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the","page_number":1,"box":{"x":116,"y":444,"width":736,"height":12}},{"id":"638caf2e-e0a7-43c5-8339-4afddbcea6ad","block_type":"box","text":"Trust approved the planned liquidation, dissolution and termination of the Funds. As a result, the last day","page_number":1,"box":{"x":116,"y":459,"width":766,"height":13}},{"id":"2510fa14-360b-4636-9773-2d2aa0dffc74","block_type":"box","text":"of trading in each Fund on its Listing Exchange will be December 15, 2026. The Listing Exchanges will","page_number":1,"box":{"x":116,"y":475,"width":741,"height":12}},{"id":"5053f374-7e54-4a51-ba6a-b04d9e7d3e4c","block_type":"box","text":"suspend trading in the Funds before the open of trading on December 16, 2026, and shares of the Funds","page_number":1,"box":{"x":116,"y":490,"width":763,"height":13}},{"id":"72716094-25cf-4ab0-af37-e46ea58ecd78","block_type":"box","text":"will no longer be available for new investments as of this date. Proceeds of the liquidation are currently","page_number":1,"box":{"x":116,"y":506,"width":749,"height":12}},{"id":"4ac85ef9-1c8c-4518-8e4f-5079a8c42b53","block_type":"box","text":"scheduled to be sent to shareholders on December 18, 2026. Each Fund’s final net asset value, as","page_number":1,"box":{"x":116,"y":521,"width":709,"height":12}},{"id":"2f8d39af-3310-4d51-8108-5b21ef70729e","block_type":"box","text":"calculated on December 15, 2026, will include any costs associated with the liquidation expected to be","page_number":1,"box":{"x":116,"y":537,"width":749,"height":12}},{"id":"4c9cf120-e66a-4c6c-8aca-8af351a70131","block_type":"box","text":"borne by the Fund.","page_number":1,"box":{"x":117,"y":552,"width":140,"height":13}},{"id":"a1d942cb-7067-46d6-8921-438b06059825","block_type":"box","text":"Because shares of each Fund will not be traded on its Listing Exchange during the period between","page_number":1,"box":{"x":117,"y":576,"width":712,"height":12}},{"id":"bbdde6ec-7fd7-450e-b341-74c4ef8ea553","block_type":"box","text":"December 16, 2026 and December 18, 2026, we cannot assure you that there will be a trading market for","page_number":1,"box":{"x":117,"y":591,"width":768,"height":13}},{"id":"0c0e9209-951d-4af1-939d-406f31050351","block_type":"box","text":"your shares. 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After December 15, 2026, shareholders that remain invested in a Fund will","page_number":1,"box":{"x":117,"y":653,"width":725,"height":13}},{"id":"b0a4af0a-f268-4f3c-90e8-6ed5f95a3342","block_type":"box","text":"receive the entire amount of their pro rata share of the liquidation proceeds on or about December 18,","page_number":1,"box":{"x":117,"y":669,"width":740,"height":12}},{"id":"52af0f9e-3b07-4c88-b7df-ebf86786c3b4","block_type":"box","text":"2026, subject to their brokerage firm’s processes.","page_number":1,"box":{"x":117,"y":684,"width":356,"height":13}},{"id":"b927e5ce-f26c-4cdf-8a02-f6463bf4bb22","block_type":"box","text":"Shareholders may sell their holdings of a Fund prior to December 16, 2026 and may incur the usual and","page_number":1,"box":{"x":116,"y":707,"width":751,"height":13}},{"id":"de456938-ed58-453c-b661-360e895d9ce2","block_type":"box","text":"customary brokerage commissions associated with the sale of the Fund shares. If you still hold shares of","page_number":1,"box":{"x":116,"y":723,"width":758,"height":13}},{"id":"4246eaae-27e1-47d7-9c7c-eb96c3fd5dd3","block_type":"box","text":"a Fund on December 18, 2026, the Fund will automatically redeem your shares for cash based on the net","page_number":1,"box":{"x":116,"y":738,"width":761,"height":13}},{"id":"81c74cc7-d552-468b-b6bd-399e7796e8ca","block_type":"box","text":"asset value as of the close of business on December 15, 2026, which will include any dividends or","page_number":1,"box":{"x":116,"y":754,"width":706,"height":13}},{"id":"3b7f0cba-86bf-44d8-8b08-b4feb635433c","block_type":"box","text":"distributions calculated as of that date.","page_number":1,"box":{"x":116,"y":769,"width":281,"height":10}},{"id":"37e61d24-7a8d-460c-8f60-d6179b6392be","block_type":"box","text":"If you are subject to federal income tax, the liquidation of a Fund will result in one or more taxable events","page_number":2,"box":{"x":117,"y":69,"width":764,"height":13}},{"id":"99d6ae7e-803e-470a-9a4a-2fbcf1541428","block_type":"box","text":"for you. A sale or exchange of Fund shares prior to the liquidation will generally give rise to a capital gain","page_number":2,"box":{"x":116,"y":85,"width":762,"height":12}},{"id":"64f93159-1647-49b6-bc29-72b5e53f3a99","block_type":"box","text":"or loss to you for federal income tax purposes. In connection with the liquidation, a Fund may declare tax","page_number":2,"box":{"x":116,"y":100,"width":767,"height":13}},{"id":"5565a13a-07e3-46b6-9e45-762309961684","block_type":"box","text":"exempt or taxable distributions of its investment income and/or taxable distributions of its net capital","page_number":2,"box":{"x":116,"y":116,"width":741,"height":12}},{"id":"ca0c10ca-2217-4971-b440-ebcc6b0f68e0","block_type":"box","text":"gain. Any liquidation proceeds paid to you should generally be treated as received by you in exchange for","page_number":2,"box":{"x":116,"y":131,"width":766,"height":13}},{"id":"33e5a925-a216-4014-a350-4f2247833fcd","block_type":"box","text":"your shares and will therefore generally give rise to a capital gain or loss depending on your tax basis.","page_number":2,"box":{"x":116,"y":147,"width":738,"height":12}},{"id":"3b6e6508-1b78-45e2-b2df-640a250cb9f6","block_type":"box","text":"Please refer to the “Taxes” disclosure beginning on page 122 of each Fund’s SAI and consult your own","page_number":2,"box":{"x":117,"y":162,"width":747,"height":13}},{"id":"1eaa4b43-36f5-4d9c-8c11-45d8fc13c066","block_type":"box","text":"tax advisor about the potential tax consequences of a Fund’s liquidation, including any state, local,","page_number":2,"box":{"x":116,"y":178,"width":717,"height":12}},{"id":"3596778c-73a9-439f-a0d8-f71fd4bfd75f","block_type":"box","text":"foreign or other tax 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“SAI”)","page_number":5,"box":{"x":318,"y":154,"width":368,"height":13}},{"id":"12066f46-4ed9-4452-b77a-8aa7114c3607","block_type":"box","text":"for the iShares iBonds 2030 Term High Yield and Income ETF (IBHJ) and iShares iBonds Dec 2033","page_number":5,"box":{"x":133,"y":170,"width":737,"height":13}},{"id":"c4296e43-a733-4226-85bd-c9c83fd2a1c0","block_type":"box","text":"Term Corporate ETF (IBDY) (each a “Fund”)","page_number":5,"box":{"x":334,"y":185,"width":335,"height":13}},{"id":"4e404430-b491-4feb-a7f1-8d2dd953e071","block_type":"box","text":"Change in each Fund’s “Summary of Principal Risks”","page_number":5,"box":{"x":116,"y":209,"width":401,"height":12}},{"id":"42b0fc3d-dd34-4e67-beb4-02469b9aabc2","block_type":"box","text":"The section of each Fund’s Summary Prospectus and Prospectus entitled “Summary of Principal Risks” is","page_number":5,"box":{"x":116,"y":232,"width":766,"height":13}},{"id":"e676b3c0-3845-49cc-b1ee-475ccd0d8a4b","block_type":"box","text":"amended to delete the paragraph entitled “Non-Diversification Risk”.","page_number":5,"box":{"x":116,"y":247,"width":503,"height":13}},{"id":"48433648-4e94-4a1f-b570-56edb0d817ab","block_type":"box","text":"Change in each Fund’s “Additional Information About the Funds’ Risks”","page_number":5,"box":{"x":116,"y":271,"width":547,"height":12}},{"id":"6e6fbdf5-f7a4-4230-b889-bebd76f5269c","block_type":"box","text":"In the table starting on page 3 of the Prospectus, the column for each Fund is amended to remove the","page_number":5,"box":{"x":117,"y":294,"width":742,"height":13}},{"id":"06a6d6e0-439c-4c60-b472-e592542359e7","block_type":"box","text":"checkmark (","page_number":5,"box":{"x":116,"y":309,"width":90,"height":13}},{"id":"65434efd-26fd-4c46-a777-70685cdaafd0","block_type":"box","text":"✓","page_number":5,"box":{"x":207,"y":310,"width":12,"height":9}},{"id":"f36070d2-7bad-40d2-9487-4b971c7a7856","block_type":"box","text":") in the row for “Non-Diversification Risk”.","page_number":5,"box":{"x":220,"y":309,"width":309,"height":13}},{"id":"dd8a8398-198c-40b1-bb0f-9adf7ca0f634","block_type":"box","text":"Change in each Fund’s “Investment Strategies and Risks”","page_number":5,"box":{"x":116,"y":333,"width":436,"height":12}},{"id":"0c0991aa-44f0-4186-bfdd-9c73e17c80b2","block_type":"box","text":"In the section of each Fund’s SAI entitled, “Investment Strategies and Risks,” the “Diversification Status”","page_number":5,"box":{"x":117,"y":356,"width":757,"height":13}},{"id":"6b2c1962-8c02-46d2-a6f8-8abf0fc6c621","block_type":"box","text":"sub-section starting on page 5 is amended to move each Fund from the “Non-Diversified Funds” column","page_number":5,"box":{"x":116,"y":371,"width":765,"height":13}},{"id":"4b66cab3-146c-4489-b0ef-c03c20acc1e9","block_type":"box","text":"to the “Diversified Funds” column.","page_number":5,"box":{"x":116,"y":387,"width":254,"height":10}},{"id":"7df8e34d-63a2-4d27-bb7a-65d2a550cd88","block_type":"box","text":"If 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Although your actual costs may be higher or lower, based on these assumptions, your costs would","page_number":12,"box":{"x":83,"y":651,"width":872,"height":11}},{"id":"c7cf896e-4b54-49ad-80c9-a6a5be76b36a","block_type":"box","text":"be:","page_number":12,"box":{"x":83,"y":665,"width":18,"height":8}},{"id":"84c0bc81-b5c5-45be-a483-43073f2eb99d","block_type":"box","text":"Maturity","page_number":12,"box":{"x":503,"y":695,"width":52,"height":10}},{"id":"c8b5c43f-c81b-4e2d-b06a-498fa7a23c05","block_type":"box","text":"$29","page_number":12,"box":{"x":517,"y":715,"width":22,"height":9}},{"id":"42f44cd6-5288-44a2-86c5-8e9a7b87bf2c","block_type":"box","text":"S-1","page_number":12,"box":{"x":526,"y":920,"width":18,"height":9}},{"id":"c16cf478-ba1f-4bd0-b521-86b2e156d0fd","block_type":"box","text":"Portfolio Turnover.","page_number":13,"box":{"x":83,"y":23,"width":129,"height":9}},{"id":"be784ea2-a3b5-480d-9392-b1ea300dbc3e","block_type":"box","text":"The Fund may pay transaction costs, such as","page_number":13,"box":{"x":216,"y":23,"width":287,"height":11}},{"id":"9341e169-abba-4a58-b687-9cc6c1b7ccb5","block_type":"box","text":"commissions, when it buys and sells securities (or “turns over” its","page_number":13,"box":{"x":83,"y":37,"width":420,"height":11}},{"id":"666eb173-4131-45fc-8432-44662f9ef5cc","block_type":"box","text":"portfolio). A higher portfolio turnover rate may indicate higher","page_number":13,"box":{"x":83,"y":51,"width":395,"height":11}},{"id":"d7341bed-5393-48ac-8155-2e3af67fde1c","block_type":"box","text":"transaction costs and may result in higher taxes when Fund","page_number":13,"box":{"x":83,"y":66,"width":380,"height":11}},{"id":"1cc7e88f-495f-473a-91dd-0ead68ec43ac","block_type":"box","text":"shares are held in a taxable account. These costs, which are not","page_number":13,"box":{"x":83,"y":80,"width":409,"height":10}},{"id":"e553f479-1e68-43bd-9fd0-3a4ca0c8a693","block_type":"box","text":"reflected in the Annual Fund Operating Expenses or in the","page_number":13,"box":{"x":83,"y":94,"width":368,"height":11}},{"id":"fbfc235f-f58d-4fb2-9d78-868d54ce789e","block_type":"box","text":"Example, affect the Fund’s performance. 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Securities eligible for inclusion in the Underlying Index","page_number":13,"box":{"x":83,"y":425,"width":410,"height":11}},{"id":"3d7e35b3-e97a-46d5-9c06-8f0b79b12251","block_type":"box","text":"are selected from a universe of corporate issuers (","page_number":13,"box":{"x":83,"y":440,"width":322,"height":10}},{"id":"252ee613-5918-46fc-86ba-ec4c08017a4f","block_type":"box","text":"e.g.,","page_number":13,"box":{"x":406,"y":442,"width":25,"height":8}},{"id":"c6d37f9e-dd93-4292-8d99-9a5d8b5ce516","block_type":"box","text":"industrial,","page_number":13,"box":{"x":437,"y":440,"width":62,"height":10}},{"id":"68a23509-2fa5-463f-a58c-c91b17d08af6","block_type":"box","text":"financial institutions, utilities) determined by Bloomberg. As of","page_number":13,"box":{"x":82,"y":454,"width":400,"height":11}},{"id":"035e9d81-a405-43a4-b8be-b3623cf34940","block_type":"box","text":"October 31, 2025, a significant portion of the Underlying Index is","page_number":13,"box":{"x":83,"y":468,"width":413,"height":11}},{"id":"9973e8b0-de88-4cc2-a7f5-666de61d7ace","block_type":"box","text":"represented by securities of companies in the consumer goods","page_number":13,"box":{"x":83,"y":482,"width":402,"height":11}},{"id":"462df1f6-db10-41ed-967d-72dd5c91cea6","block_type":"box","text":"and services and industrial industries or sectors. 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The Fund","page_number":13,"box":{"x":549,"y":699,"width":416,"height":10}},{"id":"9523eb67-5dcc-46af-a8c4-450891fda463","block_type":"box","text":"does not invest in U.S. savings bonds or other U.S. government","page_number":13,"box":{"x":549,"y":713,"width":404,"height":11}},{"id":"20c42fa5-685f-489b-bdb4-bd08b3c88c8d","block_type":"box","text":"bonds (except to the extent the Fund holds cash equivalent","page_number":13,"box":{"x":549,"y":727,"width":379,"height":11}},{"id":"d4f0101a-664a-4470-8143-69808c9c6310","block_type":"box","text":"instruments consistent with its investment objective) and is not","page_number":13,"box":{"x":549,"y":741,"width":406,"height":11}},{"id":"e1bf6f77-8470-4483-bb9b-c29e633eb3cd","block_type":"box","text":"designed to provide protection against inflation.","page_number":13,"box":{"x":549,"y":755,"width":305,"height":11}},{"id":"3dbc4759-411b-4b06-9b39-d4600120c10e","block_type":"box","text":"BFA uses an indexing approach to try to achieve the Fund’s","page_number":13,"box":{"x":550,"y":779,"width":376,"height":10}},{"id":"cb4b1e13-f5f9-4e32-9cfe-7c5f15de8753","block_type":"box","text":"investment objective. 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The instruments selected","page_number":14,"box":{"x":83,"y":131,"width":408,"height":11}},{"id":"ab723ee9-2801-405b-b4a4-c82518defc6c","block_type":"box","text":"are expected to have, in the aggregate, investment characteristics","page_number":14,"box":{"x":83,"y":146,"width":423,"height":10}},{"id":"24edce38-0de6-4e2d-96aa-aa8640afbc5b","block_type":"box","text":"(based on factors such as market value and industry weightings),","page_number":14,"box":{"x":83,"y":160,"width":415,"height":11}},{"id":"3a2947b0-5c4a-48dc-85e9-8d7c666b9c60","block_type":"box","text":"fundamental characteristics (such as return variability, duration","page_number":14,"box":{"x":82,"y":174,"width":406,"height":11}},{"id":"283e63de-28a1-4a3d-a4e8-ce8baa0006f8","block_type":"box","text":"(","page_number":14,"box":{"x":83,"y":188,"width":3,"height":11}},{"id":"7baa96de-31e4-48d8-9394-6107a6031caf","block_type":"box","text":"i.e.","page_number":14,"box":{"x":87,"y":188,"width":17,"height":9}},{"id":"9ffe4ff0-d2f1-42dc-b45d-5f72b6e8558f","block_type":"box","text":", an instrument’s price sensitivity to a change in interest","page_number":14,"box":{"x":106,"y":188,"width":359,"height":11}},{"id":"8c95cb29-6864-4ed5-94bb-9e29bffd4a57","block_type":"box","text":"rates), maturity or credit ratings and yield) and liquidity measures","page_number":14,"box":{"x":83,"y":202,"width":418,"height":11}},{"id":"acf4d559-a221-4ea7-a9eb-4559be38d550","block_type":"box","text":"similar to those of an applicable underlying index. The Fund may","page_number":14,"box":{"x":83,"y":216,"width":410,"height":11}},{"id":"b31491f4-62fa-4a31-8b3f-26b4b3eeb992","block_type":"box","text":"or may not hold all of the components of the Underlying Index.","page_number":14,"box":{"x":83,"y":231,"width":399,"height":11}},{"id":"6f3153cf-61c1-4dbc-a267-59e2d6331e6e","block_type":"box","text":"The Fund will invest at least 80% of its assets in the component","page_number":14,"box":{"x":82,"y":254,"width":405,"height":11}},{"id":"9ae35cf5-0396-4763-ab99-07fbe4a4990d","block_type":"box","text":"instruments of the Underlying Index, and (except during the last","page_number":14,"box":{"x":83,"y":268,"width":408,"height":11}},{"id":"0be61cb5-ee58-44ab-b286-e0acb4988c4f","block_type":"box","text":"twelve months of the Fund’s operations) the Fund will invest at","page_number":14,"box":{"x":83,"y":282,"width":401,"height":11}},{"id":"a3ce3a70-e6a9-422d-8385-dcb0b9412d4a","block_type":"box","text":"least 90% of its assets in fixed income securities of the types","page_number":14,"box":{"x":83,"y":296,"width":388,"height":11}},{"id":"e3a4d836-a819-4241-b7b6-60a81172b168","block_type":"box","text":"included in the Underlying Index that BFA believes will help the","page_number":14,"box":{"x":83,"y":311,"width":400,"height":10}},{"id":"4e997aeb-38e4-452a-97f8-1d45eec9b71a","block_type":"box","text":"Fund track the Underlying Index. The Fund will invest no more","page_number":14,"box":{"x":84,"y":325,"width":393,"height":11}},{"id":"357fd81d-ca15-4af3-9ad0-1a467f3847c9","block_type":"box","text":"than 10% of its assets in futures, options and swaps contracts that","page_number":14,"box":{"x":83,"y":339,"width":423,"height":11}},{"id":"3904838d-1a60-4dc4-bbf4-97c05c934491","block_type":"box","text":"BFA believes will help the Fund track the Underlying Index as well","page_number":14,"box":{"x":84,"y":353,"width":415,"height":11}},{"id":"d50d20bc-db1c-42d5-ba89-dd2c52bb9117","block_type":"box","text":"as in fixed income securities other than the types included in the","page_number":14,"box":{"x":83,"y":367,"width":413,"height":11}},{"id":"0e1bc1db-08a3-406e-a96f-3cf735748d6f","block_type":"box","text":"Underlying Index, but which BFA believes will help the Fund track","page_number":14,"box":{"x":83,"y":382,"width":414,"height":10}},{"id":"c6304444-0a09-49f4-9f31-e3d6b3db90e8","block_type":"box","text":"the Underlying Index. Cash and cash equivalent investments","page_number":14,"box":{"x":83,"y":396,"width":385,"height":11}},{"id":"dbd02fb4-fec6-41b3-99c8-cf5d3ca63471","block_type":"box","text":"associated with a derivative position will be treated as part of that","page_number":14,"box":{"x":83,"y":410,"width":421,"height":11}},{"id":"9d2011ab-fb9d-4f54-ba8a-e1d57ef463f4","block_type":"box","text":"position for the purposes of calculating the percentage of","page_number":14,"box":{"x":83,"y":424,"width":367,"height":11}},{"id":"be48e572-9fb8-42f7-ac89-4fe8c96d040a","block_type":"box","text":"investments included in the Underlying Index.","page_number":14,"box":{"x":83,"y":438,"width":290,"height":11}},{"id":"3455fa49-39db-4cb5-84a1-38e281bc1d27","block_type":"box","text":"In the last six months of operation, as the bonds held by the Fund","page_number":14,"box":{"x":83,"y":460,"width":418,"height":11}},{"id":"9c6ea0ad-694d-490e-aa24-9acd9c7fee45","block_type":"box","text":"mature, the proceeds may not be reinvested by the Fund in bonds","page_number":14,"box":{"x":83,"y":474,"width":420,"height":11}},{"id":"18cead9e-c6c4-4624-bda2-2ff66a0b1789","block_type":"box","text":"but instead will be held in cash and cash equivalents. By fifteen","page_number":14,"box":{"x":83,"y":489,"width":403,"height":10}},{"id":"e511d0eb-032c-4b7c-a3bf-55ccbd68adb2","block_type":"box","text":"days prior to maturity, the Underlying Index is expected to consist","page_number":14,"box":{"x":83,"y":503,"width":421,"height":11}},{"id":"3ce21d4e-409c-4184-948b-d21bdc4fba54","block_type":"box","text":"almost entirely of cash and cash equivalents. On or around this","page_number":14,"box":{"x":83,"y":517,"width":402,"height":11}},{"id":"11d43d3f-4682-4f23-9740-d948e29fadf3","block_type":"box","text":"date, the Fund will wind up and terminate. After appropriate","page_number":14,"box":{"x":83,"y":531,"width":382,"height":11}},{"id":"f14fcfd9-cbb5-4183-a2fe-c9e0fd094c76","block_type":"box","text":"provision is made for any Fund liabilities, its net assets will be","page_number":14,"box":{"x":83,"y":545,"width":393,"height":11}},{"id":"b1e9b6b9-0e4f-4add-ba6d-0b71cd428df6","block_type":"box","text":"distributed to then-current shareholders pursuant to a plan of","page_number":14,"box":{"x":83,"y":559,"width":394,"height":11}},{"id":"cf93d968-abd3-45b2-b38f-c539719786dc","block_type":"box","text":"liquidation. The Fund’s termination was approved by a majority of","page_number":14,"box":{"x":83,"y":574,"width":418,"height":10}},{"id":"4dd5e675-e374-4d15-a6df-0a05986202ae","block_type":"box","text":"the Trust’s Board of Trustees (the “Board”) and does not require","page_number":14,"box":{"x":83,"y":588,"width":406,"height":11}},{"id":"dbd098fd-a5c3-4a00-97f1-d5461cd5f1f3","block_type":"box","text":"additional approval by Fund shareholders. The Board may extend","page_number":14,"box":{"x":83,"y":602,"width":413,"height":11}},{"id":"d08a7d72-f1d6-4d9e-befd-4746e0022546","block_type":"box","text":"the termination date if a majority of the Board determines the","page_number":14,"box":{"x":83,"y":616,"width":394,"height":11}},{"id":"63d96987-7942-41bc-bb9e-8b1bfd5424ff","block_type":"box","text":"extension to be in the best interest of the Fund.","page_number":14,"box":{"x":83,"y":630,"width":303,"height":9}},{"id":"4eb5eeda-5f1c-4e61-afed-deae0f9b615c","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying","page_number":14,"box":{"x":82,"y":652,"width":414,"height":11}},{"id":"d6aa75c7-b8a9-4171-9f6b-f9639680d621","block_type":"box","text":"Index before fees and expenses of the Fund. To the extent that the","page_number":14,"box":{"x":83,"y":666,"width":424,"height":11}},{"id":"48aaeab0-c4cf-4b88-a984-a6e0ebb4072d","block_type":"box","text":"Fund invests in money market or similar funds, it will incur the","page_number":14,"box":{"x":84,"y":681,"width":395,"height":10}},{"id":"e8fa5757-7a04-4da2-ab6f-6908f0564eac","block_type":"box","text":"fees and expenses of such funds.","page_number":14,"box":{"x":82,"y":695,"width":212,"height":11}},{"id":"7fb66c7b-147e-47c0-8d74-80ccbe735866","block_type":"box","text":"The Fund should not be confused with a target date fund, which","page_number":14,"box":{"x":82,"y":717,"width":406,"height":11}},{"id":"cfd74212-c0fc-47b2-adfa-5d08a953f76a","block_type":"box","text":"has assets that are managed according to a particular investment","page_number":14,"box":{"x":83,"y":731,"width":420,"height":11}},{"id":"399076fe-644f-4203-a23c-06db2d53b35f","block_type":"box","text":"strategy that converts fund assets to conservative investments","page_number":14,"box":{"x":83,"y":745,"width":402,"height":11}},{"id":"8c164e1b-9107-432f-b627-14c73f4914cd","block_type":"box","text":"over time.","page_number":14,"box":{"x":83,"y":759,"width":63,"height":9}},{"id":"6efcd676-9a70-470b-97e8-919612564254","block_type":"box","text":"The Fund may lend securities representing up to one-third of the","page_number":14,"box":{"x":82,"y":782,"width":412,"height":11}},{"id":"8816e85d-dbfe-4dd4-b603-10594fc7d479","block_type":"box","text":"value of the Fund’s total assets (including the value of any","page_number":14,"box":{"x":82,"y":797,"width":371,"height":10}},{"id":"9fac1c10-20cf-4214-a229-2b9a7bc0aa66","block_type":"box","text":"collateral received).","page_number":14,"box":{"x":83,"y":811,"width":125,"height":11}},{"id":"eb1c771e-f5c4-4906-86a9-9a1405b6aa67","block_type":"box","text":"The Underlying Index is sponsored by Bloomberg, which","page_number":14,"box":{"x":82,"y":834,"width":357,"height":11}},{"id":"50731430-6020-494c-b39d-ad48606c9cae","block_type":"box","text":"is independent of the Fund and BFA. The Index Provider","page_number":14,"box":{"x":83,"y":848,"width":354,"height":11}},{"id":"08eed963-e2eb-42da-a1d6-eaf5f8314b6a","block_type":"box","text":"determines the composition and relative weightings of the","page_number":14,"box":{"x":83,"y":862,"width":371,"height":11}},{"id":"c22d087d-4a44-4f48-bb67-14cf1d48fd10","block_type":"box","text":"components of the Underlying Index and publishes information","page_number":14,"box":{"x":549,"y":23,"width":401,"height":11}},{"id":"7dea43b5-01e6-4dbd-8334-0dd6d1f36fb5","block_type":"box","text":"regarding the market value of the Underlying Index.","page_number":14,"box":{"x":549,"y":37,"width":327,"height":11}},{"id":"ccfd20ba-fa0e-441c-aa5c-65ee8c4c0601","block_type":"box","text":"Industry Concentration Policy.","page_number":14,"box":{"x":550,"y":60,"width":209,"height":11}},{"id":"3f56542f-9d1f-44d6-b20b-09f3babee424","block_type":"box","text":"The Fund will concentrate its","page_number":14,"box":{"x":764,"y":61,"width":184,"height":8}},{"id":"e4d2da2a-d564-4358-b756-da67e0f1bb99","block_type":"box","text":"investments (","page_number":14,"box":{"x":549,"y":75,"width":86,"height":10}},{"id":"d81412d2-c2d7-4c3f-a04c-d2414fb3a68e","block_type":"box","text":"i.e.","page_number":14,"box":{"x":635,"y":75,"width":17,"height":8}},{"id":"8774fc48-ec69-47ec-b796-bf3679a2d94e","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":14,"box":{"x":655,"y":75,"width":264,"height":10}},{"id":"c1e3fd1f-2fa2-420f-9f4c-7512d0d7f9b9","block_type":"box","text":"particular industry or group of industries to approximately the","page_number":14,"box":{"x":549,"y":89,"width":394,"height":11}},{"id":"1eed102b-7a1a-4964-bc9e-ed0311ba9969","block_type":"box","text":"same extent that the Underlying Index is concentrated. For","page_number":14,"box":{"x":549,"y":103,"width":377,"height":11}},{"id":"0b96fdaa-4fdf-4b86-97fa-8943c7086619","block_type":"box","text":"purposes of this limitation, securities of the U.S. government","page_number":14,"box":{"x":549,"y":117,"width":389,"height":11}},{"id":"0adf2c40-dc05-492b-a2e0-82c0c8a87762","block_type":"box","text":"(including its agencies and instrumentalities), repurchase","page_number":14,"box":{"x":549,"y":131,"width":365,"height":11}},{"id":"2c3a2c8e-a5a5-4269-b827-18172b1922e9","block_type":"box","text":"agreements collateralized by U.S. government securities, and","page_number":14,"box":{"x":549,"y":146,"width":392,"height":10}},{"id":"db32d560-a5e7-4487-ae2d-1afbab87ff34","block_type":"box","text":"securities of state or municipal governments and their political","page_number":14,"box":{"x":549,"y":160,"width":399,"height":11}},{"id":"4b5bfc52-4cce-4b4c-9ac2-1d901f7df73d","block_type":"box","text":"subdivisions are not considered to be issued by members of any","page_number":14,"box":{"x":549,"y":174,"width":410,"height":11}},{"id":"b6a70330-b999-42ad-9eaa-fc33d15f5312","block_type":"box","text":"industry.","page_number":14,"box":{"x":549,"y":188,"width":54,"height":11}},{"id":"f86191da-49e0-4658-b9f7-701a5547b66e","block_type":"box","text":"Summary of Principal Risks","page_number":14,"box":{"x":549,"y":217,"width":235,"height":13}},{"id":"ffbed6ab-f76d-459a-9442-66e8def9992b","block_type":"box","text":"As with any investment, you could lose all or part of your","page_number":14,"box":{"x":549,"y":242,"width":362,"height":11}},{"id":"eb3f3f48-a1d3-420b-97e2-933af6da4cd4","block_type":"box","text":"investment in the Fund, and the Fund’s performance could trail","page_number":14,"box":{"x":549,"y":256,"width":402,"height":11}},{"id":"99eabb46-7ecb-4849-be87-a8103cec3c7e","block_type":"box","text":"that of other investments. The Fund is subject to certain risks,","page_number":14,"box":{"x":549,"y":271,"width":396,"height":10}},{"id":"91914882-968f-4700-a48d-c37e9db48f1c","block_type":"box","text":"including the principal risks noted below, any of which may","page_number":14,"box":{"x":549,"y":285,"width":376,"height":11}},{"id":"de692812-babe-4345-8489-22c6ad472512","block_type":"box","text":"adversely affect the Fund’s net asset value per share (“NAV”),","page_number":14,"box":{"x":549,"y":299,"width":392,"height":11}},{"id":"3ad50582-a78c-4db4-ae82-db7a888758e9","block_type":"box","text":"trading price, yield, total return and ability to meet its investment","page_number":14,"box":{"x":549,"y":313,"width":416,"height":11}},{"id":"faacb88c-431e-4ceb-b16c-e5fc0fd1e9c2","block_type":"box","text":"objective. Certain key risks are prioritized below (with others","page_number":14,"box":{"x":549,"y":327,"width":388,"height":11}},{"id":"91395e69-fef6-4409-ab26-216d03bf36fe","block_type":"box","text":"following in alphabetical order), but the relative significance of any","page_number":14,"box":{"x":549,"y":342,"width":425,"height":10}},{"id":"0563c743-5bc4-4344-b9a3-dab064e6cbc6","block_type":"box","text":"risk is difficult to predict and may change over time. You should","page_number":14,"box":{"x":549,"y":356,"width":405,"height":11}},{"id":"915d3459-1eb3-470d-ae93-e25e9341958e","block_type":"box","text":"review each risk factor carefully.","page_number":14,"box":{"x":549,"y":370,"width":206,"height":11}},{"id":"7ed61c04-3d9c-48a7-a284-4a371bcde3b0","block_type":"box","text":"High Yield Securities Risk.","page_number":14,"box":{"x":549,"y":393,"width":176,"height":11}},{"id":"c7a3be7d-f9bb-4ce1-aa5c-d6c891225550","block_type":"box","text":"Debt securities that are rated below","page_number":14,"box":{"x":732,"y":393,"width":229,"height":9}},{"id":"025d08ee-533a-4043-b48f-97da0a231715","block_type":"box","text":"investment grade (commonly referred to as “junk bonds”) and","page_number":14,"box":{"x":549,"y":407,"width":395,"height":11}},{"id":"82a4a3e3-c55c-43d5-8025-e58db5e01490","block_type":"box","text":"debt securities that are unrated are generally considered to be","page_number":14,"box":{"x":549,"y":422,"width":400,"height":10}},{"id":"98f42b50-5531-413a-8697-1928c6016f91","block_type":"box","text":"speculative. Compared to higher-quality debt securities, high yield","page_number":14,"box":{"x":549,"y":436,"width":422,"height":10}},{"id":"72d16b9f-90eb-481a-922e-2c704fbf017f","block_type":"box","text":"securities are subject to a greater risk of default, illiquidity, price","page_number":14,"box":{"x":549,"y":450,"width":412,"height":11}},{"id":"84ad7b46-0852-41ac-a3bd-b90b604be450","block_type":"box","text":"volatility and valuation uncertainty. 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Tracking error may occur due to a number of","page_number":16,"box":{"x":549,"y":673,"width":425,"height":11}},{"id":"6233e41e-a7da-4729-9c5f-4e8818bdc719","block_type":"box","text":"factors, including differences between the securities and other","page_number":16,"box":{"x":549,"y":687,"width":401,"height":11}},{"id":"c9d8f71d-0d33-4166-98f2-93f4b2df4620","block_type":"box","text":"assets held in the Fund’s portfolio and those included in the","page_number":16,"box":{"x":549,"y":701,"width":381,"height":11}},{"id":"99f7e457-5abe-4b05-9025-8b2fcd7238fb","block_type":"box","text":"Underlying Index; differences in the timing and methodologies","page_number":16,"box":{"x":550,"y":715,"width":396,"height":11}},{"id":"70d7177e-0841-4b82-905c-7c96b46bcead","block_type":"box","text":"used to value securities and other assets; transaction costs and","page_number":16,"box":{"x":549,"y":730,"width":407,"height":10}},{"id":"d8dbdfbc-18a6-41ac-b085-009625f9453e","block_type":"box","text":"other expenses incurred by the Fund that the Underlying Index","page_number":16,"box":{"x":549,"y":744,"width":400,"height":11}},{"id":"96bbf607-664f-484e-927e-da8be305191e","block_type":"box","text":"does not incur; the Fund’s holding of uninvested cash; differences","page_number":16,"box":{"x":549,"y":758,"width":421,"height":11}},{"id":"3a9da380-1dbb-4543-9948-bea5909e2680","block_type":"box","text":"in the timing of the accrual or the valuation of dividends or","page_number":16,"box":{"x":549,"y":772,"width":374,"height":11}},{"id":"1a5d8e91-d8a5-4578-a540-2668e0e9e55b","block_type":"box","text":"interest received by the Fund or distributions paid to Fund","page_number":16,"box":{"x":549,"y":786,"width":370,"height":11}},{"id":"4135db99-297c-43df-b599-a67eda3c6d43","block_type":"box","text":"shareholders; tax gains or losses; differences between the","page_number":16,"box":{"x":549,"y":800,"width":372,"height":11}},{"id":"e958c401-b9af-455c-8d0c-2f8c02bae839","block_type":"box","text":"amount and/or timing of withholding taxes on dividends reflected","page_number":16,"box":{"x":549,"y":815,"width":420,"height":10}},{"id":"ea352964-a572-4a2a-9fb3-78d3d248cf1e","block_type":"box","text":"in the Underlying Index from the Fund’s obligation, if any, for","page_number":16,"box":{"x":549,"y":829,"width":387,"height":11}},{"id":"fdbdc68f-a6fe-4147-913d-c278b3e3f9fa","block_type":"box","text":"foreign withholding taxes; the requirements for the Fund to","page_number":16,"box":{"x":549,"y":843,"width":377,"height":11}},{"id":"35108b01-b85c-4a4e-9826-165a0d066231","block_type":"box","text":"maintain pass-through tax treatment; portfolio transactions","page_number":16,"box":{"x":549,"y":857,"width":380,"height":11}},{"id":"50cc10ee-5c1a-4238-a51f-e3346b538a83","block_type":"box","text":"carried out to minimize the distribution of capital gains to","page_number":16,"box":{"x":549,"y":871,"width":366,"height":11}},{"id":"015ea4a7-1633-4ad1-9a57-6ad951be710b","block_type":"box","text":"S-5","page_number":16,"box":{"x":525,"y":920,"width":21,"height":9}},{"id":"2bdaafea-d343-41dc-ab08-df09e42484d1","block_type":"box","text":"shareholders; the acceptance of custom baskets; changes to the","page_number":17,"box":{"x":83,"y":23,"width":414,"height":11}},{"id":"4ca0ba05-3e49-40f2-8022-61a75099f12e","block_type":"box","text":"Underlying Index; and impacts to the Fund of complying with","page_number":17,"box":{"x":83,"y":37,"width":387,"height":11}},{"id":"d01a5bc9-2266-425f-8c2e-643d782c6d8d","block_type":"box","text":"certain regulatory requirements or limits. 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A","page_number":17,"box":{"x":83,"y":108,"width":413,"height":11}},{"id":"34228e43-63d0-4da8-b838-ec71b7e84195","block_type":"box","text":"Fund that tracks an index with exposure to non-U.S. issuers may","page_number":17,"box":{"x":84,"y":122,"width":411,"height":11}},{"id":"87cc2c76-8ad1-4dea-b56f-9b3d55464ccb","block_type":"box","text":"experience higher tracking error than ETFs that do not track such","page_number":17,"box":{"x":83,"y":137,"width":417,"height":10}},{"id":"5ec5d24f-8eb4-424d-a762-0229577ce097","block_type":"box","text":"indexes.","page_number":17,"box":{"x":83,"y":151,"width":51,"height":8}},{"id":"335a310f-20ea-4d1f-945a-e8775389d694","block_type":"box","text":"Valuation Risk","page_number":17,"box":{"x":84,"y":174,"width":96,"height":8}},{"id":"062b86b2-f39d-43b2-8efd-51be9b90d06f","block_type":"box","text":".","page_number":17,"box":{"x":180,"y":181,"width":2,"height":1}},{"id":"24d182b3-3d81-4925-9f13-841f875b19aa","block_type":"box","text":"The price that the Fund could receive upon the","page_number":17,"box":{"x":187,"y":174,"width":298,"height":11}},{"id":"2a308df9-64bf-41d7-b62c-58bf392adec9","block_type":"box","text":"sale (or other disposition) of a security or other asset may differ","page_number":17,"box":{"x":83,"y":188,"width":408,"height":11}},{"id":"b1a49c86-5d41-4145-8fe7-8ca8163c5d76","block_type":"box","text":"from the Fund’s valuation of the security or other asset,","page_number":17,"box":{"x":82,"y":202,"width":356,"height":11}},{"id":"ee629904-b13f-41df-b037-7717c2608af9","block_type":"box","text":"particularly for securities or other assets that trade in low volume","page_number":17,"box":{"x":83,"y":216,"width":418,"height":11}},{"id":"145b1563-d755-492b-9cd9-d1dbd56127f2","block_type":"box","text":"or volatile markets or that are valued using a fair value","page_number":17,"box":{"x":549,"y":23,"width":347,"height":11}},{"id":"ca866c9f-1b23-40d7-982b-6c1362cd81da","block_type":"box","text":"methodology. The price received by the Fund also may differ from","page_number":17,"box":{"x":549,"y":37,"width":418,"height":11}},{"id":"2627a0af-5925-4097-a3b5-c7935f827312","block_type":"box","text":"the value used by the Underlying Index. In addition, the value of","page_number":17,"box":{"x":549,"y":51,"width":406,"height":11}},{"id":"9027c58b-4400-4b41-9273-218dab60b734","block_type":"box","text":"the securities or other assets in the Fund’s portfolio may change","page_number":17,"box":{"x":549,"y":66,"width":411,"height":11}},{"id":"ee547380-61ef-4046-a5d0-ec283061cb52","block_type":"box","text":"on days or during time periods when investors are not able to","page_number":17,"box":{"x":549,"y":80,"width":392,"height":11}},{"id":"e02169ac-b9b7-4168-babb-22da8dd4f7ea","block_type":"box","text":"purchase or sell Fund shares. Authorized Participants that create","page_number":17,"box":{"x":549,"y":94,"width":414,"height":11}},{"id":"43ae9c38-afd1-4690-add6-b28afb3217ec","block_type":"box","text":"or redeem Fund shares on days when the Fund is holding fair","page_number":17,"box":{"x":549,"y":108,"width":394,"height":11}},{"id":"0150e33a-39f5-4316-9451-18522ac398c7","block_type":"box","text":"valued securities or other assets may receive fewer or more","page_number":17,"box":{"x":548,"y":122,"width":383,"height":11}},{"id":"5ba697fe-d1d2-408e-b6d3-7a056c7af276","block_type":"box","text":"shares, or lower or higher redemption proceeds, than they would","page_number":17,"box":{"x":549,"y":137,"width":414,"height":10}},{"id":"8ec74aab-8db0-4cd5-8a8c-73426315f9d7","block_type":"box","text":"have received had the securities or other assets not been fair","page_number":17,"box":{"x":549,"y":151,"width":392,"height":8}},{"id":"70f41cc5-30b9-4a21-ba32-3db5bde1d6e5","block_type":"box","text":"valued or been valued using a different methodology. The ability to","page_number":17,"box":{"x":548,"y":165,"width":425,"height":11}},{"id":"f314d42e-bfa9-4884-b446-c48c279d91c9","block_type":"box","text":"value investments may be impacted by technological issues or","page_number":17,"box":{"x":548,"y":179,"width":400,"height":11}},{"id":"e4fc56bd-abc3-4029-8c21-8d8b8eee3d93","block_type":"box","text":"errors by pricing services or other third-party service providers.","page_number":17,"box":{"x":549,"y":193,"width":405,"height":11}},{"id":"c0d7a3bb-41d5-4804-84e5-d7f32fef3a6f","block_type":"box","text":"S-6","page_number":17,"box":{"x":526,"y":920,"width":20,"height":9}},{"id":"8a1c9a72-d09a-47eb-9036-cbf1a4a952db","block_type":"box","text":"Performance Information","page_number":18,"box":{"x":84,"y":22,"width":213,"height":11}},{"id":"f5a3b7fd-15fb-4eab-8347-b85662479232","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":18,"box":{"x":82,"y":48,"width":887,"height":10}},{"id":"60952041-7b1b-42bf-b19a-e73a6238aab5","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":18,"box":{"x":83,"y":62,"width":872,"height":11}},{"id":"6742cc37-2d47-4616-859f-902aa37985a4","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":18,"box":{"x":83,"y":76,"width":867,"height":11}},{"id":"f73bc9c3-46f1-4636-86b9-db66de9f1b42","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":18,"box":{"x":83,"y":90,"width":863,"height":11}},{"id":"949d1b4e-d99e-486b-9648-a272f239212e","block_type":"box","text":"agreements to waive or reimburse expenses, which would reduce performance if not in effect. Past performance (before and after taxes)","page_number":18,"box":{"x":83,"y":104,"width":874,"height":11}},{"id":"e46c4160-9363-4f06-9267-2b6ee18bf984","block_type":"box","text":"does not necessarily indicate how the Fund will perform in the future. Updated performance information, including the Fund’s current NAV,","page_number":18,"box":{"x":83,"y":119,"width":888,"height":10}},{"id":"2c825e6d-6197-4bf9-bda6-c138963b3458","block_type":"box","text":"may be obtained by visiting www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":18,"box":{"x":83,"y":133,"width":652,"height":11}},{"id":"3d79a0bc-ac22-4e9b-be2c-92f5b1ebe274","block_type":"box","text":"Calendar Year-by-Year 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2025)","page_number":18,"box":{"x":378,"y":434,"width":301,"height":11}},{"id":"bbdab2fd-f615-4b48-91aa-8821b7c0fd9a","block_type":"box","text":"One Year Five Years","page_number":18,"box":{"x":704,"y":464,"width":140,"height":7}},{"id":"4493f060-b106-411d-9ee0-91c6c597c683","block_type":"box","text":"Since Fund","page_number":18,"box":{"x":866,"y":451,"width":67,"height":7}},{"id":"2c08972d-eab6-4bd6-bbdc-af83973f71d0","block_type":"box","text":"Inception","page_number":18,"box":{"x":871,"y":464,"width":57,"height":9}},{"id":"332fb10d-bfc5-40ab-9d0d-b25a08b06fe4","block_type":"box","text":"(Inception Date: 11/10/2020)","page_number":18,"box":{"x":123,"y":482,"width":183,"height":9}},{"id":"da7adfe7-44a9-41d2-b181-92267ddecae1","block_type":"box","text":"Return Before Taxes","page_number":18,"box":{"x":124,"y":493,"width":112,"height":8}},{"id":"160c5725-3857-4812-b89e-30a502b91236","block_type":"box","text":"6.65% 4.57% 4.82%","page_number":18,"box":{"x":716,"y":493,"width":200,"height":8}},{"id":"29fc49db-d6bb-4dac-8b41-42d59227322f","block_type":"box","text":"Return After Taxes on Distributions 3.78% 1.90% 2.17%","page_number":18,"box":{"x":124,"y":505,"width":792,"height":7}},{"id":"6de9af2f-0199-4dcc-a159-3c83a13d85fd","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 3.89% 2.30% 2.50%","page_number":18,"box":{"x":124,"y":517,"width":792,"height":7}},{"id":"29ac3589-c931-4805-a4f8-4c573d378670","block_type":"box","text":"Bloomberg U.S. Universal Index","page_number":18,"box":{"x":124,"y":528,"width":194,"height":10}},{"id":"2969b82a-05c3-46b2-a1c1-acdc5618dbc2","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes) 7.58% 0.06% 0.33%","page_number":18,"box":{"x":323,"y":528,"width":593,"height":10}},{"id":"4020c961-06ca-4aa9-9ac2-55320256feee","block_type":"box","text":"Bloomberg 2026 Term High Yield and Income 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Actual after-tax returns depend on an investor’s tax situation and may differ from those shown,","page_number":18,"box":{"x":83,"y":606,"width":871,"height":11}},{"id":"2edb60b1-be9d-4946-82fc-ac797d90bc52","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":18,"box":{"x":83,"y":620,"width":860,"height":11}},{"id":"95c945db-e4ef-4cde-9940-5fc89b4cf81e","block_type":"box","text":"such as 401(k) plans or individual retirement accounts (“IRAs”). 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Each","page_number":21,"box":{"x":83,"y":632,"width":395,"height":10}},{"id":"b6d981fc-c42d-4d33-807c-30b0dc36aa8b","block_type":"box","text":"bond included in the Underlying Index must be registered with the","page_number":21,"box":{"x":83,"y":646,"width":421,"height":11}},{"id":"244e0441-7dc6-4f29-98fc-7f904534b9be","block_type":"box","text":"SEC, have been exempt from registration at issuance, or have","page_number":21,"box":{"x":83,"y":660,"width":394,"height":11}},{"id":"cf08f184-9bca-4136-aaf0-bbe863be67d3","block_type":"box","text":"been offered pursuant to Rule 144A under the Securities Act of","page_number":21,"box":{"x":83,"y":674,"width":403,"height":11}},{"id":"cd58de57-0a16-4db1-8ccc-83dea6ade2ae","block_type":"box","text":"1933, as amended (the “1933 Act”). Subject to the methodology","page_number":21,"box":{"x":85,"y":688,"width":409,"height":11}},{"id":"24bbf18b-ad96-47b7-9a47-77cec6b950be","block_type":"box","text":"of the Underlying Index discussed below, the securities in the","page_number":21,"box":{"x":83,"y":702,"width":392,"height":11}},{"id":"c893def5-3ab9-4dfd-b6f3-653429d78109","block_type":"box","text":"Underlying Index may carry a coupon that steps-up according to a","page_number":21,"box":{"x":83,"y":717,"width":421,"height":11}},{"id":"4120df8d-5cd1-4745-a724-039b0d1620f9","block_type":"box","text":"predetermined schedule (","page_number":21,"box":{"x":83,"y":731,"width":163,"height":11}},{"id":"6c4a608f-e963-48af-b643-660f044d1890","block_type":"box","text":"i.e.,","page_number":21,"box":{"x":247,"y":731,"width":21,"height":10}},{"id":"079d5560-20a2-473e-b539-c79a7d862509","block_type":"box","text":"the interest rate paid on such","page_number":21,"box":{"x":274,"y":731,"width":187,"height":11}},{"id":"af46debe-c9c9-4c06-a250-e6c27f5ca826","block_type":"box","text":"securities will increase over time). 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In cases where ratings are not available, other sources","page_number":21,"box":{"x":549,"y":691,"width":401,"height":11}},{"id":"964587e9-9e1f-419c-be05-63e5fd2f79b9","block_type":"box","text":"may be used to classify bonds by investment quality.","page_number":21,"box":{"x":549,"y":705,"width":335,"height":11}},{"id":"bd19ef01-258a-429b-ae5d-cc61ea88c2d8","block_type":"box","text":"The Fund is a series of the iShares iBonds fixed maturity series of","page_number":21,"box":{"x":549,"y":727,"width":417,"height":11}},{"id":"929faca2-6d9a-438d-9802-dce4f1dfc2a3","block_type":"box","text":"bond ETFs sponsored by BlackRock, Inc. (“BlackRock”). The Fund","page_number":21,"box":{"x":549,"y":741,"width":416,"height":11}},{"id":"6954afd1-e563-47e7-9533-30c306755dda","block_type":"box","text":"does not invest in U.S. savings bonds or other U.S. government","page_number":21,"box":{"x":549,"y":755,"width":404,"height":11}},{"id":"3718d1f7-4ef4-46e0-9b7b-879d1ab29191","block_type":"box","text":"bonds (except to the extent the Fund holds cash equivalent","page_number":21,"box":{"x":549,"y":770,"width":379,"height":10}},{"id":"f986bfc8-43d8-43dd-8d61-700c331839d3","block_type":"box","text":"instruments consistent with its investment objective) and is not","page_number":21,"box":{"x":549,"y":784,"width":406,"height":11}},{"id":"67106377-272b-42e6-bb98-9c7abc968d25","block_type":"box","text":"designed to provide protection against inflation.","page_number":21,"box":{"x":549,"y":798,"width":305,"height":11}},{"id":"865d56be-923a-4ba9-a62d-3c7e22182a42","block_type":"box","text":"BFA uses an indexing approach to try to achieve the Fund’s","page_number":21,"box":{"x":550,"y":821,"width":376,"height":11}},{"id":"4d9a5c4f-9c4d-4d0c-896d-4d357cbcdf7b","block_type":"box","text":"investment objective. The Fund does not try to “beat” the index it","page_number":21,"box":{"x":549,"y":835,"width":417,"height":11}},{"id":"b0bcf3e7-f206-4f58-8daf-a0abe6ca7134","block_type":"box","text":"tracks and does not seek temporary defensive positions when","page_number":21,"box":{"x":549,"y":849,"width":396,"height":11}},{"id":"d4b6b539-7989-413f-b812-a59132e0a69c","block_type":"box","text":"markets decline or appear overvalued.","page_number":21,"box":{"x":549,"y":864,"width":244,"height":10}},{"id":"c5b850d7-8959-49a8-b6ea-a7d9ba344eb2","block_type":"box","text":"S-10","page_number":21,"box":{"x":522,"y":920,"width":27,"height":9}},{"id":"5f6d3af9-86a0-4c33-99a1-ce0c57ad8177","block_type":"box","text":"Indexing may eliminate the chance that the Fund will substantially","page_number":22,"box":{"x":83,"y":23,"width":421,"height":11}},{"id":"1f2fda40-a96d-4c93-936b-ae8d097875b7","block_type":"box","text":"outperform the Underlying Index but also may reduce some of the","page_number":22,"box":{"x":83,"y":37,"width":421,"height":11}},{"id":"06f9698a-876e-4af0-b808-aaa0a138fd8a","block_type":"box","text":"risks of active management, such as poor security selection.","page_number":22,"box":{"x":83,"y":51,"width":386,"height":11}},{"id":"808b3af8-cf2a-4470-b15f-9d3a692facbb","block_type":"box","text":"Indexing seeks to achieve lower costs and better after-tax","page_number":22,"box":{"x":83,"y":66,"width":370,"height":11}},{"id":"ffa0bf61-8d0e-420d-af8e-fd0914c3b7d4","block_type":"box","text":"performance by aiming to keep portfolio turnover low in","page_number":22,"box":{"x":83,"y":80,"width":356,"height":11}},{"id":"b20e3957-2537-425b-8b8e-89adbe3cad61","block_type":"box","text":"comparison to actively managed investment companies.","page_number":22,"box":{"x":83,"y":94,"width":359,"height":11}},{"id":"0d49759e-a8dc-4bde-872b-f38e35cc21c2","block_type":"box","text":"BFA uses a representative sampling indexing strategy to manage","page_number":22,"box":{"x":84,"y":117,"width":411,"height":11}},{"id":"aea41f7b-7188-42ec-8439-e572e9ee6413","block_type":"box","text":"the Fund. “Representative sampling” is an indexing strategy that","page_number":22,"box":{"x":83,"y":131,"width":411,"height":11}},{"id":"43ecca13-0c6d-414c-87fb-8426cfbd61a2","block_type":"box","text":"involves investing in a representative sample of securities or other","page_number":22,"box":{"x":83,"y":146,"width":424,"height":10}},{"id":"60a610da-a035-4049-8e80-2d75ee82ef64","block_type":"box","text":"instruments that collectively has an investment profile similar to","page_number":22,"box":{"x":83,"y":160,"width":410,"height":11}},{"id":"f0435351-b317-4022-b5e3-3230ad9658ae","block_type":"box","text":"that of an applicable underlying index. The instruments selected","page_number":22,"box":{"x":83,"y":174,"width":408,"height":11}},{"id":"e47cd4c1-d77e-467c-9ab0-e2237e6e8ae8","block_type":"box","text":"are expected to have, in the aggregate, investment characteristics","page_number":22,"box":{"x":83,"y":188,"width":423,"height":11}},{"id":"a7f4825b-ac63-4bec-9ede-0f439bbbe7b0","block_type":"box","text":"(based on factors such as market value and industry weightings),","page_number":22,"box":{"x":83,"y":202,"width":415,"height":11}},{"id":"e51eb947-f8f4-4504-8c44-7ff7e36c3f39","block_type":"box","text":"fundamental characteristics (such as return variability, duration","page_number":22,"box":{"x":82,"y":216,"width":406,"height":11}},{"id":"50f76b3c-0564-40ca-95ee-e5e27450cb09","block_type":"box","text":"(","page_number":22,"box":{"x":83,"y":231,"width":3,"height":10}},{"id":"6009d848-4017-4497-89a7-babb2b999758","block_type":"box","text":"i.e.","page_number":22,"box":{"x":87,"y":231,"width":17,"height":8}},{"id":"f7b3d8c4-964a-4bab-8749-bdf1572322f6","block_type":"box","text":", an instrument’s price sensitivity to a change in interest","page_number":22,"box":{"x":106,"y":231,"width":359,"height":11}},{"id":"f350191d-ee13-4706-9aad-45e41e059143","block_type":"box","text":"rates), maturity or credit ratings and yield) and liquidity measures","page_number":22,"box":{"x":83,"y":245,"width":418,"height":11}},{"id":"fc56f888-5b2b-49da-b7ba-af96c7095a17","block_type":"box","text":"similar to those of an applicable underlying index. The Fund may","page_number":22,"box":{"x":83,"y":259,"width":410,"height":11}},{"id":"6e1124da-4394-46d9-b604-a3a5ce205139","block_type":"box","text":"or may not hold all of the components of the Underlying Index.","page_number":22,"box":{"x":83,"y":273,"width":399,"height":11}},{"id":"f4589316-d7fd-43bc-968b-ffaaf359fb81","block_type":"box","text":"The Fund will invest at least 80% of its assets in the component","page_number":22,"box":{"x":82,"y":296,"width":405,"height":11}},{"id":"1f7207ab-0a74-4d8f-8376-22e80d5af1d2","block_type":"box","text":"instruments of the Underlying Index, and (except during the last","page_number":22,"box":{"x":83,"y":311,"width":408,"height":10}},{"id":"e72d1106-2ca5-4a9d-afbb-8de2c1feb94e","block_type":"box","text":"twelve months of the Fund’s operations) the Fund will invest at","page_number":22,"box":{"x":83,"y":325,"width":401,"height":11}},{"id":"0befc47a-0b40-42cb-bfba-437b3033a805","block_type":"box","text":"least 90% of its assets in fixed income securities of the types","page_number":22,"box":{"x":83,"y":339,"width":388,"height":11}},{"id":"734c5e35-fecd-44af-842b-82c73e1f5aef","block_type":"box","text":"included in the Underlying Index that BFA believes will help the","page_number":22,"box":{"x":83,"y":353,"width":400,"height":11}},{"id":"54bdbb50-e92a-4f33-bc53-a19d0e498a93","block_type":"box","text":"Fund track the Underlying Index. The Fund will invest no more","page_number":22,"box":{"x":84,"y":367,"width":393,"height":11}},{"id":"36f95121-c684-43f3-8623-4dc1d337c9a0","block_type":"box","text":"than 10% of its assets in futures, options and swaps contracts that","page_number":22,"box":{"x":83,"y":382,"width":423,"height":10}},{"id":"5e7a2962-2978-416a-9bf6-011aa8d12036","block_type":"box","text":"BFA believes will help the Fund track the Underlying Index as well","page_number":22,"box":{"x":84,"y":396,"width":415,"height":11}},{"id":"89a42459-8412-4666-a80c-99a7ff1fbeb8","block_type":"box","text":"as in fixed income securities other than the types included in the","page_number":22,"box":{"x":83,"y":410,"width":413,"height":11}},{"id":"03a04fa1-14a7-41d7-a4d8-26336bba6316","block_type":"box","text":"Underlying Index, but which BFA believes will help the Fund track","page_number":22,"box":{"x":83,"y":424,"width":414,"height":11}},{"id":"345cdb2a-9ad8-4e13-9fad-e65eabe54ab2","block_type":"box","text":"the Underlying Index. Cash and cash equivalent investments","page_number":22,"box":{"x":83,"y":438,"width":385,"height":11}},{"id":"5322bd5c-3ce8-4b92-82a8-f0ae153dce8b","block_type":"box","text":"associated with a derivative position will be treated as part of that","page_number":22,"box":{"x":83,"y":452,"width":421,"height":11}},{"id":"20c0b0fa-c923-499f-802c-e27efa231d25","block_type":"box","text":"position for the purposes of calculating the percentage of","page_number":22,"box":{"x":83,"y":467,"width":367,"height":10}},{"id":"a9d68472-4c1f-4610-90c3-337a8b0baec5","block_type":"box","text":"investments included in the Underlying Index.","page_number":22,"box":{"x":83,"y":481,"width":290,"height":11}},{"id":"7fc1c74d-712d-46fa-9be1-880319ec1d48","block_type":"box","text":"In the last six months of operation, as the bonds held by the Fund","page_number":22,"box":{"x":83,"y":503,"width":418,"height":11}},{"id":"8af295e2-b769-4295-9490-556aee8771b3","block_type":"box","text":"mature, the proceeds may not be reinvested by the Fund in bonds","page_number":22,"box":{"x":83,"y":517,"width":420,"height":11}},{"id":"27327e98-e51c-4092-ac53-b342fc9e60f6","block_type":"box","text":"but instead will be held in cash and cash equivalents. 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The Board may extend","page_number":22,"box":{"x":83,"y":645,"width":413,"height":10}},{"id":"ca39da8b-8c3f-441a-9e7d-1271631ced19","block_type":"box","text":"the termination date if a majority of the Board determines the","page_number":22,"box":{"x":83,"y":659,"width":394,"height":10}},{"id":"8dc5c9f6-f0a1-48f8-b935-34b696409f97","block_type":"box","text":"extension to be in the best interest of the Fund.","page_number":22,"box":{"x":83,"y":673,"width":303,"height":8}},{"id":"491e9381-f140-4a9b-a50e-ff157295d153","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying","page_number":22,"box":{"x":82,"y":695,"width":414,"height":11}},{"id":"b3514443-6562-4223-9be7-13f1c6fd1147","block_type":"box","text":"Index before fees and expenses of the Fund. 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The Index Provider","page_number":22,"box":{"x":549,"y":37,"width":354,"height":11}},{"id":"a11b9523-2210-47da-b2c6-94e379b6a9e2","block_type":"box","text":"determines the composition and relative weightings of the","page_number":22,"box":{"x":549,"y":51,"width":372,"height":11}},{"id":"e53e5e1f-af9e-4d2c-83ad-a1ee709fdbb8","block_type":"box","text":"components of the Underlying Index and publishes information","page_number":22,"box":{"x":549,"y":66,"width":401,"height":11}},{"id":"5d8933d6-452f-4be8-8b54-08bfd6020c06","block_type":"box","text":"regarding the market value of the Underlying Index.","page_number":22,"box":{"x":549,"y":80,"width":327,"height":11}},{"id":"96e40df4-5562-4ca6-a854-d9acf87ed0eb","block_type":"box","text":"Industry Concentration Policy.","page_number":22,"box":{"x":550,"y":103,"width":209,"height":11}},{"id":"e405f083-b150-4891-b774-3f2400f61e03","block_type":"box","text":"The Fund will concentrate its","page_number":22,"box":{"x":764,"y":103,"width":184,"height":9}},{"id":"c0d0075d-a262-4254-a3c8-6d80fd661bde","block_type":"box","text":"investments (","page_number":22,"box":{"x":549,"y":117,"width":86,"height":11}},{"id":"80ca101b-4f36-45e8-84bd-fd5d3e4597d6","block_type":"box","text":"i.e.","page_number":22,"box":{"x":635,"y":117,"width":17,"height":9}},{"id":"6b3f99d3-a5cf-4c4d-bde2-29907ccf89bc","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":22,"box":{"x":655,"y":117,"width":264,"height":11}},{"id":"7dbee527-d141-4d26-904c-f0b3bda6371b","block_type":"box","text":"particular industry or group of industries to approximately the","page_number":22,"box":{"x":549,"y":131,"width":394,"height":11}},{"id":"d0372a09-4d35-4c98-a16c-cb971e8cf888","block_type":"box","text":"same extent that the Underlying Index is concentrated. For","page_number":22,"box":{"x":549,"y":146,"width":377,"height":10}},{"id":"351a79d2-df91-4acf-b443-5739a9bd08cc","block_type":"box","text":"purposes of this limitation, securities of the U.S. government","page_number":22,"box":{"x":549,"y":160,"width":389,"height":11}},{"id":"ca514ab8-5035-490c-bdd0-c425207df581","block_type":"box","text":"(including its agencies and instrumentalities), repurchase","page_number":22,"box":{"x":549,"y":174,"width":365,"height":11}},{"id":"df35ac90-0d37-4b9f-b0f4-39ad6e51d345","block_type":"box","text":"agreements collateralized by U.S. government securities, and","page_number":22,"box":{"x":549,"y":188,"width":392,"height":11}},{"id":"9da0753e-4e87-49c8-803e-721e0f140898","block_type":"box","text":"securities of state or municipal governments and their political","page_number":22,"box":{"x":549,"y":202,"width":399,"height":11}},{"id":"bb6c583c-75e5-4313-8fa0-07b96faa6443","block_type":"box","text":"subdivisions are not considered to be issued by members of any","page_number":22,"box":{"x":549,"y":216,"width":410,"height":11}},{"id":"9da45cff-4f19-41d7-8ef9-884baea5b73c","block_type":"box","text":"industry.","page_number":22,"box":{"x":549,"y":231,"width":54,"height":10}},{"id":"69bc7a44-13b1-49ac-b338-eccb662b5593","block_type":"box","text":"Summary of Principal Risks","page_number":22,"box":{"x":549,"y":260,"width":235,"height":13}},{"id":"dd86c1f6-ad2c-4bd7-81e7-e0a4c022e901","block_type":"box","text":"As with any investment, you could lose all or part of your","page_number":22,"box":{"x":549,"y":285,"width":362,"height":11}},{"id":"14bbfc0b-71a4-4aa9-873a-ead1bd6f944a","block_type":"box","text":"investment in the Fund, and the Fund’s performance could trail","page_number":22,"box":{"x":549,"y":299,"width":402,"height":11}},{"id":"ed40bf73-cbcb-4a96-b870-d3c0d5ac0ff4","block_type":"box","text":"that of other investments. The Fund is subject to certain risks,","page_number":22,"box":{"x":549,"y":313,"width":396,"height":11}},{"id":"827af81a-dffa-4121-9ac1-81925f90a4fc","block_type":"box","text":"including the principal risks noted below, any of which may","page_number":22,"box":{"x":549,"y":327,"width":376,"height":11}},{"id":"f3859243-3e89-4a68-993e-5fa818f3b9c7","block_type":"box","text":"adversely affect the Fund’s net asset value per share (“NAV”),","page_number":22,"box":{"x":549,"y":342,"width":392,"height":10}},{"id":"65d3d020-a5ce-4c82-8d48-4693668674f6","block_type":"box","text":"trading price, yield, total return and ability to meet its investment","page_number":22,"box":{"x":549,"y":356,"width":416,"height":11}},{"id":"f391b034-776b-4b0b-b57f-fcd110dedfab","block_type":"box","text":"objective. Certain key risks are prioritized below (with others","page_number":22,"box":{"x":549,"y":370,"width":388,"height":11}},{"id":"c76cbf71-2b74-46a1-98dd-1946c7b6173e","block_type":"box","text":"following in alphabetical order), but the relative significance of any","page_number":22,"box":{"x":549,"y":384,"width":425,"height":11}},{"id":"487c5edd-4368-4924-950a-c3799ea6b369","block_type":"box","text":"risk is difficult to predict and may change over time. You should","page_number":22,"box":{"x":549,"y":398,"width":405,"height":11}},{"id":"c615b5a9-a203-4f54-bba3-468d4499afaf","block_type":"box","text":"review each risk factor carefully.","page_number":22,"box":{"x":549,"y":412,"width":206,"height":11}},{"id":"c6dc59ef-e52b-4fa8-8626-e195492cc70e","block_type":"box","text":"High Yield Securities Risk.","page_number":22,"box":{"x":549,"y":436,"width":176,"height":10}},{"id":"7b709747-dae8-47de-b890-d8b33f2c98be","block_type":"box","text":"Debt securities that are rated below","page_number":22,"box":{"x":732,"y":436,"width":229,"height":8}},{"id":"e9e7dcee-cce5-4948-8ff9-4d185cdca969","block_type":"box","text":"investment grade (commonly referred to as “junk bonds”) and","page_number":22,"box":{"x":549,"y":450,"width":395,"height":11}},{"id":"f7b18b8f-b066-4f6a-8d2c-5d97ed41fad1","block_type":"box","text":"debt securities that are unrated are generally considered to be","page_number":22,"box":{"x":549,"y":464,"width":400,"height":11}},{"id":"fc1cbb62-8b91-4f3f-bda7-88f0acd3a53a","block_type":"box","text":"speculative. Compared to higher-quality debt securities, high yield","page_number":22,"box":{"x":549,"y":478,"width":422,"height":11}},{"id":"80e39f1b-062e-4dd1-8c6b-d98d4d481548","block_type":"box","text":"securities are subject to a greater risk of default, illiquidity, price","page_number":22,"box":{"x":549,"y":492,"width":412,"height":11}},{"id":"8e01f334-9042-4360-9aaa-7e996a7697da","block_type":"box","text":"volatility and valuation uncertainty. Such investments may be","page_number":22,"box":{"x":548,"y":507,"width":392,"height":10}},{"id":"62b71c59-4555-43d7-9f8e-a634682366ac","block_type":"box","text":"subject to additional risks including subordination to other","page_number":22,"box":{"x":549,"y":521,"width":373,"height":11}},{"id":"c55fc91c-975e-4ff8-82ba-6411a6b06472","block_type":"box","text":"creditors, no collateral or limited rights in collateral, lack of a","page_number":22,"box":{"x":549,"y":535,"width":389,"height":11}},{"id":"1af532eb-e9a9-4aeb-b741-99ac47941cc0","block_type":"box","text":"regular trading market, prepayment risk, and lack of publicly","page_number":22,"box":{"x":549,"y":549,"width":386,"height":11}},{"id":"b7d7a352-30ae-4a5d-80cb-22fe22bc7a75","block_type":"box","text":"available information.","page_number":22,"box":{"x":549,"y":563,"width":136,"height":9}},{"id":"41d95545-6268-446f-a17b-46e79c2196f6","block_type":"box","text":"Credit Risk","page_number":22,"box":{"x":549,"y":586,"width":75,"height":9}},{"id":"3406cd82-7890-4027-8623-2f00ba5ac55c","block_type":"box","text":".","page_number":22,"box":{"x":624,"y":593,"width":2,"height":2}},{"id":"7bc85c85-efce-4828-a9fa-e8121cf83cde","block_type":"box","text":"Credit risk is the risk that an issuer, guarantor or","page_number":22,"box":{"x":632,"y":586,"width":311,"height":11}},{"id":"42eaed69-2b48-4171-986d-4f8e542f36fd","block_type":"box","text":"liquidity provider of a fixed-income security may be unable or","page_number":22,"box":{"x":549,"y":601,"width":391,"height":10}},{"id":"eb61a0fa-2127-42ea-8037-5eb99b42c23c","block_type":"box","text":"unwilling, or may be perceived as unable or unwilling, to make","page_number":22,"box":{"x":549,"y":615,"width":395,"height":11}},{"id":"3b482b5e-b338-45ae-ac26-920512123853","block_type":"box","text":"timely principal and/or interest payments or to otherwise honor","page_number":22,"box":{"x":549,"y":629,"width":410,"height":11}},{"id":"20909096-a9f2-4711-b555-1f80e8c03d94","block_type":"box","text":"its obligations. 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The Fund may be adversely affected if an investment","page_number":22,"box":{"x":549,"y":728,"width":406,"height":11}},{"id":"d08468e7-8477-4377-8f54-1c94708726d6","block_type":"box","text":"that it holds experiences a downgrade or a default.","page_number":22,"box":{"x":549,"y":742,"width":324,"height":11}},{"id":"f3d1b5e4-8a02-4e36-a135-ff74fb6485ec","block_type":"box","text":"Income Risk.","page_number":22,"box":{"x":549,"y":766,"width":86,"height":8}},{"id":"f375c161-f8b0-427b-a85b-6509ba8c71b7","block_type":"box","text":"The Fund’s income may decline due to falling","page_number":22,"box":{"x":640,"y":766,"width":288,"height":11}},{"id":"42d9d90c-dd4d-4147-bab4-5270dcf34358","block_type":"box","text":"interest rates or other factors. This can occur because the Fund","page_number":22,"box":{"x":549,"y":780,"width":407,"height":8}},{"id":"eb20a711-e45b-4a4e-a397-170704bc9cdc","block_type":"box","text":"may be required to invest in lower-yielding bonds when a bond in","page_number":22,"box":{"x":549,"y":794,"width":414,"height":11}},{"id":"970901f4-7738-4630-9e1b-f0cbadd7a53e","block_type":"box","text":"the Fund’s portfolio matures, is near maturity, is called or is","page_number":22,"box":{"x":549,"y":808,"width":380,"height":11}},{"id":"23cd9c54-4d7e-4568-a6cf-4507a5e54ec8","block_type":"box","text":"prepaid, when bonds in the Underlying Index are substituted, or","page_number":22,"box":{"x":549,"y":822,"width":406,"height":11}},{"id":"f39049c0-d53b-4ebf-971d-133968d1c841","block_type":"box","text":"when the Fund otherwise needs to purchase additional bonds. 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Errors in index data, index computations or the","page_number":23,"box":{"x":83,"y":259,"width":366,"height":11}},{"id":"0931c6a8-489a-4942-ab48-6e41b8e54e25","block_type":"box","text":"construction of the Underlying Index in accordance with its","page_number":23,"box":{"x":83,"y":273,"width":377,"height":11}},{"id":"91c26ea9-96fe-4373-ad4e-ca7e88cde35b","block_type":"box","text":"methodology may occur, and the Index Provider may not identify","page_number":23,"box":{"x":83,"y":287,"width":413,"height":11}},{"id":"0621728f-3cb6-419e-b680-abb7dce8f247","block_type":"box","text":"or correct them promptly or at all, which may have an adverse","page_number":23,"box":{"x":83,"y":302,"width":396,"height":10}},{"id":"7d7c4be8-cb8c-4143-8d00-728686840016","block_type":"box","text":"impact on the Fund and its shareholders. 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No Authorized","page_number":23,"box":{"x":83,"y":603,"width":378,"height":11}},{"id":"ce566331-d203-4c0b-a284-a4d12695b3a7","block_type":"box","text":"Participant is obligated to engage in creation or redemption","page_number":23,"box":{"x":84,"y":617,"width":379,"height":11}},{"id":"bdf83b19-a125-4b9b-89c9-37d5e53a8597","block_type":"box","text":"transactions. 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Communications","page_number":23,"box":{"x":83,"y":834,"width":390,"height":11}},{"id":"f4ca941c-781b-4418-966f-b05fda388f2c","block_type":"box","text":"companies face risks related to cybersecurity incidents, data","page_number":23,"box":{"x":83,"y":848,"width":388,"height":11}},{"id":"71471b27-c000-4dd5-97e3-5de572d11f08","block_type":"box","text":"breaches, new technologies, substantial capital requirements,","page_number":23,"box":{"x":83,"y":862,"width":395,"height":11}},{"id":"a2e51485-6f04-439d-9ace-e8096bfb24ec","block_type":"box","text":"government regulation, cyclicality of revenues and earnings,","page_number":23,"box":{"x":83,"y":877,"width":383,"height":10}},{"id":"bfeb817b-dee0-4512-b49f-785a2ad2cbb9","block_type":"box","text":"obsolescence of products and services, and changes in consumer","page_number":23,"box":{"x":549,"y":23,"width":421,"height":11}},{"id":"0a3c0c8f-5b84-4370-afea-c48846e26bd7","block_type":"box","text":"preferences and expectations, among other things.","page_number":23,"box":{"x":549,"y":37,"width":326,"height":11}},{"id":"42f5faf7-e52b-4142-b8b0-9418b3571fe1","block_type":"box","text":"Concentration Risk.","page_number":23,"box":{"x":549,"y":60,"width":132,"height":9}},{"id":"cc5253f6-403c-4871-90c0-954c93ab3079","block_type":"box","text":"The Fund may be susceptible to an","page_number":23,"box":{"x":687,"y":61,"width":221,"height":10}},{"id":"e6b14dcd-b9ae-4548-8442-8a968e04a5ad","block_type":"box","text":"increased risk of loss, including losses due to adverse events that","page_number":23,"box":{"x":549,"y":75,"width":419,"height":11}},{"id":"6be39272-c674-4acd-963d-c46a8aef1eb3","block_type":"box","text":"affect the Fund’s investments more than the market as a whole,","page_number":23,"box":{"x":549,"y":89,"width":408,"height":10}},{"id":"106163cd-57d4-40fb-860a-143cde654989","block_type":"box","text":"to the extent that the Fund’s investments are concentrated in the","page_number":23,"box":{"x":549,"y":103,"width":418,"height":9}},{"id":"c79aee72-548f-4fa5-a5d3-0029e66f3a24","block_type":"box","text":"securities or other assets of one or more issuers, countries or","page_number":23,"box":{"x":549,"y":117,"width":395,"height":10}},{"id":"e6244bd3-af0b-4cde-9917-bedaf57b9417","block_type":"box","text":"other geographic units, markets, industries, project types, or","page_number":23,"box":{"x":549,"y":131,"width":388,"height":11}},{"id":"af2e7179-cd6b-4cdc-82af-a88592694841","block_type":"box","text":"asset classes.","page_number":23,"box":{"x":549,"y":146,"width":88,"height":8}},{"id":"ecbd28df-366f-49aa-91e8-3d730c61ad27","block_type":"box","text":"Consumer Goods and Services Companies 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among","page_number":23,"box":{"x":549,"y":226,"width":404,"height":10}},{"id":"e1886d64-d67c-4ec3-9830-07a8812cbc70","block_type":"box","text":"other things.","page_number":23,"box":{"x":549,"y":240,"width":80,"height":11}},{"id":"7b6636ef-60b1-4a42-9bf9-3c67c7f276bd","block_type":"box","text":"Declining Yield Risk.","page_number":23,"box":{"x":549,"y":263,"width":136,"height":11}},{"id":"b364becf-0c32-4fcf-8e66-17d422f1729d","block_type":"box","text":"In the months leading up to the Fund’s","page_number":23,"box":{"x":691,"y":263,"width":245,"height":11}},{"id":"e349c1a1-4efe-424e-bd3c-11679001265e","block_type":"box","text":"planned termination date, the Fund’s yield may move toward","page_number":23,"box":{"x":549,"y":277,"width":386,"height":11}},{"id":"018ded04-987d-4b21-8792-e1d3296160f0","block_type":"box","text":"prevailing money market rates and may be lower than the yields","page_number":23,"box":{"x":549,"y":291,"width":408,"height":11}},{"id":"5318b5c3-ab24-4e15-bce3-521fff6cf132","block_type":"box","text":"of the bonds previously held by the Fund and lower than prevailing","page_number":23,"box":{"x":549,"y":305,"width":424,"height":11}},{"id":"656b8840-787b-4b10-93d5-31e9e9815520","block_type":"box","text":"yields for bonds in the market.","page_number":23,"box":{"x":549,"y":320,"width":193,"height":10}},{"id":"355b62b8-d0f2-4390-b15a-fa6988fbb229","block_type":"box","text":"Fluctuation of Yield and Liquidation Amount Risk","page_number":23,"box":{"x":549,"y":343,"width":332,"height":11}},{"id":"81376b1d-7b44-40a5-9334-c2c2e7bac76c","block_type":"box","text":".","page_number":23,"box":{"x":881,"y":349,"width":3,"height":2}},{"id":"471ea3b7-571f-4a63-9c91-29bf5611a7e4","block_type":"box","text":"The Fund,","page_number":23,"box":{"x":889,"y":343,"width":61,"height":10}},{"id":"97773c51-726c-4453-8372-683180cf7631","block_type":"box","text":"unlike a direct investment in a bond that has a level coupon","page_number":23,"box":{"x":549,"y":357,"width":379,"height":11}},{"id":"5e23bf3f-9bc9-41ff-a3ec-c458e5162751","block_type":"box","text":"payment and a fixed payment at maturity, will make distributions","page_number":23,"box":{"x":549,"y":371,"width":414,"height":11}},{"id":"ba8aa146-2d8b-460f-ad41-304603b93588","block_type":"box","text":"of income that vary over time. It is expected that an investment in","page_number":23,"box":{"x":549,"y":385,"width":420,"height":11}},{"id":"d1c16178-ae3d-4275-a16e-ba2a18bc3bed","block_type":"box","text":"the Fund, if held through maturity, will produce aggregate returns","page_number":23,"box":{"x":549,"y":400,"width":417,"height":10}},{"id":"a4fba179-c71e-46ae-8104-3bd7284fe064","block_type":"box","text":"comparable to a direct investment in a group of bonds of similar","page_number":23,"box":{"x":549,"y":414,"width":410,"height":11}},{"id":"f6d4a6e1-1bf9-442d-b49d-cec5583ee738","block_type":"box","text":"credit quality and maturity. Unlike a direct investment in bonds,","page_number":23,"box":{"x":549,"y":428,"width":405,"height":11}},{"id":"a293d233-1aad-4acb-a2d4-a534a9d45016","block_type":"box","text":"the breakdown of returns between Fund distributions and","page_number":23,"box":{"x":549,"y":442,"width":367,"height":9}},{"id":"fe95025c-32cb-4af0-b88e-57fcfca51dc2","block_type":"box","text":"liquidation proceeds are not predictable at the time of your","page_number":23,"box":{"x":549,"y":456,"width":377,"height":11}},{"id":"a7a68209-5898-4cba-be94-3b11a9dd8e0b","block_type":"box","text":"investment. 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While the Fund’s service","page_number":24,"box":{"x":549,"y":37,"width":377,"height":11}},{"id":"0715a12e-2328-4c7b-a4b3-b433cd7fb691","block_type":"box","text":"providers are required to have appropriate operational,","page_number":24,"box":{"x":549,"y":52,"width":350,"height":10}},{"id":"71ec4ba5-59d7-47ff-bf56-1a157402245f","block_type":"box","text":"information security and cybersecurity risk management policies","page_number":24,"box":{"x":549,"y":66,"width":414,"height":11}},{"id":"9d7be428-524e-4747-aef0-ac659d1f4569","block_type":"box","text":"and procedures, their methods of risk management may differ","page_number":24,"box":{"x":549,"y":80,"width":397,"height":11}},{"id":"661d4050-3555-4c9c-b18a-9615212f8365","block_type":"box","text":"from those of the Fund. Operational and technology risks for the","page_number":24,"box":{"x":549,"y":94,"width":411,"height":11}},{"id":"442422a5-f4d8-46cc-b2e1-c0ffc7715f0a","block_type":"box","text":"issuers in which the Fund invests could also result in material","page_number":24,"box":{"x":549,"y":108,"width":391,"height":9}},{"id":"f7c68a51-6d22-46a8-96e2-1cc82f927ad7","block_type":"box","text":"adverse consequences for such issuers and may cause the Fund’s","page_number":24,"box":{"x":549,"y":122,"width":422,"height":11}},{"id":"43ad19dd-5335-4551-be20-04fe25160cea","block_type":"box","text":"investments in such issuers to lose value.","page_number":24,"box":{"x":549,"y":137,"width":264,"height":8}},{"id":"2380f51e-d570-4da3-b32d-5c46e66b8ded","block_type":"box","text":"Privately Issued Securities Risk.","page_number":24,"box":{"x":549,"y":160,"width":216,"height":11}},{"id":"88e0c1ec-1b26-4ad0-8f9b-313e07ff437b","block_type":"box","text":"Privately issued securities are","page_number":24,"box":{"x":771,"y":160,"width":190,"height":11}},{"id":"a1ac2f02-bcb8-40ac-9c5d-c3e08ab7636f","block_type":"box","text":"securities that have not been registered under the 1933 Act. Such","page_number":24,"box":{"x":549,"y":174,"width":421,"height":11}},{"id":"4a9aac88-a5f4-4ee0-8391-160b9d59094c","block_type":"box","text":"securities typically are subject to legal restrictions on resale and","page_number":24,"box":{"x":549,"y":188,"width":411,"height":11}},{"id":"1b1f994d-7289-458b-8f01-aac3ea64abf2","block_type":"box","text":"generally are not traded in established public markets. As a result,","page_number":24,"box":{"x":549,"y":202,"width":423,"height":11}},{"id":"df54ae78-f621-4c10-a6c6-8315258e2a6a","block_type":"box","text":"privately issued securities may be deemed to be illiquid","page_number":24,"box":{"x":549,"y":217,"width":353,"height":10}},{"id":"9fff6d3d-f5be-4580-91b6-35f48d697e2f","block_type":"box","text":"investments, may be more difficult to value than publicly traded","page_number":24,"box":{"x":549,"y":231,"width":406,"height":10}},{"id":"adb5f318-2095-44bb-845d-ddcbba03afe3","block_type":"box","text":"securities, may be subject to wide fluctuations in value and may","page_number":24,"box":{"x":549,"y":245,"width":409,"height":11}},{"id":"33300620-dc44-4681-b3e5-b44130be772c","block_type":"box","text":"have higher transaction costs. There can be no assurance that a","page_number":24,"box":{"x":549,"y":259,"width":409,"height":11}},{"id":"febb64ae-fb5f-4d84-9a3e-7ea56bc48343","block_type":"box","text":"trading market will exist at any time for any particular privately","page_number":24,"box":{"x":549,"y":273,"width":400,"height":11}},{"id":"d7f3dc54-6994-414d-a7ef-eb33bde176cb","block_type":"box","text":"issued security. Difficulty in selling such securities at a desirable","page_number":24,"box":{"x":549,"y":287,"width":410,"height":11}},{"id":"baa78d28-6713-45ec-809a-d5613972274e","block_type":"box","text":"time or price may result in a loss to the Fund.","page_number":24,"box":{"x":549,"y":302,"width":289,"height":10}},{"id":"eb3113ac-e195-4639-bb76-29ed344ff5f9","block_type":"box","text":"Reinvestment Risk","page_number":24,"box":{"x":549,"y":325,"width":126,"height":8}},{"id":"467a5802-77aa-4ee1-8fd9-d05018d08c77","block_type":"box","text":".","page_number":24,"box":{"x":675,"y":331,"width":3,"height":2}},{"id":"f8fd2b96-d094-46b0-b746-b355ae578822","block_type":"box","text":"The Fund may invest a portion of its assets in","page_number":24,"box":{"x":683,"y":325,"width":288,"height":11}},{"id":"38953a75-47fb-4c25-be73-7bf4e8be0c42","block_type":"box","text":"short-term fixed-income instruments and, as a result, may be","page_number":24,"box":{"x":549,"y":339,"width":391,"height":11}},{"id":"d32e7b6c-a928-4d50-9522-7412064ff6f6","block_type":"box","text":"adversely affected if interest rates fall because it may have to","page_number":24,"box":{"x":549,"y":353,"width":393,"height":11}},{"id":"219946fe-6ef6-4768-870f-b49d2e8c148d","block_type":"box","text":"invest in lower-yielding instruments as bonds in the Fund’s","page_number":24,"box":{"x":549,"y":367,"width":374,"height":11}},{"id":"8ca62df7-185a-479d-a746-05a69a05ea44","block_type":"box","text":"portfolio mature.","page_number":24,"box":{"x":549,"y":381,"width":106,"height":11}},{"id":"62289818-4e2d-45e2-89e3-50f892415a70","block_type":"box","text":"Risk of Investing in the U.S","page_number":24,"box":{"x":549,"y":405,"width":182,"height":10}},{"id":"52cf2f52-0de8-40a7-a198-6975d21409d3","block_type":"box","text":".","page_number":24,"box":{"x":732,"y":411,"width":2,"height":2}},{"id":"14c3da33-7230-4144-87b3-55faf5a826ac","block_type":"box","text":"Investing in U.S. issuers subjects","page_number":24,"box":{"x":740,"y":405,"width":210,"height":11}},{"id":"6583f8e9-7582-447a-8f34-02fdaec8a7d4","block_type":"box","text":"the Fund to legal, regulatory, political, currency, security, and","page_number":24,"box":{"x":549,"y":419,"width":391,"height":11}},{"id":"f1cfb0db-673b-423f-a797-182ddcb49432","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the","page_number":24,"box":{"x":549,"y":433,"width":423,"height":11}},{"id":"d3d4196d-07d7-49a8-8a22-d4b86d66461a","block_type":"box","text":"U.S., such as a weakening of the U.S. economy or a decline in its","page_number":24,"box":{"x":550,"y":447,"width":412,"height":11}},{"id":"8504bda0-f195-4718-95ce-0e0c4e1ed314","block_type":"box","text":"financial markets, may have an adverse effect on U.S. issuers.","page_number":24,"box":{"x":549,"y":461,"width":396,"height":11}},{"id":"5ef0dc30-667e-4cf0-8d9e-b339f7ec6aa3","block_type":"box","text":"Securities Lending Risk.","page_number":24,"box":{"x":548,"y":485,"width":162,"height":10}},{"id":"b7a8ca60-487f-45d2-bd37-14df063efd86","block_type":"box","text":"The Fund may engage in securities","page_number":24,"box":{"x":716,"y":485,"width":221,"height":10}},{"id":"297a399e-56c5-4e4e-848d-6a6fe44a0b7e","block_type":"box","text":"lending. Securities lending involves the risk that the Fund may","page_number":24,"box":{"x":549,"y":499,"width":397,"height":11}},{"id":"77af9096-3793-49ef-8f35-fb3e47bd6a8b","block_type":"box","text":"lose money because the borrower of the loaned securities fails to","page_number":24,"box":{"x":549,"y":513,"width":418,"height":11}},{"id":"234534ab-d502-4a48-afce-d8c9b0fcc821","block_type":"box","text":"return the securities in a timely manner or at all. The Fund could","page_number":24,"box":{"x":549,"y":527,"width":409,"height":11}},{"id":"354060b1-25b0-45a2-915b-98223d891232","block_type":"box","text":"also lose money in the event of a decline in the value of collateral","page_number":24,"box":{"x":549,"y":541,"width":416,"height":11}},{"id":"626b9c88-e6b9-47f7-98f0-5f1fecf1c47f","block_type":"box","text":"provided for loaned securities or a decline in the value of any","page_number":24,"box":{"x":549,"y":556,"width":389,"height":10}},{"id":"1132bdc3-9bee-42f7-a428-c45b60069dbc","block_type":"box","text":"investments made with cash collateral. These events could also","page_number":24,"box":{"x":549,"y":570,"width":406,"height":8}},{"id":"81ddb08d-6069-4ccb-a9f6-7ef7c705a5d8","block_type":"box","text":"trigger adverse tax consequences for the Fund.","page_number":24,"box":{"x":549,"y":584,"width":301,"height":11}},{"id":"298fc24c-870f-4a91-92eb-4791695f2ca5","block_type":"box","text":"Tracking Error Risk","page_number":24,"box":{"x":550,"y":607,"width":128,"height":11}},{"id":"f0181c4a-1832-4caa-a8e9-9982ac5b6fba","block_type":"box","text":".","page_number":24,"box":{"x":678,"y":614,"width":3,"height":2}},{"id":"b69ac511-8e99-42e0-a8d1-500bd876bdab","block_type":"box","text":"The Fund may be subject to “tracking error,”","page_number":24,"box":{"x":686,"y":607,"width":284,"height":11}},{"id":"507ae79b-c2ec-406b-afeb-7a25ee551636","block_type":"box","text":"which is the divergence of the Fund’s performance from that of","page_number":24,"box":{"x":549,"y":621,"width":404,"height":11}},{"id":"0a9ad4d9-be6a-4a46-b755-8b4f793d8682","block_type":"box","text":"the Underlying Index. Tracking error may occur due to a number of","page_number":24,"box":{"x":549,"y":635,"width":425,"height":11}},{"id":"5fd5603b-2c23-4564-9fa7-cdc7bcdd48d7","block_type":"box","text":"factors, including differences between the securities and other","page_number":24,"box":{"x":549,"y":650,"width":401,"height":10}},{"id":"94ef391a-e8cf-422a-8617-dffc47ad984e","block_type":"box","text":"assets held in the Fund’s portfolio and those included in the","page_number":24,"box":{"x":549,"y":664,"width":381,"height":11}},{"id":"f21290d3-137f-4d69-9ed3-79befc11b5f4","block_type":"box","text":"Underlying Index; differences in the timing and methodologies","page_number":24,"box":{"x":550,"y":678,"width":396,"height":11}},{"id":"448367fb-2d85-4c6e-8429-be3b2cbb00a6","block_type":"box","text":"used to value securities and other assets; transaction costs and","page_number":24,"box":{"x":549,"y":692,"width":407,"height":10}},{"id":"5a53d219-b5c0-430e-ab3b-14551dee2d6e","block_type":"box","text":"other expenses incurred by the Fund that the Underlying Index","page_number":24,"box":{"x":549,"y":706,"width":400,"height":11}},{"id":"63fcef7e-eb9d-4000-9f0e-cb1345d51915","block_type":"box","text":"does not incur; the Fund’s holding of uninvested cash; differences","page_number":24,"box":{"x":549,"y":721,"width":421,"height":10}},{"id":"fc2f7229-a014-4db6-94c3-9ef660169b4f","block_type":"box","text":"in the timing of the accrual or the valuation of dividends or","page_number":24,"box":{"x":549,"y":735,"width":374,"height":11}},{"id":"ed2df9b5-a421-456b-a8ab-ed6eb99540aa","block_type":"box","text":"interest received by the Fund or distributions paid to Fund","page_number":24,"box":{"x":549,"y":749,"width":370,"height":11}},{"id":"334fc9e8-bbcf-405f-8c9d-44288f1fd8ec","block_type":"box","text":"shareholders; tax gains or losses; differences between the","page_number":24,"box":{"x":549,"y":763,"width":372,"height":11}},{"id":"3b9b03eb-b58d-4396-b3f4-5b924c138dd0","block_type":"box","text":"amount and/or timing of withholding taxes on dividends reflected","page_number":24,"box":{"x":549,"y":777,"width":420,"height":11}},{"id":"6c0d9f40-8947-4e92-8d11-8548b54b6872","block_type":"box","text":"in the Underlying Index from the Fund’s obligation, if any, for","page_number":24,"box":{"x":549,"y":791,"width":387,"height":11}},{"id":"e8abb262-424f-4ad4-90d3-d799d151d8a6","block_type":"box","text":"foreign withholding taxes; the requirements for the Fund to","page_number":24,"box":{"x":549,"y":806,"width":377,"height":10}},{"id":"a605a80e-0624-4265-a727-f1fbcb2ef0e9","block_type":"box","text":"maintain pass-through tax treatment; portfolio transactions","page_number":24,"box":{"x":549,"y":820,"width":380,"height":11}},{"id":"45859d66-cf1e-4751-9680-52e4eec1069c","block_type":"box","text":"carried out to minimize the distribution of capital gains to","page_number":24,"box":{"x":549,"y":834,"width":366,"height":11}},{"id":"796d1ab7-ad49-4cc8-bc9b-0c4e18f42de2","block_type":"box","text":"shareholders; the acceptance of custom baskets; changes to the","page_number":24,"box":{"x":549,"y":848,"width":414,"height":11}},{"id":"e5060f59-3b68-490f-b2e5-214a04b88475","block_type":"box","text":"Underlying Index; and impacts to the Fund of complying with","page_number":24,"box":{"x":550,"y":862,"width":386,"height":11}},{"id":"de7dd8d6-0c9b-4f54-b156-192bf94e6f52","block_type":"box","text":"certain regulatory requirements or limits. Tracking error risk may","page_number":24,"box":{"x":549,"y":877,"width":414,"height":10}},{"id":"56d89a7d-3fb9-4ec7-950b-bbd6ed71c57c","block_type":"box","text":"S-13","page_number":24,"box":{"x":522,"y":920,"width":27,"height":9}},{"id":"9e6b07fd-baf4-4dee-993e-f860eab18ce1","block_type":"box","text":"be heightened during times of increased market volatility or other","page_number":25,"box":{"x":83,"y":23,"width":419,"height":11}},{"id":"c15eca80-dfbf-4355-a585-d27b334d2b40","block_type":"box","text":"unusual market conditions. A Fund that tracks an index where","page_number":25,"box":{"x":83,"y":37,"width":395,"height":9}},{"id":"d3f00476-7980-4000-9b8e-1e8bcb619912","block_type":"box","text":"high yield securities are an investment focus may experience","page_number":25,"box":{"x":83,"y":51,"width":389,"height":11}},{"id":"aa40735e-e1f5-483e-9d68-ad2319cebcf4","block_type":"box","text":"higher tracking error than ETFs that do not track such indexes. A","page_number":25,"box":{"x":83,"y":66,"width":413,"height":11}},{"id":"04cafdd2-9ecf-471f-aa52-eac94c765fd2","block_type":"box","text":"Fund that tracks an index with exposure to non-U.S. issuers may","page_number":25,"box":{"x":84,"y":80,"width":411,"height":11}},{"id":"b2c39ae6-6259-4b12-bbcb-93ad871411b1","block_type":"box","text":"experience higher tracking error than ETFs that do not track such","page_number":25,"box":{"x":83,"y":94,"width":417,"height":11}},{"id":"19bc5e55-84b4-4a10-8d20-8c0e08fcf1dd","block_type":"box","text":"indexes.","page_number":25,"box":{"x":83,"y":108,"width":51,"height":9}},{"id":"982eaddf-6d5a-4c7a-ac60-aec583e42ea5","block_type":"box","text":"Valuation Risk","page_number":25,"box":{"x":84,"y":131,"width":96,"height":9}},{"id":"0efd07f7-6587-4165-ad19-6e8b3a30ad31","block_type":"box","text":".","page_number":25,"box":{"x":180,"y":138,"width":2,"height":2}},{"id":"b212afa7-be21-443b-8fee-82738c804d72","block_type":"box","text":"The price that the Fund could receive upon the","page_number":25,"box":{"x":187,"y":131,"width":298,"height":11}},{"id":"bebaba9c-32d8-4a9b-a38b-a999e5a34efc","block_type":"box","text":"sale (or other disposition) of a security or other asset may differ","page_number":25,"box":{"x":83,"y":146,"width":408,"height":10}},{"id":"f81d98b0-3197-4aff-b54e-542e70d084d5","block_type":"box","text":"from the Fund’s valuation of the security or other asset,","page_number":25,"box":{"x":82,"y":160,"width":356,"height":11}},{"id":"64e008e9-54aa-4082-b635-e76030ebe529","block_type":"box","text":"particularly for securities or other assets that trade in low volume","page_number":25,"box":{"x":83,"y":174,"width":418,"height":11}},{"id":"4ec66269-1dbf-4320-b612-ae9837b13f99","block_type":"box","text":"or volatile markets or that are valued using a fair value","page_number":25,"box":{"x":83,"y":188,"width":347,"height":11}},{"id":"cfe6745d-49de-411f-a0a6-894e481d219e","block_type":"box","text":"methodology. The price received by the Fund also may differ from","page_number":25,"box":{"x":549,"y":23,"width":418,"height":11}},{"id":"d8fde362-0ee5-4b44-aa9d-0032158bc3ce","block_type":"box","text":"the value used by the Underlying Index. In addition, the value of","page_number":25,"box":{"x":549,"y":37,"width":406,"height":11}},{"id":"1c32b859-c939-47cd-8e88-b5570457ff28","block_type":"box","text":"the securities or other assets in the Fund’s portfolio may change","page_number":25,"box":{"x":549,"y":51,"width":411,"height":11}},{"id":"7f80046b-efe5-490b-bedc-ae405244f84d","block_type":"box","text":"on days or during time periods when investors are not able to","page_number":25,"box":{"x":549,"y":66,"width":392,"height":11}},{"id":"ee1b68c7-2a23-4ade-b2fa-85bcaf4ed9ca","block_type":"box","text":"purchase or sell Fund shares. Authorized Participants that create","page_number":25,"box":{"x":549,"y":80,"width":414,"height":11}},{"id":"98b1bda4-401a-44d3-878d-ea349e349f0e","block_type":"box","text":"or redeem Fund shares on days when the Fund is holding fair","page_number":25,"box":{"x":549,"y":94,"width":394,"height":11}},{"id":"339decfb-ab1e-4053-8678-540d44f6318b","block_type":"box","text":"valued securities or other assets may receive fewer or more","page_number":25,"box":{"x":548,"y":108,"width":383,"height":11}},{"id":"c97af3a4-ed0e-4420-9678-3c0e3e6c7982","block_type":"box","text":"shares, or lower or higher redemption proceeds, than they would","page_number":25,"box":{"x":549,"y":122,"width":414,"height":11}},{"id":"456c3a7a-ef8b-4d68-81ff-973031645c99","block_type":"box","text":"have received had the securities or other assets not been fair","page_number":25,"box":{"x":549,"y":137,"width":392,"height":8}},{"id":"3f6bd382-d7a5-4d20-a86e-cfd9a876d8a2","block_type":"box","text":"valued or been valued using a different methodology. The ability to","page_number":25,"box":{"x":548,"y":151,"width":425,"height":11}},{"id":"ef22816e-b3d9-4aee-9087-bc04a7d31668","block_type":"box","text":"value investments may be impacted by technological issues or","page_number":25,"box":{"x":548,"y":165,"width":400,"height":11}},{"id":"7b41fb5c-4539-4946-a8b7-41c59d760d66","block_type":"box","text":"errors by pricing services or other third-party service providers.","page_number":25,"box":{"x":549,"y":179,"width":405,"height":11}},{"id":"cf4d8f5e-ed46-47ae-936f-c0b64d9594f6","block_type":"box","text":"S-14","page_number":25,"box":{"x":522,"y":920,"width":27,"height":9}},{"id":"5d85a914-3a2f-4298-b186-917e50c1e394","block_type":"box","text":"Performance Information","page_number":26,"box":{"x":84,"y":22,"width":213,"height":11}},{"id":"7a0136bf-9d68-43ea-9616-60094f992c1d","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":26,"box":{"x":82,"y":48,"width":887,"height":10}},{"id":"ceab5d2b-e423-43dc-87d7-83382210c3a1","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":26,"box":{"x":83,"y":62,"width":872,"height":11}},{"id":"8ab05145-8d15-49f6-b767-2db0cc388e1b","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":26,"box":{"x":83,"y":76,"width":867,"height":11}},{"id":"3562581b-24b5-4aa5-80a1-42463dc5a1ef","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":26,"box":{"x":83,"y":90,"width":863,"height":11}},{"id":"3b2ee654-8017-4b9b-a4e4-f83363918498","block_type":"box","text":"agreements to waive or reimburse expenses, which would reduce performance if not in effect. Past performance (before and after taxes)","page_number":26,"box":{"x":83,"y":104,"width":874,"height":11}},{"id":"70990dce-d691-402a-8560-c940c5be3fc3","block_type":"box","text":"does not necessarily indicate how the Fund will perform in the future. 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The Underlying Index is composed of U.S.","page_number":29,"box":{"x":83,"y":340,"width":409,"height":11}},{"id":"483fcc75-538f-40c2-95fc-70dc056ec497","block_type":"box","text":"dollar denominated, taxable, fixed-rate, high yield (which are","page_number":29,"box":{"x":83,"y":354,"width":386,"height":11}},{"id":"700389fc-43a9-45fb-92c7-f25a52262562","block_type":"box","text":"considered below investment-grade and commonly referred to as","page_number":29,"box":{"x":83,"y":369,"width":418,"height":10}},{"id":"55fbb992-1ad0-44c2-b19c-9cca86273b14","block_type":"box","text":"“junk bonds”) and BBB or equivalently rated (as determined by","page_number":29,"box":{"x":83,"y":383,"width":400,"height":11}},{"id":"2f68ec98-fe6d-428f-a580-a6df0ef03cce","block_type":"box","text":"Bloomberg Index Services Limited (the “Index Provider” or","page_number":29,"box":{"x":84,"y":397,"width":372,"height":11}},{"id":"b196508a-174e-4476-ba58-d8c6f565d077","block_type":"box","text":"“Bloomberg”)) corporate bonds scheduled to mature between","page_number":29,"box":{"x":83,"y":411,"width":394,"height":11}},{"id":"559f0e43-0975-4bf6-a4c7-cbdc50db1625","block_type":"box","text":"January 1, 2028 and December 15, 2028, inclusive. 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Securities eligible for inclusion in the","page_number":29,"box":{"x":83,"y":454,"width":382,"height":11}},{"id":"2459aaad-8a50-48ef-8d84-375c74ce584a","block_type":"box","text":"Underlying Index are selected from a universe of corporate","page_number":29,"box":{"x":83,"y":468,"width":376,"height":11}},{"id":"3d3ea824-ea05-4e1e-87e3-902da991e313","block_type":"box","text":"issuers (","page_number":29,"box":{"x":83,"y":482,"width":52,"height":11}},{"id":"533995cb-d9a9-48b1-82b1-7f11e0941b37","block_type":"box","text":"e.g.","page_number":29,"box":{"x":137,"y":484,"width":20,"height":9}},{"id":"4c7adefb-7289-4e4a-b329-87f91672d006","block_type":"box","text":", industrial, financial institutions, utilities) determined","page_number":29,"box":{"x":160,"y":482,"width":340,"height":11}},{"id":"6417e260-b820-418d-a7a0-440ad2684e72","block_type":"box","text":"by Bloomberg. As of October 31, 2025, a significant portion of the","page_number":29,"box":{"x":83,"y":496,"width":420,"height":11}},{"id":"1460af8c-afb3-4bc1-b4f4-e98479ae4f5d","block_type":"box","text":"Underlying Index is represented by securities of companies in the","page_number":29,"box":{"x":83,"y":510,"width":418,"height":11}},{"id":"ade7d252-31d2-47da-a32d-91c1328039b7","block_type":"box","text":"consumer goods and services and industrial industries or sectors.","page_number":29,"box":{"x":83,"y":525,"width":420,"height":10}},{"id":"f750097d-b3b5-47cc-aece-3d7c92bd8c5a","block_type":"box","text":"The components of the Underlying Index are likely to change over","page_number":29,"box":{"x":82,"y":539,"width":420,"height":11}},{"id":"e5c6634a-dcae-4141-bfa1-39fa948a37ac","block_type":"box","text":"time.","page_number":29,"box":{"x":83,"y":553,"width":31,"height":8}},{"id":"777af4b2-5632-46cf-bb5a-14cad492280a","block_type":"box","text":"The bonds in the Underlying Index have $250 million or more of","page_number":29,"box":{"x":82,"y":574,"width":407,"height":12}},{"id":"1a220d5d-5e1d-4b58-ad96-f0476c5f1627","block_type":"box","text":"outstanding face value at the time of inclusion. The non-U.S.","page_number":29,"box":{"x":83,"y":589,"width":385,"height":11}},{"id":"ef1a09e6-ea81-4724-9ea1-76bb17fd8940","block_type":"box","text":"corporate issuers included in the Underlying Index consist","page_number":29,"box":{"x":83,"y":603,"width":371,"height":11}},{"id":"fd41f7a8-d0ef-4ce8-bf29-8d4a32dd9045","block_type":"box","text":"primarily of corporate bonds issued by companies domiciled in","page_number":29,"box":{"x":83,"y":617,"width":400,"height":11}},{"id":"1ce250f6-d651-48a6-a4d4-2ab80c6fde93","block_type":"box","text":"developed countries. The Fund will invest in non-U.S. issuers to","page_number":29,"box":{"x":83,"y":632,"width":404,"height":10}},{"id":"a55ea925-bdef-4c41-bfde-0b8a1cae9657","block_type":"box","text":"the extent necessary for it to track the Underlying Index. Each","page_number":29,"box":{"x":83,"y":646,"width":395,"height":11}},{"id":"9f0edcba-d83a-4e22-8a84-8ae199177157","block_type":"box","text":"bond included in the Underlying Index must be registered with the","page_number":29,"box":{"x":83,"y":660,"width":421,"height":11}},{"id":"100f1c3e-7256-4988-b01c-b96ba1a3f703","block_type":"box","text":"SEC, have been exempt from registration at issuance, or have","page_number":29,"box":{"x":83,"y":674,"width":394,"height":11}},{"id":"d874a682-22b2-4388-9909-e208af5da16c","block_type":"box","text":"been offered pursuant to Rule 144A under the Securities Act of","page_number":29,"box":{"x":83,"y":688,"width":403,"height":11}},{"id":"36c557e4-7312-4da0-bc4f-3007ce9a969d","block_type":"box","text":"1933, as amended (the “1933 Act”). Subject to the methodology","page_number":29,"box":{"x":85,"y":703,"width":409,"height":10}},{"id":"4ad66eb7-8acf-45cf-a071-f5c75016ea0e","block_type":"box","text":"of the Underlying Index discussed below, the securities in the","page_number":29,"box":{"x":83,"y":717,"width":392,"height":11}},{"id":"c65acebb-69de-48fe-9d1b-82b0239eac38","block_type":"box","text":"Underlying Index may carry a coupon that steps-up according to a","page_number":29,"box":{"x":83,"y":731,"width":421,"height":11}},{"id":"ad2bf5d5-9eed-4a96-b7d6-10545f18aee4","block_type":"box","text":"predetermined schedule (","page_number":29,"box":{"x":83,"y":745,"width":163,"height":11}},{"id":"fb322659-8377-46c5-a71c-7c6e8d16599f","block_type":"box","text":"i.e.","page_number":29,"box":{"x":247,"y":745,"width":17,"height":9}},{"id":"3cc0c2f3-61c8-492c-a17a-73094834e2c2","block_type":"box","text":", the interest rate paid on such","page_number":29,"box":{"x":266,"y":745,"width":195,"height":11}},{"id":"54a86105-a954-4d85-ac6e-0a8aa3175604","block_type":"box","text":"securities will increase over time). Securities are market-cap","page_number":29,"box":{"x":83,"y":759,"width":387,"height":11}},{"id":"790c9188-6117-4cb3-b180-7a78c22e8441","block_type":"box","text":"weighted within the Underlying Index, with a 3% cap typically","page_number":29,"box":{"x":82,"y":773,"width":389,"height":11}},{"id":"1a75a24b-282d-4bcb-a8c8-97bea00c7a18","block_type":"box","text":"imposed on any one issuer, and a pro rata distribution of any","page_number":29,"box":{"x":83,"y":788,"width":388,"height":10}},{"id":"5d64d9f6-476e-45c9-956e-0904161daf42","block_type":"box","text":"excess weight across the remaining issuers in the Underlying","page_number":29,"box":{"x":83,"y":802,"width":390,"height":11}},{"id":"1d2963e9-c3d9-47ca-9f51-5a8f2cca708b","block_type":"box","text":"Index.","page_number":29,"box":{"x":83,"y":816,"width":37,"height":8}},{"id":"f5023bdf-c39b-4adb-9f8d-3e698b95751b","block_type":"box","text":"The securities in the Underlying Index are updated on the last","page_number":29,"box":{"x":82,"y":838,"width":393,"height":11}},{"id":"6158957f-35f8-47ee-8fdb-f1e492627430","block_type":"box","text":"calendar day of each month until six months before maturity, with","page_number":29,"box":{"x":83,"y":852,"width":420,"height":11}},{"id":"553ee118-441d-450b-8cb5-fa26f599fd97","block_type":"box","text":"the last rebalance date on June 30, 2028.","page_number":29,"box":{"x":83,"y":866,"width":264,"height":10}},{"id":"abb387fa-e403-4b77-a09e-0f8c1567fd51","block_type":"box","text":"The Underlying Index consists of bonds chosen from two sub","page_number":29,"box":{"x":549,"y":23,"width":393,"height":11}},{"id":"1380f7bb-a58a-4660-ae60-483de5524c57","block_type":"box","text":"indices, the Bloomberg U.S. High Yield Index (the “High Yield","page_number":29,"box":{"x":549,"y":37,"width":387,"height":11}},{"id":"a1b55366-a78c-4c50-95e3-d7a63e74710f","block_type":"box","text":"Index”) and the Bloomberg U.S. Corporate Index (the “Corporate","page_number":29,"box":{"x":550,"y":51,"width":411,"height":11}},{"id":"bb55a7fc-757b-4967-858a-495e87da114c","block_type":"box","text":"Index”), both of which are stripped of securities maturing outside","page_number":29,"box":{"x":550,"y":66,"width":414,"height":11}},{"id":"c8eb0be1-60f1-4b75-a633-4d72be2beb60","block_type":"box","text":"of the maturity range defined above. BBB-rated bonds from the","page_number":29,"box":{"x":549,"y":80,"width":403,"height":11}},{"id":"7476c5ce-fbaa-46b2-ad46-d23680dd4936","block_type":"box","text":"Corporate Index will be introduced to the Underlying Index under","page_number":29,"box":{"x":549,"y":94,"width":415,"height":11}},{"id":"a3bc18dd-4d8e-4aea-8c26-1b5bc2e3bd0d","block_type":"box","text":"the following conditions: (1) in the last 1.5 years but before the","page_number":29,"box":{"x":549,"y":108,"width":398,"height":11}},{"id":"1917cf5e-7fe1-4df6-8275-ed7b41ccc883","block_type":"box","text":"last 6 months of the Underlying Index’s term, the Underlying Index","page_number":29,"box":{"x":549,"y":122,"width":424,"height":11}},{"id":"20f27cc9-9ce4-44ba-83cc-5f7552b520b8","block_type":"box","text":"will introduce BBB-rated bonds (which are considered investment","page_number":29,"box":{"x":549,"y":137,"width":423,"height":10}},{"id":"d1737ce2-9967-42c6-8057-32fea02275c4","block_type":"box","text":"grade) as constituent high yield bonds (which are considered","page_number":29,"box":{"x":549,"y":151,"width":388,"height":11}},{"id":"b5ba5e34-672b-474e-84c3-584a89524c0d","block_type":"box","text":"below investment-grade) are called, no longer qualify for inclusion","page_number":29,"box":{"x":549,"y":165,"width":421,"height":11}},{"id":"b941a094-1002-4aab-ab01-86778212a943","block_type":"box","text":"(due to, among other factors, sector reclassifications of issuers,","page_number":29,"box":{"x":549,"y":179,"width":408,"height":11}},{"id":"64083628-bdea-4389-8ae1-aa9819cd992b","block_type":"box","text":"changes in the credit rating of bonds included in the Underlying","page_number":29,"box":{"x":549,"y":193,"width":405,"height":11}},{"id":"9edefeaa-dcd2-4c4f-b8be-fc0505fc9b30","block_type":"box","text":"Index or rebalances to maintain issuer limits), or decline in value","page_number":29,"box":{"x":550,"y":208,"width":410,"height":10}},{"id":"b0943782-78fd-4dff-a1a5-81b0bda90a3a","block_type":"box","text":"compared to a reference point set at 1.5 years from the","page_number":29,"box":{"x":549,"y":222,"width":355,"height":10}},{"id":"746ff69e-a69e-4764-b528-8865527321f7","block_type":"box","text":"Underlying Index’s term or (2) if, prior to the last 1.5 years","page_number":29,"box":{"x":550,"y":236,"width":369,"height":11}},{"id":"c9d1971f-d4e9-45bc-a8ab-8ac8920a3f1c","block_type":"box","text":"remaining in the Underlying Index’s term, the market value of the","page_number":29,"box":{"x":549,"y":250,"width":415,"height":11}},{"id":"4cf64306-86c7-4b22-aa08-c0e3b71412b9","block_type":"box","text":"high yield bonds in the Underlying Index declines below $30","page_number":29,"box":{"x":549,"y":263,"width":383,"height":12}},{"id":"652ba848-1af9-48c6-b43e-27f9976dae43","block_type":"box","text":"billion, the Underlying Index will add BBB-rated bonds to maintain","page_number":29,"box":{"x":549,"y":278,"width":418,"height":11}},{"id":"e6681990-f46d-4cc1-a273-802741beb00b","block_type":"box","text":"a $30 billion minimum market value for the Underlying Index. In","page_number":29,"box":{"x":549,"y":292,"width":406,"height":11}},{"id":"e860e5fa-b70f-4d1c-ba2f-bb8e8a3982b4","block_type":"box","text":"the final year of the Underlying Index’s term, any principal and","page_number":29,"box":{"x":549,"y":307,"width":396,"height":11}},{"id":"862aad52-6ef2-41dd-ae92-b71851c0d4fb","block_type":"box","text":"interest paid by index constituents is treated as follows: (1) during","page_number":29,"box":{"x":549,"y":321,"width":420,"height":11}},{"id":"4be31b01-16d9-4fed-9b85-df3be9e33542","block_type":"box","text":"the first six months of the final year, the Underlying Index","page_number":29,"box":{"x":549,"y":335,"width":367,"height":11}},{"id":"5f0d72a1-2bb6-4970-b52e-7a33021fac65","block_type":"box","text":"reinvests proceeds pro-rata into the remaining bonds in the","page_number":29,"box":{"x":549,"y":349,"width":380,"height":11}},{"id":"02188ea0-5696-4211-a7ae-40767a33a2c5","block_type":"box","text":"Underlying Index, and (2) during the last six months of the final","page_number":29,"box":{"x":550,"y":363,"width":399,"height":11}},{"id":"67aa48e7-9ee7-4a03-9379-c0b61d23ed4d","block_type":"box","text":"year, principal is not reinvested and is presumed to be held in","page_number":29,"box":{"x":549,"y":378,"width":392,"height":10}},{"id":"5da5381a-28bf-474c-b823-b95f58930454","block_type":"box","text":"cash while earning no interest.","page_number":29,"box":{"x":549,"y":392,"width":195,"height":11}},{"id":"2a8f8717-52ec-4909-870c-a1be1148c48a","block_type":"box","text":"Bonds with a clean price (","page_number":29,"box":{"x":550,"y":414,"width":163,"height":11}},{"id":"ce8c06b3-4f79-4c81-a12f-815d3fdadfd8","block_type":"box","text":"i.e.","page_number":29,"box":{"x":713,"y":414,"width":18,"height":8}},{"id":"6ddd5dcc-8240-4d4c-a030-d2929f4ddb9b","block_type":"box","text":", the price does not include accrued","page_number":29,"box":{"x":733,"y":414,"width":228,"height":10}},{"id":"541802ee-9ab5-4a11-b846-fba2a633785a","block_type":"box","text":"interest between coupon payments) below $60 are excluded from","page_number":29,"box":{"x":549,"y":427,"width":421,"height":12}},{"id":"5f774032-a6c4-4664-ad63-0e6fb861c697","block_type":"box","text":"the Underlying Index and subject to a 3 month lock-out period","page_number":29,"box":{"x":549,"y":442,"width":397,"height":11}},{"id":"ed70e2f0-90dc-4307-8182-74ce8671a045","block_type":"box","text":"before they are eligible for inclusion again at rebalance. During","page_number":29,"box":{"x":549,"y":456,"width":401,"height":11}},{"id":"9c6a4d94-903e-4133-8320-3ebcf1e47fd9","block_type":"box","text":"the final 1.5 years of the maturity of the index, bonds that fall","page_number":29,"box":{"x":549,"y":470,"width":390,"height":11}},{"id":"3758c24d-8396-4165-8476-0ac42c7fa1b5","block_type":"box","text":"below $60 at rebalance will be permanently ineligible for the","page_number":29,"box":{"x":549,"y":484,"width":386,"height":11}},{"id":"4187d39f-42a9-4475-990a-8fde119069cd","block_type":"box","text":"Underlying Index.","page_number":29,"box":{"x":550,"y":499,"width":109,"height":11}},{"id":"0a647273-efb9-4f9d-a31a-de92fa582f76","block_type":"box","text":"In addition, to be included in the Underlying Index, securities that","page_number":29,"box":{"x":550,"y":521,"width":416,"height":11}},{"id":"c4501a3b-e253-4ec8-980f-a6faa20f57d1","block_type":"box","text":"are rated by all three of the rating agencies named below must be","page_number":29,"box":{"x":549,"y":535,"width":420,"height":11}},{"id":"6935ee05-0dfe-4482-b702-00378d306cfe","block_type":"box","text":"rated “high yield” to be selected from the High Yield Index and","page_number":29,"box":{"x":549,"y":549,"width":397,"height":11}},{"id":"0aa4daf5-7a39-45b8-a8ee-e7ae9eb97466","block_type":"box","text":"“BBB” to be selected from the Corporate Index. The bonds from","page_number":29,"box":{"x":549,"y":563,"width":406,"height":11}},{"id":"b3a0785c-a670-4c92-94e0-fb6ceb413f0f","block_type":"box","text":"the High Yield Index must have a rating equal to or below","page_number":29,"box":{"x":549,"y":577,"width":364,"height":11}},{"id":"98af238a-c36c-4503-9692-1aefee809f57","block_type":"box","text":"“Ba1”/”BB+”/”BB+” and above “CC”. The bonds from the","page_number":29,"box":{"x":549,"y":592,"width":370,"height":10}},{"id":"3eaca021-4fca-4591-a97f-92e6af640796","block_type":"box","text":"Corporate Index must have a rating of “BBB” (or equivalent). The","page_number":29,"box":{"x":549,"y":606,"width":412,"height":11}},{"id":"5a05ef5d-c31f-4453-bde4-009b88cc39c4","block_type":"box","text":"Index Provider will use the middle rating of Moody’s Investors","page_number":29,"box":{"x":550,"y":620,"width":391,"height":11}},{"id":"b3fb60b1-5dbe-442d-b488-392363db4b4f","block_type":"box","text":"Service, Inc. (“Moody’s”), Standard & Poor’s","page_number":29,"box":{"x":549,"y":634,"width":281,"height":11}},{"id":"3dc90907-380f-47ee-aafb-1093f639ed56","block_type":"box","text":"®","page_number":29,"box":{"x":831,"y":634,"width":8,"height":6}},{"id":"d25e6b32-a2e3-402d-b405-981e2363d15e","block_type":"box","text":"Global Ratings, a","page_number":29,"box":{"x":845,"y":634,"width":106,"height":11}},{"id":"5db359da-1283-43b9-be28-754a1c50e9fa","block_type":"box","text":"subsidiary of S&P Global (“S&P Global Ratings”) and Fitch Ratings,","page_number":29,"box":{"x":549,"y":648,"width":422,"height":11}},{"id":"80623bc3-c041-4cb7-bae8-74320df9e5f8","block_type":"box","text":"Inc. (“Fitch”); when a rating from only two agencies is available,","page_number":29,"box":{"x":550,"y":663,"width":403,"height":10}},{"id":"0e70bb84-88b8-442a-846c-2affe871b2d7","block_type":"box","text":"the lower is used; when only one agency rates a bond, that rating","page_number":29,"box":{"x":549,"y":677,"width":416,"height":11}},{"id":"da997485-ba55-4f97-a3c2-9f08bff49d18","block_type":"box","text":"is used. 