"box","text":"Investing in Japanese issuers subjects","page_number":34,"box":{"x":263,"y":160,"width":242,"height":11}},{"id":"7a1b4903-811b-4272-b71e-a61a18a6bbd7","block_type":"box","text":"the Fund to legal, regulatory, political, economic, currency,","page_number":34,"box":{"x":83,"y":174,"width":375,"height":11}},{"id":"28f3c5d2-7942-48aa-bd86-97e308807e96","block_type":"box","text":"geographic and security risks that are specific to Japan. Japan’s","page_number":34,"box":{"x":83,"y":188,"width":405,"height":11}},{"id":"d28e524c-7dc8-4186-9a48-8a6103a46891","block_type":"box","text":"economy depends heavily on international trade, oil and other","page_number":34,"box":{"x":83,"y":202,"width":396,"height":11}},{"id":"618b45ec-0c85-443c-a661-e26a0bf159fe","block_type":"box","text":"commodity imports, and government policy supporting its","page_number":34,"box":{"x":83,"y":217,"width":369,"height":10}},{"id":"df540de2-c788-4706-91e3-29d568acbd2d","block_type":"box","text":"exports. Other risks facing the Japanese economy include","page_number":34,"box":{"x":83,"y":231,"width":368,"height":11}},{"id":"7fdd1fc3-2e1a-433e-93b5-396911d6449a","block_type":"box","text":"significant public debt and deficits, currency fluctuations, and","page_number":34,"box":{"x":83,"y":245,"width":393,"height":11}},{"id":"9fd1c489-f1fc-4846-8a9e-cfe443cf4e62","block_type":"box","text":"labor shortages due to an aging and declining population. Japan’s","page_number":34,"box":{"x":83,"y":259,"width":416,"height":11}},{"id":"1ecd1cb3-999b-4b02-8c0d-0380a92e1273","block_type":"box","text":"relations with its neighbors have been strained at times, which","page_number":34,"box":{"x":83,"y":273,"width":399,"height":11}},{"id":"e876c5f2-a123-4d8e-9f8c-8be352f2932c","block_type":"box","text":"could adversely affect its markets and economy. Japan is also","page_number":34,"box":{"x":83,"y":287,"width":393,"height":11}},{"id":"711807df-929b-4ec9-86d6-ab7d47b6b975","block_type":"box","text":"vulnerable to natural disasters.","page_number":34,"box":{"x":82,"y":302,"width":198,"height":8}},{"id":"b73a5d33-9c9d-48a7-934e-4d212972b4a7","block_type":"box","text":"Securities Lending Risk.","page_number":34,"box":{"x":82,"y":325,"width":162,"height":11}},{"id":"429edfb0-1d94-4f13-a4d1-fcf4a4f04c50","block_type":"box","text":"The Fund may engage in securities","page_number":34,"box":{"x":249,"y":325,"width":221,"height":11}},{"id":"9250b8fb-f9b0-47f7-88ea-8938a136b84b","block_type":"box","text":"lending. Securities lending involves the risk that the Fund may","page_number":34,"box":{"x":83,"y":339,"width":396,"height":11}},{"id":"bf78c353-c343-4b40-8940-29aaf6f7cc1c","block_type":"box","text":"lose money because the borrower of the loaned securities fails to","page_number":34,"box":{"x":83,"y":353,"width":418,"height":11}},{"id":"adc7c8df-0abe-468e-9854-66054575b916","block_type":"box","text":"return the securities in a timely manner or at all. The Fund could","page_number":34,"box":{"x":83,"y":367,"width":408,"height":11}},{"id":"65a937c0-4268-4643-a524-bbdcb2faf428","block_type":"box","text":"also lose money in the event of a decline in the value of collateral","page_number":34,"box":{"x":83,"y":382,"width":416,"height":10}},{"id":"b7376bbf-081c-4ed0-916c-3cc6fbaba660","block_type":"box","text":"provided for loaned securities or a decline in the value of any","page_number":34,"box":{"x":83,"y":396,"width":389,"height":11}},{"id":"fcf0e663-0ac4-4c81-8516-1735a44cb3fe","block_type":"box","text":"investments made with cash collateral. These events could also","page_number":34,"box":{"x":83,"y":410,"width":406,"height":8}},{"id":"1fe7a9a8-4a3d-428f-a3cc-52387dac98e5","block_type":"box","text":"trigger adverse tax consequences for the Fund.","page_number":34,"box":{"x":83,"y":424,"width":301,"height":11}},{"id":"49f94829-3c08-4d14-afe6-62558c4d2638","block_type":"box","text":"Tax Risk","page_number":34,"box":{"x":84,"y":447,"width":54,"height":9}},{"id":"26d4b9f5-a3cf-4aa6-8fa5-c97bcb00f53d","block_type":"box","text":".","page_number":34,"box":{"x":138,"y":454,"width":3,"height":2}},{"id":"c8e2a1c3-580b-4723-b6ea-354d2af0a76f","block_type":"box","text":"Because the Fund invests in the Underlying Fund, the","page_number":34,"box":{"x":147,"y":447,"width":339,"height":11}},{"id":"17eabbaf-3ff2-4dc1-b573-5178b95292ca","block_type":"box","text":"Fund’s realized losses on sales of shares of the Underlying Fund","page_number":34,"box":{"x":84,"y":461,"width":407,"height":11}},{"id":"4df08f0f-27ac-452f-b561-a6aa9686cb4e","block_type":"box","text":"may be indefinitely or permanently deferred as “wash sales.”","page_number":34,"box":{"x":83,"y":476,"width":387,"height":10}},{"id":"4a38df89-1906-4630-9e8b-7bba7237c4e3","block_type":"box","text":"Distributions of short-term capital gains by the Underlying Fund","page_number":34,"box":{"x":83,"y":490,"width":406,"height":11}},{"id":"bf42a009-fd5e-4d74-97f7-8d1c46af59ff","block_type":"box","text":"will be recognized as ordinary income by the Fund and would not","page_number":34,"box":{"x":82,"y":504,"width":415,"height":11}},{"id":"ebeda367-d785-4f5e-8ab1-2e54dba327ea","block_type":"box","text":"be offset by the Fund’s capital loss carryforwards, if any. Capital","page_number":34,"box":{"x":83,"y":518,"width":409,"height":11}},{"id":"b30d0538-95f6-4431-9876-c75008978718","block_type":"box","text":"loss carryforwards of the Underlying Fund, if any, would not offset","page_number":34,"box":{"x":83,"y":532,"width":421,"height":11}},{"id":"03814c3a-166f-4d88-87d4-cfc4210cdee4","block_type":"box","text":"net capital gains of the Fund. Each of these effects is caused","page_number":34,"box":{"x":83,"y":547,"width":387,"height":10}},{"id":"67008422-4c30-48d3-b28b-8fc5f0102e9b","block_type":"box","text":"by the Fund’s investment in the Underlying Fund and may result in","page_number":34,"box":{"x":83,"y":561,"width":422,"height":11}},{"id":"951d4358-3403-4bf9-b7bc-4cecd5dcd97c","block_type":"box","text":"distributions to Fund shareholders being of higher magnitude and","page_number":34,"box":{"x":83,"y":575,"width":417,"height":11}},{"id":"92da19a9-713d-4e7f-adfc-34736f6612c3","block_type":"box","text":"less likely to qualify for lower capital gain tax rates than if the","page_number":34,"box":{"x":83,"y":589,"width":391,"height":11}},{"id":"ca95c18c-172e-4df5-b911-eb7f1d05d44e","block_type":"box","text":"Fund were to invest directly in the securities and other","page_number":34,"box":{"x":84,"y":603,"width":347,"height":11}},{"id":"08df6870-1895-4e06-9643-e0ecd75fe252","block_type":"box","text":"instruments composing the Underlying Index. The Fund invests in","page_number":34,"box":{"x":83,"y":617,"width":416,"height":11}},{"id":"e3f971d4-8978-426e-9d38-af927f2dcea1","block_type":"box","text":"derivatives. The federal income tax treatment of a derivative may","page_number":34,"box":{"x":83,"y":632,"width":415,"height":10}},{"id":"a8711d8b-56df-4100-8d9a-2c36bd4128dd","block_type":"box","text":"not be as favorable as a direct investment in an underlying asset.","page_number":34,"box":{"x":83,"y":646,"width":415,"height":11}},{"id":"00297af2-889c-4090-955e-16724f95d3ec","block_type":"box","text":"Derivatives may produce taxable income and taxable realized","page_number":34,"box":{"x":83,"y":660,"width":391,"height":11}},{"id":"245ae131-2f4f-408d-ad70-585bfaace63c","block_type":"box","text":"gain. Derivatives may adversely affect the timing, character and","page_number":34,"box":{"x":83,"y":674,"width":406,"height":11}},{"id":"84575f7a-6f5e-4ad4-881d-4b28a8f43c3d","block_type":"box","text":"amount of income the Fund realizes from its investments. As a","page_number":34,"box":{"x":83,"y":688,"width":399,"height":9}},{"id":"24c2177a-cdc2-4922-9523-5cf02aeaeae9","block_type":"box","text":"result, a larger portion of the Fund’s distributions may be treated","page_number":34,"box":{"x":83,"y":702,"width":413,"height":11}},{"id":"9cf7abc7-9178-45b3-80d1-0e857927b04d","block_type":"box","text":"as ordinary income rather than as capital gains. 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Any such event may adversely affect the","page_number":39,"box":{"x":76,"y":854,"width":847,"height":10}},{"id":"ae16c142-ac43-428c-a69e-93125310c007","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":39,"box":{"x":76,"y":868,"width":840,"height":11}},{"id":"d7acd718-4387-47d1-8a73-e43536582c16","block_type":"box","text":"3","page_number":39,"box":{"x":526,"y":921,"width":6,"height":8}},{"id":"5c3d2535-57d2-4d9c-b256-875b40f073e8","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":40,"box":{"x":76,"y":23,"width":296,"height":11}},{"id":"46627c43-1c88-413e-8316-b700789a1005","block_type":"box","text":"Only an Authorized Participant may engage in creation or redemption transactions directly","page_number":40,"box":{"x":378,"y":23,"width":578,"height":11}},{"id":"2ecbd295-4c94-4108-904a-9880a182f9fc","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":40,"box":{"x":76,"y":37,"width":894,"height":11}},{"id":"269329da-074b-4232-8785-6a753389461f","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":40,"box":{"x":76,"y":51,"width":882,"height":11}},{"id":"51460ad3-c0f7-42ad-ba07-ba4b7dfd9a03","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":40,"box":{"x":76,"y":66,"width":888,"height":10}},{"id":"f808863f-a1db-492f-922d-ee3d509efde0","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":40,"box":{"x":76,"y":80,"width":889,"height":11}},{"id":"7f82e312-2c5f-4f9c-9d1e-15cd254c486d","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":40,"box":{"x":77,"y":94,"width":885,"height":11}},{"id":"e4c02c2d-362c-4fe9-89fc-7e3ea0e98b92","block_type":"box","text":"trading volume. Such assets often entail greater settlement and operational complexity and higher capital costs for Authorized Participants,","page_number":40,"box":{"x":76,"y":108,"width":893,"height":11}},{"id":"a8444a98-69c2-4be3-87af-6b230100e725","block_type":"box","text":"which may limit the number of Authorized Participants that engage with the Fund.","page_number":40,"box":{"x":76,"y":122,"width":521,"height":11}},{"id":"48a4614c-a4f2-42ff-a4c7-504b263c92f7","block_type":"box","text":"Borrowing Risk.","page_number":40,"box":{"x":77,"y":146,"width":108,"height":10}},{"id":"d971281c-e111-4946-8271-1e294610e6ff","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":40,"box":{"x":191,"y":146,"width":739,"height":10}},{"id":"689a729e-9f60-4305-9b37-8da6ecbbb2b8","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":40,"box":{"x":76,"y":160,"width":890,"height":11}},{"id":"b4c54b4d-e2a3-4bda-b884-da85c32a9201","block_type":"box","text":"not be advantageous to do so to satisfy its obligations.","page_number":40,"box":{"x":76,"y":174,"width":348,"height":11}},{"id":"841d65bb-d769-4b3e-a10f-8169de33b65e","block_type":"box","text":"Close-Out Risk for Qualified Financial Contracts.","page_number":40,"box":{"x":76,"y":197,"width":336,"height":9}},{"id":"f335f4df-d095-4385-ad08-84b1a514ee55","block_type":"box","text":"Regulations adopted by global prudential regulators require counterparties that are part","page_number":40,"box":{"x":418,"y":197,"width":562,"height":11}},{"id":"914c21b8-afdb-4339-add9-1c230423794e","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":40,"box":{"x":76,"y":211,"width":880,"height":11}},{"id":"2173de2d-97f9-42b4-853d-9dd8a4fab6cd","block_type":"box","text":"agreements relating to qualified financial contracts. Qualified financial contracts include agreements relating to swaps, currency forwards","page_number":40,"box":{"x":76,"y":226,"width":881,"height":10}},{"id":"a68cb98b-5615-45b1-b24a-664d20f3b5a6","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":40,"box":{"x":76,"y":240,"width":896,"height":11}},{"id":"1ec5b7a7-fedb-4d29-93f6-988415e36de8","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":40,"box":{"x":76,"y":254,"width":889,"height":11}},{"id":"2ac0bd03-9953-4bb2-b5c9-c86ef6cf98a1","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":40,"box":{"x":76,"y":268,"width":903,"height":11}},{"id":"caa70402-7f71-45b3-a46e-5e44fdfae1a7","block_type":"box","text":"credit risk and other risks to a Fund.","page_number":40,"box":{"x":76,"y":282,"width":231,"height":9}},{"id":"a6433af3-3f7c-4840-a213-d58c3bac9c3c","block_type":"box","text":"Communications Companies Risk.","page_number":40,"box":{"x":76,"y":305,"width":236,"height":11}},{"id":"7110f2b7-4928-4406-9595-75db77f345f4","block_type":"box","text":"Communications companies may face rapid product obsolescence as well as unexpected risks and","page_number":40,"box":{"x":317,"y":305,"width":633,"height":11}},{"id":"72791838-6995-4c4d-a6a7-b698a3e2912f","block_type":"box","text":"costs related to product compatibility and standardization, new product introduction and technological developments, such as artificial","page_number":40,"box":{"x":76,"y":320,"width":863,"height":10}},{"id":"694e307c-9ddd-4978-ab50-72de050264c8","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":40,"box":{"x":76,"y":334,"width":897,"height":11}},{"id":"982f3d71-5a66-4a0a-8482-add3e6719afa","block_type":"box","text":"products and services. Demographic shifts and changes in consumer preferences and expectations may have negative impacts on their","page_number":40,"box":{"x":76,"y":348,"width":868,"height":11}},{"id":"753fa976-d41d-480a-aa11-ffb4dafa531b","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":40,"box":{"x":76,"y":362,"width":881,"height":11}},{"id":"35804dfe-8f5b-4cdb-b8d5-74ae6472999a","block_type":"box","text":"information or disruptions in service could have a material adverse effect on their operations and reputation.","page_number":40,"box":{"x":76,"y":376,"width":694,"height":11}},{"id":"4f558d0c-e4f8-4504-b449-73fd5d7132b6","block_type":"box","text":"Communications companies are subject to extensive government regulation, including licensing and franchise requirements. The costs of","page_number":40,"box":{"x":76,"y":400,"width":880,"height":10}},{"id":"51c8394b-9345-4912-a447-d6d69ca8c052","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":40,"box":{"x":76,"y":414,"width":897,"height":11}},{"id":"8568a7c3-dcb8-4d91-92d0-44edc36507bd","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":40,"box":{"x":76,"y":428,"width":898,"height":11}},{"id":"f41a2d64-3b77-47de-99ec-6626c0b97f52","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":40,"box":{"x":76,"y":442,"width":805,"height":11}},{"id":"28ca9b19-395b-4c53-ba71-5497be1d2c41","block_type":"box","text":"Concentration Risk.","page_number":40,"box":{"x":76,"y":465,"width":136,"height":9}},{"id":"f22da7aa-4af6-4606-b86e-604decfa5454","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":40,"box":{"x":217,"y":465,"width":744,"height":11}},{"id":"7bad4368-43b7-40e5-a1b8-e78c2378ac2e","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":40,"box":{"x":76,"y":479,"width":903,"height":11}},{"id":"a2fffe95-b4a2-452b-b805-99a03d809962","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":40,"box":{"x":76,"y":494,"width":853,"height":11}},{"id":"92cecec8-56f6-4ea2-a019-eee9cd9d80ec","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":40,"box":{"x":76,"y":508,"width":897,"height":11}},{"id":"d2817967-6f84-436d-872d-863fb0418246","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":40,"box":{"x":76,"y":522,"width":905,"height":11}},{"id":"3de7713b-4158-4c15-8e4f-3d589c67aa8a","block_type":"box","text":"its investments.","page_number":40,"box":{"x":76,"y":536,"width":100,"height":9}},{"id":"aa0ffc4e-8cb2-4bc3-921d-871d021d9c35","block_type":"box","text":"Consumer Goods and Services Com","page_number":40,"box":{"x":76,"y":559,"width":247,"height":9}},{"id":"40c2d4f8-b40f-4591-a0d5-f2e3567372ed","block_type":"box","text":"panies Risk.","page_number":40,"box":{"x":325,"y":559,"width":83,"height":11}},{"id":"a031fe4c-9751-4950-8369-a91df3a6f050","block_type":"box","text":"Many consumer goods and services companies (“consumer companies”) rely heavily on","page_number":40,"box":{"x":414,"y":559,"width":561,"height":11}},{"id":"12739b75-8868-4623-af54-1a8e4203535d","block_type":"box","text":"disposable household income and consumer spending and may be impacted by social trends, marketing campaigns, demographic shifts and","page_number":40,"box":{"x":76,"y":574,"width":897,"height":10}},{"id":"e47c6fa3-9c11-4093-9569-06a61fe8dac0","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":40,"box":{"x":76,"y":588,"width":860,"height":11}},{"id":"95787740-b2a1-442d-b1c8-4f81e138f0a6","block_type":"box","text":"adverse impact on consumer companies.","page_number":40,"box":{"x":76,"y":602,"width":262,"height":11}},{"id":"4c87afdc-c621-4ffb-bcf1-195a547c6f02","block_type":"box","text":"Certain consumer companies, such as those providing discretionary goods or services, may depend more on business cycles, overall","page_number":40,"box":{"x":76,"y":625,"width":849,"height":11}},{"id":"aee5639c-6cd0-4571-bfbc-1aafce4754b1","block_type":"box","text":"economic conditions and consumer confidence. Many consumer goods and services are subject to government regulation and the related","page_number":40,"box":{"x":76,"y":639,"width":883,"height":11}},{"id":"4231c661-426a-4f3a-b4da-f00f9a6ec2a4","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":40,"box":{"x":76,"y":654,"width":856,"height":10}},{"id":"f40d3410-77f2-4204-aad9-08ca1a3c9110","block_type":"box","text":"affected by volatility in commodity prices, supply chain disruptions and labor shortages.","page_number":40,"box":{"x":76,"y":668,"width":561,"height":11}},{"id":"320bfe7d-80ec-474d-a8b1-6e4c333ae359","block_type":"box","text":"Currency Risk.","page_number":40,"box":{"x":76,"y":691,"width":100,"height":11}},{"id":"3482e193-80d1-4d82-b619-ec0b9f4f2dee","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":40,"box":{"x":182,"y":691,"width":782,"height":11}},{"id":"7609cdb4-711b-4d6d-936b-f0cfa18a537f","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":40,"box":{"x":77,"y":705,"width":871,"height":11}},{"id":"04c22526-c505-4ba8-ab83-802cd8f6557a","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":40,"box":{"x":76,"y":719,"width":867,"height":11}},{"id":"f0a46ab3-35b6-4ef0-9415-96dc4a2ea071","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":40,"box":{"x":76,"y":733,"width":892,"height":11}},{"id":"afd0b08a-fffc-48cf-a69f-8b2d52c704af","block_type":"box","text":"connection with conversions between U.S. dollars and foreign currencies.","page_number":40,"box":{"x":76,"y":748,"width":470,"height":10}},{"id":"fa7eb157-6eff-4065-87c9-6836e42f2622","block_type":"box","text":"Custody Risk.","page_number":40,"box":{"x":76,"y":771,"width":94,"height":11}},{"id":"d303e15e-a225-43e0-9c5e-24d22106d75e","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":40,"box":{"x":175,"y":771,"width":780,"height":11}},{"id":"8794bba4-1d21-4648-a010-43b30ddb56d8","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":40,"box":{"x":76,"y":785,"width":853,"height":11}},{"id":"6c9beb47-1cff-4fea-b1a6-2131e750ac41","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":40,"box":{"x":76,"y":799,"width":893,"height":11}},{"id":"b491135f-0772-418c-aa60-fb5aaa3aebc7","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":40,"box":{"x":76,"y":813,"width":822,"height":11}},{"id":"6776d317-d1b7-4938-84d6-0821280dc5ea","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":40,"box":{"x":76,"y":828,"width":905,"height":10}},{"id":"6579fe1d-73e4-438a-b433-e0dc527c4653","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":40,"box":{"x":76,"y":842,"width":850,"height":11}},{"id":"ebfc3c00-f4db-49c4-9311-1088f98e79f3","block_type":"box","text":"country’s securities markets are, the higher the degree of custody risk.","page_number":40,"box":{"x":76,"y":856,"width":453,"height":11}},{"id":"dcaf4f3c-f4a3-4aec-bea3-c79771c162ce","block_type":"box","text":"4","page_number":40,"box":{"x":525,"y":921,"width":8,"height":8}},{"id":"6c062fe0-795b-4f23-a6de-d1b61928f18e","block_type":"box","text":"Derivatives Risk.","page_number":41,"box":{"x":77,"y":23,"width":115,"height":9}},{"id":"f6ba6e79-e18d-49f9-9677-c64e8b0a01d0","block_type":"box","text":"A Fund’s use of derivatives (","page_number":41,"box":{"x":197,"y":23,"width":179,"height":11}},{"id":"40e82e5c-4199-4475-bf15-51759b8bb68f","block_type":"box","text":"e.g.","page_number":41,"box":{"x":377,"y":26,"width":21,"height":8}},{"id":"e4c02745-e849-419c-a82e-89721657048a","block_type":"box","text":", futures, forwards, swaps, options) may be riskier than other types of investments and","page_number":41,"box":{"x":400,"y":23,"width":555,"height":11}},{"id":"c1acccdc-6ebc-4373-8ee1-27e513d038de","block_type":"box","text":"may not have the intended effect on a Fund’s performance. Derivatives can be sensitive to changes in economic and market conditions, and","page_number":41,"box":{"x":76,"y":37,"width":896,"height":11}},{"id":"a92a7666-8d5f-45dd-9f09-bee0c0e46f8d","block_type":"box","text":"they may increase a Fund’s volatility. A Fund also may experience reduced returns as a result of transaction costs and losses on derivatives","page_number":41,"box":{"x":76,"y":51,"width":891,"height":11}},{"id":"71d69629-c857-407c-869b-bbdc27d96a61","block_type":"box","text":"positions. There is the risk of imperfect correlation between the value of a derivative and that of the asset underlying the derivative.","page_number":41,"box":{"x":76,"y":66,"width":841,"height":11}},{"id":"5997be9c-ca01-4769-989b-928146035bb3","block_type":"box","text":"Derivatives may create investment leverage, which could result in losses that significantly exceed a Fund’s original investment. Due to their","page_number":41,"box":{"x":77,"y":80,"width":891,"height":11}},{"id":"425d9e0a-5c6b-4ba3-be84-5fc2a3c98a25","block_type":"box","text":"complexity, derivatives are subject to the risk of mispricing or improper valuation. The possible lack of a liquid secondary market for","page_number":41,"box":{"x":76,"y":94,"width":845,"height":11}},{"id":"751b9e97-2630-470f-ad81-0e67d95a3eb0","block_type":"box","text":"derivatives and the resulting inability of a Fund to sell or otherwise close a derivatives position could expose a Fund to losses and could make","page_number":41,"box":{"x":76,"y":108,"width":904,"height":11}},{"id":"3c2fd4cc-18ca-4407-8147-36999cd63fb7","block_type":"box","text":"derivatives more difficult for a Fund to value accurately.","page_number":41,"box":{"x":76,"y":122,"width":355,"height":11}},{"id":"d215dc7a-8521-41ae-8f53-7998883f3271","block_type":"box","text":"Certain derivatives are subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual","page_number":41,"box":{"x":76,"y":146,"width":863,"height":10}},{"id":"8a8f9afa-7f18-43fb-8ced-74d6b576114e","block_type":"box","text":"obligations. Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets. With regard","page_number":41,"box":{"x":76,"y":160,"width":895,"height":11}},{"id":"ea0cafcd-8775-4c43-bc39-c7bb0c5718dc","block_type":"box","text":"to such derivatives, a Fund does not have a claim on the reference assets and is subject to enhanced counterparty risk. Regulatory","page_number":41,"box":{"x":76,"y":174,"width":838,"height":11}},{"id":"635f5388-6299-4b1b-8b47-3b6791a45dbb","block_type":"box","text":"requirements may delay or restrict a Fund’s exercise of remedies if a derivative counterparty were to default, which could adversely impact","page_number":41,"box":{"x":77,"y":188,"width":888,"height":11}},{"id":"a5575848-9117-46e5-b7ec-173a43935f7b","block_type":"box","text":"the Fund.","page_number":41,"box":{"x":76,"y":202,"width":59,"height":9}},{"id":"69d19c9d-cdcc-415d-8472-83309bc98237","block_type":"box","text":"The use of derivatives exposes a Fund to operational risks, such as documentation and settlement issues, systems failures, inadequate","page_number":41,"box":{"x":76,"y":226,"width":863,"height":10}},{"id":"f6f44f6b-f23f-418c-8019-0c1da7a17edf","block_type":"box","text":"controls and human error. Derivatives also involve legal risks, including insufficient documentation, insufficient capacity or authority of a","page_number":41,"box":{"x":76,"y":240,"width":872,"height":11}},{"id":"a0eb8972-1c04-4b78-9dfa-8c5e3f300c15","block_type":"box","text":"counterparty, and the legality and enforceability of a contract. Derivatives expose a Fund to derivative liquidity risks relating to potential","page_number":41,"box":{"x":76,"y":254,"width":869,"height":11}},{"id":"95ebd3d1-3326-4bcf-b9e1-f7c9dd602d25","block_type":"box","text":"liquidity demands for a Fund to make margin, collateral, or settlement payments.","page_number":41,"box":{"x":77,"y":268,"width":515,"height":11}},{"id":"64946d2b-47df-4d6b-bf78-60bd4dda6a98","block_type":"box","text":"Equity Securities Risk.","page_number":41,"box":{"x":77,"y":291,"width":154,"height":11}},{"id":"360f6a9f-814d-49aa-b6cb-c1d762776df0","block_type":"box","text":"Equity securities are subject to changes in value due to general market or economic conditions, perceptions about","page_number":41,"box":{"x":237,"y":291,"width":732,"height":11}},{"id":"5d69d8f5-a503-4f07-8e67-2ca92c4bb256","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":41,"box":{"x":76,"y":305,"width":877,"height":11}},{"id":"f1531bef-c6f5-46aa-9e0e-01f82595ad17","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":41,"box":{"x":76,"y":320,"width":905,"height":10}},{"id":"395b0c9e-660d-4f05-9c9f-d335eb4c51b3","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":41,"box":{"x":76,"y":334,"width":875,"height":11}},{"id":"04269277-b3e0-4826-bcc1-4f867287a531","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":41,"box":{"x":76,"y":348,"width":812,"height":11}},{"id":"94fd9a97-44dd-45db-9fe7-fe668507f4cb","block_type":"box","text":"European Economic Risk.","page_number":41,"box":{"x":77,"y":371,"width":174,"height":11}},{"id":"ea6a434f-8d30-45c8-a1c9-37d4e1aa20cf","block_type":"box","text":"The Economic and Monetary Union (the “eurozone”) of the European Union (the “EU”) requires compliance by","page_number":41,"box":{"x":256,"y":371,"width":702,"height":11}},{"id":"7034baea-d4e2-49ba-9a6c-ac57bd01dd6b","block_type":"box","text":"member states that are members of the eurozone with restrictions on inflation rates, deficits, interest rates and debt levels, as well as fiscal","page_number":41,"box":{"x":76,"y":385,"width":894,"height":11}},{"id":"fa1e6832-d5f1-4677-835d-a51349e82ab9","block_type":"box","text":"and monetary controls, each of which may significantly affect every country in Europe, including those countries that are not members of the","page_number":41,"box":{"x":76,"y":400,"width":902,"height":10}},{"id":"9dd98e91-a701-4b67-8956-a74d648eacfc","block_type":"box","text":"eurozone. Additionally, European countries outside of the eurozone may present economic risks that are independent of the indirect effects","page_number":41,"box":{"x":76,"y":414,"width":894,"height":11}},{"id":"ee554f13-8e36-4254-8c3c-8ab0e3116648","block_type":"box","text":"that eurozone policies have on them. In particular, the United Kingdom’s (the “U.K.”) economy may be affected by global economic, industrial","page_number":41,"box":{"x":76,"y":428,"width":904,"height":11}},{"id":"b4eae59e-d366-46c9-8ccd-efe594296d01","block_type":"box","text":"and financial shifts. Changes in imports or exports, changes in governmental or EU regulations on trade, changes in the exchange rate of the","page_number":41,"box":{"x":76,"y":442,"width":898,"height":11}},{"id":"b6d6bb5a-388a-4a1d-b0f3-8f27b206ad8e","block_type":"box","text":"euro (the common currency of eurozone countries), the default or threat of default by an EU member state on its sovereign debt and/or an","page_number":41,"box":{"x":76,"y":456,"width":889,"height":11}},{"id":"6c994073-080a-4126-a428-8179ee70859d","block_type":"box","text":"economic recession in an EU member state may have a significant adverse effect on the economies of other EU member states and their","page_number":41,"box":{"x":76,"y":470,"width":877,"height":11}},{"id":"25c68610-67b1-45d1-9f80-2f79ea342b25","block_type":"box","text":"trading partners. The European financial markets have historically experienced volatility and adverse trends due to concerns about economic","page_number":41,"box":{"x":76,"y":485,"width":901,"height":10}},{"id":"20adf0b6-78ba-4bd9-8f13-86f467d2b99e","block_type":"box","text":"downturns or government debt levels in several European countries, including, but not limited to, Austria, Belgium, Cyprus, France, Greece,","page_number":41,"box":{"x":76,"y":499,"width":889,"height":11}},{"id":"5d86c0d3-dc9f-4f07-ba1a-02aa6def573f","block_type":"box","text":"Ireland, Italy, Portugal, Spain and Ukraine. These events have affected and may in the future adversely affect the exchange rate of the euro","page_number":41,"box":{"x":77,"y":513,"width":886,"height":11}},{"id":"c2d23828-e546-45ad-bf7b-3f5b43e3ccc5","block_type":"box","text":"and may significantly affect European countries.","page_number":41,"box":{"x":76,"y":527,"width":307,"height":11}},{"id":"a73eb8fc-16b5-45d8-8aea-2f2d63da4fd2","block_type":"box","text":"Responses to financial problems by European governments, central banks and others, including austerity