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The Fund","page_number":29,"box":{"x":549,"y":741,"width":416,"height":11}},{"id":"b2796317-44e9-4382-9e5e-0fefd21ba5a1","block_type":"box","text":"does not invest in U.S. savings bonds or other U.S. government","page_number":29,"box":{"x":549,"y":755,"width":404,"height":11}},{"id":"6888b469-5b64-41f2-a56e-e0e1d97c3bce","block_type":"box","text":"bonds (except to the extent the Fund holds cash equivalent","page_number":29,"box":{"x":549,"y":770,"width":379,"height":10}},{"id":"a3155ef0-4856-458e-9853-060a3c809f67","block_type":"box","text":"instruments consistent with its investment objective) and is not","page_number":29,"box":{"x":549,"y":784,"width":406,"height":11}},{"id":"e7105f49-aa1e-4b47-b043-02ad9bfe0554","block_type":"box","text":"designed to provide protection against inflation.","page_number":29,"box":{"x":549,"y":798,"width":305,"height":11}},{"id":"405fc3b0-eb27-4c3a-8ebe-dd9f546534f9","block_type":"box","text":"BFA uses an indexing approach to try to achieve the Fund’s","page_number":29,"box":{"x":550,"y":821,"width":376,"height":11}},{"id":"9a54ac15-d664-4d32-948c-921a0196d4a9","block_type":"box","text":"investment objective. The Fund does not try to “beat” the index it","page_number":29,"box":{"x":549,"y":835,"width":417,"height":11}},{"id":"24786e53-94f6-4599-acfc-bd878b623679","block_type":"box","text":"tracks and does not seek temporary defensive positions when","page_number":29,"box":{"x":549,"y":849,"width":396,"height":11}},{"id":"e5f7cbdc-5602-450b-bc2f-f45190e7c9a3","block_type":"box","text":"markets decline or appear overvalued.","page_number":29,"box":{"x":549,"y":864,"width":244,"height":10}},{"id":"4bd3258a-85e3-40d6-abc1-feeb4c4c734a","block_type":"box","text":"S-18","page_number":29,"box":{"x":522,"y":920,"width":27,"height":9}},{"id":"e5432431-f50e-4b05-b6c5-cf854a1e9ee3","block_type":"box","text":"Indexing may eliminate the chance that the Fund will substantially","page_number":30,"box":{"x":83,"y":23,"width":421,"height":11}},{"id":"51e1ae72-abc5-4a45-8cc0-c42943fe787e","block_type":"box","text":"outperform the Underlying Index but also may reduce some of the","page_number":30,"box":{"x":83,"y":37,"width":421,"height":11}},{"id":"f22d1584-b3ab-425e-a486-cf21b6d428df","block_type":"box","text":"risks of active management, such as poor security selection.","page_number":30,"box":{"x":83,"y":51,"width":386,"height":11}},{"id":"fdadb53a-f928-42cb-a123-939886a9f27e","block_type":"box","text":"Indexing seeks to achieve lower costs and better after-tax","page_number":30,"box":{"x":83,"y":66,"width":370,"height":11}},{"id":"58f291e6-c57b-4194-b89f-ec55dec5abca","block_type":"box","text":"performance by aiming to keep portfolio turnover low in","page_number":30,"box":{"x":83,"y":80,"width":356,"height":11}},{"id":"3f3e700c-e33d-4d4c-9aeb-ba7a0b62c760","block_type":"box","text":"comparison to actively managed investment companies.","page_number":30,"box":{"x":83,"y":94,"width":359,"height":11}},{"id":"0b76164b-1919-448a-9b8f-db07816ba1e5","block_type":"box","text":"BFA uses a representative sampling indexing strategy to manage","page_number":30,"box":{"x":84,"y":117,"width":411,"height":11}},{"id":"d655f8eb-9844-45af-b5bc-55da1cf19547","block_type":"box","text":"the Fund. “Representative sampling” is an indexing strategy that","page_number":30,"box":{"x":83,"y":131,"width":411,"height":11}},{"id":"51be8396-e234-4159-8350-170d2309a3f5","block_type":"box","text":"involves investing in a representative sample of securities or other","page_number":30,"box":{"x":83,"y":146,"width":424,"height":10}},{"id":"66f6be1a-f094-45fd-b5fe-082e65b81ad3","block_type":"box","text":"instruments that collectively has an investment profile similar to","page_number":30,"box":{"x":83,"y":160,"width":410,"height":11}},{"id":"86d5cd5a-7f1c-4326-ad15-bbcf950342ee","block_type":"box","text":"that of an applicable underlying index. The instruments selected","page_number":30,"box":{"x":83,"y":174,"width":408,"height":11}},{"id":"869d7363-076e-4d52-a7ca-7a995eb4992e","block_type":"box","text":"are expected to have, in the aggregate, investment characteristics","page_number":30,"box":{"x":83,"y":188,"width":423,"height":11}},{"id":"83b8b5e0-3aff-4a0f-972d-8ad1777aff8c","block_type":"box","text":"(based on factors such as market value and industry weightings),","page_number":30,"box":{"x":83,"y":202,"width":415,"height":11}},{"id":"5359e5aa-5ffa-421a-924e-62c68b08a85c","block_type":"box","text":"fundamental characteristics (such as return variability, duration","page_number":30,"box":{"x":82,"y":216,"width":406,"height":11}},{"id":"e2c6dac5-3a36-4c78-8f54-f5503b958a5e","block_type":"box","text":"(","page_number":30,"box":{"x":83,"y":231,"width":3,"height":10}},{"id":"c1a11a3c-7bed-44a4-b1c9-12c5c8c11d4e","block_type":"box","text":"i.e.","page_number":30,"box":{"x":87,"y":231,"width":17,"height":8}},{"id":"be2668d9-ba42-45eb-9914-384a7bf49005","block_type":"box","text":", an instrument’s price sensitivity to a change in interest","page_number":30,"box":{"x":106,"y":231,"width":359,"height":11}},{"id":"00551206-f995-4a09-97d4-7a2dd5e2253a","block_type":"box","text":"rates), maturity or credit ratings and yield) and liquidity measures","page_number":30,"box":{"x":83,"y":245,"width":418,"height":11}},{"id":"ceb9fd99-95b3-4243-9d28-f82fc6ec34bb","block_type":"box","text":"similar to those of an applicable underlying index. The Fund may","page_number":30,"box":{"x":83,"y":259,"width":410,"height":11}},{"id":"f987f799-5c58-47b4-879a-30ab02bac0c4","block_type":"box","text":"or may not hold all of the components of the Underlying Index.","page_number":30,"box":{"x":83,"y":273,"width":399,"height":11}},{"id":"f26afc42-a62a-4f2d-800b-789650f4dcf9","block_type":"box","text":"The Fund will invest at least 80% of its assets in the component","page_number":30,"box":{"x":82,"y":296,"width":405,"height":11}},{"id":"a97926bc-bc88-499e-93ba-57a39ed5becb","block_type":"box","text":"instruments of the Underlying Index, and (except during the last","page_number":30,"box":{"x":83,"y":311,"width":408,"height":10}},{"id":"976093af-7f1d-4827-9e70-4dda4f6c22e9","block_type":"box","text":"twelve months of the Fund’s operations) the Fund will invest at","page_number":30,"box":{"x":83,"y":325,"width":401,"height":11}},{"id":"609cf971-2ab3-4307-abec-4c3986d8c711","block_type":"box","text":"least 90% of its assets in fixed income securities of the types","page_number":30,"box":{"x":83,"y":339,"width":388,"height":11}},{"id":"aba9827d-9ce6-47d5-b15c-c09942a315b9","block_type":"box","text":"included in the Underlying Index that BFA believes will help the","page_number":30,"box":{"x":83,"y":353,"width":400,"height":11}},{"id":"3ba0d476-3146-4312-ad9d-49f0f5179d95","block_type":"box","text":"Fund track the Underlying Index. The Fund will invest no more","page_number":30,"box":{"x":84,"y":367,"width":393,"height":11}},{"id":"90d1f2ef-c564-4c68-8add-26d63acfb47d","block_type":"box","text":"than 10% of its assets in futures, options and swaps contracts that","page_number":30,"box":{"x":83,"y":382,"width":423,"height":10}},{"id":"ddd6dce2-54cc-44fb-a668-9066eaa43bb0","block_type":"box","text":"BFA believes will help the Fund track the Underlying Index as well","page_number":30,"box":{"x":84,"y":396,"width":415,"height":11}},{"id":"90634506-c396-431a-a9f2-f381b37ab6c0","block_type":"box","text":"as in fixed income securities other than the types included in the","page_number":30,"box":{"x":83,"y":410,"width":413,"height":11}},{"id":"23647fa4-32b9-4146-9f4f-f3c900f85e15","block_type":"box","text":"Underlying Index, but which BFA believes will help the Fund track","page_number":30,"box":{"x":83,"y":424,"width":414,"height":11}},{"id":"909540eb-b054-404b-8bf7-e6f30a98b8a3","block_type":"box","text":"the Underlying Index. Cash and cash equivalent investments","page_number":30,"box":{"x":83,"y":438,"width":385,"height":11}},{"id":"9db37dc1-479f-4bd6-9870-cc88132e8b7a","block_type":"box","text":"associated with a derivative position will be treated as part of that","page_number":30,"box":{"x":83,"y":452,"width":421,"height":11}},{"id":"989aa3e1-7f15-4ac5-869a-623667a2ebfe","block_type":"box","text":"position for the purposes of calculating the percentage of","page_number":30,"box":{"x":83,"y":467,"width":367,"height":10}},{"id":"d30c8964-0435-4cb5-8088-679e5becfa36","block_type":"box","text":"investments included in the Underlying Index.","page_number":30,"box":{"x":83,"y":481,"width":290,"height":11}},{"id":"9c35fef2-3ba6-407b-9ce9-e4e7c1589d69","block_type":"box","text":"In the last six months of operation, as the bonds held by the Fund","page_number":30,"box":{"x":83,"y":503,"width":418,"height":11}},{"id":"55d510ed-c2f9-4519-a689-9505c4a0979b","block_type":"box","text":"mature, the proceeds may not be reinvested by the Fund in bonds","page_number":30,"box":{"x":83,"y":517,"width":420,"height":11}},{"id":"3394802e-0f8b-4b71-8f79-2b0f54f620c2","block_type":"box","text":"but instead will be held in cash and cash equivalents. By fifteen","page_number":30,"box":{"x":83,"y":531,"width":403,"height":11}},{"id":"8c65901c-bf30-40d3-8254-6a89ea1de248","block_type":"box","text":"days prior to maturity, the Underlying Index is expected to consist","page_number":30,"box":{"x":83,"y":545,"width":421,"height":11}},{"id":"1b258f01-b625-41e4-9114-e89807db6261","block_type":"box","text":"almost entirely of cash and cash equivalents. On or around this","page_number":30,"box":{"x":83,"y":559,"width":402,"height":11}},{"id":"749a8904-d8eb-4ed9-ab8b-9f6dd5f854dc","block_type":"box","text":"date, the Fund will wind up and terminate. After appropriate","page_number":30,"box":{"x":83,"y":574,"width":382,"height":10}},{"id":"af881e87-2014-4763-b200-ac12478f1f86","block_type":"box","text":"provision is made for any Fund liabilities, its net assets will be","page_number":30,"box":{"x":83,"y":588,"width":393,"height":11}},{"id":"a6a81925-dbbf-42f9-b07b-d68a2851892c","block_type":"box","text":"distributed to then-current shareholders pursuant to a plan of","page_number":30,"box":{"x":83,"y":602,"width":394,"height":11}},{"id":"c45914c0-caa3-444c-ab8e-a6a442c9195a","block_type":"box","text":"liquidation. The Fund’s termination was approved by a majority of","page_number":30,"box":{"x":83,"y":616,"width":418,"height":11}},{"id":"d6530ee0-6a36-4617-9a5d-6c7ac6f4e644","block_type":"box","text":"the Trust’s Board of Trustees (the “Board”) and does not require","page_number":30,"box":{"x":83,"y":630,"width":406,"height":11}},{"id":"dccd1bb9-f008-4780-a50c-6b573666dce6","block_type":"box","text":"additional approval by Fund shareholders. The Board may extend","page_number":30,"box":{"x":83,"y":645,"width":413,"height":10}},{"id":"9420ad23-aa76-4693-9ded-7703ec924ed0","block_type":"box","text":"the termination date if a majority of the Board determines the","page_number":30,"box":{"x":83,"y":659,"width":394,"height":10}},{"id":"bf8f6b70-2dd1-4045-9ac8-fbcddd8f7aa7","block_type":"box","text":"extension to be in the best interest of the Fund.","page_number":30,"box":{"x":83,"y":673,"width":303,"height":8}},{"id":"234c8d14-6238-4f4d-b4b8-7edbebd5764b","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying","page_number":30,"box":{"x":82,"y":695,"width":414,"height":11}},{"id":"b9761994-a710-4050-90fb-2cd82e084361","block_type":"box","text":"Index before fees and expenses of the Fund. To the extent that the","page_number":30,"box":{"x":83,"y":709,"width":424,"height":11}},{"id":"84d5ffaa-2da1-4dd6-a01a-341c58f7dfd7","block_type":"box","text":"Fund invests in money market or similar funds, it will incur the","page_number":30,"box":{"x":84,"y":723,"width":395,"height":11}},{"id":"de909e40-b626-44d0-b958-6aef01e7df73","block_type":"box","text":"fees and expenses of such funds.","page_number":30,"box":{"x":82,"y":737,"width":212,"height":11}},{"id":"65119790-885c-430f-8f55-11a14bafb551","block_type":"box","text":"The Fund should not be confused with a target date fund, which","page_number":30,"box":{"x":82,"y":759,"width":406,"height":11}},{"id":"29cfaf3c-98dc-4b9d-b08d-fc05b4f160cc","block_type":"box","text":"has assets that are managed according to a particular investment","page_number":30,"box":{"x":83,"y":773,"width":420,"height":11}},{"id":"8bfe4727-a794-4044-b5a8-6cda8d3a3ccb","block_type":"box","text":"strategy that converts fund assets to conservative investments","page_number":30,"box":{"x":83,"y":788,"width":402,"height":10}},{"id":"6b10ba47-798f-4a74-9483-615f8e792e31","block_type":"box","text":"over time.","page_number":30,"box":{"x":83,"y":802,"width":63,"height":8}},{"id":"1a917069-432d-4456-8aa1-498dd7f88e39","block_type":"box","text":"The Fund may lend securities representing up to one-third of the","page_number":30,"box":{"x":82,"y":825,"width":412,"height":11}},{"id":"c5cc14e2-91f0-46d8-bee1-677f71851a3f","block_type":"box","text":"value of the Fund’s total assets (including the value of any","page_number":30,"box":{"x":82,"y":839,"width":371,"height":11}},{"id":"955583e8-5f95-4e1a-b171-ed48981485c8","block_type":"box","text":"collateral received).","page_number":30,"box":{"x":83,"y":853,"width":125,"height":11}},{"id":"80124788-4dd1-4f92-a846-486d34e330a3","block_type":"box","text":"The Underlying Index is sponsored by Bloomberg, which","page_number":30,"box":{"x":549,"y":23,"width":356,"height":11}},{"id":"e7d65840-54b6-4393-a1a9-22490c9e3dad","block_type":"box","text":"is independent of the Fund and BFA. The Index Provider","page_number":30,"box":{"x":549,"y":37,"width":354,"height":11}},{"id":"c5e45db2-4ff8-4776-ade1-5a86279e97ab","block_type":"box","text":"determines the composition and relative weightings of the","page_number":30,"box":{"x":549,"y":51,"width":372,"height":11}},{"id":"6e5e968a-5b8c-4a51-b5cc-2f4cb4dbdbc6","block_type":"box","text":"components of the Underlying Index and publishes information","page_number":30,"box":{"x":549,"y":66,"width":401,"height":11}},{"id":"77e14a14-21bf-4989-b8b4-aab23adba613","block_type":"box","text":"regarding the market value of the Underlying Index.","page_number":30,"box":{"x":549,"y":80,"width":327,"height":11}},{"id":"dd45617a-b049-42b9-9dbb-d0302706ecb8","block_type":"box","text":"Industry Concentration Policy.","page_number":30,"box":{"x":550,"y":103,"width":209,"height":11}},{"id":"70972212-e653-48db-8874-08605b61ce77","block_type":"box","text":"The Fund will concentrate its","page_number":30,"box":{"x":764,"y":103,"width":184,"height":9}},{"id":"2ca3ebd0-cc1f-4797-bbd0-a14358e3f011","block_type":"box","text":"investments (","page_number":30,"box":{"x":549,"y":117,"width":86,"height":11}},{"id":"40085f4e-657a-43a9-8486-8026ed318b36","block_type":"box","text":"i.e.","page_number":30,"box":{"x":635,"y":117,"width":17,"height":9}},{"id":"55ed3097-a30c-4368-aeb0-3a4424750181","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":30,"box":{"x":655,"y":117,"width":264,"height":11}},{"id":"6bca37b6-fef9-4cf0-9bc1-af1f292ebd3b","block_type":"box","text":"particular industry or group of industries to approximately the","page_number":30,"box":{"x":549,"y":131,"width":394,"height":11}},{"id":"8635177a-b081-4116-b26e-c63be6fced6e","block_type":"box","text":"same extent that the Underlying Index is concentrated. For","page_number":30,"box":{"x":549,"y":146,"width":377,"height":10}},{"id":"22ff9326-b238-462d-9ec1-068fc0b41269","block_type":"box","text":"purposes of this limitation, securities of the U.S. government","page_number":30,"box":{"x":549,"y":160,"width":389,"height":11}},{"id":"958e526d-b39e-4c99-b948-9c20d0cba2a6","block_type":"box","text":"(including its agencies and instrumentalities), repurchase","page_number":30,"box":{"x":549,"y":174,"width":365,"height":11}},{"id":"0e832960-2243-433b-8ccd-b32acad892b0","block_type":"box","text":"agreements collateralized by U.S. government securities, and","page_number":30,"box":{"x":549,"y":188,"width":392,"height":11}},{"id":"c6381049-cb50-4d32-a477-e37696214d0d","block_type":"box","text":"securities of state or municipal governments and their political","page_number":30,"box":{"x":549,"y":202,"width":399,"height":11}},{"id":"860f9e4d-b3d9-46c0-a4c0-804980b19df2","block_type":"box","text":"subdivisions are not considered to be issued by members of any","page_number":30,"box":{"x":549,"y":216,"width":410,"height":11}},{"id":"623c01ae-9c45-4155-8f93-90e02f45826a","block_type":"box","text":"industry.","page_number":30,"box":{"x":549,"y":231,"width":54,"height":10}},{"id":"b9aa85ad-7ab3-421a-bec6-c145a0c250c0","block_type":"box","text":"Summary of Principal Risks","page_number":30,"box":{"x":549,"y":260,"width":235,"height":13}},{"id":"d29cefcd-fc1c-4622-b6d2-5942fbe7b5fd","block_type":"box","text":"As with any investment, you could lose all or part of your","page_number":30,"box":{"x":549,"y":285,"width":362,"height":11}},{"id":"fa961f98-5dbc-4187-9472-452250be7ac8","block_type":"box","text":"investment in the Fund, and the Fund’s performance could trail","page_number":30,"box":{"x":549,"y":299,"width":402,"height":11}},{"id":"582bf761-8e9b-446c-9041-9bff60249d22","block_type":"box","text":"that of other investments. The Fund is subject to certain risks,","page_number":30,"box":{"x":549,"y":313,"width":396,"height":11}},{"id":"71ad1a7b-b1f6-48b2-a868-f30567aab2b2","block_type":"box","text":"including the principal risks noted below, any of which may","page_number":30,"box":{"x":549,"y":327,"width":376,"height":11}},{"id":"48f6c401-582e-46e7-9003-331a33f34c0a","block_type":"box","text":"adversely affect the Fund’s net asset value per share (“NAV”),","page_number":30,"box":{"x":549,"y":342,"width":392,"height":10}},{"id":"64a04d32-bbcf-43aa-b4e3-dca6013fc269","block_type":"box","text":"trading price, yield, total return and ability to meet its investment","page_number":30,"box":{"x":549,"y":356,"width":416,"height":11}},{"id":"eafbd345-cf06-4b98-bfb3-ab2b148f2159","block_type":"box","text":"objective. Certain key risks are prioritized below (with others","page_number":30,"box":{"x":549,"y":370,"width":388,"height":11}},{"id":"c80419b6-551c-4442-96de-f2fbb0ad82cc","block_type":"box","text":"following in alphabetical order), but the relative significance of any","page_number":30,"box":{"x":549,"y":384,"width":425,"height":11}},{"id":"51fb48b5-92f4-4ec4-aa7a-bc8a204c059c","block_type":"box","text":"risk is difficult to predict and may change over time. 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The price received by the Fund also may differ from","page_number":33,"box":{"x":83,"y":94,"width":418,"height":11}},{"id":"c56a75b9-153e-4e20-aed0-0bdd72fe5f00","block_type":"box","text":"the value used by the Underlying Index. In addition, the value of","page_number":33,"box":{"x":83,"y":108,"width":406,"height":11}},{"id":"99b718e0-2e2f-427d-a7cd-e97fe12b878a","block_type":"box","text":"the securities or other assets in the Fund’s portfolio may change","page_number":33,"box":{"x":83,"y":122,"width":411,"height":11}},{"id":"a10db946-b687-414f-a6ea-b3d5a45846e1","block_type":"box","text":"on days or during time periods when investors are not able to","page_number":33,"box":{"x":83,"y":137,"width":392,"height":10}},{"id":"afe5ef9f-a63c-43dc-a642-ba4a9f6cfcf8","block_type":"box","text":"purchase or sell Fund shares. Authorized Participants that create","page_number":33,"box":{"x":549,"y":23,"width":414,"height":11}},{"id":"b83f089c-14cf-40e8-a3f5-9cbd6764404c","block_type":"box","text":"or redeem Fund shares on days when the Fund is holding fair","page_number":33,"box":{"x":549,"y":37,"width":394,"height":11}},{"id":"28a0abce-b8b5-40a5-ad2c-e64aa667e383","block_type":"box","text":"valued securities or other assets may receive fewer or more","page_number":33,"box":{"x":548,"y":51,"width":383,"height":11}},{"id":"ccb3b2fc-397b-49bf-afce-ef77647d4895","block_type":"box","text":"shares, or lower or higher redemption proceeds, than they would","page_number":33,"box":{"x":549,"y":66,"width":414,"height":11}},{"id":"647c9b73-546f-4a0b-b06f-b0d00bc9f026","block_type":"box","text":"have received had the securities or other assets not been fair","page_number":33,"box":{"x":549,"y":80,"width":392,"height":8}},{"id":"482ba859-2d04-4f9d-912c-b2392bb1f778","block_type":"box","text":"valued or been valued using a different methodology. The ability to","page_number":33,"box":{"x":548,"y":94,"width":425,"height":11}},{"id":"73efcefd-e9da-414b-b7b0-6d7ceffd234c","block_type":"box","text":"value investments may be impacted by technological issues or","page_number":33,"box":{"x":548,"y":108,"width":400,"height":11}},{"id":"988e73ed-6a12-4e42-8bd5-e252763e566e","block_type":"box","text":"errors by pricing services or other third-party service providers.","page_number":33,"box":{"x":549,"y":122,"width":405,"height":11}},{"id":"6ffcd6c8-0e3d-4e30-aa1b-35fe31aa2c00","block_type":"box","text":"S-22","page_number":33,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"8d6e691d-2101-4057-aa56-c955aebe9d3c","block_type":"box","text":"Performance Information","page_number":34,"box":{"x":84,"y":22,"width":213,"height":11}},{"id":"a0c7dbca-b3d7-4e7f-8a74-3da45bf0888e","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication","page_number":34,"box":{"x":82,"y":48,"width":887,"height":10}},{"id":"8772a4ae-72a6-4e7a-a1d8-1f8d84693f3d","block_type":"box","text":"of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another","page_number":34,"box":{"x":83,"y":62,"width":872,"height":11}},{"id":"48bf18bc-491c-4c42-855c-d98dc6454d9d","block_type":"box","text":"over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index and","page_number":34,"box":{"x":83,"y":76,"width":867,"height":11}},{"id":"95c0166e-0d4d-4755-85b1-1707d74ae757","block_type":"box","text":"the Underlying Index. Returns assume the reinvestment of any dividends and distributions. The Fund’s returns reflect the impact of any","page_number":34,"box":{"x":83,"y":90,"width":863,"height":11}},{"id":"ae0f9229-1b46-4f2b-b90e-96cbb88babf2","block_type":"box","text":"agreements to waive or reimburse expenses, which would reduce performance if not in effect. Past performance (before and after taxes)","page_number":34,"box":{"x":83,"y":104,"width":874,"height":11}},{"id":"36efbba3-6f01-4145-bdfc-96d33b3e29b6","block_type":"box","text":"does not necessarily indicate how the Fund will perform in the future. Updated performance information, including the Fund’s current NAV,","page_number":34,"box":{"x":83,"y":119,"width":888,"height":10}},{"id":"e836a87a-075e-4934-8e6b-bfb5320eb1a4","block_type":"box","text":"may be obtained by visiting www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":34,"box":{"x":83,"y":133,"width":652,"height":11}},{"id":"936e10cd-1762-4a18-917f-6fcfb22e2bc1","block_type":"box","text":"Calendar Year-by-Year 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5.31%","page_number":34,"box":{"x":800,"y":493,"width":116,"height":8}},{"id":"11b4a43d-7c2b-49e4-976c-41e52844e94d","block_type":"box","text":"Return After Taxes on Distributions","page_number":34,"box":{"x":124,"y":505,"width":197,"height":7}},{"id":"a471c23a-8f9d-4053-bc9d-613713db11cc","block_type":"box","text":"5.25% 2.49%","page_number":34,"box":{"x":800,"y":505,"width":116,"height":7}},{"id":"d08c3a2c-f163-4dfd-8f12-cb38ee32bbbb","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 4.70% 2.79%","page_number":34,"box":{"x":124,"y":517,"width":792,"height":7}},{"id":"610d8cd2-cf10-4e3a-be2a-413e04aa4a66","block_type":"box","text":"Bloomberg U.S. Universal Index","page_number":34,"box":{"x":124,"y":528,"width":194,"height":10}},{"id":"142a6963-27d7-4ef5-8fa9-a16106f535a7","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes) 7.58% 1.60%","page_number":34,"box":{"x":323,"y":528,"width":593,"height":10}},{"id":"a683b931-f613-4edd-8f7e-39d173c202b2","block_type":"box","text":"Bloomberg 2028 Term High Yield and Income Index","page_number":34,"box":{"x":124,"y":540,"width":318,"height":9}},{"id":"cde9911e-4e1c-4ef0-8673-9b6ecb6544ea","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or","page_number":34,"box":{"x":447,"y":540,"width":319,"height":9}},{"id":"b28d5226-4572-4fad-9832-e37b94000cd7","block_type":"box","text":"taxes)","page_number":34,"box":{"x":136,"y":553,"width":34,"height":9}},{"id":"7175aa27-644e-48c9-aaf5-6e3dc0a33c4f","block_type":"box","text":"8.48% 5.59%","page_number":34,"box":{"x":800,"y":553,"width":116,"height":7}},{"id":"5818a0fe-3862-411f-a633-af1166a70297","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not","page_number":34,"box":{"x":82,"y":592,"width":882,"height":10}},{"id":"828a587f-16b1-4c31-8b08-b6ff2d2dffb0","block_type":"box","text":"reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown,","page_number":34,"box":{"x":83,"y":606,"width":871,"height":11}},{"id":"a437ec7e-e269-4860-9300-07437173a4e7","block_type":"box","text":"and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements,","page_number":34,"box":{"x":83,"y":620,"width":860,"height":11}},{"id":"c1f4a5cd-194c-4106-a87e-b2d218f228cd","block_type":"box","text":"such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are","page_number":34,"box":{"x":83,"y":634,"width":855,"height":11}},{"id":"ecf6efe5-5f3b-49da-9456-0ed6da3a3528","block_type":"box","text":"calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses","page_number":34,"box":{"x":83,"y":648,"width":883,"height":11}},{"id":"75dc259e-4ae6-4ebb-bd42-34583fa597fd","block_type":"box","text":"from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns","page_number":34,"box":{"x":82,"y":663,"width":861,"height":10}},{"id":"b8d524b7-f794-431f-9995-0bede5324d1c","block_type":"box","text":"before taxes and/or returns after taxes on distributions.","page_number":34,"box":{"x":83,"y":677,"width":359,"height":10}},{"id":"295f7584-e11e-40b6-b636-fa475e60dacf","block_type":"box","text":"S-23","page_number":34,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"89f92fb3-6526-4353-8292-9cc5fb1d9b69","block_type":"box","text":"Management","page_number":35,"box":{"x":84,"y":23,"width":109,"height":13}},{"id":"db05c5b3-5eb3-4c75-bd29-5d0439299d08","block_type":"box","text":"Investment Adviser.","page_number":35,"box":{"x":83,"y":48,"width":138,"height":8}},{"id":"9e555fd9-880d-4a98-adce-ad9d6661b64b","block_type":"box","text":"BlackRock Fund Advisors.","page_number":35,"box":{"x":227,"y":48,"width":163,"height":8}},{"id":"cecfde23-e9dd-42ae-904b-1074fe7f39fd","block_type":"box","text":"Portfolio Managers.","page_number":35,"box":{"x":83,"y":71,"width":135,"height":11}},{"id":"ff9002ae-d34e-4d24-a053-e55f1c037654","block_type":"box","text":"Jonathan Graves, James Mauro and Marcus","page_number":35,"box":{"x":223,"y":71,"width":276,"height":10}},{"id":"df57b4c9-3263-4885-92ba-06a15e90b2e0","block_type":"box","text":"Tom (the “Portfolio Managers”) are primarily responsible for the","page_number":35,"box":{"x":82,"y":85,"width":407,"height":11}},{"id":"86009afe-b19d-4c9b-b509-f485e6c4d3e1","block_type":"box","text":"day-to-day management of the Fund. 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These","page_number":35,"box":{"x":549,"y":246,"width":420,"height":11}},{"id":"bf16e9ba-f73f-41a6-8386-beebd26bd44e","block_type":"box","text":"payments may create a conflict of interest by influencing the","page_number":35,"box":{"x":549,"y":260,"width":387,"height":11}},{"id":"d5a36d8b-2d3e-4f2b-b0f4-9d868ff70669","block_type":"box","text":"broker-dealer or other intermediary and your salesperson to","page_number":35,"box":{"x":549,"y":275,"width":384,"height":10}},{"id":"af68eeef-8660-4cea-b719-5acd3033c5a8","block_type":"box","text":"recommend the Fund over another investment. Ask your","page_number":35,"box":{"x":549,"y":289,"width":361,"height":11}},{"id":"28f443fe-70bf-435f-9de8-259e16788830","block_type":"box","text":"salesperson or visit your financial intermediary’s website for more","page_number":35,"box":{"x":549,"y":303,"width":421,"height":11}},{"id":"06fd20d1-b14f-43e1-9c4b-b80e70bcac4e","block_type":"box","text":"information.","page_number":35,"box":{"x":549,"y":317,"width":76,"height":9}},{"id":"c5647f16-098a-4514-b021-683468c64dc1","block_type":"box","text":"S-24","page_number":35,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"6a9d54ff-5984-4dee-b4ef-d0bbaf77cb23","block_type":"box","text":"iSHARES","page_number":36,"box":{"x":99,"y":24,"width":119,"height":15}},{"id":"0c75ac55-e1b9-4897-b356-3f796bd8ca99","block_type":"box","text":"®","page_number":36,"box":{"x":221,"y":17,"width":11,"height":8}},{"id":"268f0a5e-feee-4cad-9f53-575646465cd4","block_type":"box","text":"iBONDS","page_number":36,"box":{"x":242,"y":24,"width":108,"height":15}},{"id":"cf6203b4-1df0-49bf-9518-bf096366e103","block_type":"box","text":"®","page_number":36,"box":{"x":353,"y":17,"width":11,"height":8}},{"id":"48640b83-41ba-46a5-80e6-b469b6f57472","block_type":"box","text":"2029 TERM HIGH YIELD AND INCOME ETF","page_number":36,"box":{"x":374,"y":24,"width":585,"height":15}},{"id":"6c8ca8ff-6117-4023-9635-2bb541c657dc","block_type":"box","text":"Ticker: IBHI Stock Exchange: Cboe BZX","page_number":36,"box":{"x":287,"y":53,"width":478,"height":12}},{"id":"d465cd6f-9535-4b4b-af91-68df92271296","block_type":"box","text":"Investment Objective","page_number":36,"box":{"x":84,"y":91,"width":181,"height":13}},{"id":"919676f6-727b-46da-8e5b-7c919f354e11","block_type":"box","text":"The iShares iBonds 2029 Term High Yield and Income ETF (the “Fund”) seeks to track the investment results of an index composed of U.S.","page_number":36,"box":{"x":82,"y":116,"width":885,"height":11}},{"id":"084a2536-cfb3-4dea-a14d-23c127692dd7","block_type":"box","text":"dollar-denominated, high yield and other income generating corporate bonds maturing in 2029.","page_number":36,"box":{"x":83,"y":130,"width":609,"height":11}},{"id":"d1945632-8fb2-41ec-8677-8b8fbd664428","block_type":"box","text":"Fees and Expenses","page_number":36,"box":{"x":84,"y":159,"width":160,"height":13}},{"id":"d9261218-15b9-4b98-826d-2141b32be3c9","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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The impact of Acquired Fund Fees and","page_number":36,"box":{"x":83,"y":291,"width":890,"height":11}},{"id":"3c6dfdcf-5c5d-4312-a3f6-4ee153f526dd","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":36,"box":{"x":84,"y":305,"width":868,"height":11}},{"id":"a3f079df-e1f8-4c2b-97f8-9c69d49d858a","block_type":"box","text":"shown in the","page_number":36,"box":{"x":83,"y":320,"width":80,"height":8}},{"id":"47aa8601-5485-4f8f-8d0a-4f7cd19171ac","block_type":"box","text":"Financial Highlights","page_number":36,"box":{"x":168,"y":320,"width":122,"height":10}},{"id":"ff4641cc-dd29-4517-85e4-9480065d5b86","block_type":"box","text":"section of the Fund’s prospectus (the “Prospectus”). BFA, the investment adviser to the Fund, has","page_number":36,"box":{"x":295,"y":320,"width":624,"height":10}},{"id":"9d2134ca-16c5-4088-be08-0b6b1b944d59","block_type":"box","text":"contractually agreed to waive a portion of its management fees in an amount equal to the Acquired Fund Fees and Expenses, if any,","page_number":36,"box":{"x":83,"y":334,"width":840,"height":11}},{"id":"43bfe0e0-e079-4376-8427-f61a4336cb56","block_type":"box","text":"attributable to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about","page_number":36,"box":{"x":83,"y":348,"width":887,"height":11}},{"id":"01d62ba0-9abd-4bb5-b553-bd95a18c2e20","block_type":"box","text":"December 15, 2029. The contractual waiver may be terminated prior to the Fund’s termination only upon the written agreement of the","page_number":36,"box":{"x":83,"y":362,"width":858,"height":11}},{"id":"21e0c61b-139a-4048-9741-d3f34eda4dd2","block_type":"box","text":"Trust and BFA.","page_number":36,"box":{"x":82,"y":376,"width":91,"height":9}},{"id":"ad50b31f-a415-4428-a7a6-1899e6a3a91c","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in","page_number":36,"box":{"x":82,"y":399,"width":883,"height":12}},{"id":"9de0e320-de32-47cf-aa66-ccf816653c7f","block_type":"box","text":"the tables and examples below.","page_number":36,"box":{"x":83,"y":414,"width":220,"height":10}},{"id":"10cffd0d-7de5-4743-b4ef-d151886713ee","block_type":"box","text":"Annual Fund Operating 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Although your actual costs may be higher or lower, based on these assumptions, your costs would","page_number":36,"box":{"x":83,"y":651,"width":872,"height":11}},{"id":"37d14450-1d3d-4d90-9714-a88d91f46c1d","block_type":"box","text":"be:","page_number":36,"box":{"x":83,"y":665,"width":18,"height":8}},{"id":"53e13dc0-af29-4770-a203-1aaaf9ab9493","block_type":"box","text":"1 Year 3 Years Maturity","page_number":36,"box":{"x":230,"y":695,"width":599,"height":10}},{"id":"9ec38a19-b192-4f4f-827f-78b911e94013","block_type":"box","text":"$36 $113 $145","page_number":36,"box":{"x":237,"y":715,"width":579,"height":9}},{"id":"0c0893ef-45b1-49a7-b19d-5f1600241851","block_type":"box","text":"S-25","page_number":36,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"efc58ef4-5969-4480-b95a-9de95df44f2f","block_type":"box","text":"Portfolio Turnover.","page_number":37,"box":{"x":83,"y":23,"width":129,"height":9}},{"id":"a94ec28f-e310-403d-977b-69ea4d111c0a","block_type":"box","text":"The Fund may pay transaction costs, such as","page_number":37,"box":{"x":216,"y":23,"width":287,"height":11}},{"id":"b04b0ea4-acea-4f47-84d7-e25b388a2663","block_type":"box","text":"commissions, when it buys and sells securities (or “turns over” its","page_number":37,"box":{"x":83,"y":37,"width":420,"height":11}},{"id":"c2678d8a-e677-4e19-8ceb-de70e89cb0df","block_type":"box","text":"portfolio). 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The Fund","page_number":37,"box":{"x":84,"y":219,"width":403,"height":11}},{"id":"25928895-9cd6-4559-94dd-2503fb93f85c","block_type":"box","text":"may also invest in U.S. government securities, short-term paper,","page_number":37,"box":{"x":83,"y":233,"width":411,"height":11}},{"id":"94c35885-724b-49c3-9f28-82a92aeeef6f","block_type":"box","text":"cash and cash equivalents, including shares of money market","page_number":37,"box":{"x":83,"y":247,"width":392,"height":11}},{"id":"3d5983b2-b3bb-401c-9787-b72ca4da7056","block_type":"box","text":"funds advised by BFA or its affiliates.","page_number":37,"box":{"x":82,"y":262,"width":234,"height":10}},{"id":"63b08a2c-04f2-45f4-9706-c765448177c8","block_type":"box","text":"The Fund is a term fund that will terminate on or about December","page_number":37,"box":{"x":82,"y":284,"width":420,"height":8}},{"id":"61a77af5-6419-41c3-88d0-875dc27b1ab9","block_type":"box","text":"15, 2029, at which time it will distribute its remaining net assets","page_number":37,"box":{"x":85,"y":298,"width":407,"height":11}},{"id":"cb6a8eef-4a40-4325-839a-3b327d4bb209","block_type":"box","text":"to shareholders pursuant to a plan of liquidation. The Fund does","page_number":37,"box":{"x":83,"y":312,"width":408,"height":11}},{"id":"e466fc49-9570-4837-bb16-2c50352f552c","block_type":"box","text":"not seek to return any predetermined amount at maturity or in","page_number":37,"box":{"x":83,"y":326,"width":398,"height":11}},{"id":"dfa5e2c6-b619-439b-9383-0c9d0fbb2cde","block_type":"box","text":"periodic distributions. The Underlying Index is composed of U.S.","page_number":37,"box":{"x":83,"y":340,"width":409,"height":11}},{"id":"c586cd45-2db9-408b-ab39-32eacb20ea3b","block_type":"box","text":"dollar denominated, taxable, fixed-rate, high yield (which are","page_number":37,"box":{"x":83,"y":354,"width":386,"height":11}},{"id":"97cbeeba-450d-4a3a-924d-d1192ac564e5","block_type":"box","text":"considered below investment-grade and commonly referred to as","page_number":37,"box":{"x":83,"y":369,"width":418,"height":10}},{"id":"2ea4658e-7762-4278-ae25-238a9c087810","block_type":"box","text":"“junk bonds”) and BBB or equivalently rated (as determined by","page_number":37,"box":{"x":83,"y":383,"width":400,"height":11}},{"id":"94ebcd20-980e-4f0b-b4ba-0247f1735156","block_type":"box","text":"Bloomberg Index Services Limited (the “Index Provider” or","page_number":37,"box":{"x":84,"y":397,"width":372,"height":11}},{"id":"df60a130-923f-4606-aa86-8adfbeec68b8","block_type":"box","text":"“Bloomberg”)) corporate bonds scheduled to mature between","page_number":37,"box":{"x":83,"y":411,"width":394,"height":11}},{"id":"3bc8fadb-a826-4da0-9fc7-75ffb8be2ee5","block_type":"box","text":"January 1, 2029 and December 15, 2029, inclusive. 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Securities eligible for inclusion in the","page_number":37,"box":{"x":83,"y":454,"width":382,"height":11}},{"id":"44565528-9d89-441d-b875-6cf0c6ac8173","block_type":"box","text":"Underlying Index are selected from a universe of corporate","page_number":37,"box":{"x":83,"y":468,"width":376,"height":11}},{"id":"e2365787-346f-4294-8498-19374dadc194","block_type":"box","text":"issuers (","page_number":37,"box":{"x":83,"y":482,"width":52,"height":11}},{"id":"76499791-8ac1-4b6e-b146-c8850b5916fb","block_type":"box","text":"e.g.","page_number":37,"box":{"x":137,"y":484,"width":20,"height":9}},{"id":"4bf39461-665f-43ce-aec7-55c2f61f0ef1","block_type":"box","text":", industrial, financial institutions, utilities) determined","page_number":37,"box":{"x":160,"y":482,"width":340,"height":11}},{"id":"dca15234-00f4-4a22-84f5-e3860882d335","block_type":"box","text":"by Bloomberg. As of October 31, 2025, a significant portion of the","page_number":37,"box":{"x":83,"y":496,"width":420,"height":11}},{"id":"a139ef1f-5a0c-406c-9664-b56b49e07e88","block_type":"box","text":"Underlying Index is represented by securities of companies in the","page_number":37,"box":{"x":83,"y":510,"width":418,"height":11}},{"id":"7a841a82-9286-4282-a6a5-41c44b3f1264","block_type":"box","text":"consumer goods and services and industrial industries or sectors.","page_number":37,"box":{"x":83,"y":525,"width":420,"height":10}},{"id":"273b14bc-f403-44c0-afd0-f9d2a8329e31","block_type":"box","text":"The components of the Underlying Index are likely to change over","page_number":37,"box":{"x":82,"y":539,"width":420,"height":11}},{"id":"08e8ee36-85cc-4eaa-bffc-f657891343e2","block_type":"box","text":"time.","page_number":37,"box":{"x":83,"y":553,"width":31,"height":8}},{"id":"54888f3e-7277-4f3b-86fd-d429c1a931e4","block_type":"box","text":"The bonds in the Underlying Index have $250 million or more of","page_number":37,"box":{"x":82,"y":574,"width":407,"height":12}},{"id":"8d05cd92-063a-49ed-b997-81af3af3c981","block_type":"box","text":"outstanding face value at the time of inclusion. The non-U.S.","page_number":37,"box":{"x":83,"y":589,"width":385,"height":11}},{"id":"644d63d8-63f4-479e-bdfc-89792e850d62","block_type":"box","text":"corporate issuers included in the Underlying Index consist","page_number":37,"box":{"x":83,"y":603,"width":371,"height":11}},{"id":"f918956b-1e1e-45fc-85c9-894213d98224","block_type":"box","text":"primarily of corporate bonds issued by companies domiciled in","page_number":37,"box":{"x":83,"y":617,"width":400,"height":11}},{"id":"0a80eb51-35b9-40af-b088-d11bcef4bff4","block_type":"box","text":"developed countries. The Fund will invest in non-U.S. issuers to","page_number":37,"box":{"x":83,"y":632,"width":404,"height":10}},{"id":"9a31d540-2719-47b6-98b4-0a213ee8f4c8","block_type":"box","text":"the extent necessary for it to track the Underlying Index. Each","page_number":37,"box":{"x":83,"y":646,"width":395,"height":11}},{"id":"0bea49e2-ea25-4666-b455-276c817c8914","block_type":"box","text":"bond included in the Underlying Index must be registered with the","page_number":37,"box":{"x":83,"y":660,"width":421,"height":11}},{"id":"9fa20d22-a11d-4c33-8d8c-635e4d5e2230","block_type":"box","text":"SEC, have been exempt from registration at issuance, or have","page_number":37,"box":{"x":83,"y":674,"width":394,"height":11}},{"id":"f2c846e3-2339-4559-a661-0fe1c0189bea","block_type":"box","text":"been offered pursuant to Rule 144A under the Securities Act of","page_number":37,"box":{"x":83,"y":688,"width":403,"height":11}},{"id":"414e3170-21bc-4d0b-bae2-6b9d20001529","block_type":"box","text":"1933, as amended (the “1933 Act”). Subject to the methodology","page_number":37,"box":{"x":85,"y":703,"width":409,"height":10}},{"id":"9ff2a479-f458-4a7e-8f93-3f843fc2fde2","block_type":"box","text":"of the Underlying Index discussed below, the securities in the","page_number":37,"box":{"x":83,"y":717,"width":392,"height":11}},{"id":"cd2192e9-1307-48cc-967e-57b15a02f09e","block_type":"box","text":"Underlying Index may carry a coupon that steps-up according to a","page_number":37,"box":{"x":83,"y":731,"width":421,"height":11}},{"id":"6c0e1a34-1022-462d-9441-9b1c3dd66b7d","block_type":"box","text":"predetermined schedule (","page_number":37,"box":{"x":83,"y":745,"width":163,"height":11}},{"id":"4c839306-8795-4e8f-8389-03e3ec27784c","block_type":"box","text":"i.e.","page_number":37,"box":{"x":247,"y":745,"width":17,"height":9}},{"id":"30fe77a8-e43a-44b3-9c98-1db45509c64d","block_type":"box","text":", the interest rate paid on such","page_number":37,"box":{"x":266,"y":745,"width":195,"height":11}},{"id":"b7d7a7ad-1cea-41a5-ae8c-ce9bbeda5574","block_type":"box","text":"securities will increase over time). Securities are market-cap","page_number":37,"box":{"x":83,"y":759,"width":387,"height":11}},{"id":"6b68e4a4-c6fe-48b2-be6f-5cc770ffd3ea","block_type":"box","text":"weighted within the Underlying Index, with a 3% cap typically","page_number":37,"box":{"x":82,"y":773,"width":389,"height":11}},{"id":"8cd87659-9b35-4017-b24b-bc1ce26c68cd","block_type":"box","text":"imposed on any one issuer, and a pro rata distribution of any","page_number":37,"box":{"x":83,"y":788,"width":388,"height":10}},{"id":"e95eb081-ad75-4095-ac75-2b6c6fe22e62","block_type":"box","text":"excess weight across the remaining issuers in the Underlying","page_number":37,"box":{"x":83,"y":802,"width":390,"height":11}},{"id":"1671d223-5929-4df3-9237-d21405384168","block_type":"box","text":"Index.","page_number":37,"box":{"x":83,"y":816,"width":37,"height":8}},{"id":"5ff69657-5953-4f3a-873d-ef2bc991fe21","block_type":"box","text":"The securities in the Underlying Index are updated on the last","page_number":37,"box":{"x":82,"y":838,"width":393,"height":11}},{"id":"ab1a0ae3-0ca8-42bc-8c5f-eaf17aab1290","block_type":"box","text":"calendar day of each month until six months before maturity, with","page_number":37,"box":{"x":83,"y":852,"width":420,"height":11}},{"id":"a2e1a271-28a3-438e-98a0-45b2458dbd39","block_type":"box","text":"the last rebalance date on June 30, 2029.","page_number":37,"box":{"x":83,"y":866,"width":264,"height":10}},{"id":"d139fc10-b718-4eba-9585-9ad256abedde","block_type":"box","text":"The Underlying Index consists of bonds chosen from two sub","page_number":37,"box":{"x":549,"y":23,"width":393,"height":11}},{"id":"4871ec00-6d8d-40cc-be76-637a871f4da3","block_type":"box","text":"indices, the Bloomberg U.S. High Yield Index (the “High Yield","page_number":37,"box":{"x":549,"y":37,"width":387,"height":11}},{"id":"6727beb0-5c45-495e-b477-c6722073cb82","block_type":"box","text":"Index”) and the Bloomberg U.S. Corporate Index (the “Corporate","page_number":37,"box":{"x":550,"y":51,"width":411,"height":11}},{"id":"8eb4462c-282f-4ef5-91b6-187c4336d866","block_type":"box","text":"Index”), both of which are stripped of securities maturing outside","page_number":37,"box":{"x":550,"y":66,"width":414,"height":11}},{"id":"4d170c1d-810d-4af1-b287-b68aabfd23d7","block_type":"box","text":"of the maturity range defined above. 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In","page_number":37,"box":{"x":549,"y":292,"width":406,"height":11}},{"id":"1937bbba-d3d9-4026-b526-3608fcce9c13","block_type":"box","text":"the final year of the Underlying Index’s term, any principal and","page_number":37,"box":{"x":549,"y":307,"width":396,"height":11}},{"id":"fe5f53c7-1b98-4e37-925e-3c92a75cb52e","block_type":"box","text":"interest paid by index constituents is treated as follows: (1) during","page_number":37,"box":{"x":549,"y":321,"width":420,"height":11}},{"id":"1f56e8df-3f2c-4417-9173-394fb8cd2573","block_type":"box","text":"the first six months of the final year, the Underlying Index","page_number":37,"box":{"x":549,"y":335,"width":367,"height":11}},{"id":"4c4ba6df-a8a9-486a-bc41-fa77fa9fdf72","block_type":"box","text":"reinvests proceeds pro-rata into the remaining bonds in the","page_number":37,"box":{"x":549,"y":349,"width":380,"height":11}},{"id":"d09609aa-7ed2-4100-bad0-f6c4345fb568","block_type":"box","text":"Underlying Index, and (2) during the last six months of the final","page_number":37,"box":{"x":550,"y":363,"width":399,"height":11}},{"id":"2c3ebe41-868e-40f5-aa3d-183021733b3b","block_type":"box","text":"year, principal is not reinvested and is presumed to be held in","page_number":37,"box":{"x":549,"y":378,"width":392,"height":10}},{"id":"a816df52-c8d6-4819-993c-465f82ad76a6","block_type":"box","text":"cash while earning no interest.","page_number":37,"box":{"x":549,"y":392,"width":195,"height":11}},{"id":"21a20f31-9281-4a20-88be-4d2c7a1fe88f","block_type":"box","text":"Bonds with a clean price (","page_number":37,"box":{"x":550,"y":414,"width":163,"height":11}},{"id":"55e431a1-0b45-415d-af1f-3a5fe1bdd4f4","block_type":"box","text":"i.e.","page_number":37,"box":{"x":713,"y":414,"width":18,"height":8}},{"id":"f36e1998-297d-4885-9569-04c89ed45ae7","block_type":"box","text":", the price does not include accrued","page_number":37,"box":{"x":733,"y":414,"width":228,"height":10}},{"id":"239d4356-b36e-4ac2-b87e-f521f08455a2","block_type":"box","text":"interest between coupon payments) below $60 are excluded from","page_number":37,"box":{"x":549,"y":427,"width":421,"height":12}},{"id":"b6fd1f5a-ba42-42b5-9fe4-c4e8e334312d","block_type":"box","text":"the Underlying Index and subject to a 3 month lock-out period","page_number":37,"box":{"x":549,"y":442,"width":397,"height":11}},{"id":"5e406181-3af7-45a6-a338-353d3e0b61a7","block_type":"box","text":"before they are eligible for inclusion again at rebalance. 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The bonds from","page_number":37,"box":{"x":549,"y":563,"width":406,"height":11}},{"id":"dbf8cc31-a21f-4492-bb97-64871d6e7be0","block_type":"box","text":"the High Yield Index must have a rating equal to or below","page_number":37,"box":{"x":549,"y":577,"width":364,"height":11}},{"id":"80e1fb4a-ddcd-4126-9c45-83f6a02143e2","block_type":"box","text":"“Ba1”/”BB+”/”BB+” and above “CC”. The bonds from the","page_number":37,"box":{"x":549,"y":592,"width":370,"height":10}},{"id":"738ae5fe-ae19-470c-89ed-61771a97244a","block_type":"box","text":"Corporate Index must have a rating of “BBB” (or equivalent). The","page_number":37,"box":{"x":549,"y":606,"width":412,"height":11}},{"id":"c5f58ac7-26fa-4c8d-a363-66f684d711d1","block_type":"box","text":"Index Provider will use the middle rating of Moody’s Investors","page_number":37,"box":{"x":550,"y":620,"width":391,"height":11}},{"id":"82b16a4b-82bd-4edc-9615-5701ff846a13","block_type":"box","text":"Service, Inc. 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The Fund","page_number":37,"box":{"x":549,"y":741,"width":416,"height":11}},{"id":"5f4ac67a-ab24-4750-9525-b73afdbf3d8d","block_type":"box","text":"does not invest in U.S. savings bonds or other U.S. government","page_number":37,"box":{"x":549,"y":755,"width":404,"height":11}},{"id":"4cc0f79b-45fc-44ac-ba0d-59b7cb684f2f","block_type":"box","text":"bonds (except to the extent the Fund holds cash equivalent","page_number":37,"box":{"x":549,"y":770,"width":379,"height":10}},{"id":"6c01eb8a-6381-430b-9493-3472b5aa2977","block_type":"box","text":"instruments consistent with its investment objective) and is not","page_number":37,"box":{"x":549,"y":784,"width":406,"height":11}},{"id":"51c9b133-d18b-41d9-8278-43c80c357405","block_type":"box","text":"designed to provide protection against inflation.","page_number":37,"box":{"x":549,"y":798,"width":305,"height":11}},{"id":"38a28a24-aa86-47a4-a0fb-b8e35a4f552a","block_type":"box","text":"BFA uses an indexing approach to try to achieve the Fund’s","page_number":37,"box":{"x":550,"y":821,"width":376,"height":11}},{"id":"94d3d3d8-8d3c-4976-b981-723346597eb3","block_type":"box","text":"investment objective. The Fund does not try to “beat” the index it","page_number":37,"box":{"x":549,"y":835,"width":417,"height":11}},{"id":"95d692c8-c903-40b3-81d9-fd6ddc7123ad","block_type":"box","text":"tracks and does not seek temporary defensive positions when","page_number":37,"box":{"x":549,"y":849,"width":396,"height":11}},{"id":"7bfb26c3-95a8-4f83-aeb2-6c01910577a3","block_type":"box","text":"markets decline or appear overvalued.","page_number":37,"box":{"x":549,"y":864,"width":244,"height":10}},{"id":"164d562c-4a67-4643-b67d-3ce266ac1774","block_type":"box","text":"S-26","page_number":37,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"21a9f738-9f0a-4465-af33-337e47fb9b43","block_type":"box","text":"Indexing may eliminate the chance that the Fund will substantially","page_number":38,"box":{"x":83,"y":23,"width":421,"height":11}},{"id":"688da1d6-96fb-46a8-989d-5bb61764ebfb","block_type":"box","text":"outperform the Underlying Index but also may reduce some of the","page_number":38,"box":{"x":83,"y":37,"width":421,"height":11}},{"id":"b20e360d-5064-4e3d-8550-228f941cdc6e","block_type":"box","text":"risks of active management, such as poor security selection.","page_number":38,"box":{"x":83,"y":51,"width":386,"height":11}},{"id":"7435cc3f-1ae3-485b-b5cd-62d7326a6aec","block_type":"box","text":"Indexing seeks to achieve lower costs and better after-tax","page_number":38,"box":{"x":83,"y":66,"width":370,"height":11}},{"id":"74b03382-fe3c-4e6c-af3f-b18db0a6d1dd","block_type":"box","text":"performance by aiming to keep portfolio turnover low in","page_number":38,"box":{"x":83,"y":80,"width":356,"height":11}},{"id":"faedf357-299f-41de-a606-f0fc31e28fc4","block_type":"box","text":"comparison to actively managed investment companies.","page_number":38,"box":{"x":83,"y":94,"width":359,"height":11}},{"id":"474f55f6-bf50-422b-95dc-8f76e8725105","block_type":"box","text":"BFA uses a representative sampling indexing strategy to manage","page_number":38,"box":{"x":84,"y":117,"width":411,"height":11}},{"id":"d33a2530-cd76-46f9-b54d-b9bf4bfc3670","block_type":"box","text":"the Fund. “Representative sampling” is an indexing strategy that","page_number":38,"box":{"x":83,"y":131,"width":411,"height":11}},{"id":"809c8809-dccc-4aae-b4e6-6346ba7a0ab0","block_type":"box","text":"involves investing in a representative sample of securities or other","page_number":38,"box":{"x":83,"y":146,"width":424,"height":10}},{"id":"311684fd-cfc5-441e-868e-ad65b43a1f23","block_type":"box","text":"instruments that collectively has an investment profile similar to","page_number":38,"box":{"x":83,"y":160,"width":410,"height":11}},{"id":"27fceb50-a31e-439c-883a-51291952dd8a","block_type":"box","text":"that of an applicable underlying index. The instruments selected","page_number":38,"box":{"x":83,"y":174,"width":408,"height":11}},{"id":"681e7638-6c0e-4a84-a6a4-d16d94626c15","block_type":"box","text":"are expected to have, in the aggregate, investment characteristics","page_number":38,"box":{"x":83,"y":188,"width":423,"height":11}},{"id":"0177fe13-6813-4835-87e6-39d96887d5e6","block_type":"box","text":"(based on factors such as market value and industry weightings),","page_number":38,"box":{"x":83,"y":202,"width":415,"height":11}},{"id":"637e2ff4-9564-45e4-a8d9-f895742d14fc","block_type":"box","text":"fundamental characteristics (such as return variability, duration","page_number":38,"box":{"x":82,"y":216,"width":406,"height":11}},{"id":"d37e6ece-e51c-44e2-8f58-fe220dabc4a0","block_type":"box","text":"(","page_number":38,"box":{"x":83,"y":231,"width":3,"height":10}},{"id":"7539ad94-1926-487f-b39c-e1443f7dc285","block_type":"box","text":"i.e.","page_number":38,"box":{"x":87,"y":231,"width":17,"height":8}},{"id":"74774b63-c589-4d1e-8424-0a97221c6a68","block_type":"box","text":", an instrument’s price sensitivity to a change in interest","page_number":38,"box":{"x":106,"y":231,"width":359,"height":11}},{"id":"af317d00-9fab-42e8-aaab-c9fbc4a0ed1a","block_type":"box","text":"rates), maturity or credit ratings and yield) and liquidity measures","page_number":38,"box":{"x":83,"y":245,"width":418,"height":11}},{"id":"07cb5bb4-c457-46d8-b729-460766c105a2","block_type":"box","text":"similar to those of an applicable underlying index. The Fund may","page_number":38,"box":{"x":83,"y":259,"width":410,"height":11}},{"id":"7413cd1f-8b94-42ce-8ae2-128c6f178035","block_type":"box","text":"or may not hold all of the components of the Underlying Index.","page_number":38,"box":{"x":83,"y":273,"width":399,"height":11}},{"id":"ea1d3eb8-b0f9-4a5f-844d-7ba696695839","block_type":"box","text":"The Fund will invest at least 80% of its assets in the component","page_number":38,"box":{"x":82,"y":296,"width":405,"height":11}},{"id":"5313a263-9943-4124-9f0e-6dcce53025d5","block_type":"box","text":"instruments of the Underlying Index, and (except during the last","page_number":38,"box":{"x":83,"y":311,"width":408,"height":10}},{"id":"0092f140-99d6-4a7f-b84e-cb71db023986","block_type":"box","text":"twelve months of the Fund’s operations) the Fund will invest at","page_number":38,"box":{"x":83,"y":325,"width":401,"height":11}},{"id":"63088bba-56c0-4530-bbac-52590baa44e3","block_type":"box","text":"least 90% of its assets in fixed income securities of the types","page_number":38,"box":{"x":83,"y":339,"width":388,"height":11}},{"id":"cbcaa1ef-42f7-4037-ab3e-e5eabfa457b8","block_type":"box","text":"included in the Underlying Index that BFA believes will help the","page_number":38,"box":{"x":83,"y":353,"width":400,"height":11}},{"id":"cb1e413c-63ba-4010-9a91-2ad035b18961","block_type":"box","text":"Fund track the Underlying Index. The Fund will invest no more","page_number":38,"box":{"x":84,"y":367,"width":393,"height":11}},{"id":"2009ead4-c75f-4670-a682-0a4489c8a42d","block_type":"box","text":"than 10% of its assets in futures, options and swaps contracts that","page_number":38,"box":{"x":83,"y":382,"width":423,"height":10}},{"id":"9784020c-1e8b-4e98-ba78-fef28dc4eb14","block_type":"box","text":"BFA believes will help the Fund track the Underlying Index as well","page_number":38,"box":{"x":84,"y":396,"width":415,"height":11}},{"id":"177e69d3-8ec7-40c0-8698-fc623e53b92f","block_type":"box","text":"as in fixed income securities other than the types included in the","page_number":38,"box":{"x":83,"y":410,"width":413,"height":11}},{"id":"22bced8b-8a02-4fca-b83c-4a8d336ba278","block_type":"box","text":"Underlying Index, but which BFA believes will help the Fund track","page_number":38,"box":{"x":83,"y":424,"width":414,"height":11}},{"id":"5946127c-eb5e-462d-8c29-bb00da92ed73","block_type":"box","text":"the Underlying Index. Cash and cash equivalent investments","page_number":38,"box":{"x":83,"y":438,"width":385,"height":11}},{"id":"4036b145-686b-4d36-8a69-c3d4249e87c4","block_type":"box","text":"associated with a derivative position will be treated as part of that","page_number":38,"box":{"x":83,"y":452,"width":421,"height":11}},{"id":"901b892e-49b0-44c9-acab-aadeef2707c0","block_type":"box","text":"position for the purposes of calculating the percentage of","page_number":38,"box":{"x":83,"y":467,"width":367,"height":10}},{"id":"64b3754f-1ca5-4331-9233-bb2e2b0bb612","block_type":"box","text":"investments included in the Underlying Index.","page_number":38,"box":{"x":83,"y":481,"width":290,"height":11}},{"id":"beb3b77b-e5c6-4e03-8f6b-2a3b08721209","block_type":"box","text":"In the last six months of operation, as the bonds held by the Fund","page_number":38,"box":{"x":83,"y":503,"width":418,"height":11}},{"id":"645db95f-ee21-4b66-8994-52f94496a447","block_type":"box","text":"mature, the proceeds may not be reinvested by the Fund in bonds","page_number":38,"box":{"x":83,"y":517,"width":420,"height":11}},{"id":"1934a582-8773-494a-9790-c1c790152825","block_type":"box","text":"but instead will be held in cash and cash equivalents. By fifteen","page_number":38,"box":{"x":83,"y":531,"width":403,"height":11}},{"id":"a0affa71-24fe-40de-ba1c-6025da9c14f8","block_type":"box","text":"days prior to maturity, the Underlying Index is expected to consist","page_number":38,"box":{"x":83,"y":545,"width":421,"height":11}},{"id":"da8c23df-ca72-4137-90a8-336da7cdff59","block_type":"box","text":"almost entirely of cash and cash equivalents. On or around this","page_number":38,"box":{"x":83,"y":559,"width":402,"height":11}},{"id":"1e9acf92-f2ba-42ea-8b1a-a250b3fa798e","block_type":"box","text":"date, the Fund will wind up and terminate. After appropriate","page_number":38,"box":{"x":83,"y":574,"width":382,"height":10}},{"id":"2eb89b22-05d3-4328-8a21-236f75fa3136","block_type":"box","text":"provision is made for any Fund liabilities, its net assets will be","page_number":38,"box":{"x":83,"y":588,"width":393,"height":11}},{"id":"4ade0480-dc01-4c31-a555-a816c772d0cc","block_type":"box","text":"distributed to then-current shareholders pursuant to a plan of","page_number":38,"box":{"x":83,"y":602,"width":394,"height":11}},{"id":"f9d26728-ad30-41f3-818c-c175df084fb8","block_type":"box","text":"liquidation. The Fund’s termination was approved by a majority of","page_number":38,"box":{"x":83,"y":616,"width":418,"height":11}},{"id":"4689031d-eba4-4644-ba41-1946129544c5","block_type":"box","text":"the Trust’s Board of Trustees (the “Board”) and does not require","page_number":38,"box":{"x":83,"y":630,"width":406,"height":11}},{"id":"5331a7c4-86c7-4ab1-a37a-78164d24ef06","block_type":"box","text":"additional approval by Fund shareholders. The Board may extend","page_number":38,"box":{"x":83,"y":645,"width":413,"height":10}},{"id":"3b6b99fc-64c7-4add-bce7-de8ac3aafd36","block_type":"box","text":"the termination date if a majority of the Board determines the","page_number":38,"box":{"x":83,"y":659,"width":394,"height":10}},{"id":"0a974538-7181-4ed9-b534-7f71d94d3b0f","block_type":"box","text":"extension to be in the best interest of the Fund.","page_number":38,"box":{"x":83,"y":673,"width":303,"height":8}},{"id":"724a0c07-ad96-4df0-9674-77305d4f22b6","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying","page_number":38,"box":{"x":82,"y":695,"width":414,"height":11}},{"id":"4f9b34d0-ab22-429f-af9d-41509753e13f","block_type":"box","text":"Index before fees and expenses of the Fund. 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The Index Provider","page_number":38,"box":{"x":549,"y":37,"width":354,"height":11}},{"id":"46808827-4c20-4a8e-9b57-89885f11c5c3","block_type":"box","text":"determines the composition and relative weightings of the","page_number":38,"box":{"x":549,"y":51,"width":372,"height":11}},{"id":"678c97ed-9807-47de-8953-459beea9d800","block_type":"box","text":"components of the Underlying Index and publishes information","page_number":38,"box":{"x":549,"y":66,"width":401,"height":11}},{"id":"ac181a06-16d7-46b0-a104-38054bc05096","block_type":"box","text":"regarding the market value of the Underlying Index.","page_number":38,"box":{"x":549,"y":80,"width":327,"height":11}},{"id":"922406d5-4ce5-45f7-800d-1734eebda167","block_type":"box","text":"Industry Concentration Policy.","page_number":38,"box":{"x":550,"y":103,"width":209,"height":11}},{"id":"1fc412ac-2fe8-43a7-a31d-a82a22103177","block_type":"box","text":"The Fund will concentrate its","page_number":38,"box":{"x":764,"y":103,"width":184,"height":9}},{"id":"9d4916c8-d7ca-4c9b-baf4-ad55a69dac1f","block_type":"box","text":"investments (","page_number":38,"box":{"x":549,"y":117,"width":86,"height":11}},{"id":"c10990c8-7be6-480a-8ecc-3043929dcd9b","block_type":"box","text":"i.e.","page_number":38,"box":{"x":635,"y":117,"width":17,"height":9}},{"id":"fe2c711a-d5f0-4cf9-8800-959416aba651","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":38,"box":{"x":655,"y":117,"width":264,"height":11}},{"id":"2704b9da-f54f-4569-8a01-57556f4e63a5","block_type":"box","text":"particular industry or group of industries to approximately the","page_number":38,"box":{"x":549,"y":131,"width":394,"height":11}},{"id":"3648d8cf-9757-405e-ad9a-661fd737126e","block_type":"box","text":"same extent that the Underlying Index is concentrated. For","page_number":38,"box":{"x":549,"y":146,"width":377,"height":10}},{"id":"ef41580c-4cd6-4b52-a006-8c6cc70f9efa","block_type":"box","text":"purposes of this limitation, securities of the U.S. government","page_number":38,"box":{"x":549,"y":160,"width":389,"height":11}},{"id":"40c7cb05-5513-43fc-b050-04d701769c64","block_type":"box","text":"(including its agencies and instrumentalities), repurchase","page_number":38,"box":{"x":549,"y":174,"width":365,"height":11}},{"id":"783b858c-ca39-47d8-9a2c-edf45c60d74e","block_type":"box","text":"agreements collateralized by U.S. government securities, and","page_number":38,"box":{"x":549,"y":188,"width":392,"height":11}},{"id":"fb91f3e1-c97b-4523-94e3-eedf4af43e6d","block_type":"box","text":"securities of state or municipal governments and their political","page_number":38,"box":{"x":549,"y":202,"width":399,"height":11}},{"id":"b7664887-b572-4311-b468-7dd306280251","block_type":"box","text":"subdivisions are not considered to be issued by members of any","page_number":38,"box":{"x":549,"y":216,"width":410,"height":11}},{"id":"0b07468e-f8f2-419a-bd0e-d6675071a74b","block_type":"box","text":"industry.","page_number":38,"box":{"x":549,"y":231,"width":54,"height":10}},{"id":"fbf25ce4-507e-4dd1-bf82-4f2f89293f04","block_type":"box","text":"Summary of Principal Risks","page_number":38,"box":{"x":549,"y":260,"width":235,"height":13}},{"id":"1e3c8b8b-f685-481c-af8b-82f5e2282834","block_type":"box","text":"As with any investment, you could lose all or part of your","page_number":38,"box":{"x":549,"y":285,"width":362,"height":11}},{"id":"041e4a10-94b9-49b3-bc23-878eebfc3e91","block_type":"box","text":"investment in the Fund, and the Fund’s performance could trail","page_number":38,"box":{"x":549,"y":299,"width":402,"height":11}},{"id":"9c1b05da-a0bd-429b-b0ba-e2a39abc8749","block_type":"box","text":"that of other investments. The Fund is subject to certain risks,","page_number":38,"box":{"x":549,"y":313,"width":396,"height":11}},{"id":"acbec8b2-fc6a-4e01-b6a3-dce2163ee6ad","block_type":"box","text":"including the principal risks noted below, any of which may","page_number":38,"box":{"x":549,"y":327,"width":376,"height":11}},{"id":"ef8039e0-af43-459b-a237-aceeb23207c0","block_type":"box","text":"adversely affect the Fund’s net asset value per share (“NAV”),","page_number":38,"box":{"x":549,"y":342,"width":392,"height":10}},{"id":"fa16eba5-b043-4687-ad83-8363189d32e0","block_type":"box","text":"trading price, yield, total return and ability to meet its investment","page_number":38,"box":{"x":549,"y":356,"width":416,"height":11}},{"id":"38182af0-163a-41f9-9977-bb1ea038556e","block_type":"box","text":"objective. Certain key risks are prioritized below (with others","page_number":38,"box":{"x":549,"y":370,"width":388,"height":11}},{"id":"f3b2eb9d-b043-470e-bb4e-342feb65ab9d","block_type":"box","text":"following in alphabetical order), but the relative significance of any","page_number":38,"box":{"x":549,"y":384,"width":425,"height":11}},{"id":"293a2917-65ad-495b-ae10-1e7623f6efcc","block_type":"box","text":"risk is difficult to predict and may change over time. You should","page_number":38,"box":{"x":549,"y":398,"width":405,"height":11}},{"id":"23b168ce-6178-4e40-b2d1-9e2f348c0976","block_type":"box","text":"review each risk factor carefully.","page_number":38,"box":{"x":549,"y":412,"width":206,"height":11}},{"id":"fffdccd5-5562-460f-be57-aaa86f6303e9","block_type":"box","text":"High Yield Securities Risk.","page_number":38,"box":{"x":549,"y":436,"width":176,"height":10}},{"id":"0d8d7679-9afa-41d8-a28d-ffdf39b8b09b","block_type":"box","text":"Debt securities that are rated below","page_number":38,"box":{"x":732,"y":436,"width":229,"height":8}},{"id":"98fed5b0-6905-45b0-ae34-166338f58adb","block_type":"box","text":"investment grade (commonly referred to as “junk bonds”) and","page_number":38,"box":{"x":549,"y":450,"width":395,"height":11}},{"id":"3d0071ef-372b-4f7d-94f7-db11a4a7fc88","block_type":"box","text":"debt securities that are unrated are generally considered to be","page_number":38,"box":{"x":549,"y":464,"width":400,"height":11}},{"id":"891455d3-eeae-4b8d-a601-3d41385bccea","block_type":"box","text":"speculative. Compared to higher-quality debt securities, high yield","page_number":38,"box":{"x":549,"y":478,"width":422,"height":11}},{"id":"6db8612a-57ef-4cfe-bfc4-b6727ebcbb79","block_type":"box","text":"securities are subject to a greater risk of default, illiquidity, price","page_number":38,"box":{"x":549,"y":492,"width":412,"height":11}},{"id":"88fc8ea9-9be8-415d-b728-745e319a3eeb","block_type":"box","text":"volatility and valuation uncertainty. Such investments may be","page_number":38,"box":{"x":548,"y":507,"width":392,"height":10}},{"id":"07e49c69-74c7-45e7-9064-1e5a1f47aeee","block_type":"box","text":"subject to additional risks including subordination to other","page_number":38,"box":{"x":549,"y":521,"width":373,"height":11}},{"id":"cc8fa661-1dc5-4014-8252-20931519c462","block_type":"box","text":"creditors, no collateral or limited rights in collateral, lack of a","page_number":38,"box":{"x":549,"y":535,"width":389,"height":11}},{"id":"dae28367-b05b-4d3d-8837-f07d7b5cec56","block_type":"box","text":"regular trading market, prepayment risk, and lack of publicly","page_number":38,"box":{"x":549,"y":549,"width":386,"height":11}},{"id":"d7192280-f3ff-4e85-b8d2-ca52ca9fe5db","block_type":"box","text":"available information.","page_number":38,"box":{"x":549,"y":563,"width":136,"height":9}},{"id":"6d60c1e1-9a46-4d65-882d-bc5600a81872","block_type":"box","text":"Credit Risk","page_number":38,"box":{"x":549,"y":586,"width":75,"height":9}},{"id":"f4fb043b-4316-4786-82db-e863e9447530","block_type":"box","text":".","page_number":38,"box":{"x":624,"y":593,"width":2,"height":2}},{"id":"fa0cf2c3-cb99-4c2b-88e1-e9a0b4dbeac8","block_type":"box","text":"Credit risk is the risk that an issuer, guarantor or","page_number":38,"box":{"x":632,"y":586,"width":311,"height":11}},{"id":"3aeafb24-bbe0-4ef3-b184-ac036b2a0054","block_type":"box","text":"liquidity provider of a fixed-income security may be unable or","page_number":38,"box":{"x":549,"y":601,"width":391,"height":10}},{"id":"30db61ff-1ef3-40aa-9d04-fd155a76768e","block_type":"box","text":"unwilling, or may be perceived as unable or unwilling, to make","page_number":38,"box":{"x":549,"y":615,"width":395,"height":11}},{"id":"b98db393-27e5-47d7-b1d5-37c454ee4b66","block_type":"box","text":"timely principal and/or interest payments or to otherwise honor","page_number":38,"box":{"x":549,"y":629,"width":410,"height":11}},{"id":"f566d8b4-5e9f-4010-9cee-0f7b7f1b9294","block_type":"box","text":"its obligations. The credit rating assigned to a security or its issuer","page_number":38,"box":{"x":549,"y":643,"width":424,"height":11}},{"id":"c0938b3a-c2aa-48e5-8520-2e3ac140125d","block_type":"box","text":"does not necessarily reflect the issuer’s current financial","page_number":38,"box":{"x":549,"y":657,"width":361,"height":11}},{"id":"e35b91b2-08da-4f16-bd16-cd544f2d19bc","block_type":"box","text":"condition or an investment’s volatility or liquidity. 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The Fund may be adversely affected if an investment","page_number":38,"box":{"x":549,"y":728,"width":406,"height":11}},{"id":"5ecae4b5-c3f7-4b19-bcd7-ee0ff9064adb","block_type":"box","text":"that it holds experiences a downgrade or a default.","page_number":38,"box":{"x":549,"y":742,"width":324,"height":11}},{"id":"c9f28e81-9428-4a04-8b96-3391ea8a8e7e","block_type":"box","text":"Income Risk.","page_number":38,"box":{"x":549,"y":766,"width":86,"height":8}},{"id":"cdc9b6c5-4201-403a-a179-309064c46083","block_type":"box","text":"The Fund’s income may decline due to falling","page_number":38,"box":{"x":640,"y":766,"width":288,"height":11}},{"id":"500b0bca-c95d-47e7-af2c-917488cf27eb","block_type":"box","text":"interest rates or other factors. This can occur because the Fund","page_number":38,"box":{"x":549,"y":780,"width":407,"height":8}},{"id":"18b2a720-80e8-4c18-8e61-1b3865e92038","block_type":"box","text":"may be required to invest in lower-yielding bonds when a bond in","page_number":38,"box":{"x":549,"y":794,"width":414,"height":11}},{"id":"4d9e7b7a-465e-45b0-9567-c0e54d3c6358","block_type":"box","text":"the Fund’s portfolio matures, is near maturity, is called or is","page_number":38,"box":{"x":549,"y":808,"width":380,"height":11}},{"id":"a11bf9a5-110d-4993-8274-635e58e6fdcb","block_type":"box","text":"prepaid, when bonds in the Underlying Index are substituted, or","page_number":38,"box":{"x":549,"y":822,"width":406,"height":11}},{"id":"ab3632e8-76c8-4541-8ab5-f68d9e69cdef","block_type":"box","text":"when the Fund otherwise needs to purchase additional bonds. The","page_number":38,"box":{"x":549,"y":837,"width":424,"height":10}},{"id":"74affffc-a304-4f1e-a5a0-32536999f6c7","block_type":"box","text":"Index Provider’s substitution of bonds in the Underlying Index may","page_number":38,"box":{"x":550,"y":851,"width":423,"height":11}},{"id":"41619799-2fe4-470e-b94e-1f68fdca9c39","block_type":"box","text":"occur, for example, when the time to maturity for the bond no","page_number":38,"box":{"x":549,"y":865,"width":394,"height":11}},{"id":"552572ce-03c6-401d-97bd-5baa8b342cdb","block_type":"box","text":"longer matches the Underlying Index’s stated maturity guidelines.","page_number":38,"box":{"x":549,"y":879,"width":419,"height":11}},{"id":"ca948486-816f-43d5-9db7-8914384fc4fb","block_type":"box","text":"S-27","page_number":38,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"43baf7c3-8604-4ed2-b651-a9a3de299c4c","block_type":"box","text":"Market Risk","page_number":39,"box":{"x":83,"y":23,"width":82,"height":9}},{"id":"1ebf4826-5968-47be-b5f6-0452465d77d5","block_type":"box","text":".","page_number":39,"box":{"x":165,"y":30,"width":2,"height":2}},{"id":"c509d562-b2be-4311-a326-148e4c63bf5e","block_type":"box","text":"The Fund could lose money over short periods due","page_number":39,"box":{"x":172,"y":23,"width":323,"height":11}},{"id":"f90791cf-8e44-47fb-a4c8-d8c65f630fc2","block_type":"box","text":"to short-term market movements and over longer periods during","page_number":39,"box":{"x":83,"y":37,"width":413,"height":11}},{"id":"2ff8647f-fe25-4269-8120-b2c047b2c2d2","block_type":"box","text":"more prolonged market downturns. 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Neither the Fund nor BFA can offer","page_number":39,"box":{"x":83,"y":202,"width":406,"height":11}},{"id":"0aa3255c-4285-4377-aed7-5af80023d382","block_type":"box","text":"assurances that the Index Provider’s methodology or sources of","page_number":39,"box":{"x":83,"y":216,"width":408,"height":11}},{"id":"92580d51-3bad-4260-b0e3-e547bec5db6a","block_type":"box","text":"information will provide an accurate assessment of included","page_number":39,"box":{"x":83,"y":231,"width":384,"height":10}},{"id":"bface901-e74c-42cb-a393-f13eab8fba4c","block_type":"box","text":"components or will result in the Fund meeting its investment","page_number":39,"box":{"x":83,"y":245,"width":387,"height":11}},{"id":"155b2b47-8a0e-4d19-9c5e-7b85cb99bb0a","block_type":"box","text":"objective. 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As the Fund will not fully replicate the","page_number":40,"box":{"x":83,"y":419,"width":362,"height":11}},{"id":"462d52b2-e7ad-4da3-bac3-f7009b32bed4","block_type":"box","text":"Underlying Index and may hold securities or other assets not","page_number":40,"box":{"x":83,"y":433,"width":388,"height":11}},{"id":"7102ccf1-748e-42c8-9aa7-8ff2b3063fe4","block_type":"box","text":"included in the Underlying Index, it is subject to the risk that the","page_number":40,"box":{"x":83,"y":447,"width":409,"height":11}},{"id":"7b5872f8-cad2-496c-b6b9-0bbaaa9039b5","block_type":"box","text":"investment strategy of BFA may not produce the intended results.","page_number":40,"box":{"x":83,"y":461,"width":419,"height":11}},{"id":"3615e075-7ac7-4b19-947e-1a7a234882e4","block_type":"box","text":"There is no guarantee that the Fund’s investment results will have","page_number":40,"box":{"x":82,"y":476,"width":420,"height":10}},{"id":"cf3ef09a-7f34-4caa-ac8c-9e16d428b8a2","block_type":"box","text":"a high degree of correlation to those of the Underlying Index or","page_number":40,"box":{"x":83,"y":490,"width":402,"height":11}},{"id":"ec62ae44-8fa6-49bb-9450-9483752102ad","block_type":"box","text":"that the Fund will achieve its investment objective.","page_number":40,"box":{"x":83,"y":504,"width":323,"height":11}},{"id":"cd1e0ea8-5a65-4dc2-a268-d45dbee69fdf","block_type":"box","text":"Market Trading Risk","page_number":40,"box":{"x":83,"y":527,"width":136,"height":11}},{"id":"d6ef9c1e-cc6b-4593-81c5-8c0d2f8fb941","block_type":"box","text":".","page_number":40,"box":{"x":219,"y":534,"width":2,"height":2}},{"id":"17a1973b-459c-4c5c-aabc-c9d7fb71a923","block_type":"box","text":"The Fund faces numerous market trading","page_number":40,"box":{"x":226,"y":527,"width":263,"height":11}},{"id":"db4cfbfb-a182-42f5-b589-f58ead4a7613","block_type":"box","text":"risks, including the potential lack of an active market for Fund","page_number":40,"box":{"x":83,"y":541,"width":394,"height":11}},{"id":"ac15d7f8-5d8f-49d9-94d0-a521a5f4fbfc","block_type":"box","text":"shares (including through a trading halt), losses from trading in","page_number":40,"box":{"x":83,"y":556,"width":401,"height":10}},{"id":"9f9e3ab0-85e9-46cb-b3c6-a520fe4c3d7c","block_type":"box","text":"secondary markets, periods of high volatility, and disruptions in","page_number":40,"box":{"x":83,"y":570,"width":404,"height":11}},{"id":"b23bb1de-a9cb-461b-bb85-d24a66964371","block_type":"box","text":"the process of creating and redeeming Fund shares. 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While the Fund’s service","page_number":40,"box":{"x":83,"y":791,"width":376,"height":11}},{"id":"c1275368-356b-4ed5-9799-44be34d83199","block_type":"box","text":"providers are required to have appropriate operational,","page_number":40,"box":{"x":83,"y":806,"width":350,"height":10}},{"id":"6b75dd88-67a7-4915-b12e-404a339d9968","block_type":"box","text":"information security and cybersecurity risk management policies","page_number":40,"box":{"x":83,"y":820,"width":414,"height":11}},{"id":"76c518ea-220f-40f1-8db0-f98de8ca182a","block_type":"box","text":"and procedures, their methods of risk management may differ","page_number":40,"box":{"x":83,"y":834,"width":397,"height":11}},{"id":"a311dcf5-34ab-4cbf-ae19-393aec334a66","block_type":"box","text":"from those of the Fund. 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Such","page_number":40,"box":{"x":549,"y":75,"width":421,"height":11}},{"id":"4797dcc8-ef2c-430d-8dee-62b0e07c2f4f","block_type":"box","text":"securities typically are subject to legal restrictions on resale and","page_number":40,"box":{"x":549,"y":89,"width":411,"height":11}},{"id":"1f6fecd2-f23a-44d0-9128-5821c61bb9bd","block_type":"box","text":"generally are not traded in established public markets. 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Difficulty in selling such securities at a desirable","page_number":40,"box":{"x":549,"y":188,"width":410,"height":11}},{"id":"0e1dcc1a-8f19-4ccd-b010-fbc284307b6e","block_type":"box","text":"time or price may result in a loss to the Fund.","page_number":40,"box":{"x":549,"y":202,"width":289,"height":11}},{"id":"3a46d282-84fd-4227-8045-50a3bcde90f5","block_type":"box","text":"Reinvestment Risk","page_number":40,"box":{"x":549,"y":225,"width":126,"height":9}},{"id":"ff38589b-f7b5-4ce6-8166-6589f3a68d53","block_type":"box","text":".","page_number":40,"box":{"x":675,"y":232,"width":3,"height":2}},{"id":"4b249441-4230-4bd9-bcb5-911d384f976f","block_type":"box","text":"The Fund may invest a portion of its assets in","page_number":40,"box":{"x":683,"y":226,"width":288,"height":10}},{"id":"c92a4a07-4c2b-41c0-b2ec-6197c8a7919a","block_type":"box","text":"short-term fixed-income instruments and, as a result, may be","page_number":40,"box":{"x":549,"y":240,"width":391,"height":11}},{"id":"4d6ffa49-2d7f-4c70-8c32-ca5394d6a035","block_type":"box","text":"adversely affected if interest rates fall because it may have to","page_number":40,"box":{"x":549,"y":254,"width":393,"height":11}},{"id":"fbd1e51f-c132-42d2-a91c-77af78e2de35","block_type":"box","text":"invest in lower-yielding instruments as bonds in the Fund’s","page_number":40,"box":{"x":549,"y":268,"width":374,"height":11}},{"id":"d1e59fbe-a8bd-44e1-8160-b3f07b294b46","block_type":"box","text":"portfolio mature.","page_number":40,"box":{"x":549,"y":282,"width":106,"height":11}},{"id":"5d17d711-cfca-4c10-9f64-80a889707a7e","block_type":"box","text":"Risk of Investing in the U.S","page_number":40,"box":{"x":549,"y":305,"width":182,"height":11}},{"id":"720d6fa7-75bc-472f-891e-e6d42a6abccc","block_type":"box","text":".","page_number":40,"box":{"x":732,"y":312,"width":2,"height":2}},{"id":"863705c8-8fa6-4c98-96dd-4607d34f45b6","block_type":"box","text":"Investing in U.S. issuers subjects","page_number":40,"box":{"x":740,"y":305,"width":210,"height":11}},{"id":"aa4645db-e91d-400d-bbc1-6d60d6d23a9d","block_type":"box","text":"the Fund to legal, regulatory, political, currency, security, and","page_number":40,"box":{"x":549,"y":320,"width":391,"height":10}},{"id":"f39a8d41-c97f-43fc-b1bb-360723eb6e52","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the","page_number":40,"box":{"x":549,"y":334,"width":423,"height":11}},{"id":"f347b304-59ad-4aca-ad19-00abce7c8c1b","block_type":"box","text":"U.S., such as a weakening of the U.S. economy or a decline in its","page_number":40,"box":{"x":550,"y":348,"width":412,"height":11}},{"id":"4d303a44-dbc0-42ae-abab-cf031642209d","block_type":"box","text":"financial markets, may have an adverse effect on U.S. issuers.","page_number":40,"box":{"x":549,"y":362,"width":396,"height":11}},{"id":"561e251c-f079-4183-9bef-8cc512844240","block_type":"box","text":"Securities Lending Risk.","page_number":40,"box":{"x":548,"y":385,"width":162,"height":11}},{"id":"d041a894-42e0-4b79-9236-dc4e30cd9744","block_type":"box","text":"The Fund may engage in securities","page_number":40,"box":{"x":716,"y":385,"width":221,"height":11}},{"id":"1de093c7-e997-4511-8006-1f93eed471bf","block_type":"box","text":"lending. 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The bar chart shows how the performance of the Fund has varied from one calendar year to another","page_number":42,"box":{"x":83,"y":62,"width":872,"height":11}},{"id":"5da21697-4380-4402-b52b-9c443f22f9cc","block_type":"box","text":"over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index and","page_number":42,"box":{"x":83,"y":76,"width":867,"height":11}},{"id":"03e5d9c3-19cd-4d59-a204-e9b6cef83952","block_type":"box","text":"the Underlying Index. Returns assume the reinvestment of any dividends and distributions. The Fund’s returns reflect the impact of any","page_number":42,"box":{"x":83,"y":90,"width":863,"height":11}},{"id":"60a9fbb0-cdef-437a-ba1b-34fb1c87552c","block_type":"box","text":"agreements to waive or reimburse expenses, which would reduce performance if not in effect. 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The Underlying Index is composed of U.S.","page_number":45,"box":{"x":83,"y":340,"width":409,"height":11}},{"id":"be138440-2ed7-4dad-8a11-ae3ea7f25a30","block_type":"box","text":"dollar denominated, taxable, fixed-rate, high yield (which are","page_number":45,"box":{"x":83,"y":354,"width":386,"height":11}},{"id":"1bdc4ab0-cd1e-4c15-942f-81fb9ec033f9","block_type":"box","text":"considered below investment-grade and commonly referred to as","page_number":45,"box":{"x":83,"y":369,"width":418,"height":10}},{"id":"21831f21-10bb-4df0-a13f-cc2da6037bdc","block_type":"box","text":"“junk bonds”) and BBB or equivalently rated (as determined by","page_number":45,"box":{"x":83,"y":383,"width":400,"height":11}},{"id":"00065c41-6a22-4d6e-b440-ad73a3f008a6","block_type":"box","text":"Bloomberg Index Services Limited (the “Index Provider” or","page_number":45,"box":{"x":84,"y":397,"width":372,"height":11}},{"id":"2fbdc071-9c3a-4ff7-ae88-e64365330341","block_type":"box","text":"“Bloomberg”)) corporate bonds scheduled to mature between","page_number":45,"box":{"x":83,"y":411,"width":394,"height":11}},{"id":"4a6fc015-c844-4445-9311-af843879ecc4","block_type":"box","text":"January 1, 2030 and December 15, 2030, inclusive. 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Securities eligible for inclusion in the","page_number":45,"box":{"x":83,"y":454,"width":382,"height":11}},{"id":"5d6e4f08-fc33-4d5c-848c-54eb90139716","block_type":"box","text":"Underlying Index are selected from a universe of corporate","page_number":45,"box":{"x":83,"y":468,"width":376,"height":11}},{"id":"2eba11fc-26d2-4788-b101-720e227011df","block_type":"box","text":"issuers (","page_number":45,"box":{"x":83,"y":482,"width":52,"height":11}},{"id":"02687435-2889-4184-9d0e-dbf5896e4709","block_type":"box","text":"e.g.","page_number":45,"box":{"x":137,"y":484,"width":20,"height":9}},{"id":"bf893cc7-09cf-43f5-b5f0-6396211d40d8","block_type":"box","text":", industrial, financial institutions, utilities) determined","page_number":45,"box":{"x":160,"y":482,"width":340,"height":11}},{"id":"f94a05cb-8ce6-4c02-8f30-53de332254d0","block_type":"box","text":"by Bloomberg. As of October 31, 2025, a significant portion of the","page_number":45,"box":{"x":83,"y":496,"width":420,"height":11}},{"id":"76857b63-8a3f-4ee0-80ce-561f1fe26f55","block_type":"box","text":"Underlying Index is represented by securities of companies in the","page_number":45,"box":{"x":83,"y":510,"width":418,"height":11}},{"id":"fee9bb53-73f6-4dcd-8699-ea838d3097dd","block_type":"box","text":"consumer goods and services and industrial industries or sectors.","page_number":45,"box":{"x":83,"y":525,"width":420,"height":10}},{"id":"23640fd0-61cf-4709-880e-0d6464c2a316","block_type":"box","text":"The components of the Underlying Index are likely to change over","page_number":45,"box":{"x":82,"y":539,"width":420,"height":11}},{"id":"9c2b0f7c-82f8-4685-9d71-cb7e192403fa","block_type":"box","text":"time.","page_number":45,"box":{"x":83,"y":553,"width":31,"height":8}},{"id":"724d3ea2-909e-45d0-b76e-419d18d0a4f9","block_type":"box","text":"The bonds in the Underlying Index have $250 million or more of","page_number":45,"box":{"x":82,"y":574,"width":407,"height":12}},{"id":"2751bfec-3675-48ab-806f-c27beccb8d99","block_type":"box","text":"outstanding face value at the time of inclusion. The non-U.S.","page_number":45,"box":{"x":83,"y":589,"width":385,"height":11}},{"id":"58b9e835-cf73-43c0-88e8-a19a79189cf0","block_type":"box","text":"corporate issuers included in the Underlying Index consist","page_number":45,"box":{"x":83,"y":603,"width":371,"height":11}},{"id":"4687a2ed-a647-4e2d-9284-cb9d5a8414cf","block_type":"box","text":"primarily of corporate bonds issued by companies domiciled in","page_number":45,"box":{"x":83,"y":617,"width":400,"height":11}},{"id":"994aac48-2a24-4c9b-ac17-94a891052c9d","block_type":"box","text":"developed countries. The Fund will invest in non-U.S. issuers to","page_number":45,"box":{"x":83,"y":632,"width":404,"height":10}},{"id":"09fc572c-819b-473b-b15b-0668df0b71d4","block_type":"box","text":"the extent necessary for it to track the Underlying Index. Each","page_number":45,"box":{"x":83,"y":646,"width":395,"height":11}},{"id":"9b0a375e-634d-46f7-94a6-1535d790c9df","block_type":"box","text":"bond included in the Underlying Index must be registered with the","page_number":45,"box":{"x":83,"y":660,"width":421,"height":11}},{"id":"29cf0cfa-2b7e-4c1c-8e62-adeba9f876a2","block_type":"box","text":"SEC, have been exempt from registration at issuance, or have","page_number":45,"box":{"x":83,"y":674,"width":394,"height":11}},{"id":"22a1dcfb-2923-45eb-87ac-9713603dacc4","block_type":"box","text":"been offered pursuant to Rule 144A under the Securities Act of","page_number":45,"box":{"x":83,"y":688,"width":403,"height":11}},{"id":"ec2eed0d-d273-4c5c-9997-db2e331dbbc1","block_type":"box","text":"1933, as amended (the “1933 Act”). Subject to the methodology","page_number":45,"box":{"x":85,"y":703,"width":409,"height":10}},{"id":"93a535a8-a212-438e-ab71-8bfdbdef6fe9","block_type":"box","text":"of the Underlying Index discussed below, the securities in the","page_number":45,"box":{"x":83,"y":717,"width":392,"height":11}},{"id":"4f88145f-7683-4bbf-af43-907f0ac0f53c","block_type":"box","text":"Underlying Index may carry a coupon that steps-up according to a","page_number":45,"box":{"x":83,"y":731,"width":421,"height":11}},{"id":"6a292565-2ef6-4c71-b6d1-66f9c160280d","block_type":"box","text":"predetermined schedule (","page_number":45,"box":{"x":83,"y":745,"width":163,"height":11}},{"id":"5bb5727e-02bc-4115-b69c-66f15bc039c3","block_type":"box","text":"i.e.","page_number":45,"box":{"x":247,"y":745,"width":17,"height":9}},{"id":"0b1a77cf-7a7a-4710-8b0c-48402d16fd36","block_type":"box","text":", the interest rate paid on such","page_number":45,"box":{"x":266,"y":745,"width":195,"height":11}},{"id":"a1b1e310-7954-4e1f-9856-5765a2293590","block_type":"box","text":"securities will increase over time). Securities are market-cap","page_number":45,"box":{"x":83,"y":759,"width":387,"height":11}},{"id":"047bf682-a1d0-46f7-b774-207c4b91f51b","block_type":"box","text":"weighted within the Underlying Index, with a 3% cap typically","page_number":45,"box":{"x":82,"y":773,"width":389,"height":11}},{"id":"45c9a580-7e06-4954-9295-995528a5b515","block_type":"box","text":"imposed on any one issuer, and a pro rata distribution of any","page_number":45,"box":{"x":83,"y":788,"width":388,"height":10}},{"id":"74c0368e-f641-4ca5-ae6d-f3e622d18889","block_type":"box","text":"excess weight across the remaining issuers in the Underlying","page_number":45,"box":{"x":83,"y":802,"width":390,"height":11}},{"id":"8fbd2e95-c358-4e2c-bcfd-7856c0a07616","block_type":"box","text":"Index.","page_number":45,"box":{"x":83,"y":816,"width":37,"height":8}},{"id":"8a714ae8-b37b-4cab-ad51-a3ef8709b1e4","block_type":"box","text":"The securities in the Underlying Index are updated on the last","page_number":45,"box":{"x":82,"y":838,"width":393,"height":11}},{"id":"e6b81e49-33a7-4b8a-b250-66366ec9cb6f","block_type":"box","text":"calendar day of each month until six months before maturity, with","page_number":45,"box":{"x":83,"y":852,"width":420,"height":11}},{"id":"468c4fb3-5d89-4467-ab0b-fd37f9d04336","block_type":"box","text":"the last rebalance date on June 30, 2030.","page_number":45,"box":{"x":83,"y":866,"width":264,"height":10}},{"id":"d19b8539-29b4-4896-9981-54e3b4d1ef34","block_type":"box","text":"The Underlying Index consists of bonds chosen from two sub","page_number":45,"box":{"x":549,"y":23,"width":393,"height":11}},{"id":"0616eb8c-6bc0-47e9-b87d-076d95c3a645","block_type":"box","text":"indices, the Bloomberg U.S. High Yield Index (the “High Yield","page_number":45,"box":{"x":549,"y":37,"width":387,"height":11}},{"id":"9a5efa31-8986-419a-b374-07efd8be12a8","block_type":"box","text":"Index”) and the Bloomberg U.S. Corporate Index (the “Corporate","page_number":45,"box":{"x":550,"y":51,"width":411,"height":11}},{"id":"07f433ed-ccc3-4fbc-8b97-55a3ee773d8b","block_type":"box","text":"Index”), both of which are stripped of securities maturing outside","page_number":45,"box":{"x":550,"y":66,"width":414,"height":11}},{"id":"1a0559e9-996f-4cab-a168-93f28e8ffc66","block_type":"box","text":"of the maturity range defined above. BBB-rated bonds from the","page_number":45,"box":{"x":549,"y":80,"width":403,"height":11}},{"id":"3ef736ff-a503-4a13-8eb9-ebfc75c3f627","block_type":"box","text":"Corporate Index will be introduced to the Underlying Index under","page_number":45,"box":{"x":549,"y":94,"width":415,"height":11}},{"id":"f380a123-1a51-4cd5-8f80-a780c1e38999","block_type":"box","text":"the following conditions: (1) in the last 1.5 years but before the","page_number":45,"box":{"x":549,"y":108,"width":398,"height":11}},{"id":"025e8955-144f-4669-a16d-3561dce6c6e8","block_type":"box","text":"last 6 months of the Underlying Index’s term, the Underlying Index","page_number":45,"box":{"x":549,"y":122,"width":424,"height":11}},{"id":"b7025874-cad5-467e-b4e9-70eda210ab14","block_type":"box","text":"will introduce BBB-rated bonds (which are considered investment","page_number":45,"box":{"x":549,"y":137,"width":423,"height":10}},{"id":"212530f6-0f0d-4888-8052-3838aae2d9c7","block_type":"box","text":"grade) as constituent high yield bonds (which are considered","page_number":45,"box":{"x":549,"y":151,"width":388,"height":11}},{"id":"039ff877-c4b8-4365-964d-aed24c4e072d","block_type":"box","text":"below investment-grade) are called, no longer qualify for inclusion","page_number":45,"box":{"x":549,"y":165,"width":421,"height":11}},{"id":"8c1c83f6-594d-4878-a451-92f7975c8b75","block_type":"box","text":"(due to, among other factors, sector reclassifications of issuers,","page_number":45,"box":{"x":549,"y":179,"width":408,"height":11}},{"id":"3b33650c-99f6-46fa-8968-da984eee78bc","block_type":"box","text":"changes in the credit rating of bonds included in the Underlying","page_number":45,"box":{"x":549,"y":193,"width":405,"height":11}},{"id":"59247525-7c66-49c2-be28-cde02bb09755","block_type":"box","text":"Index or rebalances to maintain issuer limits), or decline in value","page_number":45,"box":{"x":550,"y":208,"width":410,"height":10}},{"id":"248efe32-a42e-4da8-b407-b8d6f73e4bdb","block_type":"box","text":"compared to a reference point set at 1.5 years from the","page_number":45,"box":{"x":549,"y":222,"width":355,"height":10}},{"id":"80c2a848-4a59-47bd-98d9-a40d5bb3247b","block_type":"box","text":"Underlying Index’s term or (2) if, prior to the last 1.5 years","page_number":45,"box":{"x":550,"y":236,"width":369,"height":11}},{"id":"464c1a12-bb1f-4fa6-b67f-112f8ca9302d","block_type":"box","text":"remaining in the Underlying Index’s term, the market value of the","page_number":45,"box":{"x":549,"y":250,"width":415,"height":11}},{"id":"0a54ec67-6433-4f83-ac56-97540a52ad57","block_type":"box","text":"high yield bonds in the Underlying Index declines below $30","page_number":45,"box":{"x":549,"y":263,"width":383,"height":12}},{"id":"73da1723-317d-483a-a90a-78739cdd87bf","block_type":"box","text":"billion, the Underlying Index will add BBB-rated bonds to maintain","page_number":45,"box":{"x":549,"y":278,"width":418,"height":11}},{"id":"9d3dff53-86a8-4eea-997a-ef94351f39c9","block_type":"box","text":"a $30 billion minimum market value for the Underlying Index. In","page_number":45,"box":{"x":549,"y":292,"width":406,"height":11}},{"id":"9ceae0b8-6b96-4fe6-8466-8cabf04390f9","block_type":"box","text":"the final year of the Underlying Index’s term, any principal and","page_number":45,"box":{"x":549,"y":307,"width":396,"height":11}},{"id":"e3a2dfea-1628-4320-8f1f-8098dab2fd0b","block_type":"box","text":"interest paid by index constituents is treated as follows: (1) during","page_number":45,"box":{"x":549,"y":321,"width":420,"height":11}},{"id":"c403e568-5eb9-45e2-88a1-25b10858dc62","block_type":"box","text":"the first six months of the final year, the Underlying Index","page_number":45,"box":{"x":549,"y":335,"width":367,"height":11}},{"id":"aa50c2b6-f43e-4674-907c-9ea911b1e63f","block_type":"box","text":"reinvests proceeds pro-rata into the remaining bonds in the","page_number":45,"box":{"x":549,"y":349,"width":380,"height":11}},{"id":"2c3d2151-86d0-4235-97a1-1a4b76987856","block_type":"box","text":"Underlying Index, and (2) during the last six months of the final","page_number":45,"box":{"x":550,"y":363,"width":399,"height":11}},{"id":"9e293fb7-2568-44e4-a05a-484dfa495680","block_type":"box","text":"year, principal is not reinvested and is presumed to be held in","page_number":45,"box":{"x":549,"y":378,"width":392,"height":10}},{"id":"4ea1ad91-bcb0-4357-b1af-c0239a9929d6","block_type":"box","text":"cash while earning no interest.","page_number":45,"box":{"x":549,"y":392,"width":195,"height":11}},{"id":"4ecc9feb-08e7-42e3-b59a-414153c0ce78","block_type":"box","text":"Bonds with a clean price (","page_number":45,"box":{"x":550,"y":414,"width":163,"height":11}},{"id":"55c16bb4-3c4b-4859-acb8-f744d5bc070f","block_type":"box","text":"i.e.","page_number":45,"box":{"x":713,"y":414,"width":18,"height":8}},{"id":"a86fa67a-b78f-4f79-aaf9-8b88b21234ad","block_type":"box","text":", the price does not include accrued","page_number":45,"box":{"x":733,"y":414,"width":228,"height":10}},{"id":"8571bf48-ba61-44f4-9d09-e3819384e97d","block_type":"box","text":"interest between coupon payments) below $60 are excluded from","page_number":45,"box":{"x":549,"y":427,"width":421,"height":12}},{"id":"9f167b4a-4d0d-47b8-9713-d373e8e3db7d","block_type":"box","text":"the Underlying Index and subject to a 3 month lock-out period","page_number":45,"box":{"x":549,"y":442,"width":397,"height":11}},{"id":"5294786e-8c64-445d-aa57-4300ddd93c89","block_type":"box","text":"before they are eligible for inclusion again at rebalance. During","page_number":45,"box":{"x":549,"y":456,"width":401,"height":11}},{"id":"3992984e-3e17-4041-ac9c-717c639a23e7","block_type":"box","text":"the final 1.5 years of the maturity of the index, bonds that fall","page_number":45,"box":{"x":549,"y":470,"width":390,"height":11}},{"id":"2a49516f-52e9-44cf-b24c-9490615b4d3f","block_type":"box","text":"below $60 at rebalance will be permanently ineligible for the","page_number":45,"box":{"x":549,"y":484,"width":386,"height":11}},{"id":"8818b714-f09b-4d36-a2b3-d524b27a764b","block_type":"box","text":"Underlying Index.","page_number":45,"box":{"x":550,"y":499,"width":109,"height":11}},{"id":"72336ac4-8915-4d42-a687-95eb0a7a4077","block_type":"box","text":"In addition, to be included in the Underlying Index, securities must","page_number":45,"box":{"x":550,"y":521,"width":422,"height":11}},{"id":"bd01b5a4-a810-49a1-bdfd-6ac6246712c0","block_type":"box","text":"be rated “high yield” to be selected from the High Yield Index and","page_number":45,"box":{"x":549,"y":535,"width":417,"height":11}},{"id":"1e429b32-4876-4b64-9443-0494926878b7","block_type":"box","text":"“BBB” to be selected from the Corporate Index. The bonds from","page_number":45,"box":{"x":549,"y":549,"width":406,"height":11}},{"id":"edd2d1f3-8dcc-43ae-bf29-9da0fae768a6","block_type":"box","text":"the High Yield Index must have a rating equal to or below","page_number":45,"box":{"x":549,"y":563,"width":364,"height":11}},{"id":"5fb9c021-0bca-4665-92b5-641990304df5","block_type":"box","text":"“Ba1”/”BB+”/”BB+” and above “CC”. The bonds from the","page_number":45,"box":{"x":549,"y":577,"width":370,"height":11}},{"id":"e73b8c41-da5c-498a-966f-12fc53682c54","block_type":"box","text":"Corporate Index must have a rating of “BBB” (or equivalent). The","page_number":45,"box":{"x":549,"y":592,"width":412,"height":10}},{"id":"90bee4a2-98f2-4e2a-8699-1f77ff2bd513","block_type":"box","text":"Index Provider will use the middle rating of Moody’s Investors","page_number":45,"box":{"x":550,"y":606,"width":391,"height":11}},{"id":"9e71fae8-4a50-4ab3-bdf0-683c7f82d0db","block_type":"box","text":"Service, Inc. (“Moody’s”), Standard & Poor’s","page_number":45,"box":{"x":549,"y":620,"width":281,"height":11}},{"id":"d350af8f-ac48-4287-af7c-daa6ca174718","block_type":"box","text":"®","page_number":45,"box":{"x":831,"y":619,"width":8,"height":7}},{"id":"03777f34-7d51-4961-b5dd-f753f85718e9","block_type":"box","text":"Global Ratings, a","page_number":45,"box":{"x":845,"y":620,"width":106,"height":11}},{"id":"d65572ca-44f5-4ec9-a3e9-68cace43247b","block_type":"box","text":"subsidiary of S&P Global (“S&P Global Ratings”) and Fitch Ratings,","page_number":45,"box":{"x":549,"y":634,"width":422,"height":11}},{"id":"61852949-0792-4a27-8dc8-dc2922135047","block_type":"box","text":"Inc. (“Fitch”) when a rating from all three agencies is available;","page_number":45,"box":{"x":550,"y":648,"width":398,"height":11}},{"id":"07be536b-34c7-4dbd-9696-b70ce4c4e624","block_type":"box","text":"when a rating from only two agencies is available, the lower is","page_number":45,"box":{"x":549,"y":663,"width":394,"height":10}},{"id":"40fc433c-2081-4180-b6a5-542673cf2042","block_type":"box","text":"used; when only one agency rates a bond, that rating is used. In","page_number":45,"box":{"x":549,"y":677,"width":406,"height":11}},{"id":"d5143ee5-8d94-4d1e-9531-0fb2e584c7bc","block_type":"box","text":"cases where ratings are not available, other sources may be used","page_number":45,"box":{"x":549,"y":691,"width":417,"height":11}},{"id":"ee57431d-8bbd-4cc4-b249-561edd3f79c8","block_type":"box","text":"to classify bonds by investment quality.","page_number":45,"box":{"x":549,"y":705,"width":250,"height":11}},{"id":"92905644-b6b6-4c24-bb20-c41be5a908f0","block_type":"box","text":"The Fund is a series of the iShares iBonds fixed maturity series of","page_number":45,"box":{"x":549,"y":727,"width":417,"height":11}},{"id":"9e74a930-4812-41c6-aac1-8208c6eb0503","block_type":"box","text":"bond ETFs sponsored by BlackRock, Inc. (“BlackRock”). The Fund","page_number":45,"box":{"x":549,"y":741,"width":416,"height":11}},{"id":"976b05b1-4427-403c-9433-5777894e9b67","block_type":"box","text":"does not invest in U.S. savings bonds or other U.S. government","page_number":45,"box":{"x":549,"y":755,"width":404,"height":11}},{"id":"b66bf534-c415-4f97-901c-bfae46be8ca4","block_type":"box","text":"bonds (except to the extent the Fund holds cash equivalent","page_number":45,"box":{"x":549,"y":770,"width":379,"height":10}},{"id":"340adb67-6f11-4b31-968b-dced144654e9","block_type":"box","text":"instruments consistent with its investment objective) and is not","page_number":45,"box":{"x":549,"y":784,"width":406,"height":11}},{"id":"ddc33a04-aed5-494a-8856-4c74c026888b","block_type":"box","text":"designed to provide protection against inflation.","page_number":45,"box":{"x":549,"y":798,"width":305,"height":11}},{"id":"0336e356-0c2b-4e62-9488-1d0b7f07603c","block_type":"box","text":"BFA uses an indexing approach to try to achieve the Fund’s","page_number":45,"box":{"x":550,"y":821,"width":376,"height":11}},{"id":"1487dcdb-af2c-4676-bafb-7a8b15ef3017","block_type":"box","text":"investment objective. The Fund does not try to “beat” the index it","page_number":45,"box":{"x":549,"y":835,"width":417,"height":11}},{"id":"3fd70fb5-2708-4766-886b-64c5e839a444","block_type":"box","text":"tracks and does not seek temporary defensive positions when","page_number":45,"box":{"x":549,"y":849,"width":396,"height":11}},{"id":"fd358de3-202f-4954-a529-0fa973a325f2","block_type":"box","text":"markets decline or appear overvalued.","page_number":45,"box":{"x":549,"y":864,"width":244,"height":10}},{"id":"92b9ffbc-b738-46cb-a3d4-4a709ba6b78e","block_type":"box","text":"S-34","page_number":45,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"ba02f52f-4a46-4e13-9318-2d2fa9b30651","block_type":"box","text":"Indexing may eliminate the chance that the Fund will substantially","page_number":46,"box":{"x":83,"y":23,"width":421,"height":11}},{"id":"2dc7f6d3-6064-41b9-9ea2-aab9025f9b5c","block_type":"box","text":"outperform the Underlying Index but also may reduce some of the","page_number":46,"box":{"x":83,"y":37,"width":421,"height":11}},{"id":"efa6083b-7e32-4ea9-a69d-a9616ed40b1e","block_type":"box","text":"risks of active management, such as poor security selection.","page_number":46,"box":{"x":83,"y":51,"width":386,"height":11}},{"id":"103257ec-15a5-4aee-8949-949c45bab10a","block_type":"box","text":"Indexing seeks to achieve lower costs and better after-tax","page_number":46,"box":{"x":83,"y":66,"width":370,"height":11}},{"id":"3df1976a-0f83-4608-b8b9-1296800de33b","block_type":"box","text":"performance by aiming to keep portfolio turnover low in","page_number":46,"box":{"x":83,"y":80,"width":356,"height":11}},{"id":"02fe593e-772d-4eef-9202-f3e98c92aba3","block_type":"box","text":"comparison to actively managed investment companies.","page_number":46,"box":{"x":83,"y":94,"width":359,"height":11}},{"id":"7205b215-ea3f-4589-834d-2368449c81fe","block_type":"box","text":"BFA uses a representative sampling indexing strategy to manage","page_number":46,"box":{"x":84,"y":117,"width":411,"height":11}},{"id":"1a45ea9b-5211-4d7b-9295-701bc853cdbb","block_type":"box","text":"the Fund. “Representative sampling” is an indexing strategy that","page_number":46,"box":{"x":83,"y":131,"width":411,"height":11}},{"id":"c18cc516-b3cf-4f75-9788-3e7f76d3fbc7","block_type":"box","text":"involves investing in a representative sample of securities or other","page_number":46,"box":{"x":83,"y":146,"width":424,"height":10}},{"id":"c4fbb9a0-d401-49fa-b78f-243ff2dbb33b","block_type":"box","text":"instruments that collectively has an investment profile similar to","page_number":46,"box":{"x":83,"y":160,"width":410,"height":11}},{"id":"631f1116-c67d-4f8f-99c1-6176d2afabc9","block_type":"box","text":"that of an applicable underlying index. The instruments selected","page_number":46,"box":{"x":83,"y":174,"width":408,"height":11}},{"id":"cf80141e-ade4-47d2-9d8a-d6e76fe7f98d","block_type":"box","text":"are expected to have, in the aggregate, investment characteristics","page_number":46,"box":{"x":83,"y":188,"width":423,"height":11}},{"id":"adcc0e34-c58b-4db3-bed8-88e948894b6c","block_type":"box","text":"(based on factors such as market value and industry weightings),","page_number":46,"box":{"x":83,"y":202,"width":415,"height":11}},{"id":"df5c190f-5771-4646-ae52-9ff7f25a101a","block_type":"box","text":"fundamental characteristics (such as return variability, duration","page_number":46,"box":{"x":82,"y":216,"width":406,"height":11}},{"id":"7d173d50-d8cd-4f50-b3b8-9efb5f7d1bb8","block_type":"box","text":"(","page_number":46,"box":{"x":83,"y":231,"width":3,"height":10}},{"id":"b96825d1-7fc7-4140-aee5-80c2f08bbd21","block_type":"box","text":"i.e.","page_number":46,"box":{"x":87,"y":231,"width":17,"height":8}},{"id":"dcfc7f68-ea61-4466-927e-c9d249471727","block_type":"box","text":", an instrument’s price sensitivity to a change in interest","page_number":46,"box":{"x":106,"y":231,"width":359,"height":11}},{"id":"a9bf285b-a8d3-4967-8a46-8823ed4d5175","block_type":"box","text":"rates), maturity or credit ratings and yield) and liquidity measures","page_number":46,"box":{"x":83,"y":245,"width":418,"height":11}},{"id":"f5b2b023-f9f1-4e36-846c-f38d26aa3273","block_type":"box","text":"similar to those of an applicable underlying index. The Fund may","page_number":46,"box":{"x":83,"y":259,"width":410,"height":11}},{"id":"d87dafa6-5843-4c0b-92f8-76a247629b23","block_type":"box","text":"or may not hold all of the components of the Underlying Index.","page_number":46,"box":{"x":83,"y":273,"width":399,"height":11}},{"id":"1c555bc1-1458-4405-a361-a69e1ae23dc3","block_type":"box","text":"The Fund will invest at least 80% of its assets in the component","page_number":46,"box":{"x":82,"y":296,"width":405,"height":11}},{"id":"1591707b-703f-430b-b3d1-e30b78fcdf5d","block_type":"box","text":"instruments of the Underlying Index, and (except during the last","page_number":46,"box":{"x":83,"y":311,"width":408,"height":10}},{"id":"7a8d6020-ca4f-4a82-8f67-19deaecbe50c","block_type":"box","text":"twelve months of the Fund’s operations) the Fund will invest at","page_number":46,"box":{"x":83,"y":325,"width":401,"height":11}},{"id":"83c47281-a796-4608-b786-ec02daeefd13","block_type":"box","text":"least 90% of its assets in fixed income securities of the types","page_number":46,"box":{"x":83,"y":339,"width":388,"height":11}},{"id":"d725b74e-e508-42c0-8883-b32c7546c65b","block_type":"box","text":"included in the Underlying Index that BFA believes will help the","page_number":46,"box":{"x":83,"y":353,"width":400,"height":11}},{"id":"224fabe1-4cd5-432e-a929-950f7c022da1","block_type":"box","text":"Fund track the Underlying Index. The Fund will invest no more","page_number":46,"box":{"x":84,"y":367,"width":393,"height":11}},{"id":"c585ff8f-2d89-41bb-8d94-73fe92c6a21f","block_type":"box","text":"than 10% of its assets in futures, options and swaps contracts that","page_number":46,"box":{"x":83,"y":382,"width":423,"height":10}},{"id":"3d4a466d-cf1c-4eb6-ae23-188abef52e38","block_type":"box","text":"BFA believes will help the Fund track the Underlying Index as well","page_number":46,"box":{"x":84,"y":396,"width":415,"height":11}},{"id":"a5dc00ca-9de0-4383-8295-3c19ac7b3a3c","block_type":"box","text":"as in fixed income securities other than the types included in the","page_number":46,"box":{"x":83,"y":410,"width":413,"height":11}},{"id":"cfe050d9-d5a2-4010-a994-768a647cccb9","block_type":"box","text":"Underlying Index, but which BFA believes will help the Fund track","page_number":46,"box":{"x":83,"y":424,"width":414,"height":11}},{"id":"ee5514d2-f6eb-4e0b-90f8-c9eff2bfbce8","block_type":"box","text":"the Underlying Index. Cash and cash equivalent investments","page_number":46,"box":{"x":83,"y":438,"width":385,"height":11}},{"id":"14c80ad4-190c-4a45-9080-17448c66c200","block_type":"box","text":"associated with a derivative position will be treated as part of that","page_number":46,"box":{"x":83,"y":452,"width":421,"height":11}},{"id":"78f988f1-5ac7-4743-a47e-06997add8c5e","block_type":"box","text":"position for the purposes of calculating the percentage of","page_number":46,"box":{"x":83,"y":467,"width":367,"height":10}},{"id":"7291febe-d17f-4856-a5ab-3ef7c54d4e1a","block_type":"box","text":"investments included in the Underlying Index.","page_number":46,"box":{"x":83,"y":481,"width":290,"height":11}},{"id":"de762eb6-7f3c-401e-97a7-af77594a557f","block_type":"box","text":"In the last six months of operation, as the bonds held by the Fund","page_number":46,"box":{"x":83,"y":503,"width":418,"height":11}},{"id":"cc5b8a2e-dedb-4b4c-b5f9-f3d34698259c","block_type":"box","text":"mature, the proceeds may not be reinvested by the Fund in bonds","page_number":46,"box":{"x":83,"y":517,"width":420,"height":11}},{"id":"5350c75b-c4f1-4da7-81fa-633cc027c4cd","block_type":"box","text":"but instead will be held in cash and cash equivalents. By fifteen","page_number":46,"box":{"x":83,"y":531,"width":403,"height":11}},{"id":"6df6e05b-e573-42cc-b1e6-e5a553f26c81","block_type":"box","text":"days prior to maturity, the Underlying Index is expected to consist","page_number":46,"box":{"x":83,"y":545,"width":421,"height":11}},{"id":"4dc3c65f-e748-49f3-a134-e55c87eb6726","block_type":"box","text":"almost entirely of cash and cash equivalents. On or around this","page_number":46,"box":{"x":83,"y":559,"width":402,"height":11}},{"id":"c0442e8a-4e1e-4fb6-9780-a89b632c89da","block_type":"box","text":"date, the Fund will wind up and terminate. After appropriate","page_number":46,"box":{"x":83,"y":574,"width":382,"height":10}},{"id":"2e4e71ef-16f3-4662-83c6-cba4436c6a13","block_type":"box","text":"provision is made for any Fund liabilities, its net assets will be","page_number":46,"box":{"x":83,"y":588,"width":393,"height":11}},{"id":"df724a84-ee7c-4661-84ad-5ebcfd239834","block_type":"box","text":"distributed to then-current shareholders pursuant to a plan of","page_number":46,"box":{"x":83,"y":602,"width":394,"height":11}},{"id":"a2d46530-1f29-41c2-9d63-70f4d853f374","block_type":"box","text":"liquidation. The Fund’s termination was approved by a majority of","page_number":46,"box":{"x":83,"y":616,"width":418,"height":11}},{"id":"e226e05c-6df3-47ce-8b59-96783c43867e","block_type":"box","text":"the Trust’s Board of Trustees (the “Board”) and does not require","page_number":46,"box":{"x":83,"y":630,"width":406,"height":11}},{"id":"242a4258-d08d-4485-a555-a39e126b66fb","block_type":"box","text":"additional approval by Fund shareholders. The Board may extend","page_number":46,"box":{"x":83,"y":645,"width":413,"height":10}},{"id":"92ec1af5-4f39-4b9f-8b51-2ec6e84fe158","block_type":"box","text":"the termination date if a majority of the Board determines the","page_number":46,"box":{"x":83,"y":659,"width":394,"height":10}},{"id":"eb46c7bd-c39a-44fd-ace4-31d82b4d3fd4","block_type":"box","text":"extension to be in the best interest of the Fund.","page_number":46,"box":{"x":83,"y":673,"width":303,"height":8}},{"id":"ee638fc1-8eb3-4846-9322-a1209c0d5b3c","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying","page_number":46,"box":{"x":82,"y":695,"width":414,"height":11}},{"id":"4e9b1d08-2518-424e-9454-22967f9aa3c5","block_type":"box","text":"Index before fees and expenses of the Fund. To the extent that the","page_number":46,"box":{"x":83,"y":709,"width":424,"height":11}},{"id":"308fe24e-268a-4cb1-8cd0-82f704586351","block_type":"box","text":"Fund invests in money market or similar funds, it will incur the","page_number":46,"box":{"x":84,"y":723,"width":395,"height":11}},{"id":"abe397fa-0a9a-41a7-a3c4-b7625ce92dba","block_type":"box","text":"fees and expenses of such funds.","page_number":46,"box":{"x":82,"y":737,"width":212,"height":11}},{"id":"cb94173f-e805-4069-911d-113305b30d92","block_type":"box","text":"The Fund should not be confused with a target date fund, which","page_number":46,"box":{"x":82,"y":759,"width":406,"height":11}},{"id":"70338452-4234-44e7-b981-f8d57626abfd","block_type":"box","text":"has assets that are managed according to a particular investment","page_number":46,"box":{"x":83,"y":773,"width":420,"height":11}},{"id":"2faac2c6-80b5-4330-844d-6cdc3a5cfb54","block_type":"box","text":"strategy that converts fund assets to conservative investments","page_number":46,"box":{"x":83,"y":788,"width":402,"height":10}},{"id":"a3a2a2bf-cbd3-4ac6-a745-db004ca93f4d","block_type":"box","text":"over time.","page_number":46,"box":{"x":83,"y":802,"width":63,"height":8}},{"id":"f0f34be7-054c-4855-9d4a-96b4743bfc2b","block_type":"box","text":"The Fund may lend securities representing up to one-third of the","page_number":46,"box":{"x":82,"y":825,"width":412,"height":11}},{"id":"823784cd-79c6-4346-8109-98e9eaa9c53a","block_type":"box","text":"value of the Fund’s total assets (including the value of any","page_number":46,"box":{"x":82,"y":839,"width":371,"height":11}},{"id":"f963ef12-52d0-4444-b342-d75f7bfb6a88","block_type":"box","text":"collateral received).","page_number":46,"box":{"x":83,"y":853,"width":125,"height":11}},{"id":"f77b8ed4-ffcd-4f15-b25e-2c2efcc03f75","block_type":"box","text":"The Underlying Index is sponsored by Bloomberg, which","page_number":46,"box":{"x":549,"y":23,"width":356,"height":11}},{"id":"1eb31bd6-0404-43a6-8ae7-58e27342ec76","block_type":"box","text":"is independent of the Fund and BFA. The Index Provider","page_number":46,"box":{"x":549,"y":37,"width":354,"height":11}},{"id":"83b9fdc9-6489-4e88-aed3-545e31e8dc79","block_type":"box","text":"determines the composition and relative weightings of the","page_number":46,"box":{"x":549,"y":51,"width":372,"height":11}},{"id":"2f82d3d5-4051-4d34-9019-39c8c106eb63","block_type":"box","text":"components of the Underlying Index and publishes information","page_number":46,"box":{"x":549,"y":66,"width":401,"height":11}},{"id":"82656813-6f65-4fa2-955e-231073b802cf","block_type":"box","text":"regarding the market value of the Underlying Index.","page_number":46,"box":{"x":549,"y":80,"width":327,"height":11}},{"id":"433c5e5e-c121-4ba0-a8e0-bef64fecac2c","block_type":"box","text":"Industry Concentration Policy.","page_number":46,"box":{"x":550,"y":103,"width":209,"height":11}},{"id":"2031cb55-b567-4253-b2f5-b6f4b5badd02","block_type":"box","text":"The Fund will concentrate its","page_number":46,"box":{"x":764,"y":103,"width":184,"height":9}},{"id":"1c8d4241-0745-4b30-b5ed-dc411357e53b","block_type":"box","text":"investments (","page_number":46,"box":{"x":549,"y":117,"width":86,"height":11}},{"id":"7389f7fc-edc0-4864-b3b7-e8be615585d8","block_type":"box","text":"i.e.","page_number":46,"box":{"x":635,"y":117,"width":17,"height":9}},{"id":"b8c059e4-94a5-481f-9557-98890a253a9a","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":46,"box":{"x":655,"y":117,"width":264,"height":11}},{"id":"3e8f3d92-7cec-417c-b3eb-5005ae19655e","block_type":"box","text":"particular industry or group of industries to approximately the","page_number":46,"box":{"x":549,"y":131,"width":394,"height":11}},{"id":"fcdd3f49-f34c-46ed-909d-399a4b66a0b7","block_type":"box","text":"same extent that the Underlying Index is concentrated. For","page_number":46,"box":{"x":549,"y":146,"width":377,"height":10}},{"id":"1d8afc02-8fff-4bc0-b4ee-8e63e2454172","block_type":"box","text":"purposes of this limitation, securities of the U.S. government","page_number":46,"box":{"x":549,"y":160,"width":389,"height":11}},{"id":"36761c40-a0db-4643-9f13-d0c4304444f8","block_type":"box","text":"(including its agencies and instrumentalities), repurchase","page_number":46,"box":{"x":549,"y":174,"width":365,"height":11}},{"id":"1437daa2-d28b-4286-9a03-92f4b0dd9236","block_type":"box","text":"agreements collateralized by U.S. government securities, and","page_number":46,"box":{"x":549,"y":188,"width":392,"height":11}},{"id":"20f559e2-9c51-4224-906e-ea5869dbefd3","block_type":"box","text":"securities of state or municipal governments and their political","page_number":46,"box":{"x":549,"y":202,"width":399,"height":11}},{"id":"9cc58238-02ad-449b-a3dd-8ad34eadfc96","block_type":"box","text":"subdivisions are not considered to be issued by members of any","page_number":46,"box":{"x":549,"y":216,"width":410,"height":11}},{"id":"877499fa-f487-4675-9c70-7001933d8510","block_type":"box","text":"industry.","page_number":46,"box":{"x":549,"y":231,"width":54,"height":10}},{"id":"34f30464-aff8-403e-b12d-2dbd2bf52b5e","block_type":"box","text":"Summary of Principal Risks","page_number":46,"box":{"x":549,"y":260,"width":235,"height":13}},{"id":"4817e97b-0453-4f2f-8f9c-980698845fd1","block_type":"box","text":"As with any investment, you could lose all or part of your","page_number":46,"box":{"x":549,"y":285,"width":362,"height":11}},{"id":"ebd58cce-09ea-4060-b885-6ae29f910e5f","block_type":"box","text":"investment in the Fund, and the Fund’s performance could trail","page_number":46,"box":{"x":549,"y":299,"width":402,"height":11}},{"id":"bfe4bf0a-2c8e-4147-86bc-b9476c641f45","block_type":"box","text":"that of other investments. The Fund is subject to certain risks,","page_number":46,"box":{"x":549,"y":313,"width":396,"height":11}},{"id":"8a636a29-750f-4a70-967a-5a82ef3b2b4c","block_type":"box","text":"including the principal risks noted below, any of which may","page_number":46,"box":{"x":549,"y":327,"width":376,"height":11}},{"id":"3eb12192-bb31-4fd3-8c83-7a0ba55ee6d0","block_type":"box","text":"adversely affect the Fund’s net asset value per share (“NAV”),","page_number":46,"box":{"x":549,"y":342,"width":392,"height":10}},{"id":"762bf1e0-af0b-4518-9abf-7496e78bdd3d","block_type":"box","text":"trading price, yield, total return and ability to meet its investment","page_number":46,"box":{"x":549,"y":356,"width":416,"height":11}},{"id":"a6bbb07e-3387-40e9-8331-88207895c744","block_type":"box","text":"objective. Certain key risks are prioritized below (with others","page_number":46,"box":{"x":549,"y":370,"width":388,"height":11}},{"id":"ca309870-ad73-4d34-86ae-9d655e1efdb5","block_type":"box","text":"following in alphabetical order), but the relative significance of any","page_number":46,"box":{"x":549,"y":384,"width":425,"height":11}},{"id":"98b257e8-3731-4ecc-8b23-615a2672ff89","block_type":"box","text":"risk is difficult to predict and may change over time. 