measures and reforms, may not","page_number":41,"box":{"x":77,"y":550,"width":878,"height":11}},{"id":"c65c44a6-84c7-449b-bd28-28f103959775","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":41,"box":{"x":76,"y":565,"width":858,"height":10}},{"id":"fa02e615-1e29-49ea-a096-43eb8b040005","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":41,"box":{"x":76,"y":579,"width":882,"height":11}},{"id":"45a3a809-39d8-44b3-a816-32069c64d1e6","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":41,"box":{"x":76,"y":593,"width":859,"height":11}},{"id":"871c492e-04ca-42ae-953f-de0bbdbd7137","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":41,"box":{"x":76,"y":607,"width":866,"height":11}},{"id":"c5bc2db5-f573-4180-b19c-8568a65b27c0","block_type":"box","text":"regulatory, economic or market conditions and could contribute to instability in global political institutions, regulatory agencies and financia","page_number":41,"box":{"x":77,"y":621,"width":894,"height":11}},{"id":"846fc14f-2061-434a-90fd-20bcfe523141","block_type":"box","text":"l","page_number":41,"box":{"x":973,"y":621,"width":1,"height":9}},{"id":"b911ab2c-157c-457a-a2eb-018296fca375","block_type":"box","text":"markets.","page_number":41,"box":{"x":76,"y":636,"width":55,"height":8}},{"id":"f051624c-2694-4a33-8a90-b247315d500b","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":41,"box":{"x":76,"y":659,"width":880,"height":11}},{"id":"b61fb5ef-a1e6-4b2c-b5e3-58e78a552ae3","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":41,"box":{"x":76,"y":673,"width":896,"height":11}},{"id":"eaafa52a-af26-4761-b439-f5b470cc54f9","block_type":"box","text":"experience social and political unrest. Unanticipated or sudden political or social developments may result in sudden and significant","page_number":41,"box":{"x":76,"y":687,"width":845,"height":11}},{"id":"47a8256f-330d-43df-b485-8cb2b3e68dad","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":41,"box":{"x":76,"y":701,"width":871,"height":11}},{"id":"71cf779d-fea4-4a5f-baf9-f0242ce68dd0","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":41,"box":{"x":76,"y":715,"width":872,"height":11}},{"id":"79373a95-366c-4152-94e5-ddb5afa79298","block_type":"box","text":"investments.","page_number":41,"box":{"x":76,"y":730,"width":81,"height":8}},{"id":"ae9319c4-cb52-427e-a38d-9b014fc57599","block_type":"box","text":"Russian Invasion of Ukraine","page_number":41,"box":{"x":76,"y":753,"width":172,"height":8}},{"id":"a2a08753-6d4b-4654-940b-55e86a2e366a","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":41,"box":{"x":250,"y":753,"width":720,"height":11}},{"id":"7cf5feb6-5df0-4f7f-a646-a329f0e3d25c","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":41,"box":{"x":76,"y":767,"width":893,"height":11}},{"id":"8b8e40b4-ef0f-415c-a6f0-0bf2b9ff9f63","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":41,"box":{"x":76,"y":781,"width":887,"height":11}},{"id":"7f562d6a-d032-4a56-96b5-bd3283ccbaed","block_type":"box","text":"cyberattacks and espionage) or resulting actual and threatened responses to such activity, including purchasing and financing restrictions,","page_number":41,"box":{"x":76,"y":795,"width":886,"height":11}},{"id":"62e18ccd-3ed1-4c08-85c4-b31cf86bace7","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":41,"box":{"x":76,"y":809,"width":894,"height":11}},{"id":"24a4a2d3-238a-446c-a24c-60b4796c125b","block_type":"box","text":"government, Russian companies or Russian individuals, including politicians, may impact Russia’s economy, Russian issuers of securities in","page_number":41,"box":{"x":76,"y":824,"width":891,"height":11}},{"id":"f3436491-4049-4841-a58a-19a8b4cf98f1","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":41,"box":{"x":76,"y":838,"width":885,"height":11}},{"id":"b17b7e29-456f-4cd7-8bc5-e21b7560e3ba","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":41,"box":{"x":76,"y":852,"width":892,"height":11}},{"id":"544b562f-69e0-49ce-8110-739afb617cc6","block_type":"box","text":"have collateral impacts on such sectors across Europe and globally.","page_number":41,"box":{"x":77,"y":866,"width":431,"height":11}},{"id":"a72cde2f-ddf5-4a95-a007-d6329fc21db0","block_type":"box","text":"5","page_number":41,"box":{"x":526,"y":921,"width":6,"height":8}},{"id":"8227f947-621e-4a94-ab4e-2a8fa9282be4","block_type":"box","text":"Financial Companies Risk.","page_number":42,"box":{"x":77,"y":23,"width":180,"height":11}},{"id":"873c3902-e8eb-4ec4-a445-e08a15712330","block_type":"box","text":"Financial services companies are subject to extensive governmental regulation and intervention, which may","page_number":42,"box":{"x":263,"y":23,"width":689,"height":11}},{"id":"aca5a386-b0b2-426d-a49d-0ab5e72904e9","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":42,"box":{"x":76,"y":37,"width":892,"height":11}},{"id":"76943b09-1203-4dcc-8024-59344e06c537","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":42,"box":{"x":76,"y":51,"width":891,"height":11}},{"id":"aef09c83-45af-4698-a1c2-41e05ba683b0","block_type":"box","text":"among other things, interest rates, economic conditions, credit rating downgrades, adverse public perception and exposure concentration.","page_number":42,"box":{"x":76,"y":66,"width":888,"height":11}},{"id":"f409adfa-7f1c-4ee6-a27a-072a54ecbe56","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":42,"box":{"x":77,"y":80,"width":870,"height":11}},{"id":"7d488e73-f479-4fbd-be2f-95b932f72570","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":42,"box":{"x":77,"y":94,"width":766,"height":11}},{"id":"5b10b4d9-c532-4bc0-93cf-b07a79f44e69","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":42,"box":{"x":77,"y":117,"width":890,"height":11}},{"id":"c23aa479-a11e-4c23-957c-8d6fef3dd14e","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":42,"box":{"x":76,"y":131,"width":848,"height":11}},{"id":"e74961b5-7a4e-4122-bb46-bf1e7ae5c43e","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":42,"box":{"x":76,"y":146,"width":884,"height":10}},{"id":"bd3d4b01-b9e3-4e27-8d2a-2e9b6ad7c606","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":42,"box":{"x":76,"y":160,"width":889,"height":11}},{"id":"c0ca6b8e-73be-4a20-8e7c-99e0b2f69055","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":42,"box":{"x":76,"y":174,"width":856,"height":11}},{"id":"1ac43a46-9879-4085-98e6-3200fcb9dc8b","block_type":"box","text":"financial sector generally.","page_number":42,"box":{"x":76,"y":188,"width":162,"height":11}},{"id":"e8baaf61-b2c8-4148-abe3-7f386cbaaedf","block_type":"box","text":"Geographic and Security Risks.","page_number":42,"box":{"x":76,"y":211,"width":216,"height":11}},{"id":"7d0cb283-2acc-4bcf-83e3-eeb3cc7e7ca2","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":42,"box":{"x":298,"y":211,"width":668,"height":11}},{"id":"9b850884-3226-46c2-9fda-54232ab313ec","block_type":"box","text":"natural disasters, such as severe heat, earthquakes, tornadoes, volcanic eruptions, wildfires, droughts, floods, hurricanes and tsunamis. In","page_number":42,"box":{"x":76,"y":226,"width":885,"height":10}},{"id":"fe62b09e-d9c6-47e1-8837-b857f46d2540","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":42,"box":{"x":76,"y":240,"width":840,"height":11}},{"id":"1a607d9b-52b7-4a7f-b0a7-49887287078b","block_type":"box","text":"terrorism, strained international relations and territorial disputes. Any of these events may adversely affect the issuers, markets and","page_number":42,"box":{"x":76,"y":254,"width":845,"height":11}},{"id":"e852caa9-ab74-4288-b304-51986347415d","block_type":"box","text":"economies to which a Fund is exposed, which may adversely affect the value of the Fund.","page_number":42,"box":{"x":76,"y":268,"width":570,"height":11}},{"id":"ca3a1299-17a4-40c8-b684-f2637f0f4c86","block_type":"box","text":"Healthcare Companies Risk.","page_number":42,"box":{"x":77,"y":291,"width":194,"height":11}},{"id":"186c75b4-ce83-40f7-8658-7e91b7bb3126","block_type":"box","text":"The profitability of healthcare companies may be adversely affected by the following factors, among others:","page_number":42,"box":{"x":276,"y":291,"width":688,"height":11}},{"id":"ab4b66a2-e3ac-4213-bbc7-6acd66d62335","block_type":"box","text":"extensive government regulations, restrictions on government reimbursement for medical expenses, rising costs of medical products and","page_number":42,"box":{"x":76,"y":305,"width":879,"height":11}},{"id":"cc44827f-d242-43e7-b8c5-10ec904df0ca","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":42,"box":{"x":76,"y":320,"width":899,"height":10}},{"id":"ed839cca-60d6-4d1b-a522-70b6df0ab2c5","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":42,"box":{"x":76,"y":334,"width":888,"height":11}},{"id":"b73c798a-df65-43fe-a83b-8468f461e84c","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":42,"box":{"x":76,"y":348,"width":891,"height":11}},{"id":"455d53dc-0a34-4f1b-8e17-f930c14aa1be","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":42,"box":{"x":76,"y":362,"width":882,"height":11}},{"id":"c481f58b-5844-49d1-9a9d-682c65419d7e","block_type":"box","text":"product liability and similar claims.","page_number":42,"box":{"x":76,"y":376,"width":221,"height":11}},{"id":"86af10cf-ddce-41c3-b8d9-55e8b22b8b2c","block_type":"box","text":"Hedging Risk.","page_number":42,"box":{"x":77,"y":400,"width":93,"height":10}},{"id":"6cb196b4-cbe1-438e-b66a-2bc221d9c0e4","block_type":"box","text":"There can be no assurance that a Fund’s hedging strategy will be effective. When a derivative is used as a hedge against a","page_number":42,"box":{"x":175,"y":400,"width":779,"height":10}},{"id":"171a093b-d45e-4d96-a2cc-a53c40a20c14","block_type":"box","text":"position that a Fund holds, any loss generated by the derivative generally should be substantially offset by gains on the hedged investment,","page_number":42,"box":{"x":76,"y":414,"width":889,"height":11}},{"id":"99a2a81b-6afd-4607-a558-906130bcf974","block_type":"box","text":"and vice versa. While hedging can reduce or eliminate losses, it can also reduce or eliminate gains. In addition, there can be imperfect","page_number":42,"box":{"x":76,"y":428,"width":857,"height":11}},{"id":"4e6157c7-22a2-4efb-aab5-40f939efed34","block_type":"box","text":"matching between the hedging instrument and the hedged investment. Hedging entails additional transaction costs and may result in certain","page_number":42,"box":{"x":76,"y":442,"width":901,"height":11}},{"id":"7bb4cd58-6056-422c-9116-3c6c3a3b5132","block_type":"box","text":"adverse tax consequences. To the extent that market or other conditions adversely impact the availability, liquidity or pricing of a hedging","page_number":42,"box":{"x":76,"y":456,"width":880,"height":11}},{"id":"8a2d86c8-b2e8-4eb3-9869-cfc595d9c093","block_type":"box","text":"instrument used by a Fund, the Fund’s ability to enter into hedging transactions may be impaired, and the Fund may not be able to achieve its","page_number":42,"box":{"x":76,"y":470,"width":905,"height":11}},{"id":"4ce26f85-7d26-47db-b3dd-ddb5955b23c5","block_type":"box","text":"investment objective.","page_number":42,"box":{"x":76,"y":485,"width":136,"height":10}},{"id":"97c87d47-e1c7-4c8c-ac49-44c72256dfe8","block_type":"box","text":"Illiquid Investments Risk.","page_number":42,"box":{"x":77,"y":508,"width":174,"height":11}},{"id":"e5ac2b5d-36cf-42e7-bd38-ca13806f64f0","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":42,"box":{"x":256,"y":508,"width":719,"height":11}},{"id":"6556abb9-12b1-422f-b279-119624cb15db","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":42,"box":{"x":76,"y":522,"width":883,"height":11}},{"id":"a4759c4e-ede2-4c3d-9a92-a7a83fa51f79","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":42,"box":{"x":76,"y":536,"width":885,"height":11}},{"id":"da8105c9-d853-49e3-97fd-5168664a8940","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":42,"box":{"x":76,"y":550,"width":902,"height":11}},{"id":"4ea0e9cf-1e59-430c-b340-b8d2f6ead49c","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":42,"box":{"x":76,"y":565,"width":890,"height":10}},{"id":"0da14c89-ec55-4fe4-aa30-1ea60fc83fe6","block_type":"box","text":"risks associated with illiquid investments. Illiquid investments may be harder to value, especially in changing markets.","page_number":42,"box":{"x":77,"y":579,"width":751,"height":11}},{"id":"0b1a38fb-1313-4642-9219-f42e9c96c3ef","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":42,"box":{"x":77,"y":602,"width":884,"height":11}},{"id":"58e14b36-b49b-4568-bf3d-51cfecef220f","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":42,"box":{"x":76,"y":616,"width":900,"height":11}},{"id":"8547be3f-f36f-463a-89bb-c1b441a5f38d","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":42,"box":{"x":76,"y":630,"width":867,"height":11}},{"id":"93917784-cfe7-4a6c-b7f0-fdc2c23b01f4","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":42,"box":{"x":77,"y":654,"width":900,"height":10}},{"id":"890b2a0c-20e2-48ba-895a-c490e4752570","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":42,"box":{"x":76,"y":668,"width":890,"height":11}},{"id":"5028e501-b64c-40fc-8750-0583c827616a","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":42,"box":{"x":76,"y":682,"width":828,"height":11}},{"id":"5418902b-a702-4280-be96-5949692f51a3","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":42,"box":{"x":77,"y":696,"width":873,"height":11}},{"id":"91e1f969-3694-4894-ad51-907a52d639b6","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":42,"box":{"x":77,"y":710,"width":887,"height":11}},{"id":"5aedbba9-eabf-455e-9bbd-52544c6bb734","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":42,"box":{"x":77,"y":724,"width":896,"height":11}},{"id":"ccfe0724-e2f7-4777-b965-1a3799e16de0","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":42,"box":{"x":76,"y":739,"width":869,"height":10}},{"id":"6cf247f0-dc23-4b22-8851-dab2c00d0168","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":42,"box":{"x":77,"y":753,"width":886,"height":11}},{"id":"1ace16c3-bedc-46ef-a009-b56184c82788","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":42,"box":{"x":77,"y":767,"width":858,"height":11}},{"id":"4f476098-2965-48fc-b633-d51c9045df6e","block_type":"box","text":"premium or discount to the Fund’s NAV.","page_number":42,"box":{"x":76,"y":781,"width":254,"height":11}},{"id":"9fe90524-3f60-42e9-a783-375ebf0237c3","block_type":"box","text":"Index-Related Risk.","page_number":42,"box":{"x":77,"y":804,"width":132,"height":9}},{"id":"5ca5acd1-2477-45f1-9fcf-28a1904c4802","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":42,"box":{"x":214,"y":804,"width":728,"height":11}},{"id":"b9e597fc-e105-4a4b-915b-d7e0cf9e817f","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":42,"box":{"x":76,"y":819,"width":869,"height":10}},{"id":"10fc79fd-75a8-4d63-bec7-2b6a15f9a9f0","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":42,"box":{"x":77,"y":833,"width":872,"height":11}},{"id":"5244e370-cda0-48a1-81df-88c709dcf09e","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":42,"box":{"x":77,"y":847,"width":862,"height":11}},{"id":"c7315612-7740-4c8e-9eaf-5e900f0a8e09","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":42,"box":{"x":76,"y":861,"width":897,"height":11}},{"id":"035c5497-b920-4bb3-ae96-47b5ff7859f4","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":42,"box":{"x":76,"y":875,"width":881,"height":11}},{"id":"b9c78f72-59a9-43ae-bbfc-484495611f45","block_type":"box","text":"6","page_number":42,"box":{"x":526,"y":921,"width":6,"height":8}},{"id":"b847ec16-5152-4409-bd82-ccffcea8fac9","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":43,"box":{"x":76,"y":23,"width":852,"height":11}},{"id":"86639d2a-6429-47ce-af47-1b577fb19c57","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":43,"box":{"x":76,"y":37,"width":850,"height":11}},{"id":"7af1e457-7f11-49f5-b324-f34d034d9fd1","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":43,"box":{"x":76,"y":51,"width":877,"height":11}},{"id":"73c415d1-f238-4600-ba85-6d0503773704","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":43,"box":{"x":76,"y":66,"width":906,"height":11}},{"id":"6d19b81c-201d-4960-8703-2ef9fe3f114b","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":43,"box":{"x":76,"y":80,"width":904,"height":11}},{"id":"6f7516e8-3d6d-4664-abf2-e9321533e557","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":43,"box":{"x":76,"y":94,"width":894,"height":11}},{"id":"136d00cc-3f10-46c0-a594-2d5a4bfed79c","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":43,"box":{"x":76,"y":108,"width":877,"height":11}},{"id":"f638d62a-aca5-469d-9419-4d62e67de8df","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":43,"box":{"x":76,"y":122,"width":881,"height":11}},{"id":"fae22667-0035-48c6-a440-2a26a2967f3a","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":43,"box":{"x":76,"y":137,"width":844,"height":10}},{"id":"153b787e-4d0a-4f22-8e48-f9ae22fd30ab","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":43,"box":{"x":77,"y":151,"width":879,"height":11}},{"id":"1c25bee1-8bb0-4ff4-b104-78e8ae68427a","block_type":"box","text":"errors will be borne by the Fund and its shareholders.","page_number":43,"box":{"x":76,"y":165,"width":340,"height":11}},{"id":"ace8340a-a6b4-4d7e-869c-ed8c2370ed81","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":43,"box":{"x":77,"y":188,"width":857,"height":11}},{"id":"640fe625-45d7-4df9-a109-53c3d9f08280","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":43,"box":{"x":77,"y":202,"width":880,"height":11}},{"id":"295516f9-7b0a-4bae-8afc-fdd5726c3dea","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":43,"box":{"x":76,"y":216,"width":902,"height":11}},{"id":"76a79484-6d4f-49e9-a810-0db4fcb6312b","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":43,"box":{"x":76,"y":231,"width":905,"height":11}},{"id":"5cba9505-c35e-4fec-b444-186f84059859","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":43,"box":{"x":76,"y":245,"width":889,"height":11}},{"id":"d9ddbe00-1a7f-4978-8c13-d48ed9ac5d11","block_type":"box","text":"extent circumstances evolve between periodic index reviews and reconstitutions, an Underlying Index may include constituents that do not","page_number":43,"box":{"x":76,"y":259,"width":890,"height":11}},{"id":"eee5086b-a153-4dc3-8732-90391f6f064c","block_type":"box","text":"align with its objective or selection criteria, and the Fund tracking the Underlying Index may be similarly affected.","page_number":43,"box":{"x":76,"y":273,"width":723,"height":11}},{"id":"80a77deb-d3b8-40fa-8a37-75b83321153d","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":43,"box":{"x":77,"y":296,"width":899,"height":11}},{"id":"77825a9c-3858-4b23-907d-7e5c6a8dad83","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":43,"box":{"x":76,"y":311,"width":876,"height":10}},{"id":"280debf9-739d-4fd1-8d66-16ebee0b8d68","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":43,"box":{"x":76,"y":325,"width":865,"height":11}},{"id":"c47d94fb-aaf0-4d99-8a30-6053ce689a15","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":43,"box":{"x":76,"y":339,"width":897,"height":11}},{"id":"9d74268a-f9fc-4d75-9a40-8084d02cc823","block_type":"box","text":"a Fund’s costs and tracking error.","page_number":43,"box":{"x":76,"y":353,"width":213,"height":11}},{"id":"7cdbc31f-5c43-47c2-8534-1c724684516c","block_type":"box","text":"Industrial Companies Risk.","page_number":43,"box":{"x":77,"y":376,"width":184,"height":11}},{"id":"6343fba1-d32b-4290-83e4-b57d163cb740","block_type":"box","text":"Industrial companies face a number of risks, including supply chain and distribution disruptions, business","page_number":43,"box":{"x":267,"y":376,"width":673,"height":11}},{"id":"c0df46d2-dd06-4dbc-9167-8f47a014d606","block_type":"box","text":"interruptions, third-party vendor risks, cyber attacks, trade disputes, product recalls, liability and environmental damage claims, scarcity of","page_number":43,"box":{"x":76,"y":391,"width":889,"height":10}},{"id":"64d15bec-49f9-40b8-91ea-abf20c1c2463","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":43,"box":{"x":76,"y":405,"width":878,"height":11}},{"id":"8f691719-9fdf-4f0e-9c54-53dd07ac1e54","block_type":"box","text":"industrial companies may face obsolescence due to technological developments and new product introduction. Furthermore, changes in","page_number":43,"box":{"x":76,"y":419,"width":873,"height":11}},{"id":"d7c83fe8-af0c-48fe-b28a-9f0d6b3a1ce2","block_type":"box","text":"trade restrictions and tariffs as well as broader geopolitical developments could adversely affect industrial companies. These companies also","page_number":43,"box":{"x":76,"y":433,"width":902,"height":11}},{"id":"fa3648c7-09e9-496e-835a-f224e12c0730","block_type":"box","text":"may be significantly affected by domestic and international economic conditions, legislative and regulatory changes, and labor relations.","page_number":43,"box":{"x":76,"y":447,"width":872,"height":11}},{"id":"9f25406a-3249-486d-abc2-c23c2d69d49d","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":43,"box":{"x":77,"y":461,"width":881,"height":11}},{"id":"832a2d04-75ac-4eda-9184-d5e2a8c1ffa4","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":43,"box":{"x":76,"y":476,"width":892,"height":10}},{"id":"42ec31db-7992-47f3-9a55-62ae02b1b84a","block_type":"box","text":"infringing the intellectual property rights of others.","page_number":43,"box":{"x":76,"y":490,"width":322,"height":11}},{"id":"41a7a1ff-14ec-479a-87b7-d1c5a430e0e0","block_type":"box","text":"Investment in Underlying Fund Risk.","page_number":43,"box":{"x":77,"y":513,"width":251,"height":11}},{"id":"066d4110-b77c-43f3-bc69-3d3c13625d64","block_type":"box","text":"For a Fund that invests in an Underlying Fund, the Fund’s investment performance and risks are","page_number":43,"box":{"x":334,"y":513,"width":612,"height":11}},{"id":"42636e9b-ac66-4f12-89c2-f165455f4cee","block_type":"box","text":"likely to be directly related to those of the Underlying Fund. A Fund’s NAV will change with changes in the value of an Underlying Fund and","page_number":43,"box":{"x":77,"y":527,"width":881,"height":11}},{"id":"733c4282-04d1-4c8b-9e7a-d2630256e1da","block_type":"box","text":"other assets that the Fund holds. The shares of an Underlying Fund may trade at a premium or discount to the Underlying Fund’s NAV.","page_number":43,"box":{"x":76,"y":541,"width":856,"height":11}},{"id":"e8ce51de-87fd-4da6-ba77-d24ba5686cac","block_type":"box","text":"Investors in a Fund that invests in an Underlying Fund will indirectly bear the expenses charged by the Underlying Fund, and an investment in","page_number":43,"box":{"x":77,"y":556,"width":900,"height":10}},{"id":"ad45bd29-1c34-47a6-9970-8f6292c5c926","block_type":"box","text":"the Fund may entail more expenses than a direct investment in the Underlying Fund (except to the extent that certain fees are waived by","page_number":43,"box":{"x":76,"y":570,"width":875,"height":11}},{"id":"b6f44f80-7440-4322-92c1-91a13b416daa","block_type":"box","text":"BFA). An investor in such a Fund may receive taxable gains from portfolio transactions by an Underlying Fund, as well as taxable gains from","page_number":43,"box":{"x":77,"y":584,"width":888,"height":11}},{"id":"640f5f78-fd16-4ae5-b3cc-6eb9196bfbf5","block_type":"box","text":"transactions in the shares of an Underlying Fund that are held by the Fund.","page_number":43,"box":{"x":76,"y":598,"width":478,"height":11}},{"id":"5b370de4-c5cc-49bb-91ba-8bb46731099f","block_type":"box","text":"Issuer Risk.","page_number":43,"box":{"x":77,"y":621,"width":79,"height":9}},{"id":"ed6cce14-cdfb-41c2-87f3-7e37e9ec9ec7","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":43,"box":{"x":161,"y":621,"width":755,"height":11}},{"id":"e0bfcde6-f825-4e63-a0e9-2ffdb0968ba0","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":43,"box":{"x":76,"y":635,"width":861,"height":11}},{"id":"c8487eb0-239f-4d48-83fb-8cc7e45c804b","block_type":"box","text":"financial condition or credit rating of the issuer or counterparty.","page_number":43,"box":{"x":76,"y":650,"width":406,"height":10}},{"id":"fe331041-159a-4b3c-84fb-71a56309481b","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":43,"box":{"x":77,"y":673,"width":256,"height":11}},{"id":"b1d1acfe-2e8c-41a6-86de-61d593a58442","block_type":"box","text":"Large-capitalization companies may be less able than smaller-capitalization companies to adapt to","page_number":43,"box":{"x":340,"y":673,"width":630,"height":11}},{"id":"278a514a-006d-4545-af36-77519a1ee865","block_type":"box","text":"changing market conditions and competitive challenges. Large-capitalization companies may be more mature and subject to more limited","page_number":43,"box":{"x":76,"y":687,"width":881,"height":11}},{"id":"b39c0f59-6237-4a3c-9a8a-89b89bad845a","block_type":"box","text":"growth potential compared with smaller-capitalization companies. The performance of large-capitalization companies could trail the overall","page_number":43,"box":{"x":76,"y":701,"width":890,"height":11}},{"id":"922641f6-c42a-4930-8d10-9eff885713c3","block_type":"box","text":"performance of the broader securities markets.","page_number":43,"box":{"x":76,"y":715,"width":303,"height":11}},{"id":"99bcc7aa-bcbc-406d-abc4-5755d7b3d170","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk.","page_number":43,"box":{"x":77,"y":739,"width":368,"height":10}},{"id":"7cd10d9a-ff6b-44a2-8a04-e47aced25ee9","block_type":"box","text":"Certain shareholders of a Fund, including an Authorized Participant, a third-party","page_number":43,"box":{"x":450,"y":739,"width":518,"height":10}},{"id":"dac0915d-9fe4-4ff2-8cf4-7633438cee4c","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":43,"box":{"x":76,"y":753,"width":875,"height":11}},{"id":"d38bad4c-9bd4-44e4-9379-c4ef62692144","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":43,"box":{"x":76,"y":767,"width":899,"height":11}},{"id":"700b1aff-6ea9-4b62-9597-9e642b9129e4","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":43,"box":{"x":76,"y":781,"width":901,"height":11}},{"id":"f9dc030d-2771-4390-8882-8b2cdaffd11c","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":43,"box":{"x":76,"y":795,"width":888,"height":11}},{"id":"cc12339d-2d36-43cb-a92f-11954d45bdca","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":43,"box":{"x":76,"y":809,"width":882,"height":11}},{"id":"c9a79b90-7987-412a-9f3a-d4d486037570","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":43,"box":{"x":76,"y":824,"width":889,"height":11}},{"id":"4a8dffa8-cc3c-4bec-b753-7988695d2484","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":43,"box":{"x":76,"y":838,"width":906,"height":11}},{"id":"07259857-8b9f-43f0-a09e-4e859759a250","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":43,"box":{"x":76,"y":852,"width":904,"height":11}},{"id":"9c0e5a6d-4193-4485-b18e-83d02cb9469a","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":43,"box":{"x":76,"y":866,"width":855,"height":11}},{"id":"8166629f-7f41-4982-b560-da6eb1a9aaeb","block_type":"box","text":"7","page_number":43,"box":{"x":526,"y":921,"width":6,"height":8}},{"id":"2dea8de5-c4fd-46f8-9412-bd0a4676263d","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":44,"box":{"x":77,"y":23,"width":892,"height":11}},{"id":"71c4ebd5-6f07-4ba8-86a5-82994c5fe27e","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":44,"box":{"x":77,"y":37,"width":901,"height":11}},{"id":"b92cf0d8-d1f9-4e81-8e71-3d273d043f22","block_type":"box","text":"to price.","page_number":44,"box":{"x":76,"y":52,"width":52,"height":10}},{"id":"48028405-85e2-4607-8cc5-81b3d381c531","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":44,"box":{"x":76,"y":75,"width":840,"height":11}},{"id":"1bc568d5-3b14-48bf-8c20-10a6ff4224ac","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":44,"box":{"x":76,"y":89,"width":898,"height":11}},{"id":"b99f4d5d-d58f-4d3a-b740-b43b2cf6600d","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":44,"box":{"x":76,"y":103,"width":878,"height":11}},{"id":"046a210a-9b42-4d2b-87db-eb1bd3ab1e57","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":44,"box":{"x":76,"y":117,"width":792,"height":11}},{"id":"296c16ad-d563-4c34-afc5-f0145bdd09e6","block_type":"box","text":"Management Risk.","page_number":44,"box":{"x":77,"y":140,"width":126,"height":11}},{"id":"b4593f1f-ea67-4996-9046-3f3488e7ef09","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":44,"box":{"x":208,"y":140,"width":757,"height":11}},{"id":"aba7a627-c9eb-4296-b4b4-262dafe3b5b1","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":44,"box":{"x":76,"y":155,"width":863,"height":10}},{"id":"d20d58e0-7bd0-41f7-b096-86b6f228c7d0","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":44,"box":{"x":76,"y":169,"width":864,"height":11}},{"id":"59fc4d5c-b19e-4296-9182-45367c4b0315","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":44,"box":{"x":77,"y":183,"width":898,"height":11}},{"id":"1ec5978c-6ec4-4088-bf37-647253385be4","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":44,"box":{"x":76,"y":197,"width":837,"height":11}},{"id":"71d1c156-c29b-4090-83e0-ee04ed88f198","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":44,"box":{"x":77,"y":211,"width":888,"height":11}},{"id":"deb6d382-b980-423a-a37f-5d0988fac454","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":44,"box":{"x":77,"y":226,"width":883,"height":10}},{"id":"1b87a7b7-09d6-4a35-93b5-f0dd85ce691c","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":44,"box":{"x":76,"y":240,"width":889,"height":11}},{"id":"a9449f19-2e13-42fe-8a96-44af54b00d87","block_type":"box","text":"its investment objective.","page_number":44,"box":{"x":76,"y":254,"width":156,"height":11}},{"id":"e996aa0f-3d40-4558-8614-d6b0865a0063","block_type":"box","text":"Market Risk.","page_number":44,"box":{"x":77,"y":277,"width":85,"height":9}},{"id":"db09c892-060a-493c-adc6-b577d4775b52","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":44,"box":{"x":167,"y":277,"width":764,"height":11}},{"id":"6d125613-2851-4d4a-a36a-667169bd51c0","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":44,"box":{"x":76,"y":291,"width":879,"height":11}},{"id":"aa5ab87f-6f76-4026-9756-f088e947bcb9","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":44,"box":{"x":76,"y":305,"width":884,"height":11}},{"id":"208bb5b1-5a85-4e5f-9c26-568d805f8ccc","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":44,"box":{"x":76,"y":320,"width":904,"height":10}},{"id":"7bcee06b-478f-4c29-9be5-8e427b2b9de1","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":44,"box":{"x":76,"y":334,"width":858,"height":11}},{"id":"1d01c511-ea07-43c6-8a38-cb50d69aa7b7","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":44,"box":{"x":76,"y":348,"width":869,"height":11}},{"id":"15677b80-b43b-4a43-a63e-b74b4616c1c9","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":44,"box":{"x":76,"y":362,"width":885,"height":11}},{"id":"a060d9c9-8b76-4189-81c5-687d9b1f8e2b","block_type":"box","text":"and assets.","page_number":44,"box":{"x":76,"y":376,"width":71,"height":9}},{"id":"d86e8d79-18d2-46b1-87c5-9f4863e3ffd2","block_type":"box","text":"Market Trading Risk.","page_number":44,"box":{"x":77,"y":400,"width":140,"height":10}},{"id":"84e335ed-75fd-49a5-a2e6-a67b31e83197","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":44,"box":{"x":222,"y":400,"width":753,"height":10}},{"id":"2b069de6-4f4d-4792-bf53-e00b8006e107","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":44,"box":{"x":76,"y":414,"width":896,"height":11}},{"id":"001ee92b-3429-4508-9947-4dee67105862","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":44,"box":{"x":76,"y":428,"width":877,"height":11}},{"id":"b5163aca-ab47-4c04-addb-495f2a159be4","block_type":"box","text":"receive significantly less than the underlying value of the Fund shares.","page_number":44,"box":{"x":77,"y":442,"width":446,"height":11}},{"id":"7fc11b31-2257-4703-9369-919052a1a666","block_type":"box","text":"Absence of an Active Primary Market.","page_number":44,"box":{"x":75,"y":465,"width":236,"height":11}},{"id":"ce39e31d-a743-41da-85a8-6ec260c44de9","block_type":"box","text":"Although Fund shares are listed for trading on one or more stock exchanges, there can be no assurance","page_number":44,"box":{"x":317,"y":465,"width":663,"height":11}},{"id":"7effc85c-c54a-403d-9142-8576a77d7cc4","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":44,"box":{"x":76,"y":479,"width":826,"height":11}},{"id":"62c7d966-b72a-41fb-b67b-d5f82fc5bee1","block_type":"box","text":"Secondary Listing Risks.","page_number":44,"box":{"x":76,"y":503,"width":151,"height":11}},{"id":"906c00d6-f800-4bbe-a8ea-a116c5fa9c6a","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":44,"box":{"x":233,"y":503,"width":732,"height":11}},{"id":"9c8bd8c2-a608-4605-8c90-d0beaccd9b0f","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":44,"box":{"x":76,"y":517,"width":841,"height":11}},{"id":"8b2f9fbf-d616-44ba-8b14-66c3743e000b","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":44,"box":{"x":76,"y":531,"width":890,"height":11}},{"id":"40a074fe-2161-4fe3-b34d-dd08602cd296","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":44,"box":{"x":76,"y":545,"width":880,"height":11}},{"id":"63a91f9c-2f66-423f-98ae-c613640478f9","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":44,"box":{"x":76,"y":559,"width":872,"height":11}},{"id":"53ea0b54-710c-4c3d-b457-3701bc5d45f7","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":44,"box":{"x":76,"y":574,"width":897,"height":10}},{"id":"1f394056-3dca-459f-a07b-4959cbee3159","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":44,"box":{"x":76,"y":588,"width":862,"height":11}},{"id":"b88bb535-0068-4190-8e16-a1905e90a5c8","block_type":"box","text":"markets, which may result in secondary market prices in such markets being less efficient.","page_number":44,"box":{"x":76,"y":602,"width":579,"height":11}},{"id":"2a7ad375-a236-47eb-8d4b-ef0e001adc59","block_type":"box","text":"Secondary Market Trading Risk.","page_number":44,"box":{"x":76,"y":625,"width":196,"height":11}},{"id":"95b5a46e-b9d0-4784-a804-ddb25bb6024d","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":44,"box":{"x":279,"y":625,"width":703,"height":11}},{"id":"8c765119-c899-4c80-a90f-19edcc337a5b","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":44,"box":{"x":76,"y":639,"width":896,"height":11}},{"id":"06b2a965-a8ef-4db6-aaf4-22ad2d448984","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":44,"box":{"x":76,"y":654,"width":880,"height":10}},{"id":"8a49d2b0-7930-4b71-b62a-efcc3c903aec","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":44,"box":{"x":76,"y":668,"width":900,"height":11}},{"id":"56a3fd6f-829d-45c6-aa56-4dece3b2a828","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":44,"box":{"x":76,"y":682,"width":893,"height":11}},{"id":"fbe5cd4c-1011-4d71-83e3-1cbefda14105","block_type":"box","text":"may be wider bid/ask spreads on the exchange and a greater premium or discount to NAV.","page_number":44,"box":{"x":76,"y":696,"width":581,"height":11}},{"id":"af531ed7-d71b-444c-a95c-9f113c3dc76b","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":44,"box":{"x":77,"y":719,"width":900,"height":11}},{"id":"94ec383d-a3c8-45ac-b21b-dc7de201cc09","block_type":"box","text":"the Fund’s portfolio holdings, and an investor may be unable to sell their Fund shares.","page_number":44,"box":{"x":76,"y":733,"width":547,"height":11}},{"id":"c7be6468-5437-4c16-9452-38514335e8ee","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":44,"box":{"x":76,"y":757,"width":894,"height":10}},{"id":"9362fac5-5f53-411f-8e4d-926f6be2e4aa","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":44,"box":{"x":76,"y":771,"width":905,"height":11}},{"id":"8cc1596d-37d3-42a6-9488-2ea0896ab1c3","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":44,"box":{"x":77,"y":785,"width":874,"height":11}},{"id":"19e9ffcb-8cf5-4195-9c4d-92f014d31372","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":44,"box":{"x":76,"y":799,"width":890,"height":11}},{"id":"d060ea53-9437-4a66-970b-60e21eab21d2","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":44,"box":{"x":76,"y":813,"width":857,"height":11}},{"id":"482db15e-8629-475c-bb07-bb6821d389da","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":44,"box":{"x":76,"y":828,"width":891,"height":10}},{"id":"4005402f-5ae0-4ba6-ba08-a27acfa5df4c","block_type":"box","text":"substantial trading losses.","page_number":44,"box":{"x":76,"y":842,"width":166,"height":11}},{"id":"316cc6b5-2445-422a-8595-50ec5f3ff826","block_type":"box","text":"8","page_number":44,"box":{"x":526,"y":921,"width":6,"height":8}},{"id":"c2ed235c-69b5-4ea0-97aa-7694609fea3d","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":45,"box":{"x":76,"y":23,"width":874,"height":11}},{"id":"82ab65bf-acdc-40e5-a95d-019d9c5a406c","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":45,"box":{"x":76,"y":37,"width":893,"height":11}},{"id":"289b80f6-d20d-4c73-ab89-af6b01b41711","block_type":"box","text":"may lead to increased trading volume and volatility in the secondary market for the shares of the Fund.","page_number":45,"box":{"x":76,"y":51,"width":658,"height":11}},{"id":"bcc1b366-7f4f-4432-aaed-480cc799af48","block_type":"box","text":"Fund Shares May Trade at Prices Other Than NAV.","page_number":45,"box":{"x":76,"y":75,"width":310,"height":10}},{"id":"e66f7980-c2f5-4742-b714-56516e7cf687","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":45,"box":{"x":385,"y":75,"width":572,"height":11}},{"id":"a5a32678-8d81-4a78-9171-cc8f4d4c693b","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":45,"box":{"x":77,"y":89,"width":852,"height":11}},{"id":"34a1319a-a8db-4abc-a9b3-8ebe2deeb289","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":45,"box":{"x":76,"y":103,"width":892,"height":11}},{"id":"e293b0fc-71bc-4e78-844b-7c268c761b02","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":45,"box":{"x":77,"y":117,"width":885,"height":11}},{"id":"ad9f3dad-e71b-44ec-84d1-699e0378ab2c","block_type":"box","text":"significantly from NAV during times of market volatility, significant redemption requests, or other unusual market conditions","page_number":45,"box":{"x":76,"y":131,"width":792,"height":11}},{"id":"e503940d-664f-418b-bb5b-e127f37527ea","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":45,"box":{"x":77,"y":155,"width":886,"height":10}},{"id":"c8ef0492-0aaf-46f1-91dd-eccdd547cca6","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":45,"box":{"x":77,"y":169,"width":891,"height":11}},{"id":"949c2984-8b7f-47e6-b0bd-f3f32123a8ff","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":45,"box":{"x":76,"y":183,"width":899,"height":11}},{"id":"8eed2792-235f-4eb7-89f3-d14fa9326383","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":45,"box":{"x":77,"y":197,"width":899,"height":11}},{"id":"7678c972-f4b5-483a-baa0-0a78fef27dec","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":45,"box":{"x":76,"y":211,"width":878,"height":11}},{"id":"0d6bff78-111c-47f7-82cc-919961ebe448","block_type":"box","text":"creations and redemptions, including disruptions at market makers, Authorized Participants, or other market participants, and during periods","page_number":45,"box":{"x":76,"y":226,"width":902,"height":10}},{"id":"948ce9e8-bc97-4621-933c-f6e936603a17","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":45,"box":{"x":76,"y":240,"width":891,"height":11}},{"id":"bab42f24-7d7f-4df2-86da-cd11d20492fa","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":45,"box":{"x":76,"y":254,"width":849,"height":11}},{"id":"8ff0930e-d626-45e8-bc63-19d30f6b2d06","block_type":"box","text":"investments, which may contribute to the Fund’s shares trading at a premium or discount to NAV.","page_number":45,"box":{"x":76,"y":268,"width":622,"height":11}},{"id":"a4476c34-1382-4d1c-853a-e25ce4960079","block_type":"box","text":"Costs of Buying or Selling Fund Shares.","page_number":45,"box":{"x":76,"y":291,"width":245,"height":11}},{"id":"61337810-c518-4db0-ad92-6beb195b6b0c","block_type":"box","text":"Buying or selling Fund shares on an exchange involves two types of costs that apply to all securities","page_number":45,"box":{"x":328,"y":291,"width":636,"height":11}},{"id":"51c57e24-22b5-49ea-bc9c-9aab0971cb27","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":45,"box":{"x":76,"y":305,"width":853,"height":11}},{"id":"d67fab69-5b9e-4fd8-a9b1-82dc40d24925","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":45,"box":{"x":76,"y":320,"width":895,"height":10}},{"id":"3b0fc74a-90b5-49d9-93ac-1a7884ee6b55","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":45,"box":{"x":76,"y":334,"width":865,"height":11}},{"id":"66d9b192-b52f-4f51-b38f-68b9cfa4e574","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":45,"box":{"x":76,"y":348,"width":885,"height":11}},{"id":"d9c4335b-796d-429e-a9d6-459b2af4b3a9","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":45,"box":{"x":77,"y":362,"width":891,"height":11}},{"id":"fb68ed53-72b6-4565-9188-71c651585882","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":45,"box":{"x":76,"y":376,"width":901,"height":11}},{"id":"83347e5d-dd2b-490e-a8b1-1bd1678c2a4a","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":45,"box":{"x":76,"y":391,"width":858,"height":10}},{"id":"1c670141-03dd-4952-abfd-3f4763b3c800","block_type":"box","text":"regularly making small investments through a brokerage account.","page_number":45,"box":{"x":77,"y":405,"width":418,"height":11}},{"id":"2622783b-1452-4832-be05-1dc3ab97e98e","block_type":"box","text":"Materials Companies Risk.","page_number":45,"box":{"x":77,"y":428,"width":182,"height":11}},{"id":"83c39bea-cbf7-45ec-828f-c12a7997d576","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":45,"box":{"x":264,"y":428,"width":710,"height":11}},{"id":"1d689ec5-6419-4cca-adb3-a5212ec07757","block_type":"box","text":"demand dynamics. Materials companies may be adversely affected by commodity price volatility, exchange rate fluctuations, social and","page_number":45,"box":{"x":76,"y":442,"width":868,"height":11}},{"id":"867d95b9-e12b-4894-aa25-7df3597af505","block_type":"box","text":"political unrest, war, import and export controls, supply chain disruption, increased competition, depletion of resources, technical advances,","page_number":45,"box":{"x":76,"y":456,"width":897,"height":11}},{"id":"5c5d4c65-8bed-4f43-9143-687ee53c7d41","block_type":"box","text":"labor relations, litigation and government regulations, among other factors. Materials companies are at risk of liability for environmental","page_number":45,"box":{"x":77,"y":470,"width":868,"height":11}},{"id":"73960836-b352-4040-aadb-b16616e51042","block_type":"box","text":"damage and product liability claims and may incur significant costs in complying with environmental laws.","page_number":45,"box":{"x":76,"y":485,"width":676,"height":10}},{"id":"54168d08-e847-4f12-9518-3d0e69f4f476","block_type":"box","text":"Mid-Capitalization Companies Risk.","page_number":45,"box":{"x":77,"y":508,"width":243,"height":11}},{"id":"568dddd4-d415-421f-a2ac-0d664369b5f1","block_type":"box","text":"Investments in mid-capitalization companies may be riskier, less liquid, more volatile and more","page_number":45,"box":{"x":326,"y":508,"width":607,"height":11}},{"id":"b747d3cb-250a-44d2-a3a9-f4c24b64fb93","block_type":"box","text":"susceptible to economic, market and industry changes than investments in large-capitalization companies. Mid-capitalization companies","page_number":45,"box":{"x":76,"y":522,"width":875,"height":11}},{"id":"12ebc4c9-8103-4f28-9507-2669513f0765","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":45,"box":{"x":76,"y":536,"width":847,"height":11}},{"id":"5139aecf-b957-4938-8a3f-c80aa068a708","block_type":"box","text":"vulnerable than large-capitalization companies to adverse business and economic developments. Mid-capitalization companies may have a","page_number":45,"box":{"x":76,"y":550,"width":889,"height":11}},{"id":"8960fcf4-aa4a-486f-965b-96606c95d25f","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":45,"box":{"x":76,"y":565,"width":882,"height":10}},{"id":"0588b0b2-dcd8-44cf-9f96-63efe1976c73","block_type":"box","text":"frequently and in smaller volumes than the securities of larger companies.","page_number":45,"box":{"x":76,"y":579,"width":473,"height":11}},{"id":"deb92bf2-5302-4ea3-b06e-4819ba007ced","block_type":"box","text":"National Closed Market Trading Risk.","page_number":45,"box":{"x":77,"y":602,"width":254,"height":11}},{"id":"c8ab2f4d-44c9-45aa-bd48-989fc3732399","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":45,"box":{"x":336,"y":602,"width":637,"height":11}},{"id":"1c70d623-110c-4e74-a9d9-ad1b7c85ba6a","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":45,"box":{"x":76,"y":616,"width":905,"height":11}},{"id":"c5f598b3-07dd-450a-b0c5-361fc913b454","block_type":"box","text":"such asset’s current price and its last quoted price (","page_number":45,"box":{"x":76,"y":630,"width":332,"height":11}},{"id":"ab376e2d-2907-4dad-8cc7-39329e47b144","block_type":"box","text":"i.e","page_number":45,"box":{"x":408,"y":630,"width":15,"height":9}},{"id":"19e7d03b-5fa3-432d-9519-d1f68a844436","block_type":"box","text":"., the quote from the closed foreign market to the Fund). The impact of a closed","page_number":45,"box":{"x":425,"y":630,"width":508,"height":11}},{"id":"745cf091-dab3-425d-ba96-a7e474550611","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":45,"box":{"x":76,"y":644,"width":863,"height":11}},{"id":"e8288d40-bbdb-4816-a2fc-d7b77d1a1282","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":45,"box":{"x":76,"y":659,"width":862,"height":11}},{"id":"b6fce0db-c575-4425-a699-69eaf5f2fddb","block_type":"box","text":"greater than those experienced by other funds.","page_number":45,"box":{"x":76,"y":673,"width":300,"height":11}},{"id":"79ef1a83-ac7c-44fe-9a91-f5788c47330d","block_type":"box","text":"Non-U.S. Securities Risk.","page_number":45,"box":{"x":77,"y":696,"width":171,"height":9}},{"id":"6ffd036e-611b-44f7-b157-90a24024311b","block_type":"box","text":"Securities issued by non-U.S. issuers (including depositary receipts) are subject to different legal, regulatory,","page_number":45,"box":{"x":253,"y":696,"width":698,"height":11}},{"id":"d1cf3a1e-3ede-4b5d-9bd8-47c94a9bf21c","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":45,"box":{"x":76,"y":710,"width":889,"height":11}},{"id":"76078f92-d298-4dd2-af06-06449dffa570","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":45,"box":{"x":76,"y":724,"width":880,"height":11}},{"id":"588d2d3e-6177-4022-8678-36ff7c8d3008","block_type":"box","text":"following, any of which may have an adverse impact on a Fund:","page_number":45,"box":{"x":76,"y":739,"width":402,"height":10}},{"id":"ef7403ee-72bc-4b8f-bde0-a6cb206813b5","block_type":"box","text":"Less liquid markets, which may make valuing securities more difficult;","page_number":45,"box":{"x":114,"y":757,"width":445,"height":10}},{"id":"1ab18e4f-eb35-4830-a9e8-6b113362b226","block_type":"box","text":"Greater market volatility;","page_number":45,"box":{"x":113,"y":775,"width":158,"height":11}},{"id":"8b046618-a784-44a9-b137-26ae107f7740","block_type":"box","text":"Government intervention in issuers’ operations or structure;","page_number":45,"box":{"x":113,"y":793,"width":383,"height":11}},{"id":"61085e96-849e-4700-bab3-d2ddf94f1ecc","block_type":"box","text":"Government expropriation or nationalization of assets;","page_number":45,"box":{"x":113,"y":811,"width":348,"height":11}},{"id":"8f0f286e-7637-4252-8256-a2ddba39a7e4","block_type":"box","text":"Exchange rate fluctuations and currency controls;","page_number":45,"box":{"x":114,"y":829,"width":316,"height":11}},{"id":"de5c7fe2-1117-4ea5-a3d5-a03bc59fa4c1","block_type":"box","text":"Limitations on the foreign ownership of securities;","page_number":45,"box":{"x":114,"y":847,"width":319,"height":11}},{"id":"d487e764-0642-4b7c-8753-2a1864643b8f","block_type":"box","text":"Imposition of withholding or other taxes;","page_number":45,"box":{"x":114,"y":865,"width":257,"height":11}},{"id":"ea2ed7f6-f4c1-4c26-a5f3-d251a1ee2366","block_type":"box","text":"Restrictions on the repatriation of capital;","page_number":45,"box":{"x":114,"y":883,"width":265,"height":11}},{"id":"f59afdda-b533-4a7e-a026-ad7066a5f939","block_type":"box","text":"9","page_number":45,"box":{"x":526,"y":921,"width":6,"height":8}},{"id":"5e4fcd33-6616-476c-b086-bd62e0a687e7","block_type":"box","text":"Higher transaction and custody costs;","page_number":46,"box":{"x":114,"y":23,"width":241,"height":11}},{"id":"357eb8f9-7c46-4787-9dcd-c893deba22c4","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":46,"box":{"x":114,"y":41,"width":852,"height":11}},{"id":"4c2aec1c-9f34-4d26-815c-e98fab960acd","block_type":"box","text":"engage in portfolio transactions;","page_number":46,"box":{"x":113,"y":55,"width":206,"height":11}},{"id":"57207205-ab98-4bcc-881d-039979d4458e","block_type":"box","text":"Less regulation of the securities and other financial markets;","page_number":46,"box":{"x":114,"y":73,"width":386,"height":11}},{"id":"b34ef08d-f511-4c7a-a3ac-a8c85d56e7af","block_type":"box","text":"Less availability of public information about issuers;","page_number":46,"box":{"x":114,"y":91,"width":329,"height":11}},{"id":"4dbff0c9-9807-4df9-a19f-a09de9d303b6","block_type":"box","text":"Weaker accounting, audit, disclosure and financial reporting requirements and the risk of being delisted from U.S. exchanges;","page_number":46,"box":{"x":113,"y":109,"width":803,"height":11}},{"id":"8ec15bec-8f8b-461f-96ab-20f305d766a6","block_type":"box","text":"Difficulties in enforcing contractual obligations; and","page_number":46,"box":{"x":114,"y":128,"width":328,"height":10}},{"id":"6614a139-5c0f-43fa-a708-e911c69a9751","block_type":"box","text":"Legal principles relating to corporate governance, directors’ fiduciary duties and liabilities, and shareholder rights that are less robust","page_number":46,"box":{"x":114,"y":146,"width":853,"height":10}},{"id":"fc1b34d1-0b65-4bff-beab-eae2143325da","block_type":"box","text":"than those that apply in the U.S.","page_number":46,"box":{"x":113,"y":160,"width":205,"height":11}},{"id":"fd719ad0-7d6d-4672-bf2a-6b05f8e6b7f1","block_type":"box","text":"Withholding Tax Reclaims Risk","page_number":46,"box":{"x":77,"y":183,"width":188,"height":11}},{"id":"e316a79a-9aba-4c51-b418-7b7509da9edc","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":46,"box":{"x":265,"y":183,"width":674,"height":11}},{"id":"d44a5819-712e-4b19-918e-d13c56cea793","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":46,"box":{"x":76,"y":197,"width":905,"height":11}},{"id":"f8f9fa92-6ec2-406f-890a-81da9eeed90b","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":46,"box":{"x":76,"y":211,"width":898,"height":11}},{"id":"666d0615-2cc7-4c49-8cb6-0106b258fe53","block_type":"box","text":"on a continuous assessment of the probability of recovery, the Fund’s NAV generally includes accruals for such tax refunds. The Fund","page_number":46,"box":{"x":76,"y":226,"width":852,"height":10}},{"id":"753cb4c6-6fc0-4c26-b515-35368899e583","block_type":"box","text":"continues to evaluate tax developments for potential impact to the probability of recovery. If the likelihood of receiving a tax refund materially","page_number":46,"box":{"x":76,"y":240,"width":906,"height":11}},{"id":"144d49cd-5b02-47e2-b8c2-eacd8257a0ad","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":46,"box":{"x":76,"y":254,"width":901,"height":11}},{"id":"9960bf45-01fb-4215-88cb-7e11aec43466","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":46,"box":{"x":76,"y":268,"width":897,"height":11}},{"id":"b931ab6f-02f4-4d2e-b420-811b02a94109","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":46,"box":{"x":77,"y":282,"width":882,"height":11}},{"id":"ba34de85-43c6-4b98-a646-67e91b823b8e","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":46,"box":{"x":76,"y":296,"width":906,"height":11}},{"id":"ee2db63e-e551-4118-b1c6-9d8e95e89dea","block_type":"box","text":"NAV. Investors who sold their shares prior to such time will not benefit from any such NAV increase.","page_number":46,"box":{"x":77,"y":311,"width":636,"height":10}},{"id":"affe7830-4ccd-4dbc-afb8-520811149159","block_type":"box","text":"North American Economic Risk","page_number":46,"box":{"x":77,"y":334,"width":215,"height":8}},{"id":"72a7e1b1-30eb-4db3-b3d1-e02939f9d7fd","block_type":"box","text":". A decrease in imports or exports, changes in trade regulations or an economic recession in any North","page_number":46,"box":{"x":293,"y":334,"width":657,"height":11}},{"id":"6a9e81c6-9e4a-4fb7-841d-cb456c6e8b34","block_type":"box","text":"American country can have a significant economic effect on the entire North American region and on some or all of the North American","page_number":46,"box":{"x":76,"y":348,"width":866,"height":11}},{"id":"7a7c5472-c80b-49b0-b7b0-e42c5fd85e7c","block_type":"box","text":"countries in which a Fund invests.","page_number":46,"box":{"x":76,"y":362,"width":215,"height":9}},{"id":"aacd4885-ab50-4b0b-a24c-e2db32af5a0c","block_type":"box","text":"The U.S. is Canada’s and Mexico’s largest trading and investment partner. The Canadian and Mexican economies are significantly affected by","page_number":46,"box":{"x":76,"y":385,"width":903,"height":11}},{"id":"fc56e3b1-747b-403b-b386-736b316c4b71","block_type":"box","text":"developments in the U.S. economy. Since the implementation of the North American Free Trade Agreement (“NAFTA”) in 1994 among","page_number":46,"box":{"x":76,"y":400,"width":852,"height":10}},{"id":"a7d044f4-4df8-4ff8-8546-adb884a56c0e","block_type":"box","text":"Canada, the U.S. and Mexico, total merchandise trade among the three countries has increased. However, political developments including","page_number":46,"box":{"x":76,"y":414,"width":891,"height":11}},{"id":"f0e173e8-deb5-4a3f-adbd-ea574c3665a0","block_type":"box","text":"the implementation of tariffs by the U.S. and the renegotiation of NAFTA in the form of the United States-Mexico-Canada Agreement","page_number":46,"box":{"x":76,"y":428,"width":847,"height":11}},{"id":"7e70886e-e279-4434-bfd4-84d4b28f4f65","block_type":"box","text":"(“USMCA”), which replaced NAFTA on July 1, 2020, could negatively affect North America’s economic outlook and, as a result, the value of","page_number":46,"box":{"x":77,"y":442,"width":883,"height":11}},{"id":"db3171cc-6063-4a74-bf19-cd3fa3992761","block_type":"box","text":"securities held by a Fund. Policy and legislative changes in one country may have a significant effect on North American markets generally,","page_number":46,"box":{"x":76,"y":456,"width":888,"height":11}},{"id":"44c30dcf-3c0d-4e51-b1bf-2a8925348c51","block_type":"box","text":"as well as on the value of certain securities held by a Fund.","page_number":46,"box":{"x":76,"y":470,"width":375,"height":11}},{"id":"55243da1-fd9e-419f-8841-2540950fa5ee","block_type":"box","text":"Operational and Technology Risks.","page_number":46,"box":{"x":76,"y":494,"width":239,"height":10}},{"id":"1ec64018-2c1e-4101-9749-7ed1b47691a7","block_type":"box","text":"A Fund and the entities with which it interacts directly or indirectly are susceptible to operational and","page_number":46,"box":{"x":320,"y":494,"width":648,"height":10}},{"id":"17094010-bad8-493b-b658-41ab53ad3328","block_type":"box","text":"technology risks, including those related to human errors, processing errors, communication errors, systems failures, cybersecurity","page_number":46,"box":{"x":76,"y":508,"width":842,"height":11}},{"id":"7f1045e8-5823-4bff-835d-d6e7c6dd2363","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":46,"box":{"x":76,"y":522,"width":877,"height":11}},{"id":"4a772c07-ffd7-4c80-b497-d7b4a252956c","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":46,"box":{"x":76,"y":536,"width":844,"height":11}},{"id":"73ca5ec0-c506-4b8f-be57-90ef87570b97","block_type":"box","text":"providers (e.g., index and benchmark providers, accountants, custodians, and transfer agents), financial intermediaries, counterparties,","page_number":46,"box":{"x":76,"y":550,"width":866,"height":11}},{"id":"89ef2670-98c6-48b5-b94e-a23a59a73bad","block_type":"box","text":"market makers, Authorized Participants, listing exchanges, other financial market operators, and governmental authorities. Operational and","page_number":46,"box":{"x":76,"y":565,"width":892,"height":10}},{"id":"fad22b23-0f41-400f-a8f4-73f613d5fd09","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":46,"box":{"x":76,"y":579,"width":889,"height":11}},{"id":"58c04bc7-0c2e-45db-af29-6e1c669b77fd","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":46,"box":{"x":76,"y":593,"width":870,"height":11}},{"id":"8f9fd5cf-134c-4e15-b8a1-ecc213b05b6c","block_type":"box","text":"risks.","page_number":46,"box":{"x":77,"y":607,"width":32,"height":9}},{"id":"9200046e-73f1-4c98-8479-dc0c77c1bad4","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":46,"box":{"x":76,"y":630,"width":895,"height":11}},{"id":"7e4daac6-ea28-462b-bb18-b62540ee03f6","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":46,"box":{"x":76,"y":644,"width":878,"height":11}},{"id":"a05baa74-61f6-4578-9ec4-17f2371316f2","block_type":"box","text":"information, corrupting or destroying data, and causing operational disruption. Geopolitical tension may increase the scale and sophistication","page_number":46,"box":{"x":76,"y":659,"width":905,"height":11}},{"id":"24049ad5-300e-4145-9086-0c7ea080f415","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":46,"box":{"x":76,"y":673,"width":885,"height":11}},{"id":"b46d0617-cb21-43fd-9cd5-cb0884bf2744","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":46,"box":{"x":76,"y":687,"width":828,"height":11}},{"id":"153f6cd3-baf8-402a-a188-c6c2311bb2cd","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":46,"box":{"x":76,"y":701,"width":898,"height":11}},{"id":"20ad1a00-53a2-4d1d-ad71-b7ba249ecbc1","block_type":"box","text":"its service providers to transact business; violations of applicable privacy and other laws; regulatory fines; penalties; reputational damage;","page_number":46,"box":{"x":76,"y":715,"width":884,"height":11}},{"id":"58259ae9-da34-41bc-acca-bd9476454df2","block_type":"box","text":"reimbursement or other compensation costs; and other legal and compliance expenses. Furthermore, cybersecurity incidents may