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While the Fund’s service","page_number":48,"box":{"x":549,"y":188,"width":377,"height":11}},{"id":"9a971a26-866b-4c4d-8eba-18ce56d09ba8","block_type":"box","text":"providers are required to have appropriate operational,","page_number":48,"box":{"x":549,"y":202,"width":350,"height":11}},{"id":"ed075eda-cfc5-4d85-ac96-ec8be8ac8d2d","block_type":"box","text":"information security and cybersecurity risk management policies","page_number":48,"box":{"x":549,"y":216,"width":414,"height":11}},{"id":"7408d928-6c9f-4719-8f53-eea3872331fa","block_type":"box","text":"and procedures, their methods of risk management may differ","page_number":48,"box":{"x":549,"y":231,"width":397,"height":11}},{"id":"60c8bd69-3978-4a34-901e-fc5616f03fd1","block_type":"box","text":"from those of the Fund. Operational and technology risks for the","page_number":48,"box":{"x":549,"y":245,"width":411,"height":11}},{"id":"c3d48e77-00c5-440e-baae-9e71ab09830d","block_type":"box","text":"issuers in which the Fund invests could also result in material","page_number":48,"box":{"x":549,"y":259,"width":391,"height":9}},{"id":"71296389-b7e7-4804-912e-f73b88e7ecac","block_type":"box","text":"adverse consequences for such issuers and may cause the Fund’s","page_number":48,"box":{"x":549,"y":273,"width":422,"height":11}},{"id":"a4f41778-40c0-423b-ab86-b35b9f1e44f8","block_type":"box","text":"investments in such issuers to lose value.","page_number":48,"box":{"x":549,"y":287,"width":264,"height":9}},{"id":"59a39748-c493-4839-839e-d0741bc7630d","block_type":"box","text":"Privately Issued Securities Risk.","page_number":48,"box":{"x":549,"y":311,"width":216,"height":10}},{"id":"4ef307d5-5092-4997-9f10-9d50475c6c54","block_type":"box","text":"Privately issued securities are","page_number":48,"box":{"x":771,"y":311,"width":190,"height":10}},{"id":"b352ea51-5b7e-4004-8c80-7a5b9c94c088","block_type":"box","text":"securities that have not been registered under the 1933 Act. Such","page_number":48,"box":{"x":549,"y":325,"width":421,"height":11}},{"id":"a9f3024d-7ab0-481f-87af-f35131fcc4bb","block_type":"box","text":"securities typically are subject to legal restrictions on resale and","page_number":48,"box":{"x":549,"y":339,"width":411,"height":11}},{"id":"35324c91-8ec7-4916-9fc6-c8c2a92857ab","block_type":"box","text":"generally are not traded in established public markets. As a result,","page_number":48,"box":{"x":549,"y":353,"width":423,"height":11}},{"id":"e0e52750-d7df-4b69-9c9f-8532ddb1a4c4","block_type":"box","text":"privately issued securities may be deemed to be illiquid","page_number":48,"box":{"x":549,"y":367,"width":353,"height":11}},{"id":"d638f422-7d8d-4192-943f-0d21e24f3d62","block_type":"box","text":"investments, may be more difficult to value than publicly traded","page_number":48,"box":{"x":549,"y":381,"width":406,"height":11}},{"id":"897595a2-d55c-4c96-9564-934447adc9f5","block_type":"box","text":"securities, may be subject to wide fluctuations in value and may","page_number":48,"box":{"x":549,"y":396,"width":409,"height":10}},{"id":"703b0900-6ec4-41a4-8391-409be59dc76c","block_type":"box","text":"have higher transaction costs. There can be no assurance that a","page_number":48,"box":{"x":549,"y":410,"width":409,"height":11}},{"id":"eb2c0b79-69c7-4c91-8716-6ca2b3956732","block_type":"box","text":"trading market will exist at any time for any particular privately","page_number":48,"box":{"x":549,"y":424,"width":400,"height":11}},{"id":"5671c4f4-fe64-4a58-a4f1-05c5ba0f7b40","block_type":"box","text":"issued security. Difficulty in selling such securities at a desirable","page_number":48,"box":{"x":549,"y":438,"width":410,"height":11}},{"id":"ea82abd2-8af3-4aef-8e4b-e9f5163d248b","block_type":"box","text":"time or price may result in a loss to the Fund.","page_number":48,"box":{"x":549,"y":452,"width":289,"height":11}},{"id":"3b2b32e7-3307-4263-99a3-88a9c6ab73c6","block_type":"box","text":"Reinvestment Risk","page_number":48,"box":{"x":549,"y":476,"width":126,"height":8}},{"id":"f4ba6c41-552b-4ed6-a3ba-5c9934254b84","block_type":"box","text":".","page_number":48,"box":{"x":675,"y":482,"width":3,"height":2}},{"id":"68b89ee1-253c-4345-9a89-329b4dbdef53","block_type":"box","text":"The Fund may invest a portion of its assets in","page_number":48,"box":{"x":683,"y":476,"width":288,"height":10}},{"id":"9656c3cd-5498-4be3-92dc-31ad8687752b","block_type":"box","text":"short-term fixed-income instruments and, as a result, may be","page_number":48,"box":{"x":549,"y":490,"width":391,"height":11}},{"id":"66d8adc8-60ca-4e40-b07a-a7dc7af33b07","block_type":"box","text":"adversely affected if interest rates fall because it may have to","page_number":48,"box":{"x":549,"y":504,"width":393,"height":11}},{"id":"4902fe82-9abf-49da-9694-b5cfecafbf0e","block_type":"box","text":"invest in lower-yielding instruments as bonds in the Fund’s","page_number":48,"box":{"x":549,"y":518,"width":374,"height":11}},{"id":"e14a38ba-aa50-498b-bf1f-25940dc7ae0d","block_type":"box","text":"portfolio mature.","page_number":48,"box":{"x":549,"y":532,"width":106,"height":11}},{"id":"184909c2-47d1-4fba-be86-cf7113da2607","block_type":"box","text":"Risk of Investing in the U.S","page_number":48,"box":{"x":549,"y":555,"width":182,"height":11}},{"id":"31d06f31-accd-4fba-9d2e-f8bf5f6ef3e9","block_type":"box","text":".","page_number":48,"box":{"x":732,"y":562,"width":2,"height":2}},{"id":"e1d610dd-c9a6-48ff-a45e-a71bb515808e","block_type":"box","text":"Investing in U.S. issuers subjects","page_number":48,"box":{"x":740,"y":556,"width":210,"height":10}},{"id":"8d898b8e-c287-4fef-85df-ac215604387d","block_type":"box","text":"the Fund to legal, regulatory, political, currency, security, and","page_number":48,"box":{"x":549,"y":570,"width":391,"height":11}},{"id":"8eb001ee-a819-4e07-a897-01e80d51f5da","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the","page_number":48,"box":{"x":549,"y":584,"width":423,"height":11}},{"id":"4eaf4587-8839-4069-8a50-aecd82c0230b","block_type":"box","text":"U.S., such as a weakening of the U.S. economy or a decline in its","page_number":48,"box":{"x":550,"y":598,"width":412,"height":11}},{"id":"20427cb5-4e11-4e4b-8010-7638e0ee1e87","block_type":"box","text":"financial markets, may have an adverse effect on U.S. issuers.","page_number":48,"box":{"x":549,"y":612,"width":396,"height":11}},{"id":"76c5f3d0-2e94-4e91-8514-9fc4fc8d7bea","block_type":"box","text":"Securities Lending Risk.","page_number":48,"box":{"x":548,"y":635,"width":162,"height":11}},{"id":"2d02d556-1d59-466a-bcd2-7d6c13cdb1d5","block_type":"box","text":"The Fund may engage in securities","page_number":48,"box":{"x":716,"y":635,"width":221,"height":11}},{"id":"c5ad51b4-bd8d-4ad3-85a4-7f6a73ce633e","block_type":"box","text":"lending. Securities lending involves the risk that the Fund may","page_number":48,"box":{"x":549,"y":650,"width":397,"height":10}},{"id":"11d999d8-5d37-41fa-9574-77c6934e02b2","block_type":"box","text":"lose money because the borrower of the loaned securities fails to","page_number":48,"box":{"x":549,"y":664,"width":418,"height":11}},{"id":"f772fa80-8bc2-4a35-bfe7-6a25b2f97404","block_type":"box","text":"return the securities in a timely manner or at all. The Fund could","page_number":48,"box":{"x":549,"y":678,"width":409,"height":11}},{"id":"6511d0ef-3a0f-4520-96aa-2dac42d35d46","block_type":"box","text":"also lose money in the event of a decline in the value of collateral","page_number":48,"box":{"x":549,"y":692,"width":416,"height":11}},{"id":"e63d1816-e244-4d1b-aba3-11ab2f67f61c","block_type":"box","text":"provided for loaned securities or a decline in the value of any","page_number":48,"box":{"x":549,"y":706,"width":389,"height":11}},{"id":"1348a56e-8525-446b-84d9-01757cffd727","block_type":"box","text":"investments made with cash collateral. These events could also","page_number":48,"box":{"x":549,"y":721,"width":406,"height":8}},{"id":"16842c53-d959-45d9-93d1-594f16e92ecd","block_type":"box","text":"trigger adverse tax consequences for the Fund.","page_number":48,"box":{"x":549,"y":735,"width":301,"height":11}},{"id":"3ca5f955-b4fd-4aab-8db8-0c61ba183d5f","block_type":"box","text":"Tracking Error Risk","page_number":48,"box":{"x":550,"y":758,"width":128,"height":11}},{"id":"be6d04bc-b17e-4819-990e-753dd6d93466","block_type":"box","text":".","page_number":48,"box":{"x":678,"y":765,"width":3,"height":1}},{"id":"7ac9fd32-d56f-4cb3-9018-2fbf9b45d46e","block_type":"box","text":"The Fund may be subject to “tracking error,”","page_number":48,"box":{"x":686,"y":758,"width":284,"height":11}},{"id":"1e0a40db-1f2b-4ed9-aa59-b977b14c5c31","block_type":"box","text":"which is the divergence of the Fund’s performance from that of","page_number":48,"box":{"x":549,"y":772,"width":404,"height":11}},{"id":"b1be35ab-70a4-4ffb-8000-2401fd879e54","block_type":"box","text":"the Underlying Index. Tracking error may occur due to a number of","page_number":48,"box":{"x":549,"y":786,"width":425,"height":11}},{"id":"82cc091f-c57c-4478-bb04-8d9057e7ee99","block_type":"box","text":"factors, including differences between the securities and other","page_number":48,"box":{"x":549,"y":800,"width":401,"height":11}},{"id":"194e927d-99e1-4a99-8964-66a0126ead8e","block_type":"box","text":"assets held in the Fund’s portfolio and those included in the","page_number":48,"box":{"x":549,"y":815,"width":381,"height":10}},{"id":"eda742be-a585-4db9-9540-f5be161ce6c1","block_type":"box","text":"Underlying Index; differences in the timing and methodologies","page_number":48,"box":{"x":550,"y":829,"width":396,"height":11}},{"id":"7ba0d53e-362f-4761-979e-ac539249eced","block_type":"box","text":"used to value securities and other assets; transaction costs and","page_number":48,"box":{"x":549,"y":843,"width":407,"height":10}},{"id":"234d755a-70aa-4362-bbe7-64f2e93c3635","block_type":"box","text":"other expenses incurred by the Fund that the Underlying Index","page_number":48,"box":{"x":549,"y":857,"width":400,"height":11}},{"id":"cdcf7c87-10cc-456c-a37b-0469837e2063","block_type":"box","text":"does not incur; the Fund’s holding of uninvested cash; differences","page_number":48,"box":{"x":549,"y":871,"width":421,"height":11}},{"id":"f33f66d5-18ec-4847-a380-0dc42dc83ab8","block_type":"box","text":"S-37","page_number":48,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"1c8bf777-8991-4e6c-b13c-e66588699588","block_type":"box","text":"in the timing of the accrual or the valuation of dividends or","page_number":49,"box":{"x":83,"y":23,"width":373,"height":11}},{"id":"399d818e-8ce9-4bab-b596-608d08a2f0b6","block_type":"box","text":"interest received by the Fund or distributions paid to Fund","page_number":49,"box":{"x":83,"y":37,"width":370,"height":11}},{"id":"98ccf30e-1564-4353-8b69-818bb22a1da9","block_type":"box","text":"shareholders; tax gains or losses; differences between the","page_number":49,"box":{"x":83,"y":51,"width":372,"height":11}},{"id":"c91c1b9a-eb12-4a01-925c-07c1cae474b2","block_type":"box","text":"amount and/or timing of withholding taxes on dividends reflected","page_number":49,"box":{"x":83,"y":66,"width":420,"height":11}},{"id":"318a0b79-2929-4f0e-bcf3-c47ecb1e50de","block_type":"box","text":"in the Underlying Index from the Fund’s obligation, if any, for","page_number":49,"box":{"x":83,"y":80,"width":386,"height":11}},{"id":"3bb45f0d-2904-4317-b351-7424dbbe01cd","block_type":"box","text":"foreign withholding taxes; the requirements for the Fund to","page_number":49,"box":{"x":82,"y":94,"width":378,"height":11}},{"id":"1fcf0c81-d159-4467-9ab6-53c8d0e6c8e9","block_type":"box","text":"maintain pass-through tax treatment; portfolio transactions","page_number":49,"box":{"x":83,"y":108,"width":380,"height":11}},{"id":"d1aa6a13-e08f-4dfa-85de-c906443f28fe","block_type":"box","text":"carried out to minimize the distribution of capital gains to","page_number":49,"box":{"x":83,"y":122,"width":366,"height":11}},{"id":"bc35f45d-4333-4f97-a973-a25478c16452","block_type":"box","text":"shareholders; the acceptance of custom baskets; changes to the","page_number":49,"box":{"x":83,"y":137,"width":414,"height":10}},{"id":"86f91321-3bd7-4776-a0bc-d27d675065a1","block_type":"box","text":"Underlying Index; and impacts to the Fund of complying with","page_number":49,"box":{"x":83,"y":151,"width":387,"height":11}},{"id":"7b61ada4-1b32-452e-85da-240021081f05","block_type":"box","text":"certain regulatory requirements or limits. Tracking error risk may","page_number":49,"box":{"x":83,"y":165,"width":414,"height":11}},{"id":"9ae9fa63-501e-47e0-91e8-0b602ab3102b","block_type":"box","text":"be heightened during times of increased market volatility or other","page_number":49,"box":{"x":83,"y":179,"width":419,"height":11}},{"id":"45437d77-13d9-42f3-9435-33ecd5680a8c","block_type":"box","text":"unusual market conditions. A Fund that tracks an index where","page_number":49,"box":{"x":83,"y":193,"width":395,"height":9}},{"id":"ad6e84f1-2b76-4b83-8113-c16c3011af4e","block_type":"box","text":"high yield securities are an investment focus may experience","page_number":49,"box":{"x":83,"y":207,"width":389,"height":11}},{"id":"b84369bb-ae38-4331-8745-4935a15a5077","block_type":"box","text":"higher tracking error than ETFs that do not track such indexes. A","page_number":49,"box":{"x":83,"y":222,"width":413,"height":10}},{"id":"cf751653-325b-475a-ba1b-319aa0ecf1ed","block_type":"box","text":"Fund that tracks an index with exposure to non-U.S. issuers may","page_number":49,"box":{"x":84,"y":236,"width":411,"height":11}},{"id":"4c428aa0-320e-40fa-9fbe-2f8af5f5472c","block_type":"box","text":"experience higher tracking error than ETFs that do not track such","page_number":49,"box":{"x":83,"y":250,"width":417,"height":11}},{"id":"b5e7b847-b8b7-4f80-8f87-9f24e28c1259","block_type":"box","text":"indexes.","page_number":49,"box":{"x":83,"y":264,"width":51,"height":9}},{"id":"7c62083d-9d79-47f7-9d78-ce099879d6c8","block_type":"box","text":"Valuation Risk","page_number":49,"box":{"x":550,"y":23,"width":96,"height":9}},{"id":"d078488c-a90f-4ca6-a457-edf942ff2df8","block_type":"box","text":".","page_number":49,"box":{"x":646,"y":30,"width":2,"height":2}},{"id":"007a7111-ce20-4355-9e7c-ed98d09efd62","block_type":"box","text":"The price that the Fund could receive upon the","page_number":49,"box":{"x":653,"y":23,"width":298,"height":11}},{"id":"aa3bf819-cfd7-4f26-8f6f-c38203da6dd8","block_type":"box","text":"sale (or other disposition) of a security or other asset may differ","page_number":49,"box":{"x":549,"y":37,"width":408,"height":11}},{"id":"3885daee-f7aa-4b70-80ce-ea7c13841da5","block_type":"box","text":"from the Fund’s valuation of the security or other asset,","page_number":49,"box":{"x":549,"y":51,"width":355,"height":11}},{"id":"a2cba455-f9b5-4049-8821-acd2561fcb68","block_type":"box","text":"particularly for securities or other assets that trade in low volume","page_number":49,"box":{"x":549,"y":66,"width":418,"height":10}},{"id":"71f807d4-57d3-4136-a166-2af64d6b1ef0","block_type":"box","text":"or volatile markets or that are valued using a fair value","page_number":49,"box":{"x":549,"y":80,"width":347,"height":11}},{"id":"5867aeb0-b9c2-4e67-9a03-3930a018a75e","block_type":"box","text":"methodology. The price received by the Fund also may differ from","page_number":49,"box":{"x":549,"y":94,"width":418,"height":11}},{"id":"6c9a5b10-9cab-42a0-ba28-e20157714276","block_type":"box","text":"the value used by the Underlying Index. In addition, the value of","page_number":49,"box":{"x":549,"y":108,"width":406,"height":11}},{"id":"6b980336-84bb-447f-af5e-93ccbd0ae6fe","block_type":"box","text":"the securities or other assets in the Fund’s portfolio may change","page_number":49,"box":{"x":549,"y":122,"width":411,"height":11}},{"id":"58d200a0-47a5-4e81-9b36-67edc0364ea9","block_type":"box","text":"on days or during time periods when investors are not able to","page_number":49,"box":{"x":549,"y":137,"width":392,"height":10}},{"id":"0b3df41a-7387-41d3-85a7-a13b305f4c26","block_type":"box","text":"purchase or sell Fund shares. Authorized Participants that create","page_number":49,"box":{"x":549,"y":151,"width":414,"height":11}},{"id":"85028a05-ed6a-4ac1-87fa-7062fc098433","block_type":"box","text":"or redeem Fund shares on days when the Fund is holding fair","page_number":49,"box":{"x":549,"y":165,"width":394,"height":11}},{"id":"bdfdb913-6093-4b52-b87c-3e642e15ee42","block_type":"box","text":"valued securities or other assets may receive fewer or more","page_number":49,"box":{"x":548,"y":179,"width":383,"height":11}},{"id":"de5c0fd9-7296-49f5-adde-800336d859b6","block_type":"box","text":"shares, or lower or higher redemption proceeds, than they would","page_number":49,"box":{"x":549,"y":193,"width":414,"height":11}},{"id":"7bf6a0be-4865-4ee7-88d9-abe7312529e1","block_type":"box","text":"have received had the securities or other assets not been fair","page_number":49,"box":{"x":549,"y":207,"width":392,"height":9}},{"id":"15ddee20-6d39-4d7f-ba26-1e82ae71d7f7","block_type":"box","text":"valued or been valued using a different methodology. The ability to","page_number":49,"box":{"x":548,"y":222,"width":425,"height":10}},{"id":"d6e89f50-439b-48aa-af18-925bb34fcce2","block_type":"box","text":"value investments may be impacted by technological issues or","page_number":49,"box":{"x":548,"y":236,"width":400,"height":11}},{"id":"85ee60d9-56db-4a9d-a0ba-ca656c9323d7","block_type":"box","text":"errors by pricing services or other third-party service providers.","page_number":49,"box":{"x":549,"y":250,"width":405,"height":11}},{"id":"52a6a5c4-c71a-4857-b1f5-14ec6ad26bd9","block_type":"box","text":"S-38","page_number":49,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"4782e2ee-7e05-402c-8195-92f0c986cb2a","block_type":"box","text":"Performance Information","page_number":50,"box":{"x":84,"y":22,"width":213,"height":11}},{"id":"77df5053-15a9-4019-b6bf-64db56e14d57","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication","page_number":50,"box":{"x":82,"y":48,"width":887,"height":10}},{"id":"01f797c0-c47c-4558-8af1-d07f1c968613","block_type":"box","text":"of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another","page_number":50,"box":{"x":83,"y":62,"width":872,"height":11}},{"id":"9c1dcd94-9860-488f-8238-ec3891823945","block_type":"box","text":"over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index and","page_number":50,"box":{"x":83,"y":76,"width":867,"height":11}},{"id":"a1556801-ec11-4dfc-ac23-7f18128e83a6","block_type":"box","text":"the Underlying Index. Returns assume the reinvestment of any dividends and distributions. The Fund’s returns reflect the impact of any","page_number":50,"box":{"x":83,"y":90,"width":863,"height":11}},{"id":"c61555db-c708-4b91-9264-b5c7c1114236","block_type":"box","text":"agreements to waive or reimburse expenses, which would reduce performance if not in effect. Past performance (before and after taxes)","page_number":50,"box":{"x":83,"y":104,"width":874,"height":11}},{"id":"c0274ac1-f28a-498d-a9ba-c99477d52334","block_type":"box","text":"does not necessarily indicate how the Fund will perform in the future. Updated performance information, including the Fund’s current NAV,","page_number":50,"box":{"x":83,"y":119,"width":888,"height":10}},{"id":"8dad9195-60c7-4508-9947-9038f9039f52","block_type":"box","text":"may be obtained by visiting www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":50,"box":{"x":83,"y":133,"width":652,"height":11}},{"id":"4afab3df-9066-4d08-a77c-aa1f47c316ae","block_type":"box","text":"Calendar Year-by-Year Returns","page_number":50,"box":{"x":422,"y":155,"width":212,"height":10}},{"id":"097ada10-010d-4f95-97a1-8eccec8f289b","block_type":"box","text":"12%","page_number":50,"box":{"x":334,"y":201,"width":19,"height":7}},{"id":"c965c64b-b398-4e79-86fc-4c041755347d","block_type":"box","text":"9%","page_number":50,"box":{"x":340,"y":226,"width":13,"height":7}},{"id":"1dea7edc-6ec2-43b5-9947-e7df1007c2f7","block_type":"box","text":"6%","page_number":50,"box":{"x":340,"y":250,"width":13,"height":7}},{"id":"46cf6688-3ecf-4210-bc8b-c6e6ffbc6b41","block_type":"box","text":"3%","page_number":50,"box":{"x":339,"y":275,"width":14,"height":7}},{"id":"b28158af-e61c-436d-bcea-13e7f1c6979d","block_type":"box","text":"0%","page_number":50,"box":{"x":339,"y":299,"width":14,"height":7}},{"id":"0132e40a-4c98-408b-bf96-1273bda83d31","block_type":"box","text":"2","page_number":50,"box":{"x":458,"y":321,"width":6,"height":7}},{"id":"46a6b78a-7f4f-4d1e-8acc-19700f5e3986","block_type":"box","text":"0","page_number":50,"box":{"x":465,"y":321,"width":6,"height":7}},{"id":"d9b0b1aa-c73a-4a5d-8d6d-137a0686e028","block_type":"box","text":"2","page_number":50,"box":{"x":473,"y":321,"width":5,"height":7}},{"id":"fe867e5f-2650-49ee-b36c-5f022bc9cf1d","block_type":"box","text":"4","page_number":50,"box":{"x":479,"y":321,"width":7,"height":7}},{"id":"0262e8ce-acf6-461c-8530-a16c5cb21538","block_type":"box","text":"2","page_number":50,"box":{"x":594,"y":321,"width":5,"height":7}},{"id":"c2a4cda5-2bb7-40ee-b960-7cab89bb26e1","block_type":"box","text":"0","page_number":50,"box":{"x":601,"y":321,"width":6,"height":7}},{"id":"d9b7e000-665b-45c6-892d-9976d52c51ec","block_type":"box","text":"2","page_number":50,"box":{"x":609,"y":321,"width":5,"height":7}},{"id":"b74717e0-3b92-4950-8dfd-6861b5bf552e","block_type":"box","text":"5","page_number":50,"box":{"x":616,"y":321,"width":5,"height":7}},{"id":"acf2aa13-11c3-45c0-b3cf-ae8a461240c5","block_type":"box","text":"7.26%","page_number":50,"box":{"x":458,"y":232,"width":28,"height":6}},{"id":"3c23766c-f3f0-4c20-9f2c-9fbee3a3fb7d","block_type":"box","text":"8.88%","page_number":50,"box":{"x":594,"y":219,"width":27,"height":6}},{"id":"3a8fe4f8-513f-41ba-91e7-a97746c057b9","block_type":"box","text":"Return (%) Period Ended","page_number":50,"box":{"x":547,"y":348,"width":174,"height":9}},{"id":"aa2e4add-c352-4f70-8843-787f86c4d060","block_type":"box","text":"During the period shown in the chart:","page_number":50,"box":{"x":318,"y":366,"width":232,"height":9}},{"id":"0d7e3041-223c-4111-b822-0b1383ea8252","block_type":"box","text":"Best Quarter 5.32% September 30, 2024","page_number":50,"box":{"x":331,"y":379,"width":408,"height":9}},{"id":"b6dcde04-11d1-414a-8c82-62e8433c5936","block_type":"box","text":"Worst Quarter -0.55% December 31, 2024","page_number":50,"box":{"x":330,"y":391,"width":409,"height":9}},{"id":"06400039-46ee-4820-9e46-f54b954120ea","block_type":"box","text":"Average Annual Total Returns","page_number":50,"box":{"x":425,"y":420,"width":206,"height":11}},{"id":"0916c1ce-e0c6-453f-adfb-b34dca66a47d","block_type":"box","text":"(for the periods ended December 31, 2025)","page_number":50,"box":{"x":378,"y":434,"width":301,"height":11}},{"id":"3381df6b-e6cc-47a4-a937-67aee334b287","block_type":"box","text":"One Year","page_number":50,"box":{"x":789,"y":464,"width":56,"height":7}},{"id":"af4dd0dd-b504-4053-a5ad-0eccf73a2f39","block_type":"box","text":"Since Fund","page_number":50,"box":{"x":866,"y":451,"width":67,"height":7}},{"id":"49c797d4-05d2-4a99-a17e-325e75c4b8fe","block_type":"box","text":"Inception","page_number":50,"box":{"x":871,"y":464,"width":57,"height":9}},{"id":"f25c7379-b42c-4a86-b65a-cba77a6028e7","block_type":"box","text":"(Inception Date: 6/21/2023)","page_number":50,"box":{"x":123,"y":482,"width":177,"height":9}},{"id":"7d3cd956-225b-451e-976d-a6cfd748c2b3","block_type":"box","text":"Return Before Taxes","page_number":50,"box":{"x":124,"y":493,"width":112,"height":8}},{"id":"4dd6186c-867e-4754-8ead-565b0a0ba602","block_type":"box","text":"8.88% 9.62%","page_number":50,"box":{"x":800,"y":493,"width":116,"height":8}},{"id":"eb2fef91-a8f1-47cd-9f55-73217b766a84","block_type":"box","text":"Return After Taxes on Distributions","page_number":50,"box":{"x":124,"y":505,"width":197,"height":7}},{"id":"9f2af41c-c3df-4daf-a8ff-2d968fc324c0","block_type":"box","text":"5.94% 6.59%","page_number":50,"box":{"x":800,"y":505,"width":116,"height":7}},{"id":"e7b1af9a-6bab-48a7-a52e-d843f54c2ec7","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 5.19% 6.05%","page_number":50,"box":{"x":124,"y":517,"width":792,"height":7}},{"id":"e0bac8e5-9bdb-441a-8001-d188605f44cb","block_type":"box","text":"Bloomberg U.S. Universal Index","page_number":50,"box":{"x":124,"y":528,"width":194,"height":10}},{"id":"ca8b1a31-82a1-433a-b38d-6bddb53342e0","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes) 7.58% 5.16%","page_number":50,"box":{"x":323,"y":528,"width":593,"height":10}},{"id":"060a457f-972f-44b7-91dd-a6cfa69e5234","block_type":"box","text":"Bloomberg 2030 Term High Yield and Income Index","page_number":50,"box":{"x":124,"y":540,"width":318,"height":9}},{"id":"ea288757-d3f2-47e4-b7fd-bf5748075394","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or","page_number":50,"box":{"x":447,"y":540,"width":319,"height":9}},{"id":"6270aaba-3ace-4016-9c7f-3f7e6b3ebf37","block_type":"box","text":"taxes)","page_number":50,"box":{"x":136,"y":553,"width":34,"height":9}},{"id":"91e68284-6f0d-4efc-ae6a-50c55204f41c","block_type":"box","text":"9.07% 9.81%","page_number":50,"box":{"x":801,"y":553,"width":115,"height":7}},{"id":"82c01c6a-de91-4790-b79a-71401dc3e67b","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not","page_number":50,"box":{"x":82,"y":592,"width":882,"height":10}},{"id":"f3f9e877-814b-4f21-ac96-79b4dca94c1c","block_type":"box","text":"reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown,","page_number":50,"box":{"x":83,"y":606,"width":871,"height":11}},{"id":"6d2a14e2-82b0-46f8-a084-27cff5ef1c30","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":50,"box":{"x":83,"y":620,"width":860,"height":11}},{"id":"8e7e299e-10ec-4ca7-a174-921fb5708b53","block_type":"box","text":"such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are","page_number":50,"box":{"x":83,"y":634,"width":855,"height":11}},{"id":"83a9b17b-440c-4694-94e9-b4ec0e65e91f","block_type":"box","text":"calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses","page_number":50,"box":{"x":83,"y":648,"width":883,"height":11}},{"id":"07c3bc35-8040-4bc3-bd91-649c51637dd0","block_type":"box","text":"from the sales of Fund shares. 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Fund expenses (and any applicable waivers) are calculated only through December 15, 2031 because the Fund is scheduled to","page_number":52,"box":{"x":83,"y":622,"width":864,"height":11}},{"id":"6fc79b34-fb86-4f77-89bc-174d7ecd3a64","block_type":"box","text":"cease operations and liquidate by that date. The Example also assumes that your investment has a 5% return each year and that the Fund’s","page_number":52,"box":{"x":83,"y":637,"width":889,"height":10}},{"id":"476e6e22-2de2-45d0-8d00-66fd2ad59eb7","block_type":"box","text":"operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would","page_number":52,"box":{"x":83,"y":651,"width":872,"height":11}},{"id":"07e61f78-b900-4797-916b-b837ddccc0f1","block_type":"box","text":"be:","page_number":52,"box":{"x":83,"y":665,"width":18,"height":8}},{"id":"b35e9b2c-d982-4f8d-aa05-8bb2cd2d3d3c","block_type":"box","text":"1 Year 3 Years 5 Years Maturity","page_number":52,"box":{"x":195,"y":695,"width":668,"height":10}},{"id":"80026005-47d8-4776-83aa-47d5b2d5ff71","block_type":"box","text":"$36 $113 $197 $232","page_number":52,"box":{"x":202,"y":715,"width":649,"height":9}},{"id":"f664c220-9b95-4828-ae89-b35d4eed0436","block_type":"box","text":"S-41","page_number":52,"box":{"x":522,"y":920,"width":26,"height":9}},{"id":"ca4ec8e9-acec-4535-b000-3680fc7de360","block_type":"box","text":"Portfolio Turnover.","page_number":53,"box":{"x":83,"y":23,"width":129,"height":9}},{"id":"0a319271-8430-429a-8504-f95643853fe1","block_type":"box","text":"The Fund may pay transaction costs, such as","page_number":53,"box":{"x":216,"y":23,"width":287,"height":11}},{"id":"c78b450c-0009-47c2-869d-8d0a1e4a20e2","block_type":"box","text":"commissions, when it buys and sells securities (or “turns over” its","page_number":53,"box":{"x":83,"y":37,"width":420,"height":11}},{"id":"2e043681-5408-4875-9426-e53234e85526","block_type":"box","text":"portfolio). 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The Fund","page_number":53,"box":{"x":84,"y":219,"width":403,"height":11}},{"id":"239022b8-8fdf-4647-a816-d73a8a36b5f6","block_type":"box","text":"may also invest in U.S. government securities, short-term paper,","page_number":53,"box":{"x":83,"y":233,"width":411,"height":11}},{"id":"973ebcc3-24e4-4819-9fb8-2984a496a591","block_type":"box","text":"cash and cash equivalents, including shares of money market","page_number":53,"box":{"x":83,"y":247,"width":392,"height":11}},{"id":"e7c4b717-2f0e-477a-899b-81854b3cc687","block_type":"box","text":"funds advised by BFA or its affiliates.","page_number":53,"box":{"x":82,"y":262,"width":234,"height":10}},{"id":"9ddaf293-fd7d-4f56-be62-85822718558a","block_type":"box","text":"The Fund is a term fund that will terminate on or about December","page_number":53,"box":{"x":82,"y":284,"width":420,"height":8}},{"id":"2bea1044-907b-4eea-abb5-314ea0078688","block_type":"box","text":"15, 2031, at which time it will distribute its remaining net assets to","page_number":53,"box":{"x":85,"y":298,"width":421,"height":11}},{"id":"b6b8e07d-5a6f-4cac-b14c-6be3f4db6132","block_type":"box","text":"shareholders pursuant to a plan of liquidation. The Fund does not","page_number":53,"box":{"x":83,"y":312,"width":416,"height":11}},{"id":"e96e9f82-e0f4-4415-b9ef-da8344bc1926","block_type":"box","text":"seek to return any predetermined amount at maturity or in","page_number":53,"box":{"x":83,"y":326,"width":373,"height":11}},{"id":"ded8437e-6d66-4b88-b5d3-9aeb79b67013","block_type":"box","text":"periodic distributions. The Underlying Index is composed of U.S.","page_number":53,"box":{"x":83,"y":340,"width":409,"height":11}},{"id":"0f4ee7a3-8114-45f4-a77f-328319ea6795","block_type":"box","text":"dollar denominated, taxable, fixed-rate, high yield (which are","page_number":53,"box":{"x":83,"y":354,"width":386,"height":11}},{"id":"221835e9-0168-43b6-997e-09f9c92192fd","block_type":"box","text":"considered below investment-grade and commonly referred to as","page_number":53,"box":{"x":83,"y":369,"width":418,"height":10}},{"id":"f59e5ee3-4107-489d-abf8-0cabfa2ed162","block_type":"box","text":"“junk bonds”) and BBB or equivalently rated (as determined by","page_number":53,"box":{"x":83,"y":383,"width":400,"height":11}},{"id":"5eab9a42-307e-4ba2-b7df-d1a177d575ae","block_type":"box","text":"Bloomberg Index Services Limited (the “Index Provider” or","page_number":53,"box":{"x":84,"y":397,"width":372,"height":11}},{"id":"55ac724f-ac83-4080-96a4-5cbe206140ac","block_type":"box","text":"“Bloomberg”)) corporate bonds scheduled to mature between","page_number":53,"box":{"x":83,"y":411,"width":394,"height":11}},{"id":"03345463-3587-4478-836e-06edb49238ec","block_type":"box","text":"January 1, 2031 and December 15, 2031, inclusive. 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Securities eligible for inclusion in the","page_number":53,"box":{"x":83,"y":454,"width":382,"height":11}},{"id":"16c2ea7e-abf8-4c5a-beb1-de6dd7ea0289","block_type":"box","text":"Underlying Index are selected from a universe of corporate","page_number":53,"box":{"x":83,"y":468,"width":376,"height":11}},{"id":"214feb41-7465-4f9a-b9b6-7b4cb4d6afc3","block_type":"box","text":"issuers (","page_number":53,"box":{"x":83,"y":482,"width":52,"height":11}},{"id":"b28ce2f1-46b1-4110-b689-02089b7eb335","block_type":"box","text":"e.g.","page_number":53,"box":{"x":137,"y":484,"width":20,"height":9}},{"id":"be100ff7-e511-42c1-9e91-1d0f14c2368e","block_type":"box","text":", industrial, financial institutions, utilities) determined","page_number":53,"box":{"x":160,"y":482,"width":340,"height":11}},{"id":"a89b368a-a4b7-47bf-9eac-872215815d00","block_type":"box","text":"by Bloomberg. As of October 31, 2025, a significant portion of the","page_number":53,"box":{"x":83,"y":496,"width":420,"height":11}},{"id":"86831663-850d-4355-870e-c32fe99b798b","block_type":"box","text":"Underlying Index is represented by securities of companies in the","page_number":53,"box":{"x":83,"y":510,"width":418,"height":11}},{"id":"60d2a6e7-e309-4fe7-8a38-c4709000e60d","block_type":"box","text":"communications, consumer goods and services and industrial","page_number":53,"box":{"x":83,"y":525,"width":394,"height":10}},{"id":"72def3f7-e205-4631-a27b-24d914a1141b","block_type":"box","text":"industries or sectors. The components of the Underlying Index are","page_number":53,"box":{"x":83,"y":539,"width":422,"height":11}},{"id":"513b1bc4-53fa-49f1-97f8-087f17b08f52","block_type":"box","text":"likely to change over time.","page_number":53,"box":{"x":83,"y":553,"width":167,"height":11}},{"id":"25494542-dba6-4f3f-a3d4-c997e9732d30","block_type":"box","text":"The bonds in the Underlying Index have $250 million or more of","page_number":53,"box":{"x":82,"y":574,"width":407,"height":12}},{"id":"4606502f-315a-4c24-bd9a-76c54f83933b","block_type":"box","text":"outstanding face value at the time of inclusion. The non-U.S.","page_number":53,"box":{"x":83,"y":589,"width":385,"height":11}},{"id":"973a0af2-82f3-4d86-80da-3cef483175f4","block_type":"box","text":"corporate issuers included in the Underlying Index consist","page_number":53,"box":{"x":83,"y":603,"width":371,"height":11}},{"id":"de9287e1-64df-4bc4-8bbe-484754da3607","block_type":"box","text":"primarily of corporate bonds issued by companies domiciled in","page_number":53,"box":{"x":83,"y":617,"width":400,"height":11}},{"id":"ee28acff-44ce-4315-8be9-12c420b1fcb7","block_type":"box","text":"developed countries. The Fund will invest in non-U.S. issuers to","page_number":53,"box":{"x":83,"y":632,"width":404,"height":10}},{"id":"8a6764b0-c307-412e-9611-4ed696381583","block_type":"box","text":"the extent necessary for it to track the Underlying Index. Each","page_number":53,"box":{"x":83,"y":646,"width":395,"height":11}},{"id":"d88cf20a-a414-42e4-8c60-50a18cc15032","block_type":"box","text":"bond included in the Underlying Index must be registered with the","page_number":53,"box":{"x":83,"y":660,"width":421,"height":11}},{"id":"1b0ec54d-4603-4b02-bec2-722cb686de52","block_type":"box","text":"SEC, have been exempt from registration at issuance, or have","page_number":53,"box":{"x":83,"y":674,"width":394,"height":11}},{"id":"518a91e6-504e-4d65-9615-be335eb4bee7","block_type":"box","text":"been offered pursuant to Rule 144A under the Securities Act of","page_number":53,"box":{"x":83,"y":688,"width":403,"height":11}},{"id":"34c6a9e9-925a-443f-89fa-b769e86f1513","block_type":"box","text":"1933, as amended (the “1933 Act”). Subject to the methodology","page_number":53,"box":{"x":85,"y":703,"width":409,"height":10}},{"id":"b8588c28-879a-4c76-a8ab-1c6b1a66cc18","block_type":"box","text":"of the Underlying Index discussed below, the securities in the","page_number":53,"box":{"x":83,"y":717,"width":392,"height":11}},{"id":"5e80d840-5177-41a5-983e-4aea5fbed4a1","block_type":"box","text":"Underlying Index may carry a coupon that steps-up according to a","page_number":53,"box":{"x":83,"y":731,"width":421,"height":11}},{"id":"2f30ac8d-9a32-41df-aa2d-49597af4f6a2","block_type":"box","text":"predetermined schedule (","page_number":53,"box":{"x":83,"y":745,"width":163,"height":11}},{"id":"38f3cb7d-3397-48c2-bee1-584894f2d23b","block_type":"box","text":"i.e.","page_number":53,"box":{"x":247,"y":745,"width":17,"height":9}},{"id":"2d496f82-4c57-46b5-bd4b-0cd6829c1f7d","block_type":"box","text":", the interest rate paid on such","page_number":53,"box":{"x":266,"y":745,"width":195,"height":11}},{"id":"5c9f4ca8-a2de-47e3-bbfb-6d2c8c491633","block_type":"box","text":"securities will increase over time). 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BBB-rated bonds from the","page_number":53,"box":{"x":549,"y":80,"width":403,"height":11}},{"id":"a740dd60-a8b7-44da-b067-a8ec5074ba8e","block_type":"box","text":"Corporate Index will be introduced to the Underlying Index under","page_number":53,"box":{"x":549,"y":94,"width":415,"height":11}},{"id":"208390fd-09f1-4588-9e3f-7940e5d912e9","block_type":"box","text":"the following conditions: (1) in the last 1.5 years but before the","page_number":53,"box":{"x":549,"y":108,"width":398,"height":11}},{"id":"55c8299d-1f57-4c65-a136-265895d5f86f","block_type":"box","text":"last 6 months of the Underlying Index’s term, the Underlying Index","page_number":53,"box":{"x":549,"y":122,"width":424,"height":11}},{"id":"c0262011-4a0e-4c70-b69a-7b3a2aa8a4d3","block_type":"box","text":"will introduce BBB-rated bonds (which are considered investment","page_number":53,"box":{"x":549,"y":137,"width":423,"height":10}},{"id":"1f9c64e8-fa42-4b6d-b153-e0f70e4c9a2d","block_type":"box","text":"grade) as constituent high yield bonds (which are considered","page_number":53,"box":{"x":549,"y":151,"width":388,"height":11}},{"id":"ebcc6081-b6fc-4a56-bb4d-013220a2a5c6","block_type":"box","text":"below investment-grade) are called, no longer qualify for inclusion","page_number":53,"box":{"x":549,"y":165,"width":421,"height":11}},{"id":"87cc8204-531f-45f9-b884-e0fd66dd5aaf","block_type":"box","text":"(due to, among other factors, sector reclassifications of issuers,","page_number":53,"box":{"x":549,"y":179,"width":408,"height":11}},{"id":"c26f6c5c-f524-47b3-9f18-61be933af26f","block_type":"box","text":"changes in the credit rating of bonds included in the Underlying","page_number":53,"box":{"x":549,"y":193,"width":405,"height":11}},{"id":"23a35b8a-efdd-4132-91fa-0b5ae101acc9","block_type":"box","text":"Index or rebalances to maintain issuer limits), or decline in value","page_number":53,"box":{"x":550,"y":208,"width":410,"height":10}},{"id":"53ba49d0-81e1-446f-be5d-049efb6cbed7","block_type":"box","text":"compared to a reference point set at 1.5 years from the","page_number":53,"box":{"x":549,"y":222,"width":355,"height":10}},{"id":"6f3b2f20-dfd1-4691-9207-95b0135192c4","block_type":"box","text":"Underlying Index’s term or (2) if, prior to the last 1.5 years","page_number":53,"box":{"x":550,"y":236,"width":369,"height":11}},{"id":"1f7ac06c-d925-4c2c-a02e-c564adfbb6f7","block_type":"box","text":"remaining in the Underlying Index’s term, the market value of the","page_number":53,"box":{"x":549,"y":250,"width":415,"height":11}},{"id":"dc3879e9-abda-4b0c-b26a-1eabe262442d","block_type":"box","text":"high yield bonds in the Underlying Index declines below $30","page_number":53,"box":{"x":549,"y":263,"width":383,"height":12}},{"id":"c2941fa0-3fe0-43d7-a84a-619488e74390","block_type":"box","text":"billion, the Underlying Index will add BBB-rated bonds to maintain","page_number":53,"box":{"x":549,"y":278,"width":418,"height":11}},{"id":"3df890e0-c3c9-4835-a6f3-dc6b4025c1fb","block_type":"box","text":"a $30 billion minimum market value for the Underlying Index. In","page_number":53,"box":{"x":549,"y":292,"width":406,"height":11}},{"id":"3b9cbe1f-418d-4f41-a172-f5c446bf2edd","block_type":"box","text":"the final year of the Underlying Index’s term, any principal and","page_number":53,"box":{"x":549,"y":307,"width":396,"height":11}},{"id":"174bb814-8882-4d8d-9422-f20a6b27c3f3","block_type":"box","text":"interest paid by index constituents is treated as follows: (1) during","page_number":53,"box":{"x":549,"y":321,"width":420,"height":11}},{"id":"31078496-9976-4999-afab-bbe6990a3925","block_type":"box","text":"the first six months of the final year, the Underlying Index","page_number":53,"box":{"x":549,"y":335,"width":367,"height":11}},{"id":"a308c282-50c9-42d7-b81a-80ca8d2c0f2f","block_type":"box","text":"reinvests proceeds pro-rata into the remaining bonds in the","page_number":53,"box":{"x":549,"y":349,"width":380,"height":11}},{"id":"71a14e58-be1c-4901-829b-23c7ae9c53b7","block_type":"box","text":"Underlying Index, and (2) during the last six months of the final","page_number":53,"box":{"x":550,"y":363,"width":399,"height":11}},{"id":"b06104d9-dcf2-4b24-bb40-67b9547298cb","block_type":"box","text":"year, principal is not reinvested and is presumed to be held in","page_number":53,"box":{"x":549,"y":378,"width":392,"height":10}},{"id":"ab230912-f438-4a27-acd5-d4659452b50b","block_type":"box","text":"cash while earning no interest.","page_number":53,"box":{"x":549,"y":392,"width":195,"height":11}},{"id":"9a9bc8e5-38e4-49e7-bfd6-8a7a9ddf6bff","block_type":"box","text":"Bonds with a clean price (","page_number":53,"box":{"x":550,"y":414,"width":163,"height":11}},{"id":"c47f165b-f795-4832-b298-6f4f99eea798","block_type":"box","text":"i.e.","page_number":53,"box":{"x":713,"y":414,"width":18,"height":8}},{"id":"0f1de675-d1fd-4537-945a-b822f940f570","block_type":"box","text":", the price does not include accrued","page_number":53,"box":{"x":733,"y":414,"width":228,"height":10}},{"id":"4ad3faef-eab8-47d9-ba7f-ae9e17c779da","block_type":"box","text":"interest between coupon payments) below $60 are excluded from","page_number":53,"box":{"x":549,"y":427,"width":421,"height":12}},{"id":"f632b86b-f266-498b-a715-a4987c4fed9f","block_type":"box","text":"the Underlying Index and subject to a 3 month lock-out period","page_number":53,"box":{"x":549,"y":442,"width":397,"height":11}},{"id":"0359d4ff-cdca-46b3-b11d-a3b55e2bf56f","block_type":"box","text":"before they are eligible for inclusion again at rebalance. During","page_number":53,"box":{"x":549,"y":456,"width":401,"height":11}},{"id":"cda877f2-312b-4484-bb0e-a2b94c8a1d7b","block_type":"box","text":"the final 1.5 years of the maturity of the index, bonds that fall","page_number":53,"box":{"x":549,"y":470,"width":390,"height":11}},{"id":"77b0f408-0c91-4d02-9ebd-d64c3798cc34","block_type":"box","text":"below $60 at rebalance will be permanently ineligible for the","page_number":53,"box":{"x":549,"y":484,"width":386,"height":11}},{"id":"3cafb535-174b-42fc-9fe4-194fbdfeb93d","block_type":"box","text":"Underlying Index.","page_number":53,"box":{"x":550,"y":499,"width":109,"height":11}},{"id":"ebb7f506-5ef2-4283-b628-52c144136503","block_type":"box","text":"In addition, to be included in the Underlying Index, securities must","page_number":53,"box":{"x":550,"y":521,"width":422,"height":11}},{"id":"66210924-f80e-4680-a995-51a791856719","block_type":"box","text":"be rated “high yield” to be selected from the High Yield Index and","page_number":53,"box":{"x":549,"y":535,"width":417,"height":11}},{"id":"072ab885-c358-4919-b84f-189fcc0ada67","block_type":"box","text":"“BBB” to be selected from the Corporate Index. The bonds from","page_number":53,"box":{"x":549,"y":549,"width":406,"height":11}},{"id":"5426b35f-8298-4508-a207-d1ae374f1526","block_type":"box","text":"the High Yield Index must have a rating equal to or below","page_number":53,"box":{"x":549,"y":563,"width":364,"height":11}},{"id":"09eb31d1-6c12-48ff-9dcf-dd9fb8a39d24","block_type":"box","text":"“Ba1”/”BB+”/”BB+” and above “CC”. The bonds from the","page_number":53,"box":{"x":549,"y":577,"width":370,"height":11}},{"id":"481a5a3c-0230-4586-ad2f-bbdac9ba5c91","block_type":"box","text":"Corporate Index must have a rating of “BBB” (or equivalent). The","page_number":53,"box":{"x":549,"y":592,"width":412,"height":10}},{"id":"906f4a64-6796-4313-b293-7b00deb0c70a","block_type":"box","text":"Index Provider will use the middle rating of Moody’s Investors","page_number":53,"box":{"x":550,"y":606,"width":391,"height":11}},{"id":"ac1a20e8-f544-4a47-94fd-f4613d02c324","block_type":"box","text":"Service, Inc. 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(“Fitch”) when a rating from all three agencies is available;","page_number":53,"box":{"x":550,"y":648,"width":398,"height":11}},{"id":"f44b7502-69b5-4f17-95fd-eb09b75409a3","block_type":"box","text":"when a rating from only two agencies is available, the lower is","page_number":53,"box":{"x":549,"y":663,"width":394,"height":10}},{"id":"81144592-f9c7-4407-85b1-ca6797b110c6","block_type":"box","text":"used; when only one agency rates a bond, that rating is used. In","page_number":53,"box":{"x":549,"y":677,"width":406,"height":11}},{"id":"10468973-244b-45b7-82d9-0e72b9bb8ca0","block_type":"box","text":"cases where ratings are not available, other sources may be used","page_number":53,"box":{"x":549,"y":691,"width":417,"height":11}},{"id":"a7c0483a-7ad1-415f-8845-f488397eb066","block_type":"box","text":"to classify bonds by investment quality.","page_number":53,"box":{"x":549,"y":705,"width":250,"height":11}},{"id":"81135bd5-5479-4a7a-a95c-70a4856469da","block_type":"box","text":"The Fund is a series of the iShares iBonds fixed maturity series of","page_number":53,"box":{"x":549,"y":727,"width":417,"height":11}},{"id":"968a5bbd-eed5-4ac9-81a3-f8455ddfebd1","block_type":"box","text":"bond ETFs sponsored by BlackRock, Inc. (“BlackRock”). The Fund","page_number":53,"box":{"x":549,"y":741,"width":416,"height":11}},{"id":"bf9ad50c-dca4-48ca-b75e-28adfa70f700","block_type":"box","text":"does not invest in U.S. savings bonds or other U.S. government","page_number":53,"box":{"x":549,"y":755,"width":404,"height":11}},{"id":"cd06a86b-9a92-44b4-9978-98f92be0551f","block_type":"box","text":"bonds (except to the extent the Fund holds cash equivalent","page_number":53,"box":{"x":549,"y":770,"width":379,"height":10}},{"id":"406769f9-a8b2-4bc3-b5b6-aadc935a9566","block_type":"box","text":"instruments consistent with its investment objective) and is not","page_number":53,"box":{"x":549,"y":784,"width":406,"height":11}},{"id":"86b0a775-649e-4d31-b90e-aa097a45956e","block_type":"box","text":"designed to provide protection against inflation.","page_number":53,"box":{"x":549,"y":798,"width":305,"height":11}},{"id":"8206543d-7f5d-4fe6-a505-cbb50d0f687f","block_type":"box","text":"BFA uses an indexing approach to try to achieve the Fund’s","page_number":53,"box":{"x":550,"y":821,"width":376,"height":11}},{"id":"bad5a80b-3a5c-4ed0-9103-65f6d528030c","block_type":"box","text":"investment objective. The Fund does not try to “beat” the index it","page_number":53,"box":{"x":549,"y":835,"width":417,"height":11}},{"id":"df9fe6e4-dd25-4936-aa54-6a34c3091a26","block_type":"box","text":"tracks and does not seek temporary defensive positions when","page_number":53,"box":{"x":549,"y":849,"width":396,"height":11}},{"id":"d4774706-ced6-4a98-a536-aa6c179359e0","block_type":"box","text":"markets decline or appear overvalued.","page_number":53,"box":{"x":549,"y":864,"width":244,"height":10}},{"id":"f2ae4bdb-07a8-4b2f-a878-484b18e2629f","block_type":"box","text":"S-42","page_number":53,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"7af5ea8c-2a6e-43c6-8e0c-2aa6c43e778a","block_type":"box","text":"Indexing may eliminate the chance that the Fund will substantially","page_number":54,"box":{"x":83,"y":23,"width":421,"height":11}},{"id":"ea0fb72a-8953-4ae3-9a63-18dec5176e43","block_type":"box","text":"outperform the Underlying Index but also may reduce some of the","page_number":54,"box":{"x":83,"y":37,"width":421,"height":11}},{"id":"5afddace-89c1-4e9f-a5c9-9dc204a94c43","block_type":"box","text":"risks of active management, such as poor security selection.","page_number":54,"box":{"x":83,"y":51,"width":386,"height":11}},{"id":"60db0993-eb97-4b8b-a579-36c682ae40c2","block_type":"box","text":"Indexing seeks to achieve lower costs and better after-tax","page_number":54,"box":{"x":83,"y":66,"width":370,"height":11}},{"id":"88b8e8fa-c315-4eb8-b9d8-e53a74a0a299","block_type":"box","text":"performance by aiming to keep portfolio turnover low in","page_number":54,"box":{"x":83,"y":80,"width":356,"height":11}},{"id":"0f6decfc-39c4-471a-8c6b-2290fe867bb4","block_type":"box","text":"comparison to actively managed investment companies.","page_number":54,"box":{"x":83,"y":94,"width":359,"height":11}},{"id":"23d676d2-3d35-428e-a63f-ab4f5fc1377d","block_type":"box","text":"BFA uses a representative sampling indexing strategy to manage","page_number":54,"box":{"x":84,"y":117,"width":411,"height":11}},{"id":"65ef88f2-c634-45b6-a7e7-f45c8ca19224","block_type":"box","text":"the Fund. “Representative sampling” is an indexing strategy that","page_number":54,"box":{"x":83,"y":131,"width":411,"height":11}},{"id":"cee58d5a-e775-42eb-b233-2451e8f56c5b","block_type":"box","text":"involves investing in a representative sample of securities or other","page_number":54,"box":{"x":83,"y":146,"width":424,"height":10}},{"id":"bc7ab4b7-8801-41c8-977b-b45e26417133","block_type":"box","text":"instruments that collectively has an investment profile similar to","page_number":54,"box":{"x":83,"y":160,"width":410,"height":11}},{"id":"4993989c-9b94-4d19-9b3a-fb9344097fa8","block_type":"box","text":"that of an applicable underlying index. The instruments selected","page_number":54,"box":{"x":83,"y":174,"width":408,"height":11}},{"id":"7fa83bf1-c0d3-4dc0-be27-ce8c123f1554","block_type":"box","text":"are expected to have, in the aggregate, investment characteristics","page_number":54,"box":{"x":83,"y":188,"width":423,"height":11}},{"id":"6ea2b3ad-6073-4c49-96d5-d764d5f5d79e","block_type":"box","text":"(based on factors such as market value and industry weightings),","page_number":54,"box":{"x":83,"y":202,"width":415,"height":11}},{"id":"01b6169f-e187-49a2-a50b-5df5a29a6357","block_type":"box","text":"fundamental characteristics (such as return variability, duration","page_number":54,"box":{"x":82,"y":216,"width":406,"height":11}},{"id":"8c54bcf4-2a5c-42a7-9666-2ccade0f33ef","block_type":"box","text":"(","page_number":54,"box":{"x":83,"y":231,"width":3,"height":10}},{"id":"a75610db-c000-419a-b37e-530a8fad1222","block_type":"box","text":"i.e.","page_number":54,"box":{"x":87,"y":231,"width":17,"height":8}},{"id":"58a9adc7-e79e-4d5f-a716-aebc1db9a62c","block_type":"box","text":", an instrument’s price sensitivity to a change in interest","page_number":54,"box":{"x":106,"y":231,"width":359,"height":11}},{"id":"f4e3e96e-d60c-4043-8bb3-019d6fb8ba84","block_type":"box","text":"rates), maturity or credit ratings and yield) and liquidity measures","page_number":54,"box":{"x":83,"y":245,"width":418,"height":11}},{"id":"80d3a1f4-4c41-4aad-98ad-09ca70052155","block_type":"box","text":"similar to those of an applicable underlying index. The Fund may","page_number":54,"box":{"x":83,"y":259,"width":410,"height":11}},{"id":"169506be-1d4e-4017-9483-7f3932e68a06","block_type":"box","text":"or may not hold all of the components of the Underlying Index.","page_number":54,"box":{"x":83,"y":273,"width":399,"height":11}},{"id":"b26c47e2-a253-4a52-8c0b-1929ddc57015","block_type":"box","text":"The Fund will invest at least 80% of its assets in the component","page_number":54,"box":{"x":82,"y":296,"width":405,"height":11}},{"id":"b84be7e9-8b01-4bca-8f76-8d3114f30c2f","block_type":"box","text":"instruments of the Underlying Index, and (except during the last","page_number":54,"box":{"x":83,"y":311,"width":408,"height":10}},{"id":"28a37f10-5c4b-40c4-b3f5-6edc4f96d28d","block_type":"box","text":"twelve months of the Fund’s operations) the Fund will invest at","page_number":54,"box":{"x":83,"y":325,"width":401,"height":11}},{"id":"32fff295-5c09-4970-b94b-fdfafbcac076","block_type":"box","text":"least 90% of its assets in fixed income securities of the types","page_number":54,"box":{"x":83,"y":339,"width":388,"height":11}},{"id":"367fe2da-82db-4107-9548-1c1c443b85d8","block_type":"box","text":"included in the Underlying Index that BFA believes will help the","page_number":54,"box":{"x":83,"y":353,"width":400,"height":11}},{"id":"0f4e95e7-cbaa-4642-b95c-e2b2d59ba328","block_type":"box","text":"Fund track the Underlying Index. The Fund will invest no more","page_number":54,"box":{"x":84,"y":367,"width":393,"height":11}},{"id":"b21d64f7-8452-4581-bbab-5b28ac7919e4","block_type":"box","text":"than 10% of its assets in futures, options and swaps contracts that","page_number":54,"box":{"x":83,"y":382,"width":423,"height":10}},{"id":"3239c331-ddca-4f3e-a96f-2a29941dec4e","block_type":"box","text":"BFA believes will help the Fund track the Underlying Index as well","page_number":54,"box":{"x":84,"y":396,"width":415,"height":11}},{"id":"2c082745-c64b-4386-a42b-a3cbd0018ba2","block_type":"box","text":"as in fixed income securities other than the types included in the","page_number":54,"box":{"x":83,"y":410,"width":413,"height":11}},{"id":"aca44496-46cf-4296-8c22-6e47dd301029","block_type":"box","text":"Underlying Index, but which BFA believes will help the Fund track","page_number":54,"box":{"x":83,"y":424,"width":414,"height":11}},{"id":"64de71de-aed5-4569-974f-2f60ce5df913","block_type":"box","text":"the Underlying Index. Cash and cash equivalent investments","page_number":54,"box":{"x":83,"y":438,"width":385,"height":11}},{"id":"54788f10-32ad-408f-abdb-b5fd026a4097","block_type":"box","text":"associated with a derivative position will be treated as part of that","page_number":54,"box":{"x":83,"y":452,"width":421,"height":11}},{"id":"a7db1ec1-178f-4a0a-bbc3-ed8b08ca25ae","block_type":"box","text":"position for the purposes of calculating the percentage of","page_number":54,"box":{"x":83,"y":467,"width":367,"height":10}},{"id":"af54be13-073c-4412-8202-eb3e9342c5c3","block_type":"box","text":"investments included in the Underlying Index.","page_number":54,"box":{"x":83,"y":481,"width":290,"height":11}},{"id":"0e70ca82-64c1-458c-8479-76ad32f87430","block_type":"box","text":"In the last six months of operation, as the bonds held by the Fund","page_number":54,"box":{"x":83,"y":503,"width":418,"height":11}},{"id":"320de5b8-5976-4057-9fe0-adf89aa4cde1","block_type":"box","text":"mature, the proceeds may not be reinvested by the Fund in bonds","page_number":54,"box":{"x":83,"y":517,"width":420,"height":11}},{"id":"06b7bba0-a34d-48d1-939d-26440ae125b8","block_type":"box","text":"but instead will be held in cash and cash equivalents. By fifteen","page_number":54,"box":{"x":83,"y":531,"width":403,"height":11}},{"id":"53a21f7f-381a-4cef-83f4-888e206b5b1d","block_type":"box","text":"days prior to maturity, the Underlying Index is expected to consist","page_number":54,"box":{"x":83,"y":545,"width":421,"height":11}},{"id":"2824e5a3-665f-4757-8c86-20659e89002a","block_type":"box","text":"almost entirely of cash and cash equivalents. On or around this","page_number":54,"box":{"x":83,"y":559,"width":402,"height":11}},{"id":"bae343f4-ede1-41e5-82a6-dc021b98e266","block_type":"box","text":"date, the Fund will wind up and terminate. 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The Index Provider","page_number":54,"box":{"x":549,"y":37,"width":354,"height":11}},{"id":"edec6d2b-798e-4a24-a5e7-ef975ba6860e","block_type":"box","text":"determines the composition and relative weightings of the","page_number":54,"box":{"x":549,"y":51,"width":372,"height":11}},{"id":"a8f2d6bf-3bab-44be-9d42-fb1805e2a8c9","block_type":"box","text":"components of the Underlying Index and publishes information","page_number":54,"box":{"x":549,"y":66,"width":401,"height":11}},{"id":"45a3f41e-81cb-4513-8207-26bcd77fa267","block_type":"box","text":"regarding the market value of the Underlying Index.","page_number":54,"box":{"x":549,"y":80,"width":327,"height":11}},{"id":"1884639b-421a-4e56-9883-096815c97c3f","block_type":"box","text":"Industry Concentration Policy.","page_number":54,"box":{"x":550,"y":103,"width":209,"height":11}},{"id":"3c42c493-c88e-4436-92c1-015b59e56572","block_type":"box","text":"The Fund will concentrate its","page_number":54,"box":{"x":764,"y":103,"width":184,"height":9}},{"id":"dcc752df-b00d-4396-bfcc-4b4d26f874cc","block_type":"box","text":"investments (","page_number":54,"box":{"x":549,"y":117,"width":86,"height":11}},{"id":"df7e3994-d1fd-43bb-b86d-44fd19301e2e","block_type":"box","text":"i.e.","page_number":54,"box":{"x":635,"y":117,"width":17,"height":9}},{"id":"163c7e42-aa77-49d6-9374-ac7ae79eeae6","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":54,"box":{"x":655,"y":117,"width":264,"height":11}},{"id":"a21d3a18-40a2-47a2-bf0a-0ab76da7bbdd","block_type":"box","text":"particular industry or group of industries to approximately the","page_number":54,"box":{"x":549,"y":131,"width":394,"height":11}},{"id":"6cb0a5c6-9682-4135-8daa-f042af5fbbf3","block_type":"box","text":"same extent that the Underlying Index is concentrated. 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The Fund is subject to certain risks,","page_number":54,"box":{"x":549,"y":313,"width":396,"height":11}},{"id":"012b0257-3847-43c3-915f-ab167fc80b4d","block_type":"box","text":"including the principal risks noted below, any of which may","page_number":54,"box":{"x":549,"y":327,"width":376,"height":11}},{"id":"4d418f6c-0b76-4cdf-9bc2-91e0fe6ac8dc","block_type":"box","text":"adversely affect the Fund’s net asset value per share (“NAV”),","page_number":54,"box":{"x":549,"y":342,"width":392,"height":10}},{"id":"ea8df420-629f-4d72-9312-750077e3c6e3","block_type":"box","text":"trading price, yield, total return and ability to meet its investment","page_number":54,"box":{"x":549,"y":356,"width":416,"height":11}},{"id":"31751e6a-5c26-4944-821a-28eb440210a1","block_type":"box","text":"objective. Certain key risks are prioritized below (with others","page_number":54,"box":{"x":549,"y":370,"width":388,"height":11}},{"id":"74da56d3-2d19-46da-a2f4-d2651e1730ab","block_type":"box","text":"following in alphabetical order), but the relative significance of any","page_number":54,"box":{"x":549,"y":384,"width":425,"height":11}},{"id":"3dfae9d5-1ff2-43e3-8794-d755a5a8de36","block_type":"box","text":"risk is difficult to predict and may change over time. You should","page_number":54,"box":{"x":549,"y":398,"width":405,"height":11}},{"id":"ed793632-87bb-4537-9445-2ba903a01116","block_type":"box","text":"review each risk factor carefully.","page_number":54,"box":{"x":549,"y":412,"width":206,"height":11}},{"id":"9844d6e8-2078-4cb4-9fc4-b73bfa8239c0","block_type":"box","text":"High Yield Securities Risk.","page_number":54,"box":{"x":549,"y":436,"width":176,"height":10}},{"id":"53cafd5e-7937-4ecd-bbe9-9e83f271da33","block_type":"box","text":"Debt securities that are rated below","page_number":54,"box":{"x":732,"y":436,"width":229,"height":8}},{"id":"56f5d99e-1158-4fc3-9ebe-c94908866723","block_type":"box","text":"investment grade (commonly referred to as “junk bonds”) and","page_number":54,"box":{"x":549,"y":450,"width":395,"height":11}},{"id":"07434168-e08a-4b56-a6d4-c2e0ca0d3c57","block_type":"box","text":"debt securities that are unrated are generally considered to be","page_number":54,"box":{"x":549,"y":464,"width":400,"height":11}},{"id":"d07cab64-a273-4a6a-a82c-c214247734ce","block_type":"box","text":"speculative. Compared to higher-quality debt securities, high yield","page_number":54,"box":{"x":549,"y":478,"width":422,"height":11}},{"id":"1c8e4e2d-e98f-498d-87aa-cce4c4e905c8","block_type":"box","text":"securities are subject to a greater risk of default, illiquidity, price","page_number":54,"box":{"x":549,"y":492,"width":412,"height":11}},{"id":"c8b77ecd-e3f8-4985-bf98-533a5ee0d2d5","block_type":"box","text":"volatility and valuation uncertainty. Such investments may be","page_number":54,"box":{"x":548,"y":507,"width":392,"height":10}},{"id":"381a63c1-b5b1-47d2-ab8d-8cf2caf90930","block_type":"box","text":"subject to additional risks including subordination to other","page_number":54,"box":{"x":549,"y":521,"width":373,"height":11}},{"id":"e170720a-1e90-4d9c-ad22-e6fea2059bcb","block_type":"box","text":"creditors, no collateral or limited rights in collateral, lack of a","page_number":54,"box":{"x":549,"y":535,"width":389,"height":11}},{"id":"d1532a58-43aa-4510-a4ea-88e26e86f505","block_type":"box","text":"regular trading market, prepayment risk, and lack of publicly","page_number":54,"box":{"x":549,"y":549,"width":386,"height":11}},{"id":"9f9dba85-0422-413a-9af9-ff214e3d2147","block_type":"box","text":"available information.","page_number":54,"box":{"x":549,"y":563,"width":136,"height":9}},{"id":"dcdf904c-7dae-4368-a0b8-cd30b99edf7c","block_type":"box","text":"Credit Risk","page_number":54,"box":{"x":549,"y":586,"width":75,"height":9}},{"id":"56b833ad-0a25-4627-a0fe-dbf970d731fc","block_type":"box","text":".","page_number":54,"box":{"x":624,"y":593,"width":2,"height":2}},{"id":"34631770-3156-4f0a-a573-43785a17b9c9","block_type":"box","text":"Credit risk is the risk that an issuer, guarantor or","page_number":54,"box":{"x":632,"y":586,"width":311,"height":11}},{"id":"01a921d5-2e16-4887-b99d-2f6a397aa63e","block_type":"box","text":"liquidity provider of a fixed-income security may be unable or","page_number":54,"box":{"x":549,"y":601,"width":391,"height":10}},{"id":"933978b1-46e3-42ed-abfc-b42276e6cd66","block_type":"box","text":"unwilling, or may be perceived as unable or unwilling, to make","page_number":54,"box":{"x":549,"y":615,"width":395,"height":11}},{"id":"1a0ec09d-42b3-4ae2-ae60-cc52679ab433","block_type":"box","text":"timely principal and/or interest payments or to otherwise honor","page_number":54,"box":{"x":549,"y":629,"width":410,"height":11}},{"id":"5b3e4267-3571-4988-9b41-a319e78821aa","block_type":"box","text":"its obligations. The credit rating assigned to a security or its issuer","page_number":54,"box":{"x":549,"y":643,"width":424,"height":11}},{"id":"df6c4a3d-9daa-4831-92b1-9ecd43601a0b","block_type":"box","text":"does not necessarily reflect the issuer’s current financial","page_number":54,"box":{"x":549,"y":657,"width":361,"height":11}},{"id":"7bb35a82-d3b6-4840-8459-aa6b42098bab","block_type":"box","text":"condition or an investment’s volatility or liquidity. 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The Fund may be adversely affected if an investment","page_number":54,"box":{"x":549,"y":728,"width":406,"height":11}},{"id":"adab91e4-6d88-46f1-9d5b-07fc40e81536","block_type":"box","text":"that it holds experiences a downgrade or a default.","page_number":54,"box":{"x":549,"y":742,"width":324,"height":11}},{"id":"a1d2157b-5914-4be5-b118-c406e339e48f","block_type":"box","text":"Income Risk.","page_number":54,"box":{"x":549,"y":766,"width":86,"height":8}},{"id":"dd5239c6-14e9-445a-aa91-7dc1fb571dca","block_type":"box","text":"The Fund’s income may decline due to falling","page_number":54,"box":{"x":640,"y":766,"width":288,"height":11}},{"id":"17a20203-9c83-4293-b70c-f026d6cb3de6","block_type":"box","text":"interest rates or other factors. This can occur because the Fund","page_number":54,"box":{"x":549,"y":780,"width":407,"height":8}},{"id":"12610e92-f4f3-46e5-9a26-6612496b4cb5","block_type":"box","text":"may be required to invest in lower-yielding bonds when a bond in","page_number":54,"box":{"x":549,"y":794,"width":414,"height":11}},{"id":"5a03e2aa-bdb6-45b8-95a6-dc681403fadc","block_type":"box","text":"the Fund’s portfolio matures, is near maturity, is called or is","page_number":54,"box":{"x":549,"y":808,"width":380,"height":11}},{"id":"4a1caac7-d18a-4673-93ef-4fe05ad8b0a8","block_type":"box","text":"prepaid, when bonds in the Underlying Index are substituted, or","page_number":54,"box":{"x":549,"y":822,"width":406,"height":11}},{"id":"9a27b791-a1d6-400d-9c29-1dc5e2207a59","block_type":"box","text":"when the Fund otherwise needs to purchase additional bonds. The","page_number":54,"box":{"x":549,"y":837,"width":424,"height":10}},{"id":"89c5a52b-0b92-4683-aadd-57f8444c7753","block_type":"box","text":"Index Provider’s substitution of bonds in the Underlying Index may","page_number":54,"box":{"x":550,"y":851,"width":423,"height":11}},{"id":"1e9e0bc8-3708-4d5e-872e-86872ee58355","block_type":"box","text":"occur, for example, when the time to maturity for the bond no","page_number":54,"box":{"x":549,"y":865,"width":394,"height":11}},{"id":"8180e912-8b19-4242-896b-f27ffbe85832","block_type":"box","text":"longer matches the Underlying Index’s stated maturity guidelines.","page_number":54,"box":{"x":549,"y":879,"width":419,"height":11}},{"id":"2ba02a0d-0252-42a5-8437-3792c47a74ca","block_type":"box","text":"S-43","page_number":54,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"49aa89bd-3bf5-4423-8319-9e9271f6f8fd","block_type":"box","text":"Market Risk","page_number":55,"box":{"x":83,"y":23,"width":82,"height":9}},{"id":"e7b95f5b-4065-41b2-a00c-9f2ce4c50bf9","block_type":"box","text":".","page_number":55,"box":{"x":165,"y":30,"width":2,"height":2}},{"id":"5c25b90f-b3a8-4b83-a6e0-a5400629f83c","block_type":"box","text":"The Fund could lose money over short periods due","page_number":55,"box":{"x":172,"y":23,"width":323,"height":11}},{"id":"62e5a232-650e-43ea-a61f-2a7f0aa79b05","block_type":"box","text":"to short-term market movements and over longer periods during","page_number":55,"box":{"x":83,"y":37,"width":413,"height":11}},{"id":"3fdb6685-1b7a-40c9-84b9-d3522afb0b75","block_type":"box","text":"more prolonged market downturns. 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Communications","page_number":55,"box":{"x":549,"y":103,"width":390,"height":11}},{"id":"08df93bc-3943-4d2c-94f5-4fd6d6dfd5b6","block_type":"box","text":"companies face risks related to cybersecurity incidents, data","page_number":55,"box":{"x":549,"y":117,"width":388,"height":11}},{"id":"d3e65466-0418-4bad-a99f-b527c57d3f2f","block_type":"box","text":"breaches, new technologies, substantial capital requirements,","page_number":55,"box":{"x":549,"y":131,"width":396,"height":11}},{"id":"b7532f33-6569-4ea2-819a-73b4c6fb24b3","block_type":"box","text":"government regulation, cyclicality of revenues and earnings,","page_number":55,"box":{"x":549,"y":146,"width":384,"height":10}},{"id":"0bd2a703-6321-4146-ac1c-5523afa4d75a","block_type":"box","text":"obsolescence of products and services, and changes in consumer","page_number":55,"box":{"x":549,"y":160,"width":421,"height":11}},{"id":"ac259753-c605-4f73-b282-b6d1866c7d93","block_type":"box","text":"preferences and expectations, among other things.","page_number":55,"box":{"x":549,"y":174,"width":326,"height":11}},{"id":"431b3f9c-ea64-480f-9619-fab555eb8626","block_type":"box","text":"Concentration Risk.","page_number":55,"box":{"x":549,"y":197,"width":132,"height":9}},{"id":"769c8475-2c04-481d-a57e-097b956e2de2","block_type":"box","text":"The Fund may be susceptible to an","page_number":55,"box":{"x":687,"y":197,"width":221,"height":11}},{"id":"50b1d313-de0e-470c-9085-2ef388ce331a","block_type":"box","text":"increased risk of loss, including losses due to adverse events that","page_number":55,"box":{"x":549,"y":211,"width":419,"height":11}},{"id":"46468941-e09a-4aa7-a67a-9dd02c9ab251","block_type":"box","text":"affect the Fund’s investments more than the market as a whole,","page_number":55,"box":{"x":549,"y":226,"width":408,"height":10}},{"id":"de142a79-ab4b-44c1-a2f9-e39de9311b62","block_type":"box","text":"to the extent that the Fund’s investments are concentrated in the","page_number":55,"box":{"x":549,"y":240,"width":418,"height":8}},{"id":"f3425f2b-478a-4c1e-8e41-db4fe16f57e6","block_type":"box","text":"securities or other assets of one or more issuers, countries or","page_number":55,"box":{"x":549,"y":254,"width":395,"height":10}},{"id":"9f3fcc86-ab4e-442c-b10b-5b40ba338434","block_type":"box","text":"other geographic units, markets, industries, project types, or","page_number":55,"box":{"x":549,"y":268,"width":388,"height":11}},{"id":"14585ea1-8c8a-435d-a0fd-9f7641a9765f","block_type":"box","text":"asset classes.","page_number":55,"box":{"x":549,"y":282,"width":88,"height":9}},{"id":"707b0497-cbeb-4471-b5d6-e5446dacc7e6","block_type":"box","text":"Consumer Goods and Services Companies Risk.","page_number":55,"box":{"x":549,"y":305,"width":325,"height":11}},{"id":"2cca6c31-9fc2-4a7d-beeb-a77626cc1496","block_type":"box","text":"Consumer","page_number":55,"box":{"x":880,"y":305,"width":65,"height":9}},{"id":"5f68436a-e79f-40ee-b8d5-b14a0964d6b4","block_type":"box","text":"goods and services companies face risks related to changes in","page_number":55,"box":{"x":549,"y":320,"width":399,"height":10}},{"id":"ccac5c57-775a-4546-864c-34b0dc4ed9cf","block_type":"box","text":"consumer preferences and disposable income, commodity prices,","page_number":55,"box":{"x":549,"y":334,"width":421,"height":11}},{"id":"5631e281-3cb8-4de7-a233-4451d936e231","block_type":"box","text":"government regulation, supply chain disruptions, damage to brand","page_number":55,"box":{"x":549,"y":348,"width":423,"height":11}},{"id":"0bd1b484-8914-48b1-9747-875589959886","block_type":"box","text":"or reputation, economic slowdown and labor shortages, among","page_number":55,"box":{"x":549,"y":362,"width":404,"height":11}},{"id":"7bebf37f-91b7-43a5-9470-3787b1446fc0","block_type":"box","text":"other things.","page_number":55,"box":{"x":549,"y":376,"width":80,"height":11}},{"id":"6fffc9bb-7948-40e3-a707-eecc4f2af836","block_type":"box","text":"Declining Yield Risk.","page_number":55,"box":{"x":549,"y":400,"width":136,"height":10}},{"id":"ce41491c-2ec4-4c47-bed7-ce0daecf492f","block_type":"box","text":"In the months leading up to the Fund’s","page_number":55,"box":{"x":691,"y":400,"width":245,"height":10}},{"id":"cf0d593e-6b49-4c67-97c3-9bbcbb170a31","block_type":"box","text":"planned termination date, the Fund’s yield may move toward","page_number":55,"box":{"x":549,"y":414,"width":386,"height":11}},{"id":"df535098-91ca-4394-9a49-f5273ed91770","block_type":"box","text":"prevailing money market rates and may be lower than the yields","page_number":55,"box":{"x":549,"y":428,"width":408,"height":11}},{"id":"eb364c92-1ff9-437c-8d35-fb394f678c6d","block_type":"box","text":"of the bonds previously held by the Fund and lower than prevailing","page_number":55,"box":{"x":549,"y":442,"width":424,"height":11}},{"id":"e243e353-a848-42ce-a2d0-903d783238b8","block_type":"box","text":"yields for bonds in the market.","page_number":55,"box":{"x":549,"y":456,"width":193,"height":11}},{"id":"ea9914cc-e0f5-402a-9bb6-9dffaad1033a","block_type":"box","text":"Fluctuation of Yield and Liquidation Amount Risk","page_number":55,"box":{"x":549,"y":479,"width":332,"height":11}},{"id":"f90873bc-5b08-4117-9d55-de652d569eca","block_type":"box","text":".","page_number":55,"box":{"x":881,"y":486,"width":3,"height":2}},{"id":"63c4ae21-efbf-47c7-9111-0d718eda458d","block_type":"box","text":"The Fund,","page_number":55,"box":{"x":889,"y":480,"width":61,"height":10}},{"id":"ebcc5672-94f8-4d64-824e-a32e3268c0ab","block_type":"box","text":"unlike a direct investment in a bond that has a level coupon","page_number":55,"box":{"x":549,"y":494,"width":379,"height":10}},{"id":"790f42a2-92cd-4f26-b5bb-f885609b4572","block_type":"box","text":"payment and a fixed payment at maturity, will make distributions","page_number":55,"box":{"x":549,"y":508,"width":414,"height":11}},{"id":"efe0393c-6252-4c69-975e-de9b0ca4724f","block_type":"box","text":"of income that vary over time. It is expected that an investment in","page_number":55,"box":{"x":549,"y":522,"width":420,"height":11}},{"id":"2d3acfde-8414-4f01-8c2e-a0c658314511","block_type":"box","text":"the Fund, if held through maturity, will produce aggregate returns","page_number":55,"box":{"x":549,"y":536,"width":417,"height":11}},{"id":"14a014ac-edd7-4448-a1b1-958868d029eb","block_type":"box","text":"comparable to a direct investment in a group of bonds of similar","page_number":55,"box":{"x":549,"y":550,"width":410,"height":11}},{"id":"522e1c40-a8d1-4bd2-a6e9-58a98d020872","block_type":"box","text":"credit quality and maturity. 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During periods of very low or negative interest","page_number":56,"box":{"x":83,"y":481,"width":386,"height":11}},{"id":"3f033446-93ce-46da-998f-e735e0ddf9cb","block_type":"box","text":"rates, a Fund may be unable to maintain positive returns or pay","page_number":56,"box":{"x":83,"y":495,"width":404,"height":11}},{"id":"a3d437a5-879e-4097-a04b-1f353aa983a4","block_type":"box","text":"dividends to shareholders.","page_number":56,"box":{"x":83,"y":509,"width":168,"height":9}},{"id":"c43a8540-169a-4dde-a025-3e0dc1351cc2","block_type":"box","text":"Issuer Risk","page_number":56,"box":{"x":83,"y":532,"width":75,"height":9}},{"id":"edf7de61-b6aa-454c-89c2-06b439314ee2","block_type":"box","text":".","page_number":56,"box":{"x":158,"y":539,"width":3,"height":2}},{"id":"cfc04620-379e-4b93-b169-457cec376662","block_type":"box","text":"The performance of the Fund depends on the","page_number":56,"box":{"x":166,"y":532,"width":288,"height":11}},{"id":"d4a81fe4-fa8b-4a54-ae1c-f30053b94a46","block_type":"box","text":"performance of individual securities or other assets to which the","page_number":56,"box":{"x":83,"y":547,"width":412,"height":10}},{"id":"859ef6f2-6ae2-4a04-86f5-e3850f84b4d6","block_type":"box","text":"Fund has exposure. The value of securities or other assets may","page_number":56,"box":{"x":84,"y":561,"width":401,"height":11}},{"id":"c06814f8-b4a8-4ed5-bca2-14c2e0f8feb4","block_type":"box","text":"decline, or perform differently from the market as a whole, due to","page_number":56,"box":{"x":83,"y":575,"width":418,"height":11}},{"id":"baa40d56-7ce3-47e1-93d9-fcee00983ca8","block_type":"box","text":"changes in the financial condition or credit rating of the issuer or","page_number":56,"box":{"x":83,"y":589,"width":414,"height":11}},{"id":"2250166b-784c-4acd-bfa1-c9005f6ddfe0","block_type":"box","text":"counterparty.","page_number":56,"box":{"x":83,"y":604,"width":84,"height":10}},{"id":"916fb835-2730-461d-8041-c29359d9d6a0","block_type":"box","text":"Management Risk","page_number":56,"box":{"x":83,"y":626,"width":122,"height":11}},{"id":"93a02b0f-3913-42db-90d7-480d7c525d42","block_type":"box","text":".","page_number":56,"box":{"x":206,"y":633,"width":2,"height":2}},{"id":"bb1343cf-8cad-4a63-b810-cb72d4e16835","block_type":"box","text":"The Fund generally does not attempt to take","page_number":56,"box":{"x":213,"y":627,"width":283,"height":10}},{"id":"f47f48b0-60c5-454f-84ca-6fe3f2b12dd4","block_type":"box","text":"defensive positions under any market conditions, including","page_number":56,"box":{"x":83,"y":641,"width":376,"height":10}},{"id":"43765777-7941-461c-b86c-e1e450eb6b77","block_type":"box","text":"declining markets. 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Operational and technology risks for the","page_number":56,"box":{"x":549,"y":367,"width":411,"height":11}},{"id":"59aff1d7-364e-4490-b86c-bb0de7104af4","block_type":"box","text":"issuers in which the Fund invests could also result in material","page_number":56,"box":{"x":549,"y":382,"width":391,"height":8}},{"id":"748cee60-591b-4a3a-8758-fd0fda8bb0b5","block_type":"box","text":"adverse consequences for such issuers and may cause the Fund’s","page_number":56,"box":{"x":549,"y":396,"width":422,"height":10}},{"id":"eec63ca2-bc0d-4389-9822-dc4093df7ec2","block_type":"box","text":"investments in such issuers to lose value.","page_number":56,"box":{"x":549,"y":410,"width":264,"height":8}},{"id":"231656be-c227-4c69-81e8-ff5645b78413","block_type":"box","text":"Privately Issued Securities Risk.","page_number":56,"box":{"x":549,"y":433,"width":216,"height":11}},{"id":"57be7cc6-835e-4adb-8ce9-99b412cfeb1f","block_type":"box","text":"Privately issued securities are","page_number":56,"box":{"x":771,"y":433,"width":190,"height":11}},{"id":"522c77b7-5494-41a3-9b41-fb6eb9b1ec27","block_type":"box","text":"securities that have not been registered under the 1933 Act. Such","page_number":56,"box":{"x":549,"y":447,"width":421,"height":11}},{"id":"9c7209b8-7b53-4a5c-ab39-02b8368c6354","block_type":"box","text":"securities typically are subject to legal restrictions on resale and","page_number":56,"box":{"x":549,"y":461,"width":411,"height":11}},{"id":"4582560b-fc73-4f8a-8ae1-e8e36285ac53","block_type":"box","text":"generally are not traded in established public markets. 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There can be no assurance that a","page_number":56,"box":{"x":549,"y":532,"width":409,"height":11}},{"id":"406fa3ba-8a52-4a46-92d5-5f30ba43b67e","block_type":"box","text":"trading market will exist at any time for any particular privately","page_number":56,"box":{"x":549,"y":546,"width":400,"height":11}},{"id":"c42b1528-09dd-40fc-8464-84f35aaa3ee7","block_type":"box","text":"issued security. Difficulty in selling such securities at a desirable","page_number":56,"box":{"x":549,"y":561,"width":410,"height":11}},{"id":"b5be9d03-a13e-4d01-ad77-0a42e9ea34ea","block_type":"box","text":"time or price may result in a loss to the Fund.","page_number":56,"box":{"x":549,"y":575,"width":289,"height":11}},{"id":"1a090246-fda1-4c0f-8845-0f21aeafce78","block_type":"box","text":"Reinvestment Risk","page_number":56,"box":{"x":549,"y":598,"width":126,"height":9}},{"id":"f1313717-465b-411d-ac9d-2cf52a760885","block_type":"box","text":".","page_number":56,"box":{"x":675,"y":605,"width":3,"height":1}},{"id":"69443a3f-d991-4c06-9ba0-9da692c2785c","block_type":"box","text":"The Fund may invest a portion of its assets in","page_number":56,"box":{"x":683,"y":598,"width":288,"height":11}},{"id":"7f88abb7-08bf-44ec-b227-6c56ab706914","block_type":"box","text":"short-term fixed-income instruments and, as a result, may be","page_number":56,"box":{"x":549,"y":612,"width":391,"height":11}},{"id":"0d604ccd-e77c-42fb-a9da-c60bd2238ef2","block_type":"box","text":"adversely affected if interest rates fall because it may have to","page_number":56,"box":{"x":549,"y":626,"width":393,"height":11}},{"id":"75d18859-c7b2-4fe4-b86b-3d2e5721c0c5","block_type":"box","text":"invest in lower-yielding instruments as bonds in the Fund’s","page_number":56,"box":{"x":549,"y":641,"width":374,"height":10}},{"id":"b78d6f79-9dd6-4dea-828a-cf0aea666449","block_type":"box","text":"portfolio mature.","page_number":56,"box":{"x":549,"y":655,"width":106,"height":11}},{"id":"e38eb772-66f9-4b50-af23-1d3e934e991c","block_type":"box","text":"Risk of Investing in the U.S","page_number":56,"box":{"x":549,"y":678,"width":182,"height":11}},{"id":"3ef80097-c82d-4a15-88fc-ec736d67ee3f","block_type":"box","text":".","page_number":56,"box":{"x":732,"y":685,"width":2,"height":1}},{"id":"389717e2-ece2-4185-b7ae-ad634f7d0742","block_type":"box","text":"Investing in U.S. issuers subjects","page_number":56,"box":{"x":740,"y":678,"width":210,"height":11}},{"id":"333c338e-a181-4400-8022-92c744549532","block_type":"box","text":"the Fund to legal, regulatory, political, currency, security, and","page_number":56,"box":{"x":549,"y":692,"width":391,"height":11}},{"id":"33e1e62f-1940-428f-8d30-a106aed46ace","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the","page_number":56,"box":{"x":549,"y":706,"width":423,"height":11}},{"id":"2e99b1f6-f70f-485b-be4d-cb5cf1bb6a70","block_type":"box","text":"U.S., such as a weakening of the U.S. economy or a decline in its","page_number":56,"box":{"x":550,"y":721,"width":412,"height":10}},{"id":"6be11546-1377-41e5-ab93-a5a63dfb9e84","block_type":"box","text":"financial markets, may have an adverse effect on U.S. issuers.","page_number":56,"box":{"x":549,"y":735,"width":396,"height":11}},{"id":"018c1bf8-4563-4ed8-a6f6-f04e83d3c0f3","block_type":"box","text":"Securities Lending Risk.","page_number":56,"box":{"x":548,"y":758,"width":162,"height":11}},{"id":"2a0af102-a41a-49f3-818b-89bcb579efb4","block_type":"box","text":"The Fund may engage in securities","page_number":56,"box":{"x":716,"y":758,"width":221,"height":11}},{"id":"1fb7b465-1478-4862-945c-b349f840dc93","block_type":"box","text":"lending. Securities lending involves the risk that the Fund may","page_number":56,"box":{"x":549,"y":772,"width":397,"height":11}},{"id":"4a6169ca-15d5-45dd-b94a-c24d6b092654","block_type":"box","text":"lose money because the borrower of the loaned securities fails to","page_number":56,"box":{"x":549,"y":786,"width":418,"height":11}},{"id":"2247e6ae-6708-4757-a154-68d4282dcccd","block_type":"box","text":"return the securities in a timely manner or at all. The Fund could","page_number":56,"box":{"x":549,"y":801,"width":409,"height":10}},{"id":"8c485481-526f-4b50-801f-edc2328fc573","block_type":"box","text":"also lose money in the event of a decline in the value of collateral","page_number":56,"box":{"x":549,"y":815,"width":416,"height":10}},{"id":"633c672a-780e-4ccb-8511-03622568c54a","block_type":"box","text":"provided for loaned securities or a decline in the value of any","page_number":56,"box":{"x":549,"y":829,"width":389,"height":11}},{"id":"afe7f810-a76f-4674-b7ce-39c59164627c","block_type":"box","text":"investments made with cash collateral. These events could also","page_number":56,"box":{"x":549,"y":843,"width":406,"height":8}},{"id":"b84a8814-17f5-460e-b934-2dbca2a38786","block_type":"box","text":"trigger adverse tax consequences for the Fund.","page_number":56,"box":{"x":549,"y":857,"width":301,"height":11}},{"id":"ed2be777-a3d9-4c37-8dd3-ed4906c6fb85","block_type":"box","text":"S-45","page_number":56,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"87f07873-dbb3-4a4d-8c2f-849ed27b3b5e","block_type":"box","text":"Small Fund Risk.","page_number":57,"box":{"x":82,"y":23,"width":111,"height":9}},{"id":"ddc5cf74-4d58-40d6-87e3-07812e56b3de","block_type":"box","text":"When the Fund’s size is small, the Fund may","page_number":57,"box":{"x":199,"y":23,"width":282,"height":11}},{"id":"911f5490-7b6f-4b16-984d-aef56703e041","block_type":"box","text":"experience low trading volume and wide bid/ask spreads. The","page_number":57,"box":{"x":83,"y":37,"width":396,"height":11}},{"id":"1d59546b-bb28-4035-b2e2-83707f919da3","block_type":"box","text":"Fund’s performance near its inception date may not represent","page_number":57,"box":{"x":84,"y":51,"width":396,"height":11}},{"id":"cf02ff6f-a7ad-48b3-98b8-8d614731ca53","block_type":"box","text":"how the Fund will perform in the future or with a larger asset","page_number":57,"box":{"x":83,"y":66,"width":387,"height":11}},{"id":"89750f8a-c314-4d09-8e0f-cf46e13528c2","block_type":"box","text":"base. A Fund that holds fixed-income securities may buy smaller","page_number":57,"box":{"x":83,"y":80,"width":417,"height":11}},{"id":"6f2dec0c-0b25-43ee-aaae-7196a0c719c2","block_type":"box","text":"sized bonds known as “odd lots,” which may be purchased or sold","page_number":57,"box":{"x":83,"y":94,"width":420,"height":11}},{"id":"69e46f2a-e84f-4e95-86b3-614a5b23d9a7","block_type":"box","text":"at a discount to similar “round lot” bonds. The prices used by the","page_number":57,"box":{"x":83,"y":108,"width":413,"height":11}},{"id":"aa822d49-541e-407e-b61e-69b2d56a417e","block_type":"box","text":"Fund may differ from the value that would be realized if these","page_number":57,"box":{"x":84,"y":122,"width":390,"height":11}},{"id":"8c06e347-ba57-428c-a7e9-907a41e691ea","block_type":"box","text":"securities were sold, and the impact of such pricing differences on","page_number":57,"box":{"x":83,"y":137,"width":424,"height":10}},{"id":"636c5ad0-4a39-4b2a-b24f-ce6565958054","block_type":"box","text":"a Fund’s performance may be heightened when the Fund’s size is","page_number":57,"box":{"x":83,"y":151,"width":417,"height":11}},{"id":"390004a8-4ba3-44e5-92f4-6fa7e94ede22","block_type":"box","text":"small. In addition, the Fund may face the risk of being delisted if it","page_number":57,"box":{"x":83,"y":165,"width":421,"height":11}},{"id":"df3a76c7-7217-4ba5-8b24-7460a1d443ea","block_type":"box","text":"does not meet certain requirements set by the listing exchange.","page_number":57,"box":{"x":83,"y":179,"width":408,"height":11}},{"id":"6cd7583e-c130-4264-9e9b-8ab47cb3cb67","block_type":"box","text":"Any resulting liquidation of the Fund could lead to elevated","page_number":57,"box":{"x":82,"y":193,"width":376,"height":11}},{"id":"5aaad9a5-0735-4056-b4b3-f0ab6d75badb","block_type":"box","text":"transaction costs for the Fund and negative tax consequences for","page_number":57,"box":{"x":83,"y":207,"width":420,"height":11}},{"id":"1ddfc59c-b9ee-4e48-b17d-d3830baa1888","block_type":"box","text":"its shareholders.","page_number":57,"box":{"x":83,"y":222,"width":105,"height":8}},{"id":"77d74c63-d8bf-4797-8989-2d222597875a","block_type":"box","text":"Tracking Error Risk","page_number":57,"box":{"x":84,"y":245,"width":128,"height":11}},{"id":"20ef05c3-d45f-4b89-88c2-fdeb85d89754","block_type":"box","text":".","page_number":57,"box":{"x":212,"y":251,"width":2,"height":2}},{"id":"d05728a6-989b-4a9c-acb8-d84cf75a2bc2","block_type":"box","text":"The Fund may be subject to “tracking error,”","page_number":57,"box":{"x":219,"y":245,"width":284,"height":11}},{"id":"8b1beaff-ab3c-4d0a-b9d3-f480d52a0f02","block_type":"box","text":"which is the divergence of the Fund’s performance from that of","page_number":57,"box":{"x":82,"y":259,"width":405,"height":11}},{"id":"cdf73468-2982-4b09-b9b6-3c25f6c15f6e","block_type":"box","text":"the Underlying Index. Tracking error may occur due to a number of","page_number":57,"box":{"x":83,"y":273,"width":425,"height":11}},{"id":"582c4e20-66e5-4a22-96ae-e6fdf31b042b","block_type":"box","text":"factors, including differences between the securities and other","page_number":57,"box":{"x":82,"y":287,"width":402,"height":11}},{"id":"53ad6fd6-2ca7-4293-af32-d6b0821549d3","block_type":"box","text":"assets held in the Fund’s portfolio and those included in the","page_number":57,"box":{"x":83,"y":302,"width":381,"height":10}},{"id":"c0b13570-3071-4999-a91b-19ac5d6ca1da","block_type":"box","text":"Underlying Index; differences in the timing and methodologies","page_number":57,"box":{"x":83,"y":316,"width":396,"height":11}},{"id":"2efabad7-f31d-4e17-b3de-ead47e04f9cc","block_type":"box","text":"used to value securities and other assets; transaction costs and","page_number":57,"box":{"x":83,"y":330,"width":407,"height":10}},{"id":"0837856c-0e99-4022-a11b-0beb3709ef3c","block_type":"box","text":"other expenses incurred by the Fund that the Underlying Index","page_number":57,"box":{"x":83,"y":344,"width":400,"height":11}},{"id":"a1673649-0df7-43c8-8115-609e997715cd","block_type":"box","text":"does not incur; the Fund’s holding of uninvested cash; differences","page_number":57,"box":{"x":83,"y":358,"width":421,"height":11}},{"id":"e2efc3c1-e678-4894-a8a6-813f8eb20515","block_type":"box","text":"in the timing of the accrual or the valuation of dividends or","page_number":57,"box":{"x":83,"y":372,"width":373,"height":11}},{"id":"7f6fab63-9b53-41ce-8314-46b15c43576a","block_type":"box","text":"interest received by the Fund or distributions paid to Fund","page_number":57,"box":{"x":83,"y":387,"width":370,"height":10}},{"id":"52e481f4-73cf-431b-9b14-b834b9166fd5","block_type":"box","text":"shareholders; tax gains or losses; differences between the","page_number":57,"box":{"x":83,"y":401,"width":372,"height":11}},{"id":"42d8b0ca-0c29-464b-8c69-ef6273b4b4ce","block_type":"box","text":"amount and/or timing of withholding taxes on dividends reflected","page_number":57,"box":{"x":83,"y":415,"width":420,"height":11}},{"id":"19ff2227-2a85-4a1e-9152-fe59f3297fd4","block_type":"box","text":"in the Underlying Index from the Fund’s obligation, if any, for","page_number":57,"box":{"x":83,"y":429,"width":386,"height":11}},{"id":"c1088feb-e3b0-4b0d-b516-47b7514005c4","block_type":"box","text":"foreign withholding taxes; the requirements for the Fund to","page_number":57,"box":{"x":82,"y":443,"width":378,"height":11}},{"id":"36c45db8-ca9d-4e49-af6f-eee5ab7736b4","block_type":"box","text":"maintain pass-through tax treatment; portfolio transactions","page_number":57,"box":{"x":83,"y":458,"width":380,"height":10}},{"id":"26450c3f-fbbc-4363-a389-31cf76cdb069","block_type":"box","text":"carried out to minimize the distribution of capital gains to","page_number":57,"box":{"x":549,"y":23,"width":366,"height":11}},{"id":"abdfd977-9e62-4e86-9e63-55755a9e20ee","block_type":"box","text":"shareholders; the acceptance of custom baskets; changes to the","page_number":57,"box":{"x":549,"y":37,"width":414,"height":11}},{"id":"b6dce2d7-5766-48cb-b213-a95f65efcc4a","block_type":"box","text":"Underlying Index; and impacts to the Fund of complying with","page_number":57,"box":{"x":550,"y":51,"width":386,"height":11}},{"id":"64c5775a-f945-45f0-b98a-589385c493c7","block_type":"box","text":"certain regulatory requirements or limits. Tracking error risk may","page_number":57,"box":{"x":549,"y":66,"width":414,"height":11}},{"id":"c5818ea0-0736-4306-ae9b-5e936f4f47dd","block_type":"box","text":"be heightened during times of increased market volatility or other","page_number":57,"box":{"x":549,"y":80,"width":420,"height":11}},{"id":"2a1dd0a7-01ef-4fe4-b54a-645f937eb8dd","block_type":"box","text":"unusual market conditions. A Fund that tracks an index where","page_number":57,"box":{"x":549,"y":94,"width":395,"height":9}},{"id":"6c59af2b-9ad2-4a54-a2de-0bbfd4885fac","block_type":"box","text":"high yield securities are an investment focus may experience","page_number":57,"box":{"x":549,"y":108,"width":389,"height":11}},{"id":"54a15966-54cd-41ba-a58e-a60e0fbbd87b","block_type":"box","text":"higher tracking error than ETFs that do not track such","page_number":57,"box":{"x":549,"y":122,"width":342,"height":11}},{"id":"c0722935-62fe-4f3c-bfd4-b9e7701cbb3c","block_type":"box","text":"indexes. Until the Fund reaches greater scale, it may experience","page_number":57,"box":{"x":549,"y":137,"width":410,"height":10}},{"id":"ff968f29-bcdc-421e-8329-66d1ce7e7897","block_type":"box","text":"higher tracking error than is typical for similar index ETFs. A Fund","page_number":57,"box":{"x":549,"y":151,"width":417,"height":11}},{"id":"575538a9-0bde-490a-8138-ae9d0713749d","block_type":"box","text":"that tracks an index with exposure to non-U.S. issuers may","page_number":57,"box":{"x":549,"y":165,"width":377,"height":11}},{"id":"e4e8b4a7-308d-4f92-aec7-1428db9a7d02","block_type":"box","text":"experience higher tracking error than ETFs that do not track such","page_number":57,"box":{"x":549,"y":179,"width":417,"height":11}},{"id":"3d10a175-f262-4f38-beea-c698c2d9cd37","block_type":"box","text":"indexes.","page_number":57,"box":{"x":549,"y":193,"width":52,"height":9}},{"id":"ca902450-df5d-4039-a82d-bb31c9907cd2","block_type":"box","text":"Valuation Risk","page_number":57,"box":{"x":550,"y":216,"width":96,"height":9}},{"id":"88e16307-378c-41d6-80b2-322b8a32956e","block_type":"box","text":".","page_number":57,"box":{"x":646,"y":223,"width":2,"height":2}},{"id":"bc46b7dc-8648-4ac3-98f4-47b7052bad26","block_type":"box","text":"The price that the Fund could receive upon the","page_number":57,"box":{"x":653,"y":217,"width":298,"height":10}},{"id":"fad80b9a-feb9-4254-9f5a-e6bdb761709d","block_type":"box","text":"sale (or other disposition) of a security or other asset may differ","page_number":57,"box":{"x":549,"y":231,"width":408,"height":10}},{"id":"b58faf1e-9265-432f-b185-05ed2c725d2c","block_type":"box","text":"from the Fund’s valuation of the security or other asset,","page_number":57,"box":{"x":549,"y":245,"width":355,"height":11}},{"id":"651597ef-b88e-4943-9fa3-df7a901a70e4","block_type":"box","text":"particularly for securities or other assets that trade in low volume","page_number":57,"box":{"x":549,"y":259,"width":418,"height":11}},{"id":"2ebb3485-6623-47d7-ba3e-4056105512af","block_type":"box","text":"or volatile markets or that are valued using a fair value","page_number":57,"box":{"x":549,"y":273,"width":347,"height":11}},{"id":"bb98c99d-3727-4dda-896c-1c5ea565c577","block_type":"box","text":"methodology. The price received by the Fund also may differ from","page_number":57,"box":{"x":549,"y":287,"width":418,"height":11}},{"id":"30f52b98-9b6e-4201-84bb-55a84e3e4df0","block_type":"box","text":"the value used by the Underlying Index. In addition, the value of","page_number":57,"box":{"x":549,"y":302,"width":406,"height":10}},{"id":"8856ae6a-4919-4ba0-8cd3-d0cc8a01c644","block_type":"box","text":"the securities or other assets in the Fund’s portfolio may change","page_number":57,"box":{"x":549,"y":316,"width":411,"height":11}},{"id":"85bd3928-0306-4b10-ae86-77d4a5d33458","block_type":"box","text":"on days or during time periods when investors are not able to","page_number":57,"box":{"x":549,"y":330,"width":392,"height":11}},{"id":"3c35858a-8c4e-423a-8121-5dbc74a431fb","block_type":"box","text":"purchase or sell Fund shares. Authorized Participants that create","page_number":57,"box":{"x":549,"y":344,"width":414,"height":11}},{"id":"c9aa9959-01e4-4091-a2d8-2f3333e7fba8","block_type":"box","text":"or redeem Fund shares on days when the Fund is holding fair","page_number":57,"box":{"x":549,"y":358,"width":394,"height":11}},{"id":"be1e52fa-2dd4-465d-8b7d-416f53a50e53","block_type":"box","text":"valued securities or other assets may receive fewer or more","page_number":57,"box":{"x":548,"y":372,"width":383,"height":11}},{"id":"97d83ded-26f5-43e2-b9f8-e167efc01409","block_type":"box","text":"shares, or lower or higher redemption proceeds, than they would","page_number":57,"box":{"x":549,"y":387,"width":414,"height":10}},{"id":"b8f16d35-2cc5-4e6a-b5ed-a7851daf6f8f","block_type":"box","text":"have received had the securities or other assets not been fair","page_number":57,"box":{"x":549,"y":401,"width":392,"height":8}},{"id":"192cd6e8-a45f-44d1-882b-7f51c75f1aec","block_type":"box","text":"valued or been valued using a different methodology. The ability to","page_number":57,"box":{"x":548,"y":415,"width":425,"height":11}},{"id":"2e5ea9be-8f63-4357-92c6-5df263c87f96","block_type":"box","text":"value investments may be impacted by technological issues or","page_number":57,"box":{"x":548,"y":429,"width":400,"height":11}},{"id":"60dde59c-4a46-4837-b817-fe9e6a40bb4c","block_type":"box","text":"errors by pricing services or other third-party service providers.","page_number":57,"box":{"x":549,"y":443,"width":405,"height":11}},{"id":"6932408e-5633-4414-8434-bc6c9bf1e9ce","block_type":"box","text":"S-46","page_number":57,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"362654de-8ee7-45c7-ab5d-2ecb46d4149e","block_type":"box","text":"Performance Information","page_number":58,"box":{"x":84,"y":22,"width":213,"height":11}},{"id":"ac4a4e08-1ed5-4cde-b4e9-42a2187a34ba","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":58,"box":{"x":82,"y":48,"width":887,"height":10}},{"id":"0a8d85bc-9b96-4303-ab9b-790beb760294","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":58,"box":{"x":83,"y":62,"width":872,"height":11}},{"id":"fbd2bc2d-f108-4c05-b346-38a5a1657ebd","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":58,"box":{"x":83,"y":76,"width":867,"height":11}},{"id":"31bad3f7-9897-4810-8ef3-c7da2116815a","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":58,"box":{"x":83,"y":90,"width":863,"height":11}},{"id":"dba776ba-dabf-4210-a44c-673378944bea","block_type":"box","text":"agreements to waive or reimburse expenses, which would reduce performance if not in effect. Past performance (before and after taxes)","page_number":58,"box":{"x":83,"y":104,"width":874,"height":11}},{"id":"d03466c7-3197-42a0-81fa-5c75d00ea849","block_type":"box","text":"does not necessarily indicate how the Fund will perform in the future. Updated performance information, including the Fund’s current NAV,","page_number":58,"box":{"x":83,"y":119,"width":888,"height":10}},{"id":"c9129864-78c9-4c45-8b5f-1e25b51b2a37","block_type":"box","text":"may be obtained by visiting www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":58,"box":{"x":83,"y":133,"width":652,"height":11}},{"id":"be1a317e-2686-4260-a842-3e72ee386c84","block_type":"box","text":"Calendar Year-by-Year Returns","page_number":58,"box":{"x":422,"y":155,"width":212,"height":10}},{"id":"0b7ac2fb-ccad-4853-bdd4-a42b886b87a9","block_type":"box","text":"12%","page_number":58,"box":{"x":334,"y":201,"width":19,"height":7}},{"id":"078f811f-9971-4b06-bc7a-efad5eb25e84","block_type":"box","text":"9%","page_number":58,"box":{"x":340,"y":226,"width":13,"height":7}},{"id":"f211532f-64bf-426b-9129-fa8e1aa5efad","block_type":"box","text":"6%","page_number":58,"box":{"x":340,"y":250,"width":13,"height":7}},{"id":"1503c312-fede-43f5-8b30-8a9699410ad8","block_type":"box","text":"3%","page_number":58,"box":{"x":339,"y":275,"width":14,"height":7}},{"id":"fd2e740b-451d-41ca-bacd-8dda30d86a01","block_type":"box","text":"0%","page_number":58,"box":{"x":339,"y":299,"width":14,"height":7}},{"id":"f4266456-7718-4db9-93ab-8c7e4c93064d","block_type":"box","text":"2","page_number":58,"box":{"x":526,"y":321,"width":5,"height":7}},{"id":"2fa3c809-d7cf-421d-a5d8-0cbeec341688","block_type":"box","text":"0","page_number":58,"box":{"x":533,"y":321,"width":6,"height":7}},{"id":"235aa2ec-4eea-4788-a40c-4fbd429474a9","block_type":"box","text":"2","page_number":58,"box":{"x":541,"y":321,"width":5,"height":7}},{"id":"7766e308-a561-4f26-8ef7-caf20b37799f","block_type":"box","text":"5","page_number":58,"box":{"x":548,"y":321,"width":5,"height":7}},{"id":"09b31048-74fe-45c3-9d18-9e1322f6b48e","block_type":"box","text":"8.89%","page_number":58,"box":{"x":526,"y":219,"width":27,"height":6}},{"id":"ff9f5498-037f-4b18-a13b-b511c57098f2","block_type":"box","text":"Return (%) Period Ended","page_number":58,"box":{"x":576,"y":348,"width":159,"height":9}},{"id":"d49e49fd-ba14-4930-abd3-7f50061e43ad","block_type":"box","text":"During the periods shown in the chart:","page_number":58,"box":{"x":318,"y":366,"width":239,"height":9}},{"id":"092748b6-a5ba-43b2-84a9-b509f272de58","block_type":"box","text":"Best Quarter 4.09% June 30, 2025","page_number":58,"box":{"x":331,"y":379,"width":408,"height":9}},{"id":"23dfbfd1-a57b-4c96-9d0b-812f24d3a2cd","block_type":"box","text":"Worst Quarter 0.98% March 31, 2025","page_number":58,"box":{"x":330,"y":391,"width":409,"height":9}},{"id":"a78984c3-2d16-4ed1-8fa7-b3fa464aa7ea","block_type":"box","text":"Average Annual Total Returns","page_number":58,"box":{"x":425,"y":420,"width":206,"height":11}},{"id":"d33a3b5f-36e6-4603-b0b2-66945ab92108","block_type":"box","text":"(for the periods ended December 31, 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8.85%","page_number":58,"box":{"x":800,"y":493,"width":116,"height":8}},{"id":"336e9f5e-1830-4f16-8383-38435e6dc116","block_type":"box","text":"Return After Taxes on Distributions","page_number":58,"box":{"x":124,"y":505,"width":197,"height":7}},{"id":"10ba0923-b194-4c00-a544-e2f00dcc43b3","block_type":"box","text":"6.01% 5.99%","page_number":58,"box":{"x":801,"y":505,"width":115,"height":7}},{"id":"ccb700c8-c6a4-461f-8287-2371285a9e3b","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 5.20% 5.52%","page_number":58,"box":{"x":124,"y":517,"width":792,"height":7}},{"id":"d206bdc3-f22a-4ccc-a48f-1b190ce350e7","block_type":"box","text":"Bloomberg U.S. Universal Index","page_number":58,"box":{"x":124,"y":528,"width":194,"height":10}},{"id":"ca674def-b722-47b5-9991-8c9456c1b671","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes) 7.58% 6.63%","page_number":58,"box":{"x":323,"y":528,"width":593,"height":10}},{"id":"c7b56ec3-24ad-4b32-9164-2607584a5c10","block_type":"box","text":"Bloomberg 2031 Term High Yield and Income Index","page_number":58,"box":{"x":124,"y":540,"width":317,"height":9}},{"id":"935c98d2-1fc8-4cc9-a6e6-418f40ef9fdf","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or","page_number":58,"box":{"x":446,"y":540,"width":319,"height":9}},{"id":"1af56a12-8bf2-46b2-b7b6-8f70b44fa26c","block_type":"box","text":"taxes)","page_number":58,"box":{"x":136,"y":553,"width":34,"height":9}},{"id":"d0590cce-3752-4da4-983d-4e187a27ef3a","block_type":"box","text":"9.18% 9.08%","page_number":58,"box":{"x":803,"y":553,"width":113,"height":7}},{"id":"9053672b-ae5c-467e-90d3-a607e214b625","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not","page_number":58,"box":{"x":82,"y":592,"width":882,"height":10}},{"id":"f47658b2-21d1-471e-b658-0cdf5897ee1d","block_type":"box","text":"reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown,","page_number":58,"box":{"x":83,"y":606,"width":871,"height":11}},{"id":"0d23fdf1-b14e-4f94-a237-e3ce8312fce9","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":58,"box":{"x":83,"y":620,"width":860,"height":11}},{"id":"81222fa3-1206-4fa7-a87d-6814800e4020","block_type":"box","text":"such as 401(k) plans or individual retirement accounts (“IRAs”). 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As of October 31, 2025, a significant portion of the","page_number":61,"box":{"x":83,"y":496,"width":420,"height":11}},{"id":"11da698a-b2be-418f-bb81-445abb8e6e01","block_type":"box","text":"Underlying Index is represented by securities of companies in the","page_number":61,"box":{"x":83,"y":510,"width":418,"height":11}},{"id":"09f96f5c-c08f-40e2-8685-26edaa86c846","block_type":"box","text":"consumer goods and services and industrial industries or sectors.","page_number":61,"box":{"x":83,"y":525,"width":420,"height":10}},{"id":"d96de3ca-149c-4e7f-80e8-5d309b4f7cc8","block_type":"box","text":"The components of the Underlying Index are likely to change over","page_number":61,"box":{"x":82,"y":539,"width":420,"height":11}},{"id":"a6f8a7b3-e8d5-4775-b531-7d82688e132b","block_type":"box","text":"time.","page_number":61,"box":{"x":83,"y":553,"width":31,"height":8}},{"id":"3fa8a63b-2760-4b80-9f16-0f8342fbff8e","block_type":"box","text":"The bonds in the Underlying Index have $250 million or more of","page_number":61,"box":{"x":82,"y":574,"width":407,"height":12}},{"id":"7ff73ec0-23a4-4503-9000-59cbfe7001fc","block_type":"box","text":"outstanding face value at the time of inclusion. 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Each","page_number":61,"box":{"x":83,"y":646,"width":395,"height":11}},{"id":"ec054652-0746-4ef1-b8c8-0f440b4fe172","block_type":"box","text":"bond included in the Underlying Index must be registered with the","page_number":61,"box":{"x":83,"y":660,"width":421,"height":11}},{"id":"529556aa-a14a-4668-8be6-f59b74b5bf32","block_type":"box","text":"SEC, have been exempt from registration at issuance, or have","page_number":61,"box":{"x":83,"y":674,"width":394,"height":11}},{"id":"f6aba509-c34b-4b87-a354-6bf793987dd8","block_type":"box","text":"been offered pursuant to Rule 144A under the Securities Act of","page_number":61,"box":{"x":83,"y":688,"width":403,"height":11}},{"id":"81fd39ec-0694-4b74-bda1-5f1aacb6e732","block_type":"box","text":"1933, as amended (the “1933 Act”). Subject to the methodology","page_number":61,"box":{"x":85,"y":703,"width":409,"height":10}},{"id":"0508e57f-5f56-4351-a60a-5c578dab351b","block_type":"box","text":"of the Underlying Index discussed below, the securities in the","page_number":61,"box":{"x":83,"y":717,"width":392,"height":11}},{"id":"6f439527-b885-40a6-aeee-81c53b38beaa","block_type":"box","text":"Underlying Index may carry a coupon that steps-up according to a","page_number":61,"box":{"x":83,"y":731,"width":421,"height":11}},{"id":"30401249-92a8-4b61-87a0-f822c5c38634","block_type":"box","text":"predetermined schedule (","page_number":61,"box":{"x":83,"y":745,"width":163,"height":11}},{"id":"92d9aabd-c1fc-45ad-8ff3-bdcb654722ee","block_type":"box","text":"i.e.","page_number":61,"box":{"x":247,"y":745,"width":17,"height":9}},{"id":"503e03f2-1f17-4529-923b-352295548595","block_type":"box","text":", the interest rate paid on such","page_number":61,"box":{"x":266,"y":745,"width":195,"height":11}},{"id":"a179c046-3e23-431e-a70c-09dcf1019d12","block_type":"box","text":"securities will increase over time). 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In","page_number":61,"box":{"x":549,"y":292,"width":406,"height":11}},{"id":"ef474b95-7b72-4002-a4d0-0e4056a854b6","block_type":"box","text":"the final year of the Underlying Index’s term, any principal and","page_number":61,"box":{"x":549,"y":307,"width":396,"height":11}},{"id":"50ce3275-4efb-4b40-9a5a-f69a1974574c","block_type":"box","text":"interest paid by index constituents is treated as follows: (1) during","page_number":61,"box":{"x":549,"y":321,"width":420,"height":11}},{"id":"74274842-a7df-4f05-8cc7-36c8a196b47b","block_type":"box","text":"the first six months of the final year, the Underlying Index","page_number":61,"box":{"x":549,"y":335,"width":367,"height":11}},{"id":"0c1621eb-b931-426f-8263-ac32997516a8","block_type":"box","text":"reinvests proceeds pro-rata into the remaining bonds in the","page_number":61,"box":{"x":549,"y":349,"width":380,"height":11}},{"id":"a4a6e44d-1156-41c6-8992-0f08f89708cd","block_type":"box","text":"Underlying Index, and (2) during the last six months of the final","page_number":61,"box":{"x":550,"y":363,"width":399,"height":11}},{"id":"ac0bc5dd-aa28-4d99-9700-f88438aa6aa9","block_type":"box","text":"year, principal is not reinvested and is presumed to be held in","page_number":61,"box":{"x":549,"y":378,"width":392,"height":10}},{"id":"25d6429b-a14a-475b-b260-5c576b44918f","block_type":"box","text":"cash while earning no interest.","page_number":61,"box":{"x":549,"y":392,"width":195,"height":11}},{"id":"3798466d-d81c-4405-bf73-f20d80e5dec4","block_type":"box","text":"Bonds with a clean price (","page_number":61,"box":{"x":550,"y":414,"width":163,"height":11}},{"id":"e1279e92-96c7-4d26-81b0-537c3037322b","block_type":"box","text":"i.e.","page_number":61,"box":{"x":713,"y":414,"width":18,"height":8}},{"id":"abe1e3c6-b9e7-4af3-9db0-7b00f3b39dee","block_type":"box","text":", the price does not include accrued","page_number":61,"box":{"x":733,"y":414,"width":228,"height":10}},{"id":"60588217-382c-4407-a8a4-382e54e7d534","block_type":"box","text":"interest between coupon payments) below $60 are excluded from","page_number":61,"box":{"x":549,"y":427,"width":421,"height":12}},{"id":"ec72d2b2-4657-4398-a74c-fd15c6535b1c","block_type":"box","text":"the Underlying Index and subject to a 3 month lock-out period","page_number":61,"box":{"x":549,"y":442,"width":397,"height":11}},{"id":"5bd5378a-7a1f-488b-95b5-8bd27147300b","block_type":"box","text":"before they are eligible for inclusion again at rebalance. During","page_number":61,"box":{"x":549,"y":456,"width":401,"height":11}},{"id":"b20de245-7d6f-4867-a15a-f2584a1ab264","block_type":"box","text":"the final 1.5 years of the maturity of the index, bonds that fall","page_number":61,"box":{"x":549,"y":470,"width":390,"height":11}},{"id":"57e90a27-57d3-48b1-9db7-7ae0fd649fc3","block_type":"box","text":"below $60 at rebalance will be permanently ineligible for the","page_number":61,"box":{"x":549,"y":484,"width":386,"height":11}},{"id":"ca90ae77-686f-4dea-8ece-2555f5bb13e0","block_type":"box","text":"Underlying Index.","page_number":61,"box":{"x":550,"y":499,"width":109,"height":11}},{"id":"56d2fcba-f21a-4b84-9de3-aecdd3e9a7e2","block_type":"box","text":"In addition, to be included in the Underlying Index, securities must","page_number":61,"box":{"x":550,"y":521,"width":422,"height":11}},{"id":"73a37880-4c84-4249-958c-38934fa4559f","block_type":"box","text":"be rated “high yield” to be selected from the High Yield Index and","page_number":61,"box":{"x":549,"y":535,"width":417,"height":11}},{"id":"91297725-f1f0-45b9-a427-43c1983b4bff","block_type":"box","text":"“BBB” to be selected from the Corporate Index. The bonds from","page_number":61,"box":{"x":549,"y":549,"width":406,"height":11}},{"id":"1be012b2-f0f9-4bec-8536-ceb62c8eb98a","block_type":"box","text":"the High Yield Index must have a rating equal to or below","page_number":61,"box":{"x":549,"y":563,"width":364,"height":11}},{"id":"03d2ba8d-d477-42f4-8ecc-f294fbe8891a","block_type":"box","text":"“Ba1”/”BB+”/”BB+” and above “CC”. The bonds from the","page_number":61,"box":{"x":549,"y":577,"width":370,"height":11}},{"id":"670c9635-5904-4aa2-a165-1f45ae076a81","block_type":"box","text":"Corporate Index must have a rating of “BBB” (or equivalent). The","page_number":61,"box":{"x":549,"y":592,"width":412,"height":10}},{"id":"4ee42632-bf7b-4bfd-aaee-5f68d0f7b1ec","block_type":"box","text":"Index Provider will use the middle rating of Moody’s Investors","page_number":61,"box":{"x":550,"y":606,"width":391,"height":11}},{"id":"a25d2eca-7931-4bb4-b6b7-ed0d4f2aa24f","block_type":"box","text":"Service, Inc. (“Moody’s”), Standard & Poor’s","page_number":61,"box":{"x":549,"y":620,"width":281,"height":11}},{"id":"d3b09aac-b35d-4a20-8646-1e285655d882","block_type":"box","text":"®","page_number":61,"box":{"x":831,"y":619,"width":8,"height":7}},{"id":"cce1a7b1-264b-41b5-b01c-55dd9b28c884","block_type":"box","text":"Global Ratings, a","page_number":61,"box":{"x":845,"y":620,"width":106,"height":11}},{"id":"51c8f18b-99d6-455c-95ea-9fdb9b59f788","block_type":"box","text":"subsidiary of S&P Global (“S&P Global Ratings”) and Fitch Ratings,","page_number":61,"box":{"x":549,"y":634,"width":422,"height":11}},{"id":"b4055040-fae5-45c2-a1b7-db03deabb0b6","block_type":"box","text":"Inc. (“Fitch”) when a rating from all three agencies is available;","page_number":61,"box":{"x":550,"y":648,"width":398,"height":11}},{"id":"ed0498b6-0a2c-4d48-8e47-1a1c13697ab2","block_type":"box","text":"when a rating from only two agencies is available, the lower is","page_number":61,"box":{"x":549,"y":663,"width":394,"height":10}},{"id":"a2b9aea7-bc5d-4053-9e60-81e8a397e643","block_type":"box","text":"used; when only one agency rates a bond, that rating is used. In","page_number":61,"box":{"x":549,"y":677,"width":406,"height":11}},{"id":"cee8a285-502e-4157-ac2c-cadf99cfd5db","block_type":"box","text":"cases where ratings are not available, other sources may be used","page_number":61,"box":{"x":549,"y":691,"width":417,"height":11}},{"id":"e7507844-9b49-4405-a9f2-5675c2f061f0","block_type":"box","text":"to classify bonds by investment quality.","page_number":61,"box":{"x":549,"y":705,"width":250,"height":11}},{"id":"8b7e5916-63e2-4da3-8650-8c42ed7ef742","block_type":"box","text":"The Fund is a series of the iShares iBonds fixed maturity series of","page_number":61,"box":{"x":549,"y":727,"width":417,"height":11}},{"id":"9892169a-daf5-4417-ba5e-7e9a2d632023","block_type":"box","text":"bond ETFs sponsored by BlackRock, Inc. (“BlackRock”). The Fund","page_number":61,"box":{"x":549,"y":741,"width":416,"height":11}},{"id":"4fcc6b36-1fc9-4f6c-9158-67096d1d9170","block_type":"box","text":"does not invest in U.S. savings bonds or other U.S. government","page_number":61,"box":{"x":549,"y":755,"width":404,"height":11}},{"id":"a8143967-fe98-48ab-8570-bd0c588763ee","block_type":"box","text":"bonds (except to the extent the Fund holds cash equivalent","page_number":61,"box":{"x":549,"y":770,"width":379,"height":10}},{"id":"6d8acd2c-9ba0-4b24-9423-10a1417f7238","block_type":"box","text":"instruments consistent with its investment objective) and is not","page_number":61,"box":{"x":549,"y":784,"width":406,"height":11}},{"id":"f0897a35-96ce-4597-91f0-3012d57592a2","block_type":"box","text":"designed to provide protection against inflation.","page_number":61,"box":{"x":549,"y":798,"width":305,"height":11}},{"id":"8b0342d9-9b5d-4427-94d8-66feeca58c0a","block_type":"box","text":"BFA uses an indexing approach to try to achieve the Fund’s","page_number":61,"box":{"x":550,"y":821,"width":376,"height":11}},{"id":"6563d4ff-2ece-46d7-8886-c0101038d1fa","block_type":"box","text":"investment objective. The Fund does not try to “beat” the index it","page_number":61,"box":{"x":549,"y":835,"width":417,"height":11}},{"id":"f95714eb-43f9-41a0-bf4a-3c051fefb856","block_type":"box","text":"tracks and does not seek temporary defensive positions when","page_number":61,"box":{"x":549,"y":849,"width":396,"height":11}},{"id":"d03fa5d2-b5df-49bc-a9fc-55e62db97470","block_type":"box","text":"markets decline or appear overvalued.","page_number":61,"box":{"x":549,"y":864,"width":244,"height":10}},{"id":"2d7bbf0f-7c75-431e-a584-0f89fdfc6c8c","block_type":"box","text":"S-50","page_number":61,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"d7f19846-f334-45c0-9a4c-c224122b15d0","block_type":"box","text":"Indexing may eliminate the chance that the Fund will substantially","page_number":62,"box":{"x":83,"y":23,"width":421,"height":11}},{"id":"ab108dfa-a4dc-45bc-a6e1-d4af376c0dfb","block_type":"box","text":"outperform the Underlying Index but also may reduce some of the","page_number":62,"box":{"x":83,"y":37,"width":421,"height":11}},{"id":"bbe52a31-9f1e-4197-a2c9-5076f60d7f72","block_type":"box","text":"risks of active management, such as poor security selection.","page_number":62,"box":{"x":83,"y":51,"width":386,"height":11}},{"id":"5bc79e60-dbfd-4da2-b6ef-2561bca958b1","block_type":"box","text":"Indexing seeks to achieve lower costs and better after-tax","page_number":62,"box":{"x":83,"y":66,"width":370,"height":11}},{"id":"ae5ea47c-3b02-4616-a12f-0bd1b48ed7e6","block_type":"box","text":"performance by aiming to keep portfolio turnover low in","page_number":62,"box":{"x":83,"y":80,"width":356,"height":11}},{"id":"d2b3696f-be92-484f-b8a1-55168d8be099","block_type":"box","text":"comparison to actively managed investment companies.","page_number":62,"box":{"x":83,"y":94,"width":359,"height":11}},{"id":"ff7bda0d-e7df-4209-8c49-bd638b0020b4","block_type":"box","text":"BFA uses a representative sampling indexing strategy to manage","page_number":62,"box":{"x":84,"y":117,"width":411,"height":11}},{"id":"2a2b1854-acb9-4258-8f75-9d61c2f97154","block_type":"box","text":"the Fund. “Representative sampling” is an indexing strategy that","page_number":62,"box":{"x":83,"y":131,"width":411,"height":11}},{"id":"43fd59de-d855-42ac-b336-a2230d99f75f","block_type":"box","text":"involves investing in a representative sample of securities or other","page_number":62,"box":{"x":83,"y":146,"width":424,"height":10}},{"id":"014e0961-40ff-4677-92d0-35f46a79dfdf","block_type":"box","text":"instruments that collectively has an investment profile similar to","page_number":62,"box":{"x":83,"y":160,"width":410,"height":11}},{"id":"0f4c88f2-1d35-42f3-ad43-0914347e5811","block_type":"box","text":"that of an applicable underlying index. The instruments selected","page_number":62,"box":{"x":83,"y":174,"width":408,"height":11}},{"id":"3d23b984-0c83-40ec-9981-618b69ee6c5a","block_type":"box","text":"are expected to have, in the aggregate, investment characteristics","page_number":62,"box":{"x":83,"y":188,"width":423,"height":11}},{"id":"7307c153-6a27-400f-9d1c-0074bb676bf8","block_type":"box","text":"(based on factors such as market value and industry weightings),","page_number":62,"box":{"x":83,"y":202,"width":415,"height":11}},{"id":"1305c583-888e-4b5e-9cb2-56413818e2d8","block_type":"box","text":"fundamental characteristics (such as return variability, duration","page_number":62,"box":{"x":82,"y":216,"width":406,"height":11}},{"id":"55f8729f-a72d-43ca-b945-31a4c876578c","block_type":"box","text":"(","page_number":62,"box":{"x":83,"y":231,"width":3,"height":10}},{"id":"8b981e30-f3f3-43db-ad95-dfd978c2367d","block_type":"box","text":"i.e.","page_number":62,"box":{"x":87,"y":231,"width":17,"height":8}},{"id":"62c84e8e-7fd8-4bb6-94ad-7344b56cecd5","block_type":"box","text":", an instrument’s price sensitivity to a change in interest","page_number":62,"box":{"x":106,"y":231,"width":359,"height":11}},{"id":"af718470-6c96-40dc-a6f9-9eb02af99b4a","block_type":"box","text":"rates), maturity or credit ratings and yield) and liquidity measures","page_number":62,"box":{"x":83,"y":245,"width":418,"height":11}},{"id":"095fac1e-86fa-433f-b14e-8ae4e0426fa9","block_type":"box","text":"similar to those of an applicable underlying index. The Fund may","page_number":62,"box":{"x":83,"y":259,"width":410,"height":11}},{"id":"9d728588-77e2-4d51-adec-b01b96da1ed2","block_type":"box","text":"or may not hold all of the components of the Underlying Index.","page_number":62,"box":{"x":83,"y":273,"width":399,"height":11}},{"id":"534ecd7a-d598-4e94-83ba-f7c8856b28cb","block_type":"box","text":"The Fund will invest at least 80% of its assets in the component","page_number":62,"box":{"x":82,"y":296,"width":405,"height":11}},{"id":"90300f9c-70fb-4908-9673-8fcc6462d4fe","block_type":"box","text":"instruments of the Underlying Index, and (except during the last","page_number":62,"box":{"x":83,"y":311,"width":408,"height":10}},{"id":"88ca5826-f237-4932-b610-ef7abdb710bc","block_type":"box","text":"twelve months of the Fund’s operations) the Fund will invest at","page_number":62,"box":{"x":83,"y":325,"width":401,"height":11}},{"id":"be0c9436-e06c-4b39-8aee-12aedd356ae6","block_type":"box","text":"least 90% of its assets in fixed income securities of the types","page_number":62,"box":{"x":83,"y":339,"width":388,"height":11}},{"id":"f34bc8d7-2725-453a-bde6-4362b6268394","block_type":"box","text":"included in the Underlying Index that BFA believes will help the","page_number":62,"box":{"x":83,"y":353,"width":400,"height":11}},{"id":"471f7baa-b7d4-465a-bd8c-06754c12dd32","block_type":"box","text":"Fund track the Underlying Index. The Fund will invest no more","page_number":62,"box":{"x":84,"y":367,"width":393,"height":11}},{"id":"af751c74-ee28-4951-b475-84f379ddd887","block_type":"box","text":"than 10% of its assets in futures, options and swaps contracts that","page_number":62,"box":{"x":83,"y":382,"width":423,"height":10}},{"id":"080c54f6-2718-4ce6-b379-fe83c1dadce8","block_type":"box","text":"BFA believes will help the Fund track the Underlying Index as well","page_number":62,"box":{"x":84,"y":396,"width":415,"height":11}},{"id":"82e1198c-55de-4dce-83e1-fb55ebd7128d","block_type":"box","text":"as in fixed income securities other than the types included in the","page_number":62,"box":{"x":83,"y":410,"width":413,"height":11}},{"id":"241a4bf1-88ca-4243-bcc9-b524552be94c","block_type":"box","text":"Underlying Index, but which BFA believes will help the Fund track","page_number":62,"box":{"x":83,"y":424,"width":414,"height":11}},{"id":"1c82de24-9743-43d5-a9f0-241453b8524d","block_type":"box","text":"the Underlying Index. 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By fifteen","page_number":62,"box":{"x":83,"y":531,"width":403,"height":11}},{"id":"f14a8e25-97d2-494a-b717-3e6cb3d845ad","block_type":"box","text":"days prior to maturity, the Underlying Index is expected to consist","page_number":62,"box":{"x":83,"y":545,"width":421,"height":11}},{"id":"72edc87d-4399-4e78-b7eb-139a43af63b5","block_type":"box","text":"almost entirely of cash and cash equivalents. On or around this","page_number":62,"box":{"x":83,"y":559,"width":402,"height":11}},{"id":"36ab6fe1-30c7-4ed4-a7fb-125bb9283cb4","block_type":"box","text":"date, the Fund will wind up and terminate. 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The Index Provider","page_number":62,"box":{"x":549,"y":37,"width":354,"height":11}},{"id":"4e2e5bc9-306c-4ccc-a16a-c03c0401838d","block_type":"box","text":"determines the composition and relative weightings of the","page_number":62,"box":{"x":549,"y":51,"width":372,"height":11}},{"id":"bd65197d-4258-4335-9d2c-08e2cb611afc","block_type":"box","text":"components of the Underlying Index and publishes information","page_number":62,"box":{"x":549,"y":66,"width":401,"height":11}},{"id":"a6778900-4469-4dd6-a3ed-e7163a66fbd8","block_type":"box","text":"regarding the market value of the Underlying Index.","page_number":62,"box":{"x":549,"y":80,"width":327,"height":11}},{"id":"f6dc9cf1-adaf-4791-b3f1-da87987c5d16","block_type":"box","text":"Industry Concentration Policy.","page_number":62,"box":{"x":550,"y":103,"width":209,"height":11}},{"id":"c83aca89-9dba-4681-8732-2638137a9a4b","block_type":"box","text":"The Fund will concentrate its","page_number":62,"box":{"x":764,"y":103,"width":184,"height":9}},{"id":"5fc85df4-dcc4-444a-ba2c-f3c128777d91","block_type":"box","text":"investments (","page_number":62,"box":{"x":549,"y":117,"width":86,"height":11}},{"id":"c30b8e13-6ad9-47ea-b2b4-6ce797ec884d","block_type":"box","text":"i.e.","page_number":62,"box":{"x":635,"y":117,"width":17,"height":9}},{"id":"395c4746-dd65-4fbd-a707-835c07d62bec","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":62,"box":{"x":655,"y":117,"width":264,"height":11}},{"id":"a55214c6-54c1-4650-9350-056976f3998a","block_type":"box","text":"particular industry or group of industries to approximately the","page_number":62,"box":{"x":549,"y":131,"width":394,"height":11}},{"id":"c2f6d1ee-ec8a-44b9-83b6-94c27455a5db","block_type":"box","text":"same extent that the Underlying Index is concentrated. 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The Fund is subject to certain risks,","page_number":62,"box":{"x":549,"y":313,"width":396,"height":11}},{"id":"e6539098-edd6-4233-ad78-bb42e7ff9379","block_type":"box","text":"including the principal risks noted below, any of which may","page_number":62,"box":{"x":549,"y":327,"width":376,"height":11}},{"id":"458b7e10-f151-4d4b-a61f-a371838533f4","block_type":"box","text":"adversely affect the Fund’s net asset value per share (“NAV”),","page_number":62,"box":{"x":549,"y":342,"width":392,"height":10}},{"id":"abf12e2d-a747-4972-b85e-d35abe824bfb","block_type":"box","text":"trading price, yield, total return and ability to meet its investment","page_number":62,"box":{"x":549,"y":356,"width":416,"height":11}},{"id":"6671fc10-e5ad-4375-9bd7-4d8872f7adc3","block_type":"box","text":"objective. Certain key risks are prioritized below (with others","page_number":62,"box":{"x":549,"y":370,"width":388,"height":11}},{"id":"eb5f97e3-9bdd-4fe0-ba0e-3e1f13c4c3de","block_type":"box","text":"following in alphabetical order), but the relative significance of any","page_number":62,"box":{"x":549,"y":384,"width":425,"height":11}},{"id":"874f8015-2d1b-45ea-8ff5-bfca05eed288","block_type":"box","text":"risk is difficult to predict and may change over time. You should","page_number":62,"box":{"x":549,"y":398,"width":405,"height":11}},{"id":"43b3f916-12d0-4f20-aa1a-a62c89d3978b","block_type":"box","text":"review each risk factor carefully.","page_number":62,"box":{"x":549,"y":412,"width":206,"height":11}},{"id":"fb4ba7e1-e7af-4a34-9bc0-08b8b2c898fc","block_type":"box","text":"High Yield Securities Risk.","page_number":62,"box":{"x":549,"y":436,"width":176,"height":10}},{"id":"34492df3-e659-45e9-b82f-b97580755d77","block_type":"box","text":"Debt securities that are rated below","page_number":62,"box":{"x":732,"y":436,"width":229,"height":8}},{"id":"5907d75b-e90e-4139-bc43-83359c5f28bf","block_type":"box","text":"investment grade (commonly referred to as “junk bonds”) and","page_number":62,"box":{"x":549,"y":450,"width":395,"height":11}},{"id":"bcdc6b99-c676-44c1-b31a-0df5a5673926","block_type":"box","text":"debt securities that are unrated are generally considered to be","page_number":62,"box":{"x":549,"y":464,"width":400,"height":11}},{"id":"bc5a3290-69b9-43e0-8e99-ad43e326df5d","block_type":"box","text":"speculative. Compared to higher-quality debt securities, high yield","page_number":62,"box":{"x":549,"y":478,"width":422,"height":11}},{"id":"2b0f19ad-3c7c-4ca4-b25c-7a3b78fa10b8","block_type":"box","text":"securities are subject to a greater risk of default, illiquidity, price","page_number":62,"box":{"x":549,"y":492,"width":412,"height":11}},{"id":"b39e6f5c-8969-4354-ade8-471495f8b382","block_type":"box","text":"volatility and valuation uncertainty. Such investments may be","page_number":62,"box":{"x":548,"y":507,"width":392,"height":10}},{"id":"728879f8-7e6f-4297-8142-f59ff66063fa","block_type":"box","text":"subject to additional risks including subordination to other","page_number":62,"box":{"x":549,"y":521,"width":373,"height":11}},{"id":"af51cb04-12c0-427a-ae04-b7c5dec75706","block_type":"box","text":"creditors, no collateral or limited rights in collateral, lack of a","page_number":62,"box":{"x":549,"y":535,"width":389,"height":11}},{"id":"1e63575c-9426-4a83-8359-b99e590bd4f3","block_type":"box","text":"regular trading market, prepayment risk, and lack of publicly","page_number":62,"box":{"x":549,"y":549,"width":386,"height":11}},{"id":"659c4b78-0236-4d82-8f92-36d5ebc74cad","block_type":"box","text":"available information.","page_number":62,"box":{"x":549,"y":563,"width":136,"height":9}},{"id":"73c585fc-02fa-46ba-b4cd-9b4fe9c24742","block_type":"box","text":"Credit Risk","page_number":62,"box":{"x":549,"y":586,"width":75,"height":9}},{"id":"39d7dc09-3709-425a-a8a1-0a16f31a034d","block_type":"box","text":".","page_number":62,"box":{"x":624,"y":593,"width":2,"height":2}},{"id":"95ca2c60-afed-465f-b6d6-ac61562c5803","block_type":"box","text":"Credit risk is the risk that an issuer, guarantor or","page_number":62,"box":{"x":632,"y":586,"width":311,"height":11}},{"id":"08f019a7-0f91-4fae-9928-f2cc2766a168","block_type":"box","text":"liquidity provider of a fixed-income security may be unable or","page_number":62,"box":{"x":549,"y":601,"width":391,"height":10}},{"id":"4c10b249-d23b-4a42-bf83-d2e1ae72af98","block_type":"box","text":"unwilling, or may be perceived as unable or unwilling, to make","page_number":62,"box":{"x":549,"y":615,"width":395,"height":11}},{"id":"76830e0f-8e1e-48e9-9448-25ac6a6a06ec","block_type":"box","text":"timely principal and/or interest payments or to otherwise honor","page_number":62,"box":{"x":549,"y":629,"width":410,"height":11}},{"id":"2d43cbc1-8fda-461c-97a5-a097ceb82908","block_type":"box","text":"its obligations. The credit rating assigned to a security or its issuer","page_number":62,"box":{"x":549,"y":643,"width":424,"height":11}},{"id":"0e5e3c49-5355-4f4a-8a70-5ea3df5656c7","block_type":"box","text":"does not necessarily reflect the issuer’s current financial","page_number":62,"box":{"x":549,"y":657,"width":361,"height":11}},{"id":"16d19b7f-0e39-4eb2-8228-f9a4eb4b96b9","block_type":"box","text":"condition or an investment’s volatility or liquidity. 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The Fund may be adversely affected if an investment","page_number":62,"box":{"x":549,"y":728,"width":406,"height":11}},{"id":"c417c51d-aa2c-49a4-8b89-a2f35ffb2c23","block_type":"box","text":"that it holds experiences a downgrade or a default.","page_number":62,"box":{"x":549,"y":742,"width":324,"height":11}},{"id":"5db66a4e-96fa-4708-9aa4-ecacd8a37af6","block_type":"box","text":"Income Risk.","page_number":62,"box":{"x":549,"y":766,"width":86,"height":8}},{"id":"a4d79f4c-b0bd-4b1a-b568-80a327633a6d","block_type":"box","text":"The Fund’s income may decline due to falling","page_number":62,"box":{"x":640,"y":766,"width":288,"height":11}},{"id":"9456a787-990e-4169-8f32-93d6f5a9ffac","block_type":"box","text":"interest rates or other factors. This can occur because the Fund","page_number":62,"box":{"x":549,"y":780,"width":407,"height":8}},{"id":"2afaddd5-5521-4e5c-9d43-9d4809abf1ad","block_type":"box","text":"may be required to invest in lower-yielding bonds when a bond in","page_number":62,"box":{"x":549,"y":794,"width":414,"height":11}},{"id":"bfcfb31a-48ec-4291-ba71-7e5c3b320964","block_type":"box","text":"the Fund’s portfolio matures, is near maturity, is called or is","page_number":62,"box":{"x":549,"y":808,"width":380,"height":11}},{"id":"b7beccc6-ae27-49e5-887e-bd5ed32dea35","block_type":"box","text":"prepaid, when bonds in the Underlying Index are substituted, or","page_number":62,"box":{"x":549,"y":822,"width":406,"height":11}},{"id":"e467d480-9c37-4344-acd4-a09ab03f81b8","block_type":"box","text":"when the Fund otherwise needs to purchase additional bonds. The","page_number":62,"box":{"x":549,"y":837,"width":424,"height":10}},{"id":"808cec4f-0430-4a75-8af1-b538836bc9d8","block_type":"box","text":"Index Provider’s substitution of bonds in the Underlying Index may","page_number":62,"box":{"x":550,"y":851,"width":423,"height":11}},{"id":"c677bc69-bec0-4169-abef-0e06386e5db6","block_type":"box","text":"occur, for example, when the time to maturity for the bond no","page_number":62,"box":{"x":549,"y":865,"width":394,"height":11}},{"id":"6f0a2b0a-0c84-4b12-8807-72e073e7c2bc","block_type":"box","text":"longer matches the Underlying Index’s stated maturity guidelines.","page_number":62,"box":{"x":549,"y":879,"width":419,"height":11}},{"id":"f93f6d68-1e77-4f04-9f9e-e7f695abd141","block_type":"box","text":"S-51","page_number":62,"box":{"x":522,"y":920,"width":26,"height":9}},{"id":"9e7f2429-cdc3-40a8-8af5-d9c4abd6c474","block_type":"box","text":"Market Risk","page_number":63,"box":{"x":83,"y":23,"width":82,"height":9}},{"id":"14139dec-42d8-4d15-8db2-a827b2d86bae","block_type":"box","text":".","page_number":63,"box":{"x":165,"y":30,"width":2,"height":2}},{"id":"2095dd9b-ce67-459b-b374-3e26d003dae8","block_type":"box","text":"The Fund could lose money over short periods due","page_number":63,"box":{"x":172,"y":23,"width":323,"height":11}},{"id":"99e0e54a-f97f-4e79-b77d-1c22bfc6ee13","block_type":"box","text":"to short-term market movements and over longer periods during","page_number":63,"box":{"x":83,"y":37,"width":413,"height":11}},{"id":"3fcfaf96-a531-4b00-af4a-ab119b557f8d","block_type":"box","text":"more prolonged market downturns. 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Operational and technology risks for the","page_number":64,"box":{"x":549,"y":245,"width":411,"height":11}},{"id":"367c0137-0084-4cee-bc57-9ba96d7754d8","block_type":"box","text":"issuers in which the Fund invests could also result in material","page_number":64,"box":{"x":549,"y":259,"width":391,"height":9}},{"id":"806dfcdc-055d-4420-b740-1fcb163368c7","block_type":"box","text":"adverse consequences for such issuers and may cause the Fund’s","page_number":64,"box":{"x":549,"y":273,"width":422,"height":11}},{"id":"08a03e1c-a59d-4fac-832a-8a1ee43105d6","block_type":"box","text":"investments in such issuers to lose value.","page_number":64,"box":{"x":549,"y":287,"width":264,"height":9}},{"id":"20bf47b9-0796-425c-9667-81f1cc62f241","block_type":"box","text":"Privately Issued Securities Risk.","page_number":64,"box":{"x":549,"y":311,"width":216,"height":10}},{"id":"90868b25-e45a-4e30-ac23-80dad558b1b8","block_type":"box","text":"Privately issued securities are","page_number":64,"box":{"x":771,"y":311,"width":190,"height":10}},{"id":"7d3faa83-7bd5-4f26-9114-998304c31178","block_type":"box","text":"securities that have not been registered under the Securities Act","page_number":64,"box":{"x":549,"y":325,"width":413,"height":11}},{"id":"78b45be2-44e2-496b-94c1-9a6a94680f12","block_type":"box","text":"of 1933, as amended (the “1933 Act”). Such securities typically","page_number":64,"box":{"x":549,"y":339,"width":404,"height":11}},{"id":"fcd947db-dca3-42e3-80fc-584dc9942dc2","block_type":"box","text":"are subject to legal restrictions on resale and generally are not","page_number":64,"box":{"x":549,"y":353,"width":400,"height":11}},{"id":"dcf5257a-acf2-465a-bc99-e2c03baf7150","block_type":"box","text":"traded in established public markets. 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Difficulty in selling","page_number":64,"box":{"x":549,"y":438,"width":425,"height":11}},{"id":"5b0f70cb-df47-4805-b399-36656661fbbb","block_type":"box","text":"such securities at a desirable time or price may result in a loss to","page_number":64,"box":{"x":549,"y":452,"width":415,"height":11}},{"id":"65b8d28b-3106-42ed-ae73-14bbd4b20036","block_type":"box","text":"the Fund.","page_number":64,"box":{"x":549,"y":467,"width":59,"height":8}},{"id":"443b22a6-e603-4d74-9eb0-b04aada3e8ec","block_type":"box","text":"Reinvestment Risk","page_number":64,"box":{"x":549,"y":490,"width":126,"height":8}},{"id":"eb0464d2-a226-4fc6-8635-742b90078f6a","block_type":"box","text":".","page_number":64,"box":{"x":675,"y":496,"width":3,"height":2}},{"id":"d1710196-d10d-416f-8c38-d7a76cbf1183","block_type":"box","text":"The Fund may invest a portion of its assets in","page_number":64,"box":{"x":683,"y":490,"width":288,"height":11}},{"id":"f36a2d2e-04f9-45c6-a6bb-ee610cd1895b","block_type":"box","text":"short-term fixed-income instruments and, as a result, may be","page_number":64,"box":{"x":549,"y":504,"width":391,"height":11}},{"id":"a91e6c0d-fde1-4881-9d31-8341fd660e3c","block_type":"box","text":"adversely affected if interest rates fall because it may have to","page_number":64,"box":{"x":549,"y":518,"width":393,"height":11}},{"id":"c0cafe82-821b-496c-b5be-208d430de77d","block_type":"box","text":"invest in lower-yielding instruments as bonds in the Fund’s","page_number":64,"box":{"x":549,"y":532,"width":374,"height":11}},{"id":"faeac68c-e66f-4561-ae8e-29b6dc0e1a67","block_type":"box","text":"portfolio mature.","page_number":64,"box":{"x":549,"y":546,"width":106,"height":11}},{"id":"155e47cd-4cc5-4e5f-a6fa-5f66c23299a5","block_type":"box","text":"Risk of Investing in the U.S","page_number":64,"box":{"x":549,"y":570,"width":182,"height":10}},{"id":"bbc4ebde-22b0-4f1b-82f7-d70405edc6b8","block_type":"box","text":".","page_number":64,"box":{"x":732,"y":576,"width":2,"height":2}},{"id":"061c3b6b-d54a-4ca1-b73b-b3bac500f683","block_type":"box","text":"Investing in U.S. issuers subjects","page_number":64,"box":{"x":740,"y":570,"width":210,"height":11}},{"id":"bfd5ec00-9975-4000-97ff-f80cd32b1c65","block_type":"box","text":"the Fund to legal, regulatory, political, currency, security, and","page_number":64,"box":{"x":549,"y":584,"width":391,"height":11}},{"id":"bc8691f2-ef71-461e-ae4c-224e5e8af195","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the","page_number":64,"box":{"x":549,"y":598,"width":423,"height":11}},{"id":"b7475faa-7908-495a-a1bc-705a36ac3b8b","block_type":"box","text":"U.S., such as a weakening of the U.S. economy or a decline in its","page_number":64,"box":{"x":550,"y":612,"width":412,"height":11}},{"id":"0e11ba92-acb5-437f-9f34-545207efb2dd","block_type":"box","text":"financial markets, may have an adverse effect on U.S. issuers.","page_number":64,"box":{"x":549,"y":626,"width":396,"height":11}},{"id":"529dc74f-67a0-4058-a51e-2d953f2a5845","block_type":"box","text":"Securities Lending Risk.","page_number":64,"box":{"x":548,"y":650,"width":162,"height":10}},{"id":"f17e72a3-5623-440a-bf91-b7504cd045c9","block_type":"box","text":"The Fund may engage in securities","page_number":64,"box":{"x":716,"y":650,"width":221,"height":10}},{"id":"63bcb387-e850-4c4a-956b-5b75f7d47cc3","block_type":"box","text":"lending. Securities lending involves the risk that the Fund may","page_number":64,"box":{"x":549,"y":664,"width":397,"height":11}},{"id":"1689b0a7-9ca2-48ba-8a22-70ba1f155d35","block_type":"box","text":"lose money because the borrower of the loaned securities fails to","page_number":64,"box":{"x":549,"y":678,"width":418,"height":11}},{"id":"5eb2de54-9cc0-40d3-9239-c38cbcb221d8","block_type":"box","text":"return the securities in a timely manner or at all. The Fund could","page_number":64,"box":{"x":549,"y":692,"width":409,"height":11}},{"id":"1db17d99-0c1d-4855-9101-229c128e1497","block_type":"box","text":"also lose money in the event of a decline in the value of collateral","page_number":64,"box":{"x":549,"y":706,"width":416,"height":11}},{"id":"df5727f3-40ea-4151-97b5-7f463868807d","block_type":"box","text":"provided for loaned securities or a decline in the value of any","page_number":64,"box":{"x":549,"y":721,"width":389,"height":10}},{"id":"7150de5e-39e3-4b36-bf32-4bace39b16a1","block_type":"box","text":"investments made with cash collateral. These events could also","page_number":64,"box":{"x":549,"y":735,"width":406,"height":8}},{"id":"57e6d1cc-4075-4f9b-9595-9a293db4a59b","block_type":"box","text":"trigger adverse tax consequences for the Fund.","page_number":64,"box":{"x":549,"y":749,"width":301,"height":11}},{"id":"2bfed4e5-00e8-4f56-8afa-bdcc3e4e766e","block_type":"box","text":"Small Fund Risk.","page_number":64,"box":{"x":548,"y":772,"width":111,"height":9}},{"id":"f4075cd8-69ea-448e-a868-c164195293ba","block_type":"box","text":"When the Fund’s size is small, the Fund may","page_number":64,"box":{"x":665,"y":772,"width":282,"height":11}},{"id":"4bfb933a-04c1-4e84-a1b7-57e278756539","block_type":"box","text":"experience low trading volume and wide bid/ask spreads. The","page_number":64,"box":{"x":549,"y":786,"width":397,"height":11}},{"id":"a43292f5-a346-4b9f-807a-da6f7d111e64","block_type":"box","text":"Fund’s performance near its inception date may not represent","page_number":64,"box":{"x":550,"y":800,"width":396,"height":11}},{"id":"7ab5ea45-1815-426f-a6ac-39e4f3db4ae2","block_type":"box","text":"how the Fund will perform in the future or with a larger asset","page_number":64,"box":{"x":549,"y":815,"width":387,"height":10}},{"id":"f299851f-4a85-4637-8228-26480332f7b0","block_type":"box","text":"base. A Fund that holds fixed-income securities may buy smaller","page_number":64,"box":{"x":549,"y":829,"width":417,"height":11}},{"id":"b4115b95-eb4c-4ae9-a556-5d30b71237f1","block_type":"box","text":"sized bonds known as “odd lots,” which may be purchased or sold","page_number":64,"box":{"x":549,"y":843,"width":420,"height":11}},{"id":"762124f7-df0d-447e-b72e-67c5c77fc247","block_type":"box","text":"at a discount to similar “round lot” bonds. The prices used by the","page_number":64,"box":{"x":549,"y":857,"width":414,"height":11}},{"id":"16c5477a-b5f3-412e-8fe8-434828891063","block_type":"box","text":"Fund may differ from the value that would be realized if these","page_number":64,"box":{"x":550,"y":871,"width":390,"height":11}},{"id":"d00466c5-d7de-4b63-ba66-b49bc34022c7","block_type":"box","text":"S-53","page_number":64,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"9ff60f37-971a-4d35-8ea9-6fda0221e75f","block_type":"box","text":"securities were sold, and the impact of such pricing differences on","page_number":65,"box":{"x":83,"y":23,"width":424,"height":11}},{"id":"ff5df52c-c7db-4e04-8448-830d12e4ddb4","block_type":"box","text":"a Fund’s performance may be heightened when the Fund’s size is","page_number":65,"box":{"x":83,"y":37,"width":417,"height":11}},{"id":"e0cbf181-c769-42c6-9581-ed2c76aa29c8","block_type":"box","text":"small. 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Tracking error may occur due to a number of","page_number":65,"box":{"x":83,"y":160,"width":425,"height":11}},{"id":"0bd76466-f043-489b-9869-da8f7ed5e195","block_type":"box","text":"factors, including differences between the securities and other","page_number":65,"box":{"x":82,"y":174,"width":402,"height":11}},{"id":"c0b81afb-a8b3-43ac-b8f5-1f74316549c0","block_type":"box","text":"assets held in the Fund’s portfolio and those included in the","page_number":65,"box":{"x":83,"y":188,"width":381,"height":11}},{"id":"6d9c162a-5817-4232-becb-9205762bbfac","block_type":"box","text":"Underlying Index; differences in the timing and methodologies","page_number":65,"box":{"x":83,"y":202,"width":396,"height":11}},{"id":"ec94cc6f-4f24-45f0-a4a3-bd14224ad659","block_type":"box","text":"used to value securities and other assets; transaction costs and","page_number":65,"box":{"x":83,"y":217,"width":407,"height":10}},{"id":"118fba17-d6e2-4b96-8986-c85a8d257b30","block_type":"box","text":"other expenses incurred by the Fund that the Underlying Index","page_number":65,"box":{"x":83,"y":231,"width":400,"height":11}},{"id":"6e51dc50-6945-43df-a499-1ed701d169fd","block_type":"box","text":"does not incur; the Fund’s holding of uninvested cash; differences","page_number":65,"box":{"x":83,"y":245,"width":421,"height":11}},{"id":"5502e253-4c2d-418c-a5d2-a0b99842d1a7","block_type":"box","text":"in the timing of the accrual or the valuation of dividends or","page_number":65,"box":{"x":83,"y":259,"width":373,"height":11}},{"id":"cc9633e5-f8f6-443d-9cfe-8434e077fec1","block_type":"box","text":"interest received by the Fund or distributions paid to Fund","page_number":65,"box":{"x":83,"y":273,"width":370,"height":11}},{"id":"0131b4e4-dea6-4d05-9590-ac6479d5543c","block_type":"box","text":"shareholders; tax gains or losses; differences between the","page_number":65,"box":{"x":83,"y":287,"width":372,"height":11}},{"id":"f8904324-9a90-4620-be42-cb819aa12d49","block_type":"box","text":"amount and/or timing of withholding taxes on dividends reflected","page_number":65,"box":{"x":83,"y":302,"width":420,"height":10}},{"id":"d5a38894-c60d-46e4-b95e-999a51264ef4","block_type":"box","text":"in the Underlying Index from the Fund’s obligation, if any, for","page_number":65,"box":{"x":83,"y":316,"width":386,"height":11}},{"id":"e7a00b15-1b62-41fb-a07b-96f16e694c72","block_type":"box","text":"foreign withholding taxes; the requirements for the Fund to","page_number":65,"box":{"x":82,"y":330,"width":378,"height":11}},{"id":"43b1be69-d723-44f1-977c-a7b884a5d481","block_type":"box","text":"maintain pass-through tax treatment; portfolio transactions","page_number":65,"box":{"x":83,"y":344,"width":380,"height":11}},{"id":"ac87d14c-4b8e-4a23-be5a-cde5ad282dde","block_type":"box","text":"carried out to minimize the distribution of capital gains to","page_number":65,"box":{"x":83,"y":358,"width":366,"height":11}},{"id":"1cf70a85-9992-417b-bbe4-f59071ae9329","block_type":"box","text":"shareholders; the acceptance of custom baskets; changes to the","page_number":65,"box":{"x":83,"y":372,"width":414,"height":11}},{"id":"2e69f3ee-a7fe-4c5e-84ae-ccc2f03184b1","block_type":"box","text":"Underlying Index; and impacts to the Fund of complying with","page_number":65,"box":{"x":83,"y":387,"width":387,"height":11}},{"id":"155e8818-da84-4601-9b85-30d36905b10d","block_type":"box","text":"certain regulatory requirements or limits. 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The","page_number":68,"box":{"x":83,"y":440,"width":388,"height":8}},{"id":"becb3904-be9a-4534-96ac-48791b227a1f","block_type":"box","text":"components of the Underlying Index are likely to change over","page_number":68,"box":{"x":83,"y":454,"width":392,"height":11}},{"id":"94e37e7f-163d-44ff-9bdf-e22edae534bd","block_type":"box","text":"time.","page_number":68,"box":{"x":83,"y":468,"width":31,"height":8}},{"id":"c599c260-69ca-41af-99e4-708921b0ad3e","block_type":"box","text":"The Underlying Index consists of U.S. dollar-denominated,","page_number":68,"box":{"x":82,"y":490,"width":371,"height":11}},{"id":"a496b751-b36f-437f-8f6a-ede6f9e7c5b8","block_type":"box","text":"investment-grade securities publicly issued by U.S. and non-U.S.","page_number":68,"box":{"x":83,"y":504,"width":413,"height":11}},{"id":"5fd4115a-0726-46d3-adbe-89d91300f421","block_type":"box","text":"corporate issuers that have $300 million or more of outstanding","page_number":68,"box":{"x":83,"y":517,"width":410,"height":12}},{"id":"ba98feba-3177-4eae-a552-376576fa8b88","block_type":"box","text":"face value at the time of inclusion. The non-U.S. corporate issuers","page_number":68,"box":{"x":82,"y":532,"width":422,"height":11}},{"id":"c304266e-daa4-4875-ab22-7dec56ff234d","block_type":"box","text":"included in the Underlying Index consist primarily of corporate","page_number":68,"box":{"x":83,"y":547,"width":397,"height":10}},{"id":"0f740c02-584f-4958-98cb-0e6fefc4db1a","block_type":"box","text":"bonds issued by companies domiciled in developed countries. The","page_number":68,"box":{"x":83,"y":561,"width":422,"height":11}},{"id":"723a394b-e98f-405d-8e70-dc660fecb60c","block_type":"box","text":"Fund will invest in non-U.S. issuers to the extent necessary for it","page_number":68,"box":{"x":84,"y":575,"width":411,"height":11}},{"id":"a8883cde-0218-414e-b7a6-f332000c13e4","block_type":"box","text":"to track the Underlying Index. Each bond included in the","page_number":68,"box":{"x":83,"y":589,"width":358,"height":11}},{"id":"2f86d9bb-a819-4c9a-a388-07763d4e6fea","block_type":"box","text":"Underlying Index must be registered with the SEC, have been","page_number":68,"box":{"x":83,"y":603,"width":390,"height":11}},{"id":"326bf92b-3f1e-4c53-8aa0-5ba253cfa2c7","block_type":"box","text":"exempt from registration at issuance, or have been offered","page_number":68,"box":{"x":83,"y":617,"width":375,"height":11}},{"id":"2e46e831-19bc-4f4c-bf5c-d6c8608829c4","block_type":"box","text":"pursuant to Rule 144A under the Securities Act of 1933, as","page_number":68,"box":{"x":83,"y":632,"width":375,"height":10}},{"id":"e3098b40-f248-46fe-9392-8ff11cd0da09","block_type":"box","text":"amended (the “1933 Act”), with registration rights. Further, the","page_number":68,"box":{"x":83,"y":646,"width":402,"height":11}},{"id":"8b0c5561-8c89-4a96-ac09-243a18336e1d","block_type":"box","text":"securities in the Underlying Index must be denominated in U.S.","page_number":68,"box":{"x":83,"y":660,"width":402,"height":11}},{"id":"333962b3-076c-4cf7-b6ad-248f5cd156c7","block_type":"box","text":"dollars and have a fixed-rate, although they can carry a coupon","page_number":68,"box":{"x":83,"y":674,"width":402,"height":11}},{"id":"d6ffc6d4-f3cd-4320-9b2e-632c9e0c3a99","block_type":"box","text":"that steps-up or changes according to a predetermined schedule.","page_number":68,"box":{"x":83,"y":688,"width":418,"height":11}},{"id":"905e7f68-ad0e-4231-877b-adc8421104f0","block_type":"box","text":"In addition, to be included in the Underlying Index, securities that","page_number":68,"box":{"x":83,"y":703,"width":416,"height":10}},{"id":"de5cf47e-b042-46a4-af3b-9739e6b071d5","block_type":"box","text":"are rated by all three of the rating agencies named below must be","page_number":68,"box":{"x":83,"y":717,"width":420,"height":11}},{"id":"7bce6cea-db0c-42df-82b8-6e6f9e5f0856","block_type":"box","text":"rated “investment-grade” by at least two of the three rating","page_number":68,"box":{"x":83,"y":731,"width":379,"height":11}},{"id":"84f60950-5d60-4424-9464-5499986f9f0e","block_type":"box","text":"agencies, which is defined as Baa3 or higher by Moody’s Investors","page_number":68,"box":{"x":83,"y":745,"width":423,"height":11}},{"id":"fec1fd1a-92e7-440e-82d8-8ae7a04c6e39","block_type":"box","text":"Service, Inc. or BBB- or higher by S&P Global Ratings or Fitch","page_number":68,"box":{"x":83,"y":759,"width":389,"height":11}},{"id":"31f492c8-f206-486b-9f4b-882ec7e69a6f","block_type":"box","text":"Ratings, Inc. When ratings from only two of the three rating","page_number":68,"box":{"x":83,"y":773,"width":377,"height":11}},{"id":"2f0a4c48-6b2f-4730-8ded-343ddad500e6","block_type":"box","text":"agencies are available, the lower rating is used to determine","page_number":68,"box":{"x":83,"y":788,"width":384,"height":10}},{"id":"8c1cf3f6-134d-45e1-9ddd-cd35ff66344a","block_type":"box","text":"eligibility. Securities with a rating from only one of the three","page_number":68,"box":{"x":83,"y":802,"width":381,"height":11}},{"id":"c77d39dd-423a-4879-a22e-a8e266333ffe","block_type":"box","text":"ratings agencies must be rated investment-grade in order to be","page_number":68,"box":{"x":83,"y":816,"width":404,"height":11}},{"id":"77440616-cc77-4279-9d2c-d7059fe096dc","block_type":"box","text":"included in the Underlying Index. In cases where ratings are not","page_number":68,"box":{"x":83,"y":830,"width":406,"height":11}},{"id":"52e3a70d-8e5a-4772-8440-57d4c6b60312","block_type":"box","text":"available, other sources may be used to classify securities by","page_number":68,"box":{"x":83,"y":844,"width":390,"height":11}},{"id":"9ec27eae-dcad-43a6-b8c9-9dadad84b336","block_type":"box","text":"investment quality.","page_number":68,"box":{"x":83,"y":859,"width":120,"height":10}},{"id":"77c948e7-ec45-4621-8e31-8b20072a2694","block_type":"box","text":"The Underlying Index is constructed with the following","page_number":68,"box":{"x":549,"y":23,"width":346,"height":11}},{"id":"ffe381d5-2b8f-471e-854f-0ab0fb460af1","block_type":"box","text":"methodology. The parent index, the Bloomberg U.S. Corporate","page_number":68,"box":{"x":549,"y":37,"width":398,"height":11}},{"id":"3aa10c83-cb95-454f-9238-d0be94454e79","block_type":"box","text":"Index (the “Parent Index”), representing U.S. dollar-denominated,","page_number":68,"box":{"x":550,"y":51,"width":416,"height":11}},{"id":"83ec56e5-8584-4934-a536-e4b90242ffcc","block_type":"box","text":"taxable, investment-grade corporate bonds, is stripped of","page_number":68,"box":{"x":549,"y":66,"width":368,"height":11}},{"id":"7b4e82b0-f608-4837-a099-c0d8c5087393","block_type":"box","text":"securities maturing outside of the maturity range defined above.","page_number":68,"box":{"x":549,"y":80,"width":410,"height":11}},{"id":"ff011022-ea9d-45a0-b053-2a058b559622","block_type":"box","text":"During the final two years of the Underlying Index, bonds that","page_number":68,"box":{"x":550,"y":94,"width":391,"height":11}},{"id":"86c077b4-db99-4223-86aa-1c8784ee71f5","block_type":"box","text":"mature in 2026 but had not been eligible for inclusion in the","page_number":68,"box":{"x":549,"y":108,"width":383,"height":11}},{"id":"213aa034-4e0f-4de6-83ef-0257d0166627","block_type":"box","text":"Parent Index due to being within one year of maturity will be","page_number":68,"box":{"x":550,"y":122,"width":382,"height":11}},{"id":"60458d01-6c40-4c86-b474-eb8990383de8","block_type":"box","text":"eligible for inclusion in the Underlying Index until such bonds","page_number":68,"box":{"x":549,"y":137,"width":387,"height":10}},{"id":"8dd9e355-c1c9-4bc6-8c13-584c3ea6563d","block_type":"box","text":"reach maturity. Securities are then market-cap weighted within","page_number":68,"box":{"x":549,"y":151,"width":403,"height":11}},{"id":"72e52a4f-932c-469b-a6a3-8eb2761eabab","block_type":"box","text":"the Underlying Index, with a 3% cap typically imposed on any one","page_number":68,"box":{"x":549,"y":165,"width":415,"height":11}},{"id":"e8981711-f794-4488-a062-17ef39506677","block_type":"box","text":"issuer, and a","page_number":68,"box":{"x":549,"y":179,"width":80,"height":10}},{"id":"d1b79d8b-ae13-4359-8d0c-456db815ca54","block_type":"box","text":"pro rata","page_number":68,"box":{"x":633,"y":180,"width":50,"height":10}},{"id":"7ff4b284-fb34-41e6-a371-29a33a05712e","block_type":"box","text":"distribution of any excess weight across the","page_number":68,"box":{"x":688,"y":179,"width":280,"height":11}},{"id":"b0fd0c71-7114-4780-9bbc-74e39353f3bb","block_type":"box","text":"remaining issuers in the Underlying Index. In the event a 3% cap is","page_number":68,"box":{"x":549,"y":193,"width":421,"height":11}},{"id":"497fc4bd-cfa4-47c7-abc7-8a095a8e9ed8","block_type":"box","text":"not possible due to lack of issuers, the cap will be increased in","page_number":68,"box":{"x":549,"y":207,"width":399,"height":11}},{"id":"da505d66-4fd1-4734-8e3e-f9917afc50d7","block_type":"box","text":"0.50% increments until the Underlying Index can be calculated.","page_number":68,"box":{"x":549,"y":222,"width":402,"height":10}},{"id":"7e71a7f1-d17e-4542-be89-b301300a5015","block_type":"box","text":"The securities in the Underlying Index are updated on the last","page_number":68,"box":{"x":549,"y":244,"width":392,"height":10}},{"id":"26a647c6-c0b4-49af-92f7-b5a6e0e48f5a","block_type":"box","text":"calendar day of each month until six months prior to maturity. The","page_number":68,"box":{"x":549,"y":258,"width":421,"height":11}},{"id":"b34c29e5-d1c3-41de-b49f-a864acad7242","block_type":"box","text":"last rebalance date will be on June 30, 2026. During this final six","page_number":68,"box":{"x":549,"y":272,"width":412,"height":11}},{"id":"c70e2d6a-2259-4169-bc60-eeb01e0fca42","block_type":"box","text":"month period, the Underlying Index will no longer be updated or","page_number":68,"box":{"x":549,"y":286,"width":408,"height":11}},{"id":"eae13efb-3102-4f19-ba7b-cf4d29afa571","block_type":"box","text":"rebalanced, except to remove securities which are downgraded to","page_number":68,"box":{"x":549,"y":300,"width":422,"height":11}},{"id":"8297dc61-9a75-4b85-a90a-1067ffab9974","block_type":"box","text":"below investment-grade per the eligibility criteria described","page_number":68,"box":{"x":549,"y":315,"width":380,"height":10}},{"id":"36db3cb3-4571-4082-854b-b5b732ce4bbe","block_type":"box","text":"above. Additionally, during this period, existing bond weights will","page_number":68,"box":{"x":549,"y":329,"width":412,"height":10}},{"id":"6462bceb-6cca-40ab-8eab-77aacde5f12b","block_type":"box","text":"be allowed to float based on changes in market value.","page_number":68,"box":{"x":549,"y":343,"width":343,"height":11}},{"id":"7b877b4f-af2b-4d2e-a509-b7e41043ffe8","block_type":"box","text":"When a bond that is included in the Underlying Index matures, its","page_number":68,"box":{"x":549,"y":365,"width":416,"height":11}},{"id":"4f148ee2-5d29-45e3-a0ca-5a93c18b5923","block_type":"box","text":"maturity value will be represented in the Underlying Index by cash","page_number":68,"box":{"x":549,"y":379,"width":420,"height":11}},{"id":"69722e63-627c-4f6b-977d-d608c765be8c","block_type":"box","text":"throughout the remaining life of the Underlying Index.","page_number":68,"box":{"x":549,"y":393,"width":342,"height":11}},{"id":"eed06aad-995e-47b7-9c14-c7fc5d6df6d7","block_type":"box","text":"The Fund is a series of the iShares iBonds","page_number":68,"box":{"x":549,"y":415,"width":265,"height":9}},{"id":"662f7694-0608-4a23-bea8-a7c555a09246","block_type":"box","text":"®","page_number":68,"box":{"x":816,"y":414,"width":8,"height":7}},{"id":"6bac9a6a-ba15-4d8a-a7f7-311eb3cad27c","block_type":"box","text":"fixed maturity series","page_number":68,"box":{"x":829,"y":415,"width":130,"height":11}},{"id":"eb590a52-d250-4dc3-9747-60d9488b23c5","block_type":"box","text":"of bond ETFs sponsored by BlackRock, Inc. (“BlackRock”). The","page_number":68,"box":{"x":549,"y":429,"width":397,"height":11}},{"id":"a48b0f10-eb91-4fac-b152-556ecd47399d","block_type":"box","text":"Fund does not invest in U.S. savings bonds or other U.S.","page_number":68,"box":{"x":550,"y":443,"width":358,"height":11}},{"id":"ce26df86-df4b-434b-8151-b413aecbc846","block_type":"box","text":"government bonds (except to the extent the Fund holds cash","page_number":68,"box":{"x":549,"y":458,"width":389,"height":10}},{"id":"7c1b8e4b-c68a-4f46-aeb9-9beb8b716cdb","block_type":"box","text":"equivalent instruments consistent with its investment objective)","page_number":68,"box":{"x":549,"y":472,"width":409,"height":11}},{"id":"2a17eeda-86df-40f3-b624-0e584da60ecc","block_type":"box","text":"and is not designed to provide protection against inflation.","page_number":68,"box":{"x":549,"y":486,"width":372,"height":11}},{"id":"a42c071a-d472-4f01-9721-d14aec9ef39c","block_type":"box","text":"BFA uses an indexing approach to try to achieve the Fund’s","page_number":68,"box":{"x":550,"y":509,"width":376,"height":11}},{"id":"dc6913c3-aa54-4a8c-b964-a3e9297bfba1","block_type":"box","text":"investment objective. The Fund does not try to “beat” the index it","page_number":68,"box":{"x":549,"y":523,"width":417,"height":11}},{"id":"ab0ed17a-885f-4162-9d9a-83ffcfe42593","block_type":"box","text":"tracks and does not seek temporary defensive positions when","page_number":68,"box":{"x":549,"y":537,"width":396,"height":11}},{"id":"e58df6af-02fb-4a79-8f86-ef4ec04670be","block_type":"box","text":"markets decline or appear overvalued.","page_number":68,"box":{"x":549,"y":552,"width":244,"height":10}},{"id":"c4e6fe15-9c52-4479-8714-7a04e48fc457","block_type":"box","text":"Indexing may eliminate the chance that the Fund will substantially","page_number":68,"box":{"x":550,"y":575,"width":420,"height":11}},{"id":"5df83c62-02df-4762-b0bf-bbec5c62e4ad","block_type":"box","text":"outperform the Underlying Index but also may reduce some of the","page_number":68,"box":{"x":549,"y":589,"width":421,"height":11}},{"id":"ef946050-9a55-42b6-97cd-0b3c4ba59a90","block_type":"box","text":"risks of active management, such as poor security selection.","page_number":68,"box":{"x":549,"y":603,"width":386,"height":11}},{"id":"ce2ce610-44ba-4a50-a421-31c11eea0415","block_type":"box","text":"Indexing seeks to achieve lower costs and better after-tax","page_number":68,"box":{"x":550,"y":617,"width":369,"height":11}},{"id":"00a5e053-ebc0-48db-b501-9a42f9e9679d","block_type":"box","text":"performance by aiming to keep portfolio turnover low in","page_number":68,"box":{"x":549,"y":632,"width":356,"height":10}},{"id":"eeda6816-59e9-47d8-a5ce-cfb357e2bdc0","block_type":"box","text":"comparison to actively managed investment companies.","page_number":68,"box":{"x":549,"y":646,"width":359,"height":11}},{"id":"8cff54d6-7378-446c-b549-566f904c264d","block_type":"box","text":"BFA uses a representative sampling indexing strategy to manage","page_number":68,"box":{"x":550,"y":669,"width":411,"height":11}},{"id":"21434322-2107-407f-a4d2-6f1017483779","block_type":"box","text":"the Fund. “Representative sampling” is an indexing strategy that","page_number":68,"box":{"x":549,"y":683,"width":411,"height":11}},{"id":"21aa30c3-bd5b-466c-a724-62c6401fb4f1","block_type":"box","text":"involves investing in a representative sample of securities or other","page_number":68,"box":{"x":549,"y":697,"width":424,"height":11}},{"id":"65be90c9-ab28-48b4-aa6c-a5d3d93fd66a","block_type":"box","text":"instruments that collectively has an investment profile similar to","page_number":68,"box":{"x":549,"y":712,"width":410,"height":10}},{"id":"40ca9970-ad2d-4f7a-9fab-ee356edf22a8","block_type":"box","text":"that of an applicable underlying index. The instruments selected","page_number":68,"box":{"x":549,"y":726,"width":408,"height":11}},{"id":"8d544f83-db75-49d7-bd59-8c3bf113bbe0","block_type":"box","text":"are expected to have, in the aggregate, investment characteristics","page_number":68,"box":{"x":549,"y":740,"width":423,"height":11}},{"id":"2aa64e1f-7eda-43d9-b1aa-0aef272b259c","block_type":"box","text":"(based on factors such as market value and industry weightings),","page_number":68,"box":{"x":549,"y":754,"width":415,"height":11}},{"id":"4a3f91f4-6671-47d0-865f-8f43d1b2abdc","block_type":"box","text":"fundamental characteristics (such as return variability, duration","page_number":68,"box":{"x":549,"y":768,"width":405,"height":11}},{"id":"bf644c7f-01f8-43e4-b775-ea17213e0906","block_type":"box","text":"(","page_number":68,"box":{"x":549,"y":783,"width":3,"height":10}},{"id":"424852e8-8de2-4d69-94e1-7c80949cd5a9","block_type":"box","text":"i.e.","page_number":68,"box":{"x":553,"y":782,"width":17,"height":9}},{"id":"84a7037e-6223-4ce3-87f1-bf88dc0440e5","block_type":"box","text":", an instrument’s price sensitivity to a change in interest","page_number":68,"box":{"x":573,"y":782,"width":358,"height":11}},{"id":"a2303374-4cb7-4d0f-a292-a03cb535493c","block_type":"box","text":"rates), maturity or credit ratings and yield) and liquidity measures","page_number":68,"box":{"x":549,"y":797,"width":418,"height":10}},{"id":"fb6927ae-11fa-4971-b5b2-56ec9eeff0af","block_type":"box","text":"similar to those of an applicable underlying index. The Fund may","page_number":68,"box":{"x":549,"y":811,"width":410,"height":11}},{"id":"56fe9136-8efd-43c6-9699-36d1c3c156c3","block_type":"box","text":"or may not hold all of the components of the Underlying Index.","page_number":68,"box":{"x":549,"y":825,"width":399,"height":11}},{"id":"2e24eb44-4073-428c-addc-cce3d7a633ca","block_type":"box","text":"The Fund will invest at least 80% of its assets in the component","page_number":68,"box":{"x":549,"y":848,"width":404,"height":11}},{"id":"02289993-8e52-43ed-966b-b52b2c39454d","block_type":"box","text":"instruments of the Underlying Index, and (except during the last","page_number":68,"box":{"x":549,"y":862,"width":408,"height":11}},{"id":"faa1568d-f6f7-4623-9d27-f9f272c65fff","block_type":"box","text":"twelve months of the Fund’s operations) the Fund will invest at","page_number":68,"box":{"x":549,"y":877,"width":401,"height":10}},{"id":"8db26312-7044-44e8-ac0d-b9bcfd62fcb2","block_type":"box","text":"S-57","page_number":68,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"f8b96c94-1d83-4ba9-97ad-ae2156d08702","block_type":"box","text":"least 90% of its assets in fixed income securities of the types","page_number":69,"box":{"x":83,"y":23,"width":388,"height":11}},{"id":"9d3f93b0-d346-400a-a2b1-a4d6e27ecf3a","block_type":"box","text":"included in the Underlying Index that BFA believes will help the","page_number":69,"box":{"x":83,"y":37,"width":400,"height":11}},{"id":"f6966111-83d0-4732-bbfe-85a9ed8764e7","block_type":"box","text":"Fund track the Underlying Index. The Fund will invest no more","page_number":69,"box":{"x":84,"y":52,"width":393,"height":10}},{"id":"61ba8833-fb04-46f5-ae26-eb1290b826b0","block_type":"box","text":"than 10% of its assets in futures, options and swaps contracts that","page_number":69,"box":{"x":83,"y":66,"width":423,"height":10}},{"id":"d423f4cd-19ea-46c0-9106-47068f4cf91f","block_type":"box","text":"BFA believes will help the Fund track the Underlying Index as well","page_number":69,"box":{"x":84,"y":80,"width":415,"height":11}},{"id":"e619f49c-c0f4-4b51-9142-b6f65ece95f0","block_type":"box","text":"as in fixed income securities other than the types included in the","page_number":69,"box":{"x":83,"y":94,"width":413,"height":11}},{"id":"ee19df46-d200-4827-8d3e-2e97b3ea22ea","block_type":"box","text":"Underlying Index, but which BFA believes will help the Fund track","page_number":69,"box":{"x":83,"y":108,"width":414,"height":11}},{"id":"f2e2f454-2869-4fc8-b36a-1c1422d30dde","block_type":"box","text":"the Underlying Index. Cash and cash equivalent investments","page_number":69,"box":{"x":83,"y":122,"width":385,"height":11}},{"id":"03f8b17a-9657-4b16-801f-dfd2b0602bc9","block_type":"box","text":"associated with a derivative position will be treated as part of that","page_number":69,"box":{"x":83,"y":137,"width":421,"height":10}},{"id":"29b747d5-85d6-44fe-856f-6dfd293c1ecf","block_type":"box","text":"position for the purposes of calculating the percentage of","page_number":69,"box":{"x":83,"y":151,"width":367,"height":11}},{"id":"12d116c3-0abf-46cb-9023-9705c0a2f9f6","block_type":"box","text":"investments included in the Underlying Index.","page_number":69,"box":{"x":83,"y":165,"width":290,"height":11}},{"id":"124afcd8-c480-4122-a12e-2c5ce074e9b6","block_type":"box","text":"In the last six months of operation, as the bonds held by the Fund","page_number":69,"box":{"x":83,"y":187,"width":418,"height":11}},{"id":"f2f27d82-226c-41b5-bb08-5e5fed7f5738","block_type":"box","text":"mature, the proceeds may not be reinvested by the Fund in bonds","page_number":69,"box":{"x":83,"y":201,"width":420,"height":11}},{"id":"dfb1e029-63c0-4901-a6a5-f366f3a1e853","block_type":"box","text":"but instead will be held in cash and cash equivalents. By fifteen","page_number":69,"box":{"x":83,"y":215,"width":403,"height":11}},{"id":"63795bb9-84b2-4cd4-9f05-c8603ca90720","block_type":"box","text":"days prior to maturity, the Underlying Index is expected to consist","page_number":69,"box":{"x":83,"y":229,"width":421,"height":11}},{"id":"fecec4d9-0ff0-4b60-9ea7-6ee869ce2319","block_type":"box","text":"almost entirely of cash and cash equivalents. On or around this","page_number":69,"box":{"x":83,"y":244,"width":402,"height":10}},{"id":"d848b862-4992-4df3-bae6-1d3d9f0cae78","block_type":"box","text":"date, the Fund will wind up and terminate. 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The Board may extend","page_number":69,"box":{"x":83,"y":329,"width":413,"height":10}},{"id":"67911152-a844-454a-8d7c-b15687f55e96","block_type":"box","text":"the termination date if a majority of the Board determines the","page_number":69,"box":{"x":83,"y":343,"width":394,"height":11}},{"id":"31aa747f-4a11-455a-b209-10b916822c90","block_type":"box","text":"extension to be in the best interest of the Fund.","page_number":69,"box":{"x":83,"y":357,"width":303,"height":9}},{"id":"34ab6486-3240-4276-bc48-846886a078fb","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying","page_number":69,"box":{"x":82,"y":379,"width":414,"height":11}},{"id":"93cd79e6-e682-4b89-9a63-f13f221a89ac","block_type":"box","text":"Index before fees and expenses of the Fund. 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The Index Provider","page_number":69,"box":{"x":83,"y":575,"width":354,"height":11}},{"id":"03c90079-5d75-412e-b579-b4a34421afbe","block_type":"box","text":"determines the composition and relative weightings of the","page_number":69,"box":{"x":83,"y":589,"width":371,"height":11}},{"id":"1720592a-60d4-4464-bf47-4057e25b0367","block_type":"box","text":"components of the Underlying Index and publishes information","page_number":69,"box":{"x":83,"y":603,"width":401,"height":11}},{"id":"04cec556-b044-46d1-9af3-24edac7c2e30","block_type":"box","text":"regarding the market value of the Underlying Index.","page_number":69,"box":{"x":83,"y":617,"width":327,"height":11}},{"id":"a4d36e82-4e30-492e-bd25-eed449a97404","block_type":"box","text":"Industry Concentration Policy.","page_number":69,"box":{"x":83,"y":641,"width":210,"height":10}},{"id":"c68fb2f7-299c-4cec-a4c3-398778a5fc47","block_type":"box","text":"The Fund will concentrate its","page_number":69,"box":{"x":298,"y":641,"width":184,"height":8}},{"id":"f7f2d7fb-8452-4f87-ab0b-47a6990c42b2","block_type":"box","text":"investments (","page_number":69,"box":{"x":83,"y":655,"width":85,"height":11}},{"id":"2833718b-140c-4eb8-bc8f-de8e9c7cddec","block_type":"box","text":"i.e.","page_number":69,"box":{"x":169,"y":655,"width":17,"height":8}},{"id":"c3ca80a6-6b8a-4fec-9d2e-9267451acf2f","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":69,"box":{"x":189,"y":655,"width":264,"height":11}},{"id":"30b8d63c-367b-48e6-9982-803d6bdb43bd","block_type":"box","text":"particular industry or group of industries to approximately the","page_number":69,"box":{"x":83,"y":669,"width":394,"height":11}},{"id":"9faa778a-ac7a-40cc-9dfd-ba049bc99aa1","block_type":"box","text":"same extent that the Underlying Index is concentrated. 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The Fund is subject to certain risks,","page_number":69,"box":{"x":83,"y":851,"width":396,"height":10}},{"id":"73343cba-0a0a-4850-a01d-d6a52249e300","block_type":"box","text":"including the principal risks noted below, any of which may","page_number":69,"box":{"x":83,"y":865,"width":376,"height":11}},{"id":"31e50b1a-c71f-49d6-9d0c-54302687ac70","block_type":"box","text":"adversely affect the Fund’s net asset value per share (“NAV”),","page_number":69,"box":{"x":83,"y":879,"width":392,"height":11}},{"id":"06819275-53f0-450d-82a1-57946c8c7c2f","block_type":"box","text":"trading price, yield, total return and ability to meet its investment","page_number":69,"box":{"x":549,"y":23,"width":416,"height":11}},{"id":"70c3e16c-2cb9-4ed1-92e6-835bc8673a56","block_type":"box","text":"objective. Certain key risks are prioritized below (with others","page_number":69,"box":{"x":549,"y":37,"width":388,"height":11}},{"id":"03af2cdd-21c0-4268-9817-9be96be0a301","block_type":"box","text":"following in alphabetical order), but the relative significance of any","page_number":69,"box":{"x":549,"y":51,"width":425,"height":11}},{"id":"15224ccc-5a91-4fc6-9d86-45bdd91c733a","block_type":"box","text":"risk is difficult to predict and may change over time. You should","page_number":69,"box":{"x":549,"y":66,"width":405,"height":11}},{"id":"ba165a4c-5dfa-450c-a0d2-ef08668377ed","block_type":"box","text":"review each risk factor carefully.","page_number":69,"box":{"x":549,"y":80,"width":206,"height":11}},{"id":"2c749630-e4a6-4b53-b29f-74f52c8266f8","block_type":"box","text":"Credit Risk","page_number":69,"box":{"x":549,"y":103,"width":75,"height":9}},{"id":"ca21931a-3d79-45a6-988e-1ae291094281","block_type":"box","text":".","page_number":69,"box":{"x":624,"y":110,"width":2,"height":1}},{"id":"dc066699-23a4-4d09-a26b-9438cee88dbb","block_type":"box","text":"Credit risk is the risk that an issuer, guarantor or","page_number":69,"box":{"x":632,"y":103,"width":311,"height":11}},{"id":"ffbd5dd1-c5ca-4418-b854-574f1c1e356e","block_type":"box","text":"liquidity provider of a fixed-income security may be unable or","page_number":69,"box":{"x":549,"y":117,"width":391,"height":11}},{"id":"88395b44-ff28-464a-9ad2-723c9e0d098c","block_type":"box","text":"unwilling, or may be perceived as unable or unwilling, to make","page_number":69,"box":{"x":549,"y":131,"width":395,"height":11}},{"id":"61a00f05-9162-4b0b-b705-4578e8195740","block_type":"box","text":"timely principal and/or interest payments or to otherwise honor","page_number":69,"box":{"x":549,"y":146,"width":410,"height":10}},{"id":"74d195b5-eb67-4263-a0b1-7d2fc6b98406","block_type":"box","text":"its obligations. 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The Fund may be adversely affected if an investment","page_number":69,"box":{"x":549,"y":245,"width":406,"height":11}},{"id":"fee7e191-54b4-4d15-9507-a1715cfcb688","block_type":"box","text":"that it holds experiences a downgrade or a default.","page_number":69,"box":{"x":549,"y":259,"width":324,"height":11}},{"id":"f999e852-4648-4fe2-8da7-1bb68d7847c9","block_type":"box","text":"Interest Rate Risk","page_number":69,"box":{"x":549,"y":282,"width":121,"height":9}},{"id":"19b08f1f-4316-4d6e-be07-4f431de6aa9f","block_type":"box","text":".","page_number":69,"box":{"x":670,"y":289,"width":2,"height":2}},{"id":"209a2dc0-aa73-413a-8682-d259c4bac907","block_type":"box","text":"Interest rate risk refers to the risk of","page_number":69,"box":{"x":678,"y":282,"width":233,"height":9}},{"id":"7012089f-2779-4d18-9582-5e024bc27976","block_type":"box","text":"fluctuations in the value of a fixed-income security due to changes","page_number":69,"box":{"x":549,"y":296,"width":424,"height":11}},{"id":"635ea302-55bc-4227-977e-ba301f4b92ae","block_type":"box","text":"in the general level of interest rates. Interest rate changes can be","page_number":69,"box":{"x":549,"y":311,"width":417,"height":10}},{"id":"7bf0607c-f569-4b86-a8a0-3e5c4455d842","block_type":"box","text":"sudden and unpredictable and are influenced by a number of","page_number":69,"box":{"x":549,"y":325,"width":389,"height":11}},{"id":"c53fa138-8875-40ce-8a32-daf965db2201","block_type":"box","text":"factors, including government policy, monetary policy, inflation","page_number":69,"box":{"x":549,"y":339,"width":401,"height":11}},{"id":"7a677b0d-8377-43e8-b088-99e62df9bc4d","block_type":"box","text":"expectations, perceptions of risk, and supply and demand for","page_number":69,"box":{"x":549,"y":353,"width":391,"height":11}},{"id":"ae5eadbc-7d53-4c6d-8d83-892531d50c42","block_type":"box","text":"fixed-income securities. 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The Fund invests","page_number":71,"box":{"x":841,"y":834,"width":115,"height":8}},{"id":"03dab2a0-9368-4cd6-929e-7106bc4a8f05","block_type":"box","text":"directly in the domestic bond market in the People’s Republic of","page_number":71,"box":{"x":549,"y":848,"width":409,"height":11}},{"id":"d2512515-c3f2-4051-b485-99f0ba34cefe","block_type":"box","text":"China (“China” or the “PRC”) (the “China Interbank Bond Market”)","page_number":71,"box":{"x":549,"y":862,"width":420,"height":11}},{"id":"50d54a13-b48a-462e-b1d1-8f954278d71d","block_type":"box","text":"through the Bond Connect trading channel. All bonds traded","page_number":71,"box":{"x":549,"y":877,"width":384,"height":10}},{"id":"4e1c8b36-2018-4ecd-8d86-0b45d664ea18","block_type":"box","text":"S-60","page_number":71,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"4bc687c7-9439-45a9-a6dc-02cdf5b80808","block_type":"box","text":"through Bond Connect are registered in the name of the PRC’s","page_number":72,"box":{"x":83,"y":23,"width":399,"height":11}},{"id":"f4e90596-20cd-4b9e-a6f5-a5d4faa9514a","block_type":"box","text":"Central Moneymarkets Unit (“CMU”), which holds such bonds as a","page_number":72,"box":{"x":83,"y":37,"width":423,"height":11}},{"id":"11abf089-f92c-4a64-8ec1-f64e2efc7bb5","block_type":"box","text":"nominee owner. The precise nature and rights of the Fund as the","page_number":72,"box":{"x":83,"y":51,"width":412,"height":11}},{"id":"5010cac2-8ed3-4d26-a0e8-3636849c6f08","block_type":"box","text":"beneficial owner of bonds traded in the China Interbank Bond","page_number":72,"box":{"x":83,"y":66,"width":392,"height":8}},{"id":"b39aa175-207a-4302-875b-8a22e48514e4","block_type":"box","text":"Market through CMU as nominee are relatively new and untested","page_number":72,"box":{"x":83,"y":80,"width":416,"height":11}},{"id":"9abe0595-6a9b-4365-8790-9c15833b74e9","block_type":"box","text":"areas of PRC law, and the exact nature of the Fund’s remedies","page_number":72,"box":{"x":83,"y":94,"width":398,"height":10}},{"id":"a4a679e1-9df6-4aa2-a5c5-9ec095295bac","block_type":"box","text":"and methods of enforcement of its rights and interests under PRC","page_number":72,"box":{"x":83,"y":108,"width":421,"height":11}},{"id":"d9589824-3a65-4429-b0f2-cc4e235ccfa6","block_type":"box","text":"law are uncertain.","page_number":72,"box":{"x":83,"y":122,"width":113,"height":9}},{"id":"1a0f59b8-6804-4bc2-84a2-aba80647dc79","block_type":"box","text":"Market volatility and potential lack of liquidity due to low trading","page_number":72,"box":{"x":83,"y":146,"width":410,"height":10}},{"id":"403c4a01-12d7-4a47-a91c-5f17aaf968e9","block_type":"box","text":"volume of certain bonds in the China Interbank Bond Market may","page_number":72,"box":{"x":82,"y":160,"width":417,"height":11}},{"id":"b2ff626d-3ecd-40e2-bb9e-730c7f613834","block_type":"box","text":"result in the prices of certain bonds fluctuating significantly. Also,","page_number":72,"box":{"x":83,"y":174,"width":417,"height":11}},{"id":"0fc32a8b-488d-4354-8214-d4a9dafcb56d","block_type":"box","text":"the systems used to trade through Bond Connect may not","page_number":72,"box":{"x":83,"y":188,"width":370,"height":11}},{"id":"0f4de0e4-c9f5-4336-a40a-c0e0477e1242","block_type":"box","text":"function as expected. Trading through Bond Connect is also","page_number":72,"box":{"x":82,"y":202,"width":381,"height":11}},{"id":"c9a3202b-a13a-4782-86c4-1c8de3d1fc50","block_type":"box","text":"subject to regulatory risks, including laws and regulations that are","page_number":72,"box":{"x":83,"y":217,"width":421,"height":10}},{"id":"4b409a9d-d17e-4a1f-82d0-8bb981c91833","block_type":"box","text":"subject to change. There can be no assurance that Bond Connect","page_number":72,"box":{"x":83,"y":231,"width":417,"height":11}},{"id":"b0440a28-0901-41f2-bed5-4604a7ca39de","block_type":"box","text":"or its features or systems will not be materially altered,","page_number":72,"box":{"x":83,"y":245,"width":351,"height":11}},{"id":"a31d29d3-6ef0-436e-8ce7-5e892d282289","block_type":"box","text":"suspended, discontinued or abolished. The Fund may be subject","page_number":72,"box":{"x":83,"y":259,"width":410,"height":11}},{"id":"49a411c6-f69c-4343-97b5-bed8fb65b0c6","block_type":"box","text":"to additional taxation if certain tax exemptions under PRC tax","page_number":72,"box":{"x":83,"y":273,"width":393,"height":11}},{"id":"b1fac3c1-855e-4713-8a10-2d5869a4fcb0","block_type":"box","text":"regulations are withdrawn or amended. Any taxes arising from or","page_number":72,"box":{"x":83,"y":287,"width":414,"height":11}},{"id":"bdeaec9d-2dc7-48d7-8d45-408d63c57aa1","block_type":"box","text":"to the Fund may be directly borne by, or indirectly passed on to,","page_number":72,"box":{"x":83,"y":302,"width":408,"height":10}},{"id":"4e83c710-e297-4b52-8de9-852d29dfd495","block_type":"box","text":"the Fund, which may substantially impact its NAV. Investing","page_number":72,"box":{"x":83,"y":316,"width":379,"height":11}},{"id":"0005b839-90ac-49fa-b3f9-b5a3b976af73","block_type":"box","text":"through Bond Connect subjects the Fund to currency risk, to the","page_number":72,"box":{"x":83,"y":330,"width":411,"height":11}},{"id":"2ce4d498-9d32-43c6-999e-75cb299ec411","block_type":"box","text":"extent that currency rates used for Bond Connect are different","page_number":72,"box":{"x":83,"y":344,"width":400,"height":11}},{"id":"421d24b1-37ad-4405-bc08-98a426397756","block_type":"box","text":"than the rates used in the China Interbank Bond Market.","page_number":72,"box":{"x":83,"y":358,"width":359,"height":9}},{"id":"ed453a73-9740-44cb-837e-db444f934c2b","block_type":"box","text":"Risk of Investing in the U.S","page_number":72,"box":{"x":83,"y":381,"width":182,"height":11}},{"id":"6d52c1bc-4210-459d-8695-7c22a2c78157","block_type":"box","text":".","page_number":72,"box":{"x":266,"y":388,"width":2,"height":2}},{"id":"d177bffd-c9aa-43a0-a3fd-a916d6950ab2","block_type":"box","text":"Investing in U.S. issuers subjects","page_number":72,"box":{"x":274,"y":382,"width":210,"height":10}},{"id":"65c0a370-7d2b-498a-9d46-8722bc217f56","block_type":"box","text":"the Fund to legal, regulatory, political, currency, security, and","page_number":72,"box":{"x":83,"y":396,"width":391,"height":11}},{"id":"25f67a33-7f94-4fc2-a3d3-1e00ebf39cf6","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the","page_number":72,"box":{"x":83,"y":410,"width":423,"height":11}},{"id":"90903aaa-0b95-4ab3-b2e6-75902865b55d","block_type":"box","text":"U.S., such as a weakening of the U.S. economy or a decline in its","page_number":72,"box":{"x":83,"y":424,"width":413,"height":11}},{"id":"13dbebea-2f67-40ee-bc9e-a484725dcc20","block_type":"box","text":"financial markets, may have an adverse effect on U.S. issuers.","page_number":72,"box":{"x":82,"y":438,"width":397,"height":11}},{"id":"6101c80b-1fc7-46c1-a98a-9f47380921eb","block_type":"box","text":"Securities Lending Risk.","page_number":72,"box":{"x":82,"y":461,"width":162,"height":11}},{"id":"edf0c4eb-8697-43e8-bb8a-0c35051131c1","block_type":"box","text":"The Fund may engage in securities","page_number":72,"box":{"x":249,"y":461,"width":221,"height":11}},{"id":"43cb0ed2-bc4d-4d18-b284-4fc0720cf07e","block_type":"box","text":"lending. Securities lending involves the risk that the Fund may","page_number":72,"box":{"x":83,"y":476,"width":396,"height":10}},{"id":"8494a592-8be2-4cc8-897e-aa7f830b78ab","block_type":"box","text":"lose money because the borrower of the loaned securities fails to","page_number":72,"box":{"x":83,"y":490,"width":418,"height":11}},{"id":"349ec962-1c69-48d6-ae92-ca1f31d7dfbd","block_type":"box","text":"return the securities in a timely manner or at all. The Fund could","page_number":72,"box":{"x":83,"y":504,"width":408,"height":11}},{"id":"183e5935-5eb5-4f58-bef9-751ecfef8132","block_type":"box","text":"also lose money in the event of a decline in the value of collateral","page_number":72,"box":{"x":83,"y":518,"width":416,"height":11}},{"id":"e6718588-0227-42e9-a46c-8f3fe8e2b22d","block_type":"box","text":"provided for loaned securities or a decline in the value of any","page_number":72,"box":{"x":83,"y":532,"width":389,"height":11}},{"id":"0533c597-95c8-495d-a0e1-bb5af8822fa5","block_type":"box","text":"investments made with cash collateral. These events could also","page_number":72,"box":{"x":83,"y":547,"width":406,"height":8}},{"id":"b2899c9f-9b08-45e0-8ccc-2ead5dec8710","block_type":"box","text":"trigger adverse tax consequences for the Fund.","page_number":72,"box":{"x":83,"y":561,"width":301,"height":11}},{"id":"bb1cab84-a255-4f93-9fb5-a839b632a219","block_type":"box","text":"Tracking Error Risk","page_number":72,"box":{"x":84,"y":584,"width":128,"height":11}},{"id":"8427ee1b-f5c4-444e-b77e-098c7d8ecbb8","block_type":"box","text":".","page_number":72,"box":{"x":212,"y":590,"width":2,"height":2}},{"id":"c39db63e-4309-4fc0-af0f-77fb9c7a53e2","block_type":"box","text":"The Fund may be subject to “tracking error,”","page_number":72,"box":{"x":219,"y":584,"width":284,"height":11}},{"id":"803eb78f-e887-4717-9f64-5947a1a77d24","block_type":"box","text":"which is the divergence of the Fund’s performance from that of","page_number":72,"box":{"x":82,"y":598,"width":405,"height":11}},{"id":"9f29c54e-aee1-4014-9712-fa1a1be5c823","block_type":"box","text":"the Underlying Index. Tracking error may occur due to a number of","page_number":72,"box":{"x":549,"y":23,"width":425,"height":11}},{"id":"dc73d907-771d-47d0-82f5-e354777fd28a","block_type":"box","text":"factors, including differences between the securities and other","page_number":72,"box":{"x":549,"y":37,"width":401,"height":11}},{"id":"1d7f17dd-503a-43be-95fa-84f3bea3a5de","block_type":"box","text":"assets held in the Fund’s portfolio and those included in the","page_number":72,"box":{"x":549,"y":51,"width":381,"height":11}},{"id":"3328ffa2-7333-4435-8e0a-5452e5426a9a","block_type":"box","text":"Underlying Index; differences in the timing and methodologies","page_number":72,"box":{"x":550,"y":66,"width":396,"height":11}},{"id":"3ba61044-76ca-492c-802e-0bcd76655268","block_type":"box","text":"used to value securities and other assets; transaction costs and","page_number":72,"box":{"x":549,"y":80,"width":407,"height":10}},{"id":"ed3d1c92-d17b-400d-b177-6073d8e025ba","block_type":"box","text":"other expenses incurred by the Fund that the Underlying Index","page_number":72,"box":{"x":549,"y":94,"width":400,"height":11}},{"id":"b3bdbde1-7422-4653-9d49-426cb94c5256","block_type":"box","text":"does not incur; the Fund’s holding of uninvested cash; differences","page_number":72,"box":{"x":549,"y":108,"width":421,"height":11}},{"id":"ece94e64-4eb8-47c6-a9f6-83fbf6597c1a","block_type":"box","text":"in the timing of the accrual or the valuation of dividends or","page_number":72,"box":{"x":549,"y":122,"width":374,"height":11}},{"id":"8b28dcdb-aac9-42cb-a4b7-e90d1f356ca4","block_type":"box","text":"interest received by the Fund or distributions paid to Fund","page_number":72,"box":{"x":549,"y":137,"width":370,"height":10}},{"id":"fab6b453-7b86-439f-8ae5-463f5cbed577","block_type":"box","text":"shareholders; tax gains or losses; differences between the","page_number":72,"box":{"x":549,"y":151,"width":372,"height":11}},{"id":"6185ebb1-41f9-494f-8b9c-8b29adc5f339","block_type":"box","text":"amount and/or timing of withholding taxes on dividends reflected","page_number":72,"box":{"x":549,"y":165,"width":420,"height":11}},{"id":"20240477-cab9-4b8f-8b8c-42649324e8e3","block_type":"box","text":"in the Underlying Index from the Fund’s obligation, if any, for","page_number":72,"box":{"x":549,"y":179,"width":387,"height":11}},{"id":"945a5c9a-1031-49ed-a11e-1f71cdd5e229","block_type":"box","text":"foreign withholding taxes; the requirements for the Fund to","page_number":72,"box":{"x":549,"y":193,"width":377,"height":11}},{"id":"305fddf1-3661-4d5f-b406-96d036fca5b3","block_type":"box","text":"maintain pass-through tax treatment; portfolio transactions","page_number":72,"box":{"x":549,"y":207,"width":380,"height":11}},{"id":"cdd60c98-7a5c-43cb-9c0a-cdf4150e7b32","block_type":"box","text":"carried out to minimize the distribution of capital gains to","page_number":72,"box":{"x":549,"y":222,"width":366,"height":10}},{"id":"3e84dd83-94d8-45f3-9b3d-34924a15b875","block_type":"box","text":"shareholders; the acceptance of custom baskets; changes to the","page_number":72,"box":{"x":549,"y":236,"width":414,"height":11}},{"id":"eccce719-97bf-4aa7-bbbd-96713ab8d0ee","block_type":"box","text":"Underlying Index; and impacts to the Fund of complying with","page_number":72,"box":{"x":550,"y":250,"width":386,"height":11}},{"id":"43a0d56f-42e0-448b-9014-2f294ec6bc8b","block_type":"box","text":"certain regulatory requirements or limits. Tracking error risk may","page_number":72,"box":{"x":549,"y":264,"width":414,"height":11}},{"id":"eb60178a-8a7a-4b33-a40e-fd740000550a","block_type":"box","text":"be heightened during times of increased market volatility or other","page_number":72,"box":{"x":549,"y":278,"width":420,"height":11}},{"id":"0082e1a7-44c3-49c4-b276-879ee8e9fbe7","block_type":"box","text":"unusual market conditions. A Fund that tracks an index with","page_number":72,"box":{"x":549,"y":293,"width":383,"height":8}},{"id":"6c40a186-6a0a-4b02-a303-da1304120f41","block_type":"box","text":"exposure to non-U.S. issuers may experience higher tracking","page_number":72,"box":{"x":549,"y":307,"width":390,"height":11}},{"id":"8fa45f5f-f461-4960-921a-3ef0bef01157","block_type":"box","text":"error than ETFs that do not track such indexes.","page_number":72,"box":{"x":549,"y":321,"width":299,"height":8}},{"id":"8e39f9c6-ebb0-4e69-be69-8d3f4b14ffe6","block_type":"box","text":"Valuation Risk","page_number":72,"box":{"x":550,"y":344,"width":96,"height":9}},{"id":"17f24129-5038-4186-9ba3-3496e2c1c665","block_type":"box","text":".","page_number":72,"box":{"x":646,"y":351,"width":2,"height":2}},{"id":"1cbf3db3-92f3-48d9-9d1c-dff51130fe72","block_type":"box","text":"The price that the Fund could receive upon the","page_number":72,"box":{"x":653,"y":344,"width":298,"height":11}},{"id":"bba07310-2a69-4b0b-9540-98aafb41ebd3","block_type":"box","text":"sale (or other disposition) of a security or other asset may differ","page_number":72,"box":{"x":549,"y":358,"width":408,"height":11}},{"id":"98c2787b-46cd-4b8f-96ae-cad1ff7624de","block_type":"box","text":"from the Fund’s valuation of the security or other asset,","page_number":72,"box":{"x":549,"y":372,"width":355,"height":11}},{"id":"e7ad683b-9d1a-495d-868d-2846ee02446f","block_type":"box","text":"particularly for securities or other assets that trade in low volume","page_number":72,"box":{"x":549,"y":387,"width":418,"height":10}},{"id":"c0e06476-4198-4d2f-952a-dc5bc5cfcc53","block_type":"box","text":"or volatile markets or that are valued using a fair value","page_number":72,"box":{"x":549,"y":401,"width":347,"height":11}},{"id":"3890f737-a420-401e-9891-6e6d621ee1d6","block_type":"box","text":"methodology. The price received by the Fund also may differ from","page_number":72,"box":{"x":549,"y":415,"width":418,"height":11}},{"id":"7b9e2be0-d811-4e83-a195-8b1b4d8622d4","block_type":"box","text":"the value used by the Underlying Index. In addition, the value of","page_number":72,"box":{"x":549,"y":429,"width":406,"height":11}},{"id":"8298d412-455f-4915-818f-819933c17aad","block_type":"box","text":"the securities or other assets in the Fund’s portfolio may change","page_number":72,"box":{"x":549,"y":443,"width":411,"height":11}},{"id":"0fbeda50-848b-44ac-8f30-5d0ea27dadf4","block_type":"box","text":"on days or during time periods when investors are not able to","page_number":72,"box":{"x":549,"y":458,"width":392,"height":10}},{"id":"2c182408-379c-495e-8d90-eb30382453d5","block_type":"box","text":"purchase or sell Fund shares. Authorized Participants that create","page_number":72,"box":{"x":549,"y":472,"width":414,"height":10}},{"id":"6a69b80b-e5ee-48cd-9847-41360d974282","block_type":"box","text":"or redeem Fund shares on days when the Fund is holding fair","page_number":72,"box":{"x":549,"y":486,"width":394,"height":11}},{"id":"41efa33f-3526-42f6-ba53-5263d2572a2f","block_type":"box","text":"valued securities or other assets may receive fewer or more","page_number":72,"box":{"x":548,"y":500,"width":383,"height":11}},{"id":"b9b9ef8d-1cae-4620-92a2-8c8769a553cf","block_type":"box","text":"shares, or lower or higher redemption proceeds, than they would","page_number":72,"box":{"x":549,"y":514,"width":414,"height":11}},{"id":"98bf1bf2-218e-4ddb-b5d4-fe51dd35f758","block_type":"box","text":"have received had the securities or other assets not been fair","page_number":72,"box":{"x":549,"y":528,"width":392,"height":9}},{"id":"1c8a5818-80c3-46f0-8151-2380b5971eca","block_type":"box","text":"valued or been valued using a different methodology. The ability to","page_number":72,"box":{"x":548,"y":543,"width":425,"height":10}},{"id":"c66831a9-11ff-48f2-90be-cd3f8d401e20","block_type":"box","text":"value investments may be impacted by technological issues or","page_number":72,"box":{"x":548,"y":557,"width":400,"height":11}},{"id":"f41c5f45-3fab-4817-a85a-d8c9d39f63d0","block_type":"box","text":"errors by pricing services or other third-party service providers.","page_number":72,"box":{"x":549,"y":571,"width":405,"height":11}},{"id":"5aaddcf7-a52d-411e-a9ca-0c2d87fa47fd","block_type":"box","text":"S-61","page_number":72,"box":{"x":522,"y":920,"width":26,"height":9}},{"id":"f80ba61c-c693-43ac-aed8-036fbcf6b232","block_type":"box","text":"Performance Information","page_number":73,"box":{"x":84,"y":22,"width":213,"height":11}},{"id":"5f6e8d6b-92f9-4261-bce8-78425ac2303e","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":73,"box":{"x":82,"y":48,"width":887,"height":10}},{"id":"b4286e1d-6fbc-42de-b0b2-7e0416a2956f","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":73,"box":{"x":83,"y":62,"width":872,"height":11}},{"id":"2103f083-177f-4e10-9041-b4cd93f9e53d","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":73,"box":{"x":83,"y":76,"width":867,"height":11}},{"id":"3355cd6a-dc11-4ff7-ad48-aca68968ccd6","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":73,"box":{"x":83,"y":90,"width":863,"height":11}},{"id":"0094c512-23f6-49ba-94a4-1e51bf4a9fff","block_type":"box","text":"agreements to waive or reimburse expenses, which would reduce performance if not in effect. Past performance (before and after taxes)","page_number":73,"box":{"x":83,"y":104,"width":874,"height":11}},{"id":"f5ebf84f-8616-4f4a-b299-9a3fe490995b","block_type":"box","text":"does not necessarily indicate how the Fund will perform in the future. 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The Fund does","page_number":76,"box":{"x":83,"y":312,"width":408,"height":11}},{"id":"f7cab601-3d09-49e7-a168-c30290bbbc87","block_type":"box","text":"not seek to return any predetermined amount at maturity or in","page_number":76,"box":{"x":83,"y":326,"width":398,"height":11}},{"id":"4bf50ad7-8711-45c5-9cb4-df9e8ef3dc78","block_type":"box","text":"periodic distributions. The Underlying Index is composed of U.S.","page_number":76,"box":{"x":83,"y":340,"width":409,"height":11}},{"id":"f7d50222-c2df-4228-9b11-02d84169e3d9","block_type":"box","text":"dollar-denominated, taxable, investment-grade (as determined by","page_number":76,"box":{"x":83,"y":354,"width":419,"height":11}},{"id":"a6220ed1-e512-440f-a3b2-48274c739d5c","block_type":"box","text":"Bloomberg Index Services Limited (the “Index Provider” or","page_number":76,"box":{"x":84,"y":369,"width":372,"height":10}},{"id":"3a6f691d-1235-4976-9bcb-efa8963f907d","block_type":"box","text":"“Bloomberg”)) corporate bonds scheduled to mature between","page_number":76,"box":{"x":83,"y":383,"width":394,"height":11}},{"id":"79ccc59a-7a1a-41f6-945f-327bfc9fbb1d","block_type":"box","text":"January 1, 2027 and December 15, 2027, inclusive. As of October","page_number":76,"box":{"x":82,"y":397,"width":420,"height":11}},{"id":"16c3ec67-e2db-4ead-b0bf-0cc3a39c4879","block_type":"box","text":"31, 2025, a significant portion of the Underlying Index is","page_number":76,"box":{"x":83,"y":411,"width":357,"height":11}},{"id":"76e98ff2-d575-4d5b-862b-89c3386423fe","block_type":"box","text":"represented by securities of companies in the consumer goods","page_number":76,"box":{"x":83,"y":425,"width":402,"height":11}},{"id":"448aead4-e5e6-4352-86f9-7263500da6de","block_type":"box","text":"and services and financial services industries or sectors. The","page_number":76,"box":{"x":83,"y":440,"width":388,"height":8}},{"id":"b25d093e-7d81-4870-8d34-d8043a631be2","block_type":"box","text":"components of the Underlying Index are likely to change over","page_number":76,"box":{"x":83,"y":454,"width":392,"height":11}},{"id":"19a15e5e-7b93-456c-9309-b18699cd6320","block_type":"box","text":"time.","page_number":76,"box":{"x":83,"y":468,"width":31,"height":8}},{"id":"97caf282-b38d-47bf-9648-91a425cfb67e","block_type":"box","text":"The Underlying Index consists of U.S. dollar-denominated,","page_number":76,"box":{"x":82,"y":490,"width":371,"height":11}},{"id":"2ade3e99-b38b-448d-a08a-1c8cb0a011d3","block_type":"box","text":"investment-grade securities publicly issued by U.S. and non-U.S.","page_number":76,"box":{"x":83,"y":504,"width":413,"height":11}},{"id":"03c3cc2a-a33f-4df5-ba5c-2d4050b00e28","block_type":"box","text":"corporate issuers that have $300 million or more of outstanding","page_number":76,"box":{"x":83,"y":517,"width":410,"height":12}},{"id":"3b3314dd-b623-496b-a223-516ae9c690ef","block_type":"box","text":"face value at the time of inclusion. The non-U.S. corporate issuers","page_number":76,"box":{"x":82,"y":532,"width":422,"height":11}},{"id":"e114e8ec-792b-4c3f-b2c0-80d495b4aa0e","block_type":"box","text":"included in the Underlying Index consist primarily of corporate","page_number":76,"box":{"x":83,"y":547,"width":397,"height":10}},{"id":"a5a876ca-54a5-42c6-bb36-377754f700f5","block_type":"box","text":"bonds issued by companies domiciled in developed countries. The","page_number":76,"box":{"x":83,"y":561,"width":422,"height":11}},{"id":"67ecd93a-b472-4490-a744-842caa81e883","block_type":"box","text":"Fund will invest in non-U.S. issuers to the extent necessary for it","page_number":76,"box":{"x":84,"y":575,"width":411,"height":11}},{"id":"ab7e0944-28c1-4b3d-abdf-ba843c822623","block_type":"box","text":"to track the Underlying Index. Each bond included in the","page_number":76,"box":{"x":83,"y":589,"width":358,"height":11}},{"id":"706b6ef3-7050-4c0f-8616-565454ecbb9b","block_type":"box","text":"Underlying Index must be registered with the SEC, have been","page_number":76,"box":{"x":83,"y":603,"width":390,"height":11}},{"id":"ca7e29c0-b976-4aeb-8262-87b9487e543e","block_type":"box","text":"exempt from registration at issuance, or have been offered","page_number":76,"box":{"x":83,"y":617,"width":375,"height":11}},{"id":"479aff6e-9328-4f1f-a8ce-cec073680703","block_type":"box","text":"pursuant to Rule 144A under the Securities Act of 1933, as","page_number":76,"box":{"x":83,"y":632,"width":375,"height":10}},{"id":"2113f4db-6360-4a76-b53f-3eee43222cd0","block_type":"box","text":"amended (the “1933 Act”), with registration rights. Further, the","page_number":76,"box":{"x":83,"y":646,"width":402,"height":11}},{"id":"3ced8817-d8ea-479f-acbd-8c4d2e040137","block_type":"box","text":"securities in the Underlying Index must be denominated in U.S.","page_number":76,"box":{"x":83,"y":660,"width":402,"height":11}},{"id":"b6d3745c-7095-4abf-9015-3c9a65bdabfc","block_type":"box","text":"dollars and have a fixed-rate, although they can carry a coupon","page_number":76,"box":{"x":83,"y":674,"width":402,"height":11}},{"id":"253be081-e5a5-4186-9b51-87b923e32ed2","block_type":"box","text":"that steps-up or changes according to a predetermined schedule.","page_number":76,"box":{"x":83,"y":688,"width":418,"height":11}},{"id":"f13c0059-9e83-4c71-bfd6-67646732345c","block_type":"box","text":"In addition, to be included in the Underlying Index, securities that","page_number":76,"box":{"x":83,"y":703,"width":416,"height":10}},{"id":"a516f1b4-aca7-4e48-9bc0-ebecbd86a984","block_type":"box","text":"are rated by all three of the rating agencies named below must be","page_number":76,"box":{"x":83,"y":717,"width":420,"height":11}},{"id":"92d195af-6900-4c02-8313-c545c95f8ce6","block_type":"box","text":"rated “investment-grade” by at least two of the three rating","page_number":76,"box":{"x":83,"y":731,"width":379,"height":11}},{"id":"47ed557d-f4fc-4df2-8f2b-e9f4362a826b","block_type":"box","text":"agencies, which is defined as Baa3 or higher by Moody’s Investors","page_number":76,"box":{"x":83,"y":745,"width":423,"height":11}},{"id":"7dcd11c2-cb8f-4791-90f0-cecb18e1c962","block_type":"box","text":"Service, Inc. or BBB- or higher by S&P Global Ratings or Fitch","page_number":76,"box":{"x":83,"y":759,"width":389,"height":11}},{"id":"3a75a2f3-551f-4eb3-8207-0abcaf1be587","block_type":"box","text":"Ratings, Inc. When ratings from only two of the three rating","page_number":76,"box":{"x":83,"y":773,"width":377,"height":11}},{"id":"d60f55ad-a80a-4806-b5a6-d16b2c55947e","block_type":"box","text":"agencies are available, the lower rating is used to determine","page_number":76,"box":{"x":83,"y":788,"width":384,"height":10}},{"id":"87cb1665-af45-43a9-98dd-065a58656411","block_type":"box","text":"eligibility. Securities with a rating from only one of the three","page_number":76,"box":{"x":83,"y":802,"width":381,"height":11}},{"id":"8cb4857d-e378-4bd3-9d7a-7a57f9c878c5","block_type":"box","text":"ratings agencies must be rated investment-grade in order to be","page_number":76,"box":{"x":83,"y":816,"width":404,"height":11}},{"id":"91babc68-ffc6-4795-a3dd-1d8a2a3cff7b","block_type":"box","text":"included in the Underlying Index. In cases where ratings are not","page_number":76,"box":{"x":83,"y":830,"width":406,"height":11}},{"id":"1b2ac4b0-5d32-4527-aa04-9a21a12b7a51","block_type":"box","text":"available, other sources may be used to classify securities by","page_number":76,"box":{"x":83,"y":844,"width":390,"height":11}},{"id":"da1064c5-e03b-407d-8c99-911aad2e38ce","block_type":"box","text":"investment quality.","page_number":76,"box":{"x":83,"y":859,"width":120,"height":10}},{"id":"7e7d7822-7e37-41af-af7a-3bbb3f342097","block_type":"box","text":"The Underlying Index is constructed with the following","page_number":76,"box":{"x":549,"y":23,"width":346,"height":11}},{"id":"b5dd1de2-2cae-4757-b4ed-8b8e074d92bd","block_type":"box","text":"methodology. The parent index, the Bloomberg U.S. Corporate","page_number":76,"box":{"x":549,"y":37,"width":398,"height":11}},{"id":"a8177497-07ca-4d31-9160-c0ad7efbea55","block_type":"box","text":"Index (the “Parent Index”), representing U.S. dollar-denominated,","page_number":76,"box":{"x":550,"y":51,"width":416,"height":11}},{"id":"87dcc019-aaaa-45e8-8fb5-256573221b34","block_type":"box","text":"taxable, investment-grade corporate bonds, is stripped of","page_number":76,"box":{"x":549,"y":66,"width":368,"height":11}},{"id":"c7b474bb-5fa7-43e4-9341-02b614db853e","block_type":"box","text":"securities maturing outside of the maturity range defined above.","page_number":76,"box":{"x":549,"y":80,"width":410,"height":11}},{"id":"0d6fb95a-bf61-40d0-b661-01a4bad449b8","block_type":"box","text":"During the final two years of the Underlying Index, bonds that","page_number":76,"box":{"x":550,"y":94,"width":391,"height":11}},{"id":"aad16615-bbb3-4b4b-a099-1fab7f2ced64","block_type":"box","text":"mature in 2027 but had not been eligible for inclusion in the","page_number":76,"box":{"x":549,"y":108,"width":383,"height":11}},{"id":"a842ea46-72c7-4481-a960-a8f7b27711e2","block_type":"box","text":"Parent Index due to being within one year of maturity will be","page_number":76,"box":{"x":550,"y":122,"width":382,"height":11}},{"id":"55aa86d9-54d5-4dc7-a7b0-33786c1faa54","block_type":"box","text":"eligible for inclusion in the Underlying Index until such bonds","page_number":76,"box":{"x":549,"y":137,"width":387,"height":10}},{"id":"298dc2dc-3b8f-4983-b0a7-db4a63969a1f","block_type":"box","text":"reach maturity. Securities are then market-cap weighted within","page_number":76,"box":{"x":549,"y":151,"width":403,"height":11}},{"id":"474c1d77-8370-4faa-b498-85a400daa079","block_type":"box","text":"the Underlying Index, with a 3% cap typically imposed on any one","page_number":76,"box":{"x":549,"y":165,"width":415,"height":11}},{"id":"47055660-511a-425a-ab78-e224da3e3442","block_type":"box","text":"issuer, and a","page_number":76,"box":{"x":549,"y":179,"width":80,"height":10}},{"id":"7132d0fa-133e-4014-89e4-cbb7eb5a7b99","block_type":"box","text":"pro rata","page_number":76,"box":{"x":633,"y":180,"width":50,"height":10}},{"id":"04b3a943-267c-47db-b21b-0a2b55dd6028","block_type":"box","text":"distribution of any excess weight across the","page_number":76,"box":{"x":688,"y":179,"width":280,"height":11}},{"id":"b6792b55-de7e-4d39-9025-6b15f01f0ecf","block_type":"box","text":"remaining issuers in the Underlying Index. In the event a 3% cap is","page_number":76,"box":{"x":549,"y":193,"width":421,"height":11}},{"id":"102c3ece-72a6-40fb-b1db-ec8b715178a9","block_type":"box","text":"not possible due to lack of issuers, the cap will be increased in","page_number":76,"box":{"x":549,"y":207,"width":399,"height":11}},{"id":"0c8e2d94-5d52-4ef7-a796-5a14c0e5cc74","block_type":"box","text":"0.50% increments until the Underlying Index can be calculated.","page_number":76,"box":{"x":549,"y":222,"width":402,"height":10}},{"id":"4094dc1d-70a3-455d-88eb-e3e62e1d6d6e","block_type":"box","text":"The securities in the Underlying Index are updated on the last","page_number":76,"box":{"x":549,"y":244,"width":392,"height":10}},{"id":"074c94e0-cf9c-431f-befe-4de59adc5772","block_type":"box","text":"calendar day of each month until six months prior to maturity. The","page_number":76,"box":{"x":549,"y":258,"width":421,"height":11}},{"id":"1480143a-e774-4d9b-97be-1865a1d86a51","block_type":"box","text":"last rebalance date will be on June 30, 2027. During this final six","page_number":76,"box":{"x":549,"y":272,"width":410,"height":11}},{"id":"1e64d831-ca9e-4187-ab3f-7ad4e3db79c1","block_type":"box","text":"month period, the Underlying Index will no longer be updated or","page_number":76,"box":{"x":549,"y":286,"width":408,"height":11}},{"id":"49e4369c-a34e-495b-b211-9734b2ec5a94","block_type":"box","text":"rebalanced, except to remove securities which are downgraded to","page_number":76,"box":{"x":549,"y":300,"width":422,"height":11}},{"id":"b83b0278-b582-4896-acd4-f561a638b86a","block_type":"box","text":"below investment-grade per the eligibility criteria described","page_number":76,"box":{"x":549,"y":315,"width":380,"height":10}},{"id":"d71ded30-1313-4319-bec2-961a5f78214a","block_type":"box","text":"above. Additionally, during this period, existing bond weights will","page_number":76,"box":{"x":549,"y":329,"width":412,"height":10}},{"id":"70693aa1-f2e3-485f-a0c4-6c4499122d19","block_type":"box","text":"be allowed to float based on changes in market value.","page_number":76,"box":{"x":549,"y":343,"width":343,"height":11}},{"id":"d5b87587-fdb5-49e7-8543-b97838f1c9e6","block_type":"box","text":"When a bond that is included in the Underlying Index matures, its","page_number":76,"box":{"x":549,"y":365,"width":416,"height":11}},{"id":"a352b94d-4930-49c8-87f0-125c4de8e4fd","block_type":"box","text":"maturity value will be represented in the Underlying Index by cash","page_number":76,"box":{"x":549,"y":379,"width":420,"height":11}},{"id":"55e8b41e-c9d1-44ee-90a5-dff8c0d7432d","block_type":"box","text":"throughout the remaining life of the Underlying Index.","page_number":76,"box":{"x":549,"y":393,"width":342,"height":11}},{"id":"c2a8c551-66bd-4067-892b-ccfa528f0f3e","block_type":"box","text":"The Fund is a series of the iShares iBonds fixed maturity series of","page_number":76,"box":{"x":549,"y":415,"width":417,"height":11}},{"id":"c6d372a1-41e1-4266-b62a-bd5caff4d51d","block_type":"box","text":"bond ETFs sponsored by BlackRock, Inc. (“BlackRock”). The Fund","page_number":76,"box":{"x":549,"y":429,"width":416,"height":11}},{"id":"6ec859c8-67d8-44da-a59d-32280673408d","block_type":"box","text":"does not invest in U.S. savings bonds or other U.S. government","page_number":76,"box":{"x":549,"y":443,"width":404,"height":11}},{"id":"a0bf3aef-47bc-4e43-b38a-31dfcaf0b829","block_type":"box","text":"bonds (except to the extent the Fund holds cash equivalent","page_number":76,"box":{"x":549,"y":458,"width":379,"height":10}},{"id":"1817df95-e7fe-4419-bc88-6a00bd513925","block_type":"box","text":"instruments consistent with its investment objective) and is not","page_number":76,"box":{"x":549,"y":472,"width":406,"height":11}},{"id":"bebe01f3-f4df-484d-8f27-7ea94c4e9f0c","block_type":"box","text":"designed to provide protection against inflation.","page_number":76,"box":{"x":549,"y":486,"width":305,"height":11}},{"id":"f4e622c0-400a-46c8-9c1a-d098e7a858df","block_type":"box","text":"BFA uses an indexing approach to try to achieve the Fund’s","page_number":76,"box":{"x":550,"y":509,"width":376,"height":11}},{"id":"702e8c8a-b96c-43f4-a3f7-527131566d19","block_type":"box","text":"investment objective. The Fund does not try to “beat” the index it","page_number":76,"box":{"x":549,"y":523,"width":417,"height":11}},{"id":"0b21c8dc-538d-4084-89e5-986d208d597f","block_type":"box","text":"tracks and does not seek temporary defensive positions when","page_number":76,"box":{"x":549,"y":537,"width":396,"height":11}},{"id":"5521e22e-3a9d-425e-9bce-097c5b5e2669","block_type":"box","text":"markets decline or appear overvalued.","page_number":76,"box":{"x":549,"y":552,"width":244,"height":10}},{"id":"1d828424-8898-465f-b36b-76edeef5d2f6","block_type":"box","text":"Indexing may eliminate the chance that the Fund will substantially","page_number":76,"box":{"x":550,"y":575,"width":420,"height":11}},{"id":"a6f3d09b-d3a4-4e59-8284-44f4fa8744c1","block_type":"box","text":"outperform the Underlying Index but also may reduce some of the","page_number":76,"box":{"x":549,"y":589,"width":421,"height":11}},{"id":"ac02e36d-e0a5-466c-ba7d-a5f8c44ba143","block_type":"box","text":"risks of active management, such as poor security selection.","page_number":76,"box":{"x":549,"y":603,"width":386,"height":11}},{"id":"c9072ef3-73a2-4ea0-a823-45de7cb7109d","block_type":"box","text":"Indexing seeks to achieve lower costs and better after-tax","page_number":76,"box":{"x":550,"y":617,"width":369,"height":11}},{"id":"44cb204c-c3c6-49d7-9246-8029b89be01a","block_type":"box","text":"performance by aiming to keep portfolio turnover low in","page_number":76,"box":{"x":549,"y":632,"width":356,"height":10}},{"id":"aab75fb9-c87d-4754-a666-b93c5b70fab3","block_type":"box","text":"comparison to actively managed investment companies.","page_number":76,"box":{"x":549,"y":646,"width":359,"height":11}},{"id":"c4c7c26a-9b64-4598-b05f-6c44bec15c0c","block_type":"box","text":"BFA uses a representative sampling indexing strategy to manage","page_number":76,"box":{"x":550,"y":669,"width":411,"height":11}},{"id":"9a91ef8a-e00f-458a-9cba-0362a6a63a1c","block_type":"box","text":"the Fund. “Representative sampling” is an indexing strategy that","page_number":76,"box":{"x":549,"y":683,"width":411,"height":11}},{"id":"a7ad7e71-9eb2-4830-9371-b1d48da558ac","block_type":"box","text":"involves investing in a representative sample of securities or other","page_number":76,"box":{"x":549,"y":697,"width":424,"height":11}},{"id":"8f97f9ce-b1a0-4ce1-8603-3ce178536150","block_type":"box","text":"instruments that collectively has an investment profile similar to","page_number":76,"box":{"x":549,"y":712,"width":410,"height":10}},{"id":"a8648409-fc37-41fa-ac5f-d8e4bb9fb23d","block_type":"box","text":"that of an applicable underlying index. The instruments selected","page_number":76,"box":{"x":549,"y":726,"width":408,"height":11}},{"id":"8d65a3e9-f5b0-48dd-adc1-ac981d72d7a1","block_type":"box","text":"are expected to have, in the aggregate, investment characteristics","page_number":76,"box":{"x":549,"y":740,"width":423,"height":11}},{"id":"837247cb-e247-4ff8-aef0-5f71110a3f6c","block_type":"box","text":"(based on factors such as market value and industry weightings),","page_number":76,"box":{"x":549,"y":754,"width":415,"height":11}},{"id":"367beabf-6bfd-4ecd-a9c7-cbe1472cff27","block_type":"box","text":"fundamental characteristics (such as return variability, duration","page_number":76,"box":{"x":549,"y":768,"width":405,"height":11}},{"id":"54c39197-6a72-4251-9092-1408bd011371","block_type":"box","text":"(","page_number":76,"box":{"x":549,"y":783,"width":3,"height":10}},{"id":"206e5532-3e72-4e87-807a-02b35587ba10","block_type":"box","text":"i.e.","page_number":76,"box":{"x":553,"y":782,"width":17,"height":9}},{"id":"c8170d7d-2692-4b2e-b75c-e3a328523c0b","block_type":"box","text":", an instrument’s price sensitivity to a change in interest","page_number":76,"box":{"x":573,"y":782,"width":358,"height":11}},{"id":"a6244eb8-97fc-4b35-a722-904f4d2beaa1","block_type":"box","text":"rates), maturity or credit ratings and yield) and liquidity measures","page_number":76,"box":{"x":549,"y":797,"width":418,"height":10}},{"id":"8a3dcb3f-5ed0-4968-ab2d-46d22e0f0efd","block_type":"box","text":"similar to those of an applicable underlying index. The Fund may","page_number":76,"box":{"x":549,"y":811,"width":410,"height":11}},{"id":"dc10d4b1-580d-4ef8-8179-4ea111d63b0c","block_type":"box","text":"or may not hold all of the components of the Underlying Index.","page_number":76,"box":{"x":549,"y":825,"width":399,"height":11}},{"id":"733e608d-082c-4380-bacf-6ae4497063d5","block_type":"box","text":"The Fund will invest at least 80% of its assets in the component","page_number":76,"box":{"x":549,"y":848,"width":404,"height":11}},{"id":"39ee53c4-f72c-4b99-b978-b4fa41c71525","block_type":"box","text":"instruments of the Underlying Index, and (except during the last","page_number":76,"box":{"x":549,"y":862,"width":408,"height":11}},{"id":"267cae59-cc74-481e-8cdb-3089d469906e","block_type":"box","text":"twelve months of the Fund’s operations) the Fund will invest at","page_number":76,"box":{"x":549,"y":877,"width":401,"height":10}},{"id":"0ae9337a-2dcf-41a1-8ad5-7294ae356eef","block_type":"box","text":"S-65","page_number":76,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"7cdbc5cd-c265-452a-98cf-9ecee400decc","block_type":"box","text":"least 90% of its assets in fixed income securities of the types","page_number":77,"box":{"x":83,"y":23,"width":388,"height":11}},{"id":"8dd968db-ded1-4d8a-aab5-5201765d9d1c","block_type":"box","text":"included in the Underlying Index that BFA believes will help the","page_number":77,"box":{"x":83,"y":37,"width":400,"height":11}},{"id":"34f4e9b4-620c-46e6-89e7-666da02397b9","block_type":"box","text":"Fund track the Underlying Index. The Fund will invest no more","page_number":77,"box":{"x":84,"y":52,"width":393,"height":10}},{"id":"bc7b0d58-e799-4e3e-acac-230d6b8054b0","block_type":"box","text":"than 10% of its assets in futures, options and swaps contracts that","page_number":77,"box":{"x":83,"y":66,"width":423,"height":10}},{"id":"81d4f931-f994-42ef-a709-656214439465","block_type":"box","text":"BFA believes will help the Fund track the Underlying Index as well","page_number":77,"box":{"x":84,"y":80,"width":415,"height":11}},{"id":"830df1a1-e1fa-4924-b1dc-d3d39462451c","block_type":"box","text":"as in fixed income securities other than the types included in the","page_number":77,"box":{"x":83,"y":94,"width":413,"height":11}},{"id":"7c912d0c-5f6d-46b6-86ea-62c6e8910391","block_type":"box","text":"Underlying Index, but which BFA believes will help the Fund track","page_number":77,"box":{"x":83,"y":108,"width":414,"height":11}},{"id":"84d0daca-902b-44c2-9860-42babc9da24e","block_type":"box","text":"the Underlying Index. Cash and cash equivalent investments","page_number":77,"box":{"x":83,"y":122,"width":385,"height":11}},{"id":"01d55673-b8d9-44e7-9e4c-314b6a72d7ab","block_type":"box","text":"associated with a derivative position will be treated as part of that","page_number":77,"box":{"x":83,"y":137,"width":421,"height":10}},{"id":"b28c2286-ddd6-4d1a-b9ea-33eaaaf34d51","block_type":"box","text":"position for the purposes of calculating the percentage of","page_number":77,"box":{"x":83,"y":151,"width":367,"height":11}},{"id":"37130185-401c-4bae-8858-c971f357bcb4","block_type":"box","text":"investments included in the Underlying Index.","page_number":77,"box":{"x":83,"y":165,"width":290,"height":11}},{"id":"d4cf023e-5d6f-4a45-8eeb-31ad4e6c8a6d","block_type":"box","text":"In the last six months of operation, as the bonds held by the Fund","page_number":77,"box":{"x":83,"y":187,"width":418,"height":11}},{"id":"29594908-aa1d-44e4-8729-5fadadf602f8","block_type":"box","text":"mature, the proceeds may not be reinvested by the Fund in bonds","page_number":77,"box":{"x":83,"y":201,"width":420,"height":11}},{"id":"01d7fab3-c1c1-4d68-b0fa-a0ba48e719bf","block_type":"box","text":"but instead will be held in cash and cash equivalents. By fifteen","page_number":77,"box":{"x":83,"y":215,"width":403,"height":11}},{"id":"6eafcda3-33e2-4e9f-957d-6d0186e98763","block_type":"box","text":"days prior to maturity, the Underlying Index is expected to consist","page_number":77,"box":{"x":83,"y":229,"width":421,"height":11}},{"id":"ca4c3d8e-6a4f-4bf4-8421-94196e2e9c38","block_type":"box","text":"almost entirely of cash and cash equivalents. On or around this","page_number":77,"box":{"x":83,"y":244,"width":402,"height":10}},{"id":"2e287187-61fb-4b93-9756-fa92dab180df","block_type":"box","text":"date, the Fund will wind up and terminate. After appropriate","page_number":77,"box":{"x":83,"y":258,"width":382,"height":11}},{"id":"1f6dda89-88bd-46e1-aebf-94f1c7fd7937","block_type":"box","text":"provision is made for any Fund liabilities, its net assets will be","page_number":77,"box":{"x":83,"y":272,"width":393,"height":11}},{"id":"2b1f0b47-ce13-4d1e-9c69-cb3b16e4a749","block_type":"box","text":"distributed to then-current shareholders pursuant to a plan of","page_number":77,"box":{"x":83,"y":286,"width":394,"height":11}},{"id":"b6e24442-114e-4c21-8c9c-5ca91c62b325","block_type":"box","text":"liquidation. The Fund’s termination was approved by a majority of","page_number":77,"box":{"x":83,"y":300,"width":418,"height":11}},{"id":"9150165c-418c-45ac-90f0-39d45141cdde","block_type":"box","text":"the Trust’s Board of Trustees (the “Board”) and does not require","page_number":77,"box":{"x":83,"y":314,"width":406,"height":11}},{"id":"deafbdf4-fc33-4ea2-8f80-a9d2126d94a9","block_type":"box","text":"additional approval by Fund shareholders. The Board may extend","page_number":77,"box":{"x":83,"y":329,"width":413,"height":10}},{"id":"7bcc5f19-f352-4822-a09d-f3b37c015594","block_type":"box","text":"the termination date if a majority of the Board determines the","page_number":77,"box":{"x":83,"y":343,"width":394,"height":11}},{"id":"b0cf49c8-069e-4b7c-a3b8-a84a7b70f8f4","block_type":"box","text":"extension to be in the best interest of the Fund.","page_number":77,"box":{"x":83,"y":357,"width":303,"height":9}},{"id":"70336b5f-294b-4abf-a737-837c2d9dfb64","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying","page_number":77,"box":{"x":82,"y":379,"width":414,"height":11}},{"id":"7587d02f-760b-41ea-b962-932820ef5539","block_type":"box","text":"Index before fees and expenses of the Fund. To the extent that the","page_number":77,"box":{"x":83,"y":393,"width":424,"height":11}},{"id":"b5764cd8-e5cd-429a-b3b5-b0b72a2f95df","block_type":"box","text":"Fund invests in money market or similar funds, it will incur the","page_number":77,"box":{"x":84,"y":407,"width":395,"height":11}},{"id":"300f6ce2-37b2-451b-951c-e896c4d546b4","block_type":"box","text":"fees and expenses of such funds.","page_number":77,"box":{"x":82,"y":421,"width":212,"height":11}},{"id":"dbc3dae2-a4ef-42e3-acb5-7cd99c7c6032","block_type":"box","text":"The Fund should not be confused with a target date fund, which","page_number":77,"box":{"x":82,"y":443,"width":406,"height":11}},{"id":"1f01f9d6-6d4c-4941-9756-aaae46088e2f","block_type":"box","text":"has assets that are managed according to a particular investment","page_number":77,"box":{"x":83,"y":458,"width":420,"height":10}},{"id":"51bdf182-f307-45c8-aba8-960ac6f33e8a","block_type":"box","text":"strategy that converts fund assets to conservative investments","page_number":77,"box":{"x":83,"y":472,"width":402,"height":11}},{"id":"fc1eeae5-c81b-48d0-b405-5a46d54a49f9","block_type":"box","text":"over time.","page_number":77,"box":{"x":83,"y":486,"width":63,"height":8}},{"id":"bb53bd6d-c20a-45e2-85d3-1757995a4882","block_type":"box","text":"The Fund may lend securities representing up to one-third of the","page_number":77,"box":{"x":82,"y":509,"width":412,"height":11}},{"id":"a72a108a-88cc-4f08-a286-e0eae6fafcc8","block_type":"box","text":"value of the Fund’s total assets (including the value of any","page_number":77,"box":{"x":82,"y":523,"width":371,"height":11}},{"id":"12ac1518-7a69-4db3-88b5-bec748a5fae6","block_type":"box","text":"collateral received).","page_number":77,"box":{"x":83,"y":538,"width":125,"height":10}},{"id":"29feda50-0e07-4fc4-b8cc-75f692824bab","block_type":"box","text":"The Underlying Index is sponsored by Bloomberg, which","page_number":77,"box":{"x":82,"y":561,"width":357,"height":11}},{"id":"a3fb45ec-1167-4437-80c6-6be6f692142f","block_type":"box","text":"is independent of the Fund and BFA. The Index Provider","page_number":77,"box":{"x":83,"y":575,"width":354,"height":11}},{"id":"1dabcca4-1c15-4427-ad4d-b0a1c65072c5","block_type":"box","text":"determines the composition and relative weightings of the","page_number":77,"box":{"x":83,"y":589,"width":371,"height":11}},{"id":"fb50fbd8-d786-48b0-a144-5b02bc5fb3c3","block_type":"box","text":"components of the Underlying Index and publishes information","page_number":77,"box":{"x":83,"y":603,"width":401,"height":11}},{"id":"9229fa8a-1d6d-48c5-9df6-d9b46a4029ed","block_type":"box","text":"regarding the market value of the Underlying Index.","page_number":77,"box":{"x":83,"y":617,"width":327,"height":11}},{"id":"170802b8-1866-4f3e-91f7-f002b27788e0","block_type":"box","text":"Industry Concentration Policy.","page_number":77,"box":{"x":83,"y":641,"width":210,"height":10}},{"id":"549e500d-ac0e-46c8-aeac-2557ce4f5742","block_type":"box","text":"The Fund will concentrate its","page_number":77,"box":{"x":298,"y":641,"width":184,"height":8}},{"id":"b1073d8a-3c53-4ca8-a5c8-daa6565bd3e2","block_type":"box","text":"investments (","page_number":77,"box":{"x":83,"y":655,"width":85,"height":11}},{"id":"0ac5e0a7-e1eb-4ee7-bbbc-7d85a08c57b5","block_type":"box","text":"i.e.","page_number":77,"box":{"x":169,"y":655,"width":17,"height":8}},{"id":"1ca97a38-3a28-499e-91c4-8676c10ef4ca","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":77,"box":{"x":189,"y":655,"width":264,"height":11}},{"id":"7149c00a-acad-4781-8f0b-7c5921a98a88","block_type":"box","text":"particular industry or group of industries to approximately the","page_number":77,"box":{"x":83,"y":669,"width":394,"height":11}},{"id":"d7ead02a-4986-4e7c-9e99-89d353c7a37b","block_type":"box","text":"same extent that the Underlying Index is concentrated. For","page_number":77,"box":{"x":83,"y":683,"width":377,"height":11}},{"id":"c96db707-544b-459f-9d87-fa510e3d031f","block_type":"box","text":"purposes of this limitation, securities of the U.S. government","page_number":77,"box":{"x":83,"y":697,"width":389,"height":11}},{"id":"dbebf148-24d8-41db-9ff4-ee7f8984d5dd","block_type":"box","text":"(including its agencies and instrumentalities), repurchase","page_number":77,"box":{"x":83,"y":712,"width":365,"height":10}},{"id":"c9e4d2d5-0e85-484e-8210-f332536596dd","block_type":"box","text":"agreements collateralized by U.S. government securities, and","page_number":77,"box":{"x":83,"y":726,"width":392,"height":11}},{"id":"4a7d805f-a20c-403b-bec9-c4b53696e926","block_type":"box","text":"securities of state or municipal governments and their political","page_number":77,"box":{"x":83,"y":740,"width":399,"height":11}},{"id":"dc5c1f2e-96da-4a32-85d0-696d3ff0c038","block_type":"box","text":"subdivisions are not considered to be issued by members of any","page_number":77,"box":{"x":83,"y":754,"width":410,"height":11}},{"id":"ec4021e1-0acf-4fbf-9616-ee5c9d43dbb6","block_type":"box","text":"industry.","page_number":77,"box":{"x":83,"y":768,"width":54,"height":11}},{"id":"3ef5bcc2-6642-44b5-ac2f-b5cd465b216e","block_type":"box","text":"Summary of Principal Risks","page_number":77,"box":{"x":83,"y":797,"width":235,"height":14}},{"id":"a9fe2b32-2c58-4f56-b9c2-e9a185c96c10","block_type":"box","text":"As with any investment, you could lose all or part of your","page_number":77,"box":{"x":82,"y":822,"width":363,"height":11}},{"id":"85e07b26-f4ca-4f88-adcc-b20751a136c3","block_type":"box","text":"investment in the Fund, and the Fund’s performance could trail","page_number":77,"box":{"x":83,"y":837,"width":402,"height":10}},{"id":"d506d0fe-3484-4aab-ab58-2f3bc69175e5","block_type":"box","text":"that of other investments. The Fund is subject to certain risks,","page_number":77,"box":{"x":83,"y":851,"width":396,"height":10}},{"id":"84dcc7b5-4378-47bc-81cf-275db325e031","block_type":"box","text":"including the principal risks noted below, any of which may","page_number":77,"box":{"x":83,"y":865,"width":376,"height":11}},{"id":"8003aa59-40f4-427d-9135-8e9bbb39b501","block_type":"box","text":"adversely affect the Fund’s net asset value per share (“NAV”),","page_number":77,"box":{"x":83,"y":879,"width":392,"height":11}},{"id":"271757f5-7df0-414d-99f1-163ec0ce6f37","block_type":"box","text":"trading price, yield, total return and ability to meet its investment","page_number":77,"box":{"x":549,"y":23,"width":416,"height":11}},{"id":"a4d0b252-d320-4dd1-a89e-4dd2deca4d7a","block_type":"box","text":"objective. Certain key risks are prioritized below (with others","page_number":77,"box":{"x":549,"y":37,"width":388,"height":11}},{"id":"2bfeb8a7-b707-4552-ba50-5dde861376c1","block_type":"box","text":"following in alphabetical order), but the relative significance of any","page_number":77,"box":{"x":549,"y":51,"width":425,"height":11}},{"id":"bad7d0e9-048d-4000-a686-8761a62edbd3","block_type":"box","text":"risk is difficult to predict and may change over time. You should","page_number":77,"box":{"x":549,"y":66,"width":405,"height":11}},{"id":"e751e0a7-ed0d-4751-8f9d-95f674830984","block_type":"box","text":"review each risk factor carefully.","page_number":77,"box":{"x":549,"y":80,"width":206,"height":11}},{"id":"21d6aa42-d842-47ca-a924-f8a154bcf242","block_type":"box","text":"Credit Risk","page_number":77,"box":{"x":549,"y":103,"width":75,"height":9}},{"id":"69e1c689-313a-48e3-9802-c9254507c6c6","block_type":"box","text":".","page_number":77,"box":{"x":624,"y":110,"width":2,"height":1}},{"id":"ce8c77c7-1383-45b4-8a97-08f8690f1bb4","block_type":"box","text":"Credit risk is the risk that an issuer, guarantor or","page_number":77,"box":{"x":632,"y":103,"width":311,"height":11}},{"id":"927c2720-2594-4805-ae22-238ba7f22d8a","block_type":"box","text":"liquidity provider of a fixed-income security may be unable or","page_number":77,"box":{"x":549,"y":117,"width":391,"height":11}},{"id":"190ca362-b27e-4947-b336-3d4d5185dd9b","block_type":"box","text":"unwilling, or may be perceived as unable or unwilling, to make","page_number":77,"box":{"x":549,"y":131,"width":395,"height":11}},{"id":"a4870636-dfca-4480-9d06-806766649cbe","block_type":"box","text":"timely principal and/or interest payments or to otherwise honor","page_number":77,"box":{"x":549,"y":146,"width":410,"height":10}},{"id":"4d83149a-3e90-4504-ba44-d7aeb501d711","block_type":"box","text":"its obligations. 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The Fund invests","page_number":79,"box":{"x":841,"y":697,"width":115,"height":9}},{"id":"e3fcf11d-211a-4216-9f34-2392255299a1","block_type":"box","text":"directly in the domestic bond market in the People’s Republic of","page_number":79,"box":{"x":549,"y":712,"width":409,"height":10}},{"id":"9f9d6890-3ab3-411a-8c34-fab01295a769","block_type":"box","text":"China (“China” or the “PRC”) (the “China Interbank Bond Market”)","page_number":79,"box":{"x":549,"y":726,"width":420,"height":10}},{"id":"e12678b0-16bf-46a6-bfcc-020f9febbc86","block_type":"box","text":"through the Bond Connect trading channel. All bonds traded","page_number":79,"box":{"x":549,"y":740,"width":384,"height":11}},{"id":"0468d3b1-be30-4de7-a64f-8cb260a74f9c","block_type":"box","text":"through Bond Connect are registered in the name of the PRC’s","page_number":79,"box":{"x":549,"y":754,"width":399,"height":11}},{"id":"96a6552e-9c86-4a1c-87cd-b1816f99f545","block_type":"box","text":"Central Moneymarkets Unit (“CMU”), which holds such bonds as a","page_number":79,"box":{"x":549,"y":768,"width":423,"height":11}},{"id":"1afc2cf9-820b-42de-8529-032a7446edf6","block_type":"box","text":"nominee owner. The precise nature and rights of the Fund as the","page_number":79,"box":{"x":549,"y":782,"width":412,"height":11}},{"id":"2d1a2901-d0ae-45bd-8573-22cb566330cb","block_type":"box","text":"beneficial owner of bonds traded in the China Interbank Bond","page_number":79,"box":{"x":549,"y":797,"width":392,"height":8}},{"id":"6b728216-29c1-4993-9a45-a27ce2c02547","block_type":"box","text":"Market through CMU as nominee are relatively new and untested","page_number":79,"box":{"x":550,"y":811,"width":415,"height":11}},{"id":"3a69d702-2caa-4dea-9748-58a533de25ae","block_type":"box","text":"areas of PRC law, and the exact nature of the Fund’s remedies","page_number":79,"box":{"x":549,"y":825,"width":398,"height":10}},{"id":"2d308f54-1fc1-4bc0-ad39-bc321df1330b","block_type":"box","text":"and methods of enforcement of its rights and interests under PRC","page_number":79,"box":{"x":549,"y":839,"width":421,"height":11}},{"id":"926434c8-d8fa-4b49-a664-216d35aa55cc","block_type":"box","text":"law are uncertain.","page_number":79,"box":{"x":549,"y":853,"width":113,"height":9}},{"id":"0850a7cc-9ac7-4422-80d3-e3beeb5bca9d","block_type":"box","text":"S-68","page_number":79,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"f5ca4fcd-52df-44b5-9329-65d1e1a8d1fc","block_type":"box","text":"Market volatility and potential lack of liquidity due to low trading","page_number":80,"box":{"x":83,"y":23,"width":410,"height":11}},{"id":"5fc79d6d-fc9e-43d0-b5da-2f23202cfe28","block_type":"box","text":"volume of certain bonds in the China Interbank Bond Market may","page_number":80,"box":{"x":82,"y":37,"width":417,"height":11}},{"id":"545e0d72-6757-4623-8c1f-842e8a8653a1","block_type":"box","text":"result in the prices of certain bonds fluctuating significantly. Also,","page_number":80,"box":{"x":83,"y":51,"width":417,"height":11}},{"id":"eef3f9a2-7877-432e-896c-a5e82a7f5aaa","block_type":"box","text":"the systems used to trade through Bond Connect may not","page_number":80,"box":{"x":83,"y":66,"width":370,"height":11}},{"id":"d1dd5db9-cba2-4120-b9d2-b78d23752800","block_type":"box","text":"function as expected. Trading through Bond Connect is also","page_number":80,"box":{"x":82,"y":80,"width":381,"height":11}},{"id":"38669f12-b14b-40b1-8266-7c87377dffe1","block_type":"box","text":"subject to regulatory risks, including laws and regulations that are","page_number":80,"box":{"x":83,"y":94,"width":421,"height":11}},{"id":"5b6bb727-fa83-4779-8302-d400b47f7892","block_type":"box","text":"subject to change. There can be no assurance that Bond Connect","page_number":80,"box":{"x":83,"y":108,"width":417,"height":11}},{"id":"06acf0b6-5052-4a68-a9f0-1c99953127ae","block_type":"box","text":"or its features or systems will not be materially altered,","page_number":80,"box":{"x":83,"y":122,"width":351,"height":11}},{"id":"9202986c-fbf2-475b-9955-e68e1ff58172","block_type":"box","text":"suspended, discontinued or abolished. The Fund may be subject","page_number":80,"box":{"x":83,"y":137,"width":410,"height":10}},{"id":"b8e97c9b-9099-4812-bc6a-266acac95ce4","block_type":"box","text":"to additional taxation if certain tax exemptions under PRC tax","page_number":80,"box":{"x":83,"y":151,"width":393,"height":11}},{"id":"9a7a4283-2af2-429d-9b8d-21ae11ef3c65","block_type":"box","text":"regulations are withdrawn or amended. Any taxes arising from or","page_number":80,"box":{"x":83,"y":165,"width":414,"height":11}},{"id":"40700aba-c19b-432e-b5f1-186b8493cf0b","block_type":"box","text":"to the Fund may be directly borne by, or indirectly passed on to,","page_number":80,"box":{"x":83,"y":179,"width":408,"height":11}},{"id":"28ada901-1425-4e6d-b774-bea264059920","block_type":"box","text":"the Fund, which may substantially impact its NAV. Investing","page_number":80,"box":{"x":83,"y":193,"width":379,"height":11}},{"id":"a19bc3c5-e80c-44b5-b0d4-9cafca680787","block_type":"box","text":"through Bond Connect subjects the Fund to currency risk, to the","page_number":80,"box":{"x":83,"y":207,"width":411,"height":11}},{"id":"ec771703-396d-4188-b8e5-5dd3e53ea926","block_type":"box","text":"extent that currency rates used for Bond Connect are different","page_number":80,"box":{"x":83,"y":222,"width":400,"height":10}},{"id":"e0615cea-1123-40ed-a767-2df2ec6c577f","block_type":"box","text":"than the rates used in the China Interbank Bond Market.","page_number":80,"box":{"x":83,"y":236,"width":359,"height":8}},{"id":"196ed64a-7f5d-477c-aa6c-414016083d49","block_type":"box","text":"Risk of Investing in the U.S","page_number":80,"box":{"x":83,"y":259,"width":182,"height":11}},{"id":"b675a43e-6b12-4ec6-89fc-1eea25f3b339","block_type":"box","text":".","page_number":80,"box":{"x":266,"y":266,"width":2,"height":1}},{"id":"20fa43e6-7b7a-4b85-b71c-d759b4e6d393","block_type":"box","text":"Investing in U.S. issuers subjects","page_number":80,"box":{"x":274,"y":259,"width":210,"height":11}},{"id":"d1cb9de1-dce8-4fc1-9874-715c84586fdb","block_type":"box","text":"the Fund to legal, regulatory, political, currency, security, and","page_number":80,"box":{"x":83,"y":273,"width":391,"height":11}},{"id":"c329e51c-9bb1-4761-b6e6-e6d90e3f407d","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the","page_number":80,"box":{"x":83,"y":287,"width":423,"height":11}},{"id":"03231831-48a3-42ea-ad7f-1833dd6a34e1","block_type":"box","text":"U.S., such as a weakening of the U.S. economy or a decline in its","page_number":80,"box":{"x":83,"y":302,"width":413,"height":10}},{"id":"dc67432d-170e-4796-af46-45f2fcd3f26a","block_type":"box","text":"financial markets, may have an adverse effect on U.S. issuers.","page_number":80,"box":{"x":82,"y":316,"width":397,"height":11}},{"id":"a85cf6dc-0310-45fe-87fd-04dcdac1566d","block_type":"box","text":"Securities Lending Risk.","page_number":80,"box":{"x":82,"y":339,"width":162,"height":11}},{"id":"e7d40922-2540-4b70-987a-16a910dbe523","block_type":"box","text":"The Fund may engage in securities","page_number":80,"box":{"x":249,"y":339,"width":221,"height":11}},{"id":"1a20ec86-5812-499b-a0f5-0f3d397aacaa","block_type":"box","text":"lending. Securities lending involves the risk that the Fund may","page_number":80,"box":{"x":83,"y":353,"width":396,"height":11}},{"id":"5f9d1984-1af6-458b-8c41-410b5cbb204d","block_type":"box","text":"lose money because the borrower of the loaned securities fails to","page_number":80,"box":{"x":83,"y":367,"width":418,"height":11}},{"id":"e7891e44-a6a6-4150-8b79-2cf3d74e0436","block_type":"box","text":"return the securities in a timely manner or at all. The Fund could","page_number":80,"box":{"x":83,"y":382,"width":408,"height":10}},{"id":"60dbe6ff-a0f6-4f37-812d-8a5047fdfcde","block_type":"box","text":"also lose money in the event of a decline in the value of collateral","page_number":80,"box":{"x":83,"y":396,"width":416,"height":11}},{"id":"76017506-353a-4e16-acb3-eb76abec9f26","block_type":"box","text":"provided for loaned securities or a decline in the value of any","page_number":80,"box":{"x":83,"y":410,"width":389,"height":11}},{"id":"50d08e03-a2ce-4c41-861a-465898f1642b","block_type":"box","text":"investments made with cash collateral. These events could also","page_number":80,"box":{"x":83,"y":424,"width":406,"height":9}},{"id":"492e0f0e-5c5a-44b6-87fc-54439d28019f","block_type":"box","text":"trigger adverse tax consequences for the Fund.","page_number":80,"box":{"x":83,"y":438,"width":301,"height":11}},{"id":"379517c0-2825-4656-88c2-f78714c1c67b","block_type":"box","text":"Tracking Error Risk","page_number":80,"box":{"x":84,"y":461,"width":128,"height":11}},{"id":"9c30a5a3-a6db-4396-af25-52437ba50f1f","block_type":"box","text":".","page_number":80,"box":{"x":212,"y":468,"width":2,"height":2}},{"id":"73709b9d-fd33-4393-85c6-89b7813ecfa9","block_type":"box","text":"The Fund may be subject to “tracking error,”","page_number":80,"box":{"x":219,"y":461,"width":284,"height":11}},{"id":"0dc553f7-fbaf-4257-be34-8aafe32d2f11","block_type":"box","text":"which is the divergence of the Fund’s performance from that of","page_number":80,"box":{"x":82,"y":476,"width":405,"height":10}},{"id":"166cd220-98b5-44f3-a308-a00ef432eb12","block_type":"box","text":"the Underlying Index. Tracking error may occur due to a number of","page_number":80,"box":{"x":83,"y":490,"width":425,"height":11}},{"id":"43168128-9edb-4ad6-96f7-55b709857023","block_type":"box","text":"factors, including differences between the securities and other","page_number":80,"box":{"x":82,"y":504,"width":402,"height":11}},{"id":"20f48a31-da55-4526-947e-2e91b91fdc28","block_type":"box","text":"assets held in the Fund’s portfolio and those included in the","page_number":80,"box":{"x":83,"y":518,"width":381,"height":11}},{"id":"9d9cb63f-f072-4c0c-bb22-7cf3ab7563ea","block_type":"box","text":"Underlying Index; differences in the timing and methodologies","page_number":80,"box":{"x":83,"y":532,"width":396,"height":11}},{"id":"c391c09b-03b6-45d3-9183-90a957011e59","block_type":"box","text":"used to value securities and other assets; transaction costs and","page_number":80,"box":{"x":549,"y":23,"width":407,"height":10}},{"id":"fb593fce-3061-44f0-83b8-d4513147984a","block_type":"box","text":"other expenses incurred by the Fund that the Underlying Index","page_number":80,"box":{"x":549,"y":37,"width":400,"height":11}},{"id":"285236c7-1f1a-4a4a-9ae9-a5f1d75eb5e8","block_type":"box","text":"does not incur; the Fund’s holding of uninvested cash; differences","page_number":80,"box":{"x":549,"y":51,"width":421,"height":11}},{"id":"6c635a1c-bcf1-4c62-9fbf-f62875a15043","block_type":"box","text":"in the timing of the accrual or the valuation of dividends or","page_number":80,"box":{"x":549,"y":66,"width":374,"height":11}},{"id":"1500b821-39eb-43b6-a181-fc81acd167f0","block_type":"box","text":"interest received by the Fund or distributions paid to Fund","page_number":80,"box":{"x":549,"y":80,"width":370,"height":11}},{"id":"9f8647e3-e5bb-42c2-9e9b-b7cce295cd23","block_type":"box","text":"shareholders; tax gains or losses; differences between the","page_number":80,"box":{"x":549,"y":94,"width":372,"height":11}},{"id":"14fe65f4-0d8e-4b13-a043-aa2650ef142f","block_type":"box","text":"amount and/or timing of withholding taxes on dividends reflected","page_number":80,"box":{"x":549,"y":108,"width":420,"height":11}},{"id":"8ae8aa9b-c70c-4f19-882a-fe1379f3fe5f","block_type":"box","text":"in the Underlying Index from the Fund’s obligation, if any, for","page_number":80,"box":{"x":549,"y":122,"width":387,"height":11}},{"id":"464e0d81-2e3c-4edc-9548-c43612d97f61","block_type":"box","text":"foreign withholding taxes; the requirements for the Fund to","page_number":80,"box":{"x":549,"y":137,"width":377,"height":10}},{"id":"533abd4a-d180-4f33-90cd-0722bf2d716a","block_type":"box","text":"maintain pass-through tax treatment; portfolio transactions","page_number":80,"box":{"x":549,"y":151,"width":380,"height":11}},{"id":"5d2159ed-e2ed-463e-a6f6-b7ccb0cdbd83","block_type":"box","text":"carried out to minimize the distribution of capital gains to","page_number":80,"box":{"x":549,"y":165,"width":366,"height":11}},{"id":"f4804b60-6b45-484d-80b6-fbc58fee4dd5","block_type":"box","text":"shareholders; the acceptance of custom baskets; changes to the","page_number":80,"box":{"x":549,"y":179,"width":414,"height":11}},{"id":"3a814ee2-fcf6-495a-a153-e7a105cc6689","block_type":"box","text":"Underlying Index; and impacts to the Fund of complying with","page_number":80,"box":{"x":550,"y":193,"width":386,"height":11}},{"id":"b9436ac4-3da1-419b-b72c-b51cc55b2fe0","block_type":"box","text":"certain regulatory requirements or limits. Tracking error risk may","page_number":80,"box":{"x":549,"y":208,"width":414,"height":10}},{"id":"01f22138-d621-4b7d-bc8b-de41a36ed192","block_type":"box","text":"be heightened during times of increased market volatility or other","page_number":80,"box":{"x":549,"y":222,"width":420,"height":10}},{"id":"8c5e743d-6e5a-498f-8443-d7049fbcdb70","block_type":"box","text":"unusual market conditions. A Fund that tracks an index with","page_number":80,"box":{"x":549,"y":236,"width":383,"height":8}},{"id":"0bb98505-a369-494a-a45c-332a108d6db7","block_type":"box","text":"exposure to non-U.S. issuers may experience higher tracking","page_number":80,"box":{"x":549,"y":250,"width":390,"height":11}},{"id":"c6470397-fedc-46e2-8e13-ad0f5620acf7","block_type":"box","text":"error than ETFs that do not track such indexes.","page_number":80,"box":{"x":549,"y":264,"width":299,"height":9}},{"id":"51fe8eab-7f51-42bc-b371-d36a457e452f","block_type":"box","text":"Valuation Risk","page_number":80,"box":{"x":550,"y":287,"width":96,"height":9}},{"id":"9fd20a49-b6bc-4eee-a3b4-fb7c1405384a","block_type":"box","text":".","page_number":80,"box":{"x":646,"y":294,"width":2,"height":2}},{"id":"ad375a8b-2c8e-4379-a9cf-f64cdfd4faad","block_type":"box","text":"The price that the Fund could receive upon the","page_number":80,"box":{"x":653,"y":287,"width":298,"height":11}},{"id":"2bca0f6e-be61-4c61-a97b-96c5157a191f","block_type":"box","text":"sale (or other disposition) of a security or other asset may differ","page_number":80,"box":{"x":549,"y":302,"width":408,"height":10}},{"id":"8f9ec1bb-54b8-464b-a7bd-f0118aae95db","block_type":"box","text":"from the Fund’s valuation of the security or other asset,","page_number":80,"box":{"x":549,"y":316,"width":355,"height":11}},{"id":"2faeab79-76e1-4823-a9e9-2561553d7ebe","block_type":"box","text":"particularly for securities or other assets that trade in low volume","page_number":80,"box":{"x":549,"y":330,"width":418,"height":11}},{"id":"db30ca53-d2fd-44df-8ac1-2083ca434c4d","block_type":"box","text":"or volatile markets or that are valued using a fair value","page_number":80,"box":{"x":549,"y":344,"width":347,"height":11}},{"id":"44d0b1d8-dd3b-4649-8b5d-83689d163b48","block_type":"box","text":"methodology. The price received by the Fund also may differ from","page_number":80,"box":{"x":549,"y":358,"width":418,"height":11}},{"id":"919863b6-85d7-4688-8916-304222563889","block_type":"box","text":"the value used by the Underlying Index. In addition, the value of","page_number":80,"box":{"x":549,"y":372,"width":406,"height":11}},{"id":"976113c9-fd39-4d8b-924c-77ac8c4250a1","block_type":"box","text":"the securities or other assets in the Fund’s portfolio may change","page_number":80,"box":{"x":549,"y":387,"width":411,"height":10}},{"id":"465df52e-d02a-4568-b35e-b0593fccca07","block_type":"box","text":"on days or during time periods when investors are not able to","page_number":80,"box":{"x":549,"y":401,"width":392,"height":11}},{"id":"41c78e7f-3f04-4c97-82a5-7f9b56a0c8b2","block_type":"box","text":"purchase or sell Fund shares. Authorized Participants that create","page_number":80,"box":{"x":549,"y":415,"width":414,"height":11}},{"id":"0afc25f3-f128-473a-a0c3-f462f18b1f69","block_type":"box","text":"or redeem Fund shares on days when the Fund is holding fair","page_number":80,"box":{"x":549,"y":429,"width":394,"height":11}},{"id":"d4c88eea-952e-49c5-b796-313836797ece","block_type":"box","text":"valued securities or other assets may receive fewer or more","page_number":80,"box":{"x":548,"y":443,"width":383,"height":11}},{"id":"58d09be2-b331-46b6-862d-914da771f6f8","block_type":"box","text":"shares, or lower or higher redemption proceeds, than they would","page_number":80,"box":{"x":549,"y":458,"width":414,"height":10}},{"id":"43e4dae2-0242-44cb-895d-2a6e15d643bb","block_type":"box","text":"have received had the securities or other assets not been fair","page_number":80,"box":{"x":549,"y":472,"width":392,"height":8}},{"id":"695e32bb-37c7-4dc4-bca4-ff87ffdc5167","block_type":"box","text":"valued or been valued using a different methodology. The ability to","page_number":80,"box":{"x":548,"y":486,"width":425,"height":11}},{"id":"82764383-1328-4774-a951-5d5864328de7","block_type":"box","text":"value investments may be impacted by technological issues or","page_number":80,"box":{"x":548,"y":500,"width":400,"height":11}},{"id":"7e944135-bd7a-40ae-b4e6-eb8e6661751a","block_type":"box","text":"errors by pricing services or other third-party service providers.","page_number":80,"box":{"x":549,"y":514,"width":405,"height":11}},{"id":"9ae00492-2435-475d-92c7-8738b334ba5d","block_type":"box","text":"S-69","page_number":80,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"3607dfb5-9e85-45ae-9713-c7c4bed980cf","block_type":"box","text":"Performance Information","page_number":81,"box":{"x":84,"y":22,"width":213,"height":11}},{"id":"edf911a9-82c3-498c-81c2-931f30c96289","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":81,"box":{"x":82,"y":48,"width":887,"height":10}},{"id":"d7c6d138-6351-478d-9865-62fce3be80d4","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":81,"box":{"x":83,"y":62,"width":872,"height":11}},{"id":"166843b1-cf75-40aa-b2e0-dc324233e383","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":81,"box":{"x":83,"y":76,"width":867,"height":11}},{"id":"e6ce3da4-f3e9-4083-996e-fd6236fc37e7","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":81,"box":{"x":83,"y":90,"width":863,"height":11}},{"id":"aa2446b5-0e98-4e12-9295-dbeef61825ed","block_type":"box","text":"agreements to waive or reimburse expenses, which would reduce performance if not in effect. 