render","page_number":46,"box":{"x":77,"y":730,"width":880,"height":10}},{"id":"2e408ae9-c349-48da-b5d1-f8284580681c","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":46,"box":{"x":77,"y":744,"width":898,"height":11}},{"id":"ae508c9c-d3ef-4fea-871f-34e9778ae55e","block_type":"box","text":"a Fund’s functioning, inaccessible, inaccurate or incomplete. Power outages, natural disasters, equipment malfunctions and processing","page_number":46,"box":{"x":76,"y":758,"width":866,"height":11}},{"id":"059ebc89-6437-4a92-963b-6e35bae6fa70","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":46,"box":{"x":76,"y":772,"width":906,"height":11}},{"id":"fe43fda4-d3da-44a2-a200-9756d2de27cf","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":46,"box":{"x":76,"y":786,"width":904,"height":11}},{"id":"73dd1a1f-3a36-48c7-aacd-6f6b3ca43cf1","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":46,"box":{"x":76,"y":801,"width":885,"height":10}},{"id":"a7782daa-0619-4f43-bf6c-5bc217292089","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":46,"box":{"x":77,"y":815,"width":872,"height":10}},{"id":"1cf235d1-7478-4c42-9f71-9a47c62d76ca","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":46,"box":{"x":76,"y":829,"width":855,"height":11}},{"id":"0973fc3b-cc09-4acf-a1a6-d376fcb0d337","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":46,"box":{"x":76,"y":843,"width":857,"height":11}},{"id":"9825ca57-35b2-48f6-ad44-182f21f9c214","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":46,"box":{"x":76,"y":857,"width":897,"height":11}},{"id":"7bb8dd0e-9324-41c9-bda4-b79d932d311a","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":46,"box":{"x":76,"y":871,"width":886,"height":11}},{"id":"c203d738-9cae-4f8d-bde4-838234ba615d","block_type":"box","text":"10","page_number":46,"box":{"x":524,"y":921,"width":12,"height":8}},{"id":"3f05aa2c-e11c-4d55-9a83-2ac322b2f773","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":47,"box":{"x":76,"y":23,"width":876,"height":11}},{"id":"2285b3da-a014-4596-a360-2360796e565b","block_type":"box","text":"anticipate the full scope of future AI capabilities or rules and the associated risks to a Fund.","page_number":47,"box":{"x":76,"y":37,"width":585,"height":11}},{"id":"e808f15a-d1db-484e-b673-634b527d4ce3","block_type":"box","text":"While a Fund’s service providers are required to have appropriate operational, information security and cybersecurity risk management","page_number":47,"box":{"x":76,"y":61,"width":864,"height":10}},{"id":"872d03ef-9c1e-49f9-ab1b-559d1d2b954c","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":47,"box":{"x":76,"y":75,"width":889,"height":11}},{"id":"b26917c2-a7b1-436a-8dd2-75d824f8fb6f","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":47,"box":{"x":77,"y":89,"width":839,"height":11}},{"id":"86a0bb75-52df-4449-8492-fe7ce790fbc0","block_type":"box","text":"procedures and oversight, including establishing business continuity plans and risk management systems. However, there are inherent","page_number":47,"box":{"x":76,"y":103,"width":862,"height":11}},{"id":"f939ed57-a1e4-4723-ae98-0ce77585a696","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":47,"box":{"x":77,"y":117,"width":863,"height":11}},{"id":"e42ff463-0c01-4496-a9f3-edc7f0f04df7","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":47,"box":{"x":76,"y":131,"width":871,"height":11}},{"id":"31f2fde3-46d9-4e7c-95ca-8a63ac3ab118","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":47,"box":{"x":76,"y":146,"width":895,"height":10}},{"id":"c1a8032b-e310-464d-a391-1fe5d1a7aefa","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":47,"box":{"x":76,"y":160,"width":882,"height":11}},{"id":"196d9c0f-8d2d-4488-b1c9-3d8e9917eb5b","block_type":"box","text":"invests or its service providers, counterparties, and other third parties whose activities affect the Fund.","page_number":47,"box":{"x":76,"y":174,"width":659,"height":11}},{"id":"88ecfe5e-d13d-4903-a638-d1a418465385","block_type":"box","text":"Lastly, the regulatory climate governing cybersecurity and data protection is developing quickly and may vary considerably across","page_number":47,"box":{"x":77,"y":197,"width":830,"height":11}},{"id":"71c9d6ea-d04f-4145-9d53-1402ad86b61f","block_type":"box","text":"jurisdictions. Regulators continue to develop new rules and standards related to cybersecurity and data protection. Compliance with evolving","page_number":47,"box":{"x":75,"y":211,"width":905,"height":11}},{"id":"a005b772-a5d0-4584-b334-57afb0ce9264","block_type":"box","text":"regulations can be demanding and costly, requiring substantial resources to monitor and implement required changes.","page_number":47,"box":{"x":77,"y":226,"width":756,"height":10}},{"id":"8ec6220f-170e-4a91-9108-db43490ad860","block_type":"box","text":"Ownership Limitations Risk.","page_number":47,"box":{"x":76,"y":249,"width":195,"height":10}},{"id":"3e1df92a-0928-4680-9e0c-091188ca6399","block_type":"box","text":"If certain aggregate and/or fund-level ownership thresholds are reached through transactions undertaken by","page_number":47,"box":{"x":277,"y":249,"width":697,"height":11}},{"id":"2ddb9c87-b1ad-4b91-bddc-d8e6f1a8eb79","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":47,"box":{"x":77,"y":263,"width":900,"height":11}},{"id":"6e9a5b40-413c-4e23-a8f6-14a99bb383db","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":47,"box":{"x":76,"y":277,"width":851,"height":11}},{"id":"0a4540ec-2322-45a0-b3b1-624a9bc278ab","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":47,"box":{"x":77,"y":291,"width":866,"height":11}},{"id":"dd55dae6-aec8-4698-a456-dede37e08bb6","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":47,"box":{"x":76,"y":305,"width":903,"height":11}},{"id":"a25201de-0a66-4373-adf1-388b160a9f7d","block_type":"box","text":"holdings.","page_number":47,"box":{"x":77,"y":320,"width":55,"height":10}},{"id":"1b4f214d-2cb9-41a3-abb9-06b69c8c6094","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":47,"box":{"x":77,"y":343,"width":851,"height":11}},{"id":"87dd7119-8ff3-445e-a93a-5214b92812a2","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":47,"box":{"x":76,"y":357,"width":890,"height":11}},{"id":"b1fe2850-4325-46cc-922e-3e7793dece75","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":47,"box":{"x":76,"y":371,"width":870,"height":11}},{"id":"b1eac80a-bf4b-4fc7-b36b-9da71380b94c","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":47,"box":{"x":76,"y":385,"width":884,"height":11}},{"id":"b017476e-2665-4807-8f8c-e3930161e79d","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":47,"box":{"x":76,"y":400,"width":906,"height":10}},{"id":"7f8c7ace-8507-499e-af20-df98299ffbb3","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":47,"box":{"x":76,"y":414,"width":886,"height":11}},{"id":"7917980e-8050-474c-9694-3cdb6f391338","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":47,"box":{"x":76,"y":428,"width":896,"height":11}},{"id":"afce2937-1721-45e8-941c-a6501ecba265","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":47,"box":{"x":76,"y":451,"width":885,"height":11}},{"id":"4a46f395-85f1-4c4f-be99-82355ce21869","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":47,"box":{"x":76,"y":465,"width":854,"height":11}},{"id":"f1fe9d6a-9ad3-439c-bfb0-e1ef89dfe38c","block_type":"box","text":"disapproval that was obtained.","page_number":47,"box":{"x":76,"y":480,"width":195,"height":10}},{"id":"9d6c13b6-855b-452d-8243-37d94659d1bb","block_type":"box","text":"Real Estate Companies Risk.","page_number":47,"box":{"x":77,"y":503,"width":196,"height":10}},{"id":"8fef9d0a-6015-4133-ab39-67777a0fdd36","block_type":"box","text":"Real estate companies, which include real estate investment trusts, real estate holding and operating","page_number":47,"box":{"x":279,"y":503,"width":649,"height":11}},{"id":"0946438a-d0a5-4ac2-97e3-519782365739","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":47,"box":{"x":76,"y":517,"width":903,"height":11}},{"id":"7e1a09ce-c2fc-47a1-b40a-df75e1bf0db7","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":47,"box":{"x":76,"y":531,"width":883,"height":11}},{"id":"031469c1-e834-43e1-bc4a-6a550b9d0f48","block_type":"box","text":"and other governmental actions, including tax increases, zoning changes and other usage restrictions, environmental regulations, regulatory","page_number":47,"box":{"x":76,"y":545,"width":897,"height":11}},{"id":"6b804133-e190-4a24-bdb1-d0d80f6609cc","block_type":"box","text":"limitations on rent or eviction, and eminent domain.","page_number":47,"box":{"x":77,"y":559,"width":329,"height":11}},{"id":"227bc341-bdbe-4120-9ad0-e4a2b4a3c48b","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":47,"box":{"x":77,"y":583,"width":897,"height":10}},{"id":"f0020fda-406c-41b5-8982-10c0f9f2296b","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":47,"box":{"x":77,"y":597,"width":900,"height":11}},{"id":"76c2712d-a07f-4a2a-9bf2-f06afff675da","block_type":"box","text":"or property type. Economic downturns or other adverse events (","page_number":47,"box":{"x":76,"y":611,"width":409,"height":11}},{"id":"ad9c7ec1-848c-4e33-a0c8-378d678c6696","block_type":"box","text":"e.g.","page_number":47,"box":{"x":487,"y":613,"width":20,"height":9}},{"id":"6657a7ec-e226-43d0-bfc2-b3b132bb3c94","block_type":"box","text":", natural disasters) that affect a particular region, industry or property","page_number":47,"box":{"x":510,"y":611,"width":446,"height":11}},{"id":"f37ed93b-0a9f-4b86-88c3-090eb7fc21d8","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":47,"box":{"x":76,"y":625,"width":891,"height":11}},{"id":"a907e7bc-626c-43b5-8aa7-b22678f9e0fd","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":47,"box":{"x":76,"y":639,"width":882,"height":11}},{"id":"51b31d4e-b8fd-41db-92eb-3cb085a76941","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":47,"box":{"x":76,"y":654,"width":858,"height":10}},{"id":"e111ecb6-a378-43f0-b5c5-12b7c1752d00","block_type":"box","text":"response to economic conditions or other events.","page_number":47,"box":{"x":77,"y":668,"width":316,"height":10}},{"id":"7b48d23a-767f-4e97-92f0-c8773bf423a9","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":47,"box":{"x":77,"y":691,"width":900,"height":11}},{"id":"f59cbf19-b5b8-4b66-817e-0c602ebefdd3","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":47,"box":{"x":77,"y":705,"width":881,"height":11}},{"id":"60d5db96-876a-4b7b-bc1b-4c66b202aed6","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":47,"box":{"x":76,"y":719,"width":867,"height":11}},{"id":"d385f011-ede8-492c-9d97-dedde8b2607b","block_type":"box","text":"redeployment of capital in less desirable investments.","page_number":47,"box":{"x":77,"y":733,"width":343,"height":11}},{"id":"f10828d6-353c-4b05-b681-3b5a59458adc","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":47,"box":{"x":76,"y":757,"width":875,"height":10}},{"id":"e722da01-9567-427f-ba82-eb2d7c32d55d","block_type":"box","text":"economic consequences for the company and its investors, including a Fund.","page_number":47,"box":{"x":76,"y":771,"width":492,"height":11}},{"id":"c5f8ac63-eb0f-43fe-be95-8a69d9fbbaa5","block_type":"box","text":"Reliance on Trading Partners Risk.","page_number":47,"box":{"x":77,"y":794,"width":235,"height":11}},{"id":"9ebf6bb5-99f5-430b-9efe-747856d36887","block_type":"box","text":"The economies of some countries or regions in which the Funds invest are dependent on trading with","page_number":47,"box":{"x":317,"y":794,"width":648,"height":11}},{"id":"7830482e-e518-40d6-a7e8-287a433524b1","block_type":"box","text":"certain key trading partners. Reduction in spending on the products and services of these countries or regions, institution of tariffs or other","page_number":47,"box":{"x":76,"y":808,"width":891,"height":11}},{"id":"fe4c2bee-f1bc-4def-8b4a-c073770bf2b1","block_type":"box","text":"trade barriers by any of their key trading partners or a slowdown in the economies of any of their key trading partners may cause an adverse","page_number":47,"box":{"x":76,"y":822,"width":897,"height":11}},{"id":"c0ad7d82-f72d-4b90-9ebf-c49d9beaae3f","block_type":"box","text":"impact on the economies of such countries or regions.","page_number":47,"box":{"x":76,"y":837,"width":348,"height":10}},{"id":"c9d00c07-edb3-4381-b441-45200bce0a84","block_type":"box","text":"Risk of Investing in China.","page_number":47,"box":{"x":77,"y":860,"width":178,"height":11}},{"id":"32cd2fa2-ebc3-4138-b9b1-271db2386ac7","block_type":"box","text":"Investments in Chinese securities, including certain Hong Kong-listed and U.S.-listed securities, subject a Fund","page_number":47,"box":{"x":261,"y":860,"width":711,"height":11}},{"id":"e786445b-03b5-4067-8fc7-dcc9e8fae1f9","block_type":"box","text":"to risks specific to China. China is subject to a considerable degree of economic, political and social instability.","page_number":47,"box":{"x":76,"y":874,"width":708,"height":11}},{"id":"ec144bfc-f9cd-4605-a047-1c010cb1e3dd","block_type":"box","text":"11","page_number":47,"box":{"x":524,"y":921,"width":10,"height":8}},{"id":"c5fbfc7b-0129-4790-b675-afe5ac752e08","block_type":"box","text":"Political and Social Risk.","page_number":48,"box":{"x":76,"y":23,"width":151,"height":9}},{"id":"290db338-8f33-4357-98ff-5a20a3416440","block_type":"box","text":"The Chinese government is authoritarian and has periodically used force to suppress civil dissent. Disparities of","page_number":48,"box":{"x":233,"y":23,"width":713,"height":11}},{"id":"ae656cc7-590b-4696-8c80-f0e173882e75","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":48,"box":{"x":76,"y":37,"width":839,"height":11}},{"id":"a54bfee5-2836-4eef-a16c-12d793e21515","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":48,"box":{"x":76,"y":52,"width":888,"height":10}},{"id":"32440a89-7b30-4d3d-84d6-e1f7d9dd3b4b","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":48,"box":{"x":76,"y":66,"width":892,"height":11}},{"id":"77038ae5-f004-4cd4-8037-858100fd2d92","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":48,"box":{"x":77,"y":80,"width":873,"height":11}},{"id":"0661af0f-e005-4bba-bfc4-f3396a510c0c","block_type":"box","text":"result in sudden and significant investment losses. China’s income inequality, rapidly aging population and significant environmental issues","page_number":48,"box":{"x":77,"y":94,"width":888,"height":11}},{"id":"acc7f21f-d32f-4590-824b-400d891c39e2","block_type":"box","text":"also are factors that may affect the Chinese economy.","page_number":48,"box":{"x":76,"y":108,"width":345,"height":11}},{"id":"0d9398a5-5802-477d-bce7-a4dbe4455cb2","block_type":"box","text":"Government Control and Regulations.","page_number":48,"box":{"x":76,"y":131,"width":234,"height":11}},{"id":"ec424cf2-58b1-4b3b-8830-dcad436e0d34","block_type":"box","text":"Despite the Chinese government’s implementation of economic and market reforms in recent decades,","page_number":48,"box":{"x":317,"y":131,"width":659,"height":11}},{"id":"fe58e92e-fc56-437d-bc7f-d13d4ee8430b","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":48,"box":{"x":76,"y":146,"width":889,"height":10}},{"id":"fcbd2208-6f04-41d7-beb6-5e50dedd6851","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":48,"box":{"x":77,"y":160,"width":898,"height":11}},{"id":"795045fa-047a-41dd-b7af-006999accbc6","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":48,"box":{"x":76,"y":174,"width":894,"height":11}},{"id":"0bebf28e-fab5-460f-b750-df1dac344e94","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":48,"box":{"x":76,"y":188,"width":855,"height":11}},{"id":"bcb547dc-2697-43ac-8c56-572dc4869ba5","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":48,"box":{"x":76,"y":202,"width":880,"height":11}},{"id":"9ada463c-1877-4c3c-b164-7a1b7b973fa0","block_type":"box","text":"Chinese economy and a Fund’s investments. Chinese markets generally continue to experience inefficiency, lack of publicly available","page_number":48,"box":{"x":76,"y":216,"width":850,"height":11}},{"id":"ced13fa2-2b43-42a8-b6ec-d371c16274bd","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":48,"box":{"x":76,"y":231,"width":893,"height":11}},{"id":"bfa576f2-8cfc-4659-b075-152464711a15","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":48,"box":{"x":76,"y":245,"width":905,"height":11}},{"id":"bb47016d-697e-432b-af50-b78a704a8042","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":48,"box":{"x":76,"y":259,"width":778,"height":11}},{"id":"a9da0f81-bc4f-4524-a50c-609d224989c6","block_type":"box","text":"Economic Risk.","page_number":48,"box":{"x":76,"y":282,"width":94,"height":9}},{"id":"e64b3547-c31b-4db4-b02c-ba63823fbabe","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":48,"box":{"x":176,"y":282,"width":766,"height":11}},{"id":"d89eb1b9-52a6-4de4-8add-4536bfb8d75b","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":48,"box":{"x":76,"y":296,"width":887,"height":11}},{"id":"2d1b74a6-898e-485c-873b-90bff23bafa0","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":48,"box":{"x":76,"y":311,"width":869,"height":10}},{"id":"985ccbb8-8463-4ad5-9012-24432ef152a9","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":48,"box":{"x":76,"y":325,"width":893,"height":11}},{"id":"ac8d393a-f1a6-47cb-820b-d7ee042943e9","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":48,"box":{"x":76,"y":339,"width":871,"height":11}},{"id":"9a841d6c-a109-4bcb-956c-6cab21145ee2","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":48,"box":{"x":76,"y":353,"width":881,"height":11}},{"id":"10d6ce8b-fb41-460f-ac30-645128557451","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":48,"box":{"x":76,"y":367,"width":876,"height":11}},{"id":"25005c03-42bb-4bcf-abbf-7752f6f8d412","block_type":"box","text":"may occur.","page_number":48,"box":{"x":76,"y":384,"width":69,"height":8}},{"id":"6de717a4-f44d-4ea4-bd9e-4bd3a9844220","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":48,"box":{"x":77,"y":405,"width":840,"height":11}},{"id":"98cc802f-271d-4a37-aad5-30b301d7d81e","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":48,"box":{"x":77,"y":419,"width":872,"height":11}},{"id":"42da4f66-ca3a-4b9d-94a0-f0b2628e9bed","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":48,"box":{"x":76,"y":433,"width":848,"height":11}},{"id":"6112d71c-d42d-4a85-b2cd-c0f8e3b0edb4","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":48,"box":{"x":76,"y":447,"width":893,"height":11}},{"id":"07acbe73-a965-4cad-9a57-40a3badd5740","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":48,"box":{"x":76,"y":461,"width":898,"height":11}},{"id":"edaab96f-9972-4888-9b8f-cf16dedd3685","block_type":"box","text":"Chinese financial markets or securities exchanges could interfere with orderly trading, delay settlement or cause market disruptions. A","page_number":48,"box":{"x":76,"y":476,"width":863,"height":10}},{"id":"f72c0ce8-d16e-4c8e-b624-b2a255f56f5b","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":48,"box":{"x":77,"y":490,"width":897,"height":11}},{"id":"ed53e242-4cee-4b3d-a5d1-a18951d54217","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":48,"box":{"x":76,"y":504,"width":884,"height":11}},{"id":"f0c8db12-4acc-40f1-9d68-1145ced9f05c","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":48,"box":{"x":76,"y":518,"width":905,"height":11}},{"id":"fcb242ca-cfc3-4198-8275-dceb1f97161e","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":48,"box":{"x":76,"y":532,"width":893,"height":11}},{"id":"61fc7bc0-e6fc-491b-a162-96a247510a0a","block_type":"box","text":"exporting of its excess industrial capacity and overall approach to economic management.","page_number":48,"box":{"x":76,"y":547,"width":578,"height":10}},{"id":"3e1144d9-9cb1-4b16-ab86-689086d9279b","block_type":"box","text":"Expropriation Risk.","page_number":48,"box":{"x":76,"y":570,"width":116,"height":10}},{"id":"a4a12b93-5a4d-4ce4-8261-cd4b7d9fea5a","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":48,"box":{"x":198,"y":570,"width":781,"height":11}},{"id":"787300cb-c9cf-4270-910b-779d20710ed0","block_type":"box","text":"to expropriation, nationalization, confiscation of assets and property or the imposition of restrictions on foreign investments and on","page_number":48,"box":{"x":76,"y":584,"width":841,"height":11}},{"id":"d903c174-d0ed-49b4-a06e-18cbb911a8eb","block_type":"box","text":"repatriation of capital invested.","page_number":48,"box":{"x":77,"y":598,"width":198,"height":11}},{"id":"ee6c0b82-d115-4838-bc0e-51988c648c16","block_type":"box","text":"Security Risk.","page_number":48,"box":{"x":76,"y":621,"width":83,"height":11}},{"id":"dfef86bf-32e3-41eb-a2d9-c143707935be","block_type":"box","text":"China has strained international relations with Taiwan, Japan, the Philippines, India, and other neighbors due to territorial","page_number":48,"box":{"x":166,"y":621,"width":770,"height":11}},{"id":"dc28a74e-6cee-4170-9f2b-5d597957b29f","block_type":"box","text":"disputes, historical animosities, defense concerns and other security concerns. China has a complex territorial dispute regarding the","page_number":48,"box":{"x":76,"y":635,"width":848,"height":11}},{"id":"10de54be-3377-45f7-90cb-f97fa1934c6a","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":48,"box":{"x":76,"y":650,"width":898,"height":10}},{"id":"46c81369-d3c2-490e-b551-44d20bbad2c0","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":48,"box":{"x":76,"y":664,"width":886,"height":11}},{"id":"3f982736-116e-49de-834f-1c66da3a4c4a","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":48,"box":{"x":76,"y":678,"width":879,"height":11}},{"id":"75bfd4c5-0c4c-4aa9-b380-8e78734d16d6","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":48,"box":{"x":76,"y":692,"width":887,"height":11}},{"id":"2e5405e3-9d9b-4c7a-9be3-17b4082a32ac","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":48,"box":{"x":76,"y":706,"width":883,"height":11}},{"id":"033ad086-bd33-4adc-98e1-060d4f1bfbe9","block_type":"box","text":"risk of escalation potentially leading to military conflict.","page_number":48,"box":{"x":77,"y":721,"width":353,"height":10}},{"id":"a07cb0d4-8892-4af7-9d48-dc08615ed9cb","block_type":"box","text":"Additionally, China is alleged to have participated in state-sponsored cyberattacks against foreign companies and foreign governments.","page_number":48,"box":{"x":76,"y":744,"width":866,"height":11}},{"id":"3ac0cbc9-5230-468f-8df0-c6618f6ddddd","block_type":"box","text":"Actual and threatened responses to such activity and strained international relations, including purchasing restrictions, sanctions, export","page_number":48,"box":{"x":76,"y":758,"width":876,"height":11}},{"id":"905ccbf2-6cdf-42f1-aceb-10fc8a6879ec","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":48,"box":{"x":76,"y":772,"width":871,"height":11}},{"id":"63712cb5-2678-45be-ae36-c9ee9644d37c","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":48,"box":{"x":76,"y":786,"width":891,"height":11}},{"id":"0c235cf9-b725-44c4-94a0-c2c8694b1877","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":48,"box":{"x":76,"y":800,"width":863,"height":11}},{"id":"f7fb2132-dad4-47b0-a3cc-09db34ab3b75","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":48,"box":{"x":76,"y":815,"width":855,"height":10}},{"id":"6b82620b-988c-46df-bf84-b6522d3d7c68","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":48,"box":{"x":76,"y":829,"width":893,"height":11}},{"id":"6ff1be49-7236-4e6c-b5b3-5f12c425a45b","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":48,"box":{"x":77,"y":843,"width":879,"height":11}},{"id":"f62dd8ef-8c8b-435a-b277-d2c0998f487e","block_type":"box","text":"12","page_number":48,"box":{"x":524,"y":921,"width":11,"height":8}},{"id":"73aa51d1-23ba-4179-94e5-a4ace96e1b72","block_type":"box","text":"Chinese Equity Markets.","page_number":49,"box":{"x":76,"y":23,"width":151,"height":11}},{"id":"623cb397-11b5-489e-8d83-3ff72aa17883","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":49,"box":{"x":233,"y":23,"width":726,"height":11}},{"id":"d67064f5-b451-4be1-b2d8-282ba796e420","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":49,"box":{"x":76,"y":37,"width":889,"height":11}},{"id":"07ea602f-6172-48c7-9bfa-0f1d538fa6e2","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":49,"box":{"x":76,"y":51,"width":887,"height":11}},{"id":"7045f2ce-368a-4be5-908c-6c30f1f68369","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":49,"box":{"x":76,"y":66,"width":834,"height":11}},{"id":"ff328d26-8e8c-4ac1-aa7e-963e64486075","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":49,"box":{"x":76,"y":80,"width":880,"height":11}},{"id":"89db9396-ac92-4a4e-bf90-17d8fe9a8231","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":49,"box":{"x":77,"y":94,"width":905,"height":11}},{"id":"e78833f8-21f8-4e98-ac6d-bd24db19c094","block_type":"box","text":"volume and price volatility.","page_number":49,"box":{"x":76,"y":108,"width":170,"height":11}},{"id":"2c7e94fd-622a-4f4b-a112-65c83c1312f0","block_type":"box","text":"Hong Kong Political Risk.","page_number":49,"box":{"x":76,"y":131,"width":154,"height":11}},{"id":"208601cc-4f62-41c1-aacf-ccf8c4b95054","block_type":"box","text":"Hong Kong reverted to Chinese sovereignty on July 1, 1997 as a Special Administrative Region (“SAR”) of the","page_number":49,"box":{"x":237,"y":131,"width":692,"height":11}},{"id":"12ddbe3b-df31-45c3-98bf-45f91825bd65","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":49,"box":{"x":77,"y":146,"width":887,"height":10}},{"id":"fda34180-ba1b-4d45-953c-9f5917084514","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":49,"box":{"x":76,"y":160,"width":861,"height":11}},{"id":"d83d0c8e-c758-4416-898b-abef5c7978fc","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":49,"box":{"x":76,"y":174,"width":895,"height":11}},{"id":"324b65b4-9530-49b9-b121-2b369edf635a","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":49,"box":{"x":76,"y":188,"width":881,"height":11}},{"id":"b0374f35-9011-42b3-82cd-f51ad3554b1a","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":49,"box":{"x":76,"y":202,"width":823,"height":11}},{"id":"cd9bca45-e44c-4bed-bd61-1579776138eb","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":49,"box":{"x":76,"y":217,"width":853,"height":10}},{"id":"ec5d25c0-3d51-4085-ad32-7dae73b79f96","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":49,"box":{"x":76,"y":231,"width":888,"height":11}},{"id":"5e462ee7-5fff-4b85-8bbb-c0e32d0a8e58","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":49,"box":{"x":76,"y":245,"width":838,"height":11}},{"id":"e6e889fc-7ad9-402a-a650-87e52686f89a","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":49,"box":{"x":76,"y":259,"width":869,"height":11}},{"id":"2d46f633-00c1-4b23-9f7b-347ad9f22cb7","block_type":"box","text":"Fund’s NAV because the NAV is denominated in U.S. dollars.","page_number":49,"box":{"x":77,"y":273,"width":384,"height":9}},{"id":"f2b4b049-9502-4450-8925-c4ad2ce3c67f","block_type":"box","text":"Limited Information, Legal Remedies and VIE Structure Risk.","page_number":49,"box":{"x":76,"y":296,"width":376,"height":11}},{"id":"2ecd2e00-05de-4d11-b4eb-b9707246f346","block_type":"box","text":"Chinese companies, including Chinese companies that are listed on U.S.","page_number":49,"box":{"x":459,"y":296,"width":462,"height":11}},{"id":"5161747e-aad8-48df-899d-0367f176e19f","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":49,"box":{"x":76,"y":311,"width":896,"height":10}},{"id":"a36654fe-a61d-420b-915c-6167d9eb5af1","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":49,"box":{"x":76,"y":325,"width":855,"height":11}},{"id":"feee9425-b6d9-4273-a5d1-0821077bcb06","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":49,"box":{"x":76,"y":339,"width":864,"height":11}},{"id":"3ccb7514-c9ef-489c-9f4f-1f96564f2113","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":49,"box":{"x":76,"y":353,"width":859,"height":11}},{"id":"d7e1c114-49b6-49fa-a8cc-3040e0931e70","block_type":"box","text":"significant obstacles to obtaining information necessary for investigations into or litigation against Chinese companies, and shareholders","page_number":49,"box":{"x":76,"y":367,"width":876,"height":11}},{"id":"d9c21250-af55-4956-a9d9-caf28745e4ea","block_type":"box","text":"may have limited legal remedies. The Funds do not select investments based on investor protection considerations.","page_number":49,"box":{"x":76,"y":382,"width":738,"height":10}},{"id":"5dd46ce6-d587-4948-8bbe-0aa2808acb0e","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":49,"box":{"x":77,"y":405,"width":888,"height":11}},{"id":"c7922a88-143f-4650-b36b-612872d2b759","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":49,"box":{"x":77,"y":419,"width":869,"height":11}},{"id":"71d040b5-8522-4296-b4e3-18e51b1e6674","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":49,"box":{"x":76,"y":433,"width":888,"height":11}},{"id":"770d49d7-4f1e-4232-b8b6-e47e2061a7b7","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":49,"box":{"x":76,"y":447,"width":858,"height":11}},{"id":"2f41222d-364d-4996-bd5f-ec5a8e9da815","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":49,"box":{"x":76,"y":461,"width":852,"height":11}},{"id":"35eb56ab-aa6b-41ad-bf4f-6b75c925b9b7","block_type":"box","text":"represent equity ownership in the operating company.","page_number":49,"box":{"x":77,"y":476,"width":344,"height":10}},{"id":"0fd504bd-776d-401d-9a8f-5f3f14fdf66c","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":49,"box":{"x":76,"y":499,"width":888,"height":11}},{"id":"8e5bae52-7a58-4a54-b4f8-0e3f808b3222","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":49,"box":{"x":76,"y":513,"width":906,"height":11}},{"id":"2da88c08-2dfd-4399-a9fd-b9988671ad1c","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":49,"box":{"x":76,"y":527,"width":849,"height":11}},{"id":"9492751a-5184-4ac4-80d9-c6758f8db053","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":49,"box":{"x":76,"y":541,"width":890,"height":11}},{"id":"5913beec-de30-4b70-8863-b86e5b2f829b","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":49,"box":{"x":76,"y":556,"width":855,"height":10}},{"id":"335f2b17-d417-4b8e-a0d2-e704d71b6b3f","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":49,"box":{"x":76,"y":570,"width":898,"height":11}},{"id":"5de06d96-f390-4e31-834e-ff0be3fe48db","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":49,"box":{"x":76,"y":584,"width":892,"height":11}},{"id":"9f9f27ed-6a15-46d7-88ce-80577f27ab8e","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":49,"box":{"x":77,"y":598,"width":879,"height":11}},{"id":"1028ea01-457b-44c6-a68e-d3f91d564b5a","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":49,"box":{"x":76,"y":612,"width":904,"height":11}},{"id":"10c3b3a9-1e5e-4489-8e95-b08cd184d487","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":49,"box":{"x":76,"y":626,"width":894,"height":11}},{"id":"5f05f2c6-58dc-4551-9cc1-f932d12066fd","block_type":"box","text":"possibly permanent and/or total, losses to a Fund.","page_number":49,"box":{"x":76,"y":641,"width":324,"height":10}},{"id":"116d3707-e6e0-403a-b387-390bd3a6b9bc","block_type":"box","text":"Risk of Investing in Developed Countries.","page_number":49,"box":{"x":77,"y":664,"width":285,"height":11}},{"id":"e73efbf3-217f-493f-9ecf-6e03ae76c0cb","block_type":"box","text":"Investment in developed country issuers will subject a Fund to legal, regulatory, political,","page_number":49,"box":{"x":368,"y":664,"width":568,"height":11}},{"id":"7d82699c-fa2a-4c0c-902e-69305d1c3a6a","block_type":"box","text":"currency, security, economic and other risks associated with developed countries. Developed countries generally tend to rely on services","page_number":49,"box":{"x":76,"y":678,"width":878,"height":11}},{"id":"6853989b-91a9-4f48-9ebb-1488f887e6be","block_type":"box","text":"sectors (","page_number":49,"box":{"x":76,"y":692,"width":55,"height":11}},{"id":"fe49109e-be17-46dc-96c7-7a7a92ad0487","block_type":"box","text":"e.g.,","page_number":49,"box":{"x":132,"y":695,"width":25,"height":8}},{"id":"e02e24df-6589-4657-93d1-aed0eda7ab0c","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":49,"box":{"x":163,"y":692,"width":817,"height":11}},{"id":"c382b6b6-1bff-460e-9d58-91582f97d03a","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":49,"box":{"x":76,"y":706,"width":887,"height":11}},{"id":"030ffd88-6b68-472e-af56-4d727500e0c8","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":49,"box":{"x":76,"y":721,"width":884,"height":10}},{"id":"828af2d4-490d-4808-8745-89bfa1acbb58","block_type":"box","text":"areas in which a Fund invests have experienced strained international relations due to territorial disputes, historical animosities, defense","page_number":49,"box":{"x":76,"y":735,"width":874,"height":10}},{"id":"c9cb7291-e2ba-45a6-af3e-29a81aee27dd","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":49,"box":{"x":76,"y":749,"width":868,"height":11}},{"id":"d687395a-64b3-4f48-b95f-8d066274a553","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":49,"box":{"x":76,"y":763,"width":897,"height":11}},{"id":"072b5a98-7d40-403f-90db-ae982a9d1122","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":49,"box":{"x":77,"y":777,"width":899,"height":11}},{"id":"de0041a9-b026-4f55-9e93-da0105fd1b62","block_type":"box","text":"prolonged periods of recession. Many developed countries are heavily indebted and face rising healthcare and retirement expenses. In","page_number":49,"box":{"x":76,"y":791,"width":860,"height":11}},{"id":"539bbe00-1c7b-4725-9a1d-0e27b4ae4520","block_type":"box","text":"addition, price fluctuations of certain commodities and regulations impacting the import of commodities may negatively affect developed","page_number":49,"box":{"x":76,"y":806,"width":877,"height":10}},{"id":"f1383c73-050f-452b-82c5-c5adfd7617db","block_type":"box","text":"country economies.","page_number":49,"box":{"x":76,"y":820,"width":126,"height":11}},{"id":"05c44f8f-69e7-4cf9-8ea7-2e959d7456e9","block_type":"box","text":"Risk of Investing in Emerging Markets.","page_number":49,"box":{"x":77,"y":843,"width":266,"height":11}},{"id":"766abdf4-2135-4e3b-8f4a-fe416def9ea2","block_type":"box","text":"Investments in emerging market issuers may be subject to a greater risk of loss than investments","page_number":49,"box":{"x":349,"y":843,"width":625,"height":11}},{"id":"db5577e5-4aa9-49a1-9a5d-17db9320d898","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":49,"box":{"x":76,"y":857,"width":869,"height":11}},{"id":"c024f773-c2ae-4224-8bce-be9e9ea0c897","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":49,"box":{"x":77,"y":871,"width":836,"height":11}},{"id":"19f688c1-2bbb-4908-9040-07ad2d01ae66","block_type":"box","text":"governmental limitations on foreign investments in emerging market countries than are typically found in more developed markets.","page_number":49,"box":{"x":76,"y":886,"width":838,"height":10}},{"id":"1839cafc-1298-4ead-bd08-43d0e46a964f","block_type":"box","text":"13","page_number":49,"box":{"x":524,"y":921,"width":12,"height":8}},{"id":"115eb4ac-9f6e-4356-a245-602a6074df8c","block_type":"box","text":"Some emerging market countries may experience economic instability, including instability resulting from substantial rates of inflation or","page_number":50,"box":{"x":76,"y":23,"width":876,"height":11}},{"id":"266373c7-8aad-4688-8fdb-40252254ced6","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":50,"box":{"x":76,"y":37,"width":856,"height":11}},{"id":"c8c69390-4db4-4757-928b-1c34444c4fc4","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":50,"box":{"x":76,"y":51,"width":879,"height":11}},{"id":"815c2fbc-c346-4b7c-9757-0d78e9ed2603","block_type":"box","text":"exchange rates, and there may be a lack of available currency hedging instruments.","page_number":50,"box":{"x":76,"y":66,"width":533,"height":11}},{"id":"eab10579-6ec7-4e0b-8706-64b407604c62","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":50,"box":{"x":77,"y":89,"width":852,"height":11}},{"id":"396c0154-853b-4fcb-914b-4e2c6de181b9","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":50,"box":{"x":76,"y":103,"width":854,"height":11}},{"id":"aecb67ec-e4a9-4544-8fad-a44b5e5d0d7a","block_type":"box","text":"significant investment losses.","page_number":50,"box":{"x":76,"y":117,"width":188,"height":11}},{"id":"f729e086-5934-4b18-8b59-26d122552cd7","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":50,"box":{"x":76,"y":140,"width":863,"height":11}},{"id":"aa0aad6d-3e14-46d3-b8d0-53647db139d8","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":50,"box":{"x":76,"y":155,"width":884,"height":10}},{"id":"3605441c-b4f1-43eb-b3f1-9d55ffb5f8d7","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":50,"box":{"x":77,"y":169,"width":902,"height":11}},{"id":"1ee85bec-8937-4f0b-8068-3baf85eeaec9","block_type":"box","text":"of securities than developed markets. There may be significant obstacles to obtaining information necessary for investigations into or","page_number":50,"box":{"x":76,"y":183,"width":854,"height":11}},{"id":"819fc990-fd71-499d-b910-81994fa08fd7","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":50,"box":{"x":77,"y":197,"width":878,"height":11}},{"id":"44385dbf-af55-4a4a-9a70-b56cd6ff9cd2","block_type":"box","text":"protection considerations.","page_number":50,"box":{"x":76,"y":211,"width":167,"height":11}},{"id":"65a334b4-8189-4ef9-9b85-be3080cea2ae","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":50,"box":{"x":77,"y":235,"width":851,"height":10}},{"id":"528ade33-18cf-4546-bd38-b397d6b222a1","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":50,"box":{"x":76,"y":249,"width":892,"height":11}},{"id":"1055f3c8-7167-47a1-b023-49c1754dfd1e","block_type":"box","text":"and investment. Chronic structural public sector deficits in some countries may adversely impact a Fund’s investments.","page_number":50,"box":{"x":76,"y":263,"width":765,"height":11}},{"id":"5313c684-b50b-4c12-92d2-63076d618573","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":50,"box":{"x":77,"y":286,"width":885,"height":11}},{"id":"0487fa15-10db-4f87-8e65-47946ecc0072","block_type":"box","text":"changes in trading volume, potentially making prompt liquidation of holdings difficult or impossible at times. Settlement procedures in","page_number":50,"box":{"x":76,"y":300,"width":857,"height":11}},{"id":"e3f9f780-ab30-4ba1-b53b-bf11a1a2c160","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":50,"box":{"x":76,"y":314,"width":875,"height":11}},{"id":"bad91ea4-435b-41f8-a82d-58f4c7016774","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":50,"box":{"x":76,"y":329,"width":870,"height":10}},{"id":"e4ad25a3-92fd-4870-b3e4-e56e2ba125aa","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":50,"box":{"x":76,"y":343,"width":867,"height":11}},{"id":"dd3086c5-b7b5-4100-ae96-ab52b4257c22","block_type":"box","text":"objective.","page_number":50,"box":{"x":76,"y":357,"width":61,"height":11}},{"id":"a7009db8-bbfc-4672-be9d-7200887e6752","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":50,"box":{"x":76,"y":380,"width":858,"height":11}},{"id":"8aa59194-e724-46ce-820f-84044737d029","block_type":"box","text":"changes, social issues and governance risk. Additionally, disclosures or third-party data coverage associated with sustainability risks is","page_number":50,"box":{"x":76,"y":394,"width":863,"height":11}},{"id":"c664efa7-29dc-45ca-930a-e64a7f9fc88e","block_type":"box","text":"generally less available or transparent in these markets.","page_number":50,"box":{"x":76,"y":409,"width":357,"height":10}},{"id":"ad5210a1-dfa0-477f-abdd-13eaee915a1b","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":50,"box":{"x":77,"y":432,"width":904,"height":11}},{"id":"3e99bebd-a61e-413b-be70-f82717bb8936","block_type":"box","text":"the imposition of restrictions on foreign investments and on repatriation of capital invested in such countries.","page_number":50,"box":{"x":76,"y":446,"width":700,"height":11}},{"id":"e911e053-9b22-441b-937a-d87e3d0f20f4","block_type":"box","text":"Risk of Investing in Japan.","page_number":50,"box":{"x":77,"y":469,"width":178,"height":11}},{"id":"a32b70ae-4ff9-4978-b504-db96517ef22e","block_type":"box","text":"Investing in Japanese issuers subjects a Fund to legal, regulatory, political, economic, currency, geographic and","page_number":50,"box":{"x":261,"y":469,"width":713,"height":11}},{"id":"355a0efc-9d43-4558-943e-abba644990d9","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":50,"box":{"x":76,"y":483,"width":903,"height":11}},{"id":"fd12565c-48bf-42d7-939a-1ba951bbbedc","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":50,"box":{"x":76,"y":498,"width":864,"height":10}},{"id":"6c54ed9c-c6ba-4758-b48d-cd9e6911da4a","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":50,"box":{"x":77,"y":512,"width":868,"height":11}},{"id":"8b208c04-3305-4013-9359-0920a7d0f56f","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":50,"box":{"x":76,"y":526,"width":890,"height":11}},{"id":"55918d7b-7eda-45be-92a5-4b32e4d83d59","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":50,"box":{"x":76,"y":540,"width":891,"height":11}},{"id":"f90e888a-3071-46c3-a449-936346779c1c","block_type":"box","text":"could cause losses to investors.","page_number":50,"box":{"x":76,"y":554,"width":203,"height":9}},{"id":"7a92150c-f848-4de0-99e8-2e055c59b452","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":50,"box":{"x":76,"y":577,"width":896,"height":11}},{"id":"bb6e8abc-089f-40e3-a720-968024a477ae","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":50,"box":{"x":76,"y":592,"width":885,"height":10}},{"id":"6bf8fb11-f00b-41ee-84e9-a8ceb1599833","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":50,"box":{"x":77,"y":606,"width":899,"height":11}},{"id":"5a5d6c54-f95d-468d-828d-4a0b96e7d517","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":50,"box":{"x":76,"y":620,"width":903,"height":11}},{"id":"629e4548-95ba-468b-9f46-1a6bfcf96352","block_type":"box","text":"Risk of Investing in Russia.","page_number":50,"box":{"x":77,"y":643,"width":185,"height":11}},{"id":"defe220c-e136-41a6-9128-001676bfd721","block_type":"box","text":"Investing in Russian securities involves significant risks, in addition to those described under “Risk of Investing","page_number":50,"box":{"x":268,"y":643,"width":708,"height":11}},{"id":"356e681b-cb55-46bb-ae1f-4ca469e4fa8e","block_type":"box","text":"in Emerging Markets” and “Non-U.S. Securities Risk,” that are not typically associated with investing in U.S. securities, including:","page_number":50,"box":{"x":76,"y":657,"width":825,"height":11}},{"id":"7d0542f5-f328-40ae-abf7-d209dfa17af4","block_type":"box","text":"The risk of delays in settling portfolio transactions and the risk of loss arising out of the system of share registration and custody used","page_number":50,"box":{"x":113,"y":675,"width":857,"height":11}},{"id":"c71338b4-c5aa-42af-9589-7c2e7e8b6d94","block_type":"box","text":"in Russia;","page_number":50,"box":{"x":113,"y":690,"width":60,"height":10}},{"id":"d0502159-dd31-4e78-9807-9080e7959df1","block_type":"box","text":"Risks in connection with the maintenance of a Fund’s portfolio securities and cash with foreign sub-custodians and securities","page_number":50,"box":{"x":114,"y":708,"width":800,"height":11}},{"id":"3adaaab8-91ed-43ad-bdce-7e3a7d076965","block_type":"box","text":"depositories, including the risk that appropriate sub-custody arrangements will not be available to a Fund;","page_number":50,"box":{"x":113,"y":722,"width":677,"height":11}},{"id":"a48c99aa-073b-4c07-be2c-d2191fe9dd51","block_type":"box","text":"The risk that a Fund’s ownership rights in portfolio securities could be lost through fraud or negligence because ownership in shares of","page_number":50,"box":{"x":113,"y":740,"width":861,"height":11}},{"id":"a7f3f60a-6da7-4870-8bd9-e4556a741cb0","block_type":"box","text":"Russian companies is recorded by the companies themselves and by registrars, rather than by a central registration system;","page_number":50,"box":{"x":114,"y":754,"width":793,"height":11}},{"id":"293afd22-32d2-434d-9b1f-36b00379f6ee","block_type":"box","text":"The risk that a Fund may not be able to pursue claims on behalf of its shareholders because of the system of share registration and","page_number":50,"box":{"x":113,"y":772,"width":838,"height":11}},{"id":"65b2514f-6084-4a4f-9d2e-87895fe2e82d","block_type":"box","text":"custody, and because Russian banking institutions and registrars are not guaranteed by the Russian government; and","page_number":50,"box":{"x":113,"y":786,"width":751,"height":11}},{"id":"ef0e1800-020e-4d50-9906-68478ed16d96","block_type":"box","text":"The risk that various responses by other nation-states to alleged Russian cyber activity will impact Russia’s economy and Russian","page_number":50,"box":{"x":113,"y":804,"width":827,"height":11}},{"id":"9bfec370-2884-4f3a-90e8-241c6b9246f0","block_type":"box","text":"issuers of securities in which a Fund invests.","page_number":50,"box":{"x":113,"y":819,"width":283,"height":8}},{"id":"f794de6a-9f22-4c83-ba98-c240c7f3a8e3","block_type":"box","text":"Russian invasion of Ukraine","page_number":50,"box":{"x":76,"y":842,"width":172,"height":8}},{"id":"93469082-f3de-4029-9824-5ac2c469c2d8","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":50,"box":{"x":249,"y":842,"width":720,"height":11}},{"id":"f82fd120-d91e-460e-9699-a55a32b78d3b","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":50,"box":{"x":76,"y":856,"width":893,"height":11}},{"id":"595707ad-f716-4d3c-a450-36a12b53c6d5","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":50,"box":{"x":76,"y":870,"width":887,"height":11}},{"id":"34c788ad-c98d-4e1f-8310-5143d0281b60","block_type":"box","text":"cyberattacks and espionage) or resulting actual and threatened responses to such activity, including purchasing and financing restrictions,","page_number":50,"box":{"x":76,"y":884,"width":886,"height":11}},{"id":"2bf1daee-8382-4fb9-9e30-9ac651df534d","block_type":"box","text":"14","page_number":50,"box":{"x":524,"y":921,"width":12,"height":8}},{"id":"5090bb30-19fa-496d-b4a1-318fbfb107a3","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":51,"box":{"x":76,"y":23,"width":894,"height":11}},{"id":"4a0f0b77-40ef-4bf6-a771-1b02a8f7e368","block_type":"box","text":"government, Russian companies or Russian individuals, including politicians, may impact Russia’s economy, Russian issuers of securities in","page_number":51,"box":{"x":76,"y":37,"width":891,"height":11}},{"id":"da915e82-f631-4ea1-839b-bd14ae47be99","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":51,"box":{"x":76,"y":51,"width":885,"height":11}},{"id":"51540cab-9b37-40aa-bb27-e86edcc23fef","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":51,"box":{"x":76,"y":66,"width":892,"height":11}},{"id":"1581cbf1-db51-4745-9fba-7d481b291ebf","block_type":"box","text":"have collateral impacts on such sectors across Europe and globally.","page_number":51,"box":{"x":77,"y":80,"width":431,"height":11}},{"id":"40b61440-8acf-4737-b1e6-c072abe0833a","block_type":"box","text":"Russia Sanctions.","page_number":51,"box":{"x":76,"y":103,"width":109,"height":9}},{"id":"83cbd67f-f668-4797-a5a7-b905951c893f","block_type":"box","text":"Governments, including the U.S., the E.U., the U.K., and many other countries (collectively, the “Sanctioning Bodies”) have","page_number":51,"box":{"x":191,"y":103,"width":783,"height":11}},{"id":"8f683b42-c0dd-48b9-96e2-e6bbc1a6d784","block_type":"box","text":"imposed economic sanctions on certain Russian individuals, including politicians, and Russian corporate and banking entities, including","page_number":51,"box":{"x":76,"y":117,"width":866,"height":11}},{"id":"30ed4989-db0c-45e0-a677-ca393413be11","block_type":"box","text":"banning Russia from global payments systems that facilitate cross-border payments. In an effort to curtail Russia’s ability to finance its war","page_number":51,"box":{"x":76,"y":131,"width":891,"height":11}},{"id":"afea28f3-3d64-4620-bf8d-7f2e8aa7292e","block_type":"box","text":"effort, the Sanctioning Bodies continue to elevate these measures and may, going forward, institute broader sanctions on Russia. These","page_number":51,"box":{"x":76,"y":146,"width":869,"height":10}},{"id":"6c34de35-8e42-49cb-bb81-eebefaa0c098","block_type":"box","text":"sanctions, or even the threat of further sanctions, may result in the decline of the value and liquidity of Russian securities, a weakening of the","page_number":51,"box":{"x":76,"y":160,"width":904,"height":11}},{"id":"cf682d9b-f3ef-48c0-80c2-030682fd2d5b","block_type":"box","text":"ruble or other adverse consequences to the Russian economy. These sanctions could also result in the immediate freeze of Russian","page_number":51,"box":{"x":77,"y":174,"width":840,"height":11}},{"id":"0d49be26-f182-41c3-b597-bfbedff078d3","block_type":"box","text":"securities and/or funds invested in prohibited assets, impairing the ability of a Fund to buy, sell, receive or deliver those securities and/or","page_number":51,"box":{"x":76,"y":188,"width":884,"height":11}},{"id":"00370997-0579-48ab-bc65-cb0737b0241f","block_type":"box","text":"assets.","page_number":51,"box":{"x":76,"y":203,"width":44,"height":8}},{"id":"31d9666e-f1e7-41d1-84e3-938b42109e55","block_type":"box","text":"The sanctions against certain Russian issuers include broad asset freezes and prohibitions on transacting or otherwise dealing in select","page_number":51,"box":{"x":76,"y":226,"width":866,"height":10}},{"id":"4c1eb5e9-8f1b-457d-9761-72849736d2eb","block_type":"box","text":"issuances of debt or equity of such issuers, among others. Compliance with each of these sanctions measures has impaired, and may","page_number":51,"box":{"x":76,"y":240,"width":855,"height":11}},{"id":"e22e6c70-cedf-4f07-aec7-b5f125bfebf3","block_type":"box","text":"continue to impair, the ability of a Fund to buy, sell, hold, receive or deliver the affected securities or other securities of such issuers. A Fund","page_number":51,"box":{"x":76,"y":254,"width":898,"height":11}},{"id":"7273702a-3870-497c-8190-0355452a9c06","block_type":"box","text":"may also be legally required to block (i.e., freeze) assets in a blocked account and report the accompanying exposure to Sanctioning Bodies.","page_number":51,"box":{"x":76,"y":268,"width":898,"height":11}},{"id":"8d3de6a0-bf7b-4c8f-99a8-e326290619c5","block_type":"box","text":"Sanctions have resulted in Russia taking counter measures or retaliatory actions, which has impaired the value and liquidity of Russian","page_number":51,"box":{"x":76,"y":291,"width":861,"height":11}},{"id":"06e37451-b704-4134-8c20-6ea37fc4ed62","block_type":"box","text":"securities. These retaliatory measures include the immediate freeze of Russian assets held by a Fund. Due to the freeze of these assets,","page_number":51,"box":{"x":76,"y":305,"width":870,"height":11}},{"id":"4b8f6815-1b90-47a2-80eb-a5e1f3863cab","block_type":"box","text":"including depositary receipts, a Fund may need to liquidate non-restricted assets in order to satisfy any Fund redemption orders. The","page_number":51,"box":{"x":76,"y":320,"width":850,"height":10}},{"id":"b6880e28-2c52-4ad5-a67e-8c245b6be8ee","block_type":"box","text":"liquidation of Fund assets during this time may also result in the Fund receiving substantially lower prices for its securities. Russia may","page_number":51,"box":{"x":77,"y":334,"width":861,"height":11}},{"id":"db46545c-bdc3-4185-8fb2-bb843ccd9302","block_type":"box","text":"implement additional retaliatory measures, which may further impair the value and liquidity of Russian securities and the ability of a Fund to","page_number":51,"box":{"x":76,"y":348,"width":894,"height":11}},{"id":"7fdf042d-e8c3-4c82-b9cf-40f1dabbed6a","block_type":"box","text":"receive dividend payments. Russia has issued a number of countersanctions, some of which restrict the distribution of profits by limited","page_number":51,"box":{"x":77,"y":362,"width":867,"height":11}},{"id":"fae11fd3-c4dc-4c8d-ad5a-fb43398d9720","block_type":"box","text":"liability companies (e.g., dividends), and prohibits Russian persons from entering into transactions with designated persons from “unfriendly","page_number":51,"box":{"x":77,"y":376,"width":895,"height":11}},{"id":"76c1e7e9-b742-447e-a80d-442c1de3f8f5","block_type":"box","text":"states” as well as the export of raw materials or other products from Russia to certain sanctioned persons. Russian companies may be","page_number":51,"box":{"x":76,"y":391,"width":861,"height":10}},{"id":"75af4638-0261-4062-9ce8-cd7cc338f9fb","block_type":"box","text":"unable to pay dividends and, if they pay dividends, a Fund may be unable to receive them.","page_number":51,"box":{"x":77,"y":405,"width":572,"height":11}},{"id":"1ebf0253-ace7-45f9-959d-129cc4914934","block_type":"box","text":"These sanctions, the decision by Russia to suspend trading on the Moscow Exchange (MOEX) and prohibit non-resident investors from","page_number":51,"box":{"x":76,"y":428,"width":860,"height":11}},{"id":"4b8129b7-ddae-4b61-8a3a-986a8c24c15d","block_type":"box","text":"executing security sales, and other events have led index providers to remove Russian securities from indexes. Each Fund is currently","page_number":51,"box":{"x":76,"y":442,"width":855,"height":11}},{"id":"b78edc33-5b07-4d08-8e06-a52cf84ecc2a","block_type":"box","text":"restricted from trading in Russian securities, including those in its portfolio (if any), and the Underlying Indexes have removed Russian","page_number":51,"box":{"x":77,"y":456,"width":855,"height":11}},{"id":"c3a6b84a-0ef8-4707-88d4-8623d145cda7","block_type":"box","text":"securities (if any). This disparity will also lead to increased tracking error. The inability of a Fund to trade in Russian securities may adversely","page_number":51,"box":{"x":76,"y":470,"width":896,"height":11}},{"id":"74a8925c-353f-492e-b22a-3d8c76340af7","block_type":"box","text":"affect the Fund’s ability to meet its investment objective. It is unknown when, or if, sanctions may be lifted or a Fund’s ability to trade in","page_number":51,"box":{"x":76,"y":485,"width":867,"height":10}},{"id":"996df7d7-0930-4c80-82ff-1ab341b1193f","block_type":"box","text":"Russian securities will resume.","page_number":51,"box":{"x":77,"y":499,"width":195,"height":8}},{"id":"d8a9158c-4958-48bf-832a-7699033a3cc2","block_type":"box","text":"Risk of Investing in Saudi Arabia.","page_number":51,"box":{"x":77,"y":522,"width":227,"height":11}},{"id":"5d2eedbd-92e3-44b0-a79b-bb0566f683aa","block_type":"box","text":"Investing in Saudi Arabian issuers involves legal, regulatory, political, currency, security, and economic","page_number":51,"box":{"x":310,"y":522,"width":657,"height":11}},{"id":"971f6c88-33b2-4746-96b0-8dde98ce0739","block_type":"box","text":"risks that are specific to Saudi Arabia. Saudi Arabia is highly reliant on income from the sale of petroleum and trade with other countries","page_number":51,"box":{"x":77,"y":536,"width":870,"height":11}},{"id":"dc813d32-8a82-4fba-8e7b-e3aa810904e9","block_type":"box","text":"involved in the sale of petroleum, and its economy is therefore vulnerable to changes in foreign currency values and the petroleum market. A","page_number":51,"box":{"x":76,"y":550,"width":901,"height":11}},{"id":"d9796289-f74a-4b9f-8720-e006258db8d9","block_type":"box","text":"sustained decrease in petroleum prices could have a negative impact on all aspects of the economy. In addition, Saudi Arabia’s economy","page_number":51,"box":{"x":76,"y":565,"width":875,"height":10}},{"id":"bf039878-0788-4701-909a-5e362b446ff1","block_type":"box","text":"relies heavily on cheap, foreign labor, and changes in the availability of this labor supply could have an adverse effect on the economy.","page_number":51,"box":{"x":77,"y":579,"width":857,"height":11}},{"id":"70ac3602-364d-4f58-a132-ae4f271f0397","block_type":"box","text":"Investments in the securities of Saudi Arabian issuers involve risks not typically associated with investments in securities of issuers in more","page_number":51,"box":{"x":77,"y":602,"width":892,"height":11}},{"id":"4012e4ef-0db9-4bc8-9152-2386f59abd7c","block_type":"box","text":"developed countries, which may negatively affect the value of a Fund’s investments. Such heightened risks may include, among others, the","page_number":51,"box":{"x":76,"y":616,"width":889,"height":11}},{"id":"f273be84-e748-4c29-84b2-b8fb9b4e6f31","block_type":"box","text":"expropriation and/or nationalization of assets, restrictions on and government intervention in international trade, confiscatory taxation,","page_number":51,"box":{"x":76,"y":630,"width":869,"height":11}},{"id":"6b341399-e593-4158-be89-566aa7c9d15e","block_type":"box","text":"political instability, including authoritarian and/or military involvement in governmental decision-making, armed conflict, crime and instabi","page_number":51,"box":{"x":76,"y":644,"width":886,"height":11}},{"id":"5d7cb238-db1b-403b-a753-d030072b34c1","block_type":"box","text":"lity","page_number":51,"box":{"x":964,"y":645,"width":18,"height":10}},{"id":"98296dcb-b64b-4be6-b1d4-0439de5f74bb","block_type":"box","text":"as a result of religious, ethnic and/or socioeconomic unrest. The government of Saudi Arabia exercises substantial influence over many","page_number":51,"box":{"x":76,"y":659,"width":868,"height":11}},{"id":"0d2eecb2-47cb-4955-839a-bff9f0c51d2f","block_type":"box","text":"aspects of the private sector, and its actions could significantly impact the value of Saudi Arabian securities. Although some economic","page_number":51,"box":{"x":76,"y":673,"width":860,"height":11}},{"id":"522881a9-e4e9-4190-95a0-7a6b89a2827d","block_type":"box","text":"reforms (","page_number":51,"box":{"x":77,"y":687,"width":56,"height":11}},{"id":"a36b64f5-3ecf-413f-96c0-0f59b1794449","block_type":"box","text":"e.g.,","page_number":51,"box":{"x":135,"y":689,"width":24,"height":9}},{"id":"bc929198-a354-4be5-b5f4-2ecd3a1354fb","block_type":"box","text":"privatization) are underway, restrictions on foreign ownership persist, and the government has an ownership stake in many key","page_number":51,"box":{"x":166,"y":687,"width":812,"height":11}},{"id":"da97bdc1-130c-451a-90cc-3a091c1af2c1","block_type":"box","text":"industries. Saudi Arabia has experienced strained relations with economic partners worldwide, including other countries in the Middle East,","page_number":51,"box":{"x":76,"y":701,"width":891,"height":11}},{"id":"bf117a50-5f38-4289-8010-2242a3541575","block_type":"box","text":"due