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The Fund does","page_number":84,"box":{"x":83,"y":312,"width":408,"height":11}},{"id":"a895d31a-3f5f-4455-b74a-9a0af9034f2e","block_type":"box","text":"not seek to return any predetermined amount at maturity or in","page_number":84,"box":{"x":83,"y":326,"width":398,"height":11}},{"id":"ec36ef37-932a-42bc-8e55-b048ce5244cd","block_type":"box","text":"periodic distributions. 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As of October","page_number":84,"box":{"x":82,"y":397,"width":420,"height":11}},{"id":"cbf2b0a0-946d-4dfb-ab03-c22913aec7bc","block_type":"box","text":"31, 2025, a significant portion of the Underlying Index is","page_number":84,"box":{"x":83,"y":411,"width":357,"height":11}},{"id":"4344ab63-14ad-4e02-b4dc-08b62eb06446","block_type":"box","text":"represented by securities of companies in the consumer goods","page_number":84,"box":{"x":83,"y":425,"width":402,"height":11}},{"id":"0d985f28-362d-4385-87b5-e42c43ea8263","block_type":"box","text":"and services and financial services industries or sectors. The","page_number":84,"box":{"x":83,"y":440,"width":388,"height":8}},{"id":"75703112-28d0-4e93-b03b-865bab476e50","block_type":"box","text":"components of the Underlying Index are likely to change over","page_number":84,"box":{"x":83,"y":454,"width":392,"height":11}},{"id":"25242d7b-e723-461d-99fe-261d34444754","block_type":"box","text":"time.","page_number":84,"box":{"x":83,"y":468,"width":31,"height":8}},{"id":"ba8069bf-d7b3-4009-a3d1-82611dca2d36","block_type":"box","text":"The Underlying Index consists of U.S. dollar-denominated,","page_number":84,"box":{"x":82,"y":490,"width":371,"height":11}},{"id":"49019ccc-0031-4907-9773-b6af486a9f09","block_type":"box","text":"investment-grade securities publicly issued by U.S. and non-U.S.","page_number":84,"box":{"x":83,"y":504,"width":413,"height":11}},{"id":"0b960050-b385-4472-bbb6-7423b3065936","block_type":"box","text":"corporate issuers that have $300 million or more of outstanding","page_number":84,"box":{"x":83,"y":517,"width":410,"height":12}},{"id":"e11685d7-62aa-4193-be33-11b938f83700","block_type":"box","text":"face value at the time of inclusion. The non-U.S. corporate issuers","page_number":84,"box":{"x":82,"y":532,"width":422,"height":11}},{"id":"250d1cd5-0b39-4b68-b8f4-1d22818bbe02","block_type":"box","text":"included in the Underlying Index consist primarily of corporate","page_number":84,"box":{"x":83,"y":547,"width":397,"height":10}},{"id":"aecc4db8-aef5-4558-8421-409c9e4c0900","block_type":"box","text":"bonds issued by companies domiciled in developed countries. The","page_number":84,"box":{"x":83,"y":561,"width":422,"height":11}},{"id":"2dfb53dc-4c4c-4113-9ac0-a04f2419d571","block_type":"box","text":"Fund will invest in non-U.S. issuers to the extent necessary for it","page_number":84,"box":{"x":84,"y":575,"width":411,"height":11}},{"id":"bd85d2b7-2f8d-4401-86c1-3ec194d185a4","block_type":"box","text":"to track the Underlying Index. Each bond included in the","page_number":84,"box":{"x":83,"y":589,"width":358,"height":11}},{"id":"bda331c8-84f5-46f9-9bb3-8e89307f29c2","block_type":"box","text":"Underlying Index must be registered with the SEC, have been","page_number":84,"box":{"x":83,"y":603,"width":390,"height":11}},{"id":"3760b8f5-1f9f-43e9-a5b1-9161fc423465","block_type":"box","text":"exempt from registration at issuance, or have been offered","page_number":84,"box":{"x":83,"y":617,"width":375,"height":11}},{"id":"2834b91d-5497-435a-95f4-dc9e0c14a816","block_type":"box","text":"pursuant to Rule 144A under the Securities Act of 1933, as","page_number":84,"box":{"x":83,"y":632,"width":375,"height":10}},{"id":"6c50838a-3cf9-4c9e-bcee-3fd586b8162e","block_type":"box","text":"amended (the “1933 Act”), with registration rights. Further, the","page_number":84,"box":{"x":83,"y":646,"width":402,"height":11}},{"id":"27c479d1-93fb-4899-a53d-91c8fd5de3f5","block_type":"box","text":"securities in the Underlying Index must be denominated in U.S.","page_number":84,"box":{"x":83,"y":660,"width":402,"height":11}},{"id":"37a68b89-03ed-4118-b2ea-1ef6e2030de8","block_type":"box","text":"dollars and have a fixed-rate, although they can carry a coupon","page_number":84,"box":{"x":83,"y":674,"width":402,"height":11}},{"id":"491437d1-0a17-4466-9dab-56f0ecc2d5a2","block_type":"box","text":"that steps-up or changes according to a predetermined schedule.","page_number":84,"box":{"x":83,"y":688,"width":418,"height":11}},{"id":"cdc87c1e-dd59-4c60-b261-eb15864efa29","block_type":"box","text":"In addition, to be included in the Underlying Index, securities that","page_number":84,"box":{"x":83,"y":703,"width":416,"height":10}},{"id":"014a5865-93ff-4a59-940f-c80d1e572f42","block_type":"box","text":"are rated by all three of the rating agencies named below must be","page_number":84,"box":{"x":83,"y":717,"width":420,"height":11}},{"id":"21558ad8-ef88-49ed-a9ee-fd514fd7896d","block_type":"box","text":"rated “investment-grade” by at least two of the three rating","page_number":84,"box":{"x":83,"y":731,"width":379,"height":11}},{"id":"07079e98-1517-4916-bff4-e9900df074c8","block_type":"box","text":"agencies, which is defined as Baa3 or higher by Moody’s Investors","page_number":84,"box":{"x":83,"y":745,"width":423,"height":11}},{"id":"71aa0797-80c0-4759-9025-52d9007a66b4","block_type":"box","text":"Service, Inc. or BBB- or higher by S&P Global Ratings or Fitch","page_number":84,"box":{"x":83,"y":759,"width":389,"height":11}},{"id":"e872f574-f129-48a5-a478-e60e47d33d5a","block_type":"box","text":"Ratings, Inc. When ratings from only two of the three rating","page_number":84,"box":{"x":83,"y":773,"width":377,"height":11}},{"id":"498a333a-455f-4801-9099-9adc10733ed5","block_type":"box","text":"agencies are available, the lower rating is used to determine","page_number":84,"box":{"x":83,"y":788,"width":384,"height":10}},{"id":"0dc556c5-3ee5-4a7f-99f6-1567ca36f001","block_type":"box","text":"eligibility. Securities with a rating from only one of the three","page_number":84,"box":{"x":83,"y":802,"width":381,"height":11}},{"id":"3229a31c-f645-42af-8ffd-8c48b3900041","block_type":"box","text":"ratings agencies must be rated investment-grade in order to be","page_number":84,"box":{"x":83,"y":816,"width":404,"height":11}},{"id":"04bcc4e8-d6e7-482d-8251-5dbcf0cd67d3","block_type":"box","text":"included in the Underlying Index. In cases where ratings are not","page_number":84,"box":{"x":83,"y":830,"width":410,"height":11}},{"id":"849c401f-6abf-4c68-b20d-a77cd103eb80","block_type":"box","text":"available, other sources may be used to classify securities by","page_number":84,"box":{"x":83,"y":844,"width":390,"height":11}},{"id":"474f031b-0045-4cea-b9ac-1f220f72f4b1","block_type":"box","text":"investment quality.","page_number":84,"box":{"x":83,"y":859,"width":120,"height":10}},{"id":"f0cf17d5-a2a0-4745-8afd-7a0dfbc21758","block_type":"box","text":"The Underlying Index is constructed with the following","page_number":84,"box":{"x":549,"y":23,"width":346,"height":11}},{"id":"c9f41fe3-eb2c-48e2-b329-912e819569e1","block_type":"box","text":"methodology. The parent index, the Bloomberg U.S. Corporate","page_number":84,"box":{"x":549,"y":37,"width":398,"height":11}},{"id":"bfaab6e1-b006-4080-a6f0-f5f158439fe0","block_type":"box","text":"Index (the “Parent Index”), representing U.S. dollar-denominated,","page_number":84,"box":{"x":550,"y":51,"width":416,"height":11}},{"id":"a41a3535-4fce-40a8-8a24-660a66b84255","block_type":"box","text":"taxable, investment-grade corporate bonds, is stripped of","page_number":84,"box":{"x":549,"y":66,"width":368,"height":11}},{"id":"a6d9ed5b-16e8-4ae6-b737-628f0eaae694","block_type":"box","text":"securities maturing outside of the maturity range defined above.","page_number":84,"box":{"x":549,"y":80,"width":410,"height":11}},{"id":"8d51bf5b-fdca-4f26-bd06-fc31b4ec9cc3","block_type":"box","text":"During the final two years of the Underlying Index, bonds that","page_number":84,"box":{"x":550,"y":94,"width":391,"height":11}},{"id":"25d1d10c-d97f-4d86-b842-6435d4bea17d","block_type":"box","text":"mature in 2028 but had not been eligible for inclusion in the","page_number":84,"box":{"x":549,"y":108,"width":383,"height":11}},{"id":"54065dca-9790-4982-b732-1aa61196fa32","block_type":"box","text":"Parent Index due to being within one year of maturity will be","page_number":84,"box":{"x":550,"y":122,"width":382,"height":11}},{"id":"2c95cb86-af91-456a-8bf0-25a2436b4ce7","block_type":"box","text":"eligible for inclusion in the Underlying Index until such bonds","page_number":84,"box":{"x":549,"y":137,"width":387,"height":10}},{"id":"fe4c96c5-355d-4128-9303-97f4aacb4662","block_type":"box","text":"reach maturity. Securities are then market-cap weighted within","page_number":84,"box":{"x":549,"y":151,"width":403,"height":11}},{"id":"a4d69b2c-5ba9-4999-a8f2-7ee606020892","block_type":"box","text":"the Underlying Index, with a 3% cap typically imposed on any one","page_number":84,"box":{"x":549,"y":165,"width":415,"height":11}},{"id":"fe394207-0b85-4db6-8c74-85bc8ad696d1","block_type":"box","text":"issuer, and a","page_number":84,"box":{"x":549,"y":179,"width":80,"height":10}},{"id":"980addcc-028c-40ef-be69-5e0063172562","block_type":"box","text":"pro rata","page_number":84,"box":{"x":633,"y":180,"width":50,"height":10}},{"id":"9116ea40-d8e3-49bc-acbe-747ed21ba4c1","block_type":"box","text":"distribution of any excess weight across the","page_number":84,"box":{"x":688,"y":179,"width":280,"height":11}},{"id":"a1711112-64b7-446a-b8b1-bb7f5e382a10","block_type":"box","text":"remaining issuers in the Underlying Index. In the event a 3% cap is","page_number":84,"box":{"x":549,"y":193,"width":421,"height":11}},{"id":"12f45b1a-79e1-4a69-b5ab-3b311decd9e6","block_type":"box","text":"not possible due to lack of issuers, the cap will be increased in","page_number":84,"box":{"x":549,"y":207,"width":399,"height":11}},{"id":"ceb50f3b-0bfb-49fd-b233-daec92c1cdb3","block_type":"box","text":"0.50% increments until the Underlying Index can be calculated.","page_number":84,"box":{"x":549,"y":222,"width":402,"height":10}},{"id":"cf0fa29f-9a5b-4d9a-ba87-0ec07e5868bf","block_type":"box","text":"The securities in the Underlying Index are updated on the last","page_number":84,"box":{"x":549,"y":244,"width":392,"height":10}},{"id":"4e0bad6a-ddc8-4f17-a61e-cea2cbbe6d83","block_type":"box","text":"calendar day of each month until six months prior to maturity. The","page_number":84,"box":{"x":549,"y":258,"width":421,"height":11}},{"id":"cbffd1ce-0678-4048-9a74-e373bb6abfdb","block_type":"box","text":"last rebalance date will be on June 30, 2028. During this final six","page_number":84,"box":{"x":549,"y":272,"width":412,"height":11}},{"id":"2245ed35-27cf-4c7d-9f79-bd5119f81895","block_type":"box","text":"month period, the Underlying Index will no longer be updated or","page_number":84,"box":{"x":549,"y":286,"width":408,"height":11}},{"id":"04fac75b-e5c3-49f5-8724-fdc3a35db1f3","block_type":"box","text":"rebalanced, except to remove securities which are downgraded to","page_number":84,"box":{"x":549,"y":300,"width":422,"height":11}},{"id":"88d68d7d-fbfb-41c0-b3a1-fada4c0c323a","block_type":"box","text":"below investment-grade per the eligibility criteria described","page_number":84,"box":{"x":549,"y":315,"width":380,"height":10}},{"id":"67ae990e-9141-4b07-9991-9ce415f8d159","block_type":"box","text":"above. Additionally, during this period, existing bond weights will","page_number":84,"box":{"x":549,"y":329,"width":412,"height":10}},{"id":"79630224-fb70-4c6c-93b9-87a82e0a3149","block_type":"box","text":"be allowed to float based on changes in market value.","page_number":84,"box":{"x":549,"y":343,"width":343,"height":11}},{"id":"c2eb1b17-f659-4c35-8e9d-aca4fac340c3","block_type":"box","text":"When a bond that is included in the Underlying Index matures, its","page_number":84,"box":{"x":549,"y":365,"width":416,"height":11}},{"id":"5bb5ae40-e8ea-48fb-8386-856834613e0e","block_type":"box","text":"maturity value will be represented in the Underlying Index by cash","page_number":84,"box":{"x":549,"y":379,"width":420,"height":11}},{"id":"2597d3ff-3259-4768-8847-7efc376468df","block_type":"box","text":"throughout the remaining life of the Underlying Index.","page_number":84,"box":{"x":549,"y":393,"width":342,"height":11}},{"id":"1e9d4921-c6a7-4cfa-a256-13fe139facd9","block_type":"box","text":"The Fund is a series of the iShares iBonds fixed maturity series of","page_number":84,"box":{"x":549,"y":415,"width":417,"height":11}},{"id":"5a1e7523-4702-4f25-887e-d045dc56942a","block_type":"box","text":"bond ETFs sponsored by BlackRock, Inc. (“BlackRock”). The Fund","page_number":84,"box":{"x":549,"y":429,"width":416,"height":11}},{"id":"f88a59ff-deb7-4012-871b-ea5ab90c8483","block_type":"box","text":"does not invest in U.S. savings bonds or other U.S. government","page_number":84,"box":{"x":549,"y":443,"width":404,"height":11}},{"id":"05535dcd-8e27-4c3f-8b26-099b8549ae31","block_type":"box","text":"bonds (except to the extent the Fund holds cash equivalent","page_number":84,"box":{"x":549,"y":458,"width":379,"height":10}},{"id":"18c64cd1-5a05-4b6d-bc05-d8a21847cd5e","block_type":"box","text":"instruments consistent with its investment objective) and is not","page_number":84,"box":{"x":549,"y":472,"width":406,"height":11}},{"id":"852b2e84-e72e-4d7b-bfd5-cfa1a1f38462","block_type":"box","text":"designed to provide protection against inflation.","page_number":84,"box":{"x":549,"y":486,"width":305,"height":11}},{"id":"33439d60-4bf5-4f23-a543-33e6218fef67","block_type":"box","text":"BFA uses an indexing approach to try to achieve the Fund’s","page_number":84,"box":{"x":550,"y":509,"width":376,"height":11}},{"id":"6a787a96-e8bb-4cf3-abe6-ed97352596ce","block_type":"box","text":"investment objective. 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The instruments selected","page_number":84,"box":{"x":549,"y":726,"width":408,"height":11}},{"id":"017c4b1b-6b91-48ec-9819-01b58f2632de","block_type":"box","text":"are expected to have, in the aggregate, investment characteristics","page_number":84,"box":{"x":549,"y":740,"width":423,"height":11}},{"id":"1ae3f538-3b30-4e8b-97b9-6133c6f4e25f","block_type":"box","text":"(based on factors such as market value and industry weightings),","page_number":84,"box":{"x":549,"y":754,"width":415,"height":11}},{"id":"a6a4e085-12ac-4a3f-a7ce-798780398792","block_type":"box","text":"fundamental characteristics (such as return variability, duration","page_number":84,"box":{"x":549,"y":768,"width":405,"height":11}},{"id":"1347350a-8963-4b2a-bf4b-e0f12a5be633","block_type":"box","text":"(","page_number":84,"box":{"x":549,"y":783,"width":3,"height":10}},{"id":"45839486-52d8-483f-8894-13cd34e1697f","block_type":"box","text":"i.e.","page_number":84,"box":{"x":553,"y":782,"width":17,"height":9}},{"id":"d9fc5420-7ef4-4a73-9766-3edd6f8ed425","block_type":"box","text":", an instrument’s price sensitivity to a change in interest","page_number":84,"box":{"x":573,"y":782,"width":358,"height":11}},{"id":"08fb29ca-406a-4fda-ace6-aa1905803565","block_type":"box","text":"rates), maturity or credit ratings and yield) and liquidity measures","page_number":84,"box":{"x":549,"y":797,"width":418,"height":10}},{"id":"49e46fd0-835e-44fd-9812-2451848a91d5","block_type":"box","text":"similar to those of an applicable underlying index. The Fund may","page_number":84,"box":{"x":549,"y":811,"width":410,"height":11}},{"id":"20e5c1ff-ae2f-4fa9-9399-c6b79f495510","block_type":"box","text":"or may not hold all of the components of the Underlying Index.","page_number":84,"box":{"x":549,"y":825,"width":399,"height":11}},{"id":"20c06416-589f-4e86-90da-37fb223491b3","block_type":"box","text":"The Fund will invest at least 80% of its assets in the component","page_number":84,"box":{"x":549,"y":848,"width":404,"height":11}},{"id":"5916cde1-7063-4a41-9dd7-7af17239b002","block_type":"box","text":"instruments of the Underlying Index, and (except during the last","page_number":84,"box":{"x":549,"y":862,"width":408,"height":11}},{"id":"07f73294-9088-4691-96f1-b3f5361bf08c","block_type":"box","text":"twelve months of the Fund’s operations) the Fund will invest at","page_number":84,"box":{"x":549,"y":877,"width":401,"height":10}},{"id":"c9fd799d-7a7b-4d1e-ad03-11fd98aeb988","block_type":"box","text":"S-73","page_number":84,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"6e9c3d34-7137-42bb-a29d-a77195bef12c","block_type":"box","text":"least 90% of its assets in fixed income securities of the types","page_number":85,"box":{"x":83,"y":23,"width":388,"height":11}},{"id":"b0f54211-2c7e-4042-959c-0cf9175984f0","block_type":"box","text":"included in the Underlying Index that BFA believes will help the","page_number":85,"box":{"x":83,"y":37,"width":400,"height":11}},{"id":"efa18e06-a19c-42d4-bf02-034f0a4f6ab6","block_type":"box","text":"Fund track the Underlying Index. The Fund will invest no more","page_number":85,"box":{"x":84,"y":52,"width":393,"height":10}},{"id":"a1e92170-3bed-4de0-9db4-33c26198074c","block_type":"box","text":"than 10% of its assets in futures, options and swaps contracts that","page_number":85,"box":{"x":83,"y":66,"width":423,"height":10}},{"id":"d5e70d5a-cec3-4033-bfaf-861d9519dc66","block_type":"box","text":"BFA believes will help the Fund track the Underlying Index as well","page_number":85,"box":{"x":84,"y":80,"width":415,"height":11}},{"id":"6089ed34-af38-455f-aa30-6e57180635f3","block_type":"box","text":"as in fixed income securities other than the types included in the","page_number":85,"box":{"x":83,"y":94,"width":413,"height":11}},{"id":"40c26660-8b09-4b46-9673-3a447fb4ef30","block_type":"box","text":"Underlying Index, but which BFA believes will help the Fund track","page_number":85,"box":{"x":83,"y":108,"width":414,"height":11}},{"id":"d4931a46-9ff7-478f-ab68-99ad283f91c7","block_type":"box","text":"the Underlying Index. Cash and cash equivalent investments","page_number":85,"box":{"x":83,"y":122,"width":385,"height":11}},{"id":"05e40eb1-f044-4caa-b2cf-0defaa89bb7c","block_type":"box","text":"associated with a derivative position will be treated as part of that","page_number":85,"box":{"x":83,"y":137,"width":421,"height":10}},{"id":"45688b74-ff27-4e28-bb2e-4a357cefa386","block_type":"box","text":"position for the purposes of calculating the percentage of","page_number":85,"box":{"x":83,"y":151,"width":367,"height":11}},{"id":"9748dfc3-018c-498f-91f9-e14098d64526","block_type":"box","text":"investments included in the Underlying Index.","page_number":85,"box":{"x":83,"y":165,"width":290,"height":11}},{"id":"145bafcf-0764-45f1-a910-dc89dd09bcd0","block_type":"box","text":"In the last six months of operation, as the bonds held by the Fund","page_number":85,"box":{"x":83,"y":187,"width":418,"height":11}},{"id":"b0856878-f313-4101-aa8e-5e261da94311","block_type":"box","text":"mature, the proceeds may not be reinvested by the Fund in bonds","page_number":85,"box":{"x":83,"y":201,"width":420,"height":11}},{"id":"9febe10a-bee3-46b9-82b1-37cac8a0993a","block_type":"box","text":"but instead will be held in cash and cash equivalents. By fifteen","page_number":85,"box":{"x":83,"y":215,"width":403,"height":11}},{"id":"1ede6f50-86e6-49db-b822-0038643c72ff","block_type":"box","text":"days prior to maturity, the Underlying Index is expected to consist","page_number":85,"box":{"x":83,"y":229,"width":421,"height":11}},{"id":"4788b24b-d54b-4924-925f-a075de8419e5","block_type":"box","text":"almost entirely of cash and cash equivalents. On or around this","page_number":85,"box":{"x":83,"y":244,"width":402,"height":10}},{"id":"c8e41b4d-cfef-4501-9bed-1406523e7627","block_type":"box","text":"date, the Fund will wind up and terminate. After appropriate","page_number":85,"box":{"x":83,"y":258,"width":382,"height":11}},{"id":"beba5809-1f01-46e9-8590-cbb1b7d4cdb0","block_type":"box","text":"provision is made for any Fund liabilities, its net assets will be","page_number":85,"box":{"x":83,"y":272,"width":393,"height":11}},{"id":"624bf749-e3ed-4d9a-82cc-472cfa9ac5a9","block_type":"box","text":"distributed to then-current shareholders pursuant to a plan of","page_number":85,"box":{"x":83,"y":286,"width":394,"height":11}},{"id":"e27112ac-14d4-41b8-9afc-c0eed1287290","block_type":"box","text":"liquidation. The Fund’s termination was approved by a majority of","page_number":85,"box":{"x":83,"y":300,"width":418,"height":11}},{"id":"3bd96e09-ccb1-4795-841f-518e9dd061ff","block_type":"box","text":"the Trust’s Board of Trustees (the “Board”) and does not require","page_number":85,"box":{"x":83,"y":314,"width":406,"height":11}},{"id":"33f18b55-d14f-41b2-aa39-c96cedc25434","block_type":"box","text":"additional approval by Fund shareholders. The Board may extend","page_number":85,"box":{"x":83,"y":329,"width":413,"height":10}},{"id":"22da0170-5430-4c8e-9028-ec6de31915e9","block_type":"box","text":"the termination date if a majority of the Board determines the","page_number":85,"box":{"x":83,"y":343,"width":394,"height":11}},{"id":"726d817a-f603-470d-bdb0-f3411580e54d","block_type":"box","text":"extension to be in the best interest of the Fund.","page_number":85,"box":{"x":83,"y":357,"width":303,"height":9}},{"id":"95ca5a33-8dc5-4241-a228-598ad7fee24a","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying","page_number":85,"box":{"x":82,"y":379,"width":414,"height":11}},{"id":"cdc6353c-38ad-4599-a4b4-d02378914bf0","block_type":"box","text":"Index before fees and expenses of the Fund. 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The Index Provider","page_number":85,"box":{"x":83,"y":575,"width":354,"height":11}},{"id":"c0895398-fe2c-472e-8bf6-e6fb1eec14a5","block_type":"box","text":"determines the composition and relative weightings of the","page_number":85,"box":{"x":83,"y":589,"width":371,"height":11}},{"id":"5c918b08-7a69-4cad-8579-02e1c32d37bd","block_type":"box","text":"components of the Underlying Index and publishes information","page_number":85,"box":{"x":83,"y":603,"width":401,"height":11}},{"id":"8915e8ed-3a2e-4183-9235-6cb16cffb8b8","block_type":"box","text":"regarding the market value of the Underlying Index.","page_number":85,"box":{"x":83,"y":617,"width":327,"height":11}},{"id":"3ede99b9-e111-468f-94b6-ae1d2ade938e","block_type":"box","text":"Industry Concentration Policy.","page_number":85,"box":{"x":83,"y":641,"width":210,"height":10}},{"id":"eb940e1f-008c-49d7-a541-9dcfcfac1202","block_type":"box","text":"The Fund will concentrate its","page_number":85,"box":{"x":298,"y":641,"width":184,"height":8}},{"id":"074884f1-1302-4b18-b8d2-648066f2a14a","block_type":"box","text":"investments (","page_number":85,"box":{"x":83,"y":655,"width":85,"height":11}},{"id":"008aa2a5-a9e3-4315-bcfa-9b5e1564a320","block_type":"box","text":"i.e.","page_number":85,"box":{"x":169,"y":655,"width":17,"height":8}},{"id":"0d4b6298-77f4-457d-afeb-ea60beed4e08","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":85,"box":{"x":189,"y":655,"width":264,"height":11}},{"id":"bdd95ed2-2f47-4da4-980e-35cfc4ceab1a","block_type":"box","text":"particular industry or group of industries to approximately the","page_number":85,"box":{"x":83,"y":669,"width":394,"height":11}},{"id":"8a02a696-0855-42a0-9daa-8a6b1d46b369","block_type":"box","text":"same extent that the Underlying Index is concentrated. 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Certain key risks are prioritized below (with others","page_number":85,"box":{"x":549,"y":37,"width":388,"height":11}},{"id":"64470fc0-43ea-4005-8e89-643739dadc9a","block_type":"box","text":"following in alphabetical order), but the relative significance of any","page_number":85,"box":{"x":549,"y":51,"width":425,"height":11}},{"id":"b487f907-b8b9-416c-8bad-47c8ccef7a59","block_type":"box","text":"risk is difficult to predict and may change over time. 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Operational and technology risks for the","page_number":87,"box":{"x":82,"y":382,"width":411,"height":10}},{"id":"74fe867c-e5cc-4630-881e-615d2c7341b9","block_type":"box","text":"issuers in which the Fund invests could also result in material","page_number":87,"box":{"x":83,"y":396,"width":391,"height":8}},{"id":"f2a5bc74-a67f-4c10-b2e4-5aa1cb877ea3","block_type":"box","text":"adverse consequences for such issuers and may cause the Fund’s","page_number":87,"box":{"x":83,"y":410,"width":421,"height":11}},{"id":"6e33f83e-4724-4449-8af7-2a861c211679","block_type":"box","text":"investments in such issuers to lose value.","page_number":87,"box":{"x":83,"y":424,"width":264,"height":9}},{"id":"b2d9388c-a8e0-466e-b45f-cac60aa476f8","block_type":"box","text":"Reinvestment Risk","page_number":87,"box":{"x":83,"y":447,"width":126,"height":9}},{"id":"f1e7de54-eae0-454f-976a-5cd01a1d1330","block_type":"box","text":".","page_number":87,"box":{"x":209,"y":454,"width":3,"height":2}},{"id":"af92479a-a316-437c-b80c-bbae74b90225","block_type":"box","text":"The Fund may invest a portion of its assets in","page_number":87,"box":{"x":217,"y":447,"width":288,"height":11}},{"id":"7fe5605f-08ad-4f2b-a335-010916fe1c24","block_type":"box","text":"short-term fixed-income instruments and, as a result, may be","page_number":87,"box":{"x":83,"y":461,"width":391,"height":11}},{"id":"b31e6efe-eed8-4434-81e4-0f7bb5eb8284","block_type":"box","text":"adversely affected if interest rates fall because it may have to","page_number":87,"box":{"x":83,"y":476,"width":393,"height":10}},{"id":"de44859a-75f7-4b43-88b2-1eb5eb1bdb98","block_type":"box","text":"invest in lower-yielding instruments as bonds in the Fund’s","page_number":87,"box":{"x":83,"y":490,"width":374,"height":11}},{"id":"0af38a35-01c4-4163-a6c2-0e295e74ce74","block_type":"box","text":"portfolio mature.","page_number":87,"box":{"x":83,"y":504,"width":106,"height":11}},{"id":"35495099-202e-4a96-b791-6f30892f3f33","block_type":"box","text":"Reliance on Trading Partners Risk","page_number":87,"box":{"x":83,"y":527,"width":228,"height":11}},{"id":"3b841a19-7860-4eff-891f-88e1b28e5d33","block_type":"box","text":".","page_number":87,"box":{"x":311,"y":534,"width":3,"height":2}},{"id":"bd74aa51-7b6c-421f-91ec-c7183cab7a85","block_type":"box","text":"The Fund invests in countries","page_number":87,"box":{"x":319,"y":527,"width":186,"height":9}},{"id":"d0b4aff4-eafb-4ab7-a1d8-77adc8033b85","block_type":"box","text":"or regions whose economies are heavily dependent upon trading","page_number":87,"box":{"x":83,"y":541,"width":413,"height":11}},{"id":"db2bd64d-0a30-410d-a74e-26f6920d7005","block_type":"box","text":"with key partners. Any reduction in this trading may have an","page_number":87,"box":{"x":82,"y":556,"width":383,"height":10}},{"id":"fc67456b-c877-41ca-bae9-42e1f2b06835","block_type":"box","text":"adverse impact on the Fund’s investments.","page_number":87,"box":{"x":83,"y":570,"width":274,"height":10}},{"id":"7cff50ae-6b17-4200-82e9-5b1f8825d434","block_type":"box","text":"Risk of Investing in the U.S","page_number":87,"box":{"x":83,"y":593,"width":182,"height":11}},{"id":"36f27927-3a62-4664-8e42-37c74a0c2ec0","block_type":"box","text":".","page_number":87,"box":{"x":266,"y":600,"width":2,"height":1}},{"id":"96b5f321-8635-4142-b3c7-73fac5e10bff","block_type":"box","text":"Investing in U.S. issuers subjects","page_number":87,"box":{"x":274,"y":593,"width":210,"height":11}},{"id":"77e202dc-781c-4f43-b4ad-a8d7b99e30f3","block_type":"box","text":"the Fund to legal, regulatory, political, currency, security, and","page_number":87,"box":{"x":83,"y":607,"width":391,"height":11}},{"id":"c5dbd9fd-ab38-4ba5-8e10-0f0087846c77","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the","page_number":87,"box":{"x":83,"y":621,"width":423,"height":11}},{"id":"2fb7f777-d6ac-46db-8aa9-42d20545b23d","block_type":"box","text":"U.S., such as a weakening of the U.S. economy or a decline in its","page_number":87,"box":{"x":83,"y":635,"width":413,"height":11}},{"id":"2566bb49-1d07-4741-8512-3c5b9c95a62f","block_type":"box","text":"financial markets, may have an adverse effect on U.S. issuers.","page_number":87,"box":{"x":82,"y":650,"width":397,"height":10}},{"id":"15f71f27-77ab-4d6f-a581-f4fc64d2a2d6","block_type":"box","text":"Securities Lending Risk.","page_number":87,"box":{"x":82,"y":673,"width":162,"height":11}},{"id":"1f40e73b-4036-4df8-b882-42e18e6e0a29","block_type":"box","text":"The Fund may engage in securities","page_number":87,"box":{"x":249,"y":673,"width":221,"height":11}},{"id":"23626aa6-aad9-419d-bc21-6b634a723baf","block_type":"box","text":"lending. Securities lending involves the risk that the Fund may","page_number":87,"box":{"x":83,"y":687,"width":396,"height":11}},{"id":"3f009152-8725-4c0c-938d-cbf5bbdc1ee3","block_type":"box","text":"lose money because the borrower of the loaned securities fails to","page_number":87,"box":{"x":83,"y":701,"width":418,"height":11}},{"id":"31ec6068-4f93-45ad-adb9-fd862312e288","block_type":"box","text":"return the securities in a timely manner or at all. The Fund could","page_number":87,"box":{"x":549,"y":23,"width":409,"height":11}},{"id":"50b46de5-ac18-4291-ace6-e2c8d34256fd","block_type":"box","text":"also lose money in the event of a decline in the value of collateral","page_number":87,"box":{"x":549,"y":37,"width":416,"height":11}},{"id":"c27dd654-c752-4e8a-af70-2fc19c0b2620","block_type":"box","text":"provided for loaned securities or a decline in the value of any","page_number":87,"box":{"x":549,"y":51,"width":389,"height":11}},{"id":"2c1aa579-960b-4f50-98ad-b7e64756d0e3","block_type":"box","text":"investments made with cash collateral. These events could also","page_number":87,"box":{"x":549,"y":66,"width":406,"height":8}},{"id":"2454b389-1f57-4835-ae53-64c74ee7943d","block_type":"box","text":"trigger adverse tax consequences for the Fund.","page_number":87,"box":{"x":549,"y":80,"width":301,"height":11}},{"id":"3df2ff4e-354c-470c-a905-5063930f139d","block_type":"box","text":"Tracking Error Risk","page_number":87,"box":{"x":550,"y":103,"width":128,"height":11}},{"id":"e322083a-e502-40b5-8206-80d7cfc2a2d2","block_type":"box","text":".","page_number":87,"box":{"x":678,"y":110,"width":3,"height":1}},{"id":"d3a72dfc-8a0b-4f4f-86a4-071c5950bfa4","block_type":"box","text":"The Fund may be subject to “tracking error,”","page_number":87,"box":{"x":686,"y":103,"width":284,"height":11}},{"id":"b1826db5-2216-4a0e-b0c0-b2b3ad1290ba","block_type":"box","text":"which is the divergence of the Fund’s performance from that of","page_number":87,"box":{"x":549,"y":117,"width":404,"height":11}},{"id":"55ec7dd6-890b-4aa4-a172-f19931b3eb82","block_type":"box","text":"the Underlying Index. Tracking error may occur due to a number of","page_number":87,"box":{"x":549,"y":131,"width":425,"height":11}},{"id":"fd1d0b4c-59fe-4356-9e76-86fa7744c269","block_type":"box","text":"factors, including differences between the securities and other","page_number":87,"box":{"x":549,"y":146,"width":401,"height":10}},{"id":"fa26f7ac-341c-41b1-8459-af3c5ddd1348","block_type":"box","text":"assets held in the Fund’s portfolio and those included in the","page_number":87,"box":{"x":549,"y":160,"width":381,"height":11}},{"id":"bb6a872d-30f3-4762-9266-3326321b5fa3","block_type":"box","text":"Underlying Index; differences in the timing and methodologies","page_number":87,"box":{"x":550,"y":174,"width":396,"height":11}},{"id":"bf205f39-baf4-4725-ac1d-e0b76b1e930a","block_type":"box","text":"used to value securities and other assets; transaction costs and","page_number":87,"box":{"x":549,"y":188,"width":407,"height":10}},{"id":"3e43bd60-8a62-4e09-8704-f6537f623dcf","block_type":"box","text":"other expenses incurred by the Fund that the Underlying Index","page_number":87,"box":{"x":549,"y":202,"width":400,"height":11}},{"id":"8756e28c-c4b0-4410-8c05-ebbd7fc5310c","block_type":"box","text":"does not incur; the Fund’s holding of uninvested cash; differences","page_number":87,"box":{"x":549,"y":216,"width":421,"height":11}},{"id":"80734893-b36e-44d5-be5c-7ea38ced0b05","block_type":"box","text":"in the timing of the accrual or the valuation of dividends or","page_number":87,"box":{"x":549,"y":231,"width":374,"height":11}},{"id":"c1855edc-6822-4d05-a967-751e6160ab36","block_type":"box","text":"interest received by the Fund or distributions paid to Fund","page_number":87,"box":{"x":549,"y":245,"width":370,"height":11}},{"id":"5f519500-da10-4a63-a580-be0b7e185148","block_type":"box","text":"shareholders; tax gains or losses; differences between the","page_number":87,"box":{"x":549,"y":259,"width":372,"height":11}},{"id":"5659cb5f-8407-4770-8ba7-add1e583bc83","block_type":"box","text":"amount and/or timing of withholding taxes on dividends reflected","page_number":87,"box":{"x":549,"y":273,"width":420,"height":11}},{"id":"60902411-94a1-4708-8731-fc3f02fcd729","block_type":"box","text":"in the Underlying Index from the Fund’s obligation, if any, for","page_number":87,"box":{"x":549,"y":287,"width":387,"height":11}},{"id":"3b0d70b1-94f9-428b-99ec-9b74ff807793","block_type":"box","text":"foreign withholding taxes; the requirements for the Fund to","page_number":87,"box":{"x":549,"y":302,"width":377,"height":10}},{"id":"adb7a682-651b-40a8-889e-089f2f46f354","block_type":"box","text":"maintain pass-through tax treatment; portfolio transactions","page_number":87,"box":{"x":549,"y":316,"width":380,"height":11}},{"id":"d794f729-4932-4c91-b5a8-661bcc766d66","block_type":"box","text":"carried out to minimize the distribution of capital gains to","page_number":87,"box":{"x":549,"y":330,"width":366,"height":11}},{"id":"9040ad9a-efb5-49eb-9339-db5bf87568fb","block_type":"box","text":"shareholders; the acceptance of custom baskets; changes to the","page_number":87,"box":{"x":549,"y":344,"width":414,"height":11}},{"id":"a92d3dab-4ba4-4987-b97c-7fc312f92bf6","block_type":"box","text":"Underlying Index; and impacts to the Fund of complying with","page_number":87,"box":{"x":550,"y":358,"width":386,"height":11}},{"id":"771b0506-653a-4601-b69c-7ad164375512","block_type":"box","text":"certain regulatory requirements or limits. Tracking error risk may","page_number":87,"box":{"x":549,"y":373,"width":414,"height":10}},{"id":"9d7d6743-8aab-4730-b5d0-5fc38aa710e2","block_type":"box","text":"be heightened during times of increased market volatility or other","page_number":87,"box":{"x":549,"y":387,"width":420,"height":10}},{"id":"1cce9d42-4095-406a-ac9a-8ad3b0d0ad97","block_type":"box","text":"unusual market conditions. A Fund that tracks an index with","page_number":87,"box":{"x":549,"y":401,"width":383,"height":8}},{"id":"075c7e3c-0578-4ce4-8288-93618c119f3a","block_type":"box","text":"exposure to non-U.S. issuers may experience higher tracking","page_number":87,"box":{"x":549,"y":415,"width":390,"height":11}},{"id":"3c5cc5ae-631e-4033-b6dc-c955f8f1ee11","block_type":"box","text":"error than ETFs that do not track such indexes.","page_number":87,"box":{"x":549,"y":429,"width":299,"height":9}},{"id":"08109b5a-5cff-4686-b2cb-5ffd099bdab2","block_type":"box","text":"Valuation Risk","page_number":87,"box":{"x":550,"y":452,"width":96,"height":9}},{"id":"7e99fc14-f1a1-4474-b164-96e294dbfe6a","block_type":"box","text":".","page_number":87,"box":{"x":646,"y":459,"width":2,"height":2}},{"id":"a55b3903-a7c0-419b-8909-c04838317333","block_type":"box","text":"The price that the Fund could receive upon the","page_number":87,"box":{"x":653,"y":452,"width":298,"height":11}},{"id":"b2737a27-ac13-4b25-b768-a74449025165","block_type":"box","text":"sale (or other disposition) of a security or other asset may differ","page_number":87,"box":{"x":549,"y":467,"width":408,"height":10}},{"id":"7324f42c-15d3-46b7-8f30-52f7666feac7","block_type":"box","text":"from the Fund’s valuation of the security or other asset,","page_number":87,"box":{"x":549,"y":481,"width":355,"height":11}},{"id":"bc2d7854-1382-4ac1-b5d4-c813f375880a","block_type":"box","text":"particularly for securities or other assets that trade in low volume","page_number":87,"box":{"x":549,"y":495,"width":418,"height":11}},{"id":"db32e40f-9e7e-468e-b82d-0825cda2561d","block_type":"box","text":"or volatile markets or that are valued using a fair value","page_number":87,"box":{"x":549,"y":509,"width":347,"height":11}},{"id":"fb2725cc-c0e3-4ef1-a4fa-65978f86c43f","block_type":"box","text":"methodology. The price received by the Fund also may differ from","page_number":87,"box":{"x":549,"y":523,"width":418,"height":11}},{"id":"4a20929b-edb4-4652-9ec6-5f76792e1132","block_type":"box","text":"the value used by the Underlying Index. In addition, the value of","page_number":87,"box":{"x":549,"y":537,"width":406,"height":11}},{"id":"f13ee848-2039-4530-b8c9-182425bf65a1","block_type":"box","text":"the securities or other assets in the Fund’s portfolio may change","page_number":87,"box":{"x":549,"y":552,"width":411,"height":11}},{"id":"1e139d8a-453b-4dc8-bbc9-db8fee004afd","block_type":"box","text":"on days or during time periods when investors are not able to","page_number":87,"box":{"x":549,"y":566,"width":392,"height":11}},{"id":"f3007c84-e1ef-4644-8883-721c5073f797","block_type":"box","text":"purchase or sell Fund shares. Authorized Participants that create","page_number":87,"box":{"x":549,"y":580,"width":414,"height":11}},{"id":"295fe38b-2d8c-46bc-b99e-0d766e73bdc9","block_type":"box","text":"or redeem Fund shares on days when the Fund is holding fair","page_number":87,"box":{"x":549,"y":594,"width":394,"height":11}},{"id":"46502a20-4764-48bb-86c2-ae08f10789ab","block_type":"box","text":"valued securities or other assets may receive fewer or more","page_number":87,"box":{"x":548,"y":608,"width":383,"height":11}},{"id":"e26aa4a7-fa0c-4f0f-8b67-13b190fb7fa3","block_type":"box","text":"shares, or lower or higher redemption proceeds, than they would","page_number":87,"box":{"x":549,"y":623,"width":414,"height":10}},{"id":"0e29ac3c-970b-4c6f-98a1-7c082de466f8","block_type":"box","text":"have received had the securities or other assets not been fair","page_number":87,"box":{"x":549,"y":637,"width":392,"height":8}},{"id":"2a6910a5-4f5d-4a7c-bcbe-c4fdde32e108","block_type":"box","text":"valued or been valued using a different methodology. The ability to","page_number":87,"box":{"x":548,"y":651,"width":425,"height":11}},{"id":"3ccb811b-1a17-44fb-ae32-1af03a34f4cc","block_type":"box","text":"value investments may be impacted by technological issues or","page_number":87,"box":{"x":548,"y":665,"width":400,"height":11}},{"id":"0deb1851-fc80-441a-a73a-d8bc0dec7de4","block_type":"box","text":"errors by pricing services or other third-party service providers.","page_number":87,"box":{"x":549,"y":679,"width":405,"height":11}},{"id":"7c039efc-2828-49ee-b95e-873959e67d94","block_type":"box","text":"S-76","page_number":87,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"a4844aa5-331c-4cca-82c6-34bb562b734f","block_type":"box","text":"Performance Information","page_number":88,"box":{"x":84,"y":22,"width":213,"height":11}},{"id":"3817c00d-0018-4c21-9ff9-272d055212f5","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":88,"box":{"x":82,"y":48,"width":887,"height":10}},{"id":"996a1d82-784b-4369-a838-45543e2bf470","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":88,"box":{"x":83,"y":62,"width":872,"height":11}},{"id":"2b145d22-db7b-4024-91b9-6124ca869d95","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":88,"box":{"x":83,"y":76,"width":867,"height":11}},{"id":"1a1a2c62-6e9f-44ff-b0de-c4d52e790845","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":88,"box":{"x":83,"y":90,"width":863,"height":11}},{"id":"891d3fe0-4a83-41c6-80b6-6a736738165d","block_type":"box","text":"agreements to waive or reimburse expenses, which would reduce performance if not in effect. 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The Fund does","page_number":91,"box":{"x":83,"y":312,"width":408,"height":11}},{"id":"15eee7cc-a8f1-4adb-a52e-6cc411bb7755","block_type":"box","text":"not seek to return any predetermined amount at maturity or in","page_number":91,"box":{"x":83,"y":326,"width":398,"height":11}},{"id":"92af3302-7110-453a-8e39-278c7357a149","block_type":"box","text":"periodic distributions. The Underlying Index is composed of U.S.","page_number":91,"box":{"x":83,"y":340,"width":409,"height":11}},{"id":"da2ce76d-9bb7-4f9c-b7cf-0d89c2986c27","block_type":"box","text":"dollar-denominated, taxable, investment-grade (as determined by","page_number":91,"box":{"x":83,"y":354,"width":419,"height":11}},{"id":"56460605-6c05-45b1-8473-aac19716592f","block_type":"box","text":"Bloomberg Index Services Limited (the “Index Provider” or","page_number":91,"box":{"x":84,"y":369,"width":372,"height":10}},{"id":"53174173-38e4-4720-8dae-6b94474fe550","block_type":"box","text":"“Bloomberg”)) corporate bonds scheduled to mature between","page_number":91,"box":{"x":83,"y":383,"width":394,"height":11}},{"id":"d5175c2c-4555-4ca2-8bf9-024bbb0c4de7","block_type":"box","text":"January 1, 2029 and December 15, 2029, inclusive. As of October","page_number":91,"box":{"x":82,"y":397,"width":420,"height":11}},{"id":"fceb14c9-d780-4378-a25f-32428eda7b7d","block_type":"box","text":"31, 2025, a significant portion of the Underlying Index is","page_number":91,"box":{"x":83,"y":411,"width":357,"height":11}},{"id":"9e9ad7b0-6a38-4dde-9686-aae9fea242cd","block_type":"box","text":"represented by securities of companies in the consumer goods","page_number":91,"box":{"x":83,"y":425,"width":402,"height":11}},{"id":"4e9462f5-0666-4752-853c-2826bd4da801","block_type":"box","text":"and services and financial services industries or sectors. The","page_number":91,"box":{"x":83,"y":440,"width":388,"height":8}},{"id":"85ffbc93-8b8f-4b50-a81a-8f5a231f900b","block_type":"box","text":"components of the Underlying Index are likely to change over","page_number":91,"box":{"x":83,"y":454,"width":392,"height":11}},{"id":"b6ee49f1-a7f7-4c72-a516-c5575dddf2d6","block_type":"box","text":"time.","page_number":91,"box":{"x":83,"y":468,"width":31,"height":8}},{"id":"b8779469-b11e-4ec0-821b-491d51edf482","block_type":"box","text":"The Underlying Index consists of U.S. dollar-denominated,","page_number":91,"box":{"x":82,"y":490,"width":371,"height":11}},{"id":"a158e852-8de5-421f-a463-fa88f3dd8f71","block_type":"box","text":"investment-grade securities publicly issued by U.S. and non-U.S.","page_number":91,"box":{"x":83,"y":504,"width":413,"height":11}},{"id":"ffb42e4c-5c66-4ca5-9d16-5c94e48be184","block_type":"box","text":"corporate issuers that have $300 million or more of outstanding","page_number":91,"box":{"x":83,"y":517,"width":410,"height":12}},{"id":"76d80bb3-e8aa-4ebf-b48a-98e87660c876","block_type":"box","text":"face value at the time of inclusion. The non-U.S. corporate issuers","page_number":91,"box":{"x":82,"y":532,"width":422,"height":11}},{"id":"605eeccc-7b59-45f9-8622-ef9edaf253b0","block_type":"box","text":"included in the Underlying Index consist primarily of corporate","page_number":91,"box":{"x":83,"y":547,"width":397,"height":10}},{"id":"c425c30f-745d-4930-84dd-6eba52bcebf3","block_type":"box","text":"bonds issued by companies domiciled in developed countries. The","page_number":91,"box":{"x":83,"y":561,"width":422,"height":11}},{"id":"96bdd2fc-f972-488c-80a1-3d0c81e641a1","block_type":"box","text":"Fund will invest in non-U.S. issuers to the extent necessary for it","page_number":91,"box":{"x":84,"y":575,"width":411,"height":11}},{"id":"f569c6c1-4724-4fd6-8f5f-11119151a68c","block_type":"box","text":"to track the Underlying Index. Each bond included in the","page_number":91,"box":{"x":83,"y":589,"width":358,"height":11}},{"id":"922e7330-49ec-4cf9-bfdb-1b1d8492978d","block_type":"box","text":"Underlying Index must be registered with the SEC, have been","page_number":91,"box":{"x":83,"y":603,"width":390,"height":11}},{"id":"498deee6-0edf-4209-b6e3-4e4def761fcf","block_type":"box","text":"exempt from registration at issuance, or have been offered","page_number":91,"box":{"x":83,"y":617,"width":375,"height":11}},{"id":"0cbeea3e-d393-47d0-af1d-98d2771c0be4","block_type":"box","text":"pursuant to Rule 144A under the Securities Act of 1933, as","page_number":91,"box":{"x":83,"y":632,"width":375,"height":10}},{"id":"6f2b3e36-90d5-41c1-ac2c-9b7201f65e45","block_type":"box","text":"amended (the “1933 Act”), with registration rights. Further, the","page_number":91,"box":{"x":83,"y":646,"width":402,"height":11}},{"id":"15c0736b-3eba-45dc-b58b-a74bcab905cb","block_type":"box","text":"securities in the Underlying Index must be denominated in U.S.","page_number":91,"box":{"x":83,"y":660,"width":402,"height":11}},{"id":"f16e409d-ddbb-4d88-ba28-50298821c8c7","block_type":"box","text":"dollars and have a fixed-rate, although they can carry a coupon","page_number":91,"box":{"x":83,"y":674,"width":402,"height":11}},{"id":"37f97279-ddc2-41f5-acd5-d3848ab70a6c","block_type":"box","text":"that steps-up or changes according to a predetermined schedule.","page_number":91,"box":{"x":83,"y":688,"width":418,"height":11}},{"id":"6cdb689d-69de-43ac-9e01-3c6ce3232728","block_type":"box","text":"In addition, to be included in the Underlying Index, securities that","page_number":91,"box":{"x":83,"y":703,"width":416,"height":10}},{"id":"b56cdcda-2e89-4a8e-8d98-0d762c3731b9","block_type":"box","text":"are rated by all three of the rating agencies named below must be","page_number":91,"box":{"x":83,"y":717,"width":420,"height":11}},{"id":"48a3187d-3795-4f24-be54-7bf8ee2fec54","block_type":"box","text":"rated “investment-grade” by at least two of the three rating","page_number":91,"box":{"x":83,"y":731,"width":379,"height":11}},{"id":"b850c088-9465-4c57-b556-5399177ed201","block_type":"box","text":"agencies, which is defined as Baa3 or higher by Moody’s Investors","page_number":91,"box":{"x":83,"y":745,"width":423,"height":11}},{"id":"966304d3-1b70-461d-bc73-1452d0e1be1a","block_type":"box","text":"Service, Inc. or BBB- or higher by S&P Global Ratings or Fitch","page_number":91,"box":{"x":83,"y":759,"width":389,"height":11}},{"id":"f625ff8f-a84a-44e2-9ee7-d7a88d1eec54","block_type":"box","text":"Ratings, Inc. When ratings from only two of the three rating","page_number":91,"box":{"x":83,"y":773,"width":377,"height":11}},{"id":"8155938c-1f9e-45fd-81db-550f308030ff","block_type":"box","text":"agencies are available, the lower rating is used to determine","page_number":91,"box":{"x":83,"y":788,"width":384,"height":10}},{"id":"a34fef67-2a5b-4c71-b911-9d6e7aef1a6b","block_type":"box","text":"eligibility. Securities with a rating from only one of the three","page_number":91,"box":{"x":83,"y":802,"width":381,"height":11}},{"id":"f848ae4f-1dae-4202-89ec-25c992f97ebc","block_type":"box","text":"ratings agencies must be rated investment-grade in order to be","page_number":91,"box":{"x":83,"y":816,"width":404,"height":11}},{"id":"c1a66a07-67b8-4b64-bbb2-81984dbea077","block_type":"box","text":"included in the Underlying Index. In cases where ratings are not","page_number":91,"box":{"x":83,"y":830,"width":406,"height":11}},{"id":"30031595-e11a-40ba-a85e-7a06ac9b0406","block_type":"box","text":"available, other sources may be used to classify securities by","page_number":91,"box":{"x":83,"y":844,"width":390,"height":11}},{"id":"2111219d-7b06-4732-8520-7d95c30fa191","block_type":"box","text":"investment quality.","page_number":91,"box":{"x":83,"y":859,"width":120,"height":10}},{"id":"58ac35e7-3cf4-4fec-8992-3e420fe94c24","block_type":"box","text":"The Underlying Index is constructed with the following","page_number":91,"box":{"x":549,"y":23,"width":346,"height":11}},{"id":"ad627b2b-4448-4faf-a0cb-b75604bb94b7","block_type":"box","text":"methodology. The parent index, the Bloomberg U.S. Corporate","page_number":91,"box":{"x":549,"y":37,"width":398,"height":11}},{"id":"b1e40c2f-cb05-4c00-a5ad-c2b2e045f2db","block_type":"box","text":"Index (the “Parent Index”), representing U.S. dollar-denominated,","page_number":91,"box":{"x":550,"y":51,"width":416,"height":11}},{"id":"39b777b6-11a1-4d4a-af6b-b6401dcf6091","block_type":"box","text":"taxable, investment-grade corporate bonds, is stripped of","page_number":91,"box":{"x":549,"y":66,"width":368,"height":11}},{"id":"d2e26ffb-5edf-46e7-a0fa-53b48aac8c13","block_type":"box","text":"securities maturing outside of the maturity range described","page_number":91,"box":{"x":549,"y":80,"width":379,"height":11}},{"id":"aee59549-165e-4745-b65c-fcb3c3fc9b40","block_type":"box","text":"above. During the final two years of the Underlying Index, bonds","page_number":91,"box":{"x":549,"y":94,"width":409,"height":11}},{"id":"623c5b99-cb80-4377-9d1b-7a0d3511279c","block_type":"box","text":"that mature in 2029, but had not been eligible for inclusion in the","page_number":91,"box":{"x":549,"y":108,"width":416,"height":11}},{"id":"73b9be7c-b304-4f9e-8d96-b331c51a0033","block_type":"box","text":"Parent Index due to being within one year of maturity, will be","page_number":91,"box":{"x":550,"y":122,"width":386,"height":11}},{"id":"d2977f4b-6cdd-49a7-b152-510b82499d4a","block_type":"box","text":"eligible for inclusion in the Underlying Index until such bonds","page_number":91,"box":{"x":549,"y":137,"width":387,"height":10}},{"id":"c876bbd0-5730-42d5-938e-48cdffd1a492","block_type":"box","text":"reach maturity. Securities are then market-cap weighted within","page_number":91,"box":{"x":549,"y":151,"width":403,"height":11}},{"id":"1938e40a-b35d-4759-a269-10abbd7535b3","block_type":"box","text":"the Underlying Index, with a 3% cap typically imposed on any one","page_number":91,"box":{"x":549,"y":165,"width":415,"height":11}},{"id":"a6d7756c-c609-46ff-b674-6019576fa1fd","block_type":"box","text":"issuer, and a","page_number":91,"box":{"x":549,"y":179,"width":80,"height":10}},{"id":"00b051b5-2646-4d1a-afc2-44c227aa9740","block_type":"box","text":"pro rata","page_number":91,"box":{"x":633,"y":180,"width":50,"height":10}},{"id":"b0ee8d74-4571-4d47-b241-c853e96d4e16","block_type":"box","text":"distribution of any excess weight across the","page_number":91,"box":{"x":688,"y":179,"width":280,"height":11}},{"id":"2f2b6ea4-65cf-47b2-b32d-434d2763dc9b","block_type":"box","text":"remaining issuers in the Underlying Index. In the event a 3% cap is","page_number":91,"box":{"x":549,"y":193,"width":421,"height":11}},{"id":"7ca52f04-0aa6-4555-a41f-9688066a0a8c","block_type":"box","text":"not possible due to lack of issuers, the cap will be increased in","page_number":91,"box":{"x":549,"y":207,"width":399,"height":11}},{"id":"7cf94c83-a38d-4dfd-b237-4561e65a4d40","block_type":"box","text":"0.50% increments until the Underlying Index can be calculated.","page_number":91,"box":{"x":549,"y":222,"width":402,"height":10}},{"id":"eed4d643-445d-4997-a9f2-b94fde6502df","block_type":"box","text":"The securities in the Underlying Index are updated on the last","page_number":91,"box":{"x":549,"y":244,"width":392,"height":10}},{"id":"dd3f3f26-afcd-4a09-aa53-84d21600e20a","block_type":"box","text":"calendar day of each month until six months prior to maturity. The","page_number":91,"box":{"x":549,"y":258,"width":421,"height":11}},{"id":"4a042744-4ebe-4af1-b369-607c1ca7de9d","block_type":"box","text":"last rebalance date will be on June 30, 2029. During this final six","page_number":91,"box":{"x":549,"y":272,"width":412,"height":11}},{"id":"3763da61-37d2-46b5-a809-a9d90c33b14f","block_type":"box","text":"month period, the Underlying Index will no longer be updated or","page_number":91,"box":{"x":549,"y":286,"width":408,"height":11}},{"id":"c6876eb0-e10e-47a9-935b-7b05e0dd5b45","block_type":"box","text":"rebalanced, except to remove securities which are downgraded to","page_number":91,"box":{"x":549,"y":300,"width":422,"height":11}},{"id":"baed5841-7185-498c-8a65-b78cff09f939","block_type":"box","text":"below investment-grade per the eligibility criteria described","page_number":91,"box":{"x":549,"y":315,"width":380,"height":10}},{"id":"d81d1f1f-c8fb-4011-a84c-d2869367be0b","block_type":"box","text":"above. Additionally, during this period, existing bond weights will","page_number":91,"box":{"x":549,"y":329,"width":412,"height":10}},{"id":"e4131fa5-1c70-48b1-8122-ce91908dfca9","block_type":"box","text":"be allowed to float based on changes in market value.","page_number":91,"box":{"x":549,"y":343,"width":343,"height":11}},{"id":"6e0eb2e8-7dfc-4bb3-b6b0-89ef170bc8f8","block_type":"box","text":"When a bond that is included in the Underlying Index matures, its","page_number":91,"box":{"x":549,"y":365,"width":416,"height":11}},{"id":"f819c6de-deb3-4153-beaa-4805788beaec","block_type":"box","text":"maturity value will be represented in the Underlying Index by cash","page_number":91,"box":{"x":549,"y":379,"width":420,"height":11}},{"id":"0bb7ffce-2edc-43a1-a01e-db23d4e8c44f","block_type":"box","text":"throughout the remaining life of the Underlying Index.","page_number":91,"box":{"x":549,"y":393,"width":342,"height":11}},{"id":"7bdcd35d-e6b7-44d9-a0ec-2d78af9e68e3","block_type":"box","text":"The Fund is a series of the iShares iBonds fixed maturity series of","page_number":91,"box":{"x":549,"y":415,"width":417,"height":11}},{"id":"c6d9dd59-ba5b-4548-9158-80005cc46f4e","block_type":"box","text":"bond ETFs sponsored by BlackRock, Inc. (“BlackRock”). The Fund","page_number":91,"box":{"x":549,"y":429,"width":416,"height":11}},{"id":"3877a223-04c9-4889-a5e0-954358006905","block_type":"box","text":"does not invest in U.S. savings bonds or other U.S. government","page_number":91,"box":{"x":549,"y":443,"width":404,"height":11}},{"id":"d045be3c-b29f-4e1b-87cd-b7f7ff5ae7f0","block_type":"box","text":"bonds (except to the extent the Fund holds cash equivalent","page_number":91,"box":{"x":549,"y":458,"width":379,"height":10}},{"id":"3f7212b3-373b-467a-a19e-30ddee108f4d","block_type":"box","text":"instruments consistent with its investment objective) and is not","page_number":91,"box":{"x":549,"y":472,"width":406,"height":11}},{"id":"9ee2e217-8d80-4c7b-9dd8-5584198212cf","block_type":"box","text":"designed to provide protection against inflation.","page_number":91,"box":{"x":549,"y":486,"width":305,"height":11}},{"id":"9565f4eb-e442-4097-9a25-142c7ccd7ee9","block_type":"box","text":"BFA uses an indexing approach to try to achieve the Fund’s","page_number":91,"box":{"x":550,"y":509,"width":376,"height":11}},{"id":"cdc4e4c2-b17c-4f97-b044-30a4007629fa","block_type":"box","text":"investment objective. The Fund does not try to “beat” the index it","page_number":91,"box":{"x":549,"y":523,"width":417,"height":11}},{"id":"1d3ec3bc-9250-4b19-8fa0-23085918348f","block_type":"box","text":"tracks and does not seek temporary defensive positions when","page_number":91,"box":{"x":549,"y":537,"width":396,"height":11}},{"id":"ac39d783-64a9-4bd0-a31a-32b57dc1b985","block_type":"box","text":"markets decline or appear overvalued.","page_number":91,"box":{"x":549,"y":552,"width":244,"height":10}},{"id":"13a8f5c3-728f-44f0-acc0-0702763446f7","block_type":"box","text":"Indexing may eliminate the chance that the Fund will substantially","page_number":91,"box":{"x":550,"y":575,"width":420,"height":11}},{"id":"3f5987a1-5c4c-4cbb-a3da-bd45ed9d256e","block_type":"box","text":"outperform the Underlying Index but also may reduce some of the","page_number":91,"box":{"x":549,"y":589,"width":421,"height":11}},{"id":"ae4902ec-1aa2-4f28-a49b-c159b8dba7f2","block_type":"box","text":"risks of active management, such as poor security selection.","page_number":91,"box":{"x":549,"y":603,"width":386,"height":11}},{"id":"636c0d4b-da84-4874-861f-23436292cb6c","block_type":"box","text":"Indexing seeks to achieve lower costs and better after-tax","page_number":91,"box":{"x":550,"y":617,"width":369,"height":11}},{"id":"205b800d-5b45-4591-b816-61d5931ece84","block_type":"box","text":"performance by aiming to keep portfolio turnover low in","page_number":91,"box":{"x":549,"y":632,"width":356,"height":10}},{"id":"c504ba97-2a7c-4437-94f9-d6762f00a2bc","block_type":"box","text":"comparison to actively managed investment companies.","page_number":91,"box":{"x":549,"y":646,"width":359,"height":11}},{"id":"3676b106-1245-4d56-ade8-58916bca18bc","block_type":"box","text":"BFA uses a representative sampling indexing strategy to manage","page_number":91,"box":{"x":550,"y":669,"width":411,"height":11}},{"id":"365cc0e5-f38a-4641-974c-212857579f9b","block_type":"box","text":"the Fund. “Representative sampling” is an indexing strategy that","page_number":91,"box":{"x":549,"y":683,"width":411,"height":11}},{"id":"df150cf9-b9af-4483-bab3-fdb27f0f30a8","block_type":"box","text":"involves investing in a representative sample of securities or other","page_number":91,"box":{"x":549,"y":697,"width":424,"height":11}},{"id":"b899a3d4-b904-4bd6-b633-a42302859538","block_type":"box","text":"instruments that collectively has an investment profile similar to","page_number":91,"box":{"x":549,"y":712,"width":410,"height":10}},{"id":"53701c1d-0748-4b90-bee3-9473474b2291","block_type":"box","text":"that of an applicable underlying index. The instruments selected","page_number":91,"box":{"x":549,"y":726,"width":408,"height":11}},{"id":"c5310473-58e4-491f-8dae-2b9795c2bd6a","block_type":"box","text":"are expected to have, in the aggregate, investment characteristics","page_number":91,"box":{"x":549,"y":740,"width":423,"height":11}},{"id":"63e60f89-7cd4-43f8-961b-8d86bc0f51c4","block_type":"box","text":"(based on factors such as market value and industry weightings),","page_number":91,"box":{"x":549,"y":754,"width":415,"height":11}},{"id":"cd59dedf-e12d-414f-8706-35a327e325e6","block_type":"box","text":"fundamental characteristics (such as return variability, duration","page_number":91,"box":{"x":549,"y":768,"width":405,"height":11}},{"id":"27c3b926-9f1b-4b74-b06d-d596e9eed18a","block_type":"box","text":"(","page_number":91,"box":{"x":549,"y":783,"width":3,"height":10}},{"id":"ea58f994-db19-4ce0-9aba-a8d3300d856b","block_type":"box","text":"i.e.","page_number":91,"box":{"x":553,"y":782,"width":17,"height":9}},{"id":"0e4e71d4-b3aa-457c-b4bb-89dceb971ae1","block_type":"box","text":", an instrument’s price sensitivity to a change in interest","page_number":91,"box":{"x":573,"y":782,"width":358,"height":11}},{"id":"b87c7107-1a30-4adc-bf64-324bb866c979","block_type":"box","text":"rates), maturity or credit ratings and yield) and liquidity measures","page_number":91,"box":{"x":549,"y":797,"width":418,"height":10}},{"id":"e7a9e407-b25b-4a65-9b68-304d1494d091","block_type":"box","text":"similar to those of an applicable underlying index. The Fund may","page_number":91,"box":{"x":549,"y":811,"width":410,"height":11}},{"id":"a8f921e4-11b1-4463-8a5c-e56ae0168a0e","block_type":"box","text":"or may not hold all of the components of the Underlying Index.","page_number":91,"box":{"x":549,"y":825,"width":399,"height":11}},{"id":"a352c59b-6aa0-402f-a76c-e6885928ca79","block_type":"box","text":"The Fund will invest at least 80% of its assets in the component","page_number":91,"box":{"x":549,"y":848,"width":404,"height":11}},{"id":"7973f5e9-e081-4832-b136-d85f499827e7","block_type":"box","text":"instruments of the Underlying Index, and (except during the last","page_number":91,"box":{"x":549,"y":862,"width":408,"height":11}},{"id":"0568fb9e-e785-43d9-8cee-d07761245803","block_type":"box","text":"twelve months of the Fund’s operations) the Fund will invest at","page_number":91,"box":{"x":549,"y":877,"width":401,"height":10}},{"id":"07785bbc-2432-4072-8339-dd89849fabc7","block_type":"box","text":"S-80","page_number":91,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"5c15ae53-bf20-4fbd-b58d-b71790778e6e","block_type":"box","text":"least 90% of its assets in fixed income securities of the types","page_number":92,"box":{"x":83,"y":23,"width":388,"height":11}},{"id":"9bf45c7a-a7d9-428a-8d57-050acd173699","block_type":"box","text":"included in the Underlying Index that BFA believes will help the","page_number":92,"box":{"x":83,"y":37,"width":400,"height":11}},{"id":"1abb0866-6626-4c16-b47c-9c847005af62","block_type":"box","text":"Fund track the Underlying Index. The Fund will invest no more","page_number":92,"box":{"x":84,"y":52,"width":393,"height":10}},{"id":"fe024fd9-5043-43f4-86d8-2a3d7e81b5fc","block_type":"box","text":"than 10% of its assets in futures, options and swaps contracts that","page_number":92,"box":{"x":83,"y":66,"width":423,"height":10}},{"id":"7cd69178-78f9-4cf8-bcf3-0574e747e45b","block_type":"box","text":"BFA believes will help the Fund track the Underlying Index as well","page_number":92,"box":{"x":84,"y":80,"width":415,"height":11}},{"id":"7145a0c0-6df6-4bae-97d5-92289c411e31","block_type":"box","text":"as in fixed income securities other than the types included in the","page_number":92,"box":{"x":83,"y":94,"width":413,"height":11}},{"id":"cac3d47c-1d4c-4cf7-b1c4-c5a7b539cc0a","block_type":"box","text":"Underlying Index, but which BFA believes will help the Fund track","page_number":92,"box":{"x":83,"y":108,"width":414,"height":11}},{"id":"810744b5-2944-4b31-ae4f-fd3f2027651e","block_type":"box","text":"the Underlying Index. Cash and cash equivalent investments","page_number":92,"box":{"x":83,"y":122,"width":385,"height":11}},{"id":"6d57239c-f92c-452a-b6f6-13959fab8582","block_type":"box","text":"associated with a derivative position will be treated as part of that","page_number":92,"box":{"x":83,"y":137,"width":421,"height":10}},{"id":"329150bd-83e5-4f0d-8ec2-7d7d101d0395","block_type":"box","text":"position for the purposes of calculating the percentage of","page_number":92,"box":{"x":83,"y":151,"width":367,"height":11}},{"id":"c012df45-5b70-4159-8d6a-525862afdc31","block_type":"box","text":"investments included in the Underlying Index.","page_number":92,"box":{"x":83,"y":165,"width":290,"height":11}},{"id":"d14b2ee8-6d78-482f-b6bd-5aecd6356af2","block_type":"box","text":"In the last six months of operation, as the bonds held by the Fund","page_number":92,"box":{"x":83,"y":187,"width":418,"height":11}},{"id":"443b67e3-d99f-4716-abd7-844b52faa676","block_type":"box","text":"mature, the proceeds may not be reinvested by the Fund in bonds","page_number":92,"box":{"x":83,"y":201,"width":420,"height":11}},{"id":"7221ab61-ce0b-40b2-aadb-fd5593c8e971","block_type":"box","text":"but instead will be held in cash and cash equivalents. By fifteen","page_number":92,"box":{"x":83,"y":215,"width":403,"height":11}},{"id":"80d1cd69-f5c2-4c97-8de0-99da2e88e200","block_type":"box","text":"days prior to maturity, the Underlying Index is expected to consist","page_number":92,"box":{"x":83,"y":229,"width":421,"height":11}},{"id":"12eed5fd-2478-4b5e-8389-ce6aabf654ac","block_type":"box","text":"almost entirely of cash and cash equivalents. On or around this","page_number":92,"box":{"x":83,"y":244,"width":402,"height":10}},{"id":"a3de6aa4-e85b-40e1-ad0f-3b886c983c36","block_type":"box","text":"date, the Fund will wind up and terminate. After appropriate","page_number":92,"box":{"x":83,"y":258,"width":382,"height":11}},{"id":"bed99426-3f30-4ffe-af00-cc54109d7f0f","block_type":"box","text":"provision is made for any Fund liabilities, its net assets will be","page_number":92,"box":{"x":83,"y":272,"width":393,"height":11}},{"id":"a0e88244-f222-4a53-ac18-db2190ead77e","block_type":"box","text":"distributed to then-current shareholders pursuant to a plan of","page_number":92,"box":{"x":83,"y":286,"width":394,"height":11}},{"id":"4f9ad89b-ccc2-4e6c-a1fe-8a2fba98cce6","block_type":"box","text":"liquidation. The Fund’s termination was approved by a majority of","page_number":92,"box":{"x":83,"y":300,"width":418,"height":11}},{"id":"0c65bbf8-5acc-485b-af21-41aa504bb8d7","block_type":"box","text":"the Trust’s Board of Trustees (the “Board”) and does not require","page_number":92,"box":{"x":83,"y":314,"width":406,"height":11}},{"id":"c7d2308d-7641-448c-9c95-2544c131868a","block_type":"box","text":"additional approval by Fund shareholders. The Board may extend","page_number":92,"box":{"x":83,"y":329,"width":413,"height":10}},{"id":"16a29d72-e7ad-4e93-9331-cde87cca44ad","block_type":"box","text":"the termination date if a majority of the Board determines the","page_number":92,"box":{"x":83,"y":343,"width":394,"height":11}},{"id":"53ada556-89e4-4451-b236-faed4bda6c6b","block_type":"box","text":"extension to be in the best interest of the Fund.","page_number":92,"box":{"x":83,"y":357,"width":303,"height":9}},{"id":"84606e28-0bed-4a4e-8e8d-72c1f0733fec","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying","page_number":92,"box":{"x":82,"y":379,"width":414,"height":11}},{"id":"40823d3b-c29f-424d-92c9-dd43038a653c","block_type":"box","text":"Index before fees and expenses of the Fund. To the extent that the","page_number":92,"box":{"x":83,"y":393,"width":424,"height":11}},{"id":"f7baeb78-3a77-4808-bce2-fc87f921968c","block_type":"box","text":"Fund invests in money market or similar funds, it will incur the","page_number":92,"box":{"x":84,"y":407,"width":395,"height":11}},{"id":"06c03ccc-797b-4a6f-b0e6-d1827910adcb","block_type":"box","text":"fees and expenses of such funds.","page_number":92,"box":{"x":82,"y":421,"width":212,"height":11}},{"id":"87690327-34bb-4bd9-9c33-47ddc5ca6ed7","block_type":"box","text":"The Fund should not be confused with a target date fund, which","page_number":92,"box":{"x":82,"y":443,"width":406,"height":11}},{"id":"6adda7ce-d937-41c1-a9f2-12881a525837","block_type":"box","text":"has assets that are managed according to a particular investment","page_number":92,"box":{"x":83,"y":458,"width":420,"height":10}},{"id":"0fae4b41-519b-4763-998a-04960825929a","block_type":"box","text":"strategy that converts fund assets to conservative investments","page_number":92,"box":{"x":83,"y":472,"width":402,"height":11}},{"id":"eb5d3b2b-a23c-4811-9fdc-e3daaa8309ea","block_type":"box","text":"over time.","page_number":92,"box":{"x":83,"y":486,"width":63,"height":8}},{"id":"da0679d1-6e0c-4393-823f-022719bf92c8","block_type":"box","text":"The Fund may lend securities representing up to one-third of the","page_number":92,"box":{"x":82,"y":509,"width":412,"height":11}},{"id":"1af58227-f171-4a82-9550-a829bde9a099","block_type":"box","text":"value of the Fund’s total assets (including the value of any","page_number":92,"box":{"x":82,"y":523,"width":371,"height":11}},{"id":"04893564-7cb7-4545-801b-6d63b6d4a797","block_type":"box","text":"collateral received).","page_number":92,"box":{"x":83,"y":538,"width":125,"height":10}},{"id":"f0b84574-587f-4ce6-89b6-f5c3dfd032b2","block_type":"box","text":"The Underlying Index is sponsored by Bloomberg, which","page_number":92,"box":{"x":82,"y":561,"width":357,"height":11}},{"id":"9cb7f79d-6142-4151-8c16-beb569c1d5a0","block_type":"box","text":"is independent of the Fund and BFA. The Index Provider","page_number":92,"box":{"x":83,"y":575,"width":354,"height":11}},{"id":"4c5e2084-2e57-4d51-ac1d-8eb67859a48e","block_type":"box","text":"determines the composition and relative weightings of the","page_number":92,"box":{"x":83,"y":589,"width":371,"height":11}},{"id":"03bb9132-53b4-4d16-b1cd-2019bd5920f0","block_type":"box","text":"components of the Underlying Index and publishes information","page_number":92,"box":{"x":83,"y":603,"width":401,"height":11}},{"id":"0f4daf82-4391-4168-8d0c-e9b7fa5ad841","block_type":"box","text":"regarding the market value of the Underlying Index.","page_number":92,"box":{"x":83,"y":617,"width":327,"height":11}},{"id":"2bf144e1-9aa8-4e39-b96d-86a3b2ec2d74","block_type":"box","text":"Industry Concentration Policy.","page_number":92,"box":{"x":83,"y":641,"width":210,"height":10}},{"id":"d90b9653-7a78-4bdb-af65-dc9cf45aba3a","block_type":"box","text":"The Fund will concentrate its","page_number":92,"box":{"x":298,"y":641,"width":184,"height":8}},{"id":"8ae1b5e2-054d-4dae-b808-f66925e521d9","block_type":"box","text":"investments (","page_number":92,"box":{"x":83,"y":655,"width":85,"height":11}},{"id":"b075066c-179d-4768-82f7-f2b552ba158a","block_type":"box","text":"i.e.","page_number":92,"box":{"x":169,"y":655,"width":17,"height":8}},{"id":"02162bb6-a991-456b-b42b-81ac7e81e13e","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":92,"box":{"x":189,"y":655,"width":264,"height":11}},{"id":"9c25bef6-1723-4966-82cb-977ed361ebc1","block_type":"box","text":"particular industry or group of industries to approximately the","page_number":92,"box":{"x":83,"y":669,"width":394,"height":11}},{"id":"a84214db-22c5-45d3-bd2c-7c68725bf7c7","block_type":"box","text":"same extent that the Underlying Index is concentrated. For","page_number":92,"box":{"x":83,"y":683,"width":377,"height":11}},{"id":"de4e91cc-9fed-49d4-8620-f850e6c12f7e","block_type":"box","text":"purposes of this limitation, securities of the U.S. government","page_number":92,"box":{"x":83,"y":697,"width":389,"height":11}},{"id":"9dacffc8-9b09-4814-bee8-3f37de48dd43","block_type":"box","text":"(including its agencies and instrumentalities), repurchase","page_number":92,"box":{"x":83,"y":712,"width":365,"height":10}},{"id":"ad1f5b4f-acb1-4902-a89c-bc46d9686a71","block_type":"box","text":"agreements collateralized by U.S. government securities, and","page_number":92,"box":{"x":83,"y":726,"width":392,"height":11}},{"id":"532c13f6-6052-4828-8c8c-abbee92c6d0f","block_type":"box","text":"securities of state or municipal governments and their political","page_number":92,"box":{"x":83,"y":740,"width":399,"height":11}},{"id":"0c316ab0-e4df-4e1f-b433-c0da5fda21fe","block_type":"box","text":"subdivisions are not considered to be issued by members of any","page_number":92,"box":{"x":83,"y":754,"width":410,"height":11}},{"id":"e52d61c7-5670-4082-a7c9-ac13ebadd02c","block_type":"box","text":"industry.","page_number":92,"box":{"x":83,"y":768,"width":54,"height":11}},{"id":"6c6799e4-8890-475a-8965-004db6183350","block_type":"box","text":"Summary of Principal Risks","page_number":92,"box":{"x":83,"y":797,"width":235,"height":14}},{"id":"30cc6b17-9b28-4c15-a10e-d82986631c46","block_type":"box","text":"As with any investment, you could lose all or part of your","page_number":92,"box":{"x":82,"y":822,"width":363,"height":11}},{"id":"6cfc7cd9-2a73-40f3-92f0-76c2c52f0c3e","block_type":"box","text":"investment in the Fund, and the Fund’s performance could trail","page_number":92,"box":{"x":83,"y":837,"width":402,"height":10}},{"id":"dcd9339a-ee3d-47a4-be97-8d35f9aaf3c9","block_type":"box","text":"that of other investments. The Fund is subject to certain risks,","page_number":92,"box":{"x":83,"y":851,"width":396,"height":10}},{"id":"471e4e90-e8ef-46a0-9f18-c44528b0836f","block_type":"box","text":"including the principal risks noted below, any of which may","page_number":92,"box":{"x":83,"y":865,"width":376,"height":11}},{"id":"9ccbf7fe-eff8-4b63-86c6-db2a6fb32dc2","block_type":"box","text":"adversely affect the Fund’s net asset value per share (“NAV”),","page_number":92,"box":{"x":83,"y":879,"width":392,"height":11}},{"id":"59bf4566-def3-4f2d-9b66-aad30ac208ac","block_type":"box","text":"trading price, yield, total return and ability to meet its investment","page_number":92,"box":{"x":549,"y":23,"width":416,"height":11}},{"id":"3af31eb3-eabb-4af6-b176-2ebf2923e3f9","block_type":"box","text":"objective. Certain key risks are prioritized below (with others","page_number":92,"box":{"x":549,"y":37,"width":388,"height":11}},{"id":"f0462847-d930-4f19-86f9-65b3a6dbb909","block_type":"box","text":"following in alphabetical order), but the relative significance of any","page_number":92,"box":{"x":549,"y":51,"width":425,"height":11}},{"id":"01a1b4da-b87a-4dec-a2df-83f6cfea8096","block_type":"box","text":"risk is difficult to predict and may change over time. You should","page_number":92,"box":{"x":549,"y":66,"width":405,"height":11}},{"id":"b96b96b5-daf1-4664-ade4-d29b5f2367ec","block_type":"box","text":"review each risk factor carefully.","page_number":92,"box":{"x":549,"y":80,"width":206,"height":11}},{"id":"a8ecdb45-1bf8-42be-98de-1e88a910812f","block_type":"box","text":"Credit Risk","page_number":92,"box":{"x":549,"y":103,"width":75,"height":9}},{"id":"111d086d-e9c7-419d-9d35-e3b377919af0","block_type":"box","text":".","page_number":92,"box":{"x":624,"y":110,"width":2,"height":1}},{"id":"40874135-3ed3-40b7-8bca-8ae6e4931f5f","block_type":"box","text":"Credit risk is the risk that an issuer, guarantor or","page_number":92,"box":{"x":632,"y":103,"width":311,"height":11}},{"id":"f685159a-8638-4c72-9865-daee521cb3f5","block_type":"box","text":"liquidity provider of a fixed-income security may be unable or","page_number":92,"box":{"x":549,"y":117,"width":391,"height":11}},{"id":"da60a3a3-af87-48bb-9fd5-10a04da94774","block_type":"box","text":"unwilling, or may be perceived as unable or unwilling, to make","page_number":92,"box":{"x":549,"y":131,"width":395,"height":11}},{"id":"ba1af172-a7f9-4c26-9940-2b33d2e35b93","block_type":"box","text":"timely principal and/or interest payments or to otherwise honor","page_number":92,"box":{"x":549,"y":146,"width":410,"height":10}},{"id":"ddd382a7-80be-4722-a2e8-8697a5c435e0","block_type":"box","text":"its obligations. 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The Fund could","page_number":94,"box":{"x":83,"y":470,"width":408,"height":11}},{"id":"8f4f8cd2-a60f-4903-8f47-f7918b8f0277","block_type":"box","text":"also lose money in the event of a decline in the value of collateral","page_number":94,"box":{"x":83,"y":485,"width":416,"height":10}},{"id":"e1432a41-5ac7-42eb-a07a-c4b287d47875","block_type":"box","text":"provided for loaned securities or a decline in the value of any","page_number":94,"box":{"x":83,"y":499,"width":389,"height":11}},{"id":"6164bb40-3392-4a73-a8e5-5a4a0dca1f70","block_type":"box","text":"investments made with cash collateral. 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The ability to","page_number":94,"box":{"x":548,"y":528,"width":425,"height":11}},{"id":"7dfbe1ec-7dba-4e0e-a33c-d5b90880ca26","block_type":"box","text":"value investments may be impacted by technological issues or","page_number":94,"box":{"x":548,"y":543,"width":400,"height":10}},{"id":"1b2b96c5-b7e1-4e45-a04b-30c8320d1137","block_type":"box","text":"errors by pricing services or other third-party service providers.","page_number":94,"box":{"x":549,"y":557,"width":405,"height":11}},{"id":"ab2f516b-d8df-44d6-bd8b-d6e31e129fae","block_type":"box","text":"S-83","page_number":94,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"436b9e12-3226-49b9-be44-c3b820d8f98d","block_type":"box","text":"Performance Information","page_number":95,"box":{"x":84,"y":22,"width":213,"height":11}},{"id":"5a306b23-8eca-4b68-a584-c3c0f34a8604","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":95,"box":{"x":82,"y":48,"width":887,"height":10}},{"id":"75b008c8-5f99-45c8-acd1-531b102b062a","block_type":"box","text":"of the risks of investing in the Fund. 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The","page_number":98,"box":{"x":83,"y":440,"width":388,"height":8}},{"id":"e1017287-b4f1-454e-9e4e-311f03cb7a4d","block_type":"box","text":"components of the Underlying Index are likely to change over","page_number":98,"box":{"x":83,"y":454,"width":392,"height":11}},{"id":"c0e9128a-a257-4554-a37e-23de289035ed","block_type":"box","text":"time.","page_number":98,"box":{"x":83,"y":468,"width":31,"height":8}},{"id":"8fa5087f-1ce9-431d-9f99-ee7bd5ed9a5a","block_type":"box","text":"The Underlying Index consists of U.S. dollar-denominated,","page_number":98,"box":{"x":82,"y":490,"width":371,"height":11}},{"id":"d690ac6b-299a-4b67-9863-60c3712d4830","block_type":"box","text":"investment-grade securities publicly issued by U.S. and non-U.S.","page_number":98,"box":{"x":83,"y":504,"width":413,"height":11}},{"id":"fb06756d-4898-4749-abfa-2f272156365b","block_type":"box","text":"corporate issuers that have $300 million or more of outstanding","page_number":98,"box":{"x":83,"y":517,"width":410,"height":12}},{"id":"36bfd0f7-9ea5-4fe0-8ba5-9da00494de79","block_type":"box","text":"face value at the time of inclusion. The non-U.S. corporate issuers","page_number":98,"box":{"x":82,"y":532,"width":422,"height":11}},{"id":"7ae588ee-4768-4bda-b263-140ce5c27c51","block_type":"box","text":"included in the Underlying Index consist primarily of corporate","page_number":98,"box":{"x":83,"y":547,"width":397,"height":10}},{"id":"adfb9cc1-2071-4f3b-803c-fdda8078ec02","block_type":"box","text":"bonds issued by companies domiciled in developed countries. The","page_number":98,"box":{"x":83,"y":561,"width":422,"height":11}},{"id":"efbab4ae-d632-4556-9594-14938475b2dc","block_type":"box","text":"Fund will invest in non-U.S. issuers to the extent necessary for it","page_number":98,"box":{"x":84,"y":575,"width":411,"height":11}},{"id":"35516abb-465e-4ecc-a4d4-9471f3b8cd4c","block_type":"box","text":"to track the Underlying Index. Each bond included in the","page_number":98,"box":{"x":83,"y":589,"width":358,"height":11}},{"id":"91b54de3-a5cb-481d-a66a-5d343cbed55f","block_type":"box","text":"Underlying Index must be registered with the SEC, have been","page_number":98,"box":{"x":83,"y":603,"width":390,"height":11}},{"id":"34f438ce-cede-428e-a4ae-1cb2f9558ee7","block_type":"box","text":"exempt from registration at issuance, or have been offered","page_number":98,"box":{"x":83,"y":617,"width":375,"height":11}},{"id":"15572286-7b30-4d44-9eab-5d67ad3547cc","block_type":"box","text":"pursuant to Rule 144A under the Securities Act of 1933, as","page_number":98,"box":{"x":83,"y":632,"width":375,"height":10}},{"id":"3c1efa6a-6631-4293-a2c6-ac3b254016fc","block_type":"box","text":"amended (the “1933 Act”), with registration rights. Further, the","page_number":98,"box":{"x":83,"y":646,"width":402,"height":11}},{"id":"2db9b7dd-4927-4188-bb49-341ee3fd5692","block_type":"box","text":"securities in the Underlying Index must be denominated in U.S.","page_number":98,"box":{"x":83,"y":660,"width":402,"height":11}},{"id":"769a40f6-b0b2-496b-8664-7c42fd9c49cd","block_type":"box","text":"dollars and have a fixed-rate, although they can carry a coupon","page_number":98,"box":{"x":83,"y":674,"width":402,"height":11}},{"id":"0f4f5c73-33cf-4eed-9828-dde64e728544","block_type":"box","text":"that steps-up or changes according to a predetermined schedule.","page_number":98,"box":{"x":83,"y":688,"width":418,"height":11}},{"id":"7f386537-f97e-4c1f-9178-34661f6ee030","block_type":"box","text":"In addition, to be included in the Underlying Index, securities that","page_number":98,"box":{"x":83,"y":703,"width":416,"height":10}},{"id":"06ee4b2b-896a-4bf3-a7d0-828602de67e1","block_type":"box","text":"are rated by all three of the rating agencies named below must be","page_number":98,"box":{"x":83,"y":717,"width":420,"height":11}},{"id":"44996b74-2456-4225-a009-27681b6a2e05","block_type":"box","text":"rated “investment-grade” by at least two of the three rating","page_number":98,"box":{"x":83,"y":731,"width":379,"height":11}},{"id":"8331b219-823f-4a1b-bdf8-1c4bc60293df","block_type":"box","text":"agencies, which is defined as Baa3 or higher by Moody’s Investors","page_number":98,"box":{"x":83,"y":745,"width":423,"height":11}},{"id":"acd0c6b8-a85c-47b4-8227-c686ac8604ab","block_type":"box","text":"Service, Inc. or BBB- or higher by S&P Global Ratings or Fitch","page_number":98,"box":{"x":83,"y":759,"width":389,"height":11}},{"id":"2b369941-f753-41b6-8a91-5438bb76bb00","block_type":"box","text":"Ratings, Inc. When ratings from only two of the three rating","page_number":98,"box":{"x":83,"y":773,"width":377,"height":11}},{"id":"18ba5223-ae19-4fb6-8ee4-bcd4257f0c3d","block_type":"box","text":"agencies are available, the lower rating is used to determine","page_number":98,"box":{"x":83,"y":788,"width":384,"height":10}},{"id":"3e057912-a305-48d0-b806-c0a5f2595e76","block_type":"box","text":"eligibility. Securities with a rating from only one of the three","page_number":98,"box":{"x":83,"y":802,"width":381,"height":11}},{"id":"2e57723d-b58d-49a3-bade-3db92d3df1f3","block_type":"box","text":"ratings agencies must be rated investment-grade in order to be","page_number":98,"box":{"x":83,"y":816,"width":404,"height":11}},{"id":"637cb31b-f4c8-49e6-a5f0-fd785b5a7baa","block_type":"box","text":"included in the Underlying Index. In cases where ratings are not","page_number":98,"box":{"x":83,"y":830,"width":406,"height":11}},{"id":"201ba11a-3bd3-4e23-8630-cc3bfc10204b","block_type":"box","text":"available, other sources may be used to classify securities by","page_number":98,"box":{"x":83,"y":844,"width":390,"height":11}},{"id":"187d3ee3-ebad-4ff0-aa9f-5f1f9198c518","block_type":"box","text":"investment quality.","page_number":98,"box":{"x":83,"y":859,"width":120,"height":10}},{"id":"927f45ff-b2d4-40ff-8dd6-3016a2e69adf","block_type":"box","text":"The Underlying Index is constructed with the following","page_number":98,"box":{"x":549,"y":23,"width":346,"height":11}},{"id":"0a8ea3ab-ab55-48e2-90f8-756376e08ee6","block_type":"box","text":"methodology. The parent index, the Bloomberg U.S. Corporate","page_number":98,"box":{"x":549,"y":37,"width":398,"height":11}},{"id":"da28058a-3f87-4d26-aa6f-cdacc4a0eac3","block_type":"box","text":"Index (the “Parent Index”), representing U.S. dollar-denominated,","page_number":98,"box":{"x":550,"y":51,"width":416,"height":11}},{"id":"5ce9f80c-4011-4fa6-b424-8b86c6191746","block_type":"box","text":"taxable, investment-grade corporate bonds, is stripped of","page_number":98,"box":{"x":549,"y":66,"width":368,"height":11}},{"id":"3441ecb5-cc97-4c71-a162-343d5b341c0f","block_type":"box","text":"securities maturing outside of the maturity range described","page_number":98,"box":{"x":549,"y":80,"width":379,"height":11}},{"id":"86ca64a4-b2e2-405f-929d-2a0212bdc63e","block_type":"box","text":"above. During the final two years of the Underlying Index, bonds","page_number":98,"box":{"x":549,"y":94,"width":409,"height":11}},{"id":"e53ea141-2fe3-4414-aeb4-2b67bd18249e","block_type":"box","text":"that mature in 2030, but had not been eligible for inclusion in the","page_number":98,"box":{"x":549,"y":108,"width":416,"height":11}},{"id":"c507ea15-333d-486c-9d52-913d0c51a11d","block_type":"box","text":"Parent Index due to being within one year of maturity, will be","page_number":98,"box":{"x":550,"y":122,"width":386,"height":11}},{"id":"ff35d587-6c50-45a9-bb64-a23961f65ce3","block_type":"box","text":"eligible for inclusion in the Underlying Index until such bonds","page_number":98,"box":{"x":549,"y":137,"width":387,"height":10}},{"id":"810b51cf-7967-4291-ab1b-d621eb0b2061","block_type":"box","text":"reach maturity. Securities are then market-cap weighted within","page_number":98,"box":{"x":549,"y":151,"width":403,"height":11}},{"id":"1298d9fc-af8d-4128-a9ea-2d5f37a1a7b9","block_type":"box","text":"the Underlying Index, with a 3% cap typically imposed on any one","page_number":98,"box":{"x":549,"y":165,"width":415,"height":11}},{"id":"8e2a50bd-6a69-4e27-9236-7fd98adf89c5","block_type":"box","text":"issuer, and a","page_number":98,"box":{"x":549,"y":179,"width":80,"height":10}},{"id":"79621315-f250-4e85-8272-f224ebd47123","block_type":"box","text":"pro rata","page_number":98,"box":{"x":633,"y":180,"width":50,"height":10}},{"id":"040fb569-9700-4a7a-984c-0529af57d4eb","block_type":"box","text":"distribution of any excess weight across the","page_number":98,"box":{"x":688,"y":179,"width":280,"height":11}},{"id":"c419d55f-c609-4780-8fff-effe47f1a3b4","block_type":"box","text":"remaining issuers in the Underlying Index. In the event a 3% cap is","page_number":98,"box":{"x":549,"y":193,"width":421,"height":11}},{"id":"da0cdab0-06c2-487a-89e6-a49e5df72528","block_type":"box","text":"not possible due to lack of issuers, the cap will be increased in","page_number":98,"box":{"x":549,"y":207,"width":399,"height":11}},{"id":"39f08905-0e12-4c04-93d8-6ac1f685d291","block_type":"box","text":"0.50% increments until the Underlying Index can be calculated.","page_number":98,"box":{"x":549,"y":222,"width":402,"height":10}},{"id":"a2cf2579-abaf-48d2-8bb7-8721f6824eb3","block_type":"box","text":"The securities in the Underlying Index are updated on the last","page_number":98,"box":{"x":549,"y":244,"width":392,"height":10}},{"id":"a1e251c1-1a74-4c33-8623-41d84e5fcdf3","block_type":"box","text":"calendar day of each month until June 30, 2030. The last","page_number":98,"box":{"x":549,"y":258,"width":362,"height":11}},{"id":"bf900ff9-5a17-4159-9081-60259274400e","block_type":"box","text":"rebalance date will be on June 30, 2030. During this final six","page_number":98,"box":{"x":549,"y":272,"width":385,"height":11}},{"id":"ee1380fb-7a75-40f2-ac4b-79933c86426c","block_type":"box","text":"month period, the Underlying Index will no longer be updated or","page_number":98,"box":{"x":549,"y":286,"width":408,"height":11}},{"id":"d843beaa-796c-4369-81e6-0c28cba3b56e","block_type":"box","text":"rebalanced, except to remove securities which are downgraded to","page_number":98,"box":{"x":549,"y":300,"width":422,"height":11}},{"id":"e0513ed9-75a2-43b3-96c0-c968f2c1b210","block_type":"box","text":"below investment-grade per the eligibility criteria described","page_number":98,"box":{"x":549,"y":315,"width":380,"height":10}},{"id":"f66a332f-f50d-45c1-9f2c-7f8b3bba793d","block_type":"box","text":"above. Additionally, during this period, existing bond weights will","page_number":98,"box":{"x":549,"y":329,"width":412,"height":10}},{"id":"7808af75-61d1-4fcb-81d2-affe60c35b15","block_type":"box","text":"be allowed to float based on changes in market value.","page_number":98,"box":{"x":549,"y":343,"width":343,"height":11}},{"id":"102d0dcc-8363-407d-abb0-6ec4c92f5059","block_type":"box","text":"When a bond that is included in the Underlying Index matures, its","page_number":98,"box":{"x":549,"y":365,"width":416,"height":11}},{"id":"d780644c-00d5-4553-afa3-3c20fc4beb70","block_type":"box","text":"maturity value will be represented in the Underlying Index by cash","page_number":98,"box":{"x":549,"y":379,"width":420,"height":11}},{"id":"956a6945-5b4c-4f96-b9c6-857697c0e1e2","block_type":"box","text":"throughout the remaining life of the Underlying Index.","page_number":98,"box":{"x":549,"y":393,"width":342,"height":11}},{"id":"753adc0b-9aa4-438b-b182-62f8742c94e9","block_type":"box","text":"The Fund is a series of the iShares iBonds fixed maturity series of","page_number":98,"box":{"x":549,"y":415,"width":417,"height":11}},{"id":"bc021ca7-3189-467d-81e0-2475a842216d","block_type":"box","text":"bond ETFs sponsored by BlackRock, Inc. (“BlackRock”). The Fund","page_number":98,"box":{"x":549,"y":429,"width":416,"height":11}},{"id":"21c6166d-a9a0-4fa3-b959-68638e437cd1","block_type":"box","text":"does not invest in U.S. savings bonds or other U.S. government","page_number":98,"box":{"x":549,"y":443,"width":404,"height":11}},{"id":"91e4c826-8e4f-42b1-9564-55fdc43ad4fd","block_type":"box","text":"bonds (except to the extent the Fund holds cash equivalent","page_number":98,"box":{"x":549,"y":458,"width":379,"height":10}},{"id":"5c9b43db-4da9-4669-b614-20c2484d5336","block_type":"box","text":"instruments consistent with its investment objective) and is not","page_number":98,"box":{"x":549,"y":472,"width":406,"height":11}},{"id":"839501ba-8590-4aeb-9d99-52c97e945793","block_type":"box","text":"designed to provide protection against inflation.","page_number":98,"box":{"x":549,"y":486,"width":305,"height":11}},{"id":"8a31f2c2-7e87-4ce2-b7db-8a266ee3ed82","block_type":"box","text":"BFA uses an indexing approach to try to achieve the Fund’s","page_number":98,"box":{"x":550,"y":509,"width":376,"height":11}},{"id":"4113a98b-fafd-41d0-b8fe-419bc97ead82","block_type":"box","text":"investment objective. The Fund does not try to “beat” the index it","page_number":98,"box":{"x":549,"y":523,"width":417,"height":11}},{"id":"93888660-0b3f-4ba8-a4fd-2e9b6c09f506","block_type":"box","text":"tracks and does not seek temporary defensive positions when","page_number":98,"box":{"x":549,"y":537,"width":396,"height":11}},{"id":"88535cf6-9e43-4c05-a9e8-1e7af7ffc8a2","block_type":"box","text":"markets decline or appear overvalued.","page_number":98,"box":{"x":549,"y":552,"width":244,"height":10}},{"id":"9ec1143f-2311-4322-b260-01bfbdf1f47e","block_type":"box","text":"Indexing may eliminate the chance that the Fund will substantially","page_number":98,"box":{"x":550,"y":575,"width":420,"height":11}},{"id":"56f10d05-1243-46ee-89bd-144b44942bda","block_type":"box","text":"outperform the Underlying Index but also may reduce some of the","page_number":98,"box":{"x":549,"y":589,"width":421,"height":11}},{"id":"dd5a4bfe-5b46-4364-9ce1-d422212787e8","block_type":"box","text":"risks of active management, such as poor security selection.","page_number":98,"box":{"x":549,"y":603,"width":386,"height":11}},{"id":"9f2c5b09-e58c-4980-ba73-ce77338603d7","block_type":"box","text":"Indexing seeks to achieve lower costs and better after-tax","page_number":98,"box":{"x":550,"y":617,"width":369,"height":11}},{"id":"4af5e55c-f331-42e9-bf1e-a833a3efce35","block_type":"box","text":"performance by aiming to keep portfolio turnover low in","page_number":98,"box":{"x":549,"y":632,"width":356,"height":10}},{"id":"a58316d8-fd1e-48c9-a64a-2ecd7c6a8e40","block_type":"box","text":"comparison to actively managed investment companies.","page_number":98,"box":{"x":549,"y":646,"width":359,"height":11}},{"id":"786bc4f8-928f-4251-930c-7fd080e9fc12","block_type":"box","text":"BFA uses a representative sampling indexing strategy to manage","page_number":98,"box":{"x":550,"y":669,"width":411,"height":11}},{"id":"8a709603-a4a9-4d88-867d-b2d333d4b518","block_type":"box","text":"the Fund. “Representative sampling” is an indexing strategy that","page_number":98,"box":{"x":549,"y":683,"width":411,"height":11}},{"id":"d6fe08dd-fa1a-4e2e-ae9f-ef30690d40ee","block_type":"box","text":"involves investing in a representative sample of securities or other","page_number":98,"box":{"x":549,"y":697,"width":424,"height":11}},{"id":"9794a916-2b32-491c-9233-697ef5936086","block_type":"box","text":"instruments that collectively has an investment profile similar to","page_number":98,"box":{"x":549,"y":712,"width":410,"height":10}},{"id":"57054052-ca56-4cc7-b805-55803542df12","block_type":"box","text":"that of an applicable underlying index. The instruments selected","page_number":98,"box":{"x":549,"y":726,"width":408,"height":11}},{"id":"5e806dd6-e99d-483a-8bf7-1683b3b25531","block_type":"box","text":"are expected to have, in the aggregate, investment characteristics","page_number":98,"box":{"x":549,"y":740,"width":423,"height":11}},{"id":"2865948c-a864-4b87-a618-48b0ee5e4288","block_type":"box","text":"(based on factors such as market value and industry weightings),","page_number":98,"box":{"x":549,"y":754,"width":415,"height":11}},{"id":"56f91948-a8c5-44b4-91d9-93df5007acb2","block_type":"box","text":"fundamental characteristics (such as return variability, duration","page_number":98,"box":{"x":549,"y":768,"width":405,"height":11}},{"id":"eed1421e-cc0c-482c-8ece-3bf66db25666","block_type":"box","text":"(","page_number":98,"box":{"x":549,"y":783,"width":3,"height":10}},{"id":"ed876526-ba39-422f-933c-de3c4cfbadd8","block_type":"box","text":"i.e.","page_number":98,"box":{"x":553,"y":782,"width":17,"height":9}},{"id":"28c3f1b7-9ed1-4a3e-92da-5c52e4361171","block_type":"box","text":", an instrument’s price sensitivity to a change in interest","page_number":98,"box":{"x":573,"y":782,"width":358,"height":11}},{"id":"31011fab-51b5-4c83-80c6-fbfce181a76b","block_type":"box","text":"rates), maturity or credit ratings and yield) and liquidity measures","page_number":98,"box":{"x":549,"y":797,"width":418,"height":10}},{"id":"30dd08af-0c84-4709-b8a0-40c3122b518e","block_type":"box","text":"similar to those of an applicable underlying index. The Fund may","page_number":98,"box":{"x":549,"y":811,"width":410,"height":11}},{"id":"75ef5274-dc9e-441e-8bf0-633fc3ba776a","block_type":"box","text":"or may not hold all of the components of the Underlying Index.","page_number":98,"box":{"x":549,"y":825,"width":399,"height":11}},{"id":"eeb2b0a6-b871-486b-9418-7227157f4e79","block_type":"box","text":"The Fund will invest at least 80% of its assets in the component","page_number":98,"box":{"x":549,"y":848,"width":404,"height":11}},{"id":"ce599c72-16ff-4323-a287-d86896fb2eba","block_type":"box","text":"instruments of the Underlying Index, and (except during the last","page_number":98,"box":{"x":549,"y":862,"width":408,"height":11}},{"id":"bd6d164a-78a7-4761-9c90-00ef689b4ba1","block_type":"box","text":"twelve months of the Fund’s operations) the Fund will invest at","page_number":98,"box":{"x":549,"y":877,"width":401,"height":10}},{"id":"ce619957-3dc0-4444-a94d-b69671880b2c","block_type":"box","text":"S-87","page_number":98,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"bdcc7d8e-f811-4254-b4d7-620ba8a815da","block_type":"box","text":"least 90% of its assets in fixed income securities of the types","page_number":99,"box":{"x":83,"y":23,"width":388,"height":11}},{"id":"e3a433fd-8ad2-4423-a43a-30a9a536d56e","block_type":"box","text":"included in the Underlying Index that BFA believes will help the","page_number":99,"box":{"x":83,"y":37,"width":400,"height":11}},{"id":"0e57c924-c2ed-4e9e-b9f6-667a607fcc3d","block_type":"box","text":"Fund track the Underlying Index. The Fund will invest no more","page_number":99,"box":{"x":84,"y":52,"width":393,"height":10}},{"id":"99913d04-c15d-4dc0-a0b3-7cff5f66b338","block_type":"box","text":"than 10% of its assets in futures, options and swaps contracts that","page_number":99,"box":{"x":83,"y":66,"width":423,"height":10}},{"id":"07d1f07a-fcee-4135-9c00-a7aebaba1ad7","block_type":"box","text":"BFA believes will help the Fund track the Underlying Index as well","page_number":99,"box":{"x":84,"y":80,"width":415,"height":11}},{"id":"a49ccc76-b03e-4599-934d-c109bf845a6c","block_type":"box","text":"as in fixed income securities other than the types included in the","page_number":99,"box":{"x":83,"y":94,"width":413,"height":11}},{"id":"e44eee42-b798-4326-897b-4ec971994638","block_type":"box","text":"Underlying Index, but which BFA believes will help the Fund track","page_number":99,"box":{"x":83,"y":108,"width":414,"height":11}},{"id":"e10c8a70-12b3-454f-9384-57b3b442c099","block_type":"box","text":"the Underlying Index. Cash and cash equivalent investments","page_number":99,"box":{"x":83,"y":122,"width":385,"height":11}},{"id":"e18bd1d1-7d45-4a54-af8b-71bdbc421d31","block_type":"box","text":"associated with a derivative position will be treated as part of that","page_number":99,"box":{"x":83,"y":137,"width":421,"height":10}},{"id":"58aea37c-6d3a-4362-bba0-b5c1dbfad598","block_type":"box","text":"position for the purposes of calculating the percentage of","page_number":99,"box":{"x":83,"y":151,"width":367,"height":11}},{"id":"ac576591-3fe1-44cf-9680-555685a4fe32","block_type":"box","text":"investments included in the Underlying Index.","page_number":99,"box":{"x":83,"y":165,"width":290,"height":11}},{"id":"707a803f-d2e6-4dd9-b364-f3671f48678f","block_type":"box","text":"In the last six months of operation, as the bonds held by the Fund","page_number":99,"box":{"x":83,"y":187,"width":418,"height":11}},{"id":"a1882580-bb50-46c1-8f3a-cbea0da7936c","block_type":"box","text":"mature, the proceeds may not be reinvested by the Fund in bonds","page_number":99,"box":{"x":83,"y":201,"width":420,"height":11}},{"id":"8abbfc76-1b16-40a4-96e7-0b51cabb7750","block_type":"box","text":"but instead will be held in cash and cash equivalents. By fifteen","page_number":99,"box":{"x":83,"y":215,"width":403,"height":11}},{"id":"8e4f86d8-1651-4279-bbb0-56963acdd113","block_type":"box","text":"days prior to maturity, the Underlying Index is expected to consist","page_number":99,"box":{"x":83,"y":229,"width":421,"height":11}},{"id":"5aa1599e-6a00-4caa-96aa-29a5d1adbe4b","block_type":"box","text":"almost entirely of cash and cash equivalents. On or around this","page_number":99,"box":{"x":83,"y":244,"width":402,"height":10}},{"id":"3593f66e-dc3b-4041-8a6b-2b701e565e6c","block_type":"box","text":"date, the Fund will wind up and terminate. 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The Board may extend","page_number":99,"box":{"x":83,"y":329,"width":413,"height":10}},{"id":"52d6c24d-08fd-405e-89e5-a96beb3486a5","block_type":"box","text":"the termination date if a majority of the Board determines the","page_number":99,"box":{"x":83,"y":343,"width":394,"height":11}},{"id":"e85f9324-1621-4d7b-bf3c-b43928ac4568","block_type":"box","text":"extension to be in the best interest of the Fund.","page_number":99,"box":{"x":83,"y":357,"width":303,"height":9}},{"id":"13c8dca5-204d-4f76-8877-0fbb4dd51d0a","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying","page_number":99,"box":{"x":82,"y":379,"width":414,"height":11}},{"id":"1eb06500-7d1f-44be-9cb5-0b8082834acb","block_type":"box","text":"Index before fees and expenses of the Fund. 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The Index Provider","page_number":99,"box":{"x":83,"y":575,"width":354,"height":11}},{"id":"285245be-f3b5-4c5d-a9ba-8762247269d9","block_type":"box","text":"determines the composition and relative weightings of the","page_number":99,"box":{"x":83,"y":589,"width":371,"height":11}},{"id":"520387c2-ec95-4da3-9136-c5c69a3a67b7","block_type":"box","text":"components of the Underlying Index and publishes information","page_number":99,"box":{"x":83,"y":603,"width":401,"height":11}},{"id":"a7bd8882-a229-4ff5-a842-33329b038f47","block_type":"box","text":"regarding the market value of the Underlying Index.","page_number":99,"box":{"x":83,"y":617,"width":327,"height":11}},{"id":"d5515eb9-2a5d-4ff6-af66-a61e811bb787","block_type":"box","text":"Industry Concentration Policy.","page_number":99,"box":{"x":83,"y":641,"width":210,"height":10}},{"id":"f3d1e665-6aa4-4372-a3f8-190765d3e566","block_type":"box","text":"The Fund will concentrate its","page_number":99,"box":{"x":298,"y":641,"width":184,"height":8}},{"id":"337038c6-7676-4b78-8403-23b5b5b58ddd","block_type":"box","text":"investments (","page_number":99,"box":{"x":83,"y":655,"width":85,"height":11}},{"id":"f0a5cb0d-2645-4f06-b916-0db7fe0eb818","block_type":"box","text":"i.e.","page_number":99,"box":{"x":169,"y":655,"width":17,"height":8}},{"id":"c5c51ec0-f13b-4858-93ec-eb862e66a4eb","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":99,"box":{"x":189,"y":655,"width":264,"height":11}},{"id":"64e9903d-f55c-4c56-89c7-4120d72cf374","block_type":"box","text":"particular industry or group of industries to approximately the","page_number":99,"box":{"x":83,"y":669,"width":394,"height":11}},{"id":"b947bcd5-cec2-4c95-bdfa-850d4635065e","block_type":"box","text":"same extent that the Underlying Index is concentrated. 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Certain key risks are prioritized below (with others","page_number":99,"box":{"x":549,"y":37,"width":388,"height":11}},{"id":"19defaa1-c0a8-4483-8eca-5c48d2375e17","block_type":"box","text":"following in alphabetical order), but the relative significance of any","page_number":99,"box":{"x":549,"y":51,"width":425,"height":11}},{"id":"de37db5e-862e-4cd2-8d62-41daf0b9b057","block_type":"box","text":"risk is difficult to predict and may change over time. You should","page_number":99,"box":{"x":549,"y":66,"width":405,"height":11}},{"id":"82e377a3-f6ab-4e8f-bee9-bfc0ec307576","block_type":"box","text":"review each risk factor carefully.","page_number":99,"box":{"x":549,"y":80,"width":206,"height":11}},{"id":"762379fe-f090-4346-96c1-d331ea828f88","block_type":"box","text":"Credit Risk","page_number":99,"box":{"x":549,"y":103,"width":75,"height":9}},{"id":"463461dd-0bea-4f12-a766-dacea93760e5","block_type":"box","text":".","page_number":99,"box":{"x":624,"y":110,"width":2,"height":1}},{"id":"9e60fbc9-4a97-4942-991c-157927604b35","block_type":"box","text":"Credit risk is the risk that an issuer, guarantor or","page_number":99,"box":{"x":632,"y":103,"width":311,"height":11}},{"id":"645380dd-335d-4799-af08-e1b2f7cc6e55","block_type":"box","text":"liquidity provider of a fixed-income security may be unable or","page_number":99,"box":{"x":549,"y":117,"width":391,"height":11}},{"id":"c4fffe38-3ccd-468a-bdee-6c7c8dbbca0c","block_type":"box","text":"unwilling, or may be perceived as unable or unwilling, to make","page_number":99,"box":{"x":549,"y":131,"width":395,"height":11}},{"id":"2fe240bb-047b-4056-a0db-2cdea80bec55","block_type":"box","text":"timely principal and/or interest payments or to otherwise honor","page_number":99,"box":{"x":549,"y":146,"width":410,"height":10}},{"id":"4b25e332-10bb-4647-b771-2edface63f69","block_type":"box","text":"its obligations. 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The Fund may be adversely affected if an investment","page_number":99,"box":{"x":549,"y":245,"width":406,"height":11}},{"id":"3e98327e-2657-461f-8689-023868cc4cc1","block_type":"box","text":"that it holds experiences a downgrade or a default.","page_number":99,"box":{"x":549,"y":259,"width":324,"height":11}},{"id":"7539c2d6-9b5f-4953-9e30-e8a87b3b5c30","block_type":"box","text":"Interest Rate Risk","page_number":99,"box":{"x":549,"y":282,"width":121,"height":9}},{"id":"60f509df-4f02-4892-b1e7-7edad11e970d","block_type":"box","text":".","page_number":99,"box":{"x":670,"y":289,"width":2,"height":2}},{"id":"15e4ec63-372c-4984-9e59-b2d0b129e585","block_type":"box","text":"Interest rate risk refers to the risk of","page_number":99,"box":{"x":678,"y":282,"width":233,"height":9}},{"id":"37591a69-2659-4fa4-8d5c-4a44d4a0a294","block_type":"box","text":"fluctuations in the value of a fixed-income security due to changes","page_number":99,"box":{"x":549,"y":296,"width":424,"height":11}},{"id":"9a7c147b-0696-44db-85b4-635e51e8f70e","block_type":"box","text":"in the general level of interest rates. Interest rate changes can be","page_number":99,"box":{"x":549,"y":311,"width":417,"height":10}},{"id":"4caf00cf-d7c1-4386-90ce-f86f9457607a","block_type":"box","text":"sudden and unpredictable and are influenced by a number of","page_number":99,"box":{"x":549,"y":325,"width":389,"height":11}},{"id":"febcc50d-66a5-482c-aedf-b5696980754f","block_type":"box","text":"factors, including government policy, monetary policy, inflation","page_number":99,"box":{"x":549,"y":339,"width":401,"height":11}},{"id":"80c1605e-c3b4-4ee2-9d58-5ac6fc9c7f76","block_type":"box","text":"expectations, perceptions of risk, and supply and demand for","page_number":99,"box":{"x":549,"y":353,"width":391,"height":11}},{"id":"1e151a79-108e-4068-a71b-484d728446c4","block_type":"box","text":"fixed-income securities. An increase in interest rates generally will","page_number":99,"box":{"x":549,"y":367,"width":423,"height":11}},{"id":"b405584d-6773-420f-a36d-47bc2dbb475f","block_type":"box","text":"cause the value of fixed-income securities to decline. Securities","page_number":99,"box":{"x":549,"y":381,"width":408,"height":9}},{"id":"2c590471-e87d-4ecd-848d-b9ab475a1a95","block_type":"box","text":"with longer maturities generally are more sensitive to interest rate","page_number":99,"box":{"x":549,"y":396,"width":423,"height":11}},{"id":"81b54ab9-383b-4893-a8e8-e778d5bcb441","block_type":"box","text":"changes and subject to greater fluctuations in value. 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Incidents involving China’s or the region’s","page_number":101,"box":{"x":82,"y":660,"width":421,"height":11}},{"id":"84f0c3db-6ffe-4c35-8cd6-ec0673aa0801","block_type":"box","text":"security may adversely affect the Chinese economy and markets","page_number":101,"box":{"x":83,"y":674,"width":413,"height":11}},{"id":"ec7c101c-f85c-4bb8-b191-715ca6b67fed","block_type":"box","text":"and the Fund’s investments.","page_number":101,"box":{"x":83,"y":688,"width":179,"height":9}},{"id":"e23ae21e-5307-4849-8a16-b22706798ca3","block_type":"box","text":"The Chinese economy is highly reliant on trade. A reduction in","page_number":101,"box":{"x":82,"y":712,"width":396,"height":10}},{"id":"d5fa4818-b0e4-4bc2-abc4-d03b874a9608","block_type":"box","text":"spending on Chinese products and services, supply chain","page_number":101,"box":{"x":83,"y":726,"width":365,"height":11}},{"id":"fa35ed7b-8ea4-43dd-9e82-3d11546a7446","block_type":"box","text":"diversification, the institution of additional tariffs or other trade","page_number":101,"box":{"x":83,"y":740,"width":403,"height":10}},{"id":"0adcd6f5-35c6-4580-8895-d988257834f4","block_type":"box","text":"barriers (including as a result of heightened trade tensions or a","page_number":101,"box":{"x":83,"y":754,"width":401,"height":11}},{"id":"1a321618-c52f-44bb-90f3-2b5dc008e6fc","block_type":"box","text":"trade war between China and the U.S. or in response to actual or","page_number":101,"box":{"x":83,"y":768,"width":415,"height":11}},{"id":"6a3b8070-ba0a-474d-8da9-49558a870001","block_type":"box","text":"alleged Chinese cyber activity) or a downturn in any of the","page_number":101,"box":{"x":83,"y":782,"width":371,"height":11}},{"id":"2fd75d41-a6a4-4238-8593-f5ed99548da9","block_type":"box","text":"economies of China’s key trading partners may have an adverse","page_number":101,"box":{"x":83,"y":797,"width":408,"height":10}},{"id":"a28b52ff-e092-4050-bcf0-f20a4b1627b8","block_type":"box","text":"impact on the Chinese economy. The Underlying Index may","page_number":101,"box":{"x":83,"y":811,"width":378,"height":11}},{"id":"a63bdff7-9115-44d7-8e59-8c952d584ee7","block_type":"box","text":"include companies that are subject to economic or trade","page_number":101,"box":{"x":83,"y":825,"width":362,"height":11}},{"id":"dee88ce8-5578-4cff-9bdd-5f5cc738733d","block_type":"box","text":"restrictions (but not investment restrictions) imposed by the U.S.","page_number":101,"box":{"x":83,"y":839,"width":416,"height":11}},{"id":"0ec6d23b-64e6-44dd-9330-70512c524b26","block_type":"box","text":"or other governments due to national security, human rights or","page_number":101,"box":{"x":83,"y":853,"width":402,"height":11}},{"id":"efc61fb6-79f5-4686-bd66-57507684bf91","block_type":"box","text":"other concerns of such government. So long as these restrictions","page_number":101,"box":{"x":83,"y":868,"width":418,"height":10}},{"id":"be13990a-5a61-4e5b-a1b5-3e0cee89e18b","block_type":"box","text":"do not include restrictions on investments, the Fund is generally","page_number":101,"box":{"x":549,"y":23,"width":410,"height":11}},{"id":"51ba6dd4-6cba-4b48-a532-02ac38f199a5","block_type":"box","text":"expected to invest in such companies, consistent with its","page_number":101,"box":{"x":549,"y":37,"width":365,"height":11}},{"id":"b979e9ca-7e53-4598-9f30-240ccf9dab29","block_type":"box","text":"objective to track the performance of the Underlying Index.","page_number":101,"box":{"x":549,"y":51,"width":378,"height":11}},{"id":"54d15c38-03b5-48b9-b555-a8fbb5e3ac99","block_type":"box","text":"Chinese companies, including those listed on U.S. exchanges, are","page_number":101,"box":{"x":549,"y":75,"width":419,"height":11}},{"id":"bcb4b200-1880-4b80-98d0-36d4bec9c4f8","block_type":"box","text":"not subject to the same degree of regulatory requirements,","page_number":101,"box":{"x":549,"y":89,"width":378,"height":11}},{"id":"f8c9804d-7534-4515-9fbc-7f36960b5377","block_type":"box","text":"accounting standards or auditor oversight as companies in more","page_number":101,"box":{"x":549,"y":103,"width":412,"height":11}},{"id":"1a74548f-758d-46c2-845b-e6f83ace7c51","block_type":"box","text":"developed countries. As a result, information about the Chinese","page_number":101,"box":{"x":549,"y":117,"width":407,"height":11}},{"id":"7f420b3f-d116-4e15-91fc-a35ffbd6d3fb","block_type":"box","text":"securities in which the Fund invests may be less reliable or","page_number":101,"box":{"x":549,"y":131,"width":375,"height":11}},{"id":"2f0c9d24-da74-4af4-be56-531aedcb74d6","block_type":"box","text":"complete. Chinese companies with securities listed on U.S.","page_number":101,"box":{"x":549,"y":146,"width":378,"height":10}},{"id":"a65f83fa-6423-451e-8afc-de3ea70860a9","block_type":"box","text":"exchanges may be delisted if they do not meet U.S. accounting","page_number":101,"box":{"x":549,"y":160,"width":403,"height":11}},{"id":"7e4bfb7d-102e-45dd-b913-3c084008cbb9","block_type":"box","text":"standards and auditor oversight requirements, or for other","page_number":101,"box":{"x":549,"y":174,"width":374,"height":11}},{"id":"b7ee55fd-331a-4e71-813a-90e3208b359d","block_type":"box","text":"reasons, which would significantly decrease the liquidity and value","page_number":101,"box":{"x":549,"y":188,"width":424,"height":11}},{"id":"53affd93-7f84-4af2-a10f-b60f560490c3","block_type":"box","text":"of the securities. There may be significant obstacles to obtaining","page_number":101,"box":{"x":549,"y":202,"width":413,"height":11}},{"id":"4111300f-a9e3-4025-8b10-378fcf974a8b","block_type":"box","text":"information necessary for investigations into or litigation against","page_number":101,"box":{"x":549,"y":216,"width":412,"height":11}},{"id":"49a17660-8ae9-41bd-9d09-985e7fe414d2","block_type":"box","text":"Chinese companies, and shareholders may have limited legal","page_number":101,"box":{"x":549,"y":231,"width":389,"height":11}},{"id":"c5db3d46-d41d-479a-a7d6-0fb348671ee1","block_type":"box","text":"remedies.","page_number":101,"box":{"x":549,"y":245,"width":62,"height":8}},{"id":"53a05c04-70ff-4b07-82c4-a9ce05735855","block_type":"box","text":"Many Chinese companies listed on U.S. exchanges use variable","page_number":101,"box":{"x":550,"y":268,"width":404,"height":11}},{"id":"af802f51-c219-4512-8f83-a563ad1b90ca","block_type":"box","text":"interest entities or “VIEs” in their structure as a result of foreign","page_number":101,"box":{"x":549,"y":282,"width":408,"height":11}},{"id":"348ff637-4da4-4f11-b9d0-c2af1761fa6f","block_type":"box","text":"ownership restrictions. Any change in the operations of entities in","page_number":101,"box":{"x":549,"y":296,"width":420,"height":11}},{"id":"a1318e8f-15c2-43a2-9e42-ea5105fe30fb","block_type":"box","text":"a VIE structure, the status of VIE contractual arrangements or the","page_number":101,"box":{"x":549,"y":311,"width":420,"height":10}},{"id":"f53af30e-8ce7-4616-a32d-b0c84d900d9d","block_type":"box","text":"legal or regulatory environment in China could result in significant,","page_number":101,"box":{"x":549,"y":325,"width":424,"height":11}},{"id":"1da59e1e-2a99-4df9-9d01-5612c0bce6be","block_type":"box","text":"and possibly permanent and/or total, losses for investments in","page_number":101,"box":{"x":549,"y":339,"width":403,"height":11}},{"id":"4ac22d76-7327-44ea-9e9d-1a47fe66f93e","block_type":"box","text":"VIE issuers. The Fund does not select investments based on","page_number":101,"box":{"x":548,"y":353,"width":383,"height":9}},{"id":"a6d05da5-6abb-456e-8671-670d27bf66ed","block_type":"box","text":"investor protection considerations.","page_number":101,"box":{"x":549,"y":367,"width":223,"height":11}},{"id":"c1b29e0d-5b5e-4566-8fef-696e078a908e","block_type":"box","text":"Risk of Investing in the China Bond Market","page_number":101,"box":{"x":549,"y":390,"width":291,"height":11}},{"id":"9ea85bd0-2763-4dbc-ba85-2b40ba04d15b","block_type":"box","text":". The Fund invests","page_number":101,"box":{"x":841,"y":391,"width":115,"height":8}},{"id":"78860fb9-b265-4f61-ad89-455088f3d8fd","block_type":"box","text":"directly in the domestic bond market in the People’s Republic of","page_number":101,"box":{"x":549,"y":405,"width":409,"height":11}},{"id":"13ee6e1d-d46f-4572-8a34-30e353c7afb1","block_type":"box","text":"China (“China” or the “PRC”) (the “China Interbank Bond Market”)","page_number":101,"box":{"x":549,"y":419,"width":420,"height":11}},{"id":"ebb25d4b-829f-4f50-8f45-8538f21e6e1b","block_type":"box","text":"through the Bond Connect trading channel. All bonds traded","page_number":101,"box":{"x":549,"y":433,"width":384,"height":11}},{"id":"e3636ddc-35ef-47cc-bf16-370e86564a65","block_type":"box","text":"through Bond Connect are registered in the name of the PRC’s","page_number":101,"box":{"x":549,"y":447,"width":399,"height":11}},{"id":"e9359c8c-09bf-41c2-9c47-e2d95eb28786","block_type":"box","text":"Central Moneymarkets Unit (“CMU”), which holds such bonds as a","page_number":101,"box":{"x":549,"y":461,"width":423,"height":11}},{"id":"65beaea1-ad1c-450a-b47e-9e9e496cea2d","block_type":"box","text":"nominee owner. The precise nature and rights of the Fund as the","page_number":101,"box":{"x":549,"y":476,"width":412,"height":10}},{"id":"c1d16fd5-0ff7-4c39-b3e0-670d7ddf9266","block_type":"box","text":"beneficial owner of bonds traded in the China Interbank Bond","page_number":101,"box":{"x":549,"y":490,"width":392,"height":8}},{"id":"6b6a7fbe-e2ce-45b2-9852-8af5b353275a","block_type":"box","text":"Market through CMU as nominee are relatively new and untested","page_number":101,"box":{"x":550,"y":504,"width":415,"height":11}},{"id":"bb669f5c-624c-4f03-864d-ae12323c3c69","block_type":"box","text":"areas of PRC law, and the exact nature of the Fund’s remedies","page_number":101,"box":{"x":549,"y":518,"width":398,"height":10}},{"id":"4f1098e9-d5c1-491b-8fb1-0071545d8b73","block_type":"box","text":"and methods of enforcement of its rights and interests under PRC","page_number":101,"box":{"x":549,"y":532,"width":421,"height":11}},{"id":"091ed8fe-4d0c-4cb5-b1eb-c1be637ea3b2","block_type":"box","text":"law are uncertain.","page_number":101,"box":{"x":549,"y":547,"width":113,"height":8}},{"id":"703aea5a-37e0-43b1-be1c-cd1b2810f6f6","block_type":"box","text":"Market volatility and potential lack of liquidity due to low trading","page_number":101,"box":{"x":550,"y":570,"width":410,"height":11}},{"id":"af1a683b-26d8-48e5-95d4-e7c7d54f9bdb","block_type":"box","text":"volume of certain bonds in the China Interbank Bond Market may","page_number":101,"box":{"x":548,"y":584,"width":418,"height":11}},{"id":"a87aad70-acca-4b7b-bbd7-1c9e3483a738","block_type":"box","text":"result in the prices of certain bonds fluctuating significantly. Also,","page_number":101,"box":{"x":549,"y":598,"width":418,"height":11}},{"id":"7628ee60-c026-45b9-9411-47c4fc4f87e1","block_type":"box","text":"the systems used to trade through Bond Connect may not","page_number":101,"box":{"x":549,"y":612,"width":370,"height":11}},{"id":"7b48e189-41a6-43a2-bbe2-e7c2e17b341f","block_type":"box","text":"function as expected. Trading through Bond Connect is also","page_number":101,"box":{"x":549,"y":626,"width":380,"height":11}},{"id":"d4377946-f4af-41d2-88cc-0d7d2bced819","block_type":"box","text":"subject to regulatory risks, including laws and regulations that are","page_number":101,"box":{"x":549,"y":641,"width":421,"height":10}},{"id":"e5188006-50df-45e1-a3db-1e91d8058e3f","block_type":"box","text":"subject to change. There can be no assurance that Bond Connect","page_number":101,"box":{"x":549,"y":655,"width":418,"height":11}},{"id":"791ff816-79ca-42a5-9942-5d2e927fdc86","block_type":"box","text":"or its features or systems will not be materially altered,","page_number":101,"box":{"x":549,"y":669,"width":351,"height":11}},{"id":"e592e97d-781e-421a-9ead-b63719416115","block_type":"box","text":"suspended, discontinued or abolished. The Fund may be subject","page_number":101,"box":{"x":549,"y":683,"width":410,"height":11}},{"id":"ae1cd4eb-f3af-454d-a43c-5c213e3ca6b1","block_type":"box","text":"to additional taxation if certain tax exemptions under PRC tax","page_number":101,"box":{"x":549,"y":697,"width":393,"height":11}},{"id":"fd9eac47-75ed-449f-a142-a63a1cb10d48","block_type":"box","text":"regulations are withdrawn or amended. Any taxes arising from or","page_number":101,"box":{"x":549,"y":712,"width":414,"height":10}},{"id":"e07117ae-964b-45f7-bae7-4feb5f266131","block_type":"box","text":"to the Fund may be directly borne by, or indirectly passed on to,","page_number":101,"box":{"x":549,"y":726,"width":408,"height":11}},{"id":"df1da698-947c-4b17-854b-5f1bf94f7abb","block_type":"box","text":"the Fund, which may substantially impact its NAV. Investing","page_number":101,"box":{"x":549,"y":740,"width":379,"height":11}},{"id":"8dc030ff-2ca1-47c9-82d0-1f2280d77682","block_type":"box","text":"through Bond Connect subjects the Fund to currency risk, to the","page_number":101,"box":{"x":549,"y":754,"width":412,"height":11}},{"id":"30f00916-2aa5-4c5d-8f17-81b5f4ac70d4","block_type":"box","text":"extent that currency rates used for Bond Connect are different","page_number":101,"box":{"x":549,"y":768,"width":400,"height":11}},{"id":"83a04fca-be6f-460f-be4a-f127b4d6e7e2","block_type":"box","text":"than the rates used in the China Interbank Bond Market.","page_number":101,"box":{"x":549,"y":782,"width":359,"height":9}},{"id":"3ceeb59f-fff3-4508-a97f-8e4747834fe1","block_type":"box","text":"Risk of Investing in the U.S","page_number":101,"box":{"x":549,"y":806,"width":182,"height":10}},{"id":"e3fbf98c-c20a-422a-b91d-c66e370834e2","block_type":"box","text":".","page_number":101,"box":{"x":732,"y":812,"width":2,"height":2}},{"id":"4ce352cb-8065-41e6-9c74-057c2d448c7a","block_type":"box","text":"Investing in U.S. issuers subjects","page_number":101,"box":{"x":740,"y":806,"width":210,"height":10}},{"id":"28195b7b-f19d-48d6-a5c2-77960941bca0","block_type":"box","text":"the Fund to legal, regulatory, political, currency, security, and","page_number":101,"box":{"x":549,"y":820,"width":391,"height":11}},{"id":"345d521b-3681-4349-bb54-3d8dd63e8089","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the","page_number":101,"box":{"x":549,"y":834,"width":423,"height":11}},{"id":"5315ac28-ffe2-4071-8cde-1a958026b1ab","block_type":"box","text":"U.S., such as a weakening of the U.S. economy or a decline in its","page_number":101,"box":{"x":550,"y":848,"width":412,"height":11}},{"id":"b994d406-a80a-4ed0-bb81-a6912c78d20a","block_type":"box","text":"financial markets, may have an adverse effect on U.S. issuers.","page_number":101,"box":{"x":549,"y":862,"width":396,"height":11}},{"id":"ab5d6b45-e564-4ed7-a279-b57502add04b","block_type":"box","text":"S-90","page_number":101,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"71156e5b-8244-4e25-8d57-550c8925e5d4","block_type":"box","text":"Securities Lending Risk.","page_number":102,"box":{"x":82,"y":23,"width":162,"height":11}},{"id":"319eb3c6-6859-4d76-bd5c-2973144084b2","block_type":"box","text":"The Fund may engage in securities","page_number":102,"box":{"x":249,"y":23,"width":221,"height":11}},{"id":"45485b19-d3f2-4bd6-8b1e-c72d218394e5","block_type":"box","text":"lending. Securities lending involves the risk that the Fund may","page_number":102,"box":{"x":83,"y":37,"width":396,"height":11}},{"id":"1e36277d-e124-4c0a-9311-b78b434205a9","block_type":"box","text":"lose money because the borrower of the loaned securities fails to","page_number":102,"box":{"x":83,"y":51,"width":418,"height":11}},{"id":"9a810fb7-7ed4-4a2e-8ded-56806296271c","block_type":"box","text":"return the securities in a timely manner or at all. The Fund could","page_number":102,"box":{"x":83,"y":66,"width":408,"height":10}},{"id":"f7f3ce2d-f3f8-4a3c-b979-17d1e35710b4","block_type":"box","text":"also lose money in the event of a decline in the value of collateral","page_number":102,"box":{"x":83,"y":80,"width":416,"height":11}},{"id":"564e17c9-10e2-44e1-8066-efb9f9417d2e","block_type":"box","text":"provided for loaned securities or a decline in the value of any","page_number":102,"box":{"x":83,"y":94,"width":389,"height":11}},{"id":"b699c1d8-695b-4d18-917a-8ed36dfe47fa","block_type":"box","text":"investments made with cash collateral. These events could also","page_number":102,"box":{"x":83,"y":108,"width":406,"height":9}},{"id":"60a71879-20ad-4121-87b2-5fa78e3b7fb1","block_type":"box","text":"trigger adverse tax consequences for the Fund.","page_number":102,"box":{"x":83,"y":122,"width":301,"height":11}},{"id":"2bda7d46-e651-4e6b-807b-05098e483363","block_type":"box","text":"Tracking Error Risk","page_number":102,"box":{"x":84,"y":146,"width":128,"height":10}},{"id":"31bff8d2-4b9f-43b8-ba3c-9be5b40f2d51","block_type":"box","text":".","page_number":102,"box":{"x":212,"y":152,"width":2,"height":2}},{"id":"cf8ed32d-4555-4735-9ec1-139249589264","block_type":"box","text":"The Fund may be subject to “tracking error,”","page_number":102,"box":{"x":219,"y":146,"width":284,"height":10}},{"id":"4038e6f6-fc90-49e5-a9ad-0460168c469a","block_type":"box","text":"which is the divergence of the Fund’s performance from that of","page_number":102,"box":{"x":82,"y":160,"width":405,"height":11}},{"id":"aeb002f4-86db-493b-a301-d4ec5650ab41","block_type":"box","text":"the Underlying Index. 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The bar chart shows how the performance of the Fund has varied from one calendar year to another","page_number":103,"box":{"x":83,"y":62,"width":872,"height":11}},{"id":"6535776d-d9d7-4063-8c4f-d946dd546111","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":103,"box":{"x":83,"y":76,"width":867,"height":11}},{"id":"899270a9-d5d8-4d63-9735-037c70071721","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":103,"box":{"x":83,"y":90,"width":863,"height":11}},{"id":"77ff73c3-812f-4ae7-b7cf-54c91611155e","block_type":"box","text":"agreements to waive or reimburse expenses, which would reduce performance if not in effect. 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Updated performance information, including the Fund’s current NAV,","page_number":103,"box":{"x":83,"y":119,"width":888,"height":10}},{"id":"66bf4020-188b-41f9-837d-e680cc35b427","block_type":"box","text":"may be obtained by visiting www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":103,"box":{"x":83,"y":133,"width":652,"height":11}},{"id":"817a4468-630d-4792-a686-388f114c120c","block_type":"box","text":"Calendar Year-by-Year 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2025)","page_number":103,"box":{"x":378,"y":434,"width":301,"height":11}},{"id":"cbc75c74-612a-4256-94b9-98f5ab2fb161","block_type":"box","text":"One Year Five Years","page_number":103,"box":{"x":704,"y":464,"width":140,"height":7}},{"id":"8b526981-5584-4cc8-84aa-27bdb23a4fe2","block_type":"box","text":"Since Fund","page_number":103,"box":{"x":866,"y":451,"width":67,"height":7}},{"id":"0f8717da-f4d8-4d0b-a2e3-7ecfac1f01d8","block_type":"box","text":"Inception","page_number":103,"box":{"x":871,"y":464,"width":57,"height":9}},{"id":"928fde9a-ffd1-48d5-b40d-38da5a4741c3","block_type":"box","text":"(Inception Date: 6/23/2020)","page_number":103,"box":{"x":123,"y":482,"width":179,"height":9}},{"id":"77139ab0-128c-4fa8-a00a-1ec0702c8979","block_type":"box","text":"Return Before Taxes","page_number":103,"box":{"x":124,"y":493,"width":112,"height":8}},{"id":"ab30f490-a11c-45ee-aad0-12f89092502a","block_type":"box","text":"8.27% 0.21% 1.10%","page_number":103,"box":{"x":716,"y":493,"width":202,"height":8}},{"id":"50cdeecc-d859-4dea-8108-d40f7a8b6040","block_type":"box","text":"Return After Taxes on Distributions 6.26% -1.28% -0.32%","page_number":103,"box":{"x":124,"y":505,"width":794,"height":7}},{"id":"579b0e65-e198-468c-be57-a6aa07fa74a3","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 4.86% -0.50% 0.21%","page_number":103,"box":{"x":124,"y":517,"width":794,"height":7}},{"id":"e9e3b02a-c6ca-4f3c-ac7d-c96e6d7c0d38","block_type":"box","text":"Bloomberg U.S. Universal Index","page_number":103,"box":{"x":124,"y":528,"width":194,"height":10}},{"id":"42969d3e-49f3-4f77-b710-02a9445f8046","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes) 7.58% 0.06% 0.49%","page_number":103,"box":{"x":323,"y":528,"width":595,"height":10}},{"id":"71ec7e58-bc84-458d-9fb4-67472bd58f27","block_type":"box","text":"Bloomberg December 2030 Maturity Corporate Index","page_number":103,"box":{"x":124,"y":540,"width":330,"height":9}},{"id":"00108a36-a302-49e5-86de-cc8c623cc3d3","block_type":"box","text":"(Returns do not reflect deductions for","page_number":103,"box":{"x":459,"y":540,"width":215,"height":9}},{"id":"346c533e-4e0b-420b-8077-94af93dae82b","block_type":"box","text":"fees, expenses or taxes)","page_number":103,"box":{"x":136,"y":553,"width":137,"height":9}},{"id":"0a7344f1-31e9-4634-8b9a-c75797f9e098","block_type":"box","text":"8.39% 0.30% 1.16%","page_number":103,"box":{"x":716,"y":553,"width":202,"height":7}},{"id":"c7f1546d-068d-4611-95bf-4a35f22ae0c5","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not","page_number":103,"box":{"x":82,"y":592,"width":882,"height":10}},{"id":"576d517b-1a4d-4e7f-9c29-89a3a209ba1d","block_type":"box","text":"reflect the impact of state or local taxes. 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A higher portfolio turnover rate may indicate higher","page_number":106,"box":{"x":83,"y":51,"width":395,"height":11}},{"id":"7248486e-3775-46d2-842b-2504d630542f","block_type":"box","text":"transaction costs and may result in higher taxes when Fund","page_number":106,"box":{"x":83,"y":66,"width":380,"height":11}},{"id":"7e5be9c4-3cce-4c17-aa47-3187e6a5464f","block_type":"box","text":"shares are held in a taxable account. These costs, which are not","page_number":106,"box":{"x":83,"y":80,"width":409,"height":10}},{"id":"416862fe-e313-4fa3-909b-a117bcbd016e","block_type":"box","text":"reflected in the Annual Fund Operating Expenses or in the","page_number":106,"box":{"x":83,"y":94,"width":368,"height":11}},{"id":"0fc5cf54-17fb-4e08-a845-8e0e1fe63102","block_type":"box","text":"Example, affect the Fund’s performance. 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The Fund does not","page_number":106,"box":{"x":83,"y":312,"width":416,"height":11}},{"id":"8cfa5fb3-73e5-4af6-a3e0-1f4a3da9fd1c","block_type":"box","text":"seek to return any predetermined amount at maturity or in","page_number":106,"box":{"x":83,"y":326,"width":373,"height":11}},{"id":"1e46eef0-ee33-4d70-aab9-dd37ce5744ab","block_type":"box","text":"periodic distributions. The Underlying Index is composed of U.S.","page_number":106,"box":{"x":83,"y":340,"width":409,"height":11}},{"id":"110ec1f8-c553-4f46-b751-faad09cae33e","block_type":"box","text":"dollar-denominated, taxable, investment-grade (as determined by","page_number":106,"box":{"x":83,"y":354,"width":419,"height":11}},{"id":"fe55a159-b3de-415c-9ece-0faf42c130b4","block_type":"box","text":"Bloomberg Index Services Limited (the “Index Provider” or","page_number":106,"box":{"x":84,"y":369,"width":372,"height":10}},{"id":"7cd47e43-029b-4ab6-b09b-73a47d1cfcd8","block_type":"box","text":"“Bloomberg”)) corporate bonds scheduled to mature between","page_number":106,"box":{"x":83,"y":383,"width":394,"height":11}},{"id":"70f820e7-3641-49a4-9c83-c0296c550b0c","block_type":"box","text":"January 1, 2031 and December 15, 2031, inclusive. 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The non-U.S. corporate issuers","page_number":106,"box":{"x":82,"y":518,"width":422,"height":11}},{"id":"4116fe9b-8930-4e11-aab6-38d57ff84e18","block_type":"box","text":"included in the Underlying Index consist primarily of corporate","page_number":106,"box":{"x":83,"y":532,"width":397,"height":11}},{"id":"1d069a72-ce68-4361-9208-80f069db4d33","block_type":"box","text":"bonds issued by companies domiciled in developed countries. The","page_number":106,"box":{"x":83,"y":547,"width":422,"height":10}},{"id":"e2a24d78-af02-4f8f-83b9-f1d3f1cbc0bd","block_type":"box","text":"Fund will invest in non-U.S. issuers to the extent necessary for it","page_number":106,"box":{"x":84,"y":561,"width":411,"height":11}},{"id":"a4a3aed9-f7e1-48c9-9466-5e8fa744e1e3","block_type":"box","text":"to track the Underlying Index. Each bond included in the","page_number":106,"box":{"x":83,"y":575,"width":358,"height":11}},{"id":"5da5e0bf-a2af-4330-b80e-8efa5c490105","block_type":"box","text":"Underlying Index must be registered with the SEC, have been","page_number":106,"box":{"x":83,"y":589,"width":390,"height":11}},{"id":"21cc8407-f1c2-44a7-a7b7-07ddf6435e8e","block_type":"box","text":"exempt from registration at issuance, or have been offered","page_number":106,"box":{"x":83,"y":603,"width":375,"height":11}},{"id":"993560a6-74b9-49ba-985c-82121ca11503","block_type":"box","text":"pursuant to Rule 144A under the Securities Act of 1933, as","page_number":106,"box":{"x":83,"y":617,"width":375,"height":11}},{"id":"e2d50d06-b40c-4bfd-9c5d-58b611133e6d","block_type":"box","text":"amended (the “1933 Act”), with registration rights. Further, the","page_number":106,"box":{"x":83,"y":632,"width":402,"height":10}},{"id":"f8fdf924-94d4-4146-be8d-056d0a909f28","block_type":"box","text":"securities in the Underlying Index must be denominated in U.S.","page_number":106,"box":{"x":83,"y":646,"width":402,"height":11}},{"id":"d60a9700-f9b1-47ce-9059-5510a7310416","block_type":"box","text":"dollars and have a fixed rate, although they can carry a coupon","page_number":106,"box":{"x":83,"y":660,"width":401,"height":11}},{"id":"489ae978-557c-4d83-ada4-19907aff00c3","block_type":"box","text":"that steps-up or changes according to a predetermined schedule.","page_number":106,"box":{"x":83,"y":674,"width":418,"height":11}},{"id":"6ac34282-1346-4577-b3b0-8645bc798882","block_type":"box","text":"In addition, to be included in the Underlying Index, securities that","page_number":106,"box":{"x":83,"y":688,"width":416,"height":11}},{"id":"423aedcc-5672-494a-837e-5a5b8744612e","block_type":"box","text":"are rated by all three of the rating agencies named below must be","page_number":106,"box":{"x":83,"y":702,"width":420,"height":11}},{"id":"edd17ce0-e062-4b02-9993-3668fdb08f95","block_type":"box","text":"rated “investment-grade” by at least two of the three rating","page_number":106,"box":{"x":83,"y":717,"width":379,"height":11}},{"id":"c676abb0-86a8-40e8-8c80-43257705b8b1","block_type":"box","text":"agencies, which is defined as Baa3 or higher by Moody’s Investors","page_number":106,"box":{"x":83,"y":731,"width":423,"height":11}},{"id":"6e5c69f3-34af-4ece-9cfd-cba1e62c76b9","block_type":"box","text":"Service, Inc. or BBB- or higher by S&P Global Ratings or Fitch","page_number":106,"box":{"x":83,"y":745,"width":389,"height":11}},{"id":"3d0f3e46-4d34-47a9-bd15-7f78e2b8b03d","block_type":"box","text":"Ratings, Inc. When ratings from only two of the three rating","page_number":106,"box":{"x":83,"y":759,"width":377,"height":11}},{"id":"d40f57d0-4458-4515-ba5e-62f2a4d08414","block_type":"box","text":"agencies are available, the lower rating is used to determine","page_number":106,"box":{"x":83,"y":773,"width":384,"height":11}},{"id":"fd21f590-d38a-4236-9521-47c2ded120bc","block_type":"box","text":"eligibility. Securities with a rating from only one of the three","page_number":106,"box":{"x":83,"y":788,"width":381,"height":10}},{"id":"83cc4147-b646-4770-959e-a7f706c39de5","block_type":"box","text":"ratings agencies must be rated investment-grade in order to be","page_number":106,"box":{"x":83,"y":802,"width":404,"height":11}},{"id":"90559c0e-e70a-464c-b272-e292c1665cac","block_type":"box","text":"included in the Underlying Index. In cases where ratings are not","page_number":106,"box":{"x":83,"y":816,"width":406,"height":11}},{"id":"c1ee914e-52da-4850-ace4-3b23ee113e77","block_type":"box","text":"available, other sources may be used to classify securities by","page_number":106,"box":{"x":83,"y":830,"width":390,"height":11}},{"id":"fe465828-f32b-41a9-98b2-734c3445239a","block_type":"box","text":"investment quality.","page_number":106,"box":{"x":83,"y":844,"width":120,"height":11}},{"id":"9cbf86f1-a2c5-49f9-be26-42cfd2ff92cf","block_type":"box","text":"The Underlying Index is constructed with the following","page_number":106,"box":{"x":82,"y":866,"width":347,"height":11}},{"id":"e41efbee-72bf-4e81-9062-802c62d0c000","block_type":"box","text":"methodology. The parent index, the Bloomberg U.S. Corporate","page_number":106,"box":{"x":83,"y":880,"width":398,"height":11}},{"id":"0802fd7a-515f-4a2e-8ae9-d6cfee79e2e6","block_type":"box","text":"Index (the “Parent Index”), representing U.S. dollar-denominated,","page_number":106,"box":{"x":550,"y":23,"width":416,"height":11}},{"id":"a1c05920-e17c-4eb7-aa37-49ec1581455d","block_type":"box","text":"taxable, investment-grade corporate bonds, is stripped of","page_number":106,"box":{"x":549,"y":37,"width":368,"height":11}},{"id":"868a5a4b-5598-48ba-b0aa-4bb2fca53e64","block_type":"box","text":"securities maturing outside of the maturity range described","page_number":106,"box":{"x":549,"y":51,"width":379,"height":11}},{"id":"9118590f-566e-4bb6-ac13-8e7749b85d56","block_type":"box","text":"above. During the final two years of the Underlying Index, bonds","page_number":106,"box":{"x":549,"y":66,"width":409,"height":11}},{"id":"1be6c41e-05b3-4240-b643-dc947650ea6c","block_type":"box","text":"that mature in 2031, but had not been eligible for inclusion in the","page_number":106,"box":{"x":549,"y":80,"width":414,"height":11}},{"id":"b0965bfd-e2bc-4f00-8b2a-879bf720bf49","block_type":"box","text":"Parent Index due to being within one year of maturity, will be","page_number":106,"box":{"x":550,"y":94,"width":386,"height":11}},{"id":"e2b79a54-483f-40f4-8aca-2a5de8b84b36","block_type":"box","text":"eligible for inclusion in the Underlying Index until such bonds","page_number":106,"box":{"x":549,"y":108,"width":387,"height":11}},{"id":"62602db1-1baa-412d-8431-e180508bf527","block_type":"box","text":"reach maturity. Securities are then market-cap weighted within","page_number":106,"box":{"x":549,"y":122,"width":403,"height":11}},{"id":"3d5a3d9b-29ca-4558-9a7a-51829a447795","block_type":"box","text":"the Underlying Index, with a 3% cap typically imposed on any one","page_number":106,"box":{"x":549,"y":137,"width":415,"height":10}},{"id":"6410f29b-4ae0-4c10-a16c-86cbbbeb7d05","block_type":"box","text":"issuer, and a","page_number":106,"box":{"x":549,"y":151,"width":80,"height":10}},{"id":"50496449-663b-4957-b804-6612f7acbbee","block_type":"box","text":"pro rata","page_number":106,"box":{"x":633,"y":152,"width":50,"height":9}},{"id":"02b4a3e5-b8fd-4351-8ebd-2e9a95c07f2b","block_type":"box","text":"distribution of any excess weight across the","page_number":106,"box":{"x":688,"y":151,"width":280,"height":11}},{"id":"9005537a-b284-4b89-9d39-fc4d1033f6c7","block_type":"box","text":"remaining issuers in the Underlying Index. In the event a 3% cap is","page_number":106,"box":{"x":549,"y":165,"width":421,"height":11}},{"id":"3a0e2552-706f-499b-b71e-4bee5852ef75","block_type":"box","text":"not possible due to lack of issuers, the cap will be increased in","page_number":106,"box":{"x":549,"y":179,"width":399,"height":11}},{"id":"fa907490-c790-49ef-bd7b-95c55f5ed862","block_type":"box","text":"0.50% increments until the Underlying Index can be calculated.","page_number":106,"box":{"x":549,"y":193,"width":402,"height":11}},{"id":"f159a7f2-3405-42d3-97bc-1aa8820ac320","block_type":"box","text":"The securities in the Underlying Index are updated on the last","page_number":106,"box":{"x":549,"y":215,"width":392,"height":11}},{"id":"b20b9de8-5d41-4847-bd28-6593ee98b71f","block_type":"box","text":"calendar day of each month until June 30, 2031. The last","page_number":106,"box":{"x":549,"y":229,"width":359,"height":11}},{"id":"41b7bf8f-eca1-4068-865c-e91020df4868","block_type":"box","text":"rebalance date will be on June 30, 2031. During this final six","page_number":106,"box":{"x":549,"y":244,"width":382,"height":10}},{"id":"613cc0eb-fc31-4809-bce2-779a63a5cca8","block_type":"box","text":"month period, the Underlying Index will no longer be updated or","page_number":106,"box":{"x":549,"y":258,"width":408,"height":11}},{"id":"e8833426-6667-4442-b41f-c1f26bf46043","block_type":"box","text":"rebalanced, except to remove securities which are downgraded to","page_number":106,"box":{"x":549,"y":272,"width":422,"height":11}},{"id":"9ab6ad52-a683-4cf9-abf5-8c1d888b516e","block_type":"box","text":"below investment-grade per the eligibility criteria described","page_number":106,"box":{"x":549,"y":286,"width":380,"height":11}},{"id":"2897cebb-4f6f-4d58-8d97-3f3792040f07","block_type":"box","text":"above. 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The Fund","page_number":106,"box":{"x":549,"y":401,"width":416,"height":11}},{"id":"18b85e46-a9e5-42ca-a3a4-02dddf0ac714","block_type":"box","text":"does not invest in U.S. savings bonds or other U.S. government","page_number":106,"box":{"x":549,"y":415,"width":404,"height":11}},{"id":"58bc9eac-6b35-49e5-8234-2bb3429ad5f7","block_type":"box","text":"bonds (except to the extent the Fund holds cash equivalent","page_number":106,"box":{"x":549,"y":429,"width":379,"height":11}},{"id":"8b6d189e-fc16-4d13-97e8-0ebab7552ecb","block_type":"box","text":"instruments consistent with its investment objective) and is not","page_number":106,"box":{"x":549,"y":443,"width":406,"height":11}},{"id":"d267654f-f353-4198-b515-c0b46b8ec259","block_type":"box","text":"designed to provide protection against inflation.","page_number":106,"box":{"x":549,"y":458,"width":305,"height":10}},{"id":"ee18ff29-0c69-448f-9e3a-ed05290dd957","block_type":"box","text":"BFA uses an indexing approach to try to achieve the Fund’s","page_number":106,"box":{"x":550,"y":481,"width":376,"height":11}},{"id":"613108fe-157a-45b7-82f3-60282e5c87c9","block_type":"box","text":"investment objective. 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The Fund may","page_number":106,"box":{"x":549,"y":782,"width":410,"height":11}},{"id":"8028f583-f670-4c56-9ff8-f70a9446c5b7","block_type":"box","text":"or may not hold all of the components of the Underlying Index.","page_number":106,"box":{"x":549,"y":797,"width":399,"height":10}},{"id":"80e6178a-4a78-4639-a68f-a2be90dbeb45","block_type":"box","text":"The Fund will invest at least 80% of its assets in the component","page_number":106,"box":{"x":549,"y":820,"width":404,"height":11}},{"id":"830f8a13-7d46-4a00-8fe7-7edc77441016","block_type":"box","text":"instruments of the Underlying Index, and (except during the last","page_number":106,"box":{"x":549,"y":834,"width":408,"height":11}},{"id":"4874ff3a-e89d-4bb6-a637-5274158fdddb","block_type":"box","text":"twelve months of the Fund’s operations) the Fund will invest at","page_number":106,"box":{"x":549,"y":848,"width":401,"height":11}},{"id":"678b251f-f99c-489a-9469-f61fd26016e0","block_type":"box","text":"least 90% of its assets in fixed income securities of the types","page_number":106,"box":{"x":549,"y":862,"width":388,"height":11}},{"id":"ede0fcb9-2b41-4e90-b9b0-09e927751fa8","block_type":"box","text":"included in the Underlying Index that BFA believes will help the","page_number":106,"box":{"x":549,"y":877,"width":400,"height":10}},{"id":"a0df1978-0e6e-4aac-ac2b-a63e1ba9cc8d","block_type":"box","text":"S-95","page_number":106,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"3068b327-5b15-4a8e-a9db-2579afe92bc5","block_type":"box","text":"Fund track the Underlying Index. The Fund will invest no more","page_number":107,"box":{"x":84,"y":23,"width":393,"height":11}},{"id":"1d066d2e-02e5-4e8a-a810-189575757c3f","block_type":"box","text":"than 10% of its assets in futures, options and swaps contracts that","page_number":107,"box":{"x":83,"y":37,"width":423,"height":11}},{"id":"67be0315-38ea-4ce0-a230-34cd38f3b98b","block_type":"box","text":"BFA believes will help the Fund track the Underlying Index as well","page_number":107,"box":{"x":84,"y":52,"width":415,"height":10}},{"id":"3e949c88-5993-48db-a8f3-3bf5d06d46f8","block_type":"box","text":"as in fixed income securities other than the types included in the","page_number":107,"box":{"x":83,"y":66,"width":413,"height":10}},{"id":"cd5a1d4f-e42d-4b54-9848-4dabb5f837c0","block_type":"box","text":"Underlying Index, but which BFA believes will help the Fund track","page_number":107,"box":{"x":83,"y":80,"width":414,"height":11}},{"id":"dbca8d4b-827c-40f1-bd2a-ee7214840f67","block_type":"box","text":"the Underlying Index. Cash and cash equivalent investments","page_number":107,"box":{"x":83,"y":94,"width":385,"height":11}},{"id":"abf42550-1f3a-4680-ba46-07efa3ad1ad8","block_type":"box","text":"associated with a derivative position will be treated as part of that","page_number":107,"box":{"x":83,"y":108,"width":421,"height":11}},{"id":"1a2a73a8-7d79-47a4-81c5-20d999464ea8","block_type":"box","text":"position for the purposes of calculating the percentage of","page_number":107,"box":{"x":83,"y":122,"width":367,"height":11}},{"id":"a8acaf1f-2bc7-48d3-ac5d-a39d7f62a41f","block_type":"box","text":"investments included in the Underlying Index.","page_number":107,"box":{"x":83,"y":137,"width":290,"height":10}},{"id":"5a29b870-29fb-43fc-8213-a513dc19671b","block_type":"box","text":"In the last six months of operation, as the bonds held by the Fund","page_number":107,"box":{"x":83,"y":158,"width":418,"height":11}},{"id":"7c1e7d99-e26a-4be9-8caf-9fc81d1cda2c","block_type":"box","text":"mature, the proceeds may not be reinvested by the Fund in bonds","page_number":107,"box":{"x":83,"y":173,"width":420,"height":10}},{"id":"7e1cfd4c-7da5-463b-82ab-4ef739e3deb3","block_type":"box","text":"but instead will be held in cash and cash equivalents. By fifteen","page_number":107,"box":{"x":83,"y":187,"width":403,"height":11}},{"id":"0fa05e57-a517-4b49-8c68-558c8a1cd042","block_type":"box","text":"days prior to maturity, the Underlying Index is expected to consist","page_number":107,"box":{"x":83,"y":201,"width":421,"height":11}},{"id":"f2051599-ab40-4eb8-816e-1789ed00d9f8","block_type":"box","text":"almost entirely of cash and cash equivalents. On or around this","page_number":107,"box":{"x":83,"y":215,"width":402,"height":11}},{"id":"ac801858-1184-4615-a9f3-cf67e69c6300","block_type":"box","text":"date, the Fund will wind up and terminate. After appropriate","page_number":107,"box":{"x":83,"y":229,"width":382,"height":11}},{"id":"5678aff3-8e56-42b6-8e3c-fe6d8cf8f93e","block_type":"box","text":"provision is made for any Fund liabilities, its net assets will be","page_number":107,"box":{"x":83,"y":244,"width":393,"height":10}},{"id":"636d00fb-f1c0-4417-ba8b-5edcd09df588","block_type":"box","text":"distributed to then-current shareholders pursuant to a plan of","page_number":107,"box":{"x":83,"y":258,"width":394,"height":11}},{"id":"d007c1a4-83cf-4d92-b1ad-8828e00686e1","block_type":"box","text":"liquidation. The Fund’s termination was approved by a majority of","page_number":107,"box":{"x":83,"y":272,"width":418,"height":11}},{"id":"17ec9c62-12af-4378-8687-6f59c8a5f54d","block_type":"box","text":"the Trust’s Board of Trustees (the “Board”) and does not require","page_number":107,"box":{"x":83,"y":286,"width":406,"height":11}},{"id":"1f096611-24ab-4098-9608-7ced1eb44169","block_type":"box","text":"additional approval by Fund shareholders. The Board may extend","page_number":107,"box":{"x":83,"y":300,"width":413,"height":11}},{"id":"c0eb3f7d-b25e-4946-96d9-610a7de95f1d","block_type":"box","text":"the termination date if a majority of the Board determines the","page_number":107,"box":{"x":83,"y":314,"width":394,"height":11}},{"id":"1fc4230d-eb78-417a-be59-5ecca33e217e","block_type":"box","text":"extension to be in the best interest of the Fund.","page_number":107,"box":{"x":83,"y":329,"width":303,"height":8}},{"id":"3e4d8e75-2ca1-4fd8-ae70-cbb5ba9458b5","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying","page_number":107,"box":{"x":82,"y":351,"width":414,"height":10}},{"id":"17025cf7-84e8-4bc7-a6c9-ea0a348c1e76","block_type":"box","text":"Index before fees and expenses of the Fund. To the extent that the","page_number":107,"box":{"x":83,"y":365,"width":424,"height":11}},{"id":"4d4d12aa-5bbe-4414-b6b4-11208abffb6a","block_type":"box","text":"Fund invests in money market or similar funds, it will incur the","page_number":107,"box":{"x":84,"y":379,"width":395,"height":11}},{"id":"66811dfa-33aa-4614-95f1-a42f56d3ec16","block_type":"box","text":"fees and expenses of such funds.","page_number":107,"box":{"x":82,"y":393,"width":212,"height":11}},{"id":"d34ddde7-1da4-49b5-bbb6-cea5c44b019c","block_type":"box","text":"The Fund should not be confused with a target date fund, which","page_number":107,"box":{"x":82,"y":415,"width":406,"height":11}},{"id":"9d84afb3-e6ee-4a78-ad57-ace405926391","block_type":"box","text":"has assets that are managed according to a particular investment","page_number":107,"box":{"x":83,"y":429,"width":420,"height":11}},{"id":"76b94d6e-b87c-486d-b58b-17c706a7a327","block_type":"box","text":"strategy that converts fund assets to conservative investments","page_number":107,"box":{"x":83,"y":443,"width":402,"height":11}},{"id":"80f8ea98-a062-44ad-896c-5a3796064aea","block_type":"box","text":"over time.","page_number":107,"box":{"x":83,"y":458,"width":63,"height":8}},{"id":"6e53ed0e-9e21-4edb-bcc0-1970af8a8551","block_type":"box","text":"The Fund may lend securities representing up to one-third of the","page_number":107,"box":{"x":82,"y":481,"width":412,"height":11}},{"id":"b37773dd-cc7a-438e-9feb-eb7f678d990f","block_type":"box","text":"value of the Fund’s total assets (including the value of any","page_number":107,"box":{"x":82,"y":495,"width":371,"height":11}},{"id":"ad626dea-9c0a-4617-a155-6278fbe8da4b","block_type":"box","text":"collateral received).","page_number":107,"box":{"x":83,"y":509,"width":125,"height":11}},{"id":"ef8c3262-40db-4be6-a28e-a3bf8a544db2","block_type":"box","text":"The Underlying Index is sponsored by Bloomberg, which","page_number":107,"box":{"x":82,"y":532,"width":357,"height":11}},{"id":"381ace83-1cd2-4542-9e71-6ae66206de93","block_type":"box","text":"is independent of the Fund and BFA. The Index Provider","page_number":107,"box":{"x":83,"y":547,"width":354,"height":10}},{"id":"cd1aa499-3bba-4bd7-b7ad-8108426bfb4c","block_type":"box","text":"determines the composition and relative weightings of the","page_number":107,"box":{"x":83,"y":561,"width":371,"height":11}},{"id":"d8e34b11-1b43-44aa-8f4b-42b10de0b84a","block_type":"box","text":"components of the Underlying Index and publishes information","page_number":107,"box":{"x":83,"y":575,"width":401,"height":11}},{"id":"fff5c0ae-6b7d-43a8-bb39-bb26b9ff0143","block_type":"box","text":"regarding the market value of the Underlying Index.","page_number":107,"box":{"x":83,"y":589,"width":327,"height":11}},{"id":"0217a403-0b27-4bc3-b157-039be31f4ba0","block_type":"box","text":"Industry Concentration Policy.","page_number":107,"box":{"x":83,"y":612,"width":210,"height":11}},{"id":"915d5cbe-7557-4184-b93b-e5db21d097a4","block_type":"box","text":"The Fund will concentrate its","page_number":107,"box":{"x":298,"y":612,"width":184,"height":9}},{"id":"80e20ddf-9c5a-41b8-90c9-7b2a5f7a4d27","block_type":"box","text":"investments (","page_number":107,"box":{"x":83,"y":626,"width":85,"height":11}},{"id":"68822f28-56f3-4bae-8bc3-2e79e64d630b","block_type":"box","text":"i.e.","page_number":107,"box":{"x":169,"y":626,"width":17,"height":9}},{"id":"d9701dad-a5d2-4f32-9e43-3e126efd6f98","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":107,"box":{"x":189,"y":626,"width":264,"height":11}},{"id":"be529fe8-b9d1-48ce-a0ad-a1b2ec3a9b53","block_type":"box","text":"particular industry or group of industries to approximately the","page_number":107,"box":{"x":83,"y":641,"width":394,"height":10}},{"id":"40bac88a-2a4f-4b2c-b88a-978501527ff9","block_type":"box","text":"same extent that the Underlying Index is concentrated. For","page_number":107,"box":{"x":83,"y":655,"width":377,"height":11}},{"id":"84c0cb5e-1b99-498d-bbf5-0330ce54e72d","block_type":"box","text":"purposes of this limitation, securities of the U.S. government","page_number":107,"box":{"x":83,"y":669,"width":389,"height":11}},{"id":"515b857a-7831-4f59-9585-49c52639ef41","block_type":"box","text":"(including its agencies and instrumentalities), repurchase","page_number":107,"box":{"x":83,"y":683,"width":365,"height":11}},{"id":"748754d7-b2c5-44de-9d0d-5649848869e5","block_type":"box","text":"agreements collateralized by U.S. government securities, and","page_number":107,"box":{"x":83,"y":697,"width":392,"height":11}},{"id":"cd682ad8-0b92-4404-a8b4-adf52c97b191","block_type":"box","text":"securities of state or municipal governments and their political","page_number":107,"box":{"x":83,"y":712,"width":399,"height":10}},{"id":"1d8952c6-aa3a-4db3-bf76-9282fe28b4a3","block_type":"box","text":"subdivisions are not considered to be issued by members of any","page_number":107,"box":{"x":83,"y":726,"width":410,"height":11}},{"id":"927741a0-7376-4b58-a0ee-4544081de58e","block_type":"box","text":"industry.","page_number":107,"box":{"x":83,"y":740,"width":54,"height":11}},{"id":"a6713f4e-92be-433b-823c-f40c0a099f85","block_type":"box","text":"Summary of Principal Risks","page_number":107,"box":{"x":83,"y":769,"width":235,"height":13}},{"id":"be82bd06-d84d-4b4c-9fd0-359b00860987","block_type":"box","text":"As with any investment, you could lose all or part of your","page_number":107,"box":{"x":82,"y":794,"width":363,"height":11}},{"id":"43361412-4b75-4356-9ba8-7c78da513649","block_type":"box","text":"investment in the Fund, and the Fund’s performance could trail","page_number":107,"box":{"x":83,"y":808,"width":402,"height":11}},{"id":"e5aebac7-86f6-4eb8-993c-9b86bb06eaca","block_type":"box","text":"that of other investments. The Fund is subject to certain risks,","page_number":107,"box":{"x":83,"y":822,"width":396,"height":11}},{"id":"a759a929-e68f-4895-8098-b7b39c916e78","block_type":"box","text":"including the principal risks noted below, any of which may","page_number":107,"box":{"x":83,"y":837,"width":376,"height":10}},{"id":"fb9f4256-5574-4654-bd6a-ba8c08c6b55b","block_type":"box","text":"adversely affect the Fund’s net asset value per share (“NAV”),","page_number":107,"box":{"x":83,"y":851,"width":392,"height":11}},{"id":"b90c511d-026c-4565-a1ae-e47ee3480f84","block_type":"box","text":"trading price, yield, total return and ability to meet its investment","page_number":107,"box":{"x":83,"y":865,"width":416,"height":11}},{"id":"2eed0677-fce0-43e2-a902-56754b2a1a78","block_type":"box","text":"objective. Certain key risks are prioritized below (with others","page_number":107,"box":{"x":83,"y":879,"width":387,"height":11}},{"id":"bcbc1450-f3a5-4491-80d3-d07c8e7a01cd","block_type":"box","text":"following in alphabetical order), but the relative significance of any","page_number":107,"box":{"x":549,"y":23,"width":425,"height":11}},{"id":"b229bfcf-0d5e-4903-8c31-030064cceef6","block_type":"box","text":"risk is difficult to predict and may change over time. 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The Underlying Index may","page_number":109,"box":{"x":83,"y":632,"width":378,"height":10}},{"id":"65fbf262-c6ed-46d9-b818-ab331d7b0238","block_type":"box","text":"include companies that are subject to economic or trade","page_number":109,"box":{"x":83,"y":646,"width":362,"height":11}},{"id":"3a76f024-f280-4ea4-8f32-74369713a3dd","block_type":"box","text":"restrictions (but not investment restrictions) imposed by the U.S.","page_number":109,"box":{"x":83,"y":660,"width":416,"height":11}},{"id":"11be36c2-fdb7-472a-b2cb-0b9ca17ac4d8","block_type":"box","text":"or other governments due to national security, human rights or","page_number":109,"box":{"x":83,"y":674,"width":402,"height":11}},{"id":"a48df76b-6216-4d56-bc91-817e11393be3","block_type":"box","text":"other concerns of such government. So long as these restrictions","page_number":109,"box":{"x":83,"y":688,"width":418,"height":11}},{"id":"4100a4a3-1a78-471c-ac44-49c216745062","block_type":"box","text":"do not include restrictions on investments, the Fund is generally","page_number":109,"box":{"x":83,"y":703,"width":410,"height":10}},{"id":"caa23c0b-a45e-44f7-878b-c13b04d6f599","block_type":"box","text":"expected to invest in such companies, consistent with its","page_number":109,"box":{"x":83,"y":717,"width":365,"height":10}},{"id":"aec1cef8-2ddf-4f7c-8bf3-9a554374f61c","block_type":"box","text":"objective to track the performance of the Underlying Index.","page_number":109,"box":{"x":83,"y":731,"width":378,"height":11}},{"id":"0bb9329a-77af-4e01-935f-6033734fe334","block_type":"box","text":"Chinese companies, including those listed on U.S. exchanges, are","page_number":109,"box":{"x":83,"y":754,"width":419,"height":11}},{"id":"7ac38fbd-a355-4e25-89e3-8e50ee5793fc","block_type":"box","text":"not subject to the same degree of regulatory requirements,","page_number":109,"box":{"x":83,"y":768,"width":378,"height":11}},{"id":"74dcb56e-4a3e-4dad-addc-19d80e2d3171","block_type":"box","text":"accounting standards or auditor oversight as companies in more","page_number":109,"box":{"x":83,"y":782,"width":412,"height":11}},{"id":"8e2fba5a-8ae6-4ea2-bd48-e998a414418c","block_type":"box","text":"developed countries. As a result, information about the Chinese","page_number":109,"box":{"x":83,"y":797,"width":407,"height":10}},{"id":"20b9c853-17c7-4e52-9019-a4e3dc00b2a1","block_type":"box","text":"securities in which the Fund invests may be less reliable or","page_number":109,"box":{"x":83,"y":811,"width":375,"height":11}},{"id":"7a5d46d9-d137-45aa-b671-796943008c73","block_type":"box","text":"complete. Chinese companies with securities listed on U.S.","page_number":109,"box":{"x":83,"y":825,"width":378,"height":11}},{"id":"b937e14f-7e07-4673-b312-0b8e2efd447b","block_type":"box","text":"exchanges may be delisted if they do not meet U.S. accounting","page_number":109,"box":{"x":83,"y":839,"width":403,"height":11}},{"id":"2a2328b2-b895-4098-bb0c-146dc4470029","block_type":"box","text":"standards and auditor oversight requirements, or for other","page_number":109,"box":{"x":83,"y":853,"width":373,"height":11}},{"id":"3ad3db09-e609-470b-af9a-0f5d7aeff5d7","block_type":"box","text":"reasons, which would significantly decrease the liquidity and value","page_number":109,"box":{"x":83,"y":868,"width":423,"height":10}},{"id":"08b98213-0b69-4988-8ab2-1ea8dc84d542","block_type":"box","text":"of the securities. There may be significant obstacles to obtaining","page_number":109,"box":{"x":549,"y":23,"width":413,"height":11}},{"id":"60883661-a5e3-498a-8dfc-7169afd78c13","block_type":"box","text":"information necessary for investigations into or litigation against","page_number":109,"box":{"x":549,"y":37,"width":412,"height":11}},{"id":"9efb0983-f17f-448e-8103-747d984af0f9","block_type":"box","text":"Chinese companies, and shareholders may have limited legal","page_number":109,"box":{"x":549,"y":51,"width":389,"height":11}},{"id":"9fc09bd6-fea5-467c-af5f-a97d5ea00d55","block_type":"box","text":"remedies.","page_number":109,"box":{"x":549,"y":66,"width":62,"height":8}},{"id":"c94f3d4a-7640-4757-b3dc-b69f8406a15a","block_type":"box","text":"Many Chinese companies listed on U.S. exchanges use variable","page_number":109,"box":{"x":550,"y":89,"width":404,"height":11}},{"id":"0481e352-687c-4d6c-8006-17dd8b61a4fd","block_type":"box","text":"interest entities or “VIEs” in their structure as a result of foreign","page_number":109,"box":{"x":549,"y":103,"width":408,"height":11}},{"id":"4bc5ebd1-c9c4-46cf-a5b7-b091744bc697","block_type":"box","text":"ownership restrictions. Any change in the operations of entities in","page_number":109,"box":{"x":549,"y":117,"width":420,"height":11}},{"id":"115434a6-c761-4301-9ab7-8065b7cde0c3","block_type":"box","text":"a VIE structure, the status of VIE contractual arrangements or the","page_number":109,"box":{"x":549,"y":131,"width":420,"height":11}},{"id":"2fc72a1d-15e0-454e-bbb3-e1a0ed521a1a","block_type":"box","text":"legal or regulatory environment in China could result in significant,","page_number":109,"box":{"x":549,"y":146,"width":424,"height":10}},{"id":"df7754ae-7370-4e9f-8552-cf370293647b","block_type":"box","text":"and possibly permanent and/or total, losses for investments in","page_number":109,"box":{"x":549,"y":160,"width":403,"height":11}},{"id":"7b8b569e-52e0-4561-ae31-87198eea9d7c","block_type":"box","text":"VIE issuers. The Fund does not select investments based on","page_number":109,"box":{"x":548,"y":174,"width":383,"height":8}},{"id":"12ca96b7-46e5-441c-85eb-53b6a6b1776c","block_type":"box","text":"investor protection considerations.","page_number":109,"box":{"x":549,"y":188,"width":223,"height":11}},{"id":"4415fc39-280f-4b92-adc5-659ca0dd237e","block_type":"box","text":"Risk of Investing in the China Bond Market","page_number":109,"box":{"x":549,"y":211,"width":291,"height":11}},{"id":"c8d7a852-ed2c-4dc8-a7e3-17ae7b927d05","block_type":"box","text":". The Fund invests","page_number":109,"box":{"x":841,"y":211,"width":115,"height":9}},{"id":"f9bb07bc-18f6-4d33-abe4-2b0f4429b6b4","block_type":"box","text":"directly in the domestic bond market in the People’s Republic of","page_number":109,"box":{"x":549,"y":226,"width":409,"height":10}},{"id":"caf445a2-e3af-4300-a46c-5e477d034252","block_type":"box","text":"China (“China” or the “PRC”) (the “China Interbank Bond Market”)","page_number":109,"box":{"x":549,"y":240,"width":420,"height":10}},{"id":"70673827-3859-48a0-b1f8-fb8661e0a529","block_type":"box","text":"through the Bond Connect trading channel. All bonds traded","page_number":109,"box":{"x":549,"y":254,"width":384,"height":11}},{"id":"ba47a4c1-905d-412d-8758-f18ed5f19bbc","block_type":"box","text":"through Bond Connect are registered in the name of the PRC’s","page_number":109,"box":{"x":549,"y":268,"width":399,"height":11}},{"id":"dc600f97-a291-4c78-bff8-fe369c2cc8d1","block_type":"box","text":"Central Moneymarkets Unit (“CMU”), which holds such bonds as a","page_number":109,"box":{"x":549,"y":282,"width":423,"height":11}},{"id":"d5482c3b-edda-4bf6-9a4d-52588a72de1d","block_type":"box","text":"nominee owner. The precise nature and rights of the Fund as the","page_number":109,"box":{"x":549,"y":296,"width":412,"height":11}},{"id":"3b46f7a0-be5a-4076-a0a0-1b443b06063c","block_type":"box","text":"beneficial owner of bonds traded in the China Interbank Bond","page_number":109,"box":{"x":549,"y":311,"width":392,"height":8}},{"id":"a8f26359-1e36-484b-9762-3358a93c7e15","block_type":"box","text":"Market through CMU as nominee are relatively new and untested","page_number":109,"box":{"x":550,"y":325,"width":415,"height":11}},{"id":"b6126295-a522-4728-b35c-abf0014a4b8e","block_type":"box","text":"areas of PRC law, and the exact nature of the Fund’s remedies","page_number":109,"box":{"x":549,"y":339,"width":398,"height":10}},{"id":"9d6df173-bc10-4aa2-98aa-76023c526228","block_type":"box","text":"and methods of enforcement of its rights and interests under PRC","page_number":109,"box":{"x":549,"y":353,"width":421,"height":11}},{"id":"126fcc4a-2fa2-4ff3-9ad7-cb4f6adfb558","block_type":"box","text":"law are uncertain.","page_number":109,"box":{"x":549,"y":367,"width":113,"height":9}},{"id":"9ba754b7-4e24-452f-bd49-3dae9f58c26e","block_type":"box","text":"Market volatility and potential lack of liquidity due to low trading","page_number":109,"box":{"x":550,"y":391,"width":410,"height":10}},{"id":"abb62382-8371-46b3-9a3e-4e7df686a56e","block_type":"box","text":"volume of certain bonds in the China Interbank Bond Market may","page_number":109,"box":{"x":548,"y":405,"width":418,"height":11}},{"id":"977978aa-ad4c-4a14-84fc-eb1fd1c95ab4","block_type":"box","text":"result in the prices of certain bonds fluctuating significantly. Also,","page_number":109,"box":{"x":549,"y":419,"width":418,"height":11}},{"id":"eab142db-9ad9-433f-ad4c-17a48f374f5e","block_type":"box","text":"the systems used to trade through Bond Connect may not","page_number":109,"box":{"x":549,"y":433,"width":370,"height":11}},{"id":"90988ddf-e66c-4f50-ad14-8f482018864b","block_type":"box","text":"function as expected. Trading through Bond Connect is also","page_number":109,"box":{"x":549,"y":447,"width":380,"height":11}},{"id":"abe90d34-b194-48be-8b7e-0625f0bc8cf8","block_type":"box","text":"subject to regulatory risks, including laws and regulations that are","page_number":109,"box":{"x":549,"y":461,"width":421,"height":11}},{"id":"a489a90a-8118-426b-ae00-8e89d3f9201a","block_type":"box","text":"subject to change. There can be no assurance that Bond Connect","page_number":109,"box":{"x":549,"y":476,"width":418,"height":10}},{"id":"66b1725d-2211-4f4f-af58-bd4cfb18dc3b","block_type":"box","text":"or its features or systems will not be materially altered,","page_number":109,"box":{"x":549,"y":490,"width":351,"height":11}},{"id":"2a652160-4a5c-469e-9243-bbb2376f13f9","block_type":"box","text":"suspended, discontinued or abolished. The Fund may be subject","page_number":109,"box":{"x":549,"y":504,"width":410,"height":11}},{"id":"a5ee0e2f-55b4-459a-8d5c-d94e3c31de1c","block_type":"box","text":"to additional taxation if certain tax exemptions under PRC tax","page_number":109,"box":{"x":549,"y":518,"width":393,"height":11}},{"id":"46d0cf58-9e5b-4545-b526-2c354c4c1ec3","block_type":"box","text":"regulations are withdrawn or amended. Any taxes arising from or","page_number":109,"box":{"x":549,"y":532,"width":414,"height":11}},{"id":"a4adc2c9-52d9-4fe6-8211-4555d593a9ae","block_type":"box","text":"to the Fund may be directly borne by, or indirectly passed on to,","page_number":109,"box":{"x":549,"y":547,"width":408,"height":10}},{"id":"abb60ce0-445d-49c9-83c3-523b6d7d5ae9","block_type":"box","text":"the Fund, which may substantially impact its NAV. Investing","page_number":109,"box":{"x":549,"y":561,"width":379,"height":11}},{"id":"cb22636e-c756-43c4-91ad-0c0ab5733c0d","block_type":"box","text":"through Bond Connect subjects the Fund to currency risk, to the","page_number":109,"box":{"x":549,"y":575,"width":412,"height":11}},{"id":"9202b8d7-b164-4d50-ae18-63a0d935f958","block_type":"box","text":"extent that currency rates used for Bond Connect are different","page_number":109,"box":{"x":549,"y":589,"width":400,"height":11}},{"id":"09aabd56-0fed-4751-8c08-c89928ba8cdf","block_type":"box","text":"than the rates used in the China Interbank Bond Market.","page_number":109,"box":{"x":549,"y":603,"width":359,"height":9}},{"id":"7990466f-2de9-44dc-b3b1-c080fac2d31a","block_type":"box","text":"Risk of Investing in the U.S","page_number":109,"box":{"x":549,"y":626,"width":182,"height":11}},{"id":"29452975-b228-4bd9-acef-3dd4ab0559ae","block_type":"box","text":".","page_number":109,"box":{"x":732,"y":633,"width":2,"height":2}},{"id":"95605045-db8d-4e68-8fce-b6c52eddc075","block_type":"box","text":"Investing in U.S. issuers subjects","page_number":109,"box":{"x":740,"y":626,"width":210,"height":11}},{"id":"1865bacd-caf9-4034-8bc4-6de40e02b973","block_type":"box","text":"the Fund to legal, regulatory, political, currency, security, and","page_number":109,"box":{"x":549,"y":641,"width":391,"height":10}},{"id":"d777d8f0-40c0-497d-9618-64a0235c120c","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the","page_number":109,"box":{"x":549,"y":655,"width":423,"height":11}},{"id":"3c42f515-6e25-4229-9106-720439ba0e94","block_type":"box","text":"U.S., such as a weakening of the U.S. economy or a decline in its","page_number":109,"box":{"x":550,"y":669,"width":412,"height":11}},{"id":"248dc2a2-664e-4d25-89a1-3465eb931de8","block_type":"box","text":"financial markets, may have an adverse effect on U.S. issuers.","page_number":109,"box":{"x":549,"y":683,"width":396,"height":11}},{"id":"b9964c46-2c4d-4728-8c11-6f1a2e272e55","block_type":"box","text":"Securities Lending Risk.","page_number":109,"box":{"x":548,"y":706,"width":162,"height":11}},{"id":"ac5bca12-26dc-4c83-a3a9-27acda395024","block_type":"box","text":"The Fund may engage in securities","page_number":109,"box":{"x":716,"y":706,"width":221,"height":11}},{"id":"0976f325-9718-406f-bf45-be666ec67628","block_type":"box","text":"lending. Securities lending involves the risk that the Fund may","page_number":109,"box":{"x":549,"y":721,"width":397,"height":10}},{"id":"0a8b85ae-8cdb-4f8f-a495-32d188753f8f","block_type":"box","text":"lose money because the borrower of the loaned securities fails to","page_number":109,"box":{"x":549,"y":735,"width":418,"height":11}},{"id":"0a50a5d9-c9f9-431c-8cb4-c11068affc6b","block_type":"box","text":"return the securities in a timely manner or at all. The Fund could","page_number":109,"box":{"x":549,"y":749,"width":409,"height":11}},{"id":"71260e63-e654-49db-9d55-ab433b59b697","block_type":"box","text":"also lose money in the event of a decline in the value of collateral","page_number":109,"box":{"x":549,"y":763,"width":416,"height":11}},{"id":"13418883-28aa-4625-b08a-57dfad866c39","block_type":"box","text":"provided for loaned securities or a decline in the value of any","page_number":109,"box":{"x":549,"y":777,"width":389,"height":11}},{"id":"1d444737-b1ac-4a8e-a2a5-bb74d06aec00","block_type":"box","text":"investments made with cash collateral. These events could also","page_number":109,"box":{"x":549,"y":791,"width":406,"height":9}},{"id":"b51d8a5e-b9f1-46e0-a345-17397fadefba","block_type":"box","text":"trigger adverse tax consequences for the Fund.","page_number":109,"box":{"x":549,"y":806,"width":301,"height":10}},{"id":"d510f9fb-5cc5-48e4-bb0e-4e1f56d4a4d1","block_type":"box","text":"Tracking Error Risk","page_number":109,"box":{"x":550,"y":829,"width":128,"height":11}},{"id":"81b6f50a-1a98-4d21-90a1-d87333458620","block_type":"box","text":".","page_number":109,"box":{"x":678,"y":835,"width":3,"height":2}},{"id":"52348685-dcad-43ea-b479-c6d390ea483d","block_type":"box","text":"The Fund may be subject to “tracking error,”","page_number":109,"box":{"x":686,"y":829,"width":284,"height":11}},{"id":"0dd7363a-eeaa-4e1b-95e6-49476973725c","block_type":"box","text":"which is the divergence of the Fund’s performance from that of","page_number":109,"box":{"x":549,"y":843,"width":404,"height":11}},{"id":"09709592-479e-47ed-8029-f92810970c66","block_type":"box","text":"the Underlying Index. 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Tracking error risk may","page_number":110,"box":{"x":83,"y":236,"width":414,"height":11}},{"id":"8615a25c-0629-4c09-b06d-38900f681fd8","block_type":"box","text":"be heightened during times of increased market volatility or other","page_number":110,"box":{"x":83,"y":250,"width":419,"height":11}},{"id":"895703a9-d908-4836-a632-4d707cfab7b7","block_type":"box","text":"unusual market conditions. A Fund that tracks an index with","page_number":110,"box":{"x":83,"y":264,"width":382,"height":9}},{"id":"8394cddf-9725-4314-aa69-4e34042726cf","block_type":"box","text":"exposure to non-U.S. issuers may experience higher tracking","page_number":110,"box":{"x":83,"y":278,"width":390,"height":11}},{"id":"9396dd48-ed06-4a70-b7e0-678e667a506c","block_type":"box","text":"error than ETFs that do not track such indexes.","page_number":110,"box":{"x":83,"y":293,"width":299,"height":8}},{"id":"7554b6c4-c499-44a3-aaa2-05cbb4c78a7c","block_type":"box","text":"Valuation Risk","page_number":110,"box":{"x":550,"y":23,"width":96,"height":9}},{"id":"df56a08c-37f8-4797-9171-8b426d090bea","block_type":"box","text":".","page_number":110,"box":{"x":646,"y":30,"width":2,"height":2}},{"id":"baf0c9af-3df8-45cd-baf5-1fa9f3faa3c4","block_type":"box","text":"The price that the Fund could receive upon the","page_number":110,"box":{"x":653,"y":23,"width":298,"height":11}},{"id":"7714e2c9-189c-4735-92bf-1a9a4dedc63c","block_type":"box","text":"sale (or other disposition) of a security or other asset may differ","page_number":110,"box":{"x":549,"y":37,"width":408,"height":11}},{"id":"621c3535-4580-4a46-be16-3ee67765e470","block_type":"box","text":"from the Fund’s valuation of the security or other asset,","page_number":110,"box":{"x":549,"y":51,"width":355,"height":11}},{"id":"6744e4d7-2032-4a44-b5ed-656da99a5261","block_type":"box","text":"particularly for securities or other assets that trade in low volume","page_number":110,"box":{"x":549,"y":66,"width":418,"height":10}},{"id":"60a9f524-af08-42fa-9c3a-2e2977b7ddef","block_type":"box","text":"or volatile markets or that are valued using a fair value","page_number":110,"box":{"x":549,"y":80,"width":347,"height":11}},{"id":"fbcf4fb2-3333-4830-aece-87a8a97ea979","block_type":"box","text":"methodology. The price received by the Fund also may differ from","page_number":110,"box":{"x":549,"y":94,"width":418,"height":11}},{"id":"c76eba93-92b2-4da9-8533-5621e1233459","block_type":"box","text":"the value used by the Underlying Index. In addition, the value of","page_number":110,"box":{"x":549,"y":108,"width":406,"height":11}},{"id":"e263550c-3106-4048-acb4-4f094d81fe59","block_type":"box","text":"the securities or other assets in the Fund’s portfolio may change","page_number":110,"box":{"x":549,"y":122,"width":411,"height":11}},{"id":"147db9df-d37b-4cc3-8589-ef22d5d25743","block_type":"box","text":"on days or during time periods when investors are not able to","page_number":110,"box":{"x":549,"y":137,"width":392,"height":10}},{"id":"1cdf83af-a3e9-4faf-b814-88fc50bf400f","block_type":"box","text":"purchase or sell Fund shares. Authorized Participants that create","page_number":110,"box":{"x":549,"y":151,"width":414,"height":11}},{"id":"c4f2699b-54f1-4e78-ac36-240f25c672cf","block_type":"box","text":"or redeem Fund shares on days when the Fund is holding fair","page_number":110,"box":{"x":549,"y":165,"width":394,"height":11}},{"id":"8ce7ea97-688f-4ec9-90b4-96054a6896e8","block_type":"box","text":"valued securities or other assets may receive fewer or more","page_number":110,"box":{"x":548,"y":179,"width":383,"height":11}},{"id":"34563d23-e7c8-4d5c-a373-094c7ef2b99b","block_type":"box","text":"shares, or lower or higher redemption proceeds, than they would","page_number":110,"box":{"x":549,"y":193,"width":414,"height":11}},{"id":"57e20177-a9b2-4cf5-b57b-5b2a6d1c3bb3","block_type":"box","text":"have received had the securities or other assets not been fair","page_number":110,"box":{"x":549,"y":207,"width":392,"height":9}},{"id":"3905b337-18f3-4cc6-9ee0-bd65ef48f5b3","block_type":"box","text":"valued or been valued using a different methodology. The ability to","page_number":110,"box":{"x":548,"y":222,"width":425,"height":10}},{"id":"6edb512a-f659-424b-bebf-65732aca0df5","block_type":"box","text":"value investments may be impacted by technological issues or","page_number":110,"box":{"x":548,"y":236,"width":400,"height":11}},{"id":"efb6a0cb-c13f-4436-bda9-a659bcfca1c1","block_type":"box","text":"errors by pricing services or other third-party service providers.","page_number":110,"box":{"x":549,"y":250,"width":405,"height":11}},{"id":"3d1d87ab-05b8-4b51-834d-aefae0084386","block_type":"box","text":"S-99","page_number":110,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"cdfc1a17-8da9-46a1-9945-acec14b0fea6","block_type":"box","text":"Performance Information","page_number":111,"box":{"x":84,"y":22,"width":213,"height":11}},{"id":"08f6b8f1-2c0b-496b-925c-088036dd3a8b","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":111,"box":{"x":82,"y":48,"width":887,"height":10}},{"id":"561045b5-2d29-4630-8052-0559739f6d81","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":111,"box":{"x":83,"y":62,"width":872,"height":11}},{"id":"20a4ccb4-c884-45c4-944e-dd81c66f92ac","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":111,"box":{"x":83,"y":76,"width":867,"height":11}},{"id":"549a53ca-6f18-4625-8697-e9dacf331e44","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":111,"box":{"x":83,"y":90,"width":863,"height":11}},{"id":"d0e832f0-692f-4825-a8ec-c4fd36e0c421","block_type":"box","text":"agreements to waive or reimburse expenses, which would reduce performance if not in effect. Past performance (before and after taxes)","page_number":111,"box":{"x":83,"y":104,"width":874,"height":11}},{"id":"05992198-e39b-4a66-8346-a27f51547b71","block_type":"box","text":"does not necessarily indicate how the Fund will perform in the future. Updated performance information, including the Fund’s current NAV,","page_number":111,"box":{"x":83,"y":119,"width":888,"height":10}},{"id":"45fb3f35-7a26-4407-91e9-cc8aa66083d8","block_type":"box","text":"may be obtained by visiting www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":111,"box":{"x":83,"y":133,"width":652,"height":11}},{"id":"d9a359c7-c98a-48d6-a9af-aac9affaea03","block_type":"box","text":"Calendar Year-by-Year 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2","page_number":111,"box":{"x":418,"y":321,"width":73,"height":7}},{"id":"224d53c9-359f-47ee-bc26-b17764ccd5fa","block_type":"box","text":"0","page_number":111,"box":{"x":492,"y":321,"width":6,"height":7}},{"id":"65220856-28e1-464c-baca-2fb1811fb7e8","block_type":"box","text":"2","page_number":111,"box":{"x":500,"y":321,"width":5,"height":7}},{"id":"04b40537-091a-4b2a-9243-524dae388705","block_type":"box","text":"3","page_number":111,"box":{"x":507,"y":321,"width":5,"height":7}},{"id":"9fd3ae4c-ede1-4eae-8516-83b5120393a8","block_type":"box","text":"2","page_number":111,"box":{"x":567,"y":321,"width":5,"height":7}},{"id":"1c2879fd-631a-4a2b-9e59-ee4f95060863","block_type":"box","text":"0","page_number":111,"box":{"x":574,"y":321,"width":6,"height":7}},{"id":"c52bbc4c-059e-4650-815f-75de93bab348","block_type":"box","text":"2","page_number":111,"box":{"x":581,"y":321,"width":5,"height":7}},{"id":"43236911-489f-4e2f-9f2a-6b9f8e2a7d8a","block_type":"box","text":"4","page_number":111,"box":{"x":588,"y":321,"width":6,"height":7}},{"id":"32b6724e-4193-4c44-903d-4c8edae6e914","block_type":"box","text":"2","page_number":111,"box":{"x":648,"y":321,"width":6,"height":7}},{"id":"3447c79c-cf6a-4df3-a054-939837083e29","block_type":"box","text":"0","page_number":111,"box":{"x":655,"y":321,"width":6,"height":7}},{"id":"4b5d5f7b-4c27-424f-a6f5-f786f52aaad9","block_type":"box","text":"2","page_number":111,"box":{"x":663,"y":321,"width":5,"height":7}},{"id":"3f6ab180-f006-4ede-ab83-0b4e149b7c83","block_type":"box","text":"5","page_number":111,"box":{"x":670,"y":321,"width":5,"height":7}},{"id":"a6801596-869c-4d44-8e33-bc0011109975","block_type":"box","text":"-17.09%","page_number":111,"box":{"x":399,"y":281,"width":37,"height":6}},{"id":"622976b0-6376-468e-b984-795a11fbac7c","block_type":"box","text":"8.99%","page_number":111,"box":{"x":486,"y":215,"width":27,"height":6}},{"id":"36c3165d-9120-41c1-8b2c-a57ebe401740","block_type":"box","text":"3.25%","page_number":111,"box":{"x":567,"y":226,"width":27,"height":6}},{"id":"7070bd93-94d3-4503-b324-8c8571cf6733","block_type":"box","text":"9.09%","page_number":111,"box":{"x":649,"y":215,"width":27,"height":6}},{"id":"168ef987-3dc7-4f77-8827-b165630ba16b","block_type":"box","text":"Return (%) Period Ended","page_number":111,"box":{"x":553,"y":348,"width":171,"height":9}},{"id":"35f76c37-6811-4aef-a0b1-4990b7f19b50","block_type":"box","text":"During the periods shown in the chart:","page_number":111,"box":{"x":318,"y":366,"width":239,"height":9}},{"id":"925365d2-b1c4-4b91-ae8a-4f988a6c0c4a","block_type":"box","text":"Best Quarter 8.69% December 31, 2023","page_number":111,"box":{"x":331,"y":379,"width":408,"height":9}},{"id":"32a905b3-6664-43d1-aa98-1e2e62a20f72","block_type":"box","text":"Worst Quarter -8.14% March 31, 2022","page_number":111,"box":{"x":330,"y":391,"width":409,"height":9}},{"id":"7145e314-ce05-4455-81eb-3aa28a455dfb","block_type":"box","text":"Average Annual Total Returns","page_number":111,"box":{"x":425,"y":420,"width":206,"height":11}},{"id":"9d9a8097-96a8-4316-995d-759e105eb1ad","block_type":"box","text":"(for the periods ended December 31, 2025)","page_number":111,"box":{"x":378,"y":434,"width":301,"height":11}},{"id":"f9c98e43-d9ad-49f7-bbde-f76ea730b4ad","block_type":"box","text":"One Year","page_number":111,"box":{"x":789,"y":464,"width":56,"height":7}},{"id":"1f8d304e-f407-4dbd-b59b-0787caf4436e","block_type":"box","text":"Since Fund","page_number":111,"box":{"x":866,"y":451,"width":67,"height":7}},{"id":"93bc40a9-cf65-4ae3-becd-316db42210e8","block_type":"box","text":"Inception","page_number":111,"box":{"x":871,"y":464,"width":57,"height":9}},{"id":"9401cb93-6093-4f6d-8e1d-988d58b25263","block_type":"box","text":"(Inception Date: 6/22/2021)","page_number":111,"box":{"x":123,"y":482,"width":177,"height":9}},{"id":"e7fa2da8-8b74-4d22-8c7b-738053411414","block_type":"box","text":"Return Before Taxes","page_number":111,"box":{"x":124,"y":493,"width":112,"height":8}},{"id":"a84a5474-69ea-4f4a-a5e2-e2e190717add","block_type":"box","text":"9.09% 0.50%","page_number":111,"box":{"x":800,"y":493,"width":118,"height":8}},{"id":"46f43409-a756-4406-b0df-f0232f0f26e3","block_type":"box","text":"Return After Taxes on Distributions","page_number":111,"box":{"x":124,"y":505,"width":197,"height":7}},{"id":"19e18dbc-ab41-4151-8931-abe5290e2653","block_type":"box","text":"6.96% -1.21%","page_number":111,"box":{"x":800,"y":505,"width":118,"height":7}},{"id":"717ac58d-47b0-40cd-a60a-e26377e76b45","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 5.34% -0.38%","page_number":111,"box":{"x":124,"y":517,"width":794,"height":7}},{"id":"7cec2411-cb34-464d-89a5-93e14e2f660c","block_type":"box","text":"Bloomberg U.S. Universal Index","page_number":111,"box":{"x":124,"y":528,"width":194,"height":10}},{"id":"11a5f2ca-17fd-4089-abd4-04159c0ceb35","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes) 7.58% 0.36%","page_number":111,"box":{"x":323,"y":528,"width":595,"height":10}},{"id":"33b52d72-f606-40c8-8f9f-6f0eae7ac7b3","block_type":"box","text":"Bloomberg December 2031 Maturity Corporate Index","page_number":111,"box":{"x":124,"y":540,"width":329,"height":9}},{"id":"d7eb099d-318e-4f71-804f-412d142ca356","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses","page_number":111,"box":{"x":457,"y":540,"width":304,"height":9}},{"id":"63a52910-7deb-4f08-86b7-50f10e71d582","block_type":"box","text":"or taxes)","page_number":111,"box":{"x":137,"y":553,"width":48,"height":9}},{"id":"4201b5ef-5e0b-465f-a0f5-ddec5d03dd6c","block_type":"box","text":"9.29% 0.55%","page_number":111,"box":{"x":800,"y":553,"width":118,"height":7}},{"id":"a10a23dd-938e-4ce6-bd99-cedff8c381b4","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not","page_number":111,"box":{"x":82,"y":592,"width":882,"height":10}},{"id":"5fb7173a-dedc-4125-a9cf-bf5890279b6f","block_type":"box","text":"reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown,","page_number":111,"box":{"x":83,"y":606,"width":871,"height":11}},{"id":"c16a779b-1574-43bb-a97d-2c3f9394f4a1","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":111,"box":{"x":83,"y":620,"width":860,"height":11}},{"id":"140ee216-ade5-4e9f-a4f8-db034d491725","block_type":"box","text":"such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are","page_number":111,"box":{"x":83,"y":634,"width":855,"height":11}},{"id":"a19c57aa-f421-421b-9c29-716b8dd54193","block_type":"box","text":"calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses","page_number":111,"box":{"x":83,"y":648,"width":883,"height":11}},{"id":"97d2bef7-f647-4c85-a64c-211c2588e056","block_type":"box","text":"from the sales of Fund shares. 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A higher portfolio turnover rate may indicate higher","page_number":114,"box":{"x":83,"y":51,"width":395,"height":11}},{"id":"6b4bacb6-dfc3-47b3-a19c-1156db3dc2af","block_type":"box","text":"transaction costs and may result in higher taxes when Fund","page_number":114,"box":{"x":83,"y":66,"width":380,"height":11}},{"id":"23ae7c8e-3de4-403d-a0d9-9ba07d24493e","block_type":"box","text":"shares are held in a taxable account. These costs, which are not","page_number":114,"box":{"x":83,"y":80,"width":409,"height":10}},{"id":"cefc03ad-3622-4b80-8420-4e4cbcb30f93","block_type":"box","text":"reflected in the Annual Fund Operating Expenses or in the","page_number":114,"box":{"x":83,"y":94,"width":368,"height":11}},{"id":"433184a7-1ec0-462d-adcd-1d67cd3a9b0d","block_type":"box","text":"Example, affect the Fund’s performance. 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The Fund is a term fund that","page_number":114,"box":{"x":82,"y":262,"width":419,"height":10}},{"id":"4be0c995-91db-48c5-9de2-a07e1b5f0c70","block_type":"box","text":"will terminate on or about December 15, 2032, at which time it","page_number":114,"box":{"x":82,"y":276,"width":403,"height":10}},{"id":"6626a71f-b8ae-42de-aad7-d2a26f7afc2a","block_type":"box","text":"will distribute its remaining net assets to shareholders pursuant to","page_number":114,"box":{"x":82,"y":290,"width":425,"height":11}},{"id":"34dd0722-774f-4250-8a63-67b86b6c8e73","block_type":"box","text":"a plan of liquidation. The Fund does not seek to return any","page_number":114,"box":{"x":83,"y":304,"width":372,"height":11}},{"id":"309b81e9-c850-405f-9f58-d03d1d789f3f","block_type":"box","text":"predetermined amount at maturity or in periodic distributions. The","page_number":114,"box":{"x":83,"y":318,"width":423,"height":11}},{"id":"c8e97942-fa5f-41ab-a23d-07a17fa464d2","block_type":"box","text":"Underlying Index is composed of U.S. dollar-denominated,","page_number":114,"box":{"x":83,"y":333,"width":371,"height":10}},{"id":"49c0f446-475a-4d9d-9b2b-82511c8c805f","block_type":"box","text":"taxable, investment-grade (as determined by Bloomberg Index","page_number":114,"box":{"x":83,"y":347,"width":398,"height":11}},{"id":"6f3f4b98-4d84-4b3e-9b97-0cb66e9ff1e8","block_type":"box","text":"Services Limited (the “Index Provider” or “Bloomberg”)) corporate","page_number":114,"box":{"x":83,"y":361,"width":421,"height":11}},{"id":"3e867b9a-2166-492b-ac61-eece393d6b99","block_type":"box","text":"bonds scheduled to mature between January 1, 2032 and","page_number":114,"box":{"x":83,"y":375,"width":365,"height":11}},{"id":"7e5a09c1-8435-4cb1-9d23-36393b458ddc","block_type":"box","text":"December 15, 2032, inclusive. 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The","page_number":114,"box":{"x":82,"y":432,"width":379,"height":11}},{"id":"169051c8-229c-4403-a1f0-742aa441c1ca","block_type":"box","text":"components of the Underlying Index are likely to change over","page_number":114,"box":{"x":83,"y":446,"width":392,"height":11}},{"id":"2436db2d-81f5-4f8e-babc-8da3136b8f27","block_type":"box","text":"time.","page_number":114,"box":{"x":83,"y":460,"width":31,"height":9}},{"id":"d5dc083f-123a-4926-951d-ab494765c7bd","block_type":"box","text":"The Underlying Index consists of U.S. dollar-denominated,","page_number":114,"box":{"x":82,"y":482,"width":371,"height":11}},{"id":"291210ae-1865-4f4c-bd27-684aa457203f","block_type":"box","text":"investment-grade securities publicly issued by U.S. and non-U.S.","page_number":114,"box":{"x":83,"y":496,"width":413,"height":11}},{"id":"f3624e3b-61f2-452d-ae9f-c787b3deacbc","block_type":"box","text":"corporate issuers that have $300 million or more of outstanding","page_number":114,"box":{"x":83,"y":510,"width":410,"height":11}},{"id":"8b2317fe-5cb5-4df1-859a-e3d363695ed7","block_type":"box","text":"face value at the time of inclusion. The non-U.S. corporate issuers","page_number":114,"box":{"x":82,"y":525,"width":422,"height":10}},{"id":"e98b3e90-50bc-49ef-b306-4e0ed7c4f1a0","block_type":"box","text":"included in the Underlying Index consist primarily of corporate","page_number":114,"box":{"x":83,"y":539,"width":397,"height":11}},{"id":"e2346625-5d8e-4e3a-b0a5-60478798a56e","block_type":"box","text":"bonds issued by companies domiciled in developed countries. The","page_number":114,"box":{"x":83,"y":553,"width":422,"height":11}},{"id":"556e1f68-dd6c-4cbe-b395-347a0bf5ab51","block_type":"box","text":"Fund will invest in non-U.S. issuers to the extent necessary for it","page_number":114,"box":{"x":84,"y":567,"width":411,"height":11}},{"id":"920d54e8-4c2b-40b2-832e-90437428dbce","block_type":"box","text":"to track the Underlying Index. Each bond included in the","page_number":114,"box":{"x":83,"y":581,"width":358,"height":11}},{"id":"7d1d42b7-d61f-4f02-8bb7-1541163e6e83","block_type":"box","text":"Underlying Index must be registered with the SEC, have been","page_number":114,"box":{"x":83,"y":596,"width":390,"height":10}},{"id":"e5875ca7-5560-41d3-932a-f022e0dee5e9","block_type":"box","text":"exempt from registration at issuance, or have been offered","page_number":114,"box":{"x":83,"y":610,"width":375,"height":11}},{"id":"86de8d89-beaa-41da-a6a5-9709eb31f936","block_type":"box","text":"pursuant to Rule 144A under the Securities Act of 1933, as","page_number":114,"box":{"x":83,"y":624,"width":375,"height":11}},{"id":"68d60e16-2e00-4060-a4d3-ddb0fa65f7db","block_type":"box","text":"amended (the “1933 Act”), with registration rights. Further, the","page_number":114,"box":{"x":83,"y":638,"width":402,"height":11}},{"id":"7d8f2774-b588-4573-9401-df04bc52ef9c","block_type":"box","text":"securities in the Underlying Index must be denominated in U.S.","page_number":114,"box":{"x":83,"y":652,"width":402,"height":11}},{"id":"3c65a3b0-ddd1-4668-a736-969adb76aef1","block_type":"box","text":"dollars and have a fixed rate, although they can carry a coupon","page_number":114,"box":{"x":83,"y":666,"width":401,"height":11}},{"id":"ca29b12e-c415-45e5-add6-5b6c825b1856","block_type":"box","text":"that steps-up or changes according to a predetermined schedule.","page_number":114,"box":{"x":83,"y":681,"width":418,"height":10}},{"id":"4372c1cd-8aee-4b47-9575-06f4e8d8e2bf","block_type":"box","text":"In addition, to be included in the Underlying Index, securities that","page_number":114,"box":{"x":83,"y":695,"width":416,"height":11}},{"id":"91fa9d82-0b0f-488e-a263-35ce168f3483","block_type":"box","text":"are rated by all three of the rating agencies named below must be","page_number":114,"box":{"x":83,"y":709,"width":420,"height":11}},{"id":"7c0fbf7c-b04c-4fa3-8f92-dd9b4f819ae2","block_type":"box","text":"rated “investment-grade” by at least two of the three rating","page_number":114,"box":{"x":83,"y":723,"width":379,"height":11}},{"id":"348fda75-98c8-4afe-b9f4-4168199cc414","block_type":"box","text":"agencies, which is defined as Baa3 or higher by Moody’s Investors","page_number":114,"box":{"x":83,"y":737,"width":423,"height":11}},{"id":"800b89a3-eba0-45bb-900c-58215339067b","block_type":"box","text":"Service, Inc. or BBB- or higher by S&P Global Ratings or Fitch","page_number":114,"box":{"x":83,"y":752,"width":389,"height":10}},{"id":"863c6bf6-7a08-4c3c-921f-f1b6641941f4","block_type":"box","text":"Ratings, Inc. When ratings from only two of the three rating","page_number":114,"box":{"x":83,"y":766,"width":377,"height":11}},{"id":"76093438-ec52-4a55-9ace-17f74000e48b","block_type":"box","text":"agencies are available, the lower rating is used to determine","page_number":114,"box":{"x":83,"y":780,"width":384,"height":11}},{"id":"feda2413-54b8-4b18-b7ec-d5e89708e7d1","block_type":"box","text":"eligibility. Securities with a rating from only one of the three","page_number":114,"box":{"x":83,"y":794,"width":381,"height":11}},{"id":"a301dcb9-79da-43fc-b71c-2c83ca7e8740","block_type":"box","text":"ratings agencies must be rated investment-grade in order to be","page_number":114,"box":{"x":83,"y":808,"width":404,"height":11}},{"id":"4711cd5e-11af-4831-8138-9bc901bb9da1","block_type":"box","text":"included in the Underlying Index. In cases where ratings are not","page_number":114,"box":{"x":83,"y":822,"width":406,"height":11}},{"id":"a74463ea-0070-427a-932c-e1405d0f819a","block_type":"box","text":"available, other sources may be used to classify securities by","page_number":114,"box":{"x":83,"y":837,"width":390,"height":10}},{"id":"1a3129e1-4107-41ca-8934-2ef255b112f7","block_type":"box","text":"investment quality.","page_number":114,"box":{"x":83,"y":851,"width":120,"height":11}},{"id":"920b1d48-c1c2-42cb-82cc-94721a6db247","block_type":"box","text":"The Underlying Index is constructed with the following","page_number":114,"box":{"x":549,"y":23,"width":346,"height":11}},{"id":"1165c4b2-b670-4251-aa0a-0cf7c24ef8d2","block_type":"box","text":"methodology. The parent index, the Bloomberg U.S. Corporate","page_number":114,"box":{"x":549,"y":37,"width":398,"height":11}},{"id":"d29fa9f7-08cd-44ca-91e5-41b9ffe9704f","block_type":"box","text":"Index (the “Parent Index”), representing U.S. dollar-denominated,","page_number":114,"box":{"x":550,"y":51,"width":416,"height":11}},{"id":"9b945170-cf5a-42f5-8c67-0107d5bab2d1","block_type":"box","text":"taxable, investment-grade corporate bonds, is stripped of","page_number":114,"box":{"x":549,"y":66,"width":368,"height":11}},{"id":"17d71d85-2d7f-4924-8a10-9eb7ad729629","block_type":"box","text":"securities maturing outside of the maturity range described","page_number":114,"box":{"x":549,"y":80,"width":379,"height":11}},{"id":"c55b7682-5783-413c-ace7-b0fa0135a6c1","block_type":"box","text":"above. During the final two years of the Underlying Index, bonds","page_number":114,"box":{"x":549,"y":94,"width":409,"height":11}},{"id":"3f3a94e7-df81-4b9c-86b0-23aed04f9524","block_type":"box","text":"that mature in 2032, but had not been eligible for inclusion in the","page_number":114,"box":{"x":549,"y":108,"width":416,"height":11}},{"id":"499bb8ef-3a0f-4538-b6b6-5ad0e69efe0d","block_type":"box","text":"Parent Index due to being within one year of maturity, will be","page_number":114,"box":{"x":550,"y":122,"width":386,"height":11}},{"id":"a98a7e7d-1391-4b35-a520-0a070a402c35","block_type":"box","text":"eligible for inclusion in the Underlying Index until such bonds","page_number":114,"box":{"x":549,"y":137,"width":387,"height":10}},{"id":"52dcf310-63b7-494e-9ba4-e23a0252786f","block_type":"box","text":"reach maturity. Securities are then market-cap weighted within","page_number":114,"box":{"x":549,"y":151,"width":403,"height":11}},{"id":"2d40143c-3c90-482d-9c2a-8e037bcf120b","block_type":"box","text":"the Underlying Index, with a 3% cap typically imposed on any one","page_number":114,"box":{"x":549,"y":165,"width":415,"height":11}},{"id":"3dd1f8e2-cf37-414e-b2c2-169165aaa247","block_type":"box","text":"issuer, and a","page_number":114,"box":{"x":549,"y":179,"width":80,"height":10}},{"id":"c0414280-7c70-4eab-ba7f-4b12775edea3","block_type":"box","text":"pro rata","page_number":114,"box":{"x":633,"y":180,"width":50,"height":10}},{"id":"bbbd2c0b-510f-4af8-a73e-311fb2583ba1","block_type":"box","text":"distribution of any excess weight across the","page_number":114,"box":{"x":688,"y":179,"width":280,"height":11}},{"id":"1fbf5cc5-9d87-4adb-8474-3503a21a555c","block_type":"box","text":"remaining issuers in the Underlying Index. In the event a 3% cap is","page_number":114,"box":{"x":549,"y":193,"width":421,"height":11}},{"id":"cf1634c0-59af-4694-9625-274e239000fe","block_type":"box","text":"not possible due to lack of issuers, the cap will be increased in","page_number":114,"box":{"x":549,"y":207,"width":399,"height":11}},{"id":"dabd6f83-d944-48be-aaf7-93b49879e219","block_type":"box","text":"0.50% increments until the Underlying Index can be calculated.","page_number":114,"box":{"x":549,"y":222,"width":402,"height":10}},{"id":"ffa20a6f-55e4-4b82-ae2e-9a3149ec4ff9","block_type":"box","text":"The securities in the Underlying Index are updated on the last","page_number":114,"box":{"x":549,"y":244,"width":392,"height":10}},{"id":"c87f846a-2b95-4d0e-8bf2-f1517bdd6aea","block_type":"box","text":"calendar day of each month until June 30, 2032. The last","page_number":114,"box":{"x":549,"y":258,"width":362,"height":11}},{"id":"73ac4fd6-a325-4257-aec2-25319263b538","block_type":"box","text":"rebalance date will be on June 30, 2032. During this final six","page_number":114,"box":{"x":549,"y":272,"width":385,"height":11}},{"id":"112ca127-b589-47eb-9143-e5bf893cc549","block_type":"box","text":"month period, the Underlying Index will no longer be updated or","page_number":114,"box":{"x":549,"y":286,"width":408,"height":11}},{"id":"d0d1941f-5ee2-46b7-983b-23dffd47fa09","block_type":"box","text":"rebalanced, except to remove securities which are downgraded to","page_number":114,"box":{"x":549,"y":300,"width":422,"height":11}},{"id":"46c4e2de-590a-426b-b6f3-4d070c627a36","block_type":"box","text":"below investment-grade per the eligibility criteria described","page_number":114,"box":{"x":549,"y":315,"width":380,"height":10}},{"id":"672319fc-97a6-4ad1-9046-348f21f387df","block_type":"box","text":"above. Additionally, during this period, existing bond weights will","page_number":114,"box":{"x":549,"y":329,"width":412,"height":10}},{"id":"50081870-1e31-4136-b1e9-91074e367b53","block_type":"box","text":"be allowed to float based on changes in market value. 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The Fund will invest no more","page_number":115,"box":{"x":84,"y":52,"width":393,"height":10}},{"id":"5a36aa98-da41-4f44-a7d1-abc7eada5ae1","block_type":"box","text":"than 10% of its assets in futures, options and swaps contracts that","page_number":115,"box":{"x":83,"y":66,"width":423,"height":10}},{"id":"aeeec2f0-aacc-4977-80d5-f9437f690b64","block_type":"box","text":"BFA believes will help the Fund track the Underlying Index as well","page_number":115,"box":{"x":84,"y":80,"width":415,"height":11}},{"id":"366ecffa-6f67-4f8a-a7c4-a66f1d419936","block_type":"box","text":"as in fixed income securities other than the types included in the","page_number":115,"box":{"x":83,"y":94,"width":413,"height":11}},{"id":"16829d7e-5566-417e-838c-5c71cfb79c60","block_type":"box","text":"Underlying Index, but which BFA believes will help the Fund track","page_number":115,"box":{"x":83,"y":108,"width":414,"height":11}},{"id":"1ef112da-553b-4b5d-8237-b670864d5223","block_type":"box","text":"the Underlying Index. Cash and cash equivalent investments","page_number":115,"box":{"x":83,"y":122,"width":385,"height":11}},{"id":"836cb9a5-ca11-4648-9d1e-b7578229057d","block_type":"box","text":"associated with a derivative position will be treated as part of that","page_number":115,"box":{"x":83,"y":137,"width":421,"height":10}},{"id":"e95c1a63-cf29-4ac1-839f-b63e1aaada13","block_type":"box","text":"position for the purposes of calculating the percentage of","page_number":115,"box":{"x":83,"y":151,"width":367,"height":11}},{"id":"15df6a08-ba24-4d5d-93c2-f8048e9d43f0","block_type":"box","text":"investments included in the Underlying Index.","page_number":115,"box":{"x":83,"y":165,"width":290,"height":11}},{"id":"c0b779c5-a8dc-4471-84cb-ecc4128868d3","block_type":"box","text":"In the last six months of operation, as the bonds held by the Fund","page_number":115,"box":{"x":83,"y":187,"width":418,"height":11}},{"id":"2a40f8de-fe49-4e06-b487-79104ad78189","block_type":"box","text":"mature, the proceeds may not be reinvested by the Fund in bonds","page_number":115,"box":{"x":83,"y":201,"width":420,"height":11}},{"id":"98b3c9ad-ce9e-417e-b3ba-34c2702d7a83","block_type":"box","text":"but instead will be held in cash and cash equivalents. By fifteen","page_number":115,"box":{"x":83,"y":215,"width":403,"height":11}},{"id":"65a97744-6412-4f96-a02f-83bd5dc52799","block_type":"box","text":"days prior to maturity, the Underlying Index is expected to consist","page_number":115,"box":{"x":83,"y":229,"width":421,"height":11}},{"id":"570d4043-2554-4f16-9de5-0510f91a07d5","block_type":"box","text":"almost entirely of cash and cash equivalents. On or around this","page_number":115,"box":{"x":83,"y":244,"width":402,"height":10}},{"id":"b59b8610-e311-43de-a455-6c5aa05cda13","block_type":"box","text":"date, the Fund will wind up and terminate. After appropriate","page_number":115,"box":{"x":83,"y":258,"width":382,"height":11}},{"id":"2e1818b6-ec74-4e4b-8678-48ebfc71c8e8","block_type":"box","text":"provision is made for any Fund liabilities, its net assets will be","page_number":115,"box":{"x":83,"y":272,"width":393,"height":11}},{"id":"0d439937-cdd9-4789-b9a9-ef09c288435c","block_type":"box","text":"distributed to then-current shareholders pursuant to a plan of","page_number":115,"box":{"x":83,"y":286,"width":394,"height":11}},{"id":"20976333-b072-4fea-9e30-35b36df17ff6","block_type":"box","text":"liquidation. The Fund’s termination was approved by a majority of","page_number":115,"box":{"x":83,"y":300,"width":418,"height":11}},{"id":"4a03c0db-af3b-4303-afde-778f15d5f2ef","block_type":"box","text":"the Trust’s Board of Trustees (the “Board”) and does not require","page_number":115,"box":{"x":83,"y":314,"width":406,"height":11}},{"id":"4186c7c6-fc9a-4102-a2b9-a50e3f851f0d","block_type":"box","text":"additional approval by Fund shareholders. The Board may extend","page_number":115,"box":{"x":83,"y":329,"width":413,"height":10}},{"id":"ba3bc356-5d9f-4a6e-a11c-801dfc97a8f5","block_type":"box","text":"the termination date if a majority of the Board determines the","page_number":115,"box":{"x":83,"y":343,"width":394,"height":11}},{"id":"e81ce261-b055-4894-a82b-14888c9fbed8","block_type":"box","text":"extension to be in the best interest of the Fund.","page_number":115,"box":{"x":83,"y":357,"width":303,"height":9}},{"id":"484521fa-5e5c-4b78-b14f-f7e259afba66","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying","page_number":115,"box":{"x":82,"y":379,"width":414,"height":11}},{"id":"23b0de93-f2d3-439b-a836-04736927d0f4","block_type":"box","text":"Index before fees and expenses of the Fund. 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The Index Provider","page_number":115,"box":{"x":83,"y":575,"width":354,"height":11}},{"id":"90e13456-2399-458f-9356-de42e8fc78e2","block_type":"box","text":"determines the composition and relative weightings of the","page_number":115,"box":{"x":83,"y":589,"width":371,"height":11}},{"id":"7211eb8f-d09a-4da9-816e-1da2227e9b45","block_type":"box","text":"components of the Underlying Index and publishes information","page_number":115,"box":{"x":83,"y":603,"width":401,"height":11}},{"id":"ed9f63f1-450b-4ca9-b911-5254da2f1333","block_type":"box","text":"regarding the market value of the Underlying Index.","page_number":115,"box":{"x":83,"y":617,"width":327,"height":11}},{"id":"f3e2e498-f456-485c-a95e-f8eece1d747c","block_type":"box","text":"Industry Concentration Policy.","page_number":115,"box":{"x":83,"y":641,"width":210,"height":10}},{"id":"a52116cc-871d-48cd-b4c0-3da3e3a50ff3","block_type":"box","text":"The Fund will concentrate its","page_number":115,"box":{"x":298,"y":641,"width":184,"height":8}},{"id":"e445af5e-6a9f-4b20-a31f-9b679df74b16","block_type":"box","text":"investments (","page_number":115,"box":{"x":83,"y":655,"width":85,"height":11}},{"id":"1fb8dab0-5952-48fa-a6cb-56f42ee384dd","block_type":"box","text":"i.e.","page_number":115,"box":{"x":169,"y":655,"width":17,"height":8}},{"id":"5cf9cae0-7950-4763-967d-a9702a6832ce","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":115,"box":{"x":189,"y":655,"width":264,"height":11}},{"id":"badb37c4-77f6-4587-b8f0-eec4da01658e","block_type":"box","text":"particular industry or group of industries to approximately the","page_number":115,"box":{"x":83,"y":669,"width":394,"height":11}},{"id":"e92a2176-af2f-41c8-8aca-46d69c3d6e0d","block_type":"box","text":"same extent that the Underlying Index is concentrated. For","page_number":115,"box":{"x":83,"y":683,"width":377,"height":11}},{"id":"7f656999-616f-4103-95c0-a30efe1db828","block_type":"box","text":"purposes of this limitation, securities of the U.S. government","page_number":115,"box":{"x":83,"y":697,"width":389,"height":11}},{"id":"4285f0ed-8b60-4a6c-b1f3-0edf0a67c77d","block_type":"box","text":"(including its agencies and instrumentalities), repurchase","page_number":115,"box":{"x":83,"y":712,"width":365,"height":10}},{"id":"a7f35951-e41a-49d2-bf5f-9d0d63b8a73f","block_type":"box","text":"agreements collateralized by U.S. government securities, and","page_number":115,"box":{"x":83,"y":726,"width":392,"height":11}},{"id":"eee36356-a5ea-48e7-adb8-cd3b164242cd","block_type":"box","text":"securities of state or municipal governments and their political","page_number":115,"box":{"x":83,"y":740,"width":399,"height":11}},{"id":"147f0c5a-e27c-4690-a5a6-99b2e7587afb","block_type":"box","text":"subdivisions are not considered to be issued by members of any","page_number":115,"box":{"x":83,"y":754,"width":410,"height":11}},{"id":"b3d1db98-1a7f-4248-97b7-c43b8d527bb0","block_type":"box","text":"industry.","page_number":115,"box":{"x":83,"y":768,"width":54,"height":11}},{"id":"0bc252f9-e316-42fc-912e-f89ddceb0ca6","block_type":"box","text":"Summary of Principal Risks","page_number":115,"box":{"x":83,"y":797,"width":235,"height":14}},{"id":"a27d1d20-eaf3-46e9-93ee-025a1c978191","block_type":"box","text":"As with any investment, you could lose all or part of your","page_number":115,"box":{"x":82,"y":822,"width":363,"height":11}},{"id":"cc36e321-debb-43fd-94fb-baa720df66e0","block_type":"box","text":"investment in the Fund, and the Fund’s performance could trail","page_number":115,"box":{"x":83,"y":837,"width":402,"height":10}},{"id":"a9772469-b9a1-4066-9167-8dba63b7e9bf","block_type":"box","text":"that of other investments. The Fund is subject to certain risks,","page_number":115,"box":{"x":83,"y":851,"width":396,"height":10}},{"id":"ee448e04-2967-4300-8d59-f51273f6b510","block_type":"box","text":"including the principal risks noted below, any of which may","page_number":115,"box":{"x":83,"y":865,"width":376,"height":11}},{"id":"ad9c73c8-927b-4db3-bb33-3d94b10d6282","block_type":"box","text":"adversely affect the Fund’s net asset value per share (“NAV”),","page_number":115,"box":{"x":83,"y":879,"width":392,"height":11}},{"id":"82c57047-aca4-4392-9c7e-723135990a0b","block_type":"box","text":"trading price, yield, total return and ability to meet its investment","page_number":115,"box":{"x":549,"y":23,"width":416,"height":11}},{"id":"ddccb1fc-b463-4db8-a7ba-95f1df2887ef","block_type":"box","text":"objective. Certain key risks are prioritized below (with others","page_number":115,"box":{"x":549,"y":37,"width":388,"height":11}},{"id":"bb1b8046-610c-4074-a44b-7b626b582e8a","block_type":"box","text":"following in alphabetical order), but the relative significance of any","page_number":115,"box":{"x":549,"y":51,"width":425,"height":11}},{"id":"21c72fbf-5be9-40b5-968d-726c46dc419d","block_type":"box","text":"risk is difficult to predict and may change over time. 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Individual shares of the Fund may only be","page_number":119,"box":{"x":82,"y":196,"width":391,"height":11}},{"id":"38a53fbe-9632-4ecc-ab59-eae2bcc542f0","block_type":"box","text":"bought and sold in the secondary market through a broker-dealer.","page_number":119,"box":{"x":83,"y":210,"width":420,"height":11}},{"id":"ab6a7698-65d3-49a9-8d2a-3ceaf356c24c","block_type":"box","text":"Because ETF shares trade at market prices rather than at NAV,","page_number":119,"box":{"x":84,"y":224,"width":399,"height":11}},{"id":"d61b05d1-f4ec-43fa-8d24-d7de1d5108c7","block_type":"box","text":"shares may trade at a price greater than NAV (a premium) or less","page_number":119,"box":{"x":83,"y":238,"width":416,"height":11}},{"id":"dda15d56-50db-4a80-8837-49b8ce36e032","block_type":"box","text":"than NAV (a discount). 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The components of the","page_number":121,"box":{"x":82,"y":432,"width":402,"height":11}},{"id":"c9356dca-d22a-42ca-bcf6-dfe47f044fe8","block_type":"box","text":"Underlying Index are likely to change over time.","page_number":121,"box":{"x":83,"y":446,"width":303,"height":11}},{"id":"c565047b-f3af-4ca1-b9ca-f54e834d81af","block_type":"box","text":"The Underlying Index consists of U.S. dollar-denominated,","page_number":121,"box":{"x":82,"y":468,"width":371,"height":11}},{"id":"12e6522f-c759-42e9-b248-e18249bb7b00","block_type":"box","text":"investment-grade securities publicly issued by U.S. and non-U.S.","page_number":121,"box":{"x":83,"y":482,"width":413,"height":11}},{"id":"6784082e-6b30-468a-abb1-19d0a8d1ede0","block_type":"box","text":"corporate issuers that have $300 million or more of outstanding","page_number":121,"box":{"x":83,"y":495,"width":410,"height":12}},{"id":"82dacb57-8612-406d-976a-4c0c68590d8b","block_type":"box","text":"face value at the time of inclusion. The non-U.S. corporate issuers","page_number":121,"box":{"x":82,"y":510,"width":422,"height":11}},{"id":"4aeaaf10-de95-4897-bfbc-eace3edf784a","block_type":"box","text":"included in the Underlying Index consist primarily of corporate","page_number":121,"box":{"x":83,"y":525,"width":397,"height":10}},{"id":"d9afa73b-b960-44a0-a994-fc7f315a6020","block_type":"box","text":"bonds issued by companies domiciled in developed countries. The","page_number":121,"box":{"x":83,"y":539,"width":422,"height":11}},{"id":"f30dc614-2051-4bb2-b2b3-ee5cedcb9055","block_type":"box","text":"Fund will invest in non-U.S. issuers to the extent necessary for it","page_number":121,"box":{"x":84,"y":553,"width":411,"height":11}},{"id":"43c32544-6c63-46bf-9600-221d8b3b8814","block_type":"box","text":"to track the Underlying Index. Each bond included in the","page_number":121,"box":{"x":83,"y":567,"width":358,"height":11}},{"id":"5102874a-a26d-4961-8b43-f67b5dddfe89","block_type":"box","text":"Underlying Index must be registered with the SEC, have been","page_number":121,"box":{"x":83,"y":581,"width":390,"height":11}},{"id":"c26de2cf-8ee3-4791-b3e0-f2738a620c44","block_type":"box","text":"exempt from registration at issuance, or have been offered","page_number":121,"box":{"x":83,"y":595,"width":375,"height":11}},{"id":"6e6e6698-78ee-40d8-b817-713d9987ca7a","block_type":"box","text":"pursuant to Rule 144A under the Securities Act of 1933, as","page_number":121,"box":{"x":83,"y":610,"width":375,"height":10}},{"id":"057182ff-e94c-4069-8a5b-493018f0dce9","block_type":"box","text":"amended (the “1933 Act”), with registration rights. Further, the","page_number":121,"box":{"x":83,"y":624,"width":402,"height":11}},{"id":"a65f26f5-55d8-4217-8dbb-fa73ca5a2d7d","block_type":"box","text":"securities in the Underlying Index must be denominated in U.S.","page_number":121,"box":{"x":83,"y":638,"width":402,"height":11}},{"id":"05b5a384-07c1-4ce2-8acf-8f51d5e43d51","block_type":"box","text":"dollars and have a fixed rate, although they can carry a coupon","page_number":121,"box":{"x":83,"y":652,"width":401,"height":11}},{"id":"01789e40-8dc4-48e1-b866-d8f398f27c60","block_type":"box","text":"that steps-up or changes according to a predetermined schedule.","page_number":121,"box":{"x":83,"y":666,"width":418,"height":11}},{"id":"2cb240f0-4675-4469-b618-c3cb489950e2","block_type":"box","text":"In addition, to be included in the Underlying Index, securities that","page_number":121,"box":{"x":83,"y":681,"width":416,"height":10}},{"id":"ef9f3430-efd2-40d2-9a32-06a3a5cdef49","block_type":"box","text":"are rated by all three of the rating agencies named below must be","page_number":121,"box":{"x":83,"y":695,"width":420,"height":11}},{"id":"8d54954b-cf2a-4901-acfe-3db4f442a7da","block_type":"box","text":"rated “investment-grade” by at least two of the three rating","page_number":121,"box":{"x":83,"y":709,"width":379,"height":11}},{"id":"b263e80b-5e6e-436c-9b8c-1c4a0120d1d2","block_type":"box","text":"agencies, which is defined as Baa3 or higher by Moody’s Investors","page_number":121,"box":{"x":83,"y":723,"width":423,"height":11}},{"id":"ba45dc63-a980-4f55-9ff0-a575f51d2a58","block_type":"box","text":"Service, Inc. or BBB- or higher by S&P Global Ratings or Fitch","page_number":121,"box":{"x":83,"y":737,"width":389,"height":11}},{"id":"889fd777-8378-4ea2-957c-82fb2c42fdef","block_type":"box","text":"Ratings, Inc. When ratings from only two of the three rating","page_number":121,"box":{"x":83,"y":751,"width":377,"height":11}},{"id":"4aedfa62-e794-492d-87ad-b7854aa061a5","block_type":"box","text":"agencies are available, the lower rating is used to determine","page_number":121,"box":{"x":83,"y":766,"width":384,"height":11}},{"id":"4ca1f80d-1702-40da-ae8a-608e130cd808","block_type":"box","text":"eligibility. Securities with a rating from only one of the three","page_number":121,"box":{"x":83,"y":780,"width":381,"height":11}},{"id":"f08e8384-1f8b-43ea-a2c0-002a3579a8d5","block_type":"box","text":"ratings agencies must be rated investment-grade in order to be","page_number":121,"box":{"x":83,"y":794,"width":404,"height":11}},{"id":"6445fa8c-505e-4dd9-91df-9790306a984e","block_type":"box","text":"included in the Underlying Index. In cases where ratings are not","page_number":121,"box":{"x":83,"y":808,"width":406,"height":11}},{"id":"289305e6-ae2f-41bb-87ac-eadc8e609ee9","block_type":"box","text":"available, other sources may be used to classify securities by","page_number":121,"box":{"x":83,"y":822,"width":390,"height":11}},{"id":"138f2e99-1809-458f-b1f7-94f3ace5482a","block_type":"box","text":"investment quality.","page_number":121,"box":{"x":83,"y":837,"width":120,"height":10}},{"id":"82ac7840-f249-4d19-bfc3-fb65bf17d88e","block_type":"box","text":"The Underlying Index is constructed with the following","page_number":121,"box":{"x":82,"y":858,"width":347,"height":11}},{"id":"88f0b0da-bced-40d0-ab97-a97c3c530111","block_type":"box","text":"methodology. The parent index, the Bloomberg U.S. Corporate","page_number":121,"box":{"x":83,"y":873,"width":398,"height":11}},{"id":"f3c93ea4-7b19-4102-bc38-77151232d0a1","block_type":"box","text":"Index (the “Parent Index”), representing U.S. dollar-denominated,","page_number":121,"box":{"x":550,"y":23,"width":416,"height":11}},{"id":"b2006398-a048-47a4-bf77-a77792d2ffbd","block_type":"box","text":"taxable, investment-grade corporate bonds, is stripped of","page_number":121,"box":{"x":549,"y":37,"width":368,"height":11}},{"id":"7d7cc331-4c5d-4eec-b698-986d47b6a4c9","block_type":"box","text":"securities maturing outside of the maturity range described","page_number":121,"box":{"x":549,"y":51,"width":379,"height":11}},{"id":"c69b2032-2884-4e7e-8857-1cf1271b9ffc","block_type":"box","text":"above. During the final two years of the Underlying Index, bonds","page_number":121,"box":{"x":549,"y":66,"width":409,"height":11}},{"id":"01a53361-5fc4-41c6-83df-d15af43ea8d3","block_type":"box","text":"that mature in 2033, but had not been eligible for inclusion in the","page_number":121,"box":{"x":549,"y":80,"width":416,"height":11}},{"id":"36e3ae34-229f-4d41-b310-3f56ecafdf23","block_type":"box","text":"Parent Index due to being within one year of maturity, will be","page_number":121,"box":{"x":550,"y":94,"width":386,"height":11}},{"id":"7ac4402d-41fa-428c-b3e5-5d06f114c247","block_type":"box","text":"eligible for inclusion in the Underlying Index until such bonds","page_number":121,"box":{"x":549,"y":108,"width":387,"height":11}},{"id":"cdb284cd-c038-4c25-9fe8-bb059aacdb67","block_type":"box","text":"reach maturity. Securities are then market-cap weighted within","page_number":121,"box":{"x":549,"y":122,"width":403,"height":11}},{"id":"d1d11a02-26fd-4a1c-8f5d-2c5059e2a756","block_type":"box","text":"the Underlying Index, with a 3% cap typically imposed on any one","page_number":121,"box":{"x":549,"y":137,"width":415,"height":10}},{"id":"a3525d4f-b4bc-46d6-98da-2d2dd24186cc","block_type":"box","text":"issuer, and a","page_number":121,"box":{"x":549,"y":151,"width":80,"height":10}},{"id":"ef3a70aa-6eb4-4550-8c6e-52737ddf10df","block_type":"box","text":"pro rata","page_number":121,"box":{"x":633,"y":152,"width":50,"height":9}},{"id":"fbe47d55-85b4-4386-ba1e-d77d2db28e6e","block_type":"box","text":"distribution of any excess weight across the","page_number":121,"box":{"x":688,"y":151,"width":280,"height":11}},{"id":"316f619d-9f21-42a3-bdb7-b8ad136c82b3","block_type":"box","text":"remaining issuers in the Underlying Index. In the event a 3% cap is","page_number":121,"box":{"x":549,"y":165,"width":421,"height":11}},{"id":"6a7cfce3-5011-4f9c-8a7e-23d21c7e824f","block_type":"box","text":"not possible due to lack of issuers, the cap will be increased in","page_number":121,"box":{"x":549,"y":179,"width":399,"height":11}},{"id":"f1d478c7-b2d8-4b47-a44e-cdcb2ff8e843","block_type":"box","text":"0.50% increments until the Underlying Index can be calculated.","page_number":121,"box":{"x":549,"y":193,"width":402,"height":11}},{"id":"06855191-3165-489c-bd91-afea585d96c7","block_type":"box","text":"The securities in the Underlying Index are updated on the last","page_number":121,"box":{"x":549,"y":215,"width":392,"height":11}},{"id":"4adc0ff4-2ef2-4589-987e-c87c355a80fc","block_type":"box","text":"calendar day of each month until June 30, 2033. The last","page_number":121,"box":{"x":549,"y":229,"width":362,"height":11}},{"id":"f263de1e-cd9c-4cf9-86cd-88f31e55023d","block_type":"box","text":"rebalance date will be on June 30, 2033. During this final six","page_number":121,"box":{"x":549,"y":244,"width":385,"height":10}},{"id":"a7d8b142-71b7-4fd8-b615-ffb126c2d646","block_type":"box","text":"month period, the Underlying Index will no longer be updated or","page_number":121,"box":{"x":549,"y":258,"width":408,"height":11}},{"id":"c1bea12b-1b54-48cf-9553-9babfa1b7752","block_type":"box","text":"rebalanced, except to remove securities which are downgraded to","page_number":121,"box":{"x":549,"y":272,"width":422,"height":11}},{"id":"5f471bd5-3707-4f7b-84cc-9aef002547eb","block_type":"box","text":"below investment-grade per the eligibility criteria described","page_number":121,"box":{"x":549,"y":286,"width":380,"height":11}},{"id":"a7865256-040f-4062-b722-6d745919673d","block_type":"box","text":"above. Additionally, during this period, existing bond weights will","page_number":121,"box":{"x":549,"y":300,"width":412,"height":11}},{"id":"78264093-9318-4d2b-a1cd-9444b0320b52","block_type":"box","text":"be allowed to float based on changes in market value. When a","page_number":121,"box":{"x":549,"y":314,"width":394,"height":11}},{"id":"ad0ce8da-bf69-4e6a-a8fa-070d7275799b","block_type":"box","text":"bond that is included in the Underlying Index matures, its maturity","page_number":121,"box":{"x":549,"y":329,"width":423,"height":10}},{"id":"82cf84c8-75de-4576-93dc-94cbb94abd3a","block_type":"box","text":"value will be represented in the Underlying Index by cash","page_number":121,"box":{"x":548,"y":343,"width":364,"height":11}},{"id":"bc5d357b-16b9-48cc-97e1-0ead232aa99a","block_type":"box","text":"throughout the remaining life of the Underlying Index.","page_number":121,"box":{"x":549,"y":357,"width":342,"height":11}},{"id":"fff92a6d-67f7-40b9-a0d8-5f3303b5751d","block_type":"box","text":"The Fund is a series of the iShares iBonds fixed maturity series of","page_number":121,"box":{"x":549,"y":379,"width":417,"height":11}},{"id":"451e810f-3273-45f1-bc5c-12df789c5386","block_type":"box","text":"bond ETFs sponsored by BlackRock, Inc. (“BlackRock”). The Fund","page_number":121,"box":{"x":549,"y":393,"width":416,"height":11}},{"id":"2537763e-9ad7-4d07-b50a-93da20ba4a27","block_type":"box","text":"does not invest in U.S. savings bonds or other U.S. government","page_number":121,"box":{"x":549,"y":407,"width":404,"height":11}},{"id":"477ac354-5063-48bd-af68-da60cc0fedb4","block_type":"box","text":"bonds (except to the extent the Fund holds cash equivalent","page_number":121,"box":{"x":549,"y":422,"width":379,"height":10}},{"id":"c14bdca0-0797-4335-8729-ed124a150f75","block_type":"box","text":"instruments consistent with its investment objective) and is not","page_number":121,"box":{"x":549,"y":436,"width":406,"height":10}},{"id":"24856118-795f-44ec-800a-78a625fffbf1","block_type":"box","text":"designed to provide protection against inflation.","page_number":121,"box":{"x":549,"y":450,"width":305,"height":11}},{"id":"d4892c9d-fd54-40a9-a774-c7490bdcfb05","block_type":"box","text":"BFA uses an indexing approach to try to achieve the Fund’s","page_number":121,"box":{"x":550,"y":473,"width":376,"height":11}},{"id":"7cf85152-ea24-476a-b99c-5c85a342e68d","block_type":"box","text":"investment objective. The Fund does not try to “beat” the index it","page_number":121,"box":{"x":549,"y":487,"width":417,"height":11}},{"id":"f9b2c850-9a3f-4f2b-ac37-f84ae9167c2e","block_type":"box","text":"tracks and does not seek temporary defensive positions when","page_number":121,"box":{"x":549,"y":501,"width":396,"height":11}},{"id":"c032426c-4aad-416c-9552-378b2b4eec3b","block_type":"box","text":"markets decline or appear overvalued.","page_number":121,"box":{"x":549,"y":516,"width":244,"height":10}},{"id":"b62f7716-7080-4682-94c6-fb6ed986b604","block_type":"box","text":"Indexing may eliminate the chance that the Fund will substantially","page_number":121,"box":{"x":550,"y":539,"width":420,"height":11}},{"id":"ea9d7ded-80d3-461f-9ced-1e6a6babe561","block_type":"box","text":"outperform the Underlying Index but also may reduce some of the","page_number":121,"box":{"x":549,"y":553,"width":421,"height":11}},{"id":"4df6fb3b-fcfe-45e4-8df5-9f6115e659c8","block_type":"box","text":"risks of active management, such as poor security selection.","page_number":121,"box":{"x":549,"y":567,"width":386,"height":11}},{"id":"8d0074e5-2025-45e5-bbd4-156134466604","block_type":"box","text":"Indexing seeks to achieve lower costs and better after-tax","page_number":121,"box":{"x":550,"y":581,"width":369,"height":11}},{"id":"da6e36d7-c323-4e7d-8b6e-effcc7d4e828","block_type":"box","text":"performance by aiming to keep portfolio turnover low in","page_number":121,"box":{"x":549,"y":595,"width":356,"height":11}},{"id":"2f26602a-ff7b-473e-896a-cc0ab87d30b2","block_type":"box","text":"comparison to actively managed investment companies.","page_number":121,"box":{"x":549,"y":610,"width":359,"height":11}},{"id":"0b1a0f2d-1f27-4233-9a92-af87985c8d8d","block_type":"box","text":"BFA uses a representative sampling indexing strategy to manage","page_number":121,"box":{"x":550,"y":633,"width":411,"height":11}},{"id":"940da338-8a21-4dea-8526-1b61b1ce0843","block_type":"box","text":"the Fund. “Representative sampling” is an indexing strategy that","page_number":121,"box":{"x":549,"y":647,"width":411,"height":11}},{"id":"1e2d26df-e6e8-442e-a770-bb3176ed5ab5","block_type":"box","text":"involves investing in a representative sample of securities or other","page_number":121,"box":{"x":549,"y":661,"width":424,"height":11}},{"id":"22e11316-bbe8-48e2-bd16-bc30467f1c44","block_type":"box","text":"instruments that collectively has an investment profile similar to","page_number":121,"box":{"x":549,"y":675,"width":410,"height":11}},{"id":"9a56b21e-7e61-4a89-92e3-d68102bc46d4","block_type":"box","text":"that of an applicable underlying index. The instruments selected","page_number":121,"box":{"x":549,"y":690,"width":408,"height":10}},{"id":"bdf88f79-912f-435d-a890-ea5684aa7682","block_type":"box","text":"are expected to have, in the aggregate, investment characteristics","page_number":121,"box":{"x":549,"y":704,"width":423,"height":11}},{"id":"e17adc82-4066-4a65-ba72-25b44bd77742","block_type":"box","text":"(based on factors such as market value and industry weightings),","page_number":121,"box":{"x":549,"y":718,"width":415,"height":11}},{"id":"846aa1b1-8619-4ab3-bc2f-8e402aaabe9c","block_type":"box","text":"fundamental characteristics (such as return variability, duration","page_number":121,"box":{"x":549,"y":732,"width":405,"height":11}},{"id":"b2b9e70e-5ea0-40c7-8d89-5930376667c8","block_type":"box","text":"(","page_number":121,"box":{"x":549,"y":746,"width":3,"height":11}},{"id":"eb33d9bc-075c-44fe-ba00-22cdaeef944e","block_type":"box","text":"i.e.","page_number":121,"box":{"x":553,"y":746,"width":17,"height":9}},{"id":"02c922cf-cb31-478a-bdb7-34ae991fbf6b","block_type":"box","text":", an instrument’s price sensitivity to a change in interest","page_number":121,"box":{"x":573,"y":746,"width":358,"height":11}},{"id":"ab79fc42-5251-41bd-8698-1723a258fcfc","block_type":"box","text":"rates), maturity or credit ratings and yield) and liquidity measures","page_number":121,"box":{"x":549,"y":761,"width":418,"height":10}},{"id":"2fc01845-770f-4051-819f-0b78673a4bc4","block_type":"box","text":"similar to those of an applicable underlying index. The Fund may","page_number":121,"box":{"x":549,"y":775,"width":410,"height":11}},{"id":"9218fa32-a0a7-4417-b490-e63943ad330f","block_type":"box","text":"or may not hold all of the components of the Underlying Index.","page_number":121,"box":{"x":549,"y":789,"width":399,"height":11}},{"id":"5843c0bb-eda7-4d24-a020-ef8032de94bd","block_type":"box","text":"The Fund will invest at least 80% of its assets in the component","page_number":121,"box":{"x":549,"y":812,"width":404,"height":11}},{"id":"bdc60250-f46f-4bd9-bb8d-6666b05255c5","block_type":"box","text":"instruments of the Underlying Index, and (except during the last","page_number":121,"box":{"x":549,"y":826,"width":408,"height":11}},{"id":"7190e2a1-c839-4d74-b763-73a62cccf5b2","block_type":"box","text":"twelve months of the Fund’s operations) the Fund will invest at","page_number":121,"box":{"x":549,"y":840,"width":401,"height":11}},{"id":"d350b969-9b24-41fd-abd4-3aacf6ac9b64","block_type":"box","text":"least 90% of its assets in fixed income securities of the types","page_number":121,"box":{"x":549,"y":855,"width":388,"height":10}},{"id":"791a46d0-b70f-4cf5-b94b-b9684f4bc13a","block_type":"box","text":"included in the Underlying Index that BFA believes will help the","page_number":121,"box":{"x":549,"y":869,"width":400,"height":11}},{"id":"5796f214-9f57-40a2-a273-e699a86a2675","block_type":"box","text":"S-110","page_number":121,"box":{"x":518,"y":920,"width":35,"height":9}},{"id":"d4fd8e98-ec49-4807-9906-d986dc63671c","block_type":"box","text":"Fund track the Underlying Index. The Fund will invest no more","page_number":122,"box":{"x":84,"y":23,"width":393,"height":11}},{"id":"3abff31b-d103-4025-8966-8da8fe32f847","block_type":"box","text":"than 10% of its assets in futures, options and swaps contracts that","page_number":122,"box":{"x":83,"y":37,"width":423,"height":11}},{"id":"6c6307ad-90f7-41d3-80f7-7eaef75c9fb1","block_type":"box","text":"BFA believes will help the Fund track the Underlying Index as well","page_number":122,"box":{"x":84,"y":52,"width":415,"height":10}},{"id":"ce9b6ad9-ab9f-4cfc-9cd5-982a06b2747a","block_type":"box","text":"as in fixed income securities other than the types included in the","page_number":122,"box":{"x":83,"y":66,"width":413,"height":10}},{"id":"4fb85c25-9a10-45b0-ba3b-f305306ded65","block_type":"box","text":"Underlying Index, but which BFA believes will help the Fund track","page_number":122,"box":{"x":83,"y":80,"width":414,"height":11}},{"id":"7d293caa-dbd0-4218-8bd7-7a676e312d6e","block_type":"box","text":"the Underlying Index. Cash and cash equivalent investments","page_number":122,"box":{"x":83,"y":94,"width":385,"height":11}},{"id":"b69ec5a1-1707-4880-9f9a-c9bc1647c0a4","block_type":"box","text":"associated with a derivative position will be treated as part of that","page_number":122,"box":{"x":83,"y":108,"width":421,"height":11}},{"id":"529f0860-38d9-4670-bf11-db247c3fa462","block_type":"box","text":"position for the purposes of calculating the percentage of","page_number":122,"box":{"x":83,"y":122,"width":367,"height":11}},{"id":"5a3c6f2b-1594-441c-b2a7-55d7af96d9dc","block_type":"box","text":"investments included in the Underlying Index.","page_number":122,"box":{"x":83,"y":137,"width":290,"height":10}},{"id":"cdb4385f-59cc-41e0-a0c0-4daf0d480748","block_type":"box","text":"In the last six months of operation, as the bonds held by the Fund","page_number":122,"box":{"x":83,"y":158,"width":418,"height":11}},{"id":"55e4a7fd-d9cb-4767-9bb1-d58839887dbe","block_type":"box","text":"mature, the proceeds may not be reinvested by the Fund in bonds","page_number":122,"box":{"x":83,"y":173,"width":420,"height":10}},{"id":"5bb59a9b-e0c3-4797-aa88-afee2afc49bd","block_type":"box","text":"but instead will be held in cash and cash equivalents. By fifteen","page_number":122,"box":{"x":83,"y":187,"width":403,"height":11}},{"id":"d821cfb2-03a6-4e4f-bd61-e8d6869e0191","block_type":"box","text":"days prior to maturity, the Underlying Index is expected to consist","page_number":122,"box":{"x":83,"y":201,"width":421,"height":11}},{"id":"e66f16b9-f0f8-4cae-be43-50566abfe872","block_type":"box","text":"almost entirely of cash and cash equivalents. On or around this","page_number":122,"box":{"x":83,"y":215,"width":402,"height":11}},{"id":"b8d50f20-1b8d-43f5-800d-f774f33424a2","block_type":"box","text":"date, the Fund will wind up and terminate. 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The Fund’s termination was approved by a majority of","page_number":122,"box":{"x":83,"y":272,"width":418,"height":11}},{"id":"6c343851-7e1b-4523-905e-192fa3298301","block_type":"box","text":"the Trust’s Board of Trustees (the “Board”) and does not require","page_number":122,"box":{"x":83,"y":286,"width":406,"height":11}},{"id":"79bc3595-6ee0-4a38-ba5a-7c40129f7c3f","block_type":"box","text":"additional approval by Fund shareholders. The Board may extend","page_number":122,"box":{"x":83,"y":300,"width":413,"height":11}},{"id":"d85d713c-2f3a-4925-84f3-92095d550d43","block_type":"box","text":"the termination date if a majority of the Board determines the","page_number":122,"box":{"x":83,"y":314,"width":394,"height":11}},{"id":"ae295527-a617-4b5f-b4a6-0d970a2bb691","block_type":"box","text":"extension to be in the best interest of the Fund.","page_number":122,"box":{"x":83,"y":329,"width":303,"height":8}},{"id":"8395a636-be72-44d9-874e-6b08a7fe2b29","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying","page_number":122,"box":{"x":82,"y":351,"width":414,"height":10}},{"id":"f8b15635-8b06-422b-bea6-c903136ce0da","block_type":"box","text":"Index before fees and expenses of the Fund. 