to geopolitical events. Economic sanctions (or the threat of them) on Saudi Arabian individuals or Saudi Arabian corporate entities may","page_number":51,"box":{"x":76,"y":715,"width":891,"height":11}},{"id":"464ced30-0cc2-4f5f-b344-51fae764de28","block_type":"box","text":"have an adverse impact on the Saudi Arabian economy and securities.","page_number":51,"box":{"x":77,"y":730,"width":447,"height":10}},{"id":"6da7ac61-5ba3-4122-ba9a-0559fe9255d6","block_type":"box","text":"The ability of foreign investors to invest in the securities of Saudi Arabian issuers could be restricted by the Saudi Arabian government at any","page_number":51,"box":{"x":76,"y":753,"width":901,"height":11}},{"id":"80945918-b710-4a24-bd57-24f59973664e","block_type":"box","text":"time, and unforeseen risks could materialize with respect to foreign ownership of such securities. In addition, the Saudi Arabian government","page_number":51,"box":{"x":76,"y":767,"width":896,"height":11}},{"id":"04313788-1865-4a2e-8186-a263594072b6","block_type":"box","text":"places investment limitations on the ownership of Saudi Arabian issuers by foreign investors. Such limits may prevent a Fund from investing","page_number":51,"box":{"x":76,"y":781,"width":895,"height":11}},{"id":"d816bf19-09af-4571-8bab-fc3fb8c3442b","block_type":"box","text":"in accordance with its strategy and result in tracking error for a Fund that tracks an index.","page_number":51,"box":{"x":76,"y":795,"width":574,"height":11}},{"id":"f2d4cf64-be81-4ab7-94a4-febf5daf8e07","block_type":"box","text":"Saudi Arabia Broker Risk","page_number":51,"box":{"x":76,"y":819,"width":155,"height":8}},{"id":"03a28e8b-ce27-4f21-8ed2-3c6754bbb764","block_type":"box","text":". There are a number of ways to conduct transactions in equity securities in the Saudi Arabian market. A Fund","page_number":51,"box":{"x":231,"y":819,"width":699,"height":10}},{"id":"e872ece5-470a-4fac-a69e-48e607024746","block_type":"box","text":"generally expects to transact in a manner so that it is not limited by Saudi Arabian regulations to a single broker. However, there may be a","page_number":51,"box":{"x":76,"y":833,"width":882,"height":11}},{"id":"1577517c-7d1a-4571-9f76-c95cac910ce2","block_type":"box","text":"limited number of brokers who can provide services to a Fund, which may have an adverse impact on the prices, quantity or timing of Fund","page_number":51,"box":{"x":77,"y":847,"width":886,"height":11}},{"id":"1543e954-3884-44b6-8e24-06e5c8275dc0","block_type":"box","text":"transactions. A limited number of brokers may impact a Fund’s ability to achieve best execution on transactions. In addition, a Fund may be","page_number":51,"box":{"x":76,"y":861,"width":892,"height":11}},{"id":"fd2d75cb-6154-489e-9de0-fecaf617d39f","block_type":"box","text":"more susceptible to credit loss or trading disruptions in the event of a default or business disruption among the available brokers. If a Fund’s","page_number":51,"box":{"x":76,"y":875,"width":899,"height":11}},{"id":"063ce943-fffe-4672-900f-d68e41742a4b","block_type":"box","text":"15","page_number":51,"box":{"x":524,"y":921,"width":11,"height":8}},{"id":"be61b0db-2992-4eda-b6b6-a03dd6bee658","block_type":"box","text":"use of a broker is disrupted, there could be an adverse impact on the Fund’s operations and, if applicable, its ability to track the Underlying","page_number":52,"box":{"x":77,"y":23,"width":888,"height":11}},{"id":"44faae37-3062-49f9-b430-02aee18d8697","block_type":"box","text":"Index, and the Fund’s shares could trade at a premium or discount to NAV. A Fund may also incur losses due to the acts or omissions of its","page_number":52,"box":{"x":77,"y":37,"width":885,"height":11}},{"id":"86ed0058-ea74-4fd5-8060-f0ac17f5b3af","block_type":"box","text":"brokers in the execution or settlement of transactions or in the transfer of funds or securities.","page_number":52,"box":{"x":76,"y":51,"width":599,"height":9}},{"id":"872b4571-71f5-4da7-a40e-73287a44870f","block_type":"box","text":"Risk of Investing in the U.K.","page_number":52,"box":{"x":77,"y":75,"width":191,"height":11}},{"id":"b7f47b88-45ea-4a0c-af35-f5d8b2a21aae","block_type":"box","text":"Investing in U.K. issuers subjects a Fund to legal, regulatory, political, economic, currency, geographic and","page_number":52,"box":{"x":274,"y":75,"width":682,"height":11}},{"id":"5832863f-2754-4492-8f3a-7ff95f7d6ac9","block_type":"box","text":"security risks that are specific to the U.K. Economic downturns or political instability in its key trading partners, which include the United","page_number":52,"box":{"x":76,"y":89,"width":874,"height":11}},{"id":"21bc9d97-0535-47a7-9d7c-424e823a3beb","block_type":"box","text":"States and other European countries, could have an adverse effect on the U.K. economy. Following Brexit, certain trading matters between","page_number":52,"box":{"x":76,"y":103,"width":887,"height":11}},{"id":"0194995a-1d5b-4ea4-8459-cfef537904bb","block_type":"box","text":"the U.K. and the EU remain unresolved, including with respect to financial services. Continuing uncertainty regarding the U.K.’s relationship","page_number":52,"box":{"x":76,"y":117,"width":893,"height":11}},{"id":"32e508c9-1606-4843-a34b-616ba73725c4","block_type":"box","text":"with the EU could have an adverse impact on the economy and currency of the United Kingdom. Other risks to the U.K.’s economic growth","page_number":52,"box":{"x":76,"y":131,"width":886,"height":11}},{"id":"cc456e18-820e-4aeb-9c39-6120e9faae59","block_type":"box","text":"and competitiveness include high public debt and relatively low productivity.","page_number":52,"box":{"x":76,"y":146,"width":487,"height":10}},{"id":"cf01f77d-c6c5-4d85-88a9-408e4acafe4f","block_type":"box","text":"Securities Lending Risk.","page_number":52,"box":{"x":76,"y":169,"width":166,"height":11}},{"id":"5d484754-ec22-4b15-8854-b0ca09b5e83c","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":52,"box":{"x":247,"y":169,"width":730,"height":11}},{"id":"e0884e30-5082-4883-af6e-4910d95352c1","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":52,"box":{"x":76,"y":183,"width":898,"height":11}},{"id":"8704970b-2bfd-45a7-af9e-ba724661e8be","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":52,"box":{"x":76,"y":197,"width":892,"height":11}},{"id":"20ec88e5-7338-437d-8be2-548147acd623","block_type":"box","text":"events could also trigger adverse tax consequences for a Fund.","page_number":52,"box":{"x":76,"y":211,"width":403,"height":11}},{"id":"4c1a6bc2-a24b-4585-9aae-82ac3a5feee3","block_type":"box","text":"Small-Capitalization Companies Risk.","page_number":52,"box":{"x":76,"y":235,"width":257,"height":10}},{"id":"0fb078e7-50df-479a-baea-9f045287f4fa","block_type":"box","text":"Investments in small-capitalization companies may be riskier, less liquid, more volatile and more","page_number":52,"box":{"x":339,"y":235,"width":617,"height":10}},{"id":"c0a37019-08e8-4be8-8ef9-da57a62ab8f4","block_type":"box","text":"susceptible to economic, market and industry changes than investments in large- or mid-capitalization companies. Small-capitalization","page_number":52,"box":{"x":76,"y":249,"width":863,"height":11}},{"id":"149760be-7dde-4558-9089-6b5e6125de3a","block_type":"box","text":"companies may have more limited product lines, markets, financial resources, personnel and management experience. As a result, they","page_number":52,"box":{"x":76,"y":263,"width":868,"height":11}},{"id":"1724eefd-0d71-41f4-abde-515d6cf3cdb7","block_type":"box","text":"generally are more vulnerable than larger companies to adverse business and economic developments. Small-capitalization companies may","page_number":52,"box":{"x":76,"y":277,"width":895,"height":11}},{"id":"8d654b5b-3b3e-4290-982c-bdd5edb71c07","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":52,"box":{"x":77,"y":291,"width":898,"height":11}},{"id":"6c63e6aa-500b-4417-93f0-4ba2d66287c2","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":52,"box":{"x":76,"y":305,"width":900,"height":11}},{"id":"ad20030a-0829-4428-97fa-4cadbb7abe9c","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":52,"box":{"x":77,"y":320,"width":885,"height":10}},{"id":"9e6f28a8-4d66-42a2-bb93-80e836fc259a","block_type":"box","text":"favorable price, in order to meet the Fund’s obligations.","page_number":52,"box":{"x":76,"y":334,"width":354,"height":11}},{"id":"55ff001a-60c6-4acb-8c27-9f0b675b2c81","block_type":"box","text":"Tax Risk.","page_number":52,"box":{"x":76,"y":357,"width":59,"height":9}},{"id":"e3c637c3-9b8d-4d54-8b82-1179211967af","block_type":"box","text":"If a Fund invests in an Underlying Fund, the Fund’s realized losses on sales of shares of the Underlying Fund may be indefinitely or","page_number":52,"box":{"x":141,"y":357,"width":831,"height":11}},{"id":"62e14bb2-b677-4d80-b77b-69a2a1a40617","block_type":"box","text":"permanently deferred as “wash sales.” Distributions of short-term capital gains by an Underlying Fund will be recognized as ordinary income","page_number":52,"box":{"x":76,"y":371,"width":901,"height":11}},{"id":"909e8163-75c9-4a7d-9eff-928d08f04e90","block_type":"box","text":"by a Fund and would not be offset by the Fund’s capital loss carryforwards, if any. Capital loss carryforwards of an Underlying Fund, if any,","page_number":52,"box":{"x":76,"y":385,"width":883,"height":11}},{"id":"563e3015-6279-4ed8-bc2e-6356a1e34717","block_type":"box","text":"would not offset net capital gains of a Fund. Each of these effects is caused by the Fund’s investment in an Underlying Fund and may result in","page_number":52,"box":{"x":76,"y":400,"width":904,"height":10}},{"id":"e11ac6e7-dcc9-4ccc-ba26-633f03d2a0fb","block_type":"box","text":"distributions to Fund shareholders being of higher magnitudes and less likely to qualify for lower capital gain tax rates than if a Fund were to","page_number":52,"box":{"x":76,"y":414,"width":896,"height":11}},{"id":"4ff8bb24-e7e5-4279-9d35-a95c8ed5a965","block_type":"box","text":"invest directly in the securities and other instruments composing its Underlying Index. In addition, with respect to a Fund that invests in","page_number":52,"box":{"x":76,"y":428,"width":867,"height":11}},{"id":"5b3a4265-f2c1-43ef-889a-e2b0a92e9ccd","block_type":"box","text":"derivatives, the federal income tax treatment of a derivative may not be as favorable as a direct investment in an underlying asset.","page_number":52,"box":{"x":76,"y":442,"width":832,"height":11}},{"id":"d072725d-0808-41eb-836f-420b4571ba08","block_type":"box","text":"Derivatives may produce taxable income and taxable realized gain. Derivatives may adversely affect the timing, character and amount of","page_number":52,"box":{"x":77,"y":456,"width":872,"height":11}},{"id":"3f844d72-a58f-40a0-8fb8-bdd58fb46229","block_type":"box","text":"income that a Fund realizes from its investments. As a result, a larger portion of a Fund’s distributions may be treated as ordinary income","page_number":52,"box":{"x":76,"y":470,"width":878,"height":11}},{"id":"6ea82bb6-31e0-41fc-b900-c179af034898","block_type":"box","text":"rather than as capital gains. In addition, certain derivatives are subject to mark-to-market or straddle provisions of the Internal Revenue","page_number":52,"box":{"x":77,"y":485,"width":868,"height":10}},{"id":"70ac0daf-53a7-47ac-b19a-1b8392e8125f","block_type":"box","text":"Code. If such provisions are applicable, there could be an increase (or decrease) in the amount of taxable dividends paid by a Fund. Income","page_number":52,"box":{"x":76,"y":499,"width":891,"height":11}},{"id":"9ebc0713-93b8-4229-9cb3-27029fedf3fa","block_type":"box","text":"from swaps is generally taxable. In addition, the tax treatment of certain derivatives, such as swaps, is unsettled and may be subject to future","page_number":52,"box":{"x":76,"y":513,"width":905,"height":11}},{"id":"52c592e9-1a8e-4785-b787-a50986c0bee6","block_type":"box","text":"legislation, regulation or administrative pronouncements issued by the IRS.","page_number":52,"box":{"x":77,"y":527,"width":479,"height":11}},{"id":"525de97c-b2ff-45a4-a6d2-f6f4bf8b8e4e","block_type":"box","text":"Technology Companies Risk.","page_number":52,"box":{"x":76,"y":550,"width":198,"height":11}},{"id":"334ed675-18b8-4b8f-8c8e-6479d6717d3e","block_type":"box","text":"Technology companies and companies that rely heavily on technological advances may have limited product","page_number":52,"box":{"x":278,"y":550,"width":693,"height":11}},{"id":"2a05639c-98af-494b-ba72-9a450bcb2dd9","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":52,"box":{"x":77,"y":565,"width":882,"height":10}},{"id":"f215b6c9-f129-40e4-a9bf-2103343e39b7","block_type":"box","text":"costs related to new product introduction and technological developments, such as artificial intelligence and machine learning. Technology","page_number":52,"box":{"x":76,"y":579,"width":888,"height":11}},{"id":"fc0c4e0b-8e49-4f58-8a9c-fdf42becc90a","block_type":"box","text":"companies may be adversely affected by disruptions to supply chains and distribution networks as well as issues at third-party partners. They","page_number":52,"box":{"x":76,"y":593,"width":905,"height":11}},{"id":"7a1c221c-e440-42c9-abeb-087e61aece1a","block_type":"box","text":"are heavily dependent on patent and other intellectual property rights, and the loss or impairment of these rights may adversely affect their","page_number":52,"box":{"x":76,"y":607,"width":891,"height":11}},{"id":"d11f9af2-fc71-406d-8cf5-43d685f3fbc5","block_type":"box","text":"profitability. Technology companies may face increased government scrutiny and may be subject to adverse government or legal action.","page_number":52,"box":{"x":76,"y":621,"width":868,"height":11}},{"id":"0e45aeaf-c58c-4f4d-897e-36bd3a04be9c","block_type":"box","text":"These companies also may be adversely affected by, among other things, actual or perceived security vulnerabilities or other defects in their","page_number":52,"box":{"x":76,"y":635,"width":898,"height":11}},{"id":"935703a1-6310-4888-9499-f5425d1bcbb5","block_type":"box","text":"products and services, which may result in lawsuits, government enforcement actions and other remediation costs.","page_number":52,"box":{"x":76,"y":650,"width":738,"height":10}},{"id":"8f5732dd-9228-47ce-ba66-67e7cbb51844","block_type":"box","text":"Tracking Error Risk.","page_number":52,"box":{"x":76,"y":673,"width":135,"height":11}},{"id":"6c18d469-bae7-4ffc-a936-0a4dc461e71c","block_type":"box","text":"A Fund that tracks an index is subject to the risk of “tracking error,” which is the divergence of a Fund’s performance","page_number":52,"box":{"x":216,"y":673,"width":749,"height":11}},{"id":"ab4366b5-d45f-471b-b092-6625938dba44","block_type":"box","text":"from that of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities and","page_number":52,"box":{"x":76,"y":687,"width":871,"height":11}},{"id":"46aa043d-f2cd-4ac8-a5a8-53bc77077fb8","block_type":"box","text":"other assets held in a Fund’s portfolio and those included in the Underlying Index; differences in the timing and methodologies used to value","page_number":52,"box":{"x":76,"y":701,"width":897,"height":11}},{"id":"b5d115aa-fc7c-47df-9942-c08088df7bdc","block_type":"box","text":"securities and other assets; transaction costs and other expenses incurred by a Fund that the Underlying Index does not incur; a Fund’s","page_number":52,"box":{"x":76,"y":715,"width":868,"height":11}},{"id":"2c5bb0ce-567f-400b-a06e-95d9bed90627","block_type":"box","text":"holding of uninvested cash; differences in the timing of the accrual or the valuation of dividends or interest received by a Fund or","page_number":52,"box":{"x":77,"y":730,"width":823,"height":10}},{"id":"a76022cb-22cd-4ef5-9ccb-293ae83a0a0f","block_type":"box","text":"distributions paid to Fund shareholders; tax gains or losses; differences between the amount and/or timing of withholding taxes on dividends","page_number":52,"box":{"x":76,"y":744,"width":905,"height":11}},{"id":"9c64d5c8-75ed-4424-a31c-748e341edecb","block_type":"box","text":"reflected in the Underlying Index from a Fund’s obligation, if any, for foreign withholding taxes; the requirements for a Fund to maintain pass","page_number":52,"box":{"x":77,"y":758,"width":901,"height":11}},{"id":"988bb0f6-0089-4eef-8122-89b270826607","block_type":"box","text":"through tax treatment; portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of","page_number":52,"box":{"x":76,"y":772,"width":869,"height":11}},{"id":"7527c75b-0965-44e6-a590-57e247c2ab97","block_type":"box","text":"custom baskets; changes to the Underlying Index, such as during a rebalancing or reconstitution; and impacts to a Fund of complying with","page_number":52,"box":{"x":76,"y":786,"width":884,"height":11}},{"id":"8654f6da-d707-480a-af74-caeaa892e183","block_type":"box","text":"certain regulatory requirements or limits. A Fund that tracks an index composed of a large number of securities or other assets may","page_number":52,"box":{"x":76,"y":800,"width":844,"height":11}},{"id":"285dbc8a-27c1-454a-8538-dd26cb2e2579","block_type":"box","text":"experience greater tracking error than a Fund that tracks a more narrow index. 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These activities may result in BFA or an Affiliate having positions in assets that are senior or junior to, or that have","page_number":54,"box":{"x":76,"y":694,"width":861,"height":11}},{"id":"c1b64b7a-75c2-416e-bc45-2e41af9ecd2a","block_type":"box","text":"interests different from or adverse to, the assets held by a Fund.","page_number":54,"box":{"x":76,"y":708,"width":411,"height":11}},{"id":"fbdeda49-92dd-443f-a14a-9b878521e001","block_type":"box","text":"A Fund may invest in securities issued by, or engage in other transactions with, entities with which an Affiliate has significant debt or equity","page_number":54,"box":{"x":76,"y":732,"width":891,"height":10}},{"id":"c0261b28-7620-4b33-8ce7-5d16bafc849d","block_type":"box","text":"investments or other interests. 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The opposite result is also","page_number":55,"box":{"x":76,"y":37,"width":897,"height":11}},{"id":"1669f8ee-d737-438d-901c-80a62f3162d6","block_type":"box","text":"possible.","page_number":55,"box":{"x":76,"y":52,"width":56,"height":10}},{"id":"e0064833-16d5-44ba-b22f-5d692908ae2c","block_type":"box","text":"In addition, a Fund may enter into transactions in which BFA or an Affiliate or their directors, officers, employees or clients have an adverse","page_number":55,"box":{"x":77,"y":75,"width":888,"height":11}},{"id":"6b2eca27-3a9d-421a-9f55-a1107100491b","block_type":"box","text":"interest. A Fund may be adversely impacted by the effects of transactions undertaken by BFA or an Affiliate or their directors, officers,","page_number":55,"box":{"x":76,"y":89,"width":857,"height":11}},{"id":"6057266c-8225-48f3-ad52-447880e0740b","block_type":"box","text":"employees or clients.","page_number":55,"box":{"x":76,"y":103,"width":135,"height":11}},{"id":"3c00d687-f012-4f02-ba9a-b641c1365afd","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":55,"box":{"x":77,"y":126,"width":876,"height":11}},{"id":"c8189a4c-dc7a-44c8-90a8-a692a9179393","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":55,"box":{"x":76,"y":140,"width":851,"height":11}},{"id":"78570917-7269-4fdc-9243-6b9366a826b7","block_type":"box","text":"purchases and sales of the Fund by BlackRock or its advisory clients.","page_number":55,"box":{"x":76,"y":155,"width":440,"height":10}},{"id":"cc712587-6b83-420c-897b-863e53ea3e2e","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":55,"box":{"x":76,"y":178,"width":901,"height":11}},{"id":"c5767796-8f82-4eb7-a061-5d30df57e711","block_type":"box","text":"such restrictions.","page_number":55,"box":{"x":76,"y":192,"width":110,"height":8}},{"id":"a21a4470-628c-4810-bb5b-d7f1a75e45b5","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":55,"box":{"x":77,"y":215,"width":863,"height":11}},{"id":"944a29a1-4e87-40e7-9e19-db19b9f495f7","block_type":"box","text":"lending agent to the extent that they participate in the securities lending program. 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In addition, one or more Affiliates may be among the entities to which a Fund may lend its","page_number":55,"box":{"x":77,"y":258,"width":876,"height":11}},{"id":"7acf1d16-7c17-48c6-947d-7c3ec45ec2c8","block_type":"box","text":"portfolio securities under the securities lending program.","page_number":55,"box":{"x":76,"y":272,"width":363,"height":11}},{"id":"212d6d48-cc76-44f1-9710-48f64b50b4d1","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":55,"box":{"x":77,"y":295,"width":894,"height":11}},{"id":"70aa46d3-4dc9-44e8-b245-6d7b85325bb8","block_type":"box","text":"to perform certain order processing, Authorized Participant communications, and related services in connection with the issuance and","page_number":55,"box":{"x":76,"y":309,"width":860,"height":11}},{"id":"78d3ac5f-58b5-467e-aeb8-71f272774380","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":55,"box":{"x":77,"y":323,"width":854,"height":11}},{"id":"cdebfcde-8560-44ad-825d-8425c3f83762","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":55,"box":{"x":76,"y":338,"width":894,"height":10}},{"id":"2cb2ee93-e724-4c9e-bcc9-fca882655474","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":55,"box":{"x":76,"y":352,"width":871,"height":11}},{"id":"887e04c2-01c9-43cf-a5bc-274e4ff506ca","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":55,"box":{"x":76,"y":366,"width":848,"height":11}},{"id":"e42e8f48-878b-4335-af85-46e84c882563","block_type":"box","text":"BlackRock or funds managed by BFA and its Affiliates.","page_number":55,"box":{"x":77,"y":380,"width":342,"height":11}},{"id":"4098a745-2b2a-4860-85e3-72f532414de8","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":55,"box":{"x":77,"y":403,"width":893,"height":11}},{"id":"2bd03126-90d9-43fc-92e9-f7e066398f4c","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":55,"box":{"x":76,"y":418,"width":885,"height":10}},{"id":"7f6a2a21-3ff0-4a7a-9594-1d18950edc88","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":55,"box":{"x":76,"y":432,"width":897,"height":11}},{"id":"e2152615-adb7-4145-b993-809fc29a2404","block_type":"box","text":"licensees.","page_number":55,"box":{"x":77,"y":446,"width":61,"height":8}},{"id":"89026ef1-96bd-4f8b-9fef-6b58acb73f1d","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":55,"box":{"x":76,"y":469,"width":875,"height":11}},{"id":"3aae9062-6ee7-448b-925b-fe0897818d2b","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":55,"box":{"x":76,"y":483,"width":886,"height":11}},{"id":"d0af61e0-24fe-4f8a-88d4-411c856a95dd","block_type":"box","text":"interest. Please see the SAI for further information.","page_number":55,"box":{"x":76,"y":498,"width":326,"height":8}},{"id":"d8a7ea57-2372-491b-a272-2c126621af72","block_type":"box","text":"Shareholder Information","page_number":55,"box":{"x":77,"y":526,"width":240,"height":14}},{"id":"bec934c8-5d20-411a-9354-7cbca8b8494a","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":55,"box":{"x":75,"y":556,"width":821,"height":10}},{"id":"3fdcc4fa-3400-4652-8685-3ff61eb33266","block_type":"box","text":"1-800-iShares (1-800-474-2737) or visiting www.iShares.com.","page_number":55,"box":{"x":78,"y":570,"width":383,"height":11}},{"id":"76839f1d-89b4-4f4e-80a6-c46711efb07e","block_type":"box","text":"Buying and Selling Shares","page_number":55,"box":{"x":77,"y":593,"width":180,"height":11}},{"id":"ca4375ed-d33f-4cf3-b265-fc768e4700be","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":55,"box":{"x":76,"y":616,"width":839,"height":11}},{"id":"945c6c82-2b60-4346-8b6a-bbcbfa0ee97d","block_type":"box","text":"“creations” and “redemptions,” occur only between the Funds and Authorized Participants (","page_number":55,"box":{"x":76,"y":630,"width":584,"height":11}},{"id":"0eb1a23b-4f3c-4fd3-a056-af1957da0638","block_type":"box","text":"i.e","page_number":55,"box":{"x":661,"y":630,"width":14,"height":9}},{"id":"5e1ca2ee-03a8-4bba-80dd-88f4d343bc99","block_type":"box","text":"., financial institutions that are authorized to","page_number":55,"box":{"x":677,"y":630,"width":282,"height":10}},{"id":"d3527b51-ba0b-4ebc-95bd-0d1034279492","block_type":"box","text":"participate in such transactions), as described in the","page_number":55,"box":{"x":76,"y":645,"width":335,"height":10}},{"id":"2232cfa2-d332-4c45-822f-0b40661e9a66","block_type":"box","text":"Creations and Redemptions","page_number":55,"box":{"x":417,"y":645,"width":173,"height":10}},{"id":"437af7fc-c264-4616-85e7-d23919a519ce","block_type":"box","text":"section below.","page_number":55,"box":{"x":595,"y":645,"width":90,"height":8}},{"id":"4a4d3e47-043e-47d7-8b6e-251b36f7a6a9","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":55,"box":{"x":77,"y":668,"width":904,"height":11}},{"id":"ebff6364-d5e2-4e08-8846-427db9b967d0","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":55,"box":{"x":77,"y":682,"width":860,"height":11}},{"id":"567fa853-678a-4831-8ee6-db3e435e0f12","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":55,"box":{"x":76,"y":696,"width":857,"height":11}},{"id":"eb23322c-a7b8-4637-8da5-1391e8e17c00","block_type":"box","text":"investment for Fund shares purchased on an exchange or otherwise in the secondary market.","page_number":55,"box":{"x":76,"y":710,"width":598,"height":11}},{"id":"4c38488b-d8e2-4c99-a624-1a446706087f","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":55,"box":{"x":77,"y":733,"width":899,"height":11}},{"id":"f456f6b8-18ed-4bb5-a28e-ce8a00843cf4","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":55,"box":{"x":76,"y":748,"width":869,"height":10}},{"id":"ace00f34-10d6-433e-a093-f675c9c47653","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":55,"box":{"x":76,"y":762,"width":888,"height":11}},{"id":"db005758-7a69-4741-a05b-1c40848160ac","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":55,"box":{"x":76,"y":776,"width":884,"height":11}},{"id":"5169e61c-db1d-4ad4-b026-dc50f11972ab","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":55,"box":{"x":76,"y":790,"width":904,"height":11}},{"id":"bf1720cf-4d63-4e43-9c08-b77e3117c861","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":55,"box":{"x":76,"y":804,"width":897,"height":11}},{"id":"3e32f8ac-9c9d-4316-bfdb-ceb8acb114d2","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":55,"box":{"x":76,"y":819,"width":887,"height":10}},{"id":"eda0a2f8-8845-47e1-869c-5b1f47146a17","block_type":"box","text":"particularly for newly launched or smaller funds, or by instances of significant volatility of the underlying assets.","page_number":55,"box":{"x":76,"y":833,"width":713,"height":11}},{"id":"ca7bf74f-14b5-498a-b8b4-7f6da4fe1402","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":55,"box":{"x":76,"y":856,"width":902,"height":11}},{"id":"3bffa293-966d-44b5-9964-2f12f1f8d3c6","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":55,"box":{"x":76,"y":870,"width":856,"height":11}},{"id":"740b720a-2f5d-4513-abf5-0404ba8fda9f","block_type":"box","text":"Memorial Day, Juneteenth, Independence Day, Labor Day, Thanksgiving Day and Christmas Day.","page_number":55,"box":{"x":77,"y":884,"width":612,"height":11}},{"id":"f2f94143-617c-444c-ad55-028b3d51e402","block_type":"box","text":"19","page_number":55,"box":{"x":524,"y":921,"width":11,"height":8}},{"id":"d52b5bb1-2750-43e5-8e0f-143cbf1f1923","block_type":"box","text":"Investments in Investment Companies","page_number":56,"box":{"x":77,"y":23,"width":268,"height":11}},{"id":"06b6e273-4d23-4179-9728-ea6e649c5e4e","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":56,"box":{"x":76,"y":46,"width":873,"height":11}},{"id":"d032326b-cd71-445f-813a-92066e500fb0","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":56,"box":{"x":76,"y":61,"width":889,"height":10}},{"id":"371e30c1-afcc-4660-9429-b6a6e3293d57","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":56,"box":{"x":76,"y":75,"width":847,"height":11}},{"id":"3c5ab532-b87e-47be-845f-41b7bdc28552","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":56,"box":{"x":76,"y":89,"width":897,"height":11}},{"id":"f7d9a0da-583a-415d-8c1e-056e5a68546a","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":56,"box":{"x":76,"y":103,"width":890,"height":11}},{"id":"d4dddee5-4a20-433f-9f0a-cf482fc2ba03","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":56,"box":{"x":76,"y":117,"width":904,"height":11}},{"id":"a6976bad-79b8-4eff-a388-2282afe945ae","block_type":"box","text":"investment companies and companies controlled by them.","page_number":56,"box":{"x":76,"y":131,"width":374,"height":11}},{"id":"67bcf413-a578-487a-80db-18be29b1c3c5","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":56,"box":{"x":77,"y":155,"width":867,"height":10}},{"id":"eee483e0-5d28-409f-ae0d-91b2542ab74c","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":56,"box":{"x":78,"y":169,"width":871,"height":11}},{"id":"9743619b-cba8-451e-b4d4-6144f8956713","block_type":"box","text":"Fund, a registered investment company must, among other things, enter into an agreement with the Trust. If an Acquired Fund invests","page_number":56,"box":{"x":77,"y":183,"width":855,"height":11}},{"id":"f3b4b992-49c7-4240-859e-d174388bd123","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":56,"box":{"x":76,"y":197,"width":874,"height":11}},{"id":"e65717b8-a277-42a6-a73d-3b6950ae101f","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":56,"box":{"x":78,"y":211,"width":894,"height":11}},{"id":"b1f01f36-875d-4f52-88cb-2af9e7c60801","block_type":"box","text":"the limits set forth in Section 12(d)(1) should contact BFA.","page_number":56,"box":{"x":76,"y":226,"width":367,"height":10}},{"id":"b89c6c7a-09b2-4f63-8a85-b31da74766eb","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":56,"box":{"x":77,"y":249,"width":883,"height":11}},{"id":"e40f0050-6ec4-4a57-be29-67612ccf7940","block_type":"box","text":"SEC no-action relief.","page_number":56,"box":{"x":76,"y":263,"width":130,"height":8}},{"id":"a0d10f62-3fd7-4884-927e-ae1fc27210d5","block_type":"box","text":"Book Entry","page_number":56,"box":{"x":77,"y":286,"width":76,"height":11}},{"id":"b191f313-e64f-4607-a2c0-6f9d6c5ca876","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":56,"box":{"x":76,"y":309,"width":892,"height":11}},{"id":"24a82321-18df-43d7-be7f-aea7b893c864","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":56,"box":{"x":76,"y":323,"width":832,"height":11}},{"id":"c8896b67-4991-4ec9-9192-dd08f0b8eb8e","block_type":"box","text":"outstanding shares of the Funds.","page_number":56,"box":{"x":76,"y":338,"width":209,"height":11}},{"id":"0043b916-723f-4bf6-8441-3f92d6385d1c","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":56,"box":{"x":77,"y":361,"width":885,"height":11}},{"id":"c3505160-c172-434d-b2d0-18f13eb46b7d","block_type":"box","text":"brokers and dealers, banks, trust companies, clearing corporations and other institutions that directly or indirectly maintain a custodial","page_number":56,"box":{"x":76,"y":375,"width":863,"height":11}},{"id":"97909814-6173-452c-af39-e4a2529cda5f","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":56,"box":{"x":77,"y":389,"width":888,"height":11}},{"id":"3bf25936-87a8-4da1-8888-f687b9fe0a8e","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":56,"box":{"x":76,"y":403,"width":874,"height":11}},{"id":"b14d0d25-8264-4f7d-a25d-4cbc18923720","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":56,"box":{"x":77,"y":418,"width":899,"height":10}},{"id":"416486ed-5ff7-4b77-b49a-b46958d12a73","block_type":"box","text":"securities held in book-entry or “street name” form.","page_number":56,"box":{"x":76,"y":432,"width":330,"height":11}},{"id":"be9ebd52-c56d-4e49-97dd-a171495eb114","block_type":"box","text":"Share Prices","page_number":56,"box":{"x":76,"y":455,"width":87,"height":9}},{"id":"f285415d-1111-4dd5-9103-f26fc8de663c","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":56,"box":{"x":76,"y":478,"width":894,"height":11}},{"id":"cb9b49e8-0566-4ac8-b8f6-b5a392dfb048","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":56,"box":{"x":76,"y":492,"width":876,"height":11}},{"id":"d5f6bfdc-c351-4f35-9c89-6a1d7cf13ed0","block_type":"box","text":"conditions.","page_number":56,"box":{"x":76,"y":507,"width":69,"height":8}},{"id":"791e710b-467c-4764-8537-8f2afcfbe1be","block_type":"box","text":"Determination of Net Asset Value","page_number":56,"box":{"x":77,"y":530,"width":233,"height":8}},{"id":"c80dd3f2-ebad-4ede-80a2-043bf575cefd","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":56,"box":{"x":76,"y":553,"width":872,"height":11}},{"id":"35f24dcc-4a10-4e01-9a34-48ed95e82101","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":56,"box":{"x":76,"y":567,"width":904,"height":11}},{"id":"3e156915-4c2b-486a-a969-e17cb07f6fe7","block_type":"box","text":"on prices at the time of closing.","page_number":56,"box":{"x":76,"y":581,"width":201,"height":11}},{"id":"940420b6-6714-4f3b-8fe7-57affe8c354d","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":56,"box":{"x":76,"y":605,"width":883,"height":10}},{"id":"6d8aafa6-1a7f-4e7b-b34a-093ef123fe0a","block_type":"box","text":"market rates on the date of valuation as quoted by one or more data service providers.","page_number":56,"box":{"x":76,"y":619,"width":554,"height":11}},{"id":"1d97e965-2090-487e-8d1e-217cd0ba8c3f","block_type":"box","text":"The NAV of a Fund is calculated by dividing the value of the Fund’s net assets (","page_number":56,"box":{"x":76,"y":642,"width":501,"height":11}},{"id":"13d22acd-2280-4b03-90de-78414c54d003","block_type":"box","text":"i.e","page_number":56,"box":{"x":578,"y":642,"width":14,"height":8}},{"id":"7a4cda9b-fa72-439d-aa8c-b3409db895da","block_type":"box","text":"., the value of its total assets, including the value of any","page_number":56,"box":{"x":594,"y":642,"width":353,"height":11}},{"id":"0afa50e2-24ed-4f2b-b609-c6d954c0161c","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":56,"box":{"x":77,"y":656,"width":857,"height":11}},{"id":"92135d64-b748-4f91-9117-984747e08873","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":56,"box":{"x":77,"y":670,"width":883,"height":11}},{"id":"0802c684-8b11-4430-bdb4-44b50c49e6d8","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":56,"box":{"x":77,"y":684,"width":881,"height":11}},{"id":"2d61b317-2c2c-4271-8517-fb19d8f29674","block_type":"box","text":"20","page_number":56,"box":{"x":522,"y":921,"width":15,"height":8}},{"id":"5646684d-4382-4b7a-8f1f-dec954a90605","block_type":"box","text":"Fixed-income securities and certain derivative instruments are valued using last available bid prices or current market quotations provided","page_number":56,"box":{"x":77,"y":788,"width":884,"height":10}},{"id":"76349299-91d4-4f73-b25c-8e3b5e9dceee","block_type":"box","text":"by dealers or prices (including","page_number":56,"box":{"x":76,"y":802,"width":192,"height":11}},{"id":"1b2846be-6c79-45b5-a30d-e46357f2cc7c","block_type":"box","text":"evaluated prices) supplied by the Funds’ approved independent third-party pricing services, each in","page_number":56,"box":{"x":273,"y":802,"width":634,"height":11}},{"id":"9ff8e6f4-133f-4e4e-9713-6617d975748d","block_type":"box","text":"accordance with BFA’s valuation policies","page_number":56,"box":{"x":76,"y":816,"width":258,"height":11}},{"id":"81f641b5-d8b1-4879-9db9-d163b131997e","block_type":"box","text":"and procedures. Pricing services may use matrix pricing or valuation models that utilize certain","page_number":56,"box":{"x":339,"y":816,"width":606,"height":11}},{"id":"19252b8e-93fe-4ca2-bcd3-b4529ec11001","block_type":"box","text":"inputs and assumptions to derive values.","page_number":56,"box":{"x":76,"y":830,"width":260,"height":11}},{"id":"b52ce021-683b-40c1-a6ce-171c4f7d5767","block_type":"box","text":"Pricing services generally value fixed-income securities assuming orderly transactions of an","page_number":56,"box":{"x":342,"y":830,"width":585,"height":11}},{"id":"b336c934-703e-4b5a-b760-d2979cfa2a0d","block_type":"box","text":"institutional round lot size, but a Fund may hold","page_number":56,"box":{"x":76,"y":844,"width":303,"height":11}},{"id":"a4ee985c-d78e-4f16-9080-44d56e1fca6b","block_type":"box","text":"or transact in such securities in smaller odd lot sizes. Odd lots of securities in certain asset","page_number":56,"box":{"x":384,"y":844,"width":582,"height":9}},{"id":"61f2f61a-dc7f-40ae-89dd-243d8b89c407","block_type":"box","text":"classes may trade at lower prices than","page_number":56,"box":{"x":76,"y":859,"width":245,"height":10}},{"id":"94469f66-530c-4308-8349-db193a152ab6","block_type":"box","text":"institutional round lots, and the value ultimately realized when the securities are sold could differ","page_number":56,"box":{"x":327,"y":858,"width":619,"height":11}},{"id":"81566bfd-24aa-445e-bfd0-6013e03af9a4","block_type":"box","text":"from the prices used by a Fund. The","page_number":56,"box":{"x":76,"y":873,"width":228,"height":10}},{"id":"fb6c5089-5316-4c97-94df-beae7dc4eaa2","block_type":"box","text":"amortized cost method of valuation may be used with respect to debt obligations with 60 days or less","page_number":56,"box":{"x":309,"y":873,"width":650,"height":10}},{"id":"1c86b953-fe7f-4f10-babd-16e50064991e","block_type":"box","text":"remaining to maturity unless BFA","page_number":56,"box":{"x":77,"y":887,"width":210,"height":11}},{"id":"786eaaaf-1f8d-44e8-a026-3bf44a17952a","block_type":"box","text":"determines in good faith that such method does not represent fair value.","page_number":56,"box":{"x":292,"y":887,"width":463,"height":11}},{"id":"56a6f82a-c7f1-4242-8bd2-3d817c8241dd","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":56,"box":{"x":77,"y":708,"width":858,"height":10}},{"id":"d0dce0b6-8025-4c24-97dd-245f25ac11c3","block_type":"box","text":"quotations are readily available are valued at market value, which is generally","page_number":56,"box":{"x":76,"y":722,"width":489,"height":11}},{"id":"fba3c740-b137-40a4-9f0f-7dfece32377b","block_type":"box","text":"determined using the last reported official closing price or, if a","page_number":56,"box":{"x":569,"y":722,"width":393,"height":11}},{"id":"c18e0f33-6f38-45a4-9f89-bb52db69832b","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":56,"box":{"x":77,"y":736,"width":892,"height":11}},{"id":"b72c467d-3942-490a-9fe3-82d3ca8b729c","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 at","page_number":56,"box":{"x":76,"y":750,"width":904,"height":11}},{"id":"f9abfb1b-3c71-4bf4-bdee-86d5e1110338","block_type":"box","text":"net asset value. Shares of underlying ETFs and closed-end funds that trade on exchanges are valued at their most recent market closing price.","page_number":56,"box":{"x":76,"y":764,"width":900,"height":11}},{"id":"db560163-bac5-4d26-8415-c25e1effd85c","block_type":"box","text":"Generally, trading in certain instruments (","page_number":57,"box":{"x":76,"y":23,"width":265,"height":11}},{"id":"37563fc3-f8c7-4371-840d-075df9b185b0","block_type":"box","text":"e.g","page_number":57,"box":{"x":343,"y":26,"width":19,"height":8}},{"id":"f02bc28c-4b1a-4b00-b93b-6229cf5ff81f","block_type":"box","text":"., non-U.S. securities, money market instruments, etc.) is substantially completed each day at","page_number":57,"box":{"x":362,"y":23,"width":599,"height":11}},{"id":"ce630791-3a6b-49b7-b7fb-20c96626ed07","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":57,"box":{"x":76,"y":37,"width":869,"height":11}},{"id":"24ceeff0-97ec-45a2-ad7a-7857ad9f6dbb","block_type":"box","text":"determined as of such times.","page_number":57,"box":{"x":76,"y":51,"width":185,"height":9}},{"id":"48d94c7b-52a0-4f69-a23a-6c2ef20c09b6","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":57,"box":{"x":77,"y":75,"width":885,"height":11}},{"id":"ab20c327-52bf-4f0f-9bc5-1da1875506d7","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":57,"box":{"x":76,"y":89,"width":901,"height":11}},{"id":"50de68c6-1b70-42ce-8b5a-6ecead3ad728","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":57,"box":{"x":76,"y":103,"width":904,"height":11}},{"id":"b8d302d8-dc00-4772-968a-f782532ab81c","block_type":"box","text":"a Fund’s pricing time.","page_number":57,"box":{"x":76,"y":117,"width":136,"height":11}},{"id":"673a65b7-6c16-4e89-bf12-f56084bc3d9d","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":57,"box":{"x":76,"y":178,"width":837,"height":11}},{"id":"7e0bccf1-a116-4553-b2a0-f5ae04a3f924","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":57,"box":{"x":76,"y":192,"width":874,"height":11}},{"id":"edeb1118-b5eb-4502-9d32-27f2a46f75a7","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":57,"box":{"x":76,"y":206,"width":879,"height":11}},{"id":"5eb738a4-7c5b-479f-99b9-7baf982b3902","block_type":"box","text":"length transaction.","page_number":57,"box":{"x":77,"y":220,"width":118,"height":11}},{"id":"e6740a5a-e265-4737-958a-97cece0d8c70","block_type":"box","text":"BFA may conclude that a market quotation is not readily available or is unreliable if:","page_number":57,"box":{"x":77,"y":244,"width":531,"height":10}},{"id":"aaca7f17-c0f0-463d-9155-e3244d788f3e","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":57,"box":{"x":113,"y":262,"width":582,"height":10}},{"id":"3ef61be1-a5e5-4726-9382-fb83d6742344","block_type":"box","text":"A market quotation differs significantly from recent price quotations or otherwise no longer appears to reflect fair value;","page_number":57,"box":{"x":113,"y":280,"width":767,"height":11}},{"id":"7e5706af-9428-488c-af5c-12201dcae6b8","block_type":"box","text":"An asset or liability is thinly traded;","page_number":57,"box":{"x":113,"y":298,"width":223,"height":11}},{"id":"422fa036-6930-4704-9c4a-c08d53aebf39","block_type":"box","text":"There is a significant event subsequent to the most recent market quotation; or","page_number":57,"box":{"x":113,"y":316,"width":508,"height":11}},{"id":"2e8a7749-4c65-4683-9b12-c1eb37e585eb","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":57,"box":{"x":113,"y":334,"width":853,"height":11}},{"id":"ca7ee7ff-1269-47d3-a2f5-8570a6bd28a5","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":57,"box":{"x":76,"y":357,"width":874,"height":11}},{"id":"1c0c37a7-cd2f-450b-9fc9-0f85ed2e7340","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":57,"box":{"x":76,"y":371,"width":876,"height":11}},{"id":"e10a46ab-1b16-4c17-992c-0dbce292d945","block_type":"box","text":"more of the Fund’s assets or liabilities.","page_number":57,"box":{"x":76,"y":385,"width":246,"height":9}},{"id":"1d098797-2ca6-4c1d-ab01-1a138804397f","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":57,"box":{"x":76,"y":409,"width":890,"height":10}},{"id":"9996f6f0-3a3c-4e3e-a98c-12c22ad840ac","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":57,"box":{"x":76,"y":423,"width":888,"height":11}},{"id":"a3e7c677-7fb9-493f-b168-09c07c2cad58","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":57,"box":{"x":76,"y":437,"width":896,"height":11}},{"id":"1469a7df-9f9c-43ff-b4a9-01217bed257f","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":57,"box":{"x":77,"y":451,"width":870,"height":11}},{"id":"e2ee1418-bcd8-489f-81fe-8efbb0ab7a7f","block_type":"box","text":"Fund’s performance and the performance of its underlying index.","page_number":57,"box":{"x":77,"y":465,"width":414,"height":11}},{"id":"db8e4af8-71aa-4fa6-a988-c95f62a6b406","block_type":"box","text":"Dividends and Distributions","page_number":57,"box":{"x":77,"y":489,"width":192,"height":8}},{"id":"7182610b-2c1a-47a2-9883-b74910994810","block_type":"box","text":"General Policies.","page_number":57,"box":{"x":76,"y":512,"width":103,"height":8}},{"id":"58e906d2-487d-4216-990e-497bcce22e81","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":57,"box":{"x":185,"y":512,"width":782,"height":11}},{"id":"c0045e95-7851-41f0-a29d-b99eb43047dc","block_type":"box","text":"realized securities gains, if any, generally are declared and paid once a year, but the Trust may make distributions on a more frequent basis","page_number":57,"box":{"x":77,"y":526,"width":887,"height":11}},{"id":"8cae4ff8-5656-429d-bbad-4cdb1e5c95a4","block_type":"box","text":"for a Fund. The Trust reserves the right to declare special distributions if, in its reasonable discretion, such action is necessary or advisable to","page_number":57,"box":{"x":76,"y":540,"width":904,"height":11}},{"id":"f53d95b2-007a-4d80-bfce-7f70729f6bea","block_type":"box","text":"preserve its status as a regulated investment company (“RIC”) or to avoid the imposition of income or excise taxes on undistributed income","page_number":57,"box":{"x":76,"y":554,"width":893,"height":11}},{"id":"daafe78e-971b-46a7-ab65-fc6a40393796","block_type":"box","text":"or realized gains.","page_number":57,"box":{"x":76,"y":568,"width":107,"height":11}},{"id":"57594a78-1ed5-43ba-92fd-b8e1925be31c","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":57,"box":{"x":77,"y":592,"width":885,"height":10}},{"id":"f7511f88-d2ad-4303-9a5d-b31af2e52362","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":57,"box":{"x":76,"y":606,"width":856,"height":11}},{"id":"2a251cef-9129-4ea7-8ccc-f6b62353fd57","block_type":"box","text":"received from the Funds.","page_number":57,"box":{"x":77,"y":620,"width":157,"height":8}},{"id":"5183eb9d-4282-4ebe-a4aa-0c921670defb","block_type":"box","text":"Dividend Reinvestment Service.","page_number":57,"box":{"x":76,"y":643,"width":197,"height":9}},{"id":"12e20fc0-e0be-479a-a02c-f50775b0f518","block_type":"box","text":"No dividend reinvestment service is provided by the Trust. Broker-dealers may make the DTC book-entry","page_number":57,"box":{"x":280,"y":643,"width":667,"height":11}},{"id":"59886812-9c43-42cb-84d4-0678f6e41499","block_type":"box","text":"Dividend Reinvestment Program available to beneficial owners of Fund shares for the reinvestment of distributions. Beneficial owners should","page_number":57,"box":{"x":77,"y":657,"width":899,"height":11}},{"id":"2567fe1e-7ade-4b07-a0f3-7f2e70b6e13d","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":57,"box":{"x":76,"y":672,"width":869,"height":10}},{"id":"cb524ea7-c3e3-4238-9905-82d7ae934854","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":57,"box":{"x":76,"y":686,"width":895,"height":11}},{"id":"1e09c187-595d-46d2-beb9-c7b9e2e07279","block_type":"box","text":"be automatically reinvested in additional whole Fund shares purchased in the secondary market.","page_number":57,"box":{"x":76,"y":700,"width":617,"height":11}},{"id":"65af646a-d89b-42ef-aaba-bbf2c2814e6e","block_type":"box","text":"Note on Tax Information.","page_number":57,"box":{"x":76,"y":723,"width":167,"height":9}},{"id":"a66eae90-417f-4841-a9e8-9f203100e8d9","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":57,"box":{"x":249,"y":723,"width":723,"height":11}},{"id":"e779b110-4881-4183-b717-fbc7348abaf8","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":57,"box":{"x":76,"y":737,"width":905,"height":11}},{"id":"95579936-ebee-45f4-a5d6-a638bb8a388f","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":57,"box":{"x":76,"y":751,"width":893,"height":11}},{"id":"2565c348-f3cb-45b0-882f-266fdb1dc563","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":57,"box":{"x":76,"y":766,"width":893,"height":10}},{"id":"24cf1f02-933e-45c3-b751-8c07590a895b","block_type":"box","text":"laws.","page_number":57,"box":{"x":76,"y":780,"width":30,"height":8}},{"id":"1ad3d681-cf5d-4adb-9423-23f67cfc02ca","block_type":"box","text":"Taxes","page_number":57,"box":{"x":76,"y":803,"width":38,"height":9}},{"id":"f6e948c7-7684-493c-a7b6-186d721bc17f","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":57,"box":{"x":76,"y":826,"width":874,"height":11}},{"id":"56f0a461-81e7-412c-8397-f7189a2df8a2","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":57,"box":{"x":76,"y":840,"width":877,"height":11}},{"id":"8d46c6c9-e808-449d-9e20-9daf12b9fe41","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":57,"box":{"x":76,"y":855,"width":895,"height":10}},{"id":"0161e91a-211e-43c3-bd3a-27101b76d767","block_type":"box","text":"is no guarantee that shares of a Fund will receive certain regulatory or accounting treatment.","page_number":57,"box":{"x":76,"y":869,"width":594,"height":11}},{"id":"e71f288a-2f9d-4a90-9142-979d48321b01","block_type":"box","text":"21","page_number":57,"box":{"x":522,"y":921,"width":12,"height":8}},{"id":"7ed4e47c-e828-49d8-a17a-8a87807620b7","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":57,"box":{"x":76,"y":140,"width":877,"height":11}},{"id":"18cb8eac-ec0d-402e-97cb-48339b8b141f","block_type":"box","text":"model that may incorporate a number of market data","page_number":57,"box":{"x":76,"y":155,"width":339,"height":10}},{"id":"17d12b93-c839-4def-93ea-56f59822b9af","block_type":"box","text":"factors.","page_number":57,"box":{"x":420,"y":155,"width":48,"height":8}},{"id":"6cddd5f4-1a16-43d2-8429-74a71e5719cc","block_type":"box","text":"Taxes on Fund Distributions","page_number":58,"box":{"x":76,"y":23,"width":194,"height":9}},{"id":"fbde3745-65ab-4bae-b02c-1e5e4c8d16d5","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":58,"box":{"x":76,"y":46,"width":863,"height":11}},{"id":"a8a37421-5f0b-42bb-bcb7-2e7b7ac303df","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":58,"box":{"x":76,"y":61,"width":873,"height":10}},{"id":"9c07b9bc-09e6-4d5a-bd3c-2a464b2584ff","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":58,"box":{"x":76,"y":75,"width":713,"height":10}},{"id":"0360b64a-c752-4075-ae62-a4b4d0486d36","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":58,"box":{"x":77,"y":98,"width":902,"height":11}},{"id":"cd615040-3892-432d-a7c2-83a43f19a26e","block_type":"box","text":"may be treated as paid on December 31 of the prior year.","page_number":58,"box":{"x":76,"y":112,"width":365,"height":11}},{"id":"2bd9d352-d144-4d12-982a-ce796fe9a9d7","block_type":"box","text":"Capital Gains.","page_number":58,"box":{"x":76,"y":135,"width":86,"height":11}},{"id":"7d8d70b9-487a-4573-8850-4881d7928883","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":58,"box":{"x":169,"y":135,"width":785,"height":11}},{"id":"a7c8b9d0-8f1b-4699-8855-a1f67b2c2235","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":58,"box":{"x":76,"y":149,"width":857,"height":11}},{"id":"635d74fd-4172-4c51-b915-9c49cb00dc4e","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":58,"box":{"x":76,"y":164,"width":878,"height":10}},{"id":"a5a7f742-4e8c-460d-84eb-cd6ce34d8d8c","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":58,"box":{"x":77,"y":178,"width":871,"height":11}},{"id":"b8b13007-2cad-40a4-a4b5-146138683aa8","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":58,"box":{"x":76,"y":192,"width":892,"height":11}},{"id":"3f9a9725-2420-425f-a697-edec653f0fa7","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":58,"box":{"x":76,"y":206,"width":878,"height":11}},{"id":"b122c124-8942-4b67-b38b-2b68cf147a60","block_type":"box","text":"real estate investment trusts (“REITs”), if any.","page_number":58,"box":{"x":77,"y":220,"width":289,"height":11}},{"id":"7ae02844-7aa3-44c6-ae76-536106bcd92d","block_type":"box","text":"Return of Capital.","page_number":58,"box":{"x":76,"y":244,"width":108,"height":10}},{"id":"3fb0bc49-30f7-42f2-93d3-b146920aa2db","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":58,"box":{"x":191,"y":244,"width":775,"height":10}},{"id":"cae55aba-be63-4de5-ab31-7a963488b6ed","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":58,"box":{"x":76,"y":258,"width":904,"height":11}},{"id":"62953028-1256-4048-99a8-3a041f052601","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":58,"box":{"x":76,"y":272,"width":888,"height":11}},{"id":"220617b8-9d68-4faa-ae55-a9a952c3ec18","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":58,"box":{"x":76,"y":286,"width":843,"height":11}},{"id":"17214b57-f9f3-4197-b35c-c7a6cae7c096","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":58,"box":{"x":76,"y":300,"width":874,"height":11}},{"id":"b9a5f619-3ea6-4ac9-9bf0-7388a9128aa7","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":58,"box":{"x":76,"y":314,"width":803,"height":11}},{"id":"3f0df5d9-71ae-4457-b1f1-0107c90f643c","block_type":"box","text":"Qualified Dividend Income.","page_number":58,"box":{"x":76,"y":338,"width":167,"height":8}},{"id":"788f1ae1-db17-4b56-9449-ce26093ad333","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":58,"box":{"x":249,"y":338,"width":702,"height":11}},{"id":"ea179fa2-836a-41bd-aea0-784eeae908cf","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":58,"box":{"x":76,"y":352,"width":848,"height":11}},{"id":"0403810c-0824-46a2-9030-a5ea4741ee1b","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":58,"box":{"x":76,"y":366,"width":846,"height":11}},{"id":"37d701ec-4629-4cfe-a083-76e0f9e8ca91","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":58,"box":{"x":76,"y":380,"width":872,"height":11}},{"id":"d5d35df6-50f2-4dc9-a638-3e8993f7cf36","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":58,"box":{"x":76,"y":394,"width":892,"height":11}},{"id":"cad20964-6894-49c1-aba8-44ba5dfc593c","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":58,"box":{"x":76,"y":409,"width":886,"height":10}},{"id":"abc108c3-9c9c-41fb-8a08-c4d39e6fa497","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":58,"box":{"x":76,"y":423,"width":854,"height":11}},{"id":"f3b00535-25f3-464c-aaae-9665292399cf","block_type":"box","text":"company.","page_number":58,"box":{"x":76,"y":439,"width":60,"height":9}},{"id":"84d08fed-22ea-4ad4-b44b-3b5e02388fac","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":58,"box":{"x":77,"y":460,"width":904,"height":11}},{"id":"5e7c2a9d-1e33-40aa-9ce5-2a1ab513a8e7","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":58,"box":{"x":76,"y":474,"width":901,"height":11}},{"id":"3788138b-97f1-45c0-9221-cdb7d6e31107","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":58,"box":{"x":76,"y":489,"width":865,"height":10}},{"id":"0eb7b4d5-4a00-483c-bc68-f0a451e95086","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":58,"box":{"x":76,"y":503,"width":895,"height":11}},{"id":"b71441b0-fd4e-4f15-b674-806d5a6abeb5","block_type":"box","text":"from ordinary REIT dividends, reduced by allocable Fund expenses.","page_number":58,"box":{"x":76,"y":517,"width":428,"height":11}},{"id":"635477fd-6630-4252-a28e-f2e08bf3154d","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":58,"box":{"x":77,"y":540,"width":891,"height":11}},{"id":"f8225d59-eecd-4bcd-97ac-2be02b92b337","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":58,"box":{"x":77,"y":554,"width":861,"height":11}},{"id":"6bad4c15-a609-422b-9564-42e00bc46196","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":58,"box":{"x":76,"y":568,"width":883,"height":11}},{"id":"fbb3849c-61df-4979-ba14-940841163a7f","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":58,"box":{"x":76,"y":583,"width":682,"height":10}},{"id":"27458bbc-ef8a-4f5b-87dc-bb4786be6d4b","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":58,"box":{"x":77,"y":606,"width":872,"height":11}},{"id":"b1d0f1f8-f93d-405f-9db8-2a62760412fa","block_type":"box","text":"Fund shareholders that are corporations, subject to certain hedging and holding requirements.","page_number":58,"box":{"x":77,"y":620,"width":603,"height":11}},{"id":"13355a95-50c2-462b-80c7-b9cd786973ae","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":58,"box":{"x":76,"y":643,"width":876,"height":11}},{"id":"92898a96-53d3-46da-aa69-4b7b4c1e2908","block_type":"box","text":"Medicare Tax.","page_number":58,"box":{"x":76,"y":666,"width":85,"height":9}},{"id":"9eaf0f6b-1a51-45d5-b2d0-9f0ac081beac","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":58,"box":{"x":167,"y":666,"width":791,"height":11}},{"id":"2dd6e6e9-7b82-4c39-9460-a7f3e150450f","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":58,"box":{"x":76,"y":680,"width":876,"height":11}},{"id":"be1cc9f5-b1ff-4982-b4ba-59ad4c5ac000","block_type":"box","text":"trusts.","page_number":58,"box":{"x":76,"y":696,"width":40,"height":7}},{"id":"81c07b70-153d-4c00-8cda-7d6ae920eafc","block_type":"box","text":"Alternative Minimum Tax.","page_number":58,"box":{"x":75,"y":718,"width":157,"height":8}},{"id":"220e019c-0580-46b2-a133-6e2d7968799b","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":58,"box":{"x":238,"y":718,"width":738,"height":11}},{"id":"5b057fe3-3c5d-4eeb-8f19-078f950ba806","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":58,"box":{"x":76,"y":732,"width":833,"height":11}},{"id":"f2bf73ab-f4a8-45b2-a535-8c55662f2e63","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":58,"box":{"x":76,"y":746,"width":877,"height":11}},{"id":"a68acf73-50a7-474b-bdb4-115a1a3a893d","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":58,"box":{"x":77,"y":761,"width":903,"height":10}},{"id":"e77bebc8-9b57-4cee-8e1d-6cb3b137f396","block_type":"box","text":"liability and the regular income tax liability.","page_number":58,"box":{"x":77,"y":775,"width":271,"height":11}},{"id":"04a72e09-7dce-4562-933a-75cbc450c70a","block_type":"box","text":"Original Issue Discount and Inflation-Related Adjustments","page_number":58,"box":{"x":76,"y":798,"width":406,"height":11}},{"id":"728f6035-deaf-4a53-a8bb-273bbff8bedd","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":58,"box":{"x":76,"y":821,"width":892,"height":11}},{"id":"a0564b9e-674f-4e22-a010-715cd26ede1c","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":58,"box":{"x":76,"y":835,"width":874,"height":11}},{"id":"f03fede0-e30d-4df3-971d-01881b89b469","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":58,"box":{"x":76,"y":850,"width":864,"height":10}},{"id":"19ad5640-9de5-4400-9c10-5009f886dc78","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":58,"box":{"x":76,"y":864,"width":895,"height":10}},{"id":"f88cba12-7bf0-41a7-b791-9a1f2ce4f309","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":58,"box":{"x":77,"y":878,"width":896,"height":11}},{"id":"a3ca94c3-91c4-4e47-a84c-c543f04a3031","block_type":"box","text":"22","page_number":58,"box":{"x":522,"y":921,"width":14,"height":8}},{"id":"c99dbc97-0e14-494b-a5c7-a315e07ebd06","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":59,"box":{"x":76,"y":23,"width":905,"height":11}},{"id":"ef1640a6-2244-4272-a351-5598de50c0f1","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":59,"box":{"x":76,"y":37,"width":707,"height":11}},{"id":"1bb42013-c202-4eae-a56b-28050d405415","block_type":"box","text":"Market Discount Bonds","page_number":59,"box":{"x":77,"y":61,"width":162,"height":8}},{"id":"7fedde52-ede8-4fdb-965c-a6e3698dda42","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":59,"box":{"x":76,"y":84,"width":898,"height":11}},{"id":"3a1ed92e-34f3-4b8e-b1d9-cbe86da0d194","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":59,"box":{"x":76,"y":98,"width":903,"height":11}},{"id":"60ec9444-5881-42aa-a602-c8e4f8747e81","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":59,"box":{"x":76,"y":112,"width":898,"height":11}},{"id":"0b93f6b7-6e5e-409e-89d3-2709d539b0a7","block_type":"box","text":"treated as ordinary income rather than capital gains to the extent of the accrued market discount.","page_number":59,"box":{"x":76,"y":126,"width":626,"height":11}},{"id":"c9ce0c19-4332-4f70-b72c-a39669c37ff8","block_type":"box","text":"Derivatives and Other Complex Instruments","page_number":59,"box":{"x":77,"y":149,"width":307,"height":11}},{"id":"cf79c2d0-a523-4bad-bf38-1d31d90f8c3e","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":59,"box":{"x":76,"y":173,"width":874,"height":10}},{"id":"db1758c2-454d-4c16-9cf6-696c302a52b1","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":59,"box":{"x":76,"y":187,"width":860,"height":11}},{"id":"d40c8863-038a-45ce-be59-138f76013813","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":59,"box":{"x":77,"y":201,"width":852,"height":11}},{"id":"0124fc04-ed75-4dac-8e19-c801c4b64fbc","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":59,"box":{"x":76,"y":215,"width":863,"height":11}},{"id":"fae61570-65d1-4a5e-81b9-49a9dcb6c4cd","block_type":"box","text":"Non-U.S. Income Taxes","page_number":59,"box":{"x":77,"y":238,"width":158,"height":9}},{"id":"8e62f3b1-6926-47b2-bce9-608b8d989f3b","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":59,"box":{"x":77,"y":262,"width":837,"height":10}},{"id":"ea39216c-0084-4bc6-995b-925c58587556","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":59,"box":{"x":76,"y":276,"width":863,"height":11}},{"id":"5d251be3-9bb4-4b43-b5cb-78bd031a5595","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":59,"box":{"x":77,"y":290,"width":865,"height":11}},{"id":"3077848a-37d0-4b38-a645-cac6faa879c2","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":59,"box":{"x":77,"y":304,"width":875,"height":11}},{"id":"5a0baf24-230b-44ca-be7e-258748ca0bf5","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":59,"box":{"x":77,"y":318,"width":895,"height":11}},{"id":"7243eb19-1778-4af5-a2d6-30d57a693ced","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":59,"box":{"x":76,"y":333,"width":888,"height":10}},{"id":"58873b00-1487-4603-9e3a-2af8ad6ebba5","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":59,"box":{"x":76,"y":347,"width":875,"height":11}},{"id":"9a45ab2f-1922-4573-9679-7979e024ad0a","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":59,"box":{"x":76,"y":361,"width":896,"height":11}},{"id":"da3065f4-6511-42b0-9144-4197ad28a408","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":59,"box":{"x":76,"y":375,"width":635,"height":11}},{"id":"2fdeb9fa-ee39-4cfd-b25e-8a3bf636f79a","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":59,"box":{"x":77,"y":398,"width":896,"height":11}},{"id":"8e443910-8cca-44fb-839a-e120fd5e0ad8","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":59,"box":{"x":76,"y":412,"width":903,"height":11}},{"id":"74a24607-49c4-48d5-be49-70bf17fa32f7","block_type":"box","text":"could be reduced.","page_number":59,"box":{"x":76,"y":427,"width":114,"height":8}},{"id":"5149fc31-ecb7-4a02-8732-1bb8505bf526","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":59,"box":{"x":77,"y":450,"width":853,"height":11}},{"id":"21ffe3f5-4077-47c3-8272-a0278004c7c9","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":59,"box":{"x":76,"y":464,"width":900,"height":11}},{"id":"a4894dfb-afe7-4f23-bf5b-60f83b5bc57a","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":59,"box":{"x":76,"y":478,"width":876,"height":11}},{"id":"1eb1e781-fd85-41b5-9de4-069649a53783","block_type":"box","text":"paid by the Fund or, if its assets meet these requirements, the Underlying Fund.","page_number":59,"box":{"x":76,"y":492,"width":509,"height":11}},{"id":"f1af1c0c-8175-4b37-bdd5-bc7d5a9f5e64","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":59,"box":{"x":77,"y":516,"width":879,"height":10}},{"id":"4e1bf028-9216-460c-b2f6-0990da754e3b","block_type":"box","text":"income, limiting the availability of such credits for U.S. persons.","page_number":59,"box":{"x":76,"y":530,"width":407,"height":11}},{"id":"f85b9a9d-7664-403a-93b8-2b0893bd6d33","block_type":"box","text":"Non-U.S. Shareholders","page_number":59,"box":{"x":77,"y":553,"width":156,"height":8}},{"id":"3d84be4d-b41d-4d0e-acf8-b2acb9354f5b","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":59,"box":{"x":77,"y":576,"width":888,"height":11}},{"id":"037003e2-dfd6-4727-b667-3d2cf0293e37","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":59,"box":{"x":77,"y":590,"width":904,"height":11}},{"id":"bdefd28d-7108-4ebe-80f6-9eed310a7ebc","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":59,"box":{"x":77,"y":605,"width":868,"height":10}},{"id":"b50f0ee5-8457-4434-a62a-316e301695d3","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":59,"box":{"x":76,"y":619,"width":886,"height":11}},{"id":"648b9723-3c27-4335-a84b-3233482dec22","block_type":"box","text":"gain dividends, interest-related dividends or short-term capital gain dividends.","page_number":59,"box":{"x":76,"y":633,"width":499,"height":11}},{"id":"a07e20ba-ead9-474c-93ba-723ed9654a43","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":59,"box":{"x":76,"y":656,"width":896,"height":11}},{"id":"3b61aa2d-6f49-4d58-a35e-f333d62ffdf7","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":59,"box":{"x":76,"y":670,"width":894,"height":11}},{"id":"75153d02-f70a-492e-8ddc-ac955b26d1ef","block_type":"box","text":"U.S.-owned foreign investment accounts.","page_number":59,"box":{"x":77,"y":684,"width":262,"height":11}},{"id":"09a496cc-b5c9-4ce6-9f08-6a4c507b2d53","block_type":"box","text":"Backup Withholding","page_number":59,"box":{"x":77,"y":708,"width":139,"height":10}},{"id":"b748181d-50a6-430d-9422-d5feb3fb0834","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":59,"box":{"x":77,"y":731,"width":890,"height":11}},{"id":"ab37bd50-04a4-45e1-9a5b-029bd33adb6e","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":59,"box":{"x":76,"y":745,"width":789,"height":11}},{"id":"44f3932c-1a46-4e7f-ba24-5fbd304db4e8","block_type":"box","text":"Securities Lending","page_number":59,"box":{"x":76,"y":768,"width":129,"height":11}},{"id":"eba6f588-344f-4241-ad08-59d6132e547f","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":59,"box":{"x":77,"y":791,"width":901,"height":11}},{"id":"711facfb-d4ee-4fb8-b5b4-28777504a3ed","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":59,"box":{"x":76,"y":806,"width":892,"height":10}},{"id":"1f764a56-20c1-45f1-a2ca-b03a5d2f7cfa","block_type":"box","text":"through by the Fund.","page_number":59,"box":{"x":76,"y":820,"width":132,"height":11}},{"id":"6b80c6d3-4bcd-4566-80a7-c2a80ed675f5","block_type":"box","text":"Fund of Funds","page_number":59,"box":{"x":77,"y":843,"width":98,"height":9}},{"id":"ac1a6099-ab31-4e2b-8633-67b6109f7342","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":59,"box":{"x":77,"y":866,"width":844,"height":11}},{"id":"00df6561-64c5-42fe-9562-0d5e5aa3efe3","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":59,"box":{"x":76,"y":880,"width":870,"height":11}},{"id":"10f02463-9c95-41c9-9ea6-c1d96aa1baca","block_type":"box","text":"23","page_number":59,"box":{"x":522,"y":921,"width":15,"height":8}},{"id":"c9e6a02f-bbe7-4c58-9d0e-61ec80ffff72","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":60,"box":{"x":77,"y":23,"width":864,"height":11}},{"id":"56107710-b3ae-4204-bd1e-58c057101e29","block_type":"box","text":"Capital loss carryforwards of the Underlying Fund, if any, will not offset net capital gains of the Fund.","page_number":60,"box":{"x":76,"y":37,"width":643,"height":11}},{"id":"3fe50d12-f9bc-4380-bced-7ae76ed1918e","block_type":"box","text":"Taxes on the Sale of Exchange-Listed Fund Shares","page_number":60,"box":{"x":76,"y":60,"width":350,"height":11}},{"id":"36146a49-ebe2-4cca-b6eb-c70a128ae219","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":60,"box":{"x":76,"y":84,"width":876,"height":11}},{"id":"e40feff1-a576-4421-a42d-d3b2e7618f39","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":60,"box":{"x":77,"y":98,"width":896,"height":11}},{"id":"7541d1d9-203c-4d1c-bb80-901228e79885","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":60,"box":{"x":76,"y":112,"width":870,"height":11}},{"id":"b19b42cd-85fb-4a65-9e61-a0720eb33e15","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":60,"box":{"x":77,"y":126,"width":892,"height":11}},{"id":"61e25add-6d78-41f7-980f-a609130f0865","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":60,"box":{"x":76,"y":140,"width":892,"height":11}},{"id":"64bff6e1-8330-4b3c-a185-0e2e5a144a82","block_type":"box","text":"contribution tax mentioned above.","page_number":60,"box":{"x":76,"y":155,"width":219,"height":8}},{"id":"83aa97b6-01d5-48ba-984c-5a541a0870c8","block_type":"box","text":"Creations and Redemptions","page_number":60,"box":{"x":76,"y":178,"width":193,"height":11}},{"id":"9a88ee05-5526-48c1-9896-29eb0607902a","block_type":"box","text":"Prior to being traded in the secondary market, Fund shares are “created” at NAV by Authorized Participants (","page_number":60,"box":{"x":77,"y":201,"width":693,"height":11}},{"id":"bd899c7a-16eb-4055-b4be-5995ab98a5a1","block_type":"box","text":"i.e.","page_number":60,"box":{"x":771,"y":201,"width":17,"height":9}},{"id":"c3c8b458-e568-4fb5-9211-d7a029581a8a","block_type":"box","text":", market makers, large","page_number":60,"box":{"x":790,"y":201,"width":143,"height":11}},{"id":"289090db-491c-4b0d-9f41-e9f19902b886","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":60,"box":{"x":76,"y":215,"width":866,"height":11}},{"id":"fd7b7faa-9157-4987-b47c-cb94bbd63c9a","block_type":"box","text":"Creation Units, and only Authorized Participants may create or redeem Creation Units with the Funds.","page_number":60,"box":{"x":76,"y":229,"width":650,"height":11}},{"id":"648a0805-82f6-464c-b3b3-04095e98118a","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":60,"box":{"x":77,"y":253,"width":832,"height":10}},{"id":"6ddcbb27-6522-4989-b118-9ee533ef113a","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":60,"box":{"x":76,"y":267,"width":891,"height":11}},{"id":"6bdb2f54-e774-43d0-aade-559457cc503f","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":60,"box":{"x":76,"y":281,"width":874,"height":11}},{"id":"892097c4-deed-40c1-8ce5-4b1d688b36ec","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":60,"box":{"x":76,"y":295,"width":904,"height":11}},{"id":"5d81a55e-fc01-4bdd-92f5-9daa219776df","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":60,"box":{"x":76,"y":318,"width":875,"height":11}},{"id":"3c4b31a8-af25-4650-b87f-318d97fcce60","block_type":"box","text":"cash.","page_number":60,"box":{"x":76,"y":333,"width":33,"height":8}},{"id":"b441c332-eab1-49b7-a4f5-b8d797b7ae2e","block_type":"box","text":"In-Kind","page_number":60,"box":{"x":76,"y":356,"width":45,"height":8}},{"id":"d60a8d38-8fb6-4ae5-aacd-23f1fd67e17f","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":60,"box":{"x":122,"y":356,"width":860,"height":10}},{"id":"af042d6d-918c-422a-acab-8ba4e37eec5b","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":60,"box":{"x":76,"y":370,"width":898,"height":11}},{"id":"7d19d2f6-4a71-4ca0-bc38-65d92b75a111","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":60,"box":{"x":77,"y":384,"width":851,"height":11}},{"id":"290b3d20-63ed-40e4-a97d-81329dd883e8","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":60,"box":{"x":76,"y":398,"width":686,"height":11}},{"id":"40c9d5d5-79e5-4def-a76f-6e725fd729fa","block_type":"box","text":"Partial Cash","page_number":60,"box":{"x":76,"y":421,"width":74,"height":9}},{"id":"49268068-47ca-4c88-94e6-a72b3a0127a3","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":60,"box":{"x":152,"y":422,"width":806,"height":10}},{"id":"7d964c55-921f-4050-9a9a-e61545c44c5e","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":60,"box":{"x":76,"y":436,"width":870,"height":10}},{"id":"607f425a-221c-4a0c-9897-69d5537984d9","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":60,"box":{"x":77,"y":450,"width":870,"height":11}},{"id":"cc3b525e-74c1-476b-a5cb-fedc91835002","block_type":"box","text":"replaces a security or other asset in the redemption basket.","page_number":60,"box":{"x":77,"y":464,"width":380,"height":11}},{"id":"4d40411c-a29a-4a52-83f3-239a0ed63fa1","block_type":"box","text":"All Cash","page_number":60,"box":{"x":75,"y":487,"width":51,"height":9}},{"id":"0d9142c2-d413-4463-8c8a-a4de0b395da8","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":60,"box":{"x":128,"y":487,"width":833,"height":11}},{"id":"9dd3a9e8-0600-4dc1-badf-569c60d139e7","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":60,"box":{"x":76,"y":501,"width":869,"height":11}},{"id":"fd2a19fb-13c7-4e11-8fcb-4c3ee0de40b3","block_type":"box","text":"specified amount of cash.","page_number":60,"box":{"x":76,"y":516,"width":164,"height":10}},{"id":"acd1804c-d3c1-401c-aa7e-a1ee6f0124ef","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":60,"box":{"x":76,"y":539,"width":845,"height":11}},{"id":"802983d5-c010-4e7b-bd69-870088276bbe","block_type":"box","text":"information about custom baskets is provided in the Funds’ SAI.","page_number":60,"box":{"x":76,"y":553,"width":408,"height":11}},{"id":"a9450456-b786-4cad-9f91-9e6a271487a2","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":60,"box":{"x":77,"y":576,"width":855,"height":11}},{"id":"e98ebed0-a09a-4027-ad63-2511503aafcd","block_type":"box","text":"circumstances, however, a Fund may use another transaction method (","page_number":60,"box":{"x":76,"y":590,"width":455,"height":11}},{"id":"533c6638-d646-41e0-a9c5-b18d05560beb","block_type":"box","text":"e.g.","page_number":60,"box":{"x":532,"y":593,"width":21,"height":8}},{"id":"7d966d04-0e77-4773-a9cb-d80d63b9d404","block_type":"box","text":", an in-kind Fund may transact partially or fully in cash).","page_number":60,"box":{"x":555,"y":590,"width":354,"height":11}},{"id":"e2972ea6-4c22-48da-9ebf-b0f2ee6cf831","block_type":"box","text":"Fund","page_number":60,"box":{"x":87,"y":622,"width":33,"height":8}},{"id":"ef26255d-3d22-4185-bcb6-09e99f6441c0","block_type":"box","text":"In-Kind Partial All Cash","page_number":60,"box":{"x":621,"y":622,"width":296,"height":8}},{"id":"af650000-cb9b-44d7-923a-9375b0312b5f","block_type":"box","text":"iShares Currency Hedged MSCI ACWI ex U.S. ETF","page_number":60,"box":{"x":87,"y":640,"width":317,"height":11}},{"id":"543a6cff-c9e7-4d89-9d96-057bd7505813","block_type":"box","text":"iShares Currency Hedged MSCI EAFE ETF","page_number":60,"box":{"x":87,"y":658,"width":266,"height":11}},{"id":"8b127c9f-f6b5-48ed-9f69-82c62ea37b58","block_type":"box","text":"iShares Currency Hedged MSCI EAFE Small-Cap ETF","page_number":60,"box":{"x":87,"y":676,"width":336,"height":11}},{"id":"43a5b72a-7ef2-4ec4-b859-1220d5811c6a","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":60,"box":{"x":76,"y":706,"width":897,"height":10}},{"id":"b03f6392-79ae-4e12-92a1-fcbe7169470d","block_type":"box","text":"is tendered in an acceptable form under the Authorized Participant agreement. In the event of a system failure or other interruption, including","page_number":60,"box":{"x":76,"y":720,"width":905,"height":11}},{"id":"4611841f-e8a7-466a-91f8-5a4aae7579ca","block_type":"box","text":"disruptions at market makers or Authorized Participants, creation and redemption orders may not be executed according to a Fund’s","page_number":60,"box":{"x":76,"y":734,"width":849,"height":11}},{"id":"6495f6ae-0917-4727-a216-860dbc711c6a","block_type":"box","text":"instructions or may not be executed at all.","page_number":60,"box":{"x":76,"y":748,"width":269,"height":11}},{"id":"22b42e75-471f-437e-878a-f4054e3f709a","block_type":"box","text":"Additional information about the creation and redemption of Creation Units (including the cut-off times for the receipt of creation and","page_number":60,"box":{"x":76,"y":771,"width":854,"height":11}},{"id":"91fbd41b-158b-4e83-81ad-8ad3253f9139","block_type":"box","text":"redemption orders) is included in the Funds’ SAI.","page_number":60,"box":{"x":77,"y":786,"width":310,"height":10}},{"id":"a35d69ad-d84c-4780-8774-84bd1c2c8c45","block_type":"box","text":"The Funds do not impose restrictions on the frequency of purchases and redemptions of Fund shares directly with a Fund. The Board","page_number":60,"box":{"x":76,"y":809,"width":848,"height":11}},{"id":"57755823-6349-4d51-a225-59a59a59855c","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":60,"box":{"x":76,"y":823,"width":876,"height":11}},{"id":"9c858663-0bdf-4a5d-92ef-b3ae266b8980","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":60,"box":{"x":76,"y":837,"width":894,"height":11}},{"id":"79b105b1-faea-417f-b3a7-01ea74636e9b","block_type":"box","text":"placing cash-related transactions no later than the close of the primary markets for the Fund’s portfolio securities. However, the Funds have","page_number":60,"box":{"x":76,"y":851,"width":898,"height":11}},{"id":"1b741d68-5096-4ac6-9d3a-e3ae906a73c7","block_type":"box","text":"taken certain measures (","page_number":60,"box":{"x":76,"y":866,"width":158,"height":10}},{"id":"d4843e3b-d7c5-4692-a48a-99f61e8c727c","block_type":"box","text":"e.g.","page_number":60,"box":{"x":235,"y":868,"width":21,"height":8}},{"id":"326ac091-efdb-4fb0-b091-185384969040","block_type":"box","text":", imposing transaction fees on purchases and redemptions of Creation Units and reserving the right to reject","page_number":60,"box":{"x":259,"y":866,"width":694,"height":10}},{"id":"c6f9da7c-308c-4ef5-8809-414f8d358889","block_type":"box","text":"purchases of Creation Units under certain circumstances) to minimize the potential consequences of frequent cash purchases and","page_number":60,"box":{"x":76,"y":880,"width":835,"height":11}},{"id":"3533fa69-4a36-4154-985d-45ccb31305c7","block_type":"box","text":"24","page_number":60,"box":{"x":522,"y":921,"width":15,"height":8}},{"id":"a3e25f21-7961-4722-a5eb-a84d76a95f11","block_type":"box","text":"redemptions by Authorized Participants, such as increased tracking error, disruption of portfolio management, dilution to the Funds, and/or","page_number":61,"box":{"x":77,"y":23,"width":894,"height":11}},{"id":"d264512c-b99a-4352-a444-b9d45a7647ef","block_type":"box","text":"increased transaction costs. Further, the vast majority of trading in Fund shares occurs on the secondary market, which does not involve the","page_number":61,"box":{"x":76,"y":37,"width":900,"height":11}},{"id":"51411825-946f-4947-b5b2-24f5d143252e","block_type":"box","text":"Funds directly, and such trading is unlikely to cause many of the harmful effects of frequent cash purchases or redemptions of Fund shares.","page_number":61,"box":{"x":77,"y":51,"width":892,"height":11}},{"id":"bbb806e3-9e8f-4849-ac32-a39b7c102eb2","block_type":"box","text":"To the extent a Fund engages in in-kind transactions, the Fund intends to comply with the U.S. federal securities laws in accepting securities","page_number":61,"box":{"x":76,"y":75,"width":898,"height":11}},{"id":"4869ac1d-54dc-4473-8574-2773044467f7","block_type":"box","text":"for deposit and satisfying redemptions with redemption securities by, among other means, assuring that any securities accepted for deposit","page_number":61,"box":{"x":76,"y":89,"width":896,"height":11}},{"id":"0b3a3765-db62-4d87-af87-5adcba0cee68","block_type":"box","text":"and any securities used to satisfy redemption requests will be sold in transactions that would be exempt from registration under the","page_number":61,"box":{"x":76,"y":103,"width":844,"height":11}},{"id":"52e5a90b-ffff-4ed1-a7b6-8b27617ef758","block_type":"box","text":"Securities Act of 1933, as amended (the “1933 Act”). Further, an Authorized Participant that is not a “qualified institutional buyer,” as such","page_number":61,"box":{"x":76,"y":117,"width":885,"height":11}},{"id":"0ce01d75-3baa-4b1c-a7f1-4adbc1b78272","block_type":"box","text":"term is defined in Rule 144A under the 1933 Act, will not be able to receive restricted securities eligible for resale under Rule 144A.","page_number":61,"box":{"x":76,"y":131,"width":838,"height":11}},{"id":"b07e79bc-591c-4c1b-bbb5-4c0adf68c562","block_type":"box","text":"Because Fund shares may be created and issued on an ongoing basis, at any point during the life of a Fund a “distribution,” as such term is","page_number":61,"box":{"x":77,"y":155,"width":886,"height":10}},{"id":"e4b72f8a-6233-4cab-a182-15d9947a4816","block_type":"box","text":"used in the 1933 Act, may be occurring. Broker-dealers and other persons are cautioned that some activities on their part may, depending on","page_number":61,"box":{"x":77,"y":169,"width":902,"height":11}},{"id":"e12bb424-8d3f-4f29-9284-f4deffc3d2de","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":61,"box":{"x":76,"y":183,"width":868,"height":11}},{"id":"fa843a11-e07a-4216-bc0c-33dcff3abb4b","block_type":"box","text":"subject to the prospectus delivery and liability provisions of the 1933 Act. Any determination of whether one is an underwriter must take into","page_number":61,"box":{"x":76,"y":197,"width":901,"height":11}},{"id":"2a74a8dd-28da-4905-9aea-dbcf4a21b691","block_type":"box","text":"account all the relevant facts and circumstances of each particular case.","page_number":61,"box":{"x":76,"y":211,"width":464,"height":11}},{"id":"c574880d-33e0-4245-9a87-99990e527ff1","block_type":"box","text":"Broker-dealers should also note that dealers who are not “underwriters” but are participating in a distribution (as contrasted to ordinary","page_number":61,"box":{"x":77,"y":235,"width":868,"height":10}},{"id":"0b6dbe64-873b-4e41-acee-345c850a3c78","block_type":"box","text":"secondary transactions), and thus dealing with shares that are part of an “unsold allotment” within the meaning of Section 4(a)(3)(C) of the","page_number":61,"box":{"x":76,"y":249,"width":889,"height":11}},{"id":"399a369b-a51d-41cc-9f23-689d1dd2594a","block_type":"box","text":"1933 Act, would be unable to take advantage of the prospectus delivery exemption provided by Section 4(a)(3) of the 1933 Act. For delivery","page_number":61,"box":{"x":78,"y":263,"width":892,"height":11}},{"id":"3ffed88a-87a6-49b2-9cc5-a3e153913b0f","block_type":"box","text":"of prospectuses to exchange members, the prospectus delivery mechanism of Rule 153 under the 1933 Act is available only with respect to","page_number":61,"box":{"x":76,"y":277,"width":892,"height":11}},{"id":"771dd232-1018-4479-b25e-b459aea0a757","block_type":"box","text":"transactions on a national securities exchange.","page_number":61,"box":{"x":76,"y":291,"width":300,"height":11}},{"id":"07504c64-4be6-460e-a0d5-70ea97e2c62b","block_type":"box","text":"Householding","page_number":61,"box":{"x":77,"y":314,"width":95,"height":11}},{"id":"467f3e45-db2e-4272-8eb1-ff33dac3ad57","block_type":"box","text":"Householding is an option available to certain Fund investors. Householding is a method of delivery, based on the preference of the individual","page_number":61,"box":{"x":77,"y":338,"width":903,"height":11}},{"id":"53405d85-d824-4225-953d-bff6fb267edb","block_type":"box","text":"investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their","page_number":61,"box":{"x":76,"y":352,"width":880,"height":11}},{"id":"cbcc78e7-83c3-4532-9af9-b48cecc97032","block_type":"box","text":"accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and","page_number":61,"box":{"x":76,"y":366,"width":862,"height":11}},{"id":"dbbd0881-3f6b-423c-a090-73daec3ced20","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":61,"box":{"x":77,"y":380,"width":855,"height":11}},{"id":"be210ca9-c6ff-48c9-8092-f063995f186e","block_type":"box","text":"change your householding status.","page_number":61,"box":{"x":76,"y":394,"width":214,"height":11}},{"id":"8c61e3a9-f310-4585-a652-9acd9867a497","block_type":"box","text":"Distribution","page_number":61,"box":{"x":78,"y":423,"width":113,"height":13}},{"id":"995f7780-a2f9-447e-955e-62244cae0737","block_type":"box","text":"The Distributor or its agent distributes Creation Units for the Funds on an agency basis. The Distributor does not maintain a secondary","page_number":61,"box":{"x":76,"y":452,"width":859,"height":11}},{"id":"76578270-9759-454b-a4ad-2598edaeddab","block_type":"box","text":"market in shares of the Funds. The Distributor has no role in determining the policies of the Funds or the securities or other assets (as","page_number":61,"box":{"x":76,"y":467,"width":857,"height":10}},{"id":"cc2d64d7-6232-4adf-af19-af311cfcc3aa","block_type":"box","text":"applicable) that are purchased or sold by the Funds. The Distributor’s principal address is 50 Hudson Yards, New York, NY 10001.","page_number":61,"box":{"x":76,"y":481,"width":824,"height":11}},{"id":"b5792991-137c-4e56-aaa7-f3eb9cfd3054","block_type":"box","text":"BFA or its affiliates make payments to broker-dealers, registered investment advisers, banks or other intermediaries (together,","page_number":61,"box":{"x":77,"y":504,"width":808,"height":11}},{"id":"3198691f-0030-4949-9153-2f50ce8148cb","block_type":"box","text":"“intermediaries”) related to marketing activities and presentations, educational training programs, conferences, the development of","page_number":61,"box":{"x":76,"y":518,"width":844,"height":11}},{"id":"5cf4670f-a771-4e06-b659-680482318979","block_type":"box","text":"technology platforms and reporting systems, data provision services, or their making shares of the Funds available to their customers","page_number":61,"box":{"x":76,"y":532,"width":855,"height":11}},{"id":"e775a88a-6ee0-4ac0-9844-0a65febd9284","block_type":"box","text":"generally and in certain investment programs. Such payments, which may be significant to the intermediary, are not made by the Funds.","page_number":61,"box":{"x":76,"y":547,"width":871,"height":10}},{"id":"e0ea4f6e-6cee-418c-9017-b824781f9864","block_type":"box","text":"Rather, such payments are made by BFA or its affiliates from their own resources, which come directly or indirectly in part from fees paid by","page_number":61,"box":{"x":77,"y":561,"width":894,"height":11}},{"id":"65992494-4f0c-4978-8336-9cecbc93d65e","block_type":"box","text":"the Funds. Payments of this type are sometimes referred to as revenue-sharing payments. A financial intermediary may make decisions","page_number":61,"box":{"x":76,"y":575,"width":867,"height":11}},{"id":"4ca2597f-2c3e-4545-a5f2-1bd0ab5bdfae","block_type":"box","text":"about which investment options it recommends or makes available, or the level of services provided, to its customers based on the payments","page_number":61,"box":{"x":76,"y":589,"width":905,"height":11}},{"id":"e072d035-bdbb-43d8-a4b8-d12537017da2","block_type":"box","text":"or other financial incentives the intermediary is eligible to receive. Therefore, such payments or other financial incentives that are offered or","page_number":61,"box":{"x":76,"y":603,"width":896,"height":11}},{"id":"23edc52e-95a2-4957-bdaf-999e07df8192","block_type":"box","text":"made to an intermediary create conflicts of interest between the intermediary and its customers and may cause the intermediary to","page_number":61,"box":{"x":76,"y":617,"width":844,"height":11}},{"id":"f1b37346-2222-437e-b4dd-43fe1545256a","block_type":"box","text":"recommend the Funds over another investment. More information regarding these payments is contained in the applicable SAI.","page_number":61,"box":{"x":77,"y":632,"width":814,"height":10}},{"id":"41b6644c-42ab-4841-826e-602bf2c18e07","block_type":"box","text":"Please","page_number":61,"box":{"x":897,"y":632,"width":44,"height":8}},{"id":"5b94e152-2b01-4664-9ae7-9846edc5a6fa","block_type":"box","text":"contact your salesperson or other investment professional for more information regarding any such payments that their firm","page_number":61,"box":{"x":76,"y":646,"width":879,"height":11}},{"id":"d4ca1dee-b59e-45b1-aed6-0b150b3c1c73","block_type":"box","text":"may receive from BFA or its affiliates.","page_number":61,"box":{"x":76,"y":660,"width":263,"height":11}},{"id":"a9671cf3-f779-4f80-ba10-23e50a6efa80","block_type":"box","text":"Financial Highlights","page_number":61,"box":{"x":78,"y":689,"width":191,"height":17}},{"id":"80ef296f-7ad6-48f4-859e-32ec5a1917be","block_type":"box","text":"The financial highlights table for each Fund is intended to help you understand the Fund’s financial performance for the past five fiscal years","page_number":61,"box":{"x":76,"y":718,"width":895,"height":11}},{"id":"644c1597-f2ff-43b8-9d14-3faa7bddc25c","block_type":"box","text":"or, if shorter, the period since the Fund’s inception. 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