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The Index Provider","page_number":122,"box":{"x":83,"y":547,"width":354,"height":10}},{"id":"14791cfd-f3d8-43d3-b0e3-4a6771a7b6fd","block_type":"box","text":"determines the composition and relative weightings of the","page_number":122,"box":{"x":83,"y":561,"width":371,"height":11}},{"id":"75c081d7-a6e3-4f04-b649-c37d3dc9a58c","block_type":"box","text":"components of the Underlying Index and publishes information","page_number":122,"box":{"x":83,"y":575,"width":401,"height":11}},{"id":"83aedbd3-69e7-4664-b35e-f92f8b70e0b3","block_type":"box","text":"regarding the market value of the Underlying Index.","page_number":122,"box":{"x":83,"y":589,"width":327,"height":11}},{"id":"267ac4e4-dc68-46b7-96f0-615bed5962bf","block_type":"box","text":"Industry Concentration Policy.","page_number":122,"box":{"x":83,"y":612,"width":210,"height":11}},{"id":"e050c320-9c61-4186-9d0a-d115342b23d4","block_type":"box","text":"The Fund will concentrate its","page_number":122,"box":{"x":298,"y":612,"width":184,"height":9}},{"id":"df4419f4-86f4-4bab-8c03-ca184df1de27","block_type":"box","text":"investments (","page_number":122,"box":{"x":83,"y":626,"width":85,"height":11}},{"id":"b1d5a012-9c77-4869-9b2a-950899c0c6ca","block_type":"box","text":"i.e.","page_number":122,"box":{"x":169,"y":626,"width":17,"height":9}},{"id":"3cc711e5-cb36-45d8-8ebd-b70901e4b929","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":122,"box":{"x":189,"y":626,"width":264,"height":11}},{"id":"5ee2a2a1-8919-4735-bda8-7da5b9c2410f","block_type":"box","text":"particular industry or group of industries to approximately the","page_number":122,"box":{"x":83,"y":641,"width":394,"height":10}},{"id":"ee84c72c-946d-4ec9-bfb0-043882259cba","block_type":"box","text":"same extent that the Underlying Index is concentrated. 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The Fund is subject to certain risks,","page_number":122,"box":{"x":83,"y":822,"width":396,"height":11}},{"id":"077a968d-c93f-4f25-807b-836491c6cc2b","block_type":"box","text":"including the principal risks noted below, any of which may","page_number":122,"box":{"x":83,"y":837,"width":376,"height":10}},{"id":"a65be37d-5b1b-48ec-ac32-bd95c5960728","block_type":"box","text":"adversely affect the Fund’s net asset value per share (“NAV”),","page_number":122,"box":{"x":83,"y":851,"width":392,"height":11}},{"id":"c4637f3f-5006-4214-a13c-cb8c15dcf7f0","block_type":"box","text":"trading price, yield, total return and ability to meet its investment","page_number":122,"box":{"x":83,"y":865,"width":416,"height":11}},{"id":"0e02efbe-0264-4adf-a9a5-73dcb9c25665","block_type":"box","text":"objective. Certain key risks are prioritized below (with others","page_number":122,"box":{"x":83,"y":879,"width":387,"height":11}},{"id":"a048a462-733d-4c97-af17-7075fb21f382","block_type":"box","text":"following in alphabetical order), but the relative significance of any","page_number":122,"box":{"x":549,"y":23,"width":425,"height":11}},{"id":"ec8b3b73-0b29-4579-8ece-5ff2cc8586b2","block_type":"box","text":"risk is difficult to predict and may change over time. You should","page_number":122,"box":{"x":549,"y":37,"width":405,"height":11}},{"id":"36b4906c-6afd-46ee-aecd-5f00e677ff26","block_type":"box","text":"review each risk factor carefully.","page_number":122,"box":{"x":549,"y":51,"width":206,"height":11}},{"id":"daa2b678-61fd-4706-a672-534543c588b5","block_type":"box","text":"Credit Risk","page_number":122,"box":{"x":549,"y":75,"width":75,"height":8}},{"id":"2e397559-fbb9-4907-8505-02b4c9e41d5c","block_type":"box","text":".","page_number":122,"box":{"x":624,"y":81,"width":2,"height":2}},{"id":"19ab6b19-f1e9-4227-853a-9126e8ff63e6","block_type":"box","text":"Credit risk is the risk that an issuer, guarantor or","page_number":122,"box":{"x":632,"y":75,"width":311,"height":11}},{"id":"f71af6c7-1a36-437f-9a33-3de2eef9f289","block_type":"box","text":"liquidity provider of a fixed-income security may be unable or","page_number":122,"box":{"x":549,"y":89,"width":391,"height":11}},{"id":"719acc8f-bb0f-453d-b2b1-7b0bb9c2a6f4","block_type":"box","text":"unwilling, or may be perceived as unable or unwilling, to make","page_number":122,"box":{"x":549,"y":103,"width":395,"height":11}},{"id":"ba742d7e-ac56-47db-9aec-60fb592102b0","block_type":"box","text":"timely principal and/or interest payments or to otherwise honor","page_number":122,"box":{"x":549,"y":117,"width":410,"height":11}},{"id":"374cb3f1-d28a-4e54-9f91-7f2550adec70","block_type":"box","text":"its obligations. The credit rating assigned to a security or its issuer","page_number":122,"box":{"x":549,"y":131,"width":424,"height":11}},{"id":"f689cd5b-43ba-41c0-a5c5-e3f49cc3eed8","block_type":"box","text":"does not necessarily reflect the issuer’s current financial","page_number":122,"box":{"x":549,"y":146,"width":361,"height":10}},{"id":"5e5f6cc0-2055-4bf3-a669-dd40ecd1ba17","block_type":"box","text":"condition or an investment’s volatility or liquidity. 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The Fund may be adversely affected if an investment","page_number":122,"box":{"x":549,"y":216,"width":406,"height":11}},{"id":"195840ff-0632-42fc-90c2-4b30a1dc85db","block_type":"box","text":"that it holds experiences a downgrade or a default.","page_number":122,"box":{"x":549,"y":231,"width":324,"height":11}},{"id":"ec1d8895-9048-47e6-b76d-2d4ce7e4599f","block_type":"box","text":"Interest Rate Risk","page_number":122,"box":{"x":549,"y":254,"width":121,"height":8}},{"id":"b0c14d7d-61a9-4de6-bb63-15264bf0209a","block_type":"box","text":".","page_number":122,"box":{"x":670,"y":260,"width":2,"height":2}},{"id":"0367b17f-c577-4f0d-a24c-ff1ece338b1e","block_type":"box","text":"Interest rate risk refers to the risk of","page_number":122,"box":{"x":678,"y":254,"width":233,"height":8}},{"id":"35127080-3e23-432a-840d-aa3c3690075f","block_type":"box","text":"fluctuations in the value of a fixed-income security due to changes","page_number":122,"box":{"x":549,"y":268,"width":424,"height":11}},{"id":"9332dd9a-050f-47a2-b101-afc7732fb311","block_type":"box","text":"in the general level of interest rates. Interest rate changes can be","page_number":122,"box":{"x":549,"y":282,"width":417,"height":11}},{"id":"1d36d257-004c-4b06-9ac7-6b4330f0bf92","block_type":"box","text":"sudden and unpredictable and are influenced by a number of","page_number":122,"box":{"x":549,"y":296,"width":389,"height":11}},{"id":"8219add5-4cdf-4fd7-be8f-bb9ca25c2619","block_type":"box","text":"factors, including government policy, monetary policy, inflation","page_number":122,"box":{"x":549,"y":311,"width":401,"height":10}},{"id":"9a12c6f7-ecce-4cf5-8b60-63b0cddf730a","block_type":"box","text":"expectations, perceptions of risk, and supply and demand for","page_number":122,"box":{"x":549,"y":325,"width":391,"height":11}},{"id":"4e521227-bd63-4201-9405-9f8198e52f0e","block_type":"box","text":"fixed-income securities. An increase in interest rates generally will","page_number":122,"box":{"x":549,"y":339,"width":423,"height":11}},{"id":"1a8a4fd6-964e-4b50-987f-10fffc3b2768","block_type":"box","text":"cause the value of fixed-income securities to decline. Securities","page_number":122,"box":{"x":549,"y":353,"width":408,"height":9}},{"id":"ee761d08-1509-4efe-bd9b-abf220413b73","block_type":"box","text":"with longer maturities generally are more sensitive to interest rate","page_number":122,"box":{"x":549,"y":367,"width":423,"height":11}},{"id":"6be87ae2-37c2-4702-9504-fe1385b0f227","block_type":"box","text":"changes and subject to greater fluctuations in value. 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Operational and technology risks for the","page_number":124,"box":{"x":82,"y":245,"width":411,"height":11}},{"id":"c74f1216-7b5d-4871-8061-62e6c24ce821","block_type":"box","text":"issuers in which the Fund invests could also result in material","page_number":124,"box":{"x":83,"y":259,"width":391,"height":9}},{"id":"d7144c4f-b17e-4237-9341-21c249b97b97","block_type":"box","text":"adverse consequences for such issuers and may cause the Fund’s","page_number":124,"box":{"x":83,"y":273,"width":421,"height":11}},{"id":"c97427f2-e1f9-4b6b-8f4d-2fb7482226b4","block_type":"box","text":"investments in such issuers to lose value.","page_number":124,"box":{"x":83,"y":287,"width":264,"height":9}},{"id":"6ea2b84f-7b77-4d6b-ac79-effb7b841e54","block_type":"box","text":"Reinvestment Risk","page_number":124,"box":{"x":83,"y":311,"width":126,"height":8}},{"id":"01781600-8314-41ed-b710-150444e37bef","block_type":"box","text":".","page_number":124,"box":{"x":209,"y":317,"width":3,"height":2}},{"id":"9ad85e57-e3fe-4ce1-994f-9992623c919a","block_type":"box","text":"The Fund may invest a portion of its assets in","page_number":124,"box":{"x":217,"y":311,"width":288,"height":10}},{"id":"0549ec07-450b-4df1-82ed-fef64b514788","block_type":"box","text":"short-term fixed-income instruments and, as a result, may be","page_number":124,"box":{"x":83,"y":325,"width":391,"height":11}},{"id":"54f6445c-4e42-4dd9-8d83-66bf2a8840e0","block_type":"box","text":"adversely affected if interest rates fall because it may have to","page_number":124,"box":{"x":83,"y":339,"width":393,"height":11}},{"id":"997c30fb-cc4e-4570-bdcf-b9fba8c3e27a","block_type":"box","text":"invest in lower-yielding instruments as bonds in the Fund’s","page_number":124,"box":{"x":83,"y":353,"width":374,"height":11}},{"id":"d736b2de-b012-41a6-b1cb-5813c1cb08d5","block_type":"box","text":"portfolio mature.","page_number":124,"box":{"x":83,"y":367,"width":106,"height":11}},{"id":"df5651e6-d917-4977-a09c-48dcb76fdb25","block_type":"box","text":"Risk of Investing in the U.S","page_number":124,"box":{"x":83,"y":390,"width":182,"height":11}},{"id":"d5a7c368-b362-479b-a48e-0ef78c8d831c","block_type":"box","text":".","page_number":124,"box":{"x":266,"y":397,"width":2,"height":2}},{"id":"2046b42a-1833-4b4d-95f7-a8fa0203cab0","block_type":"box","text":"Investing in U.S. issuers subjects","page_number":124,"box":{"x":274,"y":391,"width":210,"height":10}},{"id":"cbb8849e-109f-494c-9cd5-3abbe25860e4","block_type":"box","text":"the Fund to legal, regulatory, political, currency, security, and","page_number":124,"box":{"x":83,"y":405,"width":391,"height":11}},{"id":"b8df0fb4-5b10-4d6c-8a95-5c2c25b4dead","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the","page_number":124,"box":{"x":83,"y":419,"width":423,"height":11}},{"id":"87d2c424-547c-4818-8ce4-2f6ec65b35f8","block_type":"box","text":"U.S., such as a weakening of the U.S. economy or a decline in its","page_number":124,"box":{"x":83,"y":433,"width":413,"height":11}},{"id":"ebcde98a-04b3-4149-be2e-f748624b8fda","block_type":"box","text":"financial markets, may have an adverse effect on U.S. issuers.","page_number":124,"box":{"x":82,"y":447,"width":397,"height":11}},{"id":"3e741221-2d5c-4fb4-9c97-3e53d6681a8a","block_type":"box","text":"Securities Lending Risk.","page_number":124,"box":{"x":82,"y":470,"width":162,"height":11}},{"id":"e08359c4-4799-4475-b09c-dc8332bb8329","block_type":"box","text":"The Fund may engage in securities","page_number":124,"box":{"x":249,"y":470,"width":221,"height":11}},{"id":"3d11fd40-1339-49d4-85d9-761fbb5c53a4","block_type":"box","text":"lending. 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The Fund could","page_number":124,"box":{"x":83,"y":513,"width":408,"height":11}},{"id":"5ba8245d-e556-46ff-b8ab-dd0f33d41227","block_type":"box","text":"also lose money in the event of a decline in the value of collateral","page_number":124,"box":{"x":83,"y":527,"width":416,"height":11}},{"id":"dbd004fc-8098-4cd0-83d4-ffddc20f4ae6","block_type":"box","text":"provided for loaned securities or a decline in the value of any","page_number":124,"box":{"x":83,"y":541,"width":389,"height":11}},{"id":"72340a91-fa17-443c-9a15-6c83db245fdc","block_type":"box","text":"investments made with cash collateral. These events could also","page_number":124,"box":{"x":83,"y":556,"width":406,"height":8}},{"id":"38376e66-a7dd-49f4-b018-bea04ba3465b","block_type":"box","text":"trigger adverse tax consequences for the Fund.","page_number":124,"box":{"x":83,"y":570,"width":301,"height":11}},{"id":"0a60d60a-63d3-43d7-bebd-d339acf6e142","block_type":"box","text":"Tracking Error Risk","page_number":124,"box":{"x":84,"y":593,"width":128,"height":11}},{"id":"69abf58c-62d9-4cd0-a8af-12a1cd35b4ea","block_type":"box","text":".","page_number":124,"box":{"x":212,"y":600,"width":2,"height":1}},{"id":"18aca58c-eed3-42ad-aee0-bd849674660f","block_type":"box","text":"The Fund may be subject to “tracking error,”","page_number":124,"box":{"x":219,"y":593,"width":284,"height":11}},{"id":"a621270f-5a89-4f30-a2bf-c770eebdbc93","block_type":"box","text":"which is the divergence of the Fund’s performance from that of","page_number":124,"box":{"x":82,"y":607,"width":405,"height":11}},{"id":"b707c2b7-c93c-4fa1-9f39-54d36b612d73","block_type":"box","text":"the Underlying Index. Tracking error may occur due to a number of","page_number":124,"box":{"x":549,"y":23,"width":425,"height":11}},{"id":"db466dd6-f49b-4fef-b9c3-14c28ebcf131","block_type":"box","text":"factors, including differences between the securities and other","page_number":124,"box":{"x":549,"y":37,"width":401,"height":11}},{"id":"d2b20b84-8ee0-4566-8365-63e919f7eece","block_type":"box","text":"assets held in the Fund’s portfolio and those included in the","page_number":124,"box":{"x":549,"y":51,"width":381,"height":11}},{"id":"06138fb4-62ad-4712-bb05-9042819c143e","block_type":"box","text":"Underlying Index; differences in the timing and methodologies","page_number":124,"box":{"x":550,"y":66,"width":396,"height":11}},{"id":"588d4391-e193-4b8c-a787-a974148de3b8","block_type":"box","text":"used to value securities and other assets; transaction costs and","page_number":124,"box":{"x":549,"y":80,"width":407,"height":10}},{"id":"2b420633-c8ae-4d5c-a599-15b68e8efc3e","block_type":"box","text":"other expenses incurred by the Fund that the Underlying Index","page_number":124,"box":{"x":549,"y":94,"width":400,"height":11}},{"id":"346d8e1b-2aa5-4f2e-b996-a80bf96a017c","block_type":"box","text":"does not incur; the Fund’s holding of uninvested cash; differences","page_number":124,"box":{"x":549,"y":108,"width":421,"height":11}},{"id":"65380a13-28fd-4afb-b653-265d5b564677","block_type":"box","text":"in the timing of the accrual or the valuation of dividends or","page_number":124,"box":{"x":549,"y":122,"width":374,"height":11}},{"id":"7eb92853-c1fc-4eba-a8e3-e70669f82493","block_type":"box","text":"interest received by the Fund or distributions paid to Fund","page_number":124,"box":{"x":549,"y":137,"width":370,"height":10}},{"id":"fb8be437-3f84-44e3-b5bd-717b0360347b","block_type":"box","text":"shareholders; tax gains or losses; differences between the","page_number":124,"box":{"x":549,"y":151,"width":372,"height":11}},{"id":"77ea589e-6b8b-4df9-bcdc-28ab392e10d0","block_type":"box","text":"amount and/or timing of withholding taxes on dividends reflected","page_number":124,"box":{"x":549,"y":165,"width":420,"height":11}},{"id":"f7be27fc-2189-42e3-bcb9-3ede077f28ca","block_type":"box","text":"in the Underlying Index from the Fund’s obligation, if any, for","page_number":124,"box":{"x":549,"y":179,"width":387,"height":11}},{"id":"edb857f7-f84d-4fe2-ab0d-7f3a8583c76e","block_type":"box","text":"foreign withholding taxes; the requirements for the Fund to","page_number":124,"box":{"x":549,"y":193,"width":377,"height":11}},{"id":"3edf4f88-70f0-421a-b364-71c1c3b3b39f","block_type":"box","text":"maintain pass-through tax treatment; portfolio transactions","page_number":124,"box":{"x":549,"y":207,"width":380,"height":11}},{"id":"81b3b5e3-fe3f-414f-b141-c1af8ca28a1e","block_type":"box","text":"carried out to minimize the distribution of capital gains to","page_number":124,"box":{"x":549,"y":222,"width":366,"height":10}},{"id":"13b8b5a0-3082-4cf0-842f-df3cbec89789","block_type":"box","text":"shareholders; the acceptance of custom baskets; changes to the","page_number":124,"box":{"x":549,"y":236,"width":414,"height":11}},{"id":"7515143d-7400-46ae-a12c-b5a2183decee","block_type":"box","text":"Underlying Index; and impacts to the Fund of complying with","page_number":124,"box":{"x":550,"y":250,"width":386,"height":11}},{"id":"f9386a45-0059-4ec2-83ae-3d45c14637a6","block_type":"box","text":"certain regulatory requirements or limits. Tracking error risk may","page_number":124,"box":{"x":549,"y":264,"width":414,"height":11}},{"id":"ad089d57-621b-4c43-84ee-e14543311380","block_type":"box","text":"be heightened during times of increased market volatility or other","page_number":124,"box":{"x":549,"y":278,"width":420,"height":11}},{"id":"f8449cfd-4d7c-4220-aefd-8173e45e706c","block_type":"box","text":"unusual market conditions. A Fund that tracks an index with","page_number":124,"box":{"x":549,"y":293,"width":383,"height":8}},{"id":"f76cf1e6-de69-4753-a10e-d1877794d151","block_type":"box","text":"exposure to non-U.S. issuers may experience higher tracking","page_number":124,"box":{"x":549,"y":307,"width":390,"height":11}},{"id":"1f501fdc-1a9c-45a1-af07-b0c755d91c8d","block_type":"box","text":"error than ETFs that do not track such indexes.","page_number":124,"box":{"x":549,"y":321,"width":299,"height":8}},{"id":"e32ca2f7-2645-4c28-8034-f3655b2931c6","block_type":"box","text":"Valuation Risk","page_number":124,"box":{"x":550,"y":344,"width":96,"height":9}},{"id":"b0e84005-d4a1-4d05-9fcd-c726b8c6d3e1","block_type":"box","text":".","page_number":124,"box":{"x":646,"y":351,"width":2,"height":2}},{"id":"e9ef6405-4815-48c5-ac48-b6790c10fad8","block_type":"box","text":"The price that the Fund could receive upon the","page_number":124,"box":{"x":653,"y":344,"width":298,"height":11}},{"id":"70ec084a-46bd-470c-a798-dfeb07fef6b1","block_type":"box","text":"sale (or other disposition) of a security or other asset may differ","page_number":124,"box":{"x":549,"y":358,"width":408,"height":11}},{"id":"347d2cfa-7696-4707-889a-a6c2fcdb3313","block_type":"box","text":"from the Fund’s valuation of the security or other asset,","page_number":124,"box":{"x":549,"y":372,"width":355,"height":11}},{"id":"696a9997-3204-4659-8a1d-2d4db941d4f0","block_type":"box","text":"particularly for securities or other assets that trade in low volume","page_number":124,"box":{"x":549,"y":387,"width":418,"height":10}},{"id":"46f53334-ca48-45b9-acd0-f7bb3062c6a7","block_type":"box","text":"or volatile markets or that are valued using a fair value","page_number":124,"box":{"x":549,"y":401,"width":347,"height":11}},{"id":"91a79c0a-f080-4a28-851a-e293b12ef352","block_type":"box","text":"methodology. The price received by the Fund also may differ from","page_number":124,"box":{"x":549,"y":415,"width":418,"height":11}},{"id":"7a4f4d1f-4bca-4e45-8f47-8c7befa83638","block_type":"box","text":"the value used by the Underlying Index. In addition, the value of","page_number":124,"box":{"x":549,"y":429,"width":406,"height":11}},{"id":"e007ccc3-eacc-4cf7-8f1c-fc2cd626a192","block_type":"box","text":"the securities or other assets in the Fund’s portfolio may change","page_number":124,"box":{"x":549,"y":443,"width":411,"height":11}},{"id":"7dbdb598-5001-4fb2-ac77-b9ff8b86f341","block_type":"box","text":"on days or during time periods when investors are not able to","page_number":124,"box":{"x":549,"y":458,"width":392,"height":10}},{"id":"2f9b1aec-cc21-4d44-ad69-a83811558970","block_type":"box","text":"purchase or sell Fund shares. Authorized Participants that create","page_number":124,"box":{"x":549,"y":472,"width":414,"height":10}},{"id":"f7d30f5d-a6e4-4db2-bfca-dd542816e13a","block_type":"box","text":"or redeem Fund shares on days when the Fund is holding fair","page_number":124,"box":{"x":549,"y":486,"width":394,"height":11}},{"id":"67bdd1f1-fb5a-4a82-b5d8-751f2a7b5a83","block_type":"box","text":"valued securities or other assets may receive fewer or more","page_number":124,"box":{"x":548,"y":500,"width":383,"height":11}},{"id":"4f480951-38eb-43ca-84e3-95e2bf9c6239","block_type":"box","text":"shares, or lower or higher redemption proceeds, than they would","page_number":124,"box":{"x":549,"y":514,"width":414,"height":11}},{"id":"c28cab0a-15be-4cf9-a2ab-6e2efd1d6038","block_type":"box","text":"have received had the securities or other assets not been fair","page_number":124,"box":{"x":549,"y":528,"width":392,"height":9}},{"id":"9b2c030a-bad4-4c27-b074-fe1b877c073b","block_type":"box","text":"valued or been valued using a different methodology. The ability to","page_number":124,"box":{"x":548,"y":543,"width":425,"height":10}},{"id":"e71dddb4-5d23-4b3c-a581-6e38698c9da7","block_type":"box","text":"value investments may be impacted by technological issues or","page_number":124,"box":{"x":548,"y":557,"width":400,"height":11}},{"id":"858c9f07-6cae-4d55-8dab-07ab84a211ed","block_type":"box","text":"errors by pricing services or other third-party service providers.","page_number":124,"box":{"x":549,"y":571,"width":405,"height":11}},{"id":"5a3be815-49ec-4372-9108-67ac7ab001c9","block_type":"box","text":"S-113","page_number":124,"box":{"x":519,"y":920,"width":34,"height":9}},{"id":"bb43385b-e92b-4ef5-934c-fb377592d64b","block_type":"box","text":"Performance Information","page_number":125,"box":{"x":84,"y":22,"width":213,"height":11}},{"id":"b0d14833-9483-469a-beb6-f38d754289a5","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":125,"box":{"x":82,"y":48,"width":887,"height":10}},{"id":"24621ddf-8665-414e-9763-0067a1cd7049","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":125,"box":{"x":83,"y":62,"width":872,"height":11}},{"id":"8ca8a74f-859e-4e9f-9829-1f70f4d4f931","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":125,"box":{"x":83,"y":76,"width":867,"height":11}},{"id":"0e964553-aa9f-400a-b8ab-93d2c3860af1","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":125,"box":{"x":83,"y":90,"width":863,"height":11}},{"id":"dfd091e8-8d7a-4420-98eb-89f10d5d339e","block_type":"box","text":"agreements to waive or reimburse expenses, which would reduce performance if not in effect. Past performance (before and after taxes)","page_number":125,"box":{"x":83,"y":104,"width":874,"height":11}},{"id":"9741869a-f2e9-4b2d-9a1c-b8cd20f7a124","block_type":"box","text":"does not necessarily indicate how the Fund will perform in the future. Updated performance information, including the Fund’s current NAV,","page_number":125,"box":{"x":83,"y":119,"width":888,"height":10}},{"id":"7be1452e-6783-46c0-9d09-d13d1af9de6d","block_type":"box","text":"may be obtained by visiting www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":125,"box":{"x":83,"y":133,"width":652,"height":11}},{"id":"b4af8f8c-e164-4772-96f1-ed872cfb0350","block_type":"box","text":"Calendar Year-by-Year 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6.77%","page_number":125,"box":{"x":800,"y":493,"width":116,"height":8}},{"id":"e8d585de-1fc9-441a-8125-c08230aadde0","block_type":"box","text":"Return After Taxes on Distributions","page_number":125,"box":{"x":124,"y":505,"width":197,"height":7}},{"id":"6e653b5a-3d50-4780-9d02-0fa223ab9384","block_type":"box","text":"7.21% 4.69%","page_number":125,"box":{"x":803,"y":505,"width":113,"height":7}},{"id":"e1edbc5d-25d1-4063-b70d-8bb74f2094fe","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 5.51% 4.28%","page_number":125,"box":{"x":124,"y":517,"width":792,"height":7}},{"id":"fcd8a2e3-8c91-45fc-80ce-7af6fba8e7ae","block_type":"box","text":"Bloomberg U.S. Universal Index","page_number":125,"box":{"x":124,"y":528,"width":194,"height":10}},{"id":"2eb7cbdb-4587-41d8-aeb2-06eb9239854c","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes) 7.58% 5.16%","page_number":125,"box":{"x":323,"y":528,"width":593,"height":10}},{"id":"db97ba77-9943-44b0-90ec-536f887f4fa8","block_type":"box","text":"Bloomberg December 2033 Maturity Corporate Index","page_number":125,"box":{"x":124,"y":540,"width":330,"height":9}},{"id":"998d6f26-a3d8-4571-ba0b-a307709bf76b","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses","page_number":125,"box":{"x":458,"y":540,"width":304,"height":9}},{"id":"7f998f9a-d484-4339-8d02-b5eed521468b","block_type":"box","text":"or taxes)","page_number":125,"box":{"x":137,"y":553,"width":48,"height":9}},{"id":"b67626ab-8ab0-424c-bf29-ac0652d42d1d","block_type":"box","text":"9.63% 6.85%","page_number":125,"box":{"x":800,"y":553,"width":116,"height":7}},{"id":"80aef103-4434-43d6-afd1-768dc044f4ee","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not","page_number":125,"box":{"x":82,"y":592,"width":882,"height":10}},{"id":"c4d4c64f-b756-4262-a8ee-4a495c847b54","block_type":"box","text":"reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown,","page_number":125,"box":{"x":83,"y":606,"width":871,"height":11}},{"id":"1a7732b5-6443-4dac-bfed-e08ccdfc8713","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":125,"box":{"x":83,"y":620,"width":860,"height":11}},{"id":"850799cf-8d12-4078-b4d1-58172eb17bc5","block_type":"box","text":"such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are","page_number":125,"box":{"x":83,"y":634,"width":855,"height":11}},{"id":"93f0cc67-9883-4490-8ba4-a3a3526647d1","block_type":"box","text":"calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses","page_number":125,"box":{"x":83,"y":648,"width":883,"height":11}},{"id":"a508656b-35c5-4c8b-a246-6c7aab5ed6e0","block_type":"box","text":"from the sales of Fund shares. 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The contractual waiver may be terminated prior to the Fund’s termination only upon the written agreement of the","page_number":127,"box":{"x":83,"y":362,"width":858,"height":11}},{"id":"0f10ba45-9b60-449d-af56-b9edbccc0acc","block_type":"box","text":"Trust and BFA.","page_number":127,"box":{"x":82,"y":376,"width":91,"height":9}},{"id":"3ec453c2-6da0-4fdb-a1cc-291c99c3eb9f","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":127,"box":{"x":82,"y":399,"width":883,"height":12}},{"id":"770b2a5f-c3cd-4b49-9043-b835a754faa8","block_type":"box","text":"the tables and examples below.","page_number":127,"box":{"x":83,"y":414,"width":220,"height":10}},{"id":"de3590eb-6b9e-46f1-af5f-038ac7451bee","block_type":"box","text":"Annual Fund Operating 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The","page_number":128,"box":{"x":83,"y":318,"width":423,"height":11}},{"id":"7fbeb4e0-cd70-422a-b387-7ade210ad807","block_type":"box","text":"Underlying Index is composed of U.S. dollar-denominated,","page_number":128,"box":{"x":83,"y":333,"width":371,"height":10}},{"id":"e66798c6-706d-4330-a859-2c1cc4260639","block_type":"box","text":"taxable, investment-grade (as determined by Bloomberg Index","page_number":128,"box":{"x":83,"y":347,"width":398,"height":11}},{"id":"3dbe229d-d40d-4f7a-9672-1b3de0bf6c35","block_type":"box","text":"Services Limited (the “Index Provider” or “Bloomberg”)) corporate","page_number":128,"box":{"x":83,"y":361,"width":421,"height":11}},{"id":"0df459e4-6663-46b5-8b52-8769fcffae9a","block_type":"box","text":"bonds scheduled to mature between January 1, 2034 and","page_number":128,"box":{"x":83,"y":375,"width":365,"height":11}},{"id":"b90eab45-ef63-44fb-8b08-c54666654cfa","block_type":"box","text":"December 15, 2034, inclusive. 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The non-U.S. corporate issuers","page_number":128,"box":{"x":82,"y":510,"width":422,"height":11}},{"id":"31e0f007-aec0-4bad-a0fc-87dbbb979cba","block_type":"box","text":"included in the Underlying Index consist primarily of corporate","page_number":128,"box":{"x":83,"y":525,"width":397,"height":10}},{"id":"aad9fb08-0b2f-48c4-8c26-a518c639e3d5","block_type":"box","text":"bonds issued by companies domiciled in developed countries. The","page_number":128,"box":{"x":83,"y":539,"width":422,"height":11}},{"id":"d714f229-dcae-4c14-bc27-9db2603c1655","block_type":"box","text":"Fund will invest in non-U.S. issuers to the extent necessary for it","page_number":128,"box":{"x":84,"y":553,"width":411,"height":11}},{"id":"6f38ce00-9160-4ba6-9d5f-a1e8be8e2501","block_type":"box","text":"to track the Underlying Index. Each bond included in the","page_number":128,"box":{"x":83,"y":567,"width":358,"height":11}},{"id":"119faece-d3eb-4806-b3de-fa17e562d99f","block_type":"box","text":"Underlying Index must be registered with the SEC, have been","page_number":128,"box":{"x":83,"y":581,"width":390,"height":11}},{"id":"e53cdfe7-c6be-492c-bb41-c2fce69af71a","block_type":"box","text":"exempt from registration at issuance, or have been offered","page_number":128,"box":{"x":83,"y":595,"width":375,"height":11}},{"id":"58a23e67-5db7-4ee5-9d48-7878e945be06","block_type":"box","text":"pursuant to Rule 144A under the Securities Act of 1933, as","page_number":128,"box":{"x":83,"y":610,"width":375,"height":10}},{"id":"c6067fbc-144d-43d1-a622-9c1a8f317889","block_type":"box","text":"amended (the “1933 Act”), with registration rights. Further, the","page_number":128,"box":{"x":83,"y":624,"width":402,"height":11}},{"id":"e4d5c065-e210-4fb9-8c9f-7f139d0f5dbf","block_type":"box","text":"securities in the Underlying Index must be denominated in U.S.","page_number":128,"box":{"x":83,"y":638,"width":402,"height":11}},{"id":"0764739d-73bc-4a49-a81d-150951dcbab2","block_type":"box","text":"dollars and have a fixed rate, although they can carry a coupon","page_number":128,"box":{"x":83,"y":652,"width":401,"height":11}},{"id":"160cebcc-9c8d-4570-97b3-1b26b1818581","block_type":"box","text":"that steps-up or changes according to a predetermined schedule.","page_number":128,"box":{"x":83,"y":666,"width":418,"height":11}},{"id":"fb2d73b2-e13b-4768-8c4f-2bbb7f136279","block_type":"box","text":"In addition, to be included in the Underlying Index, securities that","page_number":128,"box":{"x":83,"y":681,"width":416,"height":10}},{"id":"4eced9f5-84ac-4dd6-a427-ba46d5f43e27","block_type":"box","text":"are rated by all three of the rating agencies named below must be","page_number":128,"box":{"x":83,"y":695,"width":420,"height":11}},{"id":"6d23f6dd-9b61-479d-b58a-8dedd3ff45d5","block_type":"box","text":"rated “investment-grade” by at least two of the three rating","page_number":128,"box":{"x":83,"y":709,"width":379,"height":11}},{"id":"e0575798-2fd7-4798-a69b-42a7719495df","block_type":"box","text":"agencies, which is defined as Baa3 or higher by Moody’s Investors","page_number":128,"box":{"x":83,"y":723,"width":423,"height":11}},{"id":"361cf4ad-4986-483b-a30c-7fd8e64d19d1","block_type":"box","text":"Service, Inc. or BBB- or higher by S&P Global Ratings or Fitch","page_number":128,"box":{"x":83,"y":737,"width":389,"height":11}},{"id":"ee3d6372-5d6f-4bad-8ec7-ad2022d45f45","block_type":"box","text":"Ratings, Inc. When ratings from only two of the three rating","page_number":128,"box":{"x":83,"y":751,"width":377,"height":11}},{"id":"f285396d-3331-4cbb-a2db-7a6f8fc99867","block_type":"box","text":"agencies are available, the lower rating is used to determine","page_number":128,"box":{"x":83,"y":766,"width":384,"height":11}},{"id":"68b82f65-6f8e-4bde-925f-5ad16405010f","block_type":"box","text":"eligibility. Securities with a rating from only one of the three","page_number":128,"box":{"x":83,"y":780,"width":381,"height":11}},{"id":"463a08a2-578d-4b28-8798-414a3c7f646b","block_type":"box","text":"ratings agencies must be rated investment-grade in order to be","page_number":128,"box":{"x":83,"y":794,"width":404,"height":11}},{"id":"fccd0afd-e3b3-4873-9b64-c11e4efa4ddb","block_type":"box","text":"included in the Underlying Index. In cases where ratings are not","page_number":128,"box":{"x":83,"y":808,"width":406,"height":11}},{"id":"70cef8c9-361f-4a2e-8445-e8ebaf5c2305","block_type":"box","text":"available, other sources may be used to classify securities by","page_number":128,"box":{"x":83,"y":822,"width":390,"height":11}},{"id":"022b8916-ebca-4778-b95b-dc035e7b2e0a","block_type":"box","text":"investment quality.","page_number":128,"box":{"x":83,"y":837,"width":120,"height":10}},{"id":"9bd6e906-c6da-49eb-8c2f-d2a542040072","block_type":"box","text":"The Underlying Index is constructed with the following","page_number":128,"box":{"x":82,"y":858,"width":347,"height":11}},{"id":"34c25e8d-3225-4d0f-80e9-bee3a7df70b5","block_type":"box","text":"methodology. The parent index, the Bloomberg U.S. Corporate","page_number":128,"box":{"x":83,"y":873,"width":398,"height":11}},{"id":"fe531c31-0f71-4005-a3bf-d8fbb42f6e08","block_type":"box","text":"Index (the “Parent Index”), representing U.S. dollar-denominated,","page_number":128,"box":{"x":550,"y":23,"width":416,"height":11}},{"id":"4e6c4419-dbd6-40a8-9ae6-eab7a2f0dd73","block_type":"box","text":"taxable, investment-grade corporate bonds, is stripped of","page_number":128,"box":{"x":549,"y":37,"width":368,"height":11}},{"id":"91317b1f-559a-4387-b653-5b54d92da311","block_type":"box","text":"securities maturing outside of the maturity range described","page_number":128,"box":{"x":549,"y":51,"width":379,"height":11}},{"id":"f7397db3-2cca-4188-b7e7-5d16cca85325","block_type":"box","text":"above. 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Securities are then market-cap weighted within","page_number":128,"box":{"x":549,"y":122,"width":403,"height":11}},{"id":"f1a7aa12-3d25-4387-9377-7bedccfeb233","block_type":"box","text":"the Underlying Index, with a 3% cap typically imposed on any one","page_number":128,"box":{"x":549,"y":137,"width":415,"height":10}},{"id":"79463e73-e1a3-4dd9-aa5e-4823f9695458","block_type":"box","text":"issuer, and a","page_number":128,"box":{"x":549,"y":151,"width":80,"height":10}},{"id":"123af475-770e-403f-8520-a9d27e67c014","block_type":"box","text":"pro rata","page_number":128,"box":{"x":633,"y":152,"width":50,"height":9}},{"id":"8ce894d6-1642-4f67-9415-e72fa1321813","block_type":"box","text":"distribution of any excess weight across the","page_number":128,"box":{"x":688,"y":151,"width":280,"height":11}},{"id":"c991a968-73c8-46bf-9e81-a8904cbf93c5","block_type":"box","text":"remaining issuers in the Underlying Index. In the event a 3% cap is","page_number":128,"box":{"x":549,"y":165,"width":421,"height":11}},{"id":"9976ade4-0395-4504-8f8e-13313fd90b62","block_type":"box","text":"not possible due to lack of issuers, the cap will be increased in","page_number":128,"box":{"x":549,"y":179,"width":399,"height":11}},{"id":"4c689370-a9e7-4b1d-a0fb-01dbe18c3899","block_type":"box","text":"0.50% increments until the Underlying Index can be calculated.","page_number":128,"box":{"x":549,"y":193,"width":402,"height":11}},{"id":"3fc09ae6-c2c2-4f7b-9843-e9fe968188e0","block_type":"box","text":"The securities in the Underlying Index are updated on the last","page_number":128,"box":{"x":549,"y":215,"width":392,"height":11}},{"id":"dc7e9f1d-f7d2-4a4e-8344-958014504fc1","block_type":"box","text":"calendar day of each month until June 30, 2034. The last","page_number":128,"box":{"x":549,"y":229,"width":362,"height":11}},{"id":"19213253-998d-4d0b-b46d-b56bc2e9dff3","block_type":"box","text":"rebalance date will be on June 30, 2034. During this final six","page_number":128,"box":{"x":549,"y":244,"width":385,"height":10}},{"id":"74f688ce-9c5d-4cde-b885-3e89bdce1827","block_type":"box","text":"month period, the Underlying Index will no longer be updated or","page_number":128,"box":{"x":549,"y":258,"width":408,"height":11}},{"id":"b21b2e98-3abe-49f9-8031-5ff55436adc1","block_type":"box","text":"rebalanced, except to remove securities which are downgraded to","page_number":128,"box":{"x":549,"y":272,"width":422,"height":11}},{"id":"e87f8027-ff43-4023-a79a-0179bee851b9","block_type":"box","text":"below investment-grade per the eligibility criteria described","page_number":128,"box":{"x":549,"y":286,"width":380,"height":11}},{"id":"4ffc8dd8-1396-4c16-8217-f590a437a158","block_type":"box","text":"above. Additionally, during this period, existing bond weights will","page_number":128,"box":{"x":549,"y":300,"width":412,"height":11}},{"id":"0eae76e2-1084-416e-b7ea-b1c8c4e36b58","block_type":"box","text":"be allowed to float based on changes in market value. When a","page_number":128,"box":{"x":549,"y":314,"width":394,"height":11}},{"id":"03b6c6fc-ea6e-4e20-98a1-0fc09f8d0039","block_type":"box","text":"bond that is included in the Underlying Index matures, its maturity","page_number":128,"box":{"x":549,"y":329,"width":423,"height":10}},{"id":"26a1b9ea-08dd-40cb-b845-4b7f3f063946","block_type":"box","text":"value will be represented in the Underlying Index by cash","page_number":128,"box":{"x":548,"y":343,"width":364,"height":11}},{"id":"765852bf-f114-450a-a348-942349cb6c8e","block_type":"box","text":"throughout the remaining life of the Underlying Index.","page_number":128,"box":{"x":549,"y":357,"width":342,"height":11}},{"id":"eaab5a08-5a8e-4c17-889d-40fced0cd10f","block_type":"box","text":"The Fund is a series of the iShares iBonds fixed maturity series of","page_number":128,"box":{"x":549,"y":379,"width":417,"height":11}},{"id":"931d40c0-834d-4198-b6b2-cd4568fe1b75","block_type":"box","text":"bond ETFs sponsored by BlackRock, Inc. 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The Fund","page_number":128,"box":{"x":549,"y":393,"width":416,"height":11}},{"id":"a6356f96-ab63-4c3a-bd02-64f08d4f5c8c","block_type":"box","text":"does not invest in U.S. savings bonds or other U.S. government","page_number":128,"box":{"x":549,"y":407,"width":404,"height":11}},{"id":"64bef9c2-76f0-4494-b748-837d2d3741be","block_type":"box","text":"bonds (except to the extent the Fund holds cash equivalent","page_number":128,"box":{"x":549,"y":422,"width":379,"height":10}},{"id":"a765f348-2265-496b-93aa-0fea158215ce","block_type":"box","text":"instruments consistent with its investment objective) and is not","page_number":128,"box":{"x":549,"y":436,"width":406,"height":10}},{"id":"8d5ff79a-7424-46d4-ba8e-373597b7e988","block_type":"box","text":"designed to provide protection against inflation.","page_number":128,"box":{"x":549,"y":450,"width":305,"height":11}},{"id":"04b31edd-d543-4aae-b958-d5fbbd2cc8bd","block_type":"box","text":"BFA uses an indexing approach to try to achieve the Fund’s","page_number":128,"box":{"x":550,"y":473,"width":376,"height":11}},{"id":"73d1614f-639b-4e6c-8855-e21418efe590","block_type":"box","text":"investment objective. 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The Fund may","page_number":128,"box":{"x":549,"y":775,"width":410,"height":11}},{"id":"5667284a-b66a-4a63-a253-35f5737ed9d6","block_type":"box","text":"or may not hold all of the components of the Underlying Index.","page_number":128,"box":{"x":549,"y":789,"width":399,"height":11}},{"id":"4f0faa72-70df-4382-bfff-b0b1776dd94e","block_type":"box","text":"The Fund will invest at least 80% of its assets in the component","page_number":128,"box":{"x":549,"y":812,"width":404,"height":11}},{"id":"05e41beb-a75a-4029-8977-3bb73c56fa42","block_type":"box","text":"instruments of the Underlying Index, and (except during the last","page_number":128,"box":{"x":549,"y":826,"width":408,"height":11}},{"id":"340fda87-f44e-402a-badc-7b315315692a","block_type":"box","text":"twelve months of the Fund’s operations) the Fund will invest at","page_number":128,"box":{"x":549,"y":840,"width":401,"height":11}},{"id":"f2afd4c1-068d-48eb-84a7-100f779e07f0","block_type":"box","text":"least 90% of its assets in fixed income securities of the types","page_number":128,"box":{"x":549,"y":855,"width":388,"height":10}},{"id":"3cc085e9-945a-46a0-9ff0-ade03353852f","block_type":"box","text":"included in the Underlying Index that BFA believes will help the","page_number":128,"box":{"x":549,"y":869,"width":400,"height":11}},{"id":"d1f9aeb7-9dd9-423e-a88b-88229f98b119","block_type":"box","text":"S-117","page_number":128,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"ea6c744a-7431-4bb1-9169-ef1d260407d4","block_type":"box","text":"Fund track the Underlying Index. The Fund will invest no more","page_number":129,"box":{"x":84,"y":23,"width":393,"height":11}},{"id":"f89b878c-1c52-46cf-9086-9fbf23e6df2e","block_type":"box","text":"than 10% of its assets in futures, options and swaps contracts that","page_number":129,"box":{"x":83,"y":37,"width":423,"height":11}},{"id":"2f0e7999-98d0-42ff-8365-057945a71c2c","block_type":"box","text":"BFA believes will help the Fund track the Underlying Index as well","page_number":129,"box":{"x":84,"y":52,"width":415,"height":10}},{"id":"c2e5d819-70cc-4dce-ab59-ce8fec9641f7","block_type":"box","text":"as in fixed income securities other than the types included in the","page_number":129,"box":{"x":83,"y":66,"width":413,"height":10}},{"id":"00e6ac30-578c-4a95-9c68-2fd9d7a24e3e","block_type":"box","text":"Underlying Index, but which BFA believes will help the Fund track","page_number":129,"box":{"x":83,"y":80,"width":414,"height":11}},{"id":"b067de8b-43a7-4a1f-a667-dbb2febbc01c","block_type":"box","text":"the Underlying Index. Cash and cash equivalent investments","page_number":129,"box":{"x":83,"y":94,"width":385,"height":11}},{"id":"1fbfe1fa-81f0-4983-9cd2-c4dadf2d66aa","block_type":"box","text":"associated with a derivative position will be treated as part of that","page_number":129,"box":{"x":83,"y":108,"width":421,"height":11}},{"id":"380c016f-7f70-4cc4-950b-74d9c2197c28","block_type":"box","text":"position for the purposes of calculating the percentage of","page_number":129,"box":{"x":83,"y":122,"width":367,"height":11}},{"id":"5d970dea-c5b2-4e46-a05c-ef07e19420d1","block_type":"box","text":"investments included in the Underlying Index.","page_number":129,"box":{"x":83,"y":137,"width":290,"height":10}},{"id":"09fd6cf6-7da8-46af-a85e-d070d3664ae6","block_type":"box","text":"In the last six months of operation, as the bonds held by the Fund","page_number":129,"box":{"x":83,"y":158,"width":418,"height":11}},{"id":"808269ba-86f6-4b95-b25a-2d06a134aee8","block_type":"box","text":"mature, the proceeds may not be reinvested by the Fund in bonds","page_number":129,"box":{"x":83,"y":173,"width":420,"height":10}},{"id":"e9c6d607-cae4-40d1-ba41-e291cdab9b32","block_type":"box","text":"but instead will be held in cash and cash equivalents. By fifteen","page_number":129,"box":{"x":83,"y":187,"width":403,"height":11}},{"id":"d076d8b4-cb3b-4d4c-84a7-fae9bfd563a5","block_type":"box","text":"days prior to maturity, the Underlying Index is expected to consist","page_number":129,"box":{"x":83,"y":201,"width":421,"height":11}},{"id":"8de6ade0-df8a-4939-81c4-37bee9c7dd7d","block_type":"box","text":"almost entirely of cash and cash equivalents. On or around this","page_number":129,"box":{"x":83,"y":215,"width":402,"height":11}},{"id":"c07f496e-f2c2-48e2-9d4e-653b69a2d553","block_type":"box","text":"date, the Fund will wind up and terminate. After appropriate","page_number":129,"box":{"x":83,"y":229,"width":382,"height":11}},{"id":"a4a1f866-cb37-4065-bfe2-395af142fb86","block_type":"box","text":"provision is made for any Fund liabilities, its net assets will be","page_number":129,"box":{"x":83,"y":244,"width":393,"height":10}},{"id":"d1cb0e7f-484e-4704-a354-4a7af9d8c914","block_type":"box","text":"distributed to then-current shareholders pursuant to a plan of","page_number":129,"box":{"x":83,"y":258,"width":394,"height":11}},{"id":"16980ebf-1870-41cf-9783-748ebd366bc5","block_type":"box","text":"liquidation. The Fund’s termination was approved by a majority of","page_number":129,"box":{"x":83,"y":272,"width":418,"height":11}},{"id":"17a42de7-47b5-4065-bec0-a3c09ad20547","block_type":"box","text":"the Trust’s Board of Trustees (the “Board”) and does not require","page_number":129,"box":{"x":83,"y":286,"width":406,"height":11}},{"id":"af02514f-22f8-4b86-8e9c-4b6938ef531d","block_type":"box","text":"additional approval by Fund shareholders. The Board may extend","page_number":129,"box":{"x":83,"y":300,"width":413,"height":11}},{"id":"07528097-47bb-4f35-a6e0-63abf33f3ffa","block_type":"box","text":"the termination date if a majority of the Board determines the","page_number":129,"box":{"x":83,"y":314,"width":394,"height":11}},{"id":"8edb21ad-7f3a-4466-a7ce-0633b2bc6cac","block_type":"box","text":"extension to be in the best interest of the Fund.","page_number":129,"box":{"x":83,"y":329,"width":303,"height":8}},{"id":"775db861-2a80-4990-b3a5-d7ea040ee336","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying","page_number":129,"box":{"x":82,"y":351,"width":414,"height":10}},{"id":"70cfa9e2-120e-4a54-9ddd-a8ed630a01c2","block_type":"box","text":"Index before fees and expenses of the Fund. 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The Index Provider","page_number":129,"box":{"x":83,"y":547,"width":354,"height":10}},{"id":"919769da-0c14-4876-bc7e-d2d080bc6bb1","block_type":"box","text":"determines the composition and relative weightings of the","page_number":129,"box":{"x":83,"y":561,"width":371,"height":11}},{"id":"8dc6f426-8f9a-4173-8e13-6cc86a6d0391","block_type":"box","text":"components of the Underlying Index and publishes information","page_number":129,"box":{"x":83,"y":575,"width":401,"height":11}},{"id":"1c67837a-2d05-4160-a407-1b5890d35b30","block_type":"box","text":"regarding the market value of the Underlying Index.","page_number":129,"box":{"x":83,"y":589,"width":327,"height":11}},{"id":"eccf17fd-39d3-4055-8b15-2a469e9a87b9","block_type":"box","text":"Industry Concentration Policy.","page_number":129,"box":{"x":83,"y":612,"width":210,"height":11}},{"id":"676b4def-ef9e-4f12-90b9-4a0d6b07b5a1","block_type":"box","text":"The Fund will concentrate its","page_number":129,"box":{"x":298,"y":612,"width":184,"height":9}},{"id":"650a7f1f-ee00-4d8d-819e-99e22dbc5a2d","block_type":"box","text":"investments (","page_number":129,"box":{"x":83,"y":626,"width":85,"height":11}},{"id":"b844e427-b25b-4a73-8cbe-eb22361afa7e","block_type":"box","text":"i.e.","page_number":129,"box":{"x":169,"y":626,"width":17,"height":9}},{"id":"76b32683-5eef-499b-af7c-e9767d0ad870","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":129,"box":{"x":189,"y":626,"width":264,"height":11}},{"id":"599fe2c1-1dac-418c-bc86-3f4a37100b80","block_type":"box","text":"particular industry or group of industries to approximately the","page_number":129,"box":{"x":83,"y":641,"width":394,"height":10}},{"id":"2a0c66fd-64f1-4387-bfff-958c08e78f63","block_type":"box","text":"same extent that the Underlying Index is concentrated. For","page_number":129,"box":{"x":83,"y":655,"width":377,"height":11}},{"id":"85bf29a8-dc60-4d57-af19-9a8ebd14e6dc","block_type":"box","text":"purposes of this limitation, securities of the U.S. government","page_number":129,"box":{"x":83,"y":669,"width":389,"height":11}},{"id":"083c0eca-e8b5-49ec-8521-610b2d2b161a","block_type":"box","text":"(including its agencies and instrumentalities), repurchase","page_number":129,"box":{"x":83,"y":683,"width":365,"height":11}},{"id":"42531387-f8f5-4c7c-8fae-7ff0fde1eb5b","block_type":"box","text":"agreements collateralized by U.S. government securities, and","page_number":129,"box":{"x":83,"y":697,"width":392,"height":11}},{"id":"91e96a44-d2f0-4583-994c-a209e3ad5985","block_type":"box","text":"securities of state or municipal governments and their political","page_number":129,"box":{"x":83,"y":712,"width":399,"height":10}},{"id":"2f0bbf74-b34a-483a-9f35-b6a3dab58b1d","block_type":"box","text":"subdivisions are not considered to be issued by members of any","page_number":129,"box":{"x":83,"y":726,"width":410,"height":11}},{"id":"4afd07e2-ea24-44ef-81be-c731bfe1214a","block_type":"box","text":"industry.","page_number":129,"box":{"x":83,"y":740,"width":54,"height":11}},{"id":"601e541e-29f8-4b6a-9dad-fe2954385de9","block_type":"box","text":"Summary of Principal Risks","page_number":129,"box":{"x":83,"y":769,"width":235,"height":13}},{"id":"6c58e446-d610-4f9e-b8ff-784d636d8e40","block_type":"box","text":"As with any investment, you could lose all or part of your","page_number":129,"box":{"x":82,"y":794,"width":363,"height":11}},{"id":"12a6de8b-bc96-4974-9e1e-b89a9161d179","block_type":"box","text":"investment in the Fund, and the Fund’s performance could trail","page_number":129,"box":{"x":83,"y":808,"width":402,"height":11}},{"id":"0ea52cc4-2d85-46cd-bd30-21c4ce3f1568","block_type":"box","text":"that of other investments. The Fund is subject to certain risks,","page_number":129,"box":{"x":83,"y":822,"width":396,"height":11}},{"id":"7e31efbd-f23e-471e-81ed-37cb375bd1ef","block_type":"box","text":"including the principal risks noted below, any of which may","page_number":129,"box":{"x":83,"y":837,"width":376,"height":10}},{"id":"c2930add-e4f2-421b-9143-34abdbc8c517","block_type":"box","text":"adversely affect the Fund’s net asset value per share (“NAV”),","page_number":129,"box":{"x":83,"y":851,"width":392,"height":11}},{"id":"f1373c7b-5d79-43c4-a011-02d33ef90d10","block_type":"box","text":"trading price, yield, total return and ability to meet its investment","page_number":129,"box":{"x":83,"y":865,"width":416,"height":11}},{"id":"36b72193-e811-418b-883d-e2b3f2dff057","block_type":"box","text":"objective. Certain key risks are prioritized below (with others","page_number":129,"box":{"x":83,"y":879,"width":387,"height":11}},{"id":"6ad80c8e-0bcd-45ca-a9a9-c7b01011ceff","block_type":"box","text":"following in alphabetical order), but the relative significance of any","page_number":129,"box":{"x":549,"y":23,"width":425,"height":11}},{"id":"6203ed1f-9ee9-4558-9031-ed4992979db6","block_type":"box","text":"risk is difficult to predict and may change over time. You should","page_number":129,"box":{"x":549,"y":37,"width":405,"height":11}},{"id":"5eb2bc3b-b362-41b5-acf9-d2986d304c95","block_type":"box","text":"review each risk factor carefully.","page_number":129,"box":{"x":549,"y":51,"width":206,"height":11}},{"id":"f222bbac-3413-431f-80c0-65a6e354bd3c","block_type":"box","text":"Credit Risk","page_number":129,"box":{"x":549,"y":75,"width":75,"height":8}},{"id":"bb7b3b58-e642-4556-926e-f9104b765ccf","block_type":"box","text":".","page_number":129,"box":{"x":624,"y":81,"width":2,"height":2}},{"id":"4bc396e4-d438-47fa-beba-ceea1d111ae0","block_type":"box","text":"Credit risk is the risk that an issuer, guarantor or","page_number":129,"box":{"x":632,"y":75,"width":311,"height":11}},{"id":"1a7f2b68-e476-4993-8009-b37c0a7d2599","block_type":"box","text":"liquidity provider of a fixed-income security may be unable or","page_number":129,"box":{"x":549,"y":89,"width":391,"height":11}},{"id":"a0091384-deec-45e8-a865-1f6bbd48e024","block_type":"box","text":"unwilling, or may be perceived as unable or unwilling, to make","page_number":129,"box":{"x":549,"y":103,"width":395,"height":11}},{"id":"2d03c4fb-a28e-4690-a0c9-9261558fd0cd","block_type":"box","text":"timely principal and/or interest payments or to otherwise honor","page_number":129,"box":{"x":549,"y":117,"width":410,"height":11}},{"id":"8c8ea03b-dc5a-482e-a77c-39d8d1d4c483","block_type":"box","text":"its obligations. 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Internal","page_number":131,"box":{"x":83,"y":424,"width":416,"height":11}},{"id":"738bd782-2d33-47f5-bf06-1657a4980369","block_type":"box","text":"social unrest or confrontations with other countries, including","page_number":131,"box":{"x":83,"y":438,"width":394,"height":11}},{"id":"faf193ff-ee23-473d-9637-a9e8c5dd03f0","block_type":"box","text":"military conflicts in response to such events, may disrupt China’s","page_number":131,"box":{"x":83,"y":452,"width":415,"height":11}},{"id":"7923a98f-fea2-49bc-bf2a-8b1ec55a9772","block_type":"box","text":"economy and markets and result in a greater risk of currency","page_number":131,"box":{"x":83,"y":467,"width":390,"height":10}},{"id":"cf35d8fc-b7aa-4c86-ae52-94d55dcb1cb2","block_type":"box","text":"fluctuations, currency non-convertibility, interest rate fluctuations","page_number":131,"box":{"x":82,"y":481,"width":422,"height":11}},{"id":"9a85f1f5-35df-4055-87ba-43b19b60a19d","block_type":"box","text":"and higher inflation.","page_number":131,"box":{"x":83,"y":495,"width":126,"height":11}},{"id":"b4227db7-0367-402e-8f87-a798bdd31ad5","block_type":"box","text":"China has experienced security concerns, such as terrorism and","page_number":131,"box":{"x":83,"y":518,"width":409,"height":11}},{"id":"e2ec8fbf-a564-46cc-b106-8aa0b979a74f","block_type":"box","text":"strained international relations. 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Actual and threatened","page_number":131,"box":{"x":83,"y":561,"width":383,"height":11}},{"id":"697a90ef-1e33-4548-8f96-ae8b4fbb6e98","block_type":"box","text":"responses to such activity and strained international relations,","page_number":131,"box":{"x":83,"y":575,"width":398,"height":11}},{"id":"3f60b19e-b394-48e8-8ec6-3b6f3871680a","block_type":"box","text":"including purchasing restrictions, sanctions, export controls,","page_number":131,"box":{"x":83,"y":589,"width":386,"height":11}},{"id":"71b1d605-d56e-4599-9b12-47e1616c982e","block_type":"box","text":"tariffs or cyberattacks on the Chinese government or Chinese","page_number":131,"box":{"x":83,"y":603,"width":393,"height":11}},{"id":"cc86a593-d76d-4175-978e-2a233209dd5b","block_type":"box","text":"companies, may impact China’s economy and Chinese issuers in","page_number":131,"box":{"x":83,"y":617,"width":412,"height":11}},{"id":"68f4f11c-5a92-4b2d-92e9-a57ae915c596","block_type":"box","text":"which the Fund invests. Incidents involving China’s or the region’s","page_number":131,"box":{"x":82,"y":632,"width":421,"height":10}},{"id":"e54540f3-f0db-4795-a15f-6a9c6353c1b1","block_type":"box","text":"security may adversely affect the Chinese economy and markets","page_number":131,"box":{"x":83,"y":646,"width":413,"height":11}},{"id":"55f134f3-afd3-4786-8ae6-c3f8d12d4634","block_type":"box","text":"and the Fund’s investments.","page_number":131,"box":{"x":83,"y":660,"width":179,"height":8}},{"id":"b7b53151-fd8b-4a44-bff1-928e1fd8dcbb","block_type":"box","text":"The Chinese economy is highly reliant on trade. 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The Underlying Index may","page_number":131,"box":{"x":83,"y":782,"width":378,"height":11}},{"id":"cbafae5f-50bf-4d92-ba29-7e1aa6fb981b","block_type":"box","text":"include companies that are subject to economic or trade","page_number":131,"box":{"x":83,"y":797,"width":362,"height":10}},{"id":"8acc4c7d-d1b2-44aa-96fd-54f1a6c78112","block_type":"box","text":"restrictions (but not investment restrictions) imposed by the U.S.","page_number":131,"box":{"x":83,"y":811,"width":416,"height":11}},{"id":"935560a6-58ba-4a45-8bc3-4677aaec1b11","block_type":"box","text":"or other governments due to national security, human rights or","page_number":131,"box":{"x":83,"y":825,"width":402,"height":11}},{"id":"068e09ef-7c91-43ce-90ad-c8fe9071ed8c","block_type":"box","text":"other concerns of such government. So long as these restrictions","page_number":131,"box":{"x":83,"y":839,"width":418,"height":11}},{"id":"84f3be17-ffee-483b-943f-b7778745f4b7","block_type":"box","text":"do not include restrictions on investments, the Fund is generally","page_number":131,"box":{"x":83,"y":853,"width":410,"height":11}},{"id":"a3ca99c3-e282-46a9-b462-c3f81dba1f2e","block_type":"box","text":"expected to invest in such companies, consistent with its","page_number":131,"box":{"x":549,"y":23,"width":365,"height":11}},{"id":"c26b6537-bbf5-459b-9cce-6e20df8366af","block_type":"box","text":"objective to track the performance of the Underlying Index.","page_number":131,"box":{"x":549,"y":37,"width":378,"height":11}},{"id":"b2f964c1-093d-40de-a5a7-9548a3736742","block_type":"box","text":"Chinese companies, including those listed on U.S. exchanges, are","page_number":131,"box":{"x":549,"y":61,"width":419,"height":10}},{"id":"4d443939-4d2f-4a4f-88d4-df689297d050","block_type":"box","text":"not subject to the same degree of regulatory requirements,","page_number":131,"box":{"x":549,"y":75,"width":378,"height":11}},{"id":"e370e21b-a065-403c-ab28-c3ad5f1867d3","block_type":"box","text":"accounting standards or auditor oversight as companies in more","page_number":131,"box":{"x":549,"y":89,"width":412,"height":11}},{"id":"b0e57477-21d2-4e70-979a-60936049a3fb","block_type":"box","text":"developed countries. As a result, information about the Chinese","page_number":131,"box":{"x":549,"y":103,"width":407,"height":11}},{"id":"9ed5b266-ec01-49b8-8f81-81d653c0f14b","block_type":"box","text":"securities in which the Fund invests may be less reliable or","page_number":131,"box":{"x":549,"y":117,"width":375,"height":11}},{"id":"df634186-1f6b-451b-8faf-9bf56000a63d","block_type":"box","text":"complete. Chinese companies with securities listed on U.S.","page_number":131,"box":{"x":549,"y":131,"width":378,"height":11}},{"id":"d01a8a39-eab4-478d-8805-e25fa28caf6f","block_type":"box","text":"exchanges may be delisted if they do not meet U.S. accounting","page_number":131,"box":{"x":549,"y":146,"width":403,"height":10}},{"id":"14849b6f-36ed-44d1-809e-c7b090f16d00","block_type":"box","text":"standards and auditor oversight requirements, or for other","page_number":131,"box":{"x":549,"y":160,"width":374,"height":11}},{"id":"896d5833-c947-4ea2-82aa-cbeb21db9fb8","block_type":"box","text":"reasons, which would significantly decrease the liquidity and value","page_number":131,"box":{"x":549,"y":174,"width":424,"height":11}},{"id":"53a2f3de-1d56-4d7c-9f30-8c7ff58d301b","block_type":"box","text":"of the securities. There may be significant obstacles to obtaining","page_number":131,"box":{"x":549,"y":188,"width":413,"height":11}},{"id":"b17b2478-fe59-4d74-aa7e-03e5969dfd15","block_type":"box","text":"information necessary for investigations into or litigation against","page_number":131,"box":{"x":549,"y":202,"width":412,"height":11}},{"id":"3a60859f-20b7-4a7c-8f44-238031524d5e","block_type":"box","text":"Chinese companies, and shareholders may have limited legal","page_number":131,"box":{"x":549,"y":217,"width":389,"height":10}},{"id":"4e89e15c-e458-4dcd-9e68-8217976f77aa","block_type":"box","text":"remedies.","page_number":131,"box":{"x":549,"y":231,"width":62,"height":8}},{"id":"27566061-4826-44ff-8cd6-ac6945ad54ed","block_type":"box","text":"Many Chinese companies listed on U.S. exchanges use variable","page_number":131,"box":{"x":550,"y":254,"width":404,"height":11}},{"id":"8ec428d5-d8c8-43d8-b4be-3c10f11ee897","block_type":"box","text":"interest entities or “VIEs” in their structure as a result of foreign","page_number":131,"box":{"x":549,"y":268,"width":408,"height":11}},{"id":"6a87899e-f121-4d7e-bb25-3c69b700d4be","block_type":"box","text":"ownership restrictions. Any change in the operations of entities in","page_number":131,"box":{"x":549,"y":282,"width":420,"height":11}},{"id":"dcf80cec-538d-444c-8470-150f1ca1824e","block_type":"box","text":"a VIE structure, the status of VIE contractual arrangements or the","page_number":131,"box":{"x":549,"y":296,"width":420,"height":11}},{"id":"7bd12628-1bd4-432c-b80a-dcf8ab028f3b","block_type":"box","text":"legal or regulatory environment in China could result in significant,","page_number":131,"box":{"x":549,"y":311,"width":424,"height":10}},{"id":"e7b28cef-cb12-4c76-8858-5018e70312f8","block_type":"box","text":"and possibly permanent and/or total, losses for investments in","page_number":131,"box":{"x":549,"y":325,"width":403,"height":11}},{"id":"7a778ade-4efc-41b5-a8e9-8c689963be90","block_type":"box","text":"VIE issuers. The Fund does not select investments based on","page_number":131,"box":{"x":548,"y":339,"width":383,"height":8}},{"id":"03d372fc-d463-47d9-a597-8fccc2f476db","block_type":"box","text":"investor protection considerations.","page_number":131,"box":{"x":549,"y":353,"width":223,"height":11}},{"id":"0de656f1-1d46-4de6-a0e5-b8c87c233ea7","block_type":"box","text":"Risk of Investing in the China Bond Market","page_number":131,"box":{"x":549,"y":376,"width":291,"height":11}},{"id":"705bc177-cffe-49e3-96ae-473c99efa671","block_type":"box","text":". The Fund invests","page_number":131,"box":{"x":841,"y":376,"width":115,"height":9}},{"id":"56030511-64ee-4489-b6e9-17cc698004b5","block_type":"box","text":"directly in the domestic bond market in the People’s Republic of","page_number":131,"box":{"x":549,"y":391,"width":409,"height":10}},{"id":"3fa3a829-9591-4c52-a9b6-dace6fd1770e","block_type":"box","text":"China (“China” or the “PRC”) (the “China Interbank Bond Market”)","page_number":131,"box":{"x":549,"y":405,"width":420,"height":10}},{"id":"137be73c-7b2a-4ac3-a0c2-1e56f6ade2d0","block_type":"box","text":"through the Bond Connect trading channel. All bonds traded","page_number":131,"box":{"x":549,"y":419,"width":384,"height":11}},{"id":"69aa8c32-61c2-48b1-8146-c115badfd154","block_type":"box","text":"through Bond Connect are registered in the name of the PRC’s","page_number":131,"box":{"x":549,"y":433,"width":399,"height":11}},{"id":"ab95e5e2-4843-4f17-b03f-47d3e92a5cd7","block_type":"box","text":"Central Moneymarkets Unit (“CMU”), which holds such bonds as a","page_number":131,"box":{"x":549,"y":447,"width":423,"height":11}},{"id":"7c2a4d92-2032-46df-92aa-530b441f364c","block_type":"box","text":"nominee owner. The precise nature and rights of the Fund as the","page_number":131,"box":{"x":549,"y":461,"width":412,"height":11}},{"id":"9d56d578-3388-4c05-a95f-76971ee4e38d","block_type":"box","text":"beneficial owner of bonds traded in the China Interbank Bond","page_number":131,"box":{"x":549,"y":476,"width":392,"height":8}},{"id":"6c2dcc2f-7fac-4d60-a4c8-7fbc56ad97a5","block_type":"box","text":"Market through CMU as nominee are relatively new and untested","page_number":131,"box":{"x":550,"y":490,"width":415,"height":11}},{"id":"1cff4ee6-5df7-4342-ab05-7ab2cc303ca9","block_type":"box","text":"areas of PRC law, and the exact nature of the Fund’s remedies","page_number":131,"box":{"x":549,"y":504,"width":398,"height":10}},{"id":"bb92bdd4-69a0-4dbb-8e43-d041a3336412","block_type":"box","text":"and methods of enforcement of its rights and interests under PRC","page_number":131,"box":{"x":549,"y":518,"width":421,"height":11}},{"id":"0c5089a0-6121-46e4-95ea-d23cd806fb98","block_type":"box","text":"law are uncertain.","page_number":131,"box":{"x":549,"y":532,"width":113,"height":9}},{"id":"f6e92b02-7905-4ebf-9360-2be048b4f932","block_type":"box","text":"Market volatility and potential lack of liquidity due to low trading","page_number":131,"box":{"x":550,"y":556,"width":410,"height":10}},{"id":"490585ee-9e5c-44ae-a5d1-1aa4c8314935","block_type":"box","text":"volume of certain bonds in the China Interbank Bond Market may","page_number":131,"box":{"x":548,"y":570,"width":418,"height":11}},{"id":"a3b90229-1673-45ca-9a33-f8c1c1ff0903","block_type":"box","text":"result in the prices of certain bonds fluctuating significantly. Also,","page_number":131,"box":{"x":549,"y":584,"width":418,"height":11}},{"id":"ac6d14f6-6ad3-4a5c-a7da-486848eff19a","block_type":"box","text":"the systems used to trade through Bond Connect may not","page_number":131,"box":{"x":549,"y":598,"width":370,"height":11}},{"id":"ef3a136b-9240-4df2-aef0-e5a8ff63c837","block_type":"box","text":"function as expected. Trading through Bond Connect is also","page_number":131,"box":{"x":549,"y":612,"width":380,"height":11}},{"id":"64760a35-a822-4f31-9606-2f176d7451c5","block_type":"box","text":"subject to regulatory risks, including laws and regulations that are","page_number":131,"box":{"x":549,"y":626,"width":421,"height":11}},{"id":"5d11f561-2402-4721-b438-4370b3866640","block_type":"box","text":"subject to change. There can be no assurance that Bond Connect","page_number":131,"box":{"x":549,"y":641,"width":418,"height":10}},{"id":"d5031c28-9541-4729-a5e0-b98be162ba14","block_type":"box","text":"or its features or systems will not be materially altered,","page_number":131,"box":{"x":549,"y":655,"width":351,"height":11}},{"id":"a2c448a5-9259-4fbf-843d-0c7e209bc74c","block_type":"box","text":"suspended, discontinued or abolished. The Fund may be subject","page_number":131,"box":{"x":549,"y":669,"width":410,"height":11}},{"id":"8831478e-3aaf-4765-9914-c3601a29ed6c","block_type":"box","text":"to additional taxation if certain tax exemptions under PRC tax","page_number":131,"box":{"x":549,"y":683,"width":393,"height":11}},{"id":"b3d107e7-4480-4a2c-b028-e9a3a1820fd9","block_type":"box","text":"regulations are withdrawn or amended. Any taxes arising from or","page_number":131,"box":{"x":549,"y":697,"width":414,"height":11}},{"id":"03ce9166-08dc-4976-99bb-7bfbfd28d001","block_type":"box","text":"to the Fund may be directly borne by, or indirectly passed on to,","page_number":131,"box":{"x":549,"y":712,"width":408,"height":10}},{"id":"b3aea26e-120e-4783-a6d6-394f968e0a49","block_type":"box","text":"the Fund, which may substantially impact its NAV. Investing","page_number":131,"box":{"x":549,"y":726,"width":379,"height":11}},{"id":"c55b3926-bc82-44fb-92ee-69c11224c08b","block_type":"box","text":"through Bond Connect subjects the Fund to currency risk, to the","page_number":131,"box":{"x":549,"y":740,"width":412,"height":11}},{"id":"f303296c-db65-4de6-84cf-37add4dad15d","block_type":"box","text":"extent that currency rates used for Bond Connect are different","page_number":131,"box":{"x":549,"y":754,"width":400,"height":11}},{"id":"0cc0f947-eb82-4611-ba92-71c2e44a427d","block_type":"box","text":"than the rates used in the China Interbank Bond Market.","page_number":131,"box":{"x":549,"y":768,"width":359,"height":9}},{"id":"338f649c-60bf-4c69-bdaa-a50c1245426a","block_type":"box","text":"Risk of Investing in the U.S","page_number":131,"box":{"x":549,"y":791,"width":182,"height":11}},{"id":"1560b650-d0b4-4f12-8570-e4c95ff816c0","block_type":"box","text":".","page_number":131,"box":{"x":732,"y":798,"width":2,"height":2}},{"id":"5c8777eb-3795-4835-b8ce-5954696a0fe9","block_type":"box","text":"Investing in U.S. issuers subjects","page_number":131,"box":{"x":740,"y":791,"width":210,"height":11}},{"id":"7411ee43-3e69-4ca3-9226-f3a5de5e25e5","block_type":"box","text":"the Fund to legal, regulatory, political, currency, security, and","page_number":131,"box":{"x":549,"y":806,"width":391,"height":10}},{"id":"e22a8c4c-c327-4fce-ba03-ab5a64118f5d","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the","page_number":131,"box":{"x":549,"y":820,"width":423,"height":11}},{"id":"31a5ee3b-e50d-436b-8f50-7c7b6239fe19","block_type":"box","text":"U.S., such as a weakening of the U.S. economy or a decline in its","page_number":131,"box":{"x":550,"y":834,"width":412,"height":11}},{"id":"042826bb-8413-4001-8803-ecd17de3c349","block_type":"box","text":"financial markets, may have an adverse effect on U.S. issuers.","page_number":131,"box":{"x":549,"y":848,"width":396,"height":11}},{"id":"e2f1fb15-e5ce-426e-9380-4601f15fbeae","block_type":"box","text":"S-120","page_number":131,"box":{"x":518,"y":920,"width":35,"height":9}},{"id":"42dbadee-b140-4f62-b914-00a81061da01","block_type":"box","text":"Securities Lending Risk.","page_number":132,"box":{"x":82,"y":23,"width":162,"height":11}},{"id":"d4902f01-6f37-4d19-9577-2cb443917216","block_type":"box","text":"The Fund may engage in securities","page_number":132,"box":{"x":249,"y":23,"width":221,"height":11}},{"id":"def63181-1fcf-4874-9a46-18fc7f392a7d","block_type":"box","text":"lending. Securities lending involves the risk that the Fund may","page_number":132,"box":{"x":83,"y":37,"width":396,"height":11}},{"id":"475b9c96-2e57-4b4a-ae8a-6df300df2475","block_type":"box","text":"lose money because the borrower of the loaned securities fails to","page_number":132,"box":{"x":83,"y":51,"width":418,"height":11}},{"id":"e11c67fb-8a14-4e65-b38a-64f960a7bad7","block_type":"box","text":"return the securities in a timely manner or at all. The Fund could","page_number":132,"box":{"x":83,"y":66,"width":408,"height":10}},{"id":"61d7a1c7-7c02-4c6c-80f9-782041c8c6d4","block_type":"box","text":"also lose money in the event of a decline in the value of collateral","page_number":132,"box":{"x":83,"y":80,"width":416,"height":11}},{"id":"978af945-6c9b-4c9d-bdca-d8dfe4c63695","block_type":"box","text":"provided for loaned securities or a decline in the value of any","page_number":132,"box":{"x":83,"y":94,"width":389,"height":11}},{"id":"21e0a30c-ad09-401f-ae82-261b5004d0aa","block_type":"box","text":"investments made with cash collateral. These events could also","page_number":132,"box":{"x":83,"y":108,"width":406,"height":9}},{"id":"f349bc79-24f6-4916-8083-7d580be30ea6","block_type":"box","text":"trigger adverse tax consequences for the Fund.","page_number":132,"box":{"x":83,"y":122,"width":301,"height":11}},{"id":"8ac19cfc-0ff5-4746-a063-0a3d08e0c098","block_type":"box","text":"Tracking Error Risk","page_number":132,"box":{"x":84,"y":146,"width":128,"height":10}},{"id":"3897cb68-f1ee-49f7-bff1-48d022a94fe2","block_type":"box","text":".","page_number":132,"box":{"x":212,"y":152,"width":2,"height":2}},{"id":"218d7948-ba69-4bfe-a772-f97ff4599d3c","block_type":"box","text":"The Fund may be subject to “tracking error,”","page_number":132,"box":{"x":219,"y":146,"width":284,"height":10}},{"id":"75c64310-5cb2-4d5b-b3c8-85a7ed8e4ccc","block_type":"box","text":"which is the divergence of the Fund’s performance from that of","page_number":132,"box":{"x":82,"y":160,"width":405,"height":11}},{"id":"069226ac-5728-466f-bf6a-2265e4815d8c","block_type":"box","text":"the Underlying Index. Tracking error may occur due to a number of","page_number":132,"box":{"x":83,"y":174,"width":425,"height":11}},{"id":"04b94b82-33c8-4fb3-a9ba-0eb4b0007285","block_type":"box","text":"factors, including differences between the securities and other","page_number":132,"box":{"x":82,"y":188,"width":402,"height":11}},{"id":"c311e4a1-0e83-4fb1-bbdd-8bd0f625e27a","block_type":"box","text":"assets held in the Fund’s portfolio and those included in the","page_number":132,"box":{"x":83,"y":202,"width":381,"height":11}},{"id":"dd2f2c12-87d1-46cf-8203-652dea0f67a0","block_type":"box","text":"Underlying Index; differences in the timing and methodologies","page_number":132,"box":{"x":83,"y":216,"width":396,"height":11}},{"id":"27321f7d-e209-4825-97c0-45cb935c3901","block_type":"box","text":"used to value securities and other assets; transaction costs and","page_number":132,"box":{"x":83,"y":231,"width":407,"height":10}},{"id":"f5351235-c931-4f42-8700-d7b75c4e4313","block_type":"box","text":"other expenses incurred by the Fund that the Underlying Index","page_number":132,"box":{"x":83,"y":245,"width":400,"height":11}},{"id":"98ae1d8b-3cb8-4dd2-97d5-1b56061e843c","block_type":"box","text":"does not incur; the Fund’s holding of uninvested cash; differences","page_number":132,"box":{"x":83,"y":259,"width":421,"height":11}},{"id":"0a0e1836-054d-4698-9975-305fd8dde3c3","block_type":"box","text":"in the timing of the accrual or the valuation of dividends or","page_number":132,"box":{"x":83,"y":273,"width":373,"height":11}},{"id":"fb6a5189-271b-438f-8f86-dd1614d594cf","block_type":"box","text":"interest received by the Fund or distributions paid to Fund","page_number":132,"box":{"x":83,"y":287,"width":370,"height":11}},{"id":"d8080674-4986-4e6b-967f-afcb6a2ea03a","block_type":"box","text":"shareholders; tax gains or losses; differences between the","page_number":132,"box":{"x":83,"y":302,"width":372,"height":10}},{"id":"7971d70d-efd7-4249-a51c-7a74481eda46","block_type":"box","text":"amount and/or timing of withholding taxes on dividends reflected","page_number":132,"box":{"x":83,"y":316,"width":420,"height":11}},{"id":"78814a6b-82da-4252-b3eb-adc9e97c2d76","block_type":"box","text":"in the Underlying Index from the Fund’s obligation, if any, for","page_number":132,"box":{"x":83,"y":330,"width":386,"height":11}},{"id":"dd89ff79-c394-4278-92bc-5ded9eb94889","block_type":"box","text":"foreign withholding taxes; the requirements for the Fund to","page_number":132,"box":{"x":82,"y":344,"width":378,"height":11}},{"id":"e1d1356f-a842-415b-a406-67f3ed9eded6","block_type":"box","text":"maintain pass-through tax treatment; portfolio transactions","page_number":132,"box":{"x":83,"y":358,"width":380,"height":11}},{"id":"be129ab3-6f8d-441a-a48c-205e5d748313","block_type":"box","text":"carried out to minimize the distribution of capital gains to","page_number":132,"box":{"x":83,"y":372,"width":366,"height":11}},{"id":"3954c1dc-06cc-4fc2-a970-cc204f766265","block_type":"box","text":"shareholders; the acceptance of custom baskets; changes to the","page_number":132,"box":{"x":549,"y":23,"width":414,"height":11}},{"id":"3ab6e7d6-29e5-4357-9e76-d0222881f08a","block_type":"box","text":"Underlying Index; and impacts to the Fund of complying with","page_number":132,"box":{"x":550,"y":37,"width":386,"height":11}},{"id":"ed128528-b300-4e44-93ff-095aec0d279a","block_type":"box","text":"certain regulatory requirements or limits. Tracking error risk may","page_number":132,"box":{"x":549,"y":52,"width":414,"height":10}},{"id":"fe7991a8-ec42-4965-ae82-7be45ee1c525","block_type":"box","text":"be heightened during times of increased market volatility or other","page_number":132,"box":{"x":549,"y":66,"width":420,"height":11}},{"id":"3bdac39a-c3cf-4c72-893f-e424568fcbba","block_type":"box","text":"unusual market conditions. A Fund that tracks an index with","page_number":132,"box":{"x":549,"y":80,"width":383,"height":8}},{"id":"951f7785-8013-4428-8e25-feb79c41a3a1","block_type":"box","text":"exposure to non-U.S. issuers may experience higher tracking","page_number":132,"box":{"x":549,"y":94,"width":390,"height":11}},{"id":"38763135-007e-4eb9-977d-802019358685","block_type":"box","text":"error than ETFs that do not track such indexes.","page_number":132,"box":{"x":549,"y":108,"width":299,"height":9}},{"id":"f4421956-34ff-46d5-9253-1b0f39e8423c","block_type":"box","text":"Valuation Risk","page_number":132,"box":{"x":550,"y":131,"width":96,"height":9}},{"id":"cac5180a-7ded-45cf-ada9-407f82929288","block_type":"box","text":".","page_number":132,"box":{"x":646,"y":138,"width":2,"height":2}},{"id":"713c5193-2ef3-48d9-89dd-1e9d935d51f7","block_type":"box","text":"The price that the Fund could receive upon the","page_number":132,"box":{"x":653,"y":131,"width":298,"height":11}},{"id":"e7b95d3e-6180-44fc-96ed-6a7f3c735408","block_type":"box","text":"sale (or other disposition) of a security or other asset may differ","page_number":132,"box":{"x":549,"y":146,"width":408,"height":10}},{"id":"783521c1-fc2c-4f08-a784-8164fb6f26c2","block_type":"box","text":"from the Fund’s valuation of the security or other asset,","page_number":132,"box":{"x":549,"y":160,"width":355,"height":11}},{"id":"470496b3-2325-46c8-b71c-658423ac7b50","block_type":"box","text":"particularly for securities or other assets that trade in low volume","page_number":132,"box":{"x":549,"y":174,"width":418,"height":11}},{"id":"dd3206df-51bf-4ff7-a3df-4dabda819e7a","block_type":"box","text":"or volatile markets or that are valued using a fair value","page_number":132,"box":{"x":549,"y":188,"width":347,"height":11}},{"id":"4e23bc1a-0d35-48fd-9173-c65cb0518ffa","block_type":"box","text":"methodology. The price received by the Fund also may differ from","page_number":132,"box":{"x":549,"y":202,"width":418,"height":11}},{"id":"9f0f91d1-09ab-42f3-b511-b9bf99ad28de","block_type":"box","text":"the value used by the Underlying Index. In addition, the value of","page_number":132,"box":{"x":549,"y":216,"width":406,"height":11}},{"id":"09680d65-736b-49e5-80a6-67d588fae373","block_type":"box","text":"the securities or other assets in the Fund’s portfolio may change","page_number":132,"box":{"x":549,"y":231,"width":411,"height":11}},{"id":"0e9c154b-eb0a-4d3f-bb44-e59143225e92","block_type":"box","text":"on days or during time periods when investors are not able to","page_number":132,"box":{"x":549,"y":245,"width":392,"height":11}},{"id":"f7c56709-9d9b-4c92-b0c7-9df8a578b4bc","block_type":"box","text":"purchase or sell Fund shares. Authorized Participants that create","page_number":132,"box":{"x":549,"y":259,"width":414,"height":11}},{"id":"f5fda758-ecba-4848-a250-4aa6aa69a09c","block_type":"box","text":"or redeem Fund shares on days when the Fund is holding fair","page_number":132,"box":{"x":549,"y":273,"width":394,"height":11}},{"id":"36141f49-d62e-46b4-83f6-61bad821511f","block_type":"box","text":"valued securities or other assets may receive fewer or more","page_number":132,"box":{"x":548,"y":287,"width":383,"height":11}},{"id":"fbfebb30-6d54-4797-92c8-7fbc3c37eb32","block_type":"box","text":"shares, or lower or higher redemption proceeds, than they would","page_number":132,"box":{"x":549,"y":302,"width":414,"height":10}},{"id":"775dbee4-7dca-4f4e-9910-f824fccf5d35","block_type":"box","text":"have received had the securities or other assets not been fair","page_number":132,"box":{"x":549,"y":316,"width":392,"height":8}},{"id":"41b5613b-4ea2-4f7d-ae20-970cbc7af375","block_type":"box","text":"valued or been valued using a different methodology. The ability to","page_number":132,"box":{"x":548,"y":330,"width":425,"height":11}},{"id":"be23d1ad-f45a-4e7f-89a1-69466035d9de","block_type":"box","text":"value investments may be impacted by technological issues or","page_number":132,"box":{"x":548,"y":344,"width":400,"height":11}},{"id":"1488eb90-41b6-4648-804d-6653fa80ad1c","block_type":"box","text":"errors by pricing services or other third-party service providers.","page_number":132,"box":{"x":549,"y":358,"width":405,"height":11}},{"id":"51ea6798-9bd1-40bd-ac5a-13d75e18926d","block_type":"box","text":"S-121","page_number":132,"box":{"x":518,"y":920,"width":33,"height":9}},{"id":"163109a2-41dc-40e3-8f48-c5f4b5c9389a","block_type":"box","text":"Performance Information","page_number":133,"box":{"x":84,"y":22,"width":213,"height":11}},{"id":"189cb77c-3ba2-4a2f-80ce-82097011fc15","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":133,"box":{"x":82,"y":48,"width":887,"height":10}},{"id":"a8d03274-7158-45d9-952a-fe9cee12ea63","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":133,"box":{"x":83,"y":62,"width":872,"height":11}},{"id":"9c8aa7d3-5602-47ae-adf7-880f9090123d","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":133,"box":{"x":83,"y":76,"width":867,"height":11}},{"id":"414fc61e-d2f6-4b4d-bd60-3638ab022999","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":133,"box":{"x":83,"y":90,"width":863,"height":11}},{"id":"1c6fe5fc-e5b3-452b-b334-6e84aedb6c35","block_type":"box","text":"agreements to waive or reimburse expenses, which would reduce performance if not in effect. Past performance (before and after taxes)","page_number":133,"box":{"x":83,"y":104,"width":874,"height":11}},{"id":"3a847716-874e-44d2-aa9c-3045bf7d31f1","block_type":"box","text":"does not necessarily indicate how the Fund will perform in the future. Updated performance information, including the Fund’s current NAV,","page_number":133,"box":{"x":83,"y":119,"width":888,"height":10}},{"id":"4b181b53-2a4c-47c4-8be8-c4bab0be07fa","block_type":"box","text":"may be obtained by visiting www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":133,"box":{"x":83,"y":133,"width":652,"height":11}},{"id":"eabf621e-5736-4af3-9368-518a6fc6678c","block_type":"box","text":"Calendar Year-by-Year Returns","page_number":133,"box":{"x":422,"y":155,"width":212,"height":10}},{"id":"40726da4-1417-4616-ad8d-40c64561778c","block_type":"box","text":"12%","page_number":133,"box":{"x":334,"y":201,"width":19,"height":7}},{"id":"b017dfdb-2040-4a70-bce1-599eed91ba3b","block_type":"box","text":"9%","page_number":133,"box":{"x":340,"y":226,"width":13,"height":7}},{"id":"bf0d5eb7-1696-4aa6-9808-93353c2682a5","block_type":"box","text":"6%","page_number":133,"box":{"x":340,"y":250,"width":13,"height":7}},{"id":"5bdf5687-0ad1-40b2-ba71-385f2e88d48f","block_type":"box","text":"3%","page_number":133,"box":{"x":339,"y":275,"width":14,"height":7}},{"id":"4867131f-12c2-4ca0-850f-d7409a3c8451","block_type":"box","text":"0%","page_number":133,"box":{"x":339,"y":299,"width":14,"height":7}},{"id":"53449a1e-87c0-42a4-a215-c7c585a73b22","block_type":"box","text":"2","page_number":133,"box":{"x":526,"y":321,"width":5,"height":7}},{"id":"5916d293-68ac-4bf8-8aa6-74f8bd20acef","block_type":"box","text":"0","page_number":133,"box":{"x":533,"y":321,"width":6,"height":7}},{"id":"38227de4-3158-4179-a1ea-450839283243","block_type":"box","text":"2","page_number":133,"box":{"x":541,"y":321,"width":5,"height":7}},{"id":"b0430766-3d64-4b50-a9d2-8280c7444407","block_type":"box","text":"5","page_number":133,"box":{"x":548,"y":321,"width":5,"height":7}},{"id":"eda1e018-5a4c-4770-8a72-8607a804dbee","block_type":"box","text":"9.23%","page_number":133,"box":{"x":526,"y":216,"width":27,"height":6}},{"id":"13615e0f-7bc0-41cb-95b6-39e36b6d5e78","block_type":"box","text":"Return (%) Period Ended","page_number":133,"box":{"x":547,"y":348,"width":174,"height":9}},{"id":"03957629-2749-4160-97f3-b7463f4e5f7c","block_type":"box","text":"During the periods shown in the chart:","page_number":133,"box":{"x":318,"y":366,"width":239,"height":9}},{"id":"c26e1141-db6e-44ab-ad2d-b2fd9035018d","block_type":"box","text":"Best Quarter 2.73% September 30, 2025","page_number":133,"box":{"x":331,"y":379,"width":408,"height":9}},{"id":"0b94bd4a-9118-45e6-80f4-2dcc44acc763","block_type":"box","text":"Worst Quarter 1.20% December 31, 2025","page_number":133,"box":{"x":330,"y":391,"width":409,"height":9}},{"id":"87a344bd-e248-4146-8a67-362b6f4d040f","block_type":"box","text":"Average Annual Total Returns","page_number":133,"box":{"x":425,"y":420,"width":206,"height":11}},{"id":"5695d9da-54e0-49c7-937b-f5fcf672a18b","block_type":"box","text":"(for the periods ended December 31, 2025)","page_number":133,"box":{"x":378,"y":434,"width":301,"height":11}},{"id":"9b8d2448-1cf8-455c-825e-ce71341297ae","block_type":"box","text":"One Year","page_number":133,"box":{"x":789,"y":464,"width":56,"height":7}},{"id":"ad76e744-f6ef-44d2-96bd-8c034453a273","block_type":"box","text":"Since Fund","page_number":133,"box":{"x":866,"y":451,"width":67,"height":7}},{"id":"79e1022d-cc12-4c21-84e1-97254344d652","block_type":"box","text":"Inception","page_number":133,"box":{"x":871,"y":464,"width":57,"height":9}},{"id":"4198b9ad-dd07-4175-89fb-6396cb864e28","block_type":"box","text":"(Inception Date: 5/22/2024)","page_number":133,"box":{"x":123,"y":482,"width":179,"height":9}},{"id":"5f7f64c3-ed97-4a71-8d6b-428ee6b385cd","block_type":"box","text":"Return Before Taxes","page_number":133,"box":{"x":124,"y":493,"width":112,"height":8}},{"id":"c5e41c85-18df-43f8-bc60-1a00e1754c45","block_type":"box","text":"9.23% 8.16%","page_number":133,"box":{"x":800,"y":493,"width":116,"height":8}},{"id":"49a95e7a-66d5-4681-9739-d1da89a923c9","block_type":"box","text":"Return After Taxes on Distributions","page_number":133,"box":{"x":124,"y":505,"width":197,"height":7}},{"id":"e7697a37-3c23-4bd0-b311-42aeb763f638","block_type":"box","text":"7.06% 6.16%","page_number":133,"box":{"x":802,"y":505,"width":114,"height":7}},{"id":"bbb80e9c-e607-485c-9e5c-dcfcf4e9f0a4","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 5.41% 5.37%","page_number":133,"box":{"x":124,"y":517,"width":792,"height":7}},{"id":"d3d832f9-1e30-47a7-865e-14630d1ec0fb","block_type":"box","text":"Bloomberg U.S. Universal Index","page_number":133,"box":{"x":124,"y":528,"width":194,"height":10}},{"id":"d6429e9a-921a-4cc1-87b6-00974621de39","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes) 7.58% 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The","page_number":136,"box":{"x":83,"y":318,"width":423,"height":11}},{"id":"d815b623-76f0-45f4-9c61-b85e5b7fa450","block_type":"box","text":"Underlying Index is composed of U.S. dollar-denominated,","page_number":136,"box":{"x":83,"y":333,"width":371,"height":10}},{"id":"d80d8e70-edb6-4b3a-9c3c-27937d542e3f","block_type":"box","text":"taxable, investment-grade (as determined by Bloomberg Index","page_number":136,"box":{"x":83,"y":347,"width":398,"height":11}},{"id":"94100ac1-5407-45ed-918e-b6bcfdafa1bc","block_type":"box","text":"Services Limited (the “Index Provider” or “Bloomberg”)) corporate","page_number":136,"box":{"x":83,"y":361,"width":421,"height":11}},{"id":"6f870063-79e5-4a69-8ba0-08c331c648a2","block_type":"box","text":"bonds scheduled to mature between January 1, 2035 and","page_number":136,"box":{"x":83,"y":375,"width":365,"height":11}},{"id":"410ba739-f84e-440d-a58b-6dd2a9b82279","block_type":"box","text":"December 15, 2035, inclusive. 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The non-U.S. corporate issuers","page_number":136,"box":{"x":82,"y":510,"width":422,"height":11}},{"id":"d4222169-d023-4415-af75-0b926cc9fbe8","block_type":"box","text":"included in the Underlying Index consist primarily of corporate","page_number":136,"box":{"x":83,"y":525,"width":397,"height":10}},{"id":"9989859f-7b75-4158-80c9-224584344fdb","block_type":"box","text":"bonds issued by companies domiciled in developed countries. The","page_number":136,"box":{"x":83,"y":539,"width":422,"height":11}},{"id":"ef6c07b8-6ce8-471c-970e-bf2f71d7188d","block_type":"box","text":"Fund will invest in non-U.S. issuers to the extent necessary for it","page_number":136,"box":{"x":84,"y":553,"width":411,"height":11}},{"id":"a0a3e2f3-5246-4294-967c-e955a5717b23","block_type":"box","text":"to track the Underlying Index. Each bond included in the","page_number":136,"box":{"x":83,"y":567,"width":358,"height":11}},{"id":"a8b014ab-89f6-4222-b251-7b9e2149a7be","block_type":"box","text":"Underlying Index must be registered with the SEC, have been","page_number":136,"box":{"x":83,"y":581,"width":390,"height":11}},{"id":"7f45b950-536b-47c9-8f64-b3813eb31e74","block_type":"box","text":"exempt from registration at issuance, or have been offered","page_number":136,"box":{"x":83,"y":595,"width":375,"height":11}},{"id":"8d38b2fe-8b86-41e2-9289-60e82f25a1a6","block_type":"box","text":"pursuant to Rule 144A under the Securities Act of 1933, as","page_number":136,"box":{"x":83,"y":610,"width":375,"height":10}},{"id":"2b849dbf-a0db-415e-b783-61aba6b17012","block_type":"box","text":"amended (the “1933 Act”), with registration rights. Further, the","page_number":136,"box":{"x":83,"y":624,"width":402,"height":11}},{"id":"387d2363-eaf2-4474-82f7-beadb445f6cd","block_type":"box","text":"securities in the Underlying Index must be denominated in U.S.","page_number":136,"box":{"x":83,"y":638,"width":402,"height":11}},{"id":"38c66786-9a69-4de9-b893-dad7af0cc070","block_type":"box","text":"dollars and have a fixed rate, although they can carry a coupon","page_number":136,"box":{"x":83,"y":652,"width":401,"height":11}},{"id":"17ce0d57-47e8-4d5e-9b52-cd7ade773f1e","block_type":"box","text":"that steps-up or changes according to a predetermined schedule.","page_number":136,"box":{"x":83,"y":666,"width":418,"height":11}},{"id":"f61d0ed4-85ab-4f08-8c33-75882496ee5e","block_type":"box","text":"In addition, to be included in the Underlying Index, securities that","page_number":136,"box":{"x":83,"y":681,"width":416,"height":10}},{"id":"a625d129-7c30-4b92-8d68-abc2c0c2bd36","block_type":"box","text":"are rated by all three of the rating agencies named below must be","page_number":136,"box":{"x":83,"y":695,"width":420,"height":11}},{"id":"5d0c7d23-6acc-481a-b4d3-8f017d4656e6","block_type":"box","text":"rated “investment-grade” by at least two of the three rating","page_number":136,"box":{"x":83,"y":709,"width":379,"height":11}},{"id":"f1f365c2-4378-446f-b846-0fe0f6878408","block_type":"box","text":"agencies, which is defined as Baa3 or higher by Moody’s Investors","page_number":136,"box":{"x":83,"y":723,"width":423,"height":11}},{"id":"5c759d51-07ea-4e40-b1cc-de523ad4cdfc","block_type":"box","text":"Service, Inc. or BBB- or higher by S&P Global Ratings or Fitch","page_number":136,"box":{"x":83,"y":737,"width":389,"height":11}},{"id":"db1e91eb-0028-4414-bb1a-922743c6b1d7","block_type":"box","text":"Ratings, Inc. When ratings from only two of the three rating","page_number":136,"box":{"x":83,"y":751,"width":377,"height":11}},{"id":"2f277054-d76d-4798-8266-31e90f85ccee","block_type":"box","text":"agencies are available, the lower rating is used to determine","page_number":136,"box":{"x":83,"y":766,"width":384,"height":11}},{"id":"2ba0a1ac-aaef-46c0-b599-71a30b4f9818","block_type":"box","text":"eligibility. Securities with a rating from only one of the three","page_number":136,"box":{"x":83,"y":780,"width":381,"height":11}},{"id":"1cac90d1-404c-4a0e-8014-a627bd9a7658","block_type":"box","text":"ratings agencies must be rated investment-grade in order to be","page_number":136,"box":{"x":83,"y":794,"width":404,"height":11}},{"id":"356a3c83-ea80-493a-9e1d-6c13a308e62d","block_type":"box","text":"included in the Underlying Index. In cases where ratings are not","page_number":136,"box":{"x":83,"y":808,"width":406,"height":11}},{"id":"f61a537a-a4f1-4987-8832-a678aad2e62d","block_type":"box","text":"available, other sources may be used to classify securities by","page_number":136,"box":{"x":83,"y":822,"width":390,"height":11}},{"id":"df2cf8e3-2887-4da1-86a4-369070fcc706","block_type":"box","text":"investment quality.","page_number":136,"box":{"x":83,"y":837,"width":120,"height":10}},{"id":"924e6d79-554c-4d0a-a85d-32a33d8434ed","block_type":"box","text":"The Underlying Index is constructed with the following","page_number":136,"box":{"x":82,"y":858,"width":347,"height":11}},{"id":"c46c26ff-b55d-42bd-b409-3e5370bdadcc","block_type":"box","text":"methodology. The parent index, the Bloomberg U.S. Corporate","page_number":136,"box":{"x":83,"y":873,"width":398,"height":11}},{"id":"40830d33-6bef-4e44-a46a-6638f9188a12","block_type":"box","text":"Index (the “Parent Index”), representing U.S. dollar-denominated,","page_number":136,"box":{"x":550,"y":23,"width":416,"height":11}},{"id":"6a0ed7e0-d568-4186-9451-8e8917d895a9","block_type":"box","text":"taxable, investment-grade corporate bonds, is stripped of","page_number":136,"box":{"x":549,"y":37,"width":368,"height":11}},{"id":"5d402a47-c248-4e8c-9a92-ee756c537ed9","block_type":"box","text":"securities maturing outside of the maturity range described","page_number":136,"box":{"x":549,"y":51,"width":379,"height":11}},{"id":"dd168f84-d4a5-47c6-9eea-6c13f87c31ab","block_type":"box","text":"above. During the final two years of the Underlying Index, bonds","page_number":136,"box":{"x":549,"y":66,"width":409,"height":11}},{"id":"c04ffb5a-7078-4b1d-9916-9b2278ae4c55","block_type":"box","text":"that mature in 2035, but had not been eligible for inclusion in the","page_number":136,"box":{"x":549,"y":80,"width":416,"height":11}},{"id":"0190179c-b05f-4111-8900-d769c9fa8ecf","block_type":"box","text":"Parent Index due to being within one year of maturity, will be","page_number":136,"box":{"x":550,"y":94,"width":386,"height":11}},{"id":"42d58fed-85dd-4642-a680-e9c03ded44a4","block_type":"box","text":"eligible for inclusion in the Underlying Index until such bonds","page_number":136,"box":{"x":549,"y":108,"width":387,"height":11}},{"id":"b4e99ee1-4b96-46c4-a627-7c8634f8d93d","block_type":"box","text":"reach maturity. Securities are then market-cap weighted within","page_number":136,"box":{"x":549,"y":122,"width":403,"height":11}},{"id":"f08ea28b-eed7-4b34-a26d-d49ba92f0601","block_type":"box","text":"the Underlying Index, with a 3% cap typically imposed on any one","page_number":136,"box":{"x":549,"y":137,"width":415,"height":10}},{"id":"4da4b6f1-16e7-4b9f-8d0a-0b19b02b4a05","block_type":"box","text":"issuer, and a","page_number":136,"box":{"x":549,"y":151,"width":80,"height":10}},{"id":"d81a2f34-fb75-4692-b456-2c07e33005cf","block_type":"box","text":"pro rata","page_number":136,"box":{"x":633,"y":152,"width":50,"height":9}},{"id":"45c9f1b2-ef74-4f41-a583-9b1f06dd1716","block_type":"box","text":"distribution of any excess weight across the","page_number":136,"box":{"x":688,"y":151,"width":280,"height":11}},{"id":"edc0b755-f1c2-47e3-828c-f4ee777b896a","block_type":"box","text":"remaining issuers in the Underlying Index. 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The Fund does not try to “beat” the index it","page_number":136,"box":{"x":549,"y":487,"width":417,"height":11}},{"id":"aabfbf0b-711d-450d-bf04-c228ee7f5bac","block_type":"box","text":"tracks and does not seek temporary defensive positions when","page_number":136,"box":{"x":549,"y":501,"width":396,"height":11}},{"id":"f0acf4f5-83fc-41ae-a42c-fb7945e568e8","block_type":"box","text":"markets decline or appear overvalued.","page_number":136,"box":{"x":549,"y":516,"width":244,"height":10}},{"id":"13ecfbbc-57c3-4e54-82de-663fa1bbfe81","block_type":"box","text":"Indexing may eliminate the chance that the Fund will substantially","page_number":136,"box":{"x":550,"y":539,"width":420,"height":11}},{"id":"742c7b1a-abf8-4f28-9923-2591b0e78863","block_type":"box","text":"outperform the Underlying Index but also may reduce some of the","page_number":136,"box":{"x":549,"y":553,"width":421,"height":11}},{"id":"e48ec689-2959-44d9-a2a4-39afe86da1a8","block_type":"box","text":"risks of active management, such as poor security selection.","page_number":136,"box":{"x":549,"y":567,"width":386,"height":11}},{"id":"097955fc-df9e-4d81-8be5-b3e48771cde9","block_type":"box","text":"Indexing seeks to achieve lower costs and better after-tax","page_number":136,"box":{"x":550,"y":581,"width":369,"height":11}},{"id":"bf0ad5dc-6413-4c8f-af69-88d41749dfa3","block_type":"box","text":"performance by aiming to keep portfolio turnover low in","page_number":136,"box":{"x":549,"y":595,"width":356,"height":11}},{"id":"e3147296-2fd4-40e5-83b7-448152a0eeb3","block_type":"box","text":"comparison to actively managed investment companies.","page_number":136,"box":{"x":549,"y":610,"width":359,"height":11}},{"id":"efd9431d-c5ad-434d-81c5-5eb60e9a3ba7","block_type":"box","text":"BFA uses a representative sampling indexing strategy to manage","page_number":136,"box":{"x":550,"y":633,"width":411,"height":11}},{"id":"e0a18786-ed57-47d5-ba48-9099d51a5d80","block_type":"box","text":"the Fund. “Representative sampling” is an indexing strategy that","page_number":136,"box":{"x":549,"y":647,"width":411,"height":11}},{"id":"e8d09717-f945-4be8-aa92-7657654d8598","block_type":"box","text":"involves investing in a representative sample of securities or other","page_number":136,"box":{"x":549,"y":661,"width":424,"height":11}},{"id":"7d1832ea-144a-4ffc-84b7-5a75098a1cfa","block_type":"box","text":"instruments that collectively has an investment profile similar to","page_number":136,"box":{"x":549,"y":675,"width":410,"height":11}},{"id":"614edb01-9dd3-48b0-928c-49e8b8b1940b","block_type":"box","text":"that of an applicable underlying index. The instruments selected","page_number":136,"box":{"x":549,"y":690,"width":408,"height":10}},{"id":"46857460-1960-4d99-a89a-8878440ff944","block_type":"box","text":"are expected to have, in the aggregate, investment characteristics","page_number":136,"box":{"x":549,"y":704,"width":423,"height":11}},{"id":"49511de2-634a-4d40-a17c-4fb8d7aea76c","block_type":"box","text":"(based on factors such as market value and industry weightings),","page_number":136,"box":{"x":549,"y":718,"width":415,"height":11}},{"id":"b4f5400d-7233-4af8-ab51-dd4811136c0f","block_type":"box","text":"fundamental characteristics (such as return variability, duration","page_number":136,"box":{"x":549,"y":732,"width":405,"height":11}},{"id":"2b6384ce-43ac-4373-ae86-d8b163d35c06","block_type":"box","text":"(","page_number":136,"box":{"x":549,"y":746,"width":3,"height":11}},{"id":"6f679954-e5fb-441f-bdc8-b5758a7e35a9","block_type":"box","text":"i.e.","page_number":136,"box":{"x":553,"y":746,"width":17,"height":9}},{"id":"77107cc6-be3f-4246-9c6d-ebf11fbdc285","block_type":"box","text":", an instrument’s price sensitivity to a change in interest","page_number":136,"box":{"x":573,"y":746,"width":358,"height":11}},{"id":"3638e653-993c-4a75-a551-b74098cdf8a1","block_type":"box","text":"rates), maturity or credit ratings and yield) and liquidity measures","page_number":136,"box":{"x":549,"y":761,"width":418,"height":10}},{"id":"72788aeb-4091-41e8-8aa8-d597905d3cfe","block_type":"box","text":"similar to those of an applicable underlying index. The Fund may","page_number":136,"box":{"x":549,"y":775,"width":410,"height":11}},{"id":"20124504-86d1-46e6-89b2-2cd07396e4f6","block_type":"box","text":"or may not hold all of the components of the Underlying Index.","page_number":136,"box":{"x":549,"y":789,"width":399,"height":11}},{"id":"2d3af793-cddd-44d0-a82f-3ff3866ddf5b","block_type":"box","text":"The Fund will invest at least 80% of its assets in the component","page_number":136,"box":{"x":549,"y":812,"width":404,"height":11}},{"id":"aa2ac911-cb72-4247-a00a-1eba824af518","block_type":"box","text":"instruments of the Underlying Index, and (except during the last","page_number":136,"box":{"x":549,"y":826,"width":408,"height":11}},{"id":"8df5c6e7-a476-40de-8d3a-8708ea31441f","block_type":"box","text":"twelve months of the Fund’s operations) the Fund will invest at","page_number":136,"box":{"x":549,"y":840,"width":401,"height":11}},{"id":"0c722ea4-9720-4a5b-82c9-21e6498931fe","block_type":"box","text":"least 90% of its assets in fixed income securities of the types","page_number":136,"box":{"x":549,"y":855,"width":388,"height":10}},{"id":"38db4f43-96c2-4bda-926b-f8677a63c258","block_type":"box","text":"included in the Underlying Index that BFA believes will help the","page_number":136,"box":{"x":549,"y":869,"width":400,"height":11}},{"id":"2da54389-ec34-4f84-9ac4-7b7a223896ec","block_type":"box","text":"S-125","page_number":136,"box":{"x":518,"y":920,"width":35,"height":9}},{"id":"89de2d37-df2d-439f-a427-422ae32d471a","block_type":"box","text":"Fund track the Underlying Index. The Fund will invest no more","page_number":137,"box":{"x":84,"y":23,"width":393,"height":11}},{"id":"2cc61045-477b-4b14-a130-3fbf799a148e","block_type":"box","text":"than 10% of its assets in futures, options and swaps contracts that","page_number":137,"box":{"x":83,"y":37,"width":423,"height":11}},{"id":"ab8ff1ea-69c4-4e0a-bd89-586949821602","block_type":"box","text":"BFA believes will help the Fund track the Underlying Index as well","page_number":137,"box":{"x":84,"y":52,"width":415,"height":10}},{"id":"d445b499-30ac-4896-a297-493486aefa70","block_type":"box","text":"as in fixed income securities other than the types included in the","page_number":137,"box":{"x":83,"y":66,"width":413,"height":10}},{"id":"cfdcc987-3450-4410-91f0-7aebc7437ece","block_type":"box","text":"Underlying Index, but which BFA believes will help the Fund track","page_number":137,"box":{"x":83,"y":80,"width":414,"height":11}},{"id":"b5509200-be33-41cd-ae2b-c37ae80b14c6","block_type":"box","text":"the Underlying Index. Cash and cash equivalent investments","page_number":137,"box":{"x":83,"y":94,"width":385,"height":11}},{"id":"1836fb50-5931-484b-ae7e-464c83b302be","block_type":"box","text":"associated with a derivative position will be treated as part of that","page_number":137,"box":{"x":83,"y":108,"width":421,"height":11}},{"id":"1b203bcb-73bc-4594-aa13-f9acc389cd7a","block_type":"box","text":"position for the purposes of calculating the percentage of","page_number":137,"box":{"x":83,"y":122,"width":367,"height":11}},{"id":"a3775c98-81f6-4b87-bc78-ce416b1c4b3d","block_type":"box","text":"investments included in the Underlying Index.","page_number":137,"box":{"x":83,"y":137,"width":290,"height":10}},{"id":"d8c6603e-b1bb-409a-af85-f299e8217902","block_type":"box","text":"In the last six months of operation, as the bonds held by the Fund","page_number":137,"box":{"x":83,"y":158,"width":418,"height":11}},{"id":"27ba7a7f-956e-4be1-8352-417f963d357f","block_type":"box","text":"mature, the proceeds may not be reinvested by the Fund in bonds","page_number":137,"box":{"x":83,"y":173,"width":420,"height":10}},{"id":"a21a7f28-4028-4886-b61b-4a6de921d59e","block_type":"box","text":"but instead will be held in cash and cash equivalents. By fifteen","page_number":137,"box":{"x":83,"y":187,"width":403,"height":11}},{"id":"7a8c5746-d879-4638-8cd6-bbeabf8be9ed","block_type":"box","text":"days prior to maturity, the Underlying Index is expected to consist","page_number":137,"box":{"x":83,"y":201,"width":421,"height":11}},{"id":"3ca18fc1-cf48-405f-9c0f-82e4acf73581","block_type":"box","text":"almost entirely of cash and cash equivalents. On or around this","page_number":137,"box":{"x":83,"y":215,"width":402,"height":11}},{"id":"32ded9c4-f800-4af0-a691-5decc3328e10","block_type":"box","text":"date, the Fund will wind up and terminate. After appropriate","page_number":137,"box":{"x":83,"y":229,"width":382,"height":11}},{"id":"326c8cce-0221-48c2-8adf-56067fea6836","block_type":"box","text":"provision is made for any Fund liabilities, its net assets will be","page_number":137,"box":{"x":83,"y":244,"width":393,"height":10}},{"id":"651a1461-c5cf-4a48-a2a9-97a63903e932","block_type":"box","text":"distributed to then-current shareholders pursuant to a plan of","page_number":137,"box":{"x":83,"y":258,"width":394,"height":11}},{"id":"c398df0a-2c0b-4f41-912d-0c3aea31e24b","block_type":"box","text":"liquidation. The Fund’s termination was approved by a majority of","page_number":137,"box":{"x":83,"y":272,"width":418,"height":11}},{"id":"8ae8568a-20a8-4767-a0db-50094f00e0ec","block_type":"box","text":"the Trust’s Board of Trustees (the “Board”) and does not require","page_number":137,"box":{"x":83,"y":286,"width":406,"height":11}},{"id":"d6f8b979-8240-4d28-ae7b-232c0a780b61","block_type":"box","text":"additional approval by Fund shareholders. The Board may extend","page_number":137,"box":{"x":83,"y":300,"width":413,"height":11}},{"id":"dafcd9d0-bd00-49a6-859e-06f0b4076df2","block_type":"box","text":"the termination date if a majority of the Board determines the","page_number":137,"box":{"x":83,"y":314,"width":394,"height":11}},{"id":"1782f71c-ddfd-4e79-acc3-a77493829b8f","block_type":"box","text":"extension to be in the best interest of the Fund.","page_number":137,"box":{"x":83,"y":329,"width":303,"height":8}},{"id":"2e031d99-14f7-4824-9762-8445600f2c9e","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying","page_number":137,"box":{"x":82,"y":351,"width":414,"height":10}},{"id":"3333709e-d69f-4ec4-80ea-071df642dfe9","block_type":"box","text":"Index before fees and expenses of the Fund. To the extent that the","page_number":137,"box":{"x":83,"y":365,"width":424,"height":11}},{"id":"2c5dff2a-78d6-4428-a4ea-b2fe0e1275d1","block_type":"box","text":"Fund invests in money market or similar funds, it will incur the","page_number":137,"box":{"x":84,"y":379,"width":395,"height":11}},{"id":"390ec026-81ef-47e6-b787-d38a0ec7aeba","block_type":"box","text":"fees and expenses of such funds.","page_number":137,"box":{"x":82,"y":393,"width":212,"height":11}},{"id":"ffb118c5-f194-453a-b851-46ee4ee5adbd","block_type":"box","text":"The Fund should not be confused with a target date fund, which","page_number":137,"box":{"x":82,"y":415,"width":406,"height":11}},{"id":"72f2fbe2-13b8-43f8-9634-3e5af053ea6f","block_type":"box","text":"has assets that are managed according to a particular investment","page_number":137,"box":{"x":83,"y":429,"width":420,"height":11}},{"id":"8b329062-1b23-445f-aba7-af72c291fa3f","block_type":"box","text":"strategy that converts fund assets to conservative investments","page_number":137,"box":{"x":83,"y":443,"width":402,"height":11}},{"id":"79b2ca8b-7f65-4e2a-86ca-08bfdc2b5231","block_type":"box","text":"over time.","page_number":137,"box":{"x":83,"y":458,"width":63,"height":8}},{"id":"d5a32031-ffd2-4a83-bd09-d6f8f637c4ce","block_type":"box","text":"The Fund may lend securities representing up to one-third of the","page_number":137,"box":{"x":82,"y":481,"width":412,"height":11}},{"id":"84ea0e3f-e908-4696-b50e-ed6e298c60c1","block_type":"box","text":"value of the Fund’s total assets (including the value of any","page_number":137,"box":{"x":82,"y":495,"width":371,"height":11}},{"id":"2edb20a4-665a-4e7c-91fd-601f750b1647","block_type":"box","text":"collateral received).","page_number":137,"box":{"x":83,"y":509,"width":125,"height":11}},{"id":"deb5c7d4-25ac-4db9-960f-13e4bd674f3c","block_type":"box","text":"The Underlying Index is sponsored by Bloomberg, which","page_number":137,"box":{"x":82,"y":532,"width":357,"height":11}},{"id":"b7bd860b-f773-4393-9e6f-5efaa2631eb6","block_type":"box","text":"is independent of the Fund and BFA. The Index Provider","page_number":137,"box":{"x":83,"y":547,"width":354,"height":10}},{"id":"044b104a-d9d1-4741-a2c3-28f6cb7f01c1","block_type":"box","text":"determines the composition and relative weightings of the","page_number":137,"box":{"x":83,"y":561,"width":371,"height":11}},{"id":"77a1ba15-4e9b-48f3-81ad-14d6f97ca885","block_type":"box","text":"components of the Underlying Index and publishes information","page_number":137,"box":{"x":83,"y":575,"width":401,"height":11}},{"id":"4c04b60f-1a6a-4fbf-8643-d7c20494c219","block_type":"box","text":"regarding the market value of the Underlying Index.","page_number":137,"box":{"x":83,"y":589,"width":327,"height":11}},{"id":"9b7364d7-5f34-4e35-814a-cd01b6788833","block_type":"box","text":"Industry Concentration Policy.","page_number":137,"box":{"x":83,"y":612,"width":210,"height":11}},{"id":"fb36e42f-6798-46bd-b183-892c98886ca8","block_type":"box","text":"The Fund will concentrate its","page_number":137,"box":{"x":298,"y":612,"width":184,"height":9}},{"id":"ba9b2b2f-6c72-4fe8-b17d-31c16b5ae94c","block_type":"box","text":"investments (","page_number":137,"box":{"x":83,"y":626,"width":85,"height":11}},{"id":"8f6c1a8a-75c1-4161-b45f-79c513d18f14","block_type":"box","text":"i.e.","page_number":137,"box":{"x":169,"y":626,"width":17,"height":9}},{"id":"f695c6de-8dad-425c-b765-27eb67d3cfa3","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":137,"box":{"x":189,"y":626,"width":264,"height":11}},{"id":"a735c4a2-1da6-41a2-9ef4-37e0243baf72","block_type":"box","text":"particular industry or group of industries to approximately the","page_number":137,"box":{"x":83,"y":641,"width":394,"height":10}},{"id":"69e1df50-9711-49d3-bc04-67647672d272","block_type":"box","text":"same extent that the Underlying Index is concentrated. For","page_number":137,"box":{"x":83,"y":655,"width":377,"height":11}},{"id":"1b67b4b9-8337-48ea-866f-ed648030ee10","block_type":"box","text":"purposes of this limitation, securities of the U.S. government","page_number":137,"box":{"x":83,"y":669,"width":389,"height":11}},{"id":"256d8429-36d0-4d5b-a599-8a15f78089e2","block_type":"box","text":"(including its agencies and instrumentalities), repurchase","page_number":137,"box":{"x":83,"y":683,"width":365,"height":11}},{"id":"675fb05d-3b65-4962-b1aa-d81183cdb18f","block_type":"box","text":"agreements collateralized by U.S. government securities, and","page_number":137,"box":{"x":83,"y":697,"width":392,"height":11}},{"id":"d35935be-8318-4987-a5d3-14dc25ed2261","block_type":"box","text":"securities of state or municipal governments and their political","page_number":137,"box":{"x":83,"y":712,"width":399,"height":10}},{"id":"1f5b0a5f-50c4-4f53-a7fc-fe1fa3eaed2d","block_type":"box","text":"subdivisions are not considered to be issued by members of any","page_number":137,"box":{"x":83,"y":726,"width":410,"height":11}},{"id":"b0eaff3a-1c00-4077-8cb1-50da64cd4f60","block_type":"box","text":"industry.","page_number":137,"box":{"x":83,"y":740,"width":54,"height":11}},{"id":"7d6811c8-9dee-4959-a616-17015951bbc4","block_type":"box","text":"Summary of Principal Risks","page_number":137,"box":{"x":83,"y":769,"width":235,"height":13}},{"id":"8528cd40-27ef-472b-bb82-60893345096e","block_type":"box","text":"As with any investment, you could lose all or part of your","page_number":137,"box":{"x":82,"y":794,"width":363,"height":11}},{"id":"0a6bc05d-fa33-4383-abbb-75adcad8598d","block_type":"box","text":"investment in the Fund, and the Fund’s performance could trail","page_number":137,"box":{"x":83,"y":808,"width":402,"height":11}},{"id":"dd8f13ec-c34a-44ed-9c36-2604f25d1bb1","block_type":"box","text":"that of other investments. 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Certain key risks are prioritized below (with others","page_number":137,"box":{"x":83,"y":879,"width":387,"height":11}},{"id":"92c93ab0-742f-48ea-85a6-19353d057306","block_type":"box","text":"following in alphabetical order), but the relative significance of any","page_number":137,"box":{"x":549,"y":23,"width":425,"height":11}},{"id":"696d41a8-8862-4743-b38f-4817a29b84d1","block_type":"box","text":"risk is difficult to predict and may change over time. 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The Fund does not select investments based on","page_number":139,"box":{"x":548,"y":438,"width":383,"height":9}},{"id":"79c64e05-4317-4554-9f8d-aa2c7f3c5b6a","block_type":"box","text":"investor protection considerations.","page_number":139,"box":{"x":549,"y":452,"width":223,"height":11}},{"id":"fa9f8b41-5e7f-4abe-af90-32098526e7bc","block_type":"box","text":"Risk of Investing in the China Bond Market","page_number":139,"box":{"x":549,"y":476,"width":291,"height":10}},{"id":"eba21ad1-b56b-4698-8f14-c219c1d61566","block_type":"box","text":". The Fund invests","page_number":139,"box":{"x":841,"y":476,"width":115,"height":8}},{"id":"8fe9b9bd-cf4f-4580-bf07-8d0152a3a94e","block_type":"box","text":"directly in the domestic bond market in the People’s Republic of","page_number":139,"box":{"x":549,"y":490,"width":409,"height":11}},{"id":"1e2c03fd-cc9d-4958-83a0-0bd4b6685ba5","block_type":"box","text":"China (“China” or the “PRC”) (the “China Interbank Bond Market”)","page_number":139,"box":{"x":549,"y":504,"width":420,"height":11}},{"id":"3198e5fb-5a80-40c0-8dad-47c75b6fa8ca","block_type":"box","text":"through the Bond Connect trading channel. All bonds traded","page_number":139,"box":{"x":549,"y":518,"width":384,"height":11}},{"id":"e580b9a2-bd4a-4460-9c53-127bc5cd49cc","block_type":"box","text":"through Bond Connect are registered in the name of the PRC’s","page_number":139,"box":{"x":549,"y":532,"width":399,"height":11}},{"id":"1b6e49cb-1804-42ac-a7c1-775c332870de","block_type":"box","text":"Central Moneymarkets Unit (“CMU”), which holds such bonds as a","page_number":139,"box":{"x":549,"y":547,"width":423,"height":10}},{"id":"02273c3c-e67b-4c37-8b96-d5e80721fb53","block_type":"box","text":"nominee owner. The precise nature and rights of the Fund as the","page_number":139,"box":{"x":549,"y":561,"width":412,"height":11}},{"id":"6ee85071-ccbc-46b4-bb1b-da94ef4ef2a7","block_type":"box","text":"beneficial owner of bonds traded in the China Interbank Bond","page_number":139,"box":{"x":549,"y":575,"width":392,"height":8}},{"id":"e043a2e0-9801-45f1-b68b-f08b9b40e99c","block_type":"box","text":"Market through CMU as nominee are relatively new and untested","page_number":139,"box":{"x":550,"y":589,"width":415,"height":11}},{"id":"6a5d87f8-7d7d-4d68-9165-fa1746001c7d","block_type":"box","text":"areas of PRC law, and the exact nature of the Fund’s remedies","page_number":139,"box":{"x":549,"y":603,"width":398,"height":10}},{"id":"dd6309bc-298e-4845-b3a3-a8a6954dcc63","block_type":"box","text":"and methods of enforcement of its rights and interests under PRC","page_number":139,"box":{"x":549,"y":617,"width":421,"height":11}},{"id":"77584d49-905f-408e-ab22-c0653bc9ef59","block_type":"box","text":"law are uncertain.","page_number":139,"box":{"x":549,"y":632,"width":113,"height":8}},{"id":"7f13aa4a-f22e-4258-b3cc-d52e0d139ffc","block_type":"box","text":"Market volatility and potential lack of liquidity due to low trading","page_number":139,"box":{"x":550,"y":655,"width":410,"height":11}},{"id":"0be3bf34-e72e-4e00-806a-eb1f43b795d7","block_type":"box","text":"volume of certain bonds in the China Interbank Bond Market may","page_number":139,"box":{"x":548,"y":669,"width":418,"height":11}},{"id":"1de1a1ff-f9df-4aab-918d-9afd56486e2f","block_type":"box","text":"result in the prices of certain bonds fluctuating significantly. 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The price received by the Fund also may differ from","page_number":140,"box":{"x":549,"y":202,"width":418,"height":11}},{"id":"57f4dfd1-f31e-418f-a8dd-ad7f7b609070","block_type":"box","text":"the value used by the Underlying Index. In addition, the value of","page_number":140,"box":{"x":549,"y":216,"width":406,"height":11}},{"id":"3f3692a3-f984-46f7-b3bd-7cc87e3674f2","block_type":"box","text":"the securities or other assets in the Fund’s portfolio may change","page_number":140,"box":{"x":549,"y":231,"width":411,"height":11}},{"id":"b0c2c6ca-1f16-46f3-980c-5f6cc46c9531","block_type":"box","text":"on days or during time periods when investors are not able to","page_number":140,"box":{"x":549,"y":245,"width":392,"height":11}},{"id":"b5f43670-d881-4fef-805f-ddda74aec9e6","block_type":"box","text":"purchase or sell Fund shares. 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These cash and cash equivalent positions could constitute a","page_number":149,"box":{"x":76,"y":89,"width":839,"height":11}},{"id":"62377047-4e73-417f-bd1b-9b7e529a252d","block_type":"box","text":"significant portion of a Fund’s investments. A Fund that holds cash may earn reduced income (if any) on the cash and is subject to any fees","page_number":149,"box":{"x":76,"y":103,"width":890,"height":11}},{"id":"ff5e0cbf-0d88-4ac7-a0ab-3b65f740e07f","block_type":"box","text":"imposed on large cash balances. If a significant amount of a Fund’s assets is invested in cash and cash equivalents, the Fund may","page_number":149,"box":{"x":76,"y":117,"width":830,"height":11}},{"id":"7fa8fdea-8208-4ba3-8845-422350ba51aa","block_type":"box","text":"underperform other funds that do not similarly invest in cash and cash equivalents. In addition, a Fund is subject to (i) the credit risk of the","page_number":149,"box":{"x":77,"y":131,"width":886,"height":11}},{"id":"d45968bd-9cf1-4b8c-a512-1277b2a6cfb6","block_type":"box","text":"bank or other counterparty holding the cash and (ii) the risk that the counterparty may be unable or unwilling (or perceived as such) to honor","page_number":149,"box":{"x":76,"y":146,"width":901,"height":10}},{"id":"e9f86aac-650d-4785-8992-d6b48a15696d","block_type":"box","text":"its obligations.","page_number":149,"box":{"x":76,"y":160,"width":92,"height":11}},{"id":"a41eee84-3aa1-4150-bd2e-a8d48b403564","block_type":"box","text":"Cash may be invested in institutional money market funds, including funds advised by BFA or its affiliates. An institutional money market fund","page_number":149,"box":{"x":76,"y":183,"width":904,"height":11}},{"id":"c4c43c67-9104-433a-ba1e-962f8bcbb8a1","block_type":"box","text":"does not maintain a stable $1.00 net asset value per share; rather, the fund’s net asset value fluctuates with changes in the values of the","page_number":149,"box":{"x":76,"y":196,"width":875,"height":12}},{"id":"ced4f40b-5663-4cf1-a9da-c20715ef6a7e","block_type":"box","text":"securities in which the fund invests, and the fund’s shares may be worth more or less than their original purchase price. An institutional","page_number":149,"box":{"x":76,"y":211,"width":864,"height":11}},{"id":"0531edc9-fcbb-42b4-8ffa-6da30f4e5607","block_type":"box","text":"money market fund is permitted to impose a liquidity fee on the redemption of its shares and generally is required to impose a liquidity fee","page_number":149,"box":{"x":76,"y":226,"width":885,"height":10}},{"id":"2b4121af-0b33-43f1-9fd2-2fc20a1f5819","block_type":"box","text":"when daily net redemptions exceed certain levels.","page_number":149,"box":{"x":76,"y":240,"width":319,"height":11}},{"id":"8401c100-825d-4951-b6d6-efd6910c1184","block_type":"box","text":"Close-Out Risk for Qualified Financial Contracts.","page_number":149,"box":{"x":76,"y":263,"width":336,"height":8}},{"id":"74af8cc6-e05d-463f-b495-a508a8e1d945","block_type":"box","text":"Regulations adopted by global prudential regulators require counterparties that are part","page_number":149,"box":{"x":418,"y":263,"width":562,"height":11}},{"id":"ca31e04c-10ca-4d9b-b9ef-9b7235dbefe9","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":149,"box":{"x":76,"y":277,"width":880,"height":11}},{"id":"f4e88054-5575-4f6f-b2e1-f696f0ba448a","block_type":"box","text":"agreements relating to qualified financial contracts. Qualified financial contracts include agreements relating to swaps, currency forwards","page_number":149,"box":{"x":76,"y":291,"width":881,"height":11}},{"id":"94f60d73-6ef5-40fe-b086-a3246db63aa1","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":149,"box":{"x":76,"y":305,"width":896,"height":11}},{"id":"e78cd7f5-3ea6-4a4f-a2e6-bd24b2009f1c","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":149,"box":{"x":76,"y":320,"width":889,"height":10}},{"id":"b493b061-754f-4b14-8167-b13c5cbf4114","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":149,"box":{"x":76,"y":334,"width":903,"height":11}},{"id":"61079fab-05ec-48b7-af3d-5ceebe0658e0","block_type":"box","text":"credit risk and other risks to a Fund.","page_number":149,"box":{"x":76,"y":348,"width":231,"height":8}},{"id":"6f43e78c-a824-4244-aa30-a9fdc3fd3c37","block_type":"box","text":"Communications Companies Risk.","page_number":149,"box":{"x":76,"y":371,"width":236,"height":11}},{"id":"044166b7-2df6-4822-93ae-e7dcf5ede48d","block_type":"box","text":"Communications companies may face rapid product obsolescence as well as unexpected risks and","page_number":149,"box":{"x":317,"y":371,"width":633,"height":11}},{"id":"2422d951-c947-4b16-b255-448647fad88e","block_type":"box","text":"costs related to product compatibility and standardization, new product introduction and technological developments, such as artificial","page_number":149,"box":{"x":76,"y":385,"width":863,"height":11}},{"id":"debed9fe-7784-413a-9176-647003dc1afa","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":149,"box":{"x":76,"y":400,"width":897,"height":10}},{"id":"5801fc88-cc33-4dd7-8507-b24c1597d39e","block_type":"box","text":"products and services. Demographic shifts and changes in consumer preferences and expectations may have negative impacts on their","page_number":149,"box":{"x":76,"y":414,"width":868,"height":11}},{"id":"f0390949-40dd-41ff-9b32-51c49161ff47","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":149,"box":{"x":76,"y":428,"width":881,"height":11}},{"id":"2fecfb29-d354-4269-a9d9-56353929244b","block_type":"box","text":"information or disruptions in service could have a material adverse effect on their operations and reputation.","page_number":149,"box":{"x":76,"y":442,"width":694,"height":11}},{"id":"53d930ef-cf7e-4e04-9fff-de02b105a7a1","block_type":"box","text":"Communications companies are subject to extensive government regulation, including licensing and franchise requirements. The costs of","page_number":149,"box":{"x":76,"y":465,"width":880,"height":11}},{"id":"ee542fda-eb6f-4fdf-a100-badca00c88bd","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":149,"box":{"x":76,"y":479,"width":897,"height":11}},{"id":"6b769ae6-6671-4aac-b770-008b3ab206ec","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":149,"box":{"x":76,"y":494,"width":898,"height":11}},{"id":"72df08ab-1e7b-4129-9364-21c42df90e1b","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":149,"box":{"x":76,"y":508,"width":805,"height":11}},{"id":"47e81029-fc37-438e-b688-757c1f1f7b46","block_type":"box","text":"Concentration Risk.","page_number":149,"box":{"x":76,"y":531,"width":136,"height":9}},{"id":"94580a12-fb68-4d0e-9361-69d4666469bf","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":149,"box":{"x":217,"y":531,"width":744,"height":11}},{"id":"80cdae17-1b7d-4c66-914f-37e8087c2025","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":149,"box":{"x":76,"y":545,"width":903,"height":10}},{"id":"b88f46f9-6ce7-4037-9d77-0205b50e9cca","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":149,"box":{"x":76,"y":559,"width":853,"height":11}},{"id":"93c34211-9c84-437e-82d4-e5397195c9ca","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":149,"box":{"x":76,"y":574,"width":897,"height":10}},{"id":"691a6d20-129a-40b3-a41b-b1136e9e4590","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":149,"box":{"x":76,"y":588,"width":905,"height":11}},{"id":"ba5f3c82-397f-4ed9-a34e-30da0c0410be","block_type":"box","text":"its investments.","page_number":149,"box":{"x":76,"y":602,"width":100,"height":8}},{"id":"d2b084f0-3e94-4ef8-93b4-31bef5276448","block_type":"box","text":"Consumer Goods and Services Com","page_number":149,"box":{"x":76,"y":625,"width":247,"height":9}},{"id":"13743d73-20dd-46e3-abd4-1cbd49ee0dc8","block_type":"box","text":"panies Risk.","page_number":149,"box":{"x":325,"y":625,"width":83,"height":11}},{"id":"0abe7234-f9df-463f-936a-3ddeb04a3a3e","block_type":"box","text":"Many consumer goods and services companies (“consumer companies”) rely heavily on","page_number":149,"box":{"x":414,"y":625,"width":561,"height":11}},{"id":"e75996e1-4689-41e7-b4d6-26397719d414","block_type":"box","text":"disposable household income and consumer spending and may be impacted by social trends, marketing campaigns, demographic shifts and","page_number":149,"box":{"x":76,"y":639,"width":897,"height":11}},{"id":"369e3914-2709-4f1b-aaa3-beeca72586fb","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":149,"box":{"x":76,"y":654,"width":860,"height":10}},{"id":"c234ed7a-a6e6-44b5-8c0f-0513c4bc5703","block_type":"box","text":"adverse impact on consumer companies.","page_number":149,"box":{"x":76,"y":668,"width":262,"height":10}},{"id":"427c6471-cb34-46d8-9d33-022d52128e61","block_type":"box","text":"Certain consumer companies, such as those providing discretionary goods or services, may depend more on business cycles, overall","page_number":149,"box":{"x":76,"y":691,"width":849,"height":11}},{"id":"adb26993-5908-4534-b804-b19c79761592","block_type":"box","text":"economic conditions and consumer confidence. Many consumer goods and services are subject to government regulation and the related","page_number":149,"box":{"x":76,"y":705,"width":883,"height":11}},{"id":"1b684d24-7140-4880-8533-66ab8c61e513","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":149,"box":{"x":76,"y":719,"width":856,"height":11}},{"id":"d568acc7-9fa8-4c18-81d3-0449ad4266cd","block_type":"box","text":"affected by volatility in commodity prices, supply chain disruptions and labor shortages.","page_number":149,"box":{"x":76,"y":733,"width":561,"height":11}},{"id":"b94321a7-ac70-4a83-a2a0-e3f66e7699d1","block_type":"box","text":"Credit Risk.","page_number":149,"box":{"x":76,"y":757,"width":79,"height":8}},{"id":"4b5182e0-a139-412b-a068-63d3ff5bc900","block_type":"box","text":"Credit risk is the risk that an issuer, guarantor or liquidity provider of a fixed-income security may be unable or unwilling, or may","page_number":149,"box":{"x":161,"y":757,"width":818,"height":10}},{"id":"ba022b3b-72f4-4378-890f-c773958eda6e","block_type":"box","text":"be perceived as unable or unwilling (whether by market participants, ratings agencies, pricing services or otherwise), to make timely principal","page_number":149,"box":{"x":76,"y":771,"width":904,"height":11}},{"id":"e26ad395-6024-402d-aff7-5023d081cd92","block_type":"box","text":"and/or interest payments or to otherwise honor its obligations. It includes the risk that the security will be downgraded by a credit rating","page_number":149,"box":{"x":76,"y":785,"width":877,"height":11}},{"id":"1ccdb21a-c20b-453e-8765-b48b5f360bcf","block_type":"box","text":"agency; generally, lower credit quality issuers present higher credit risks. The credit rating assigned to a security or its issuer does not","page_number":149,"box":{"x":76,"y":799,"width":858,"height":11}},{"id":"e82a8f69-38c0-459d-929e-5c0909c24c10","block_type":"box","text":"necessarily reflect the issuer’s current financial condition or an investment’s volatility or liquidity. An actual or perceived decline in an","page_number":149,"box":{"x":76,"y":813,"width":853,"height":11}},{"id":"e3f7a7e9-d70d-4613-a649-1c84b439ae04","block_type":"box","text":"issuer’s creditworthiness may result in a decrease in the value and liquidity of its securities as well as greater price volatility, which may make","page_number":149,"box":{"x":76,"y":828,"width":906,"height":10}},{"id":"e3254281-8458-4749-be5f-a5ffc3570783","block_type":"box","text":"it difficult for a Fund to sell the securities and otherwise have an adverse impact on the Fund. It is possible that the ability of an issuer to","page_number":149,"box":{"x":76,"y":842,"width":872,"height":11}},{"id":"ca2b3ad6-4a6f-4871-b2c9-5ef73bcc9f9e","block_type":"box","text":"meet its obligations will decline substantially during the period when a Fund owns securities of the issuer or that the issuer will default on its","page_number":149,"box":{"x":76,"y":856,"width":897,"height":11}},{"id":"736381dd-14d3-4cd7-a102-8fefcf00e904","block_type":"box","text":"obligations or that the obligations of the issuer will be limited or restructured. A Fund may be adversely affected if an investment that it holds","page_number":149,"box":{"x":76,"y":870,"width":903,"height":11}},{"id":"2fe41156-9bd1-40db-87ab-907578b41dd1","block_type":"box","text":"experiences a downgrade or a default.","page_number":149,"box":{"x":76,"y":884,"width":244,"height":11}},{"id":"0f79b24f-5b29-43b4-9df5-00528f9589a4","block_type":"box","text":"8","page_number":149,"box":{"x":526,"y":921,"width":6,"height":8}},{"id":"71ec20da-a99e-47d6-b1ba-666e40a67de2","block_type":"box","text":"Currency Risk.","page_number":150,"box":{"x":76,"y":23,"width":100,"height":11}},{"id":"d9d039f4-9408-4e8b-a93d-fb28282d001b","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":150,"box":{"x":182,"y":23,"width":782,"height":11}},{"id":"00d452e2-593a-4828-b34b-867058c277c0","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":150,"box":{"x":77,"y":37,"width":871,"height":11}},{"id":"b5f5cdfe-a77f-4dae-ab1c-e5f486fb78d5","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":150,"box":{"x":76,"y":51,"width":867,"height":11}},{"id":"3292f112-bb56-4838-95ed-22b4ab171f0a","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":150,"box":{"x":76,"y":66,"width":892,"height":11}},{"id":"bad2f9d9-0e41-4141-9c8f-66aa63cb5426","block_type":"box","text":"connection with conversions between U.S. dollars and foreign currencies.","page_number":150,"box":{"x":76,"y":80,"width":470,"height":11}},{"id":"c3dc202e-40ee-4008-8751-486e2dda8e7c","block_type":"box","text":"Declining Yield Risk.","page_number":150,"box":{"x":77,"y":103,"width":139,"height":11}},{"id":"596574d3-e4b3-4569-9e38-ca46e2152ff4","block_type":"box","text":"For a Fund with a planned termination date, in the months leading up to the termination, the Fund’s yield may move","page_number":150,"box":{"x":222,"y":103,"width":738,"height":11}},{"id":"4869a822-b4c9-4558-9ae2-473af9d06b27","block_type":"box","text":"toward prevailing money market rates and may be lower than the yields of the bonds previously held by the Fund and lower than prevailing","page_number":150,"box":{"x":76,"y":117,"width":886,"height":11}},{"id":"8307b3e2-85b6-48de-9849-365be978c275","block_type":"box","text":"yields for bonds in the market.","page_number":150,"box":{"x":76,"y":131,"width":194,"height":11}},{"id":"cc75d986-25a6-413c-a119-e9a19695d165","block_type":"box","text":"Energy Companies Risk.","page_number":150,"box":{"x":77,"y":155,"width":165,"height":10}},{"id":"dfde8665-832e-4f61-ab41-629722c6be5e","block_type":"box","text":"The energy sector tends to be closely tied to the economic cycle and can be significantly affected by supply","page_number":150,"box":{"x":247,"y":155,"width":695,"height":10}},{"id":"68203600-98ab-4061-98c5-cc0a10bda046","block_type":"box","text":"demand dynamics and volatility in commodity prices. Energy companies also may be adversely affected by exchange rate fluctuations, war or","page_number":150,"box":{"x":76,"y":169,"width":904,"height":11}},{"id":"675d75ef-0d30-4de4-923e-78bb97eb931a","block_type":"box","text":"other conflicts, sanctions, import/export controls, depletion of resources, technological advances and labor relations. This sector generally i","page_number":150,"box":{"x":76,"y":183,"width":898,"height":11}},{"id":"eae57079-3b43-4e8f-a3cf-91aabe8e66bd","block_type":"box","text":"s","page_number":150,"box":{"x":976,"y":185,"width":6,"height":6}},{"id":"3c7641c7-1fe9-42d8-a882-d25be8b3b325","block_type":"box","text":"subject to substantial government regulation, and companies may incur significant costs in complying with environmental and other laws.","page_number":150,"box":{"x":76,"y":197,"width":880,"height":11}},{"id":"cec70c99-7749-426d-a9f0-4a7155c88581","block_type":"box","text":"Policies that promote energy conservation, clean energy or the transition to low carbon alternatives also may affect the performance of","page_number":150,"box":{"x":77,"y":211,"width":866,"height":11}},{"id":"c99056d1-a49e-4e8d-91ad-fdc6139f9c79","block_type":"box","text":"energy companies.","page_number":150,"box":{"x":76,"y":226,"width":120,"height":10}},{"id":"fde38756-d290-41ba-9faa-25986936c0ee","block_type":"box","text":"Energy companies may depend on a relatively small number of customers, including governmental entities and utilities. The exploration and","page_number":150,"box":{"x":77,"y":249,"width":892,"height":11}},{"id":"75444e61-6242-4779-b610-6fb2c1d3f96b","block_type":"box","text":"production of energy sources and the development of energy infrastructure often require significant capital expenditures, and companies","page_number":150,"box":{"x":76,"y":263,"width":878,"height":11}},{"id":"f73768dc-8415-46d3-9e5a-196a1e295354","block_type":"box","text":"may face high interest costs and difficulty in raising capital. Energy companies also may face challenges from operating in countries with a","page_number":150,"box":{"x":76,"y":277,"width":885,"height":11}},{"id":"fc79f1d3-d0c5-4ffe-8f7a-874d0859d593","block_type":"box","text":"history of adverse policies or events, such as expropriation, confiscation of assets, corruption, political instability and social unrest. The","page_number":150,"box":{"x":77,"y":291,"width":866,"height":11}},{"id":"5b77ff73-ebb1-466a-886b-b233fae830c7","block_type":"box","text":"operations of energy companies may be disrupted by events that target or damage energy infrastructure, including cyber or other attacks,","page_number":150,"box":{"x":76,"y":305,"width":883,"height":11}},{"id":"1c1a77ef-0f79-49ea-8274-2c21e3c8ef71","block_type":"box","text":"accidents and natural disasters. Energy companies are at risk of liability for environmental harm and other types of damages.","page_number":150,"box":{"x":76,"y":320,"width":800,"height":10}},{"id":"69abbeda-dbf4-40bf-bb82-9ab82ac7baed","block_type":"box","text":"The energy sector may experience significant market volatility. For example, Russia’s large-scale invasion of Ukraine in 2022 led to","page_number":150,"box":{"x":76,"y":343,"width":837,"height":11}},{"id":"022de8cd-1209-4331-8fa3-a7fa764dac2d","block_type":"box","text":"disruptions and increased volatility in the energy and commodity futures markets due to actual and potential disruptions in the supply and","page_number":150,"box":{"x":76,"y":357,"width":882,"height":11}},{"id":"3df0f787-e4ba-44ab-af5b-86341381c2b6","block_type":"box","text":"demand for certain commodities, including oil and natural gas. The U.S. and other actors have imposed various sanctions and restrictions on","page_number":150,"box":{"x":76,"y":371,"width":899,"height":11}},{"id":"f8ac392a-3fda-435a-bbf8-fda333d79295","block_type":"box","text":"business dealings with Russia, which include restrictions on imports of oil, natural gas and coal. It is impossible to predict the effect of","page_number":150,"box":{"x":76,"y":385,"width":860,"height":11}},{"id":"31e815a7-be94-4b19-bd71-1a9569759108","block_type":"box","text":"current or future sanctions and restrictions, the extent and duration of the conflict, and associated disruptions in the energy sector. The","page_number":150,"box":{"x":76,"y":400,"width":868,"height":10}},{"id":"7161c4c0-32a9-4d1d-957e-e9fbb6413a19","block_type":"box","text":"effect of these events or any related developments could be significant and may have a severe adverse effect on a Fund’s performance.","page_number":150,"box":{"x":76,"y":414,"width":867,"height":11}},{"id":"e0bce97c-92ad-4251-b1a3-b60a6dcb119d","block_type":"box","text":"European Economic Risk.","page_number":150,"box":{"x":77,"y":437,"width":174,"height":11}},{"id":"1f95599c-9eb2-4c3c-a999-de220ef81c35","block_type":"box","text":"The Economic and Monetary Union (the “eurozone”) of the EU requires compliance by member states that are","page_number":150,"box":{"x":256,"y":437,"width":704,"height":11}},{"id":"02aeb0be-18db-45e5-a292-1cc308c587b7","block_type":"box","text":"members of the eurozone with restrictions on inflation rates, deficits, interest rates and debt levels, as well as fiscal and monetary controls,","page_number":150,"box":{"x":76,"y":451,"width":893,"height":11}},{"id":"6e9aed73-b20e-42e8-bd80-e84210149425","block_type":"box","text":"each of which may significantly affect every country in Europe, including those countries that are not members of the eurozone. Additionally,","page_number":150,"box":{"x":76,"y":465,"width":899,"height":11}},{"id":"8938aa24-79b7-48bc-a646-7e74b1c59366","block_type":"box","text":"European countries outside of the eurozone may present economic risks that are independent of the indirect effects that eurozone policies","page_number":150,"box":{"x":77,"y":479,"width":888,"height":11}},{"id":"c45ffbc1-fdc7-4936-8046-6ffccf91fb12","block_type":"box","text":"have on them. In particular, the U.K.’s economy may be affected by global economic, industrial and financial shifts. Changes in imports or","page_number":150,"box":{"x":77,"y":494,"width":879,"height":11}},{"id":"235c2e4b-9b32-447b-96e7-05018fd8bbb3","block_type":"box","text":"exports, changes in governmental or EU regulations on trade, changes in the exchange rate of the euro (the common currency of eurozone","page_number":150,"box":{"x":76,"y":508,"width":887,"height":11}},{"id":"9866cbde-6c51-45db-8337-f23ffab18968","block_type":"box","text":"countries), the default or threat of default by an EU member state on its sovereign debt and/or an economic recession in an EU member","page_number":150,"box":{"x":76,"y":522,"width":874,"height":11}},{"id":"72e2d9f3-451a-496c-87d6-64372e9949ee","block_type":"box","text":"state may have a significant adverse effect on the economies of other EU member states and their trading partners. The European financial","page_number":150,"box":{"x":76,"y":536,"width":889,"height":11}},{"id":"f849f634-7aa4-4a93-8695-ec3c28df6e6e","block_type":"box","text":"markets have historically experienced volatility and adverse trends due to concerns about economic downturns or government debt levels in","page_number":150,"box":{"x":76,"y":550,"width":899,"height":11}},{"id":"26c1c235-c304-4f2b-a806-59cb78931ddf","block_type":"box","text":"several European countries, including, but not limited to, Austria, Belgium, Cyprus, France, Greece, Ireland, Italy, Portugal, Spain and Ukraine.","page_number":150,"box":{"x":76,"y":565,"width":904,"height":10}},{"id":"e8af1fdf-168b-40ef-b0f3-44f0899bfff9","block_type":"box","text":"These events have affected and may in the future adversely affect the exchange rate of the euro and may significantly affect European","page_number":150,"box":{"x":76,"y":579,"width":857,"height":11}},{"id":"1fd35b76-9fe3-40d6-ab0c-fea77e1b803b","block_type":"box","text":"countries.","page_number":150,"box":{"x":76,"y":593,"width":63,"height":8}},{"id":"dcf8d39b-c547-49f9-9fcf-20af2ad502f2","block_type":"box","text":"Responses to financial problems by European governments, central banks and others, including austerity measures and reforms, may not","page_number":150,"box":{"x":77,"y":616,"width":878,"height":11}},{"id":"b9248ba8-fde4-4042-b2d2-e7d496821d12","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":150,"box":{"x":76,"y":630,"width":858,"height":11}},{"id":"f4dc71ed-eb25-414d-a369-605de704dc40","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":150,"box":{"x":76,"y":644,"width":882,"height":11}},{"id":"e1ec6638-24ad-48ab-99a4-d8a3dffa0703","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":150,"box":{"x":76,"y":659,"width":859,"height":10}},{"id":"2a1c3666-d6fb-4f34-976e-92b4afb75844","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":150,"box":{"x":76,"y":673,"width":866,"height":11}},{"id":"4754bdc0-d013-41c2-a6ba-3bf87264e529","block_type":"box","text":"regulatory, economic or market conditions and could contribute to instability in global political institutions, regulatory agencies and financia","page_number":150,"box":{"x":77,"y":687,"width":894,"height":11}},{"id":"33a71360-c96a-4d29-ad64-999820438b4a","block_type":"box","text":"l","page_number":150,"box":{"x":973,"y":687,"width":1,"height":8}},{"id":"232805b2-6639-4b1a-88e2-d0a13c8288c9","block_type":"box","text":"markets.","page_number":150,"box":{"x":76,"y":701,"width":55,"height":9}},{"id":"cbd97f0b-269d-4e0e-b97c-ddce8c1da063","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":150,"box":{"x":76,"y":724,"width":880,"height":11}},{"id":"31fb1da3-69fd-46f0-be16-99bcd1a72003","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":150,"box":{"x":76,"y":739,"width":896,"height":10}},{"id":"3477355c-aa8e-4e35-b5f3-b8754903ebde","block_type":"box","text":"experience social and political unrest. Unanticipated or sudden political or social developments may result in sudden and significant","page_number":150,"box":{"x":76,"y":753,"width":845,"height":11}},{"id":"7dbe2452-d457-4bf6-950c-e79d3cddc66a","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":150,"box":{"x":76,"y":767,"width":871,"height":11}},{"id":"6577753b-a582-4607-acaf-da04af9278ba","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":150,"box":{"x":76,"y":781,"width":872,"height":11}},{"id":"80a866d9-052e-4a8c-83fa-2d3975735673","block_type":"box","text":"investments.","page_number":150,"box":{"x":76,"y":795,"width":81,"height":9}},{"id":"25cd8b9e-bc25-4ce8-9b97-61bd704ffdff","block_type":"box","text":"Russian Invasion of Ukraine","page_number":150,"box":{"x":76,"y":819,"width":172,"height":8}},{"id":"a5bf3a9c-3770-4669-84c9-56081621f3d8","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":150,"box":{"x":250,"y":819,"width":720,"height":10}},{"id":"6301abde-34eb-4afd-be41-7ae49000a4d9","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":150,"box":{"x":76,"y":833,"width":893,"height":11}},{"id":"c51d90d6-08b2-4ab6-9f8b-3bcbbb28ff2e","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":150,"box":{"x":76,"y":847,"width":887,"height":11}},{"id":"7cb9bb6e-93e6-4e56-b6b4-54b2c273c7dd","block_type":"box","text":"cyberattacks and espionage) or resulting actual and threatened responses to such activity, including purchasing and financing restrictions,","page_number":150,"box":{"x":76,"y":861,"width":886,"height":11}},{"id":"184ce8ba-ce96-46f7-b336-40b81099fff0","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":150,"box":{"x":76,"y":875,"width":894,"height":11}},{"id":"8092056f-a213-4fc1-8464-b2eb8f5ef92d","block_type":"box","text":"9","page_number":150,"box":{"x":526,"y":921,"width":6,"height":8}},{"id":"892a9518-0e14-4930-9bdd-34366b14fe03","block_type":"box","text":"government, Russian companies or Russian individuals, including politicians, may impact Russia’s economy, Russian issuers of securities in","page_number":151,"box":{"x":76,"y":23,"width":891,"height":11}},{"id":"86cb332b-b04e-4c13-81cd-339ef961056b","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":151,"box":{"x":76,"y":37,"width":885,"height":11}},{"id":"e66521fe-f243-4481-b19c-f48fea9aaa6f","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":151,"box":{"x":76,"y":51,"width":892,"height":11}},{"id":"f05d5a63-4701-47e2-81e2-fc2a6b5b55ca","block_type":"box","text":"have collateral impacts on such sectors across Europe and globally.","page_number":151,"box":{"x":77,"y":66,"width":431,"height":11}},{"id":"5883411e-43b0-4662-ad9d-6f51a4f255e0","block_type":"box","text":"Financial Companies Risk.","page_number":151,"box":{"x":77,"y":89,"width":180,"height":11}},{"id":"04f58df0-7b9a-40a5-b632-044a6deef3ba","block_type":"box","text":"Financial services companies are subject to extensive governmental regulation and intervention, which may","page_number":151,"box":{"x":263,"y":89,"width":689,"height":11}},{"id":"95861191-e0a8-49d5-a859-4bc4fb32ccc3","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":151,"box":{"x":76,"y":103,"width":892,"height":11}},{"id":"96b0ec9f-a8f0-4db3-8258-041ef5383ea5","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":151,"box":{"x":76,"y":117,"width":891,"height":11}},{"id":"703d4b0e-cf93-4739-8988-813d177d977c","block_type":"box","text":"among other things, interest rates, economic conditions, credit rating downgrades, adverse public perception and exposure concentration.","page_number":151,"box":{"x":76,"y":131,"width":888,"height":11}},{"id":"f35f2bba-fc27-42b6-8199-fef6c3f16a2d","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":151,"box":{"x":77,"y":146,"width":870,"height":10}},{"id":"9cc0a0da-5495-42e5-b555-47ece0f8268f","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":151,"box":{"x":77,"y":160,"width":766,"height":11}},{"id":"ca655598-d08b-434b-8b50-5f2679b0441a","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":151,"box":{"x":77,"y":183,"width":890,"height":11}},{"id":"bca25749-cc2f-4e34-9e83-dc40eeb806e6","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":151,"box":{"x":76,"y":197,"width":848,"height":11}},{"id":"5d7e0510-45d6-4102-84f9-dcaf15cfbf3b","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":151,"box":{"x":76,"y":211,"width":884,"height":11}},{"id":"5037e1d2-ce27-4804-a519-68edcc90c902","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":151,"box":{"x":76,"y":226,"width":889,"height":10}},{"id":"29f43492-8fc3-4987-8add-a657870c2c0d","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":151,"box":{"x":76,"y":240,"width":856,"height":11}},{"id":"5b750f8a-3efd-46fe-98d4-37b9ebc89361","block_type":"box","text":"financial sector generally.","page_number":151,"box":{"x":76,"y":254,"width":162,"height":11}},{"id":"b23964f5-9ced-44fc-8d3d-0a53fe7ee558","block_type":"box","text":"Fluctuation of Yield and Liquidation Amount Risk.","page_number":151,"box":{"x":77,"y":277,"width":342,"height":11}},{"id":"f52bd9ec-5bc9-49cb-ab01-64e65c35cc3d","block_type":"box","text":"A Fund, unlike a direct investment in a bond that has a level coupon payment and a","page_number":151,"box":{"x":424,"y":277,"width":534,"height":11}},{"id":"e657d733-7595-4ed4-846b-be227d776c28","block_type":"box","text":"fixed payment at maturity, will make distributions of income that vary over time. It is expected that an investment in a Fund, if held through","page_number":151,"box":{"x":76,"y":291,"width":889,"height":11}},{"id":"bf4dd322-d0a8-4327-a96f-312c8cfc4766","block_type":"box","text":"maturity, will produce aggregate returns comparable to a direct investment in a group of bonds of similar credit quality and maturity to those","page_number":151,"box":{"x":76,"y":305,"width":900,"height":11}},{"id":"56384986-e440-4ae0-a40b-b6eb3488a30f","block_type":"box","text":"held by the Fund, but unlike a direct investment in bonds, the breakdown of returns between Fund distributions and liquidation proceeds will","page_number":151,"box":{"x":77,"y":320,"width":897,"height":10}},{"id":"a493516f-e7d6-4d97-8209-19f2f836f514","block_type":"box","text":"not be predictable at the time of your investment. A Fund may make distributions at a greater (or lesser) rate than the coupon payments","page_number":151,"box":{"x":76,"y":334,"width":871,"height":11}},{"id":"7d0220f8-8ff8-4763-bde4-4b5a208baa31","block_type":"box","text":"received on the Fund’s portfolio, which would result in the Fund returning a lesser (or greater) amount on liquidation than would otherwise be","page_number":151,"box":{"x":77,"y":348,"width":903,"height":11}},{"id":"f6a09736-3fae-4c48-b0c4-5c233b38f115","block_type":"box","text":"the case. The breakdown between Fund distribution payments and the amount of liquidation proceeds may adversely affect the tax","page_number":151,"box":{"x":76,"y":362,"width":838,"height":11}},{"id":"b23f1946-89bf-46a3-8cfc-9bc6e5c15ee8","block_type":"box","text":"characterization of your returns from an investment in the Fund relative to a direct investment in bonds. If the amount you receive as","page_number":151,"box":{"x":76,"y":376,"width":849,"height":11}},{"id":"824d6151-0a54-454e-aeaa-06782101bce6","block_type":"box","text":"liquidation proceeds upon the Fund’s termination is higher or lower than your cost basis, you may experience a gain or loss for tax purposes.","page_number":151,"box":{"x":77,"y":391,"width":898,"height":10}},{"id":"8bc224e5-2a11-4a29-afb3-f3dcfb942d9a","block_type":"box","text":"In addition, the yield on your investment (","page_number":151,"box":{"x":77,"y":405,"width":264,"height":11}},{"id":"d58d8f56-bb2d-49d7-a7fa-b7cebb0d8e1e","block_type":"box","text":"i.e.","page_number":151,"box":{"x":341,"y":405,"width":17,"height":8}},{"id":"b518887c-3518-4ccf-ba21-03bafc534905","block_type":"box","text":", the return on your purchase price) may be lower (or higher) than the Fund’s published yields,","page_number":151,"box":{"x":361,"y":405,"width":600,"height":11}},{"id":"a9c0acf1-dec5-43f9-bb36-364c52501e82","block_type":"box","text":"which are based on the Fund’s NAV.","page_number":151,"box":{"x":76,"y":419,"width":227,"height":8}},{"id":"275c6727-3d17-4d37-8a18-eb3258e4e4ea","block_type":"box","text":"Geographic and Security Risks.","page_number":151,"box":{"x":76,"y":442,"width":216,"height":11}},{"id":"22345ff6-18c9-4e10-b1d9-63685c15edca","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":151,"box":{"x":298,"y":442,"width":668,"height":11}},{"id":"24f60f51-4e5b-4a86-b502-8b3694661196","block_type":"box","text":"natural disasters, such as severe heat, earthquakes, tornadoes, volcanic eruptions, wildfires, droughts, floods, hurricanes and tsunamis. In","page_number":151,"box":{"x":76,"y":456,"width":885,"height":11}},{"id":"068408f7-f2b7-44ee-bc7a-ca09f402f833","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":151,"box":{"x":76,"y":470,"width":840,"height":11}},{"id":"189352e9-fd45-4b90-a13d-f71b3ef0f05b","block_type":"box","text":"terrorism, strained international relations and territorial disputes. Any of these events may adversely affect the issuers, markets and","page_number":151,"box":{"x":76,"y":485,"width":845,"height":10}},{"id":"28901d19-568c-43f6-8e24-88d9f8eff023","block_type":"box","text":"economies to which a Fund is exposed, which may adversely affect the value of the Fund.","page_number":151,"box":{"x":76,"y":499,"width":570,"height":11}},{"id":"73b8a94d-d5b6-4c10-b224-6588a4e1beb2","block_type":"box","text":"High Yield Securities Risk.","page_number":151,"box":{"x":77,"y":522,"width":181,"height":11}},{"id":"aa4b5a7d-634b-4f19-8139-99ef2f98ae07","block_type":"box","text":"Debt securities that are rated below investment grade and debt securities that are unrated are generally","page_number":151,"box":{"x":264,"y":522,"width":667,"height":11}},{"id":"6f804f29-1a1e-4e07-96cc-4a54412ebd95","block_type":"box","text":"considered to be speculative. Compared to higher-quality debt securities, high yield securities are subject to a greater risk of default,","page_number":151,"box":{"x":76,"y":536,"width":851,"height":11}},{"id":"a4fca907-5e9e-4f08-8422-4113e73349e7","block_type":"box","text":"illiquidity, price volatility and valuation uncertainty. Issuers of high yield securities may be less creditworthy and have a greater risk of","page_number":151,"box":{"x":76,"y":550,"width":853,"height":11}},{"id":"7e11a459-7215-451a-8cd6-8d9c6efbb0e3","block_type":"box","text":"insolvency or bankruptcy than issuers of higher-quality debt securities. Certain privately held issuers may provide less timely or less detailed","page_number":151,"box":{"x":76,"y":565,"width":898,"height":10}},{"id":"7de76cb4-297d-4bd0-924e-33a5c878f722","block_type":"box","text":"financial reporting or other information.","page_number":151,"box":{"x":76,"y":579,"width":252,"height":11}},{"id":"91b2ae8a-0948-4c90-ad7d-8ac13fa5722b","block_type":"box","text":"High yield securities may be less liquid than higher-rated debt securities, even under normal economic conditions. There are fewer dealers in","page_number":151,"box":{"x":77,"y":602,"width":899,"height":11}},{"id":"b6631d57-ef26-4b4e-8990-c34ac940d68e","block_type":"box","text":"the high yield securities market, and there may be significant differences in the prices quoted for such securities. There may be no active","page_number":151,"box":{"x":76,"y":616,"width":875,"height":11}},{"id":"3ba36123-3dc6-4284-a285-6ad80222d014","block_type":"box","text":"trading market for some instruments, and certain securities may be subject to restrictions on resale. The inability to dispose of investments","page_number":151,"box":{"x":76,"y":630,"width":893,"height":11}},{"id":"d9b9ab2f-889a-4aaf-bcc3-9e18c215eece","block_type":"box","text":"in a timely fashion could result in losses to a Fund. High yield securities that are deemed to be liquid at the time of purchase may become","page_number":151,"box":{"x":76,"y":644,"width":879,"height":11}},{"id":"8f2f79ea-446c-4534-b6e6-279acf18d668","block_type":"box","text":"illiquid.","page_number":151,"box":{"x":76,"y":659,"width":44,"height":10}},{"id":"d093a9ac-182e-4607-a29a-ef1a17f40a6b","block_type":"box","text":"High yield securities frequently have prepayment features. When securities are prepaid, a Fund may lose any premiums paid for the","page_number":151,"box":{"x":77,"y":682,"width":839,"height":11}},{"id":"88f70c11-d993-49e9-b79d-b6cb7aa1c1fe","block_type":"box","text":"instruments and may have to invest the proceeds in bonds with lower yields. This could result in an unexpected capital loss and/or a","page_number":151,"box":{"x":76,"y":696,"width":849,"height":11}},{"id":"2c0bb2bd-44c4-41b2-8144-f76a7a9a239f","block_type":"box","text":"decrease in the amount of dividends and yield.","page_number":151,"box":{"x":76,"y":710,"width":297,"height":11}},{"id":"cfb12c98-15ac-4497-bd42-77484c03e0ad","block_type":"box","text":"Investments in high yield securities may be subject to additional risks, including subordination to other creditors (leaving few or no assets to","page_number":151,"box":{"x":77,"y":733,"width":896,"height":11}},{"id":"7fdc08ad-cdbc-45ba-9eaf-95c81415a62b","block_type":"box","text":"repay high yield securities holders), no collateral or limited rights in collateral. High yield securities also may have weaker or less restrictive","page_number":151,"box":{"x":77,"y":748,"width":889,"height":10}},{"id":"ab283a3f-7d12-4d81-a5ff-0fb5c53db6f5","block_type":"box","text":"covenant protections for creditors than higher-quality instruments. For example, high yield issuers may be able to incur more debt (including","page_number":151,"box":{"x":76,"y":762,"width":899,"height":11}},{"id":"19c8c4c1-c2c2-4de6-9484-df23459fd92e","block_type":"box","text":"secured debt), return more capital to shareholders, reduce assets designated as collateral or otherwise manage their business in ways that","page_number":151,"box":{"x":76,"y":776,"width":891,"height":11}},{"id":"1b0c5160-b0e0-43f7-8f05-7d8ff5c44090","block_type":"box","text":"could negatively impact creditors. If an issuer defaults, a Fund may incur expenses in seeking recovery or negotiating new terms with the","page_number":151,"box":{"x":76,"y":790,"width":876,"height":11}},{"id":"699ec355-c96d-48cc-9a81-01ddf4e5cfb0","block_type":"box","text":"issuer.","page_number":151,"box":{"x":76,"y":804,"width":40,"height":9}},{"id":"769ec0f3-20b1-4409-9cee-2adedd35c427","block_type":"box","text":"Illiquid Investments Risk.","page_number":151,"box":{"x":77,"y":828,"width":174,"height":10}},{"id":"bcf2da86-2f38-40c5-ba67-10194560ae36","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":151,"box":{"x":256,"y":828,"width":719,"height":10}},{"id":"7819125c-bc05-446a-aa35-d47c8135e43f","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":151,"box":{"x":76,"y":842,"width":883,"height":11}},{"id":"4f36b5c6-5904-4b9d-bcd1-ced8627f5361","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":151,"box":{"x":76,"y":856,"width":885,"height":11}},{"id":"7c202ede-4c97-472a-8509-6cd62a3869f4","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":151,"box":{"x":76,"y":870,"width":902,"height":11}},{"id":"23340e74-1608-4eb0-8589-0256f2efc4cb","block_type":"box","text":"10","page_number":151,"box":{"x":524,"y":921,"width":12,"height":8}},{"id":"dfedc6bf-a309-4d00-8874-0bcebd7e3b30","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":152,"box":{"x":76,"y":23,"width":890,"height":11}},{"id":"12d10314-e8bf-44e2-9b45-3c1981e6a010","block_type":"box","text":"risks associated with illiquid investments. Illiquid investments may be harder to value, especially in changing markets.","page_number":152,"box":{"x":77,"y":37,"width":751,"height":11}},{"id":"7bcf5382-d4ac-42fc-a92a-cdf64cf04603","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":152,"box":{"x":77,"y":61,"width":884,"height":10}},{"id":"77852377-3bad-4681-b358-9a9edb69374f","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":152,"box":{"x":76,"y":75,"width":900,"height":11}},{"id":"2ce826fa-1bc5-4a38-a469-605d1161eda2","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":152,"box":{"x":76,"y":89,"width":867,"height":11}},{"id":"767a3581-41b6-4b1e-96ac-b2de13892978","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":152,"box":{"x":77,"y":112,"width":900,"height":11}},{"id":"bd0e8fcd-f40a-42b1-a441-fc6818a571d8","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":152,"box":{"x":76,"y":126,"width":890,"height":11}},{"id":"19d82df0-a63e-443b-84a1-eb78cff1edac","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":152,"box":{"x":76,"y":140,"width":828,"height":11}},{"id":"87435a42-79a0-42c3-816f-98dc1edf67dd","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":152,"box":{"x":77,"y":155,"width":873,"height":10}},{"id":"30a22be8-9418-459b-bd7b-499ae870364f","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":152,"box":{"x":77,"y":169,"width":887,"height":11}},{"id":"3a102fbd-5996-4267-9cb7-b6f2e8fada53","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":152,"box":{"x":77,"y":183,"width":896,"height":11}},{"id":"aca00128-70d8-4771-a84b-413dd9d4445b","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":152,"box":{"x":76,"y":197,"width":869,"height":11}},{"id":"2e8f7bbe-2f6c-4d77-baad-f094d3817593","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":152,"box":{"x":77,"y":211,"width":886,"height":11}},{"id":"eb770180-b6b1-4122-8296-31e8a7d61f5b","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":152,"box":{"x":77,"y":226,"width":858,"height":10}},{"id":"b02150a2-b489-4351-b135-cfa978fb0d50","block_type":"box","text":"premium or discount to the Fund’s NAV.","page_number":152,"box":{"x":76,"y":240,"width":254,"height":10}},{"id":"cd4f3ff8-3889-423c-a80e-4c2ca48382fa","block_type":"box","text":"Income Risk.","page_number":152,"box":{"x":77,"y":263,"width":87,"height":8}},{"id":"2bdf3f83-6fb7-4502-8435-a6f9577f6f02","block_type":"box","text":"A Fund’s income may decline due to falling interest rates or other factors. This can occur because the Fund may be required to","page_number":152,"box":{"x":169,"y":263,"width":811,"height":11}},{"id":"6fc79c96-3ba4-4bcb-84c8-766f30ce4487","block_type":"box","text":"invest in lower-yielding bonds when a bond in the Fund’s portfolio matures, is near maturity, is called or is prepaid or when the Fund","page_number":152,"box":{"x":76,"y":277,"width":843,"height":11}},{"id":"aa64f897-dca5-4faa-a3fc-df5e59bacb76","block_type":"box","text":"otherwise needs to purchase additional bonds, such as due to a substitution in the underlying index for an index fund.","page_number":152,"box":{"x":76,"y":291,"width":752,"height":11}},{"id":"0d3490ab-5bb7-4250-a2f2-009e6c92891b","block_type":"box","text":"Index-Related Risk.","page_number":152,"box":{"x":77,"y":314,"width":132,"height":9}},{"id":"77264625-f1b3-4dc6-9b5f-a9d073e367ba","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":152,"box":{"x":214,"y":315,"width":728,"height":10}},{"id":"3d1e9ea7-c19a-4d05-bb05-ca193bf8a08f","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":152,"box":{"x":76,"y":329,"width":869,"height":10}},{"id":"e3e0d72e-dd57-4889-83a7-e6c443a65a01","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":152,"box":{"x":77,"y":343,"width":872,"height":11}},{"id":"a30c87e3-4e50-4c2d-bbdb-5172426e0413","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":152,"box":{"x":77,"y":357,"width":862,"height":11}},{"id":"0fb0ffe2-9f28-4301-920f-9e604444c942","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":152,"box":{"x":76,"y":371,"width":897,"height":11}},{"id":"631dff95-0dc5-44e9-9d0c-899c638a6c24","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":152,"box":{"x":76,"y":385,"width":881,"height":11}},{"id":"430bd5cc-d0c4-4552-bc7f-5f5610278e83","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":152,"box":{"x":76,"y":409,"width":852,"height":10}},{"id":"ce817d41-9d80-4a84-b138-6aa7ea0fd1e5","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":152,"box":{"x":76,"y":423,"width":850,"height":11}},{"id":"c73480d8-6f93-4c57-9628-4dd084ed1fc8","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":152,"box":{"x":76,"y":437,"width":877,"height":11}},{"id":"67e256a2-0e50-4b40-a9ca-fcc7ae684808","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":152,"box":{"x":76,"y":451,"width":906,"height":11}},{"id":"bb5bbff4-a832-4035-80dc-60d725efbcee","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":152,"box":{"x":76,"y":465,"width":904,"height":11}},{"id":"d9a51241-e62b-4946-93e7-2536f53de005","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":152,"box":{"x":76,"y":479,"width":894,"height":11}},{"id":"f8e2cffd-4372-4e61-b105-31d7df5f4105","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":152,"box":{"x":76,"y":494,"width":877,"height":11}},{"id":"b738452d-5f71-4e8c-9cf5-358e46f73326","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":152,"box":{"x":76,"y":508,"width":881,"height":11}},{"id":"d58c11ea-fd2a-40b4-8d1b-907934802fa4","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":152,"box":{"x":76,"y":522,"width":844,"height":11}},{"id":"838a677e-9478-4cb6-a3d4-3c8e066c9211","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":152,"box":{"x":77,"y":536,"width":879,"height":11}},{"id":"d232f91a-c46f-457a-8f2a-0aa714f0fc2c","block_type":"box","text":"errors will be borne by the Fund and its shareholders.","page_number":152,"box":{"x":76,"y":550,"width":340,"height":11}},{"id":"cfe0077b-1fd9-496e-945e-fb8237ad9659","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":152,"box":{"x":77,"y":574,"width":857,"height":10}},{"id":"94348d84-b3aa-4607-9583-03434290f2e4","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":152,"box":{"x":77,"y":588,"width":880,"height":11}},{"id":"3cea1632-1794-429f-a027-1ca2feb3f2a4","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":152,"box":{"x":76,"y":602,"width":902,"height":11}},{"id":"42e65ddd-cf67-4766-a483-19c795abe35a","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":152,"box":{"x":76,"y":616,"width":905,"height":11}},{"id":"96e5f727-33f1-4314-82dd-b3e13932b75b","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":152,"box":{"x":76,"y":630,"width":889,"height":11}},{"id":"1627bd2c-32cb-451d-a886-cdae6f209578","block_type":"box","text":"extent circumstances evolve between periodic index reviews and reconstitutions, an Underlying Index may include constituents that do not","page_number":152,"box":{"x":76,"y":645,"width":890,"height":10}},{"id":"ec86a3d7-5a31-4099-a9be-947e8b2d9ea6","block_type":"box","text":"align with its objective or selection criteria, and the Fund tracking the Underlying Index may be similarly affected.","page_number":152,"box":{"x":76,"y":659,"width":723,"height":11}},{"id":"722e7f57-4a09-49ac-839d-e984083d69f5","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":152,"box":{"x":77,"y":682,"width":899,"height":11}},{"id":"dbb49933-5c14-4d5b-80d2-0a74cddce1e2","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":152,"box":{"x":76,"y":696,"width":876,"height":11}},{"id":"25af83e6-b091-4c22-afe6-87b3e4b41f05","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":152,"box":{"x":76,"y":710,"width":865,"height":11}},{"id":"28de77fa-63b3-43c1-a25c-cec2e83a2b68","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":152,"box":{"x":76,"y":724,"width":897,"height":11}},{"id":"154eb98f-d498-493a-b2f2-5b18d27923d4","block_type":"box","text":"a Fund’s costs and tracking error.","page_number":152,"box":{"x":76,"y":739,"width":213,"height":10}},{"id":"706c9875-48d0-42b1-bfa4-92e54d235a99","block_type":"box","text":"Industrial Companies Risk.","page_number":152,"box":{"x":77,"y":762,"width":184,"height":11}},{"id":"57eeea92-7001-4375-b33e-81665fb819f5","block_type":"box","text":"Industrial companies face a number of risks, including supply chain and distribution disruptions, business","page_number":152,"box":{"x":267,"y":762,"width":673,"height":11}},{"id":"ab80f894-d8ef-4374-97b3-19b0f3fb05b2","block_type":"box","text":"interruptions, third-party vendor risks, cyber attacks, trade disputes, product recalls, liability and environmental damage claims, scarcity of","page_number":152,"box":{"x":76,"y":776,"width":889,"height":11}},{"id":"16bba14f-98cf-4480-908d-40edc82cb2be","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":152,"box":{"x":76,"y":790,"width":878,"height":11}},{"id":"df58f5e5-ba9b-49d1-873f-4353a1a4c8b5","block_type":"box","text":"industrial companies may face obsolescence due to technological developments and new product introduction. Furthermore, changes in","page_number":152,"box":{"x":76,"y":804,"width":873,"height":11}},{"id":"a58fe3db-71f1-408b-97b0-e521046a1da8","block_type":"box","text":"trade restrictions and tariffs as well as broader geopolitical developments could adversely affect industrial companies. These companies also","page_number":152,"box":{"x":76,"y":819,"width":902,"height":10}},{"id":"245e210a-f80f-4b35-9928-72a09a99fea7","block_type":"box","text":"may be significantly affected by domestic and international economic conditions, legislative and regulatory changes, and labor relations.","page_number":152,"box":{"x":76,"y":833,"width":872,"height":11}},{"id":"2846621d-736e-429b-bbb1-4746ac4b15d5","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":152,"box":{"x":77,"y":847,"width":881,"height":11}},{"id":"9122674f-d334-4519-a061-5555836aaf41","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":152,"box":{"x":76,"y":861,"width":892,"height":11}},{"id":"8b8809d8-79e0-4853-a031-a1ad1c65b719","block_type":"box","text":"infringing the intellectual property rights of others.","page_number":152,"box":{"x":76,"y":875,"width":322,"height":11}},{"id":"445b1da0-2478-4265-8905-7c0082818a02","block_type":"box","text":"11","page_number":152,"box":{"x":524,"y":921,"width":10,"height":8}},{"id":"f8961b5f-6189-421a-97b3-71a57765c31d","block_type":"box","text":"Interest Rate Risk.","page_number":153,"box":{"x":77,"y":23,"width":127,"height":9}},{"id":"035f583e-1f64-403d-9402-8766da3dca2e","block_type":"box","text":"Interest rate changes can be sudden and unpredictable and are influenced by a number of factors, including government","page_number":153,"box":{"x":210,"y":23,"width":770,"height":11}},{"id":"312ff227-1797-42b6-9e24-be00b5a8ea0a","block_type":"box","text":"policy, monetary policy, inflation expectations, perceptions of risk, and supply and demand for fixed-income securities. Changes in interest","page_number":153,"box":{"x":76,"y":37,"width":889,"height":11}},{"id":"8ef6a50d-d3af-4215-9d4d-eb21a0dee5e1","block_type":"box","text":"rates may have unpredictable effects on fixed-income markets and may result in heightened volatility and lower liquidity for certain","page_number":153,"box":{"x":77,"y":51,"width":837,"height":11}},{"id":"6473012b-70b6-4175-9f9f-ea865d8278b4","block_type":"box","text":"instruments, which may adversely affect a Fund’s performance. When interest rates rise, the value of fixed-income securities or other","page_number":153,"box":{"x":76,"y":66,"width":854,"height":10}},{"id":"80d0be2a-7f17-464a-87f9-991be859f95d","block_type":"box","text":"instruments sensitive to interest rates typically decreases. Duration is a measure of how sensitive a bond is to interest rate changes. Fixed","page_number":153,"box":{"x":76,"y":80,"width":892,"height":11}},{"id":"ed28f4b7-982a-4559-b763-5f5743b0f42a","block_type":"box","text":"income securities with longer durations tend to be more sensitive to interest rate changes, and their prices usually are more volatile than","page_number":153,"box":{"x":76,"y":94,"width":876,"height":11}},{"id":"1088b78a-15f6-40a7-8266-6c7bfbdd77f3","block_type":"box","text":"those of shorter-duration securities. For example, if a bond has a duration of five years and interest rates rise, the price of the bond will likely","page_number":153,"box":{"x":76,"y":108,"width":902,"height":11}},{"id":"b6c9c0b0-574b-4afd-b0fe-e337270580be","block_type":"box","text":"decline by a greater percentage than for a bond with a one-year duration. To the extent a Fund invests a substantial portion of its assets in","page_number":153,"box":{"x":76,"y":122,"width":883,"height":11}},{"id":"50fff0ab-1357-40e9-8582-dd56947f4dd1","block_type":"box","text":"fixed-income securities with longer duration, rising interest rates may cause the value of the Fund’s investments to decline significantly,","page_number":153,"box":{"x":76,"y":137,"width":869,"height":10}},{"id":"57ef378d-d1b5-4212-8860-0a1eac7b4b6c","block_type":"box","text":"which would adversely affect the Fund’s performance.","page_number":153,"box":{"x":76,"y":151,"width":345,"height":11}},{"id":"b79d1437-9c9e-4c17-a675-8ec3614bbb76","block_type":"box","text":"In addition, changes in prevailing interest rates, particularly sudden and significant changes, may lead to fluctuations in the value of floating","page_number":153,"box":{"x":77,"y":174,"width":896,"height":11}},{"id":"1e61f057-202d-47de-9fd7-21154d113ddb","block_type":"box","text":"rate debt securities, because the rates for those securities typically reset only periodically. Additionally, during periods of very low or","page_number":153,"box":{"x":77,"y":188,"width":848,"height":11}},{"id":"93bb0ba0-3524-4e41-ae3f-0282c081ddcc","block_type":"box","text":"negative interest rates, a Fund may be unable to maintain positive returns or pay dividends to shareholders. Under certain market conditions","page_number":153,"box":{"x":76,"y":202,"width":900,"height":11}},{"id":"826f202e-f5e6-497a-abc3-8184487b9e4a","block_type":"box","text":"when interest rates are set at low levels and the market prices of portfolio securities have increased, a Fund may have a very low or even","page_number":153,"box":{"x":76,"y":216,"width":875,"height":11}},{"id":"a052de5f-d111-42eb-ad31-eb9be2893bd9","block_type":"box","text":"negative yield, which would cause the Fund to lose money under certain conditions.","page_number":153,"box":{"x":76,"y":231,"width":534,"height":11}},{"id":"6a2d9deb-ef89-4fbc-8ef2-0e9f70a3ac7b","block_type":"box","text":"Decreases in market-making capacity for fixed-income dealers may lead to lower trading volume, heightened volatility, wider bid-ask spreads","page_number":153,"box":{"x":77,"y":254,"width":902,"height":11}},{"id":"b1f9bfb0-b83f-434a-91d5-24f85ad4852b","block_type":"box","text":"and less transparent pricing in certain fixed-income markets.","page_number":153,"box":{"x":76,"y":268,"width":389,"height":11}},{"id":"05e0f672-f1e0-435c-8fd1-43b62697888b","block_type":"box","text":"Issuer Risk.","page_number":153,"box":{"x":77,"y":291,"width":79,"height":9}},{"id":"42b185ed-3b25-4a9f-85fd-55b4d4e4702e","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":153,"box":{"x":161,"y":291,"width":755,"height":11}},{"id":"12116a21-6b8b-494f-bebb-629fc64ec29c","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":153,"box":{"x":76,"y":305,"width":861,"height":11}},{"id":"80d9c90a-7492-4761-b941-5d8fb5878dd1","block_type":"box","text":"financial condition or credit rating of the issuer or counterparty.","page_number":153,"box":{"x":76,"y":320,"width":406,"height":10}},{"id":"646e1303-6af2-4794-a79f-378ebdf3ad1e","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk.","page_number":153,"box":{"x":77,"y":343,"width":368,"height":11}},{"id":"4b91c5a5-d763-402c-93c9-a32052b0e7e0","block_type":"box","text":"Certain shareholders of a Fund, including an Authorized Participant, a third-party","page_number":153,"box":{"x":450,"y":343,"width":518,"height":11}},{"id":"df869ca8-2645-44ad-9d05-7bf8702a483c","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":153,"box":{"x":76,"y":357,"width":875,"height":11}},{"id":"b68098e7-68a1-40de-a017-66b66f852d37","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":153,"box":{"x":76,"y":371,"width":899,"height":11}},{"id":"66ebe1b1-23d5-4645-aaf3-af1c8acf5247","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":153,"box":{"x":76,"y":385,"width":901,"height":11}},{"id":"f808dcd5-c9f5-492c-b56c-f5837c7434d9","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":153,"box":{"x":76,"y":400,"width":888,"height":10}},{"id":"0b026b6e-31b9-40fc-b8d3-8b9ca0c1fb17","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":153,"box":{"x":76,"y":414,"width":882,"height":11}},{"id":"4652ab37-eab0-4f51-bdb9-7575ac49fca5","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":153,"box":{"x":76,"y":428,"width":889,"height":11}},{"id":"90573400-e607-43cf-85ea-e038f793ecdd","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":153,"box":{"x":76,"y":442,"width":906,"height":11}},{"id":"b1d53543-9a66-44c0-bffa-f71d0e45c094","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":153,"box":{"x":76,"y":456,"width":904,"height":11}},{"id":"01f7e413-fdd7-4242-8335-d251a6f4881b","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":153,"box":{"x":76,"y":470,"width":855,"height":11}},{"id":"036ea589-e676-460d-b26c-c88adacfb7fc","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":153,"box":{"x":77,"y":485,"width":892,"height":10}},{"id":"3ef711ff-a60f-4e30-9099-27aaad737d26","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":153,"box":{"x":77,"y":499,"width":901,"height":11}},{"id":"8e540b5c-fdc0-4e4e-8619-040940b4c549","block_type":"box","text":"to price.","page_number":153,"box":{"x":76,"y":513,"width":52,"height":11}},{"id":"d1252e91-30b9-465d-9126-1d702f9de7bc","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":153,"box":{"x":76,"y":536,"width":840,"height":11}},{"id":"e85fa7d6-e4a6-4799-9607-9fddb89c00b9","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":153,"box":{"x":76,"y":550,"width":898,"height":11}},{"id":"36c7c71b-ac6b-4c43-934f-f01365d571fb","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":153,"box":{"x":76,"y":565,"width":878,"height":10}},{"id":"2fa12fa8-4a49-48b5-a719-15f80e077612","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":153,"box":{"x":76,"y":579,"width":792,"height":11}},{"id":"ecbf9114-478f-46b9-9f02-20927b133d55","block_type":"box","text":"Management Risk.","page_number":153,"box":{"x":77,"y":602,"width":126,"height":11}},{"id":"812675d7-5e1a-4f27-8abc-23f5f60689a6","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":153,"box":{"x":208,"y":602,"width":757,"height":11}},{"id":"860d7bac-6e93-4039-aff6-94cc4af9acc5","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":153,"box":{"x":76,"y":616,"width":863,"height":11}},{"id":"9ea9ab01-2b1a-44ec-8fb3-57d71274fc20","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":153,"box":{"x":76,"y":630,"width":864,"height":11}},{"id":"1b402e88-a211-434f-ae0e-5505064901d6","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":153,"box":{"x":77,"y":644,"width":898,"height":11}},{"id":"47174d7d-d030-4b7f-8b44-92814ab4b5b1","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":153,"box":{"x":76,"y":659,"width":837,"height":11}},{"id":"1b34fb6c-b08c-4060-8cfc-51fbeef125d0","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":153,"box":{"x":77,"y":673,"width":888,"height":11}},{"id":"581985bc-fdc9-4f6e-8cff-cd31154df172","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":153,"box":{"x":77,"y":687,"width":883,"height":11}},{"id":"4e10c57c-aaa9-462b-8acb-e7989f11b9b4","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":153,"box":{"x":76,"y":701,"width":889,"height":11}},{"id":"c4711f73-8226-4884-8819-59173b7187ae","block_type":"box","text":"its investment objective.","page_number":153,"box":{"x":76,"y":715,"width":156,"height":11}},{"id":"24a0bf45-fbc9-4912-b019-b3a4c65c51ca","block_type":"box","text":"Market Risk.","page_number":153,"box":{"x":77,"y":739,"width":85,"height":8}},{"id":"ded96473-e638-45da-afe7-ccc2fddaf0d0","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":153,"box":{"x":167,"y":739,"width":764,"height":10}},{"id":"03807ced-8bff-4474-8496-67f59fa6db48","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":153,"box":{"x":76,"y":753,"width":879,"height":11}},{"id":"7ca4ad1b-d410-48eb-80e1-3767d6d03f86","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":153,"box":{"x":76,"y":767,"width":884,"height":11}},{"id":"ca35a47e-f6f3-44f8-b947-d437d5492f6a","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":153,"box":{"x":76,"y":781,"width":904,"height":11}},{"id":"1b7c00c9-3f04-44f8-b83e-1b9160ba5fa4","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":153,"box":{"x":76,"y":795,"width":858,"height":11}},{"id":"019c0a0b-9b8b-4376-bc98-5b89fc03b734","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":153,"box":{"x":76,"y":809,"width":869,"height":11}},{"id":"ba15aa30-6352-4548-a2de-a5dccf660b63","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":153,"box":{"x":76,"y":824,"width":885,"height":11}},{"id":"5d86e5b2-5fef-43df-bacd-b0b1985a6d7f","block_type":"box","text":"and assets.","page_number":153,"box":{"x":76,"y":838,"width":71,"height":8}},{"id":"d9527457-4472-4953-9179-d3afc188cb1c","block_type":"box","text":"Market Trading Risk.","page_number":153,"box":{"x":77,"y":861,"width":140,"height":11}},{"id":"07ef04d2-6c2e-4d48-8658-0f9b31f6e040","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":153,"box":{"x":222,"y":861,"width":753,"height":11}},{"id":"2f20ea9f-a474-435d-a1b9-b8186cb734a3","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":153,"box":{"x":76,"y":875,"width":896,"height":11}},{"id":"99539b25-12c0-424e-80bf-aac3e00ce5c1","block_type":"box","text":"12","page_number":153,"box":{"x":524,"y":921,"width":11,"height":8}},{"id":"23adf142-9364-4653-a06e-562b9c5602ae","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":154,"box":{"x":76,"y":23,"width":877,"height":11}},{"id":"7bfe6e98-1bb7-4fe3-ae22-5d2045dff660","block_type":"box","text":"receive significantly less than the underlying value of the Fund shares.","page_number":154,"box":{"x":77,"y":37,"width":446,"height":11}},{"id":"f7e849a0-dd66-4d85-9272-dcc7eb8d2198","block_type":"box","text":"Absence of an Active Primary Market.","page_number":154,"box":{"x":75,"y":60,"width":236,"height":11}},{"id":"3e7077c2-1579-4a94-aab1-8742df23bcfb","block_type":"box","text":"Although Fund shares are listed for trading on one or more stock exchanges, there can be no assurance","page_number":154,"box":{"x":317,"y":61,"width":663,"height":10}},{"id":"608fcd23-fb9d-4519-881b-cc0a1a183459","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":154,"box":{"x":76,"y":75,"width":826,"height":11}},{"id":"af147cb7-0ca4-46f1-b941-60c4b285e743","block_type":"box","text":"Secondary Listing Risks.","page_number":154,"box":{"x":76,"y":98,"width":151,"height":11}},{"id":"2fdb1eb8-b620-4fbf-a0e9-14fca72fb733","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":154,"box":{"x":233,"y":98,"width":732,"height":11}},{"id":"e5185cdc-c84a-40aa-8495-b027a9d73cc4","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":154,"box":{"x":76,"y":112,"width":841,"height":11}},{"id":"55ad5c2f-84b2-4739-adf2-dc9efb86ce7d","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":154,"box":{"x":76,"y":126,"width":890,"height":11}},{"id":"75926ebd-f4ed-4c91-9b99-e2f60be1ad05","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":154,"box":{"x":76,"y":140,"width":880,"height":11}},{"id":"78ef77ed-5b5e-436e-8448-f960a358f4d1","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":154,"box":{"x":76,"y":155,"width":872,"height":10}},{"id":"44d50fc3-c86b-408e-b023-f5a6cdf39823","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":154,"box":{"x":76,"y":169,"width":897,"height":11}},{"id":"bfad00c7-fae1-4f48-b72b-b17bc892a32c","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":154,"box":{"x":76,"y":183,"width":862,"height":11}},{"id":"233aca39-9c17-4a01-813f-585b4090eb2f","block_type":"box","text":"markets, which may result in secondary market prices in such markets being less efficient.","page_number":154,"box":{"x":76,"y":197,"width":579,"height":11}},{"id":"dfec7b20-73ba-4c74-8e14-078bc11d4bfc","block_type":"box","text":"Secondary Market Trading Risk.","page_number":154,"box":{"x":76,"y":220,"width":196,"height":11}},{"id":"044f67d9-ac4e-4a7c-879f-6e6f59cdbd87","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":154,"box":{"x":279,"y":220,"width":703,"height":11}},{"id":"9c9540c3-8e14-4a3a-9267-1086a045a31f","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":154,"box":{"x":76,"y":235,"width":896,"height":10}},{"id":"cc975b98-da90-4434-aef9-b55d983e1b23","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":154,"box":{"x":76,"y":249,"width":880,"height":11}},{"id":"5e6a3a21-dbf7-4dfd-a211-6409cc6e9262","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":154,"box":{"x":76,"y":263,"width":900,"height":11}},{"id":"bfa78820-ba15-4012-995e-9d35245a8761","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":154,"box":{"x":76,"y":277,"width":893,"height":11}},{"id":"fa2b1a08-f080-4afb-b08f-d500e2eb294a","block_type":"box","text":"may be wider bid/ask spreads on the exchange and a greater premium or discount to NAV.","page_number":154,"box":{"x":76,"y":291,"width":581,"height":11}},{"id":"004ee87c-2f26-493d-9aec-d145219bcd86","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":154,"box":{"x":77,"y":314,"width":900,"height":11}},{"id":"675c2e81-54fb-46a5-9ab2-a47f82e52c94","block_type":"box","text":"the Fund’s portfolio holdings, and an investor may be unable to sell their Fund shares.","page_number":154,"box":{"x":76,"y":329,"width":547,"height":10}},{"id":"bc339034-d9d7-40f2-bbfe-7779cf4b101c","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":154,"box":{"x":76,"y":352,"width":894,"height":11}},{"id":"ac1160b9-5f79-4b8f-ab16-ae9690c08d77","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":154,"box":{"x":76,"y":366,"width":905,"height":11}},{"id":"80e4f94c-e279-42b5-ae57-4eb49787cb50","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":154,"box":{"x":77,"y":380,"width":874,"height":11}},{"id":"3fec0d40-7e40-4b0a-aafe-54a00f5e6304","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":154,"box":{"x":76,"y":394,"width":890,"height":11}},{"id":"e45170f6-119e-4b9d-ad9e-1c620585a361","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":154,"box":{"x":76,"y":409,"width":857,"height":10}},{"id":"3b9921d4-2f2a-443a-9b3f-322288513aa0","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":154,"box":{"x":76,"y":423,"width":891,"height":11}},{"id":"2651aa8f-6f58-40f2-94c1-9930f2f73198","block_type":"box","text":"substantial trading losses.","page_number":154,"box":{"x":76,"y":437,"width":166,"height":11}},{"id":"36a2aa06-b3ac-4fc5-ade4-df6603835aa5","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":154,"box":{"x":76,"y":460,"width":874,"height":11}},{"id":"b2a93130-687a-4726-b6f0-d03aa59c5676","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":154,"box":{"x":76,"y":474,"width":893,"height":11}},{"id":"6c2edc35-63cb-452d-8350-3a0aebc39944","block_type":"box","text":"may lead to increased trading volume and volatility in the secondary market for the shares of the Fund.","page_number":154,"box":{"x":76,"y":489,"width":658,"height":10}},{"id":"e3ceaf76-8d7d-4664-b730-4c27c547f591","block_type":"box","text":"Fund Shares May Trade at Prices Other Than NAV.","page_number":154,"box":{"x":76,"y":512,"width":310,"height":10}},{"id":"ef7bafa4-ddf2-4915-a1bf-88d0eafc51fb","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":154,"box":{"x":385,"y":512,"width":572,"height":11}},{"id":"268a155d-32dc-49e1-96b6-7bea947cdc16","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":154,"box":{"x":77,"y":526,"width":852,"height":11}},{"id":"846e0e3b-eb41-4bf3-acad-e21cbbc31dd3","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":154,"box":{"x":76,"y":540,"width":892,"height":11}},{"id":"013d7ec7-24c7-43fb-b7ea-e0671d6aa075","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":154,"box":{"x":77,"y":554,"width":885,"height":11}},{"id":"63fd3aaf-02fa-4d36-96c3-8d028abd6db6","block_type":"box","text":"significantly from NAV during times of market volatility, significant redemption requests, or other unusual market conditions","page_number":154,"box":{"x":76,"y":568,"width":792,"height":11}},{"id":"348e3ac2-74aa-4bc2-ae43-c1b298f06a1d","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":154,"box":{"x":77,"y":592,"width":886,"height":10}},{"id":"95b35bdf-cb5a-4f5a-a117-d8386782f9a3","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":154,"box":{"x":77,"y":606,"width":891,"height":11}},{"id":"c688bfb8-1e95-4d7b-b5d8-f183cc85b4a0","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":154,"box":{"x":76,"y":620,"width":899,"height":11}},{"id":"f4e4ed03-0b8c-45f4-b32c-ba34a9529fa1","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":154,"box":{"x":77,"y":634,"width":899,"height":11}},{"id":"e75d01c0-8de2-4a4b-bfff-7e4fcfda6865","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":154,"box":{"x":76,"y":648,"width":878,"height":11}},{"id":"02778202-7735-45ea-9458-14a2e0591bb0","block_type":"box","text":"creations and redemptions, including disruptions at market makers, Authorized Participants, or other market participants, and during periods","page_number":154,"box":{"x":76,"y":663,"width":902,"height":10}},{"id":"d3c6359a-cb8a-4188-bd98-a4084203e2cd","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":154,"box":{"x":76,"y":677,"width":891,"height":11}},{"id":"706c22ad-87a7-444a-ae97-52019375fffd","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":154,"box":{"x":76,"y":691,"width":849,"height":11}},{"id":"9854a8b1-1b49-4ca2-9c5f-a80832825e18","block_type":"box","text":"investments, which may contribute to the Fund’s shares trading at a premium or discount to NAV.","page_number":154,"box":{"x":76,"y":705,"width":622,"height":11}},{"id":"bc49d787-10c7-4efb-a7e7-c4c4e3110628","block_type":"box","text":"Costs of Buying or Selling Fund Shares.","page_number":154,"box":{"x":76,"y":728,"width":245,"height":11}},{"id":"b2d8ed14-8e44-4df7-ae34-052b74a49805","block_type":"box","text":"Buying or selling Fund shares on an exchange involves two types of costs that apply to all securities","page_number":154,"box":{"x":328,"y":728,"width":636,"height":11}},{"id":"fc2d44cf-054f-4a53-bcf7-643da295e1f0","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":154,"box":{"x":76,"y":743,"width":853,"height":10}},{"id":"49837177-1ec2-4505-bec3-39422b73f53f","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":154,"box":{"x":76,"y":757,"width":895,"height":10}},{"id":"d998f848-9390-49e3-91b6-ea1465fbb468","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":154,"box":{"x":76,"y":771,"width":865,"height":11}},{"id":"a2fcc5cc-1d93-4fe8-a7fd-625a27d67896","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":154,"box":{"x":76,"y":785,"width":885,"height":11}},{"id":"5e3ff888-3f88-4966-b6b5-b617bb661ae9","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":154,"box":{"x":77,"y":799,"width":891,"height":11}},{"id":"6bdcf218-d38e-41da-9964-37951df1b6c0","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":154,"box":{"x":76,"y":813,"width":901,"height":11}},{"id":"b50ab1bf-7b67-4c1b-85b2-0135892aaf75","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":154,"box":{"x":76,"y":828,"width":858,"height":10}},{"id":"45d50a7f-5364-4554-8213-6798ca178f31","block_type":"box","text":"regularly making small investments through a brokerage account.","page_number":154,"box":{"x":77,"y":842,"width":418,"height":11}},{"id":"718593fc-2aa8-4270-8f49-74841c229f26","block_type":"box","text":"National Closed Market Trading Risk.","page_number":154,"box":{"x":77,"y":865,"width":254,"height":11}},{"id":"7cd87866-d981-451f-a024-8d8c9b0f712b","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":154,"box":{"x":336,"y":865,"width":637,"height":11}},{"id":"250a0b3a-b7fd-4cfb-89f1-a20d33e2e98c","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":154,"box":{"x":76,"y":879,"width":905,"height":11}},{"id":"b5dabd2b-fc7d-41bb-854c-45702e5f75f8","block_type":"box","text":"13","page_number":154,"box":{"x":524,"y":921,"width":12,"height":8}},{"id":"20bb61fa-4441-414a-b402-d80da5dda6a7","block_type":"box","text":"such asset’s current price and its last quoted price (","page_number":155,"box":{"x":76,"y":23,"width":332,"height":11}},{"id":"78396367-9c3d-45f4-99c6-e39d7b11be1d","block_type":"box","text":"i.e","page_number":155,"box":{"x":408,"y":23,"width":15,"height":9}},{"id":"5bb6e3ad-9bbd-4f09-9670-4bf8da534e40","block_type":"box","text":"., the quote from the closed foreign market to the Fund). The impact of a closed","page_number":155,"box":{"x":425,"y":23,"width":508,"height":11}},{"id":"45a3a0ea-b859-43d5-9a36-5ef17de45d37","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":155,"box":{"x":76,"y":37,"width":863,"height":11}},{"id":"39d09ea7-cbdd-4a6b-9c18-6d0752c348ef","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":155,"box":{"x":76,"y":51,"width":862,"height":11}},{"id":"28e0a7d6-1fa6-42ec-8171-6aa28c976319","block_type":"box","text":"greater than those experienced by other funds.","page_number":155,"box":{"x":76,"y":66,"width":300,"height":11}},{"id":"acd43a10-b01b-4237-9a60-159f8917ae83","block_type":"box","text":"Non-Diversification Risk.","page_number":155,"box":{"x":77,"y":89,"width":170,"height":8}},{"id":"def5a2e9-a880-456b-8b74-4ba0d97d2916","block_type":"box","text":"A Fund that is classified as “non-diversified” may invest a greater percentage of its assets in securities or other","page_number":155,"box":{"x":252,"y":89,"width":711,"height":11}},{"id":"d394dc8c-ca79-49c4-a254-8c1ea89bbe0f","block_type":"box","text":"instruments representing a small number of issuers or counterparties, compared with funds that are classified as “diversified.” A non","page_number":155,"box":{"x":76,"y":103,"width":855,"height":11}},{"id":"1f04e535-51f6-4006-b3cd-42041a4f9024","block_type":"box","text":"diversified Fund thus may be more susceptible to the risks associated with these particular issuers or counterparties. The gains and losses","page_number":155,"box":{"x":76,"y":117,"width":886,"height":11}},{"id":"59b1654a-3685-42e8-bc00-04b9dd8181a6","block_type":"box","text":"on such holdings may have a greater impact on a non-diversified Fund’s performance than they would on the performance of a diversified","page_number":155,"box":{"x":76,"y":131,"width":879,"height":11}},{"id":"02be5884-19a5-4dc2-bf10-960f5c95fc8d","block_type":"box","text":"Fund, and a non-diversified Fund’s NAV may be more volatile.","page_number":155,"box":{"x":77,"y":146,"width":390,"height":10}},{"id":"54eb229f-5dc2-41c2-8ee0-797e73200976","block_type":"box","text":"Non-U.S. Securities Risk.","page_number":155,"box":{"x":77,"y":169,"width":171,"height":8}},{"id":"4111b8cf-4875-46d9-95d2-ab1aed8de374","block_type":"box","text":"Securities issued by non-U.S. issuers (including depositary receipts) are subject to different legal, regulatory,","page_number":155,"box":{"x":253,"y":169,"width":698,"height":11}},{"id":"ff65329e-8422-4b16-89b4-939ab76b7a9b","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":155,"box":{"x":76,"y":183,"width":889,"height":11}},{"id":"142d7efa-5653-4aac-b0d7-35a69c8c4fb0","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":155,"box":{"x":76,"y":197,"width":880,"height":11}},{"id":"c4bb1b8a-f727-4ca0-9a7a-24b221907d2c","block_type":"box","text":"following, any of which may have an adverse impact on a Fund:","page_number":155,"box":{"x":76,"y":211,"width":402,"height":11}},{"id":"23ac5697-cd54-491b-86ac-a7b649b1de54","block_type":"box","text":"Less liquid markets, which may make valuing securities more difficult;","page_number":155,"box":{"x":114,"y":229,"width":445,"height":11}},{"id":"f497d0f3-6d36-4183-b5f4-f30e809230d9","block_type":"box","text":"Greater market volatility;","page_number":155,"box":{"x":113,"y":247,"width":158,"height":11}},{"id":"b9880054-a5ba-4cd6-b9d6-5db0bacc1249","block_type":"box","text":"Government intervention in issuers’ operations or structure;","page_number":155,"box":{"x":113,"y":266,"width":383,"height":10}},{"id":"9e7198af-acd6-41f7-8ac4-94b86cc65be7","block_type":"box","text":"Government expropriation or nationalization of assets;","page_number":155,"box":{"x":113,"y":284,"width":348,"height":10}},{"id":"dbdeb605-a37b-42d0-a017-ffa163133f5b","block_type":"box","text":"Exchange rate fluctuations and currency controls;","page_number":155,"box":{"x":114,"y":302,"width":316,"height":10}},{"id":"02e122d5-6563-4de7-be4a-410004b62f1e","block_type":"box","text":"Limitations on the foreign ownership of securities;","page_number":155,"box":{"x":114,"y":320,"width":319,"height":10}},{"id":"11b9f855-8be1-4503-8442-5f63cb15aa3c","block_type":"box","text":"Imposition of withholding or other taxes;","page_number":155,"box":{"x":114,"y":338,"width":257,"height":11}},{"id":"01f22dfd-23b3-42db-adaa-5d1f74e3e5fa","block_type":"box","text":"Restrictions on the repatriation of capital;","page_number":155,"box":{"x":114,"y":356,"width":265,"height":10}},{"id":"9028a6ee-0be0-4187-83b0-8b0da886ea27","block_type":"box","text":"Higher transaction and custody costs;","page_number":155,"box":{"x":114,"y":374,"width":241,"height":11}},{"id":"4367f8ea-9768-415e-a54c-7070af0fd7ad","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":155,"box":{"x":114,"y":392,"width":852,"height":11}},{"id":"be3c6595-30ef-454d-8467-8e9ea56b8665","block_type":"box","text":"engage in portfolio transactions;","page_number":155,"box":{"x":113,"y":406,"width":206,"height":11}},{"id":"e8dac324-e562-45a6-8e80-56f15691b713","block_type":"box","text":"Less regulation of the securities and other financial markets;","page_number":155,"box":{"x":114,"y":424,"width":386,"height":11}},{"id":"4b411fe7-4b46-404a-a91f-7ef3d5d27ab2","block_type":"box","text":"Less availability of public information about issuers;","page_number":155,"box":{"x":114,"y":442,"width":329,"height":11}},{"id":"6990d5f8-d045-4024-90e5-088e11e62e11","block_type":"box","text":"Weaker accounting, audit, disclosure and financial reporting requirements and the risk of being delisted from U.S. exchanges;","page_number":155,"box":{"x":113,"y":460,"width":803,"height":11}},{"id":"50b832f5-3a81-4659-b425-e1abd116aaf3","block_type":"box","text":"Difficulties in enforcing contractual obligations; and","page_number":155,"box":{"x":114,"y":478,"width":328,"height":11}},{"id":"58d1c0a3-2346-4a81-9ceb-19300eecd85f","block_type":"box","text":"Legal principles relating to corporate governance, directors’ fiduciary duties and liabilities, and shareholder rights that are less robust","page_number":155,"box":{"x":114,"y":496,"width":853,"height":11}},{"id":"2b0f3889-3a81-43e3-8a4b-31d3c422a409","block_type":"box","text":"than those that apply in the U.S.","page_number":155,"box":{"x":113,"y":510,"width":205,"height":11}},{"id":"d94980e2-d507-4a22-b792-81b90ca85393","block_type":"box","text":"Withholding Tax Reclaims Risk","page_number":155,"box":{"x":77,"y":534,"width":188,"height":10}},{"id":"547175a9-9739-4066-8f7e-9be388327ec3","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":155,"box":{"x":265,"y":534,"width":674,"height":10}},{"id":"6463d173-cd57-4878-8e00-2308950aaceb","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":155,"box":{"x":76,"y":548,"width":905,"height":11}},{"id":"aa7d3a66-e799-4dd2-bf69-02c0eff38289","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":155,"box":{"x":76,"y":562,"width":898,"height":11}},{"id":"4b9b1574-a60c-484b-92bc-803db510463c","block_type":"box","text":"on a continuous assessment of the probability of recovery, the Fund’s NAV generally includes accruals for such tax refunds. Funds continue","page_number":155,"box":{"x":76,"y":576,"width":892,"height":11}},{"id":"39966675-12d2-4ba5-9ff2-9539967e1b66","block_type":"box","text":"to evaluate tax developments for potential impact to the probability of recovery. If the likelihood of receiving a tax refund materially","page_number":155,"box":{"x":76,"y":590,"width":840,"height":11}},{"id":"b236ba06-947c-4557-93d4-8af6802954ec","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":155,"box":{"x":76,"y":605,"width":901,"height":10}},{"id":"8e80d92a-9c23-4b36-b65b-09de4d1fbfe1","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":155,"box":{"x":76,"y":619,"width":897,"height":11}},{"id":"9bdff94d-8204-499b-95ef-c0fc1cb885d1","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":155,"box":{"x":77,"y":633,"width":882,"height":11}},{"id":"7396eb97-06f7-48e4-93ea-1ff9ea2cb105","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":155,"box":{"x":76,"y":647,"width":906,"height":11}},{"id":"ec2e17e1-7ad3-4f81-8b08-2372735519b3","block_type":"box","text":"NAV. Investors who sold their shares prior to such time will not benefit from any such NAV increase.","page_number":155,"box":{"x":77,"y":661,"width":636,"height":11}},{"id":"a82aa774-8770-4304-b711-39a86167524e","block_type":"box","text":"North American Economic Risk","page_number":155,"box":{"x":77,"y":684,"width":215,"height":9}},{"id":"20c73bc6-16ca-48f5-a255-8a727e49329e","block_type":"box","text":". A decrease in imports or exports, changes in trade regulations or an economic recession in any North","page_number":155,"box":{"x":293,"y":684,"width":657,"height":11}},{"id":"3608bb6a-fc46-43cf-9c3d-7a6bc4277eda","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":155,"box":{"x":76,"y":699,"width":866,"height":10}},{"id":"f93c444b-731f-40b4-a727-c7f9bc58f4fb","block_type":"box","text":"countries in which a Fund invests.","page_number":155,"box":{"x":76,"y":713,"width":215,"height":8}},{"id":"43d1db4a-8c00-4f67-9946-5c0af6a7f380","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":155,"box":{"x":76,"y":736,"width":903,"height":11}},{"id":"f7853097-2b21-4726-bfd6-7f68cf7466df","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":155,"box":{"x":76,"y":750,"width":852,"height":11}},{"id":"5357aa55-bd9c-43fc-8a74-d2314ee34136","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":155,"box":{"x":76,"y":764,"width":891,"height":11}},{"id":"b4da2ea3-8d4f-4c8c-83ec-40db64df0a8f","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":155,"box":{"x":76,"y":779,"width":847,"height":10}},{"id":"6cd27ae9-b6cf-467b-8db0-b80b4d63af9f","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":155,"box":{"x":77,"y":793,"width":883,"height":11}},{"id":"4d4f886e-33a4-4375-b702-2a237ac02a54","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":155,"box":{"x":76,"y":807,"width":888,"height":11}},{"id":"361db508-553a-4884-a335-df2521c8ecda","block_type":"box","text":"as well as on the value of certain securities held by a Fund.","page_number":155,"box":{"x":76,"y":821,"width":375,"height":11}},{"id":"7d4825de-46b5-4dde-914d-74c5a30e8bab","block_type":"box","text":"Operational and Technology Risks.","page_number":155,"box":{"x":76,"y":844,"width":239,"height":11}},{"id":"9abc7563-d5d9-4acc-bf9f-9d0f296d92b0","block_type":"box","text":"A Fund and the entities with which it interacts directly or indirectly are susceptible to operational and","page_number":155,"box":{"x":320,"y":844,"width":648,"height":11}},{"id":"037a4700-d4c9-4264-acf8-38217213ebf2","block_type":"box","text":"technology risks, including those related to human errors, processing errors, communication errors, systems failures, cybersecurity","page_number":155,"box":{"x":76,"y":858,"width":842,"height":11}},{"id":"4057881e-e837-4c48-984e-e0804274a276","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":155,"box":{"x":76,"y":873,"width":877,"height":11}},{"id":"5cff0143-527b-4c99-84a1-21572a8270c8","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":155,"box":{"x":76,"y":887,"width":844,"height":11}},{"id":"a42726e3-31c9-4f63-9028-3a29b94545a1","block_type":"box","text":"14","page_number":155,"box":{"x":524,"y":921,"width":12,"height":8}},{"id":"32c2fe72-9d3c-4bf3-9668-03394526cccf","block_type":"box","text":"providers (e.g., index and benchmark providers, accountants, custodians, and transfer agents), financial intermediaries, counterparties,","page_number":156,"box":{"x":76,"y":23,"width":866,"height":11}},{"id":"23f5acd9-ccd3-4d28-b245-ca2036cb7041","block_type":"box","text":"market makers, Authorized Participants, listing exchanges, other financial market operators, and governmental authorities. Operational and","page_number":156,"box":{"x":76,"y":37,"width":892,"height":11}},{"id":"8271cc08-59fc-4f37-a45e-d9e8a4a24c21","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":156,"box":{"x":76,"y":51,"width":889,"height":11}},{"id":"5aba9680-cdcf-452d-9722-5884ca8a55b6","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":156,"box":{"x":76,"y":66,"width":870,"height":11}},{"id":"ac019301-6634-425e-ac86-694f58a6e888","block_type":"box","text":"risks.","page_number":156,"box":{"x":77,"y":80,"width":32,"height":8}},{"id":"df6dd8c9-969b-4042-a90c-080b310e24d9","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":156,"box":{"x":76,"y":103,"width":895,"height":11}},{"id":"7c41853e-f42a-423b-b223-ba7fc35db54a","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":156,"box":{"x":76,"y":117,"width":878,"height":11}},{"id":"edabc2fb-beae-4348-8f7c-03c6734d5537","block_type":"box","text":"information, corrupting or destroying data, and causing operational disruption. Geopolitical tension may increase the scale and sophistication","page_number":156,"box":{"x":76,"y":131,"width":905,"height":11}},{"id":"35bc26d3-b32b-4d7c-954d-45baf7baeeb7","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":156,"box":{"x":76,"y":146,"width":885,"height":10}},{"id":"9422a7db-45af-46db-b98d-b1139f2a0389","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":156,"box":{"x":76,"y":160,"width":828,"height":11}},{"id":"91e71863-2620-40ba-9735-aec7c133541b","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":156,"box":{"x":76,"y":174,"width":898,"height":11}},{"id":"4936e48a-6053-481a-8de0-9b6fe838e597","block_type":"box","text":"its service providers to transact business; violations of applicable privacy and other laws; regulatory fines; penalties; reputational damage;","page_number":156,"box":{"x":76,"y":188,"width":884,"height":11}},{"id":"4dccefc6-4929-4d21-8655-31b390f6c246","block_type":"box","text":"reimbursement or other compensation costs; and other legal and compliance expenses. Furthermore, cybersecurity incidents may render","page_number":156,"box":{"x":77,"y":202,"width":880,"height":11}},{"id":"04dd738a-d752-4678-a03a-58efc3d9578e","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":156,"box":{"x":77,"y":216,"width":898,"height":11}},{"id":"ebbb1ff5-4df4-40cb-ac96-09106fe2d531","block_type":"box","text":"a Fund’s functioning, inaccessible, inaccurate or incomplete. Power outages, natural disasters, equipment malfunctions and processing","page_number":156,"box":{"x":76,"y":231,"width":866,"height":11}},{"id":"208f627b-c64b-4b4c-ae74-6ac11da46be3","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":156,"box":{"x":76,"y":245,"width":906,"height":11}},{"id":"4c4d0d09-a7b4-43fa-bdaf-045f708119e7","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":156,"box":{"x":76,"y":259,"width":904,"height":11}},{"id":"a6d39705-ff03-44ee-99a6-ac0f0882cfe7","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":156,"box":{"x":76,"y":273,"width":885,"height":11}},{"id":"44317355-191f-4ddc-886f-5ddee45cd214","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":156,"box":{"x":77,"y":287,"width":872,"height":11}},{"id":"e654209c-c0cf-4197-a2ac-556c5e505fea","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":156,"box":{"x":76,"y":302,"width":855,"height":10}},{"id":"f82fb430-a8ec-4fe2-abee-397601d6eab7","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":156,"box":{"x":76,"y":316,"width":857,"height":11}},{"id":"5bc57a7d-b8d1-42f8-bab2-746597c65304","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":156,"box":{"x":76,"y":330,"width":897,"height":11}},{"id":"3ce2d636-6c9c-49eb-83ff-b6dd380f130f","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":156,"box":{"x":76,"y":344,"width":886,"height":11}},{"id":"73da6fb1-c844-477e-8d94-9c7d5da0c8f9","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":156,"box":{"x":76,"y":358,"width":876,"height":11}},{"id":"a4559904-2606-4ae6-b98f-8fbeb4f8ef2e","block_type":"box","text":"anticipate the full scope of future AI capabilities or rules and the associated risks to a Fund.","page_number":156,"box":{"x":76,"y":372,"width":585,"height":11}},{"id":"af52e1a2-a53c-4158-a445-d9507e4c5469","block_type":"box","text":"While a Fund’s service providers are required to have appropriate operational, information security and cybersecurity risk management","page_number":156,"box":{"x":76,"y":396,"width":864,"height":11}},{"id":"de9e0b46-c558-409b-b7fa-eb9aa805aa33","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":156,"box":{"x":76,"y":410,"width":889,"height":11}},{"id":"e4d3fdb8-6c62-4199-9d50-b52d97e359c0","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":156,"box":{"x":77,"y":424,"width":839,"height":11}},{"id":"a7c70e67-2b1d-4268-9990-6e9ad38935a0","block_type":"box","text":"procedures and oversight, including establishing business continuity plans and risk management systems. However, there are inherent","page_number":156,"box":{"x":76,"y":438,"width":862,"height":11}},{"id":"0b8f0f24-6ca7-4442-87e0-d881a0b5948c","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":156,"box":{"x":77,"y":452,"width":863,"height":11}},{"id":"462a5554-a404-49ca-82aa-169bf3da84b1","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":156,"box":{"x":76,"y":467,"width":871,"height":10}},{"id":"ce15406f-5351-40da-b430-a683dbdf03c4","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":156,"box":{"x":76,"y":481,"width":895,"height":11}},{"id":"7d7098cf-d82d-40a0-b6b3-01c451de10b1","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":156,"box":{"x":76,"y":495,"width":882,"height":11}},{"id":"b26e4cc2-ed8c-47e9-8f82-ca3dd5d0f7f6","block_type":"box","text":"invests or its service providers, counterparties, and other third parties whose activities affect the Fund.","page_number":156,"box":{"x":76,"y":509,"width":659,"height":11}},{"id":"1e9b4e07-23e1-421a-8641-90ebdd5b3cb0","block_type":"box","text":"Lastly, the regulatory climate governing cybersecurity and data protection is developing quickly and may vary considerably across","page_number":156,"box":{"x":77,"y":532,"width":830,"height":11}},{"id":"a4cee813-8ead-4211-b22e-c8998d438c51","block_type":"box","text":"jurisdictions. Regulators continue to develop new rules and standards related to cybersecurity and data protection. Compliance with evolving","page_number":156,"box":{"x":75,"y":547,"width":905,"height":10}},{"id":"8db0b5fd-6e58-46b7-8e12-2bb576054644","block_type":"box","text":"regulations can be demanding and costly, requiring substantial resources to monitor and implement required changes.","page_number":156,"box":{"x":77,"y":561,"width":756,"height":11}},{"id":"5b76b37e-adf7-4dee-83bd-97bc807f1c78","block_type":"box","text":"Ownership Limitations Risk.","page_number":156,"box":{"x":76,"y":584,"width":195,"height":11}},{"id":"bceba46d-9645-4784-991b-c0a6e52ae9a7","block_type":"box","text":"If certain aggregate and/or fund-level ownership thresholds are reached through transactions undertaken by","page_number":156,"box":{"x":277,"y":584,"width":697,"height":11}},{"id":"617e3b6a-4fdb-4851-ae7d-09105ef1c9f4","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":156,"box":{"x":77,"y":598,"width":900,"height":11}},{"id":"70acd3bc-05d5-4ddb-9412-14d9817e6a6a","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":156,"box":{"x":76,"y":612,"width":851,"height":11}},{"id":"c3cd505b-87ca-4247-a1f3-da9491d50098","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":156,"box":{"x":77,"y":626,"width":866,"height":11}},{"id":"f5cfce3c-9169-4329-86b2-dca56e6452ae","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":156,"box":{"x":76,"y":641,"width":903,"height":10}},{"id":"ae56bf83-ef56-4475-b4e9-286fbd71d4a7","block_type":"box","text":"holdings.","page_number":156,"box":{"x":77,"y":655,"width":55,"height":11}},{"id":"af364b1d-c9f0-4f0d-9a53-fff5e904a8b8","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":156,"box":{"x":77,"y":678,"width":851,"height":11}},{"id":"b043ff02-c861-4f24-8f75-46255632fd7e","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":156,"box":{"x":76,"y":692,"width":890,"height":11}},{"id":"42550bad-caa8-4a54-9eb3-f5bf8dd6552b","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":156,"box":{"x":76,"y":706,"width":870,"height":11}},{"id":"cb9a9b83-cef3-432e-a2c2-2b67bb9135da","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":156,"box":{"x":76,"y":721,"width":884,"height":10}},{"id":"d99c3c57-cd39-4cdc-8ec1-f97db9649ff5","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":156,"box":{"x":76,"y":735,"width":906,"height":11}},{"id":"ba96bb08-d95d-46ed-951e-dc2d7f1284b1","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":156,"box":{"x":76,"y":749,"width":886,"height":11}},{"id":"7a701c99-299b-4c88-9b1c-592f1782327e","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":156,"box":{"x":76,"y":763,"width":896,"height":11}},{"id":"6ba6e982-418a-452c-b5a3-081fd98bbd5e","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":156,"box":{"x":76,"y":786,"width":885,"height":11}},{"id":"dc4d5653-a6f4-4c57-b407-bedf6e0ea0ab","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":156,"box":{"x":76,"y":800,"width":854,"height":11}},{"id":"4c82d2ce-efe4-4d0c-8643-1f9960529059","block_type":"box","text":"disapproval that was obtained.","page_number":156,"box":{"x":76,"y":815,"width":195,"height":10}},{"id":"a3cbd0f6-b101-4539-955f-ebfddaaa24cd","block_type":"box","text":"Privately Issued Securities Risk.","page_number":156,"box":{"x":77,"y":838,"width":222,"height":11}},{"id":"6a7976e2-e597-4b68-9cfd-98e697ba67a7","block_type":"box","text":"Privately issued securities are securities that have not been registered under the 1933 Act, including","page_number":156,"box":{"x":305,"y":838,"width":643,"height":11}},{"id":"6246b9a5-67ce-4dad-9e2b-552c6673c7cb","block_type":"box","text":"securities that are normally purchased pursuant to Rule 144A or Regulation S under the 1933 Act. Such securities typically are subject to","page_number":156,"box":{"x":76,"y":852,"width":876,"height":11}},{"id":"8d6225c8-eab0-42b5-9c26-c992eb4da643","block_type":"box","text":"legal restrictions on resale and generally are not traded in established public markets. As a result, privately issued securities may be deemed","page_number":156,"box":{"x":77,"y":866,"width":899,"height":11}},{"id":"0fbf5b52-ddeb-4d87-8df7-91da8d1f3da2","block_type":"box","text":"to be illiquid investments, may be more difficult to value than publicly traded securities, may be subject to wide fluctuations in value and may","page_number":156,"box":{"x":76,"y":880,"width":903,"height":11}},{"id":"ff21dde1-7dee-4a5a-b569-e13c0d39be34","block_type":"box","text":"15","page_number":156,"box":{"x":524,"y":921,"width":11,"height":8}},{"id":"8ddf0d6d-6aeb-400e-ab3f-f8071a02a99b","block_type":"box","text":"have higher transaction costs. There can be no assurance that a trading market will exist at any time for any particular privately issued","page_number":157,"box":{"x":77,"y":23,"width":858,"height":11}},{"id":"ad0cf563-1495-4a61-b605-15fe445c7eff","block_type":"box","text":"security, especially under adverse market or economic conditions or if there are adverse events related to the issuer. Because there may be","page_number":157,"box":{"x":76,"y":37,"width":895,"height":11}},{"id":"578961ac-ca14-42bf-b095-200977607dee","block_type":"box","text":"relatively few potential purchasers for privately issued securities, a Fund may find it more difficult to sell such securities when it may be","page_number":157,"box":{"x":77,"y":51,"width":865,"height":11}},{"id":"6b7d9913-d7b1-4e3a-bcdc-28d91bc4e299","block_type":"box","text":"advisable to do so, or a Fund may be able to sell such securities only at prices that are lower than if such securities were more widely held","page_number":157,"box":{"x":76,"y":66,"width":882,"height":10}},{"id":"41d064f3-db37-4aa5-8ce2-f2e2e8c958da","block_type":"box","text":"and traded. Difficulty in selling such securities at a desirable time or price may result in a loss to a Fund.","page_number":157,"box":{"x":76,"y":80,"width":665,"height":11}},{"id":"e88987e2-406f-4c18-8ee3-a336736e4d6c","block_type":"box","text":"At times, it may be more difficult to determine the fair value of privately issued securities for purposes of computing a Fund’s NAV due to the","page_number":157,"box":{"x":76,"y":103,"width":899,"height":11}},{"id":"a07e84f7-924d-4005-9972-bc36b351f276","block_type":"box","text":"absence of an active trading market. There can be no assurance that a privately issued security that is deemed to be liquid when purchased","page_number":157,"box":{"x":76,"y":117,"width":892,"height":11}},{"id":"ee5b4473-3f7e-46d5-a7bf-f7582f12688f","block_type":"box","text":"will continue to be liquid for as long as it is held by a Fund, and its value may decline as a result, which may adversely affect the Fund.","page_number":157,"box":{"x":76,"y":131,"width":853,"height":11}},{"id":"3a24ed7d-8439-4afb-a4e0-dfccd288b02d","block_type":"box","text":"Real Estate Companies Risk.","page_number":157,"box":{"x":77,"y":155,"width":196,"height":10}},{"id":"187ff83c-84c0-400b-87ca-7d735fe426db","block_type":"box","text":"Real estate companies, which include real estate investment trusts, real estate holding and operating","page_number":157,"box":{"x":279,"y":155,"width":649,"height":10}},{"id":"ccb6fd47-971d-4d49-99b9-4e99e6205e5a","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":157,"box":{"x":76,"y":169,"width":903,"height":11}},{"id":"459a8ae6-5ca6-4484-a906-171101def7cf","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":157,"box":{"x":76,"y":183,"width":883,"height":11}},{"id":"02f2d903-03da-489e-a05d-5c80e78262ea","block_type":"box","text":"and other governmental actions, including tax increases, zoning changes and other usage restrictions, environmental regulations, regulatory","page_number":157,"box":{"x":76,"y":197,"width":897,"height":11}},{"id":"ef08141f-b407-4efd-a395-1aefee6ac0d3","block_type":"box","text":"limitations on rent or eviction, and eminent domain.","page_number":157,"box":{"x":77,"y":211,"width":329,"height":10}},{"id":"806a7db4-8589-42e2-b3e2-26b03c410bee","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":157,"box":{"x":77,"y":235,"width":897,"height":10}},{"id":"1b333408-acdb-4bff-8ba5-9fb016f72703","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":157,"box":{"x":77,"y":249,"width":900,"height":11}},{"id":"26545733-7637-418e-a3b3-6cd299974ffc","block_type":"box","text":"or property type. Economic downturns or other adverse events (","page_number":157,"box":{"x":76,"y":263,"width":409,"height":11}},{"id":"60cc6020-806c-430a-abb3-a4b2eae2bd19","block_type":"box","text":"e.g.","page_number":157,"box":{"x":487,"y":265,"width":20,"height":9}},{"id":"dc5df699-f77b-46e1-be4b-cc39e0d50bfe","block_type":"box","text":", natural disasters) that affect a particular region, industry or property","page_number":157,"box":{"x":510,"y":263,"width":446,"height":11}},{"id":"51105d09-a8f8-417e-a8fa-98e71dae7980","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":157,"box":{"x":76,"y":277,"width":891,"height":11}},{"id":"b049db71-c9cd-42c7-bc74-a27e49d99445","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":157,"box":{"x":76,"y":291,"width":882,"height":11}},{"id":"3c413ca4-3a4b-4aa4-8b56-3671b13a2a08","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":157,"box":{"x":76,"y":305,"width":858,"height":11}},{"id":"f843a97b-2bb4-4ea8-92ff-a62e4d911f48","block_type":"box","text":"response to economic conditions or other events.","page_number":157,"box":{"x":77,"y":320,"width":316,"height":10}},{"id":"e05c8222-2c37-400a-abdb-0c54199807c7","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":157,"box":{"x":77,"y":343,"width":900,"height":11}},{"id":"435e7493-806a-42e8-9aa9-1155e970788e","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":157,"box":{"x":77,"y":357,"width":881,"height":11}},{"id":"bf925faa-072b-4817-ae58-d8128338f853","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":157,"box":{"x":76,"y":371,"width":867,"height":11}},{"id":"611ab6ab-d659-41da-806b-45b43c3323fa","block_type":"box","text":"redeployment of capital in less desirable investments.","page_number":157,"box":{"x":77,"y":385,"width":343,"height":11}},{"id":"1b3ae329-bf2c-45c9-a7a8-29d9393899d4","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":157,"box":{"x":76,"y":409,"width":875,"height":10}},{"id":"2507f268-9787-4300-b9bb-92ce52e567b7","block_type":"box","text":"economic consequences for the company and its investors, including a Fund.","page_number":157,"box":{"x":76,"y":423,"width":492,"height":11}},{"id":"abfe79a2-2e3f-47c4-ade6-3b6c45f38c26","block_type":"box","text":"Reinvestment Risk","page_number":157,"box":{"x":77,"y":446,"width":129,"height":8}},{"id":"545a6779-b49f-449a-a212-ba59832d2e87","block_type":"box","text":". The Fund may invest a portion of its assets in short-term fixed-income instruments and as a result, may be adversely","page_number":157,"box":{"x":207,"y":446,"width":754,"height":11}},{"id":"4affbd2d-df37-44b8-8a67-a7207d4b2a01","block_type":"box","text":"affected when interest rates fall because it may have to invest in lower yielding bonds as bonds in the Fund’s portfolio mature. This may","page_number":157,"box":{"x":76,"y":460,"width":868,"height":11}},{"id":"e474fa8b-cf82-4a9f-8578-a058739f311d","block_type":"box","text":"cause a Fund’s income to decline, which may adversely affect the value of the Fund. This risk is typically greater with respect to short-term","page_number":157,"box":{"x":76,"y":474,"width":887,"height":11}},{"id":"06c0f4a9-33a0-48da-a3d9-8adcd6203882","block_type":"box","text":"bond funds and lower for long-term bond funds.","page_number":157,"box":{"x":76,"y":489,"width":305,"height":10}},{"id":"8e184d5f-adf0-47af-b93b-a715c9d43bcc","block_type":"box","text":"Reliance on Trading Partners Risk.","page_number":157,"box":{"x":77,"y":512,"width":235,"height":11}},{"id":"494adb2e-1609-4712-bad0-6dcb2ab7dcfb","block_type":"box","text":"The economies of some countries or regions depend on trading with certain key trading partners. A","page_number":157,"box":{"x":317,"y":512,"width":636,"height":11}},{"id":"72266c5f-f580-46f9-9779-f79c4b27d30c","block_type":"box","text":"reduction in spending on the products and services of these countries or regions, the institution of tariffs or other trade barriers by a key","page_number":157,"box":{"x":77,"y":526,"width":873,"height":11}},{"id":"0fad09df-3996-4722-9184-319479b1f20b","block_type":"box","text":"trading partner or a slowdown in the economy of a key trading partner may cause an adverse impact on the economies of such countries or","page_number":157,"box":{"x":76,"y":540,"width":893,"height":11}},{"id":"ad6e5531-00b9-4743-b824-988be8d9aaad","block_type":"box","text":"regions and may negatively impact the performance of a Fund with exposure to those countries or regions.","page_number":157,"box":{"x":77,"y":554,"width":681,"height":11}},{"id":"80ee0945-e79c-432c-9c16-14aa8c84edc6","block_type":"box","text":"Risk of Investing in China.","page_number":157,"box":{"x":77,"y":577,"width":178,"height":11}},{"id":"e45afada-4466-4ea3-a2ea-f67d3fc063f1","block_type":"box","text":"Investments in Chinese securities, including certain Hong Kong-listed and U.S.-listed securities, subject a Fund","page_number":157,"box":{"x":261,"y":577,"width":711,"height":11}},{"id":"827d4065-7dd3-4478-a432-828bd100f6db","block_type":"box","text":"to risks specific to China. China is subject to a considerable degree of economic, political and social instability.","page_number":157,"box":{"x":76,"y":592,"width":708,"height":10}},{"id":"1c7e3a8d-c7c1-420c-b099-da47348f885c","block_type":"box","text":"Political and Social Risk.","page_number":157,"box":{"x":76,"y":615,"width":151,"height":8}},{"id":"426cafed-1a3c-4f2f-a660-a4a6b153055c","block_type":"box","text":"The Chinese government is authoritarian and has periodically used force to suppress civil dissent. Disparities of","page_number":157,"box":{"x":233,"y":615,"width":713,"height":11}},{"id":"234b14f7-6a46-4bb1-8ce6-456e56006fbe","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":157,"box":{"x":76,"y":629,"width":839,"height":11}},{"id":"9a405709-d3b9-4bc1-8720-b2780507d035","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":157,"box":{"x":76,"y":643,"width":888,"height":11}},{"id":"1eb2747a-4631-464e-8cad-de4116458705","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":157,"box":{"x":76,"y":657,"width":892,"height":11}},{"id":"5d0b2317-cc25-4221-83d5-c3152ee921a5","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":157,"box":{"x":77,"y":672,"width":873,"height":10}},{"id":"b4ab657a-0e1d-4523-8c99-56a7dcd60623","block_type":"box","text":"result in sudden and significant investment losses. China’s income inequality, rapidly aging population and significant environmental issues","page_number":157,"box":{"x":77,"y":686,"width":888,"height":11}},{"id":"418767f5-8522-42f1-a11d-c7f02a6c2780","block_type":"box","text":"also are factors that may affect the Chinese economy.","page_number":157,"box":{"x":76,"y":700,"width":345,"height":11}},{"id":"107def53-fbcb-4041-8f8d-5114fa09f2d5","block_type":"box","text":"Government Control and Regulations.","page_number":157,"box":{"x":76,"y":723,"width":234,"height":11}},{"id":"92c5bfe0-e050-4e17-988b-8de3dbe6f2e0","block_type":"box","text":"Despite the Chinese government’s implementation of economic and market reforms in recent decades,","page_number":157,"box":{"x":317,"y":723,"width":659,"height":11}},{"id":"46317f62-d8fb-4c30-a99f-a24d079cc961","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":157,"box":{"x":76,"y":737,"width":889,"height":11}},{"id":"a558c72d-0a1c-49fd-af77-f037140ff605","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":157,"box":{"x":77,"y":751,"width":898,"height":11}},{"id":"3e3e94e3-0fb3-437a-b4ed-ab5b60f459dc","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":157,"box":{"x":76,"y":766,"width":894,"height":11}},{"id":"80f9dd2f-8423-44ef-8a03-116ee3b5278d","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":157,"box":{"x":76,"y":780,"width":855,"height":11}},{"id":"a5de2d99-0473-43a2-bfb9-0c54e47c36dc","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":157,"box":{"x":76,"y":794,"width":880,"height":11}},{"id":"c37b12d9-e14f-4c0e-855a-d60ba338c17d","block_type":"box","text":"Chinese economy and a Fund’s investments. Chinese markets generally continue to experience inefficiency, lack of publicly available","page_number":157,"box":{"x":76,"y":808,"width":850,"height":11}},{"id":"43de8817-5113-444f-8e62-6d36e793a3ff","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":157,"box":{"x":76,"y":822,"width":893,"height":11}},{"id":"76880ec6-31cc-46d2-ad56-d9e453a1e17e","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":157,"box":{"x":76,"y":837,"width":905,"height":10}},{"id":"a20aec49-dcf0-4010-abb7-d5f301f72179","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":157,"box":{"x":76,"y":851,"width":778,"height":11}},{"id":"9879c868-0483-497b-8d41-24670e7af27f","block_type":"box","text":"Economic Risk.","page_number":157,"box":{"x":76,"y":874,"width":94,"height":8}},{"id":"be21769b-b626-4937-9c31-3edde297ff6a","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":157,"box":{"x":176,"y":874,"width":766,"height":11}},{"id":"4f9da4f3-cbed-4596-96a5-b3609d3cbe0f","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":157,"box":{"x":76,"y":888,"width":887,"height":11}},{"id":"3ed7f488-1490-4baf-b27e-16e1f449ff34","block_type":"box","text":"16","page_number":157,"box":{"x":524,"y":921,"width":11,"height":8}},{"id":"120cb078-9877-41a7-9f99-63469f2bfd5b","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":158,"box":{"x":76,"y":23,"width":869,"height":11}},{"id":"0dc43539-63ee-4536-8bd2-003d843b78c9","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":158,"box":{"x":76,"y":37,"width":893,"height":11}},{"id":"d16c488c-6ff7-4dad-9043-1053f60d8e8e","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":158,"box":{"x":76,"y":51,"width":871,"height":11}},{"id":"6caa3a50-cfd6-4ce6-91b0-f77e552e8090","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":158,"box":{"x":76,"y":66,"width":881,"height":10}},{"id":"535ec44e-96fe-40f6-ba2b-eb4baf360d64","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":158,"box":{"x":76,"y":80,"width":876,"height":11}},{"id":"b2789e41-5297-4dd2-a626-28bf855a8b65","block_type":"box","text":"may occur.","page_number":158,"box":{"x":76,"y":96,"width":69,"height":9}},{"id":"f0e66051-1547-4795-8b4d-0852cdad75dd","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":158,"box":{"x":77,"y":117,"width":840,"height":11}},{"id":"7abea52c-ff1b-4afd-857d-99fe39e9b9d7","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":158,"box":{"x":77,"y":131,"width":872,"height":11}},{"id":"2be81a7c-d133-44a5-9930-01812729a012","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":158,"box":{"x":76,"y":146,"width":848,"height":10}},{"id":"64553394-c6c0-4e1c-b4d0-4d262568baea","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":158,"box":{"x":76,"y":160,"width":893,"height":11}},{"id":"7cfd610e-9ab0-45da-87c5-f8cb2d5e2214","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":158,"box":{"x":76,"y":174,"width":898,"height":11}},{"id":"6a79fd76-8b78-4b0f-a97c-8a1f2a6ae398","block_type":"box","text":"Chinese financial markets or securities exchanges could interfere with orderly trading, delay settlement or cause market disruptions. A","page_number":158,"box":{"x":76,"y":188,"width":863,"height":11}},{"id":"339f2759-5775-410f-930c-92270e9d60a9","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":158,"box":{"x":77,"y":202,"width":897,"height":11}},{"id":"6fd8a275-2413-41c7-9993-6c22437d2adf","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":158,"box":{"x":76,"y":217,"width":884,"height":10}},{"id":"ba4270d6-93df-4b15-b021-5227ac9c0d6c","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":158,"box":{"x":76,"y":231,"width":905,"height":11}},{"id":"ae2ab586-2b1c-4080-8986-b9373047cfb0","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":158,"box":{"x":76,"y":245,"width":893,"height":11}},{"id":"dd35925c-76fc-4d32-abe7-29d6efe2f5b6","block_type":"box","text":"exporting of its excess industrial capacity and overall approach to economic management.","page_number":158,"box":{"x":76,"y":259,"width":578,"height":11}},{"id":"5991880f-211a-41f1-a2bc-76637f3eee2f","block_type":"box","text":"Expropriation Risk.","page_number":158,"box":{"x":76,"y":282,"width":116,"height":11}},{"id":"651cd8a2-f0cc-4076-80f5-674756aab044","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":158,"box":{"x":198,"y":282,"width":781,"height":11}},{"id":"2ec332ad-7b7c-435e-b4b5-54d916f9c790","block_type":"box","text":"to expropriation, nationalization, confiscation of assets and property or the imposition of restrictions on foreign investments and on","page_number":158,"box":{"x":76,"y":296,"width":841,"height":11}},{"id":"4fb3bf1b-c01d-434c-815f-66c4a02be600","block_type":"box","text":"repatriation of capital invested.","page_number":158,"box":{"x":77,"y":311,"width":198,"height":10}},{"id":"08bb2745-f04f-4a87-82de-6f14d2991d6a","block_type":"box","text":"Security Risk.","page_number":158,"box":{"x":76,"y":334,"width":83,"height":11}},{"id":"43b4047b-d1da-4a5d-b55a-049e9739c249","block_type":"box","text":"China has strained international relations with Taiwan, Japan, the Philippines, India, and other neighbors due to territorial","page_number":158,"box":{"x":166,"y":334,"width":770,"height":11}},{"id":"9587f1d5-a8bd-4f49-9861-1279172f2d3c","block_type":"box","text":"disputes, historical animosities, defense concerns and other security concerns. China has a complex territorial dispute regarding the","page_number":158,"box":{"x":76,"y":348,"width":848,"height":11}},{"id":"73427f04-2ca8-4ee8-b5ed-478d8441a834","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":158,"box":{"x":76,"y":362,"width":898,"height":11}},{"id":"cfab7b97-914c-43fc-b39d-73ca431cbefd","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":158,"box":{"x":76,"y":376,"width":886,"height":11}},{"id":"27edb687-a924-46fc-864d-37014beeb308","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":158,"box":{"x":76,"y":391,"width":879,"height":10}},{"id":"90b22f39-d082-4fe3-b727-2f47e4ee582c","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":158,"box":{"x":76,"y":405,"width":887,"height":11}},{"id":"65de8ee0-ece1-4c3e-bce6-463ba414ee29","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":158,"box":{"x":76,"y":419,"width":883,"height":11}},{"id":"c141a0c4-d04d-4858-a407-b9b838d9aac3","block_type":"box","text":"risk of escalation potentially leading to military conflict.","page_number":158,"box":{"x":77,"y":433,"width":353,"height":11}},{"id":"942c3531-a0f6-4bf3-8be0-6de5db799c44","block_type":"box","text":"Additionally, China is alleged to have participated in state-sponsored cyberattacks against foreign companies and foreign governments.","page_number":158,"box":{"x":76,"y":456,"width":866,"height":11}},{"id":"d0485fbf-6db5-40af-952a-988e3e7a27ce","block_type":"box","text":"Actual and threatened responses to such activity and strained international relations, including purchasing restrictions, sanctions, export","page_number":158,"box":{"x":76,"y":470,"width":876,"height":11}},{"id":"bd4262f7-42f7-4277-a8a4-ae5109a3bffc","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":158,"box":{"x":76,"y":485,"width":871,"height":10}},{"id":"cfec8a58-f99b-4d1d-ba0e-ff064cbb2ed9","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":158,"box":{"x":76,"y":499,"width":891,"height":11}},{"id":"8581ae33-8b6d-46f4-88f2-62ec84227c22","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":158,"box":{"x":76,"y":513,"width":863,"height":11}},{"id":"b56588f0-efcc-466c-bf56-9de73660d0ab","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":158,"box":{"x":76,"y":527,"width":855,"height":11}},{"id":"caefca80-2240-493d-a869-92d03cb70855","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":158,"box":{"x":76,"y":541,"width":893,"height":11}},{"id":"1a15ca42-646c-471f-819a-8cf5dfef5bcb","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":158,"box":{"x":77,"y":556,"width":879,"height":10}},{"id":"7aec3870-6c87-41f9-ad82-fe1f678ea14b","block_type":"box","text":"Chinese Equity Markets.","page_number":158,"box":{"x":76,"y":579,"width":151,"height":11}},{"id":"30921181-8cf0-4f76-9367-c62059550ded","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":158,"box":{"x":233,"y":579,"width":726,"height":11}},{"id":"46be8a11-a1e4-4fd4-b313-cec920babc3b","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":158,"box":{"x":76,"y":593,"width":889,"height":11}},{"id":"bc736138-7fdd-4f96-8a1f-df25a5bb3d7a","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":158,"box":{"x":76,"y":607,"width":887,"height":11}},{"id":"c3e56204-73ce-4c9b-a39d-c504c1f37d53","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":158,"box":{"x":76,"y":621,"width":834,"height":11}},{"id":"99a01da1-1d7e-42a8-a22d-49a8ef2beb9f","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":158,"box":{"x":76,"y":635,"width":880,"height":11}},{"id":"0affc36b-f397-41f7-a88a-adaf49514d08","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":158,"box":{"x":77,"y":650,"width":905,"height":10}},{"id":"a8894a3b-952a-4632-a3a7-fd228e64eb50","block_type":"box","text":"volume and price volatility.","page_number":158,"box":{"x":76,"y":664,"width":170,"height":11}},{"id":"63d07d1a-db49-416f-acef-79437c688608","block_type":"box","text":"Hong Kong Political Risk.","page_number":158,"box":{"x":76,"y":687,"width":154,"height":11}},{"id":"908277f8-053e-4f28-8f59-1b24ed2029bc","block_type":"box","text":"Hong Kong reverted to Chinese sovereignty on July 1, 1997 as a Special Administrative Region (“SAR”) of the","page_number":158,"box":{"x":237,"y":687,"width":692,"height":11}},{"id":"e90d6831-e2aa-4788-a783-d8c8d6226fd8","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":158,"box":{"x":77,"y":701,"width":887,"height":11}},{"id":"fc622907-9957-40cd-9cc0-6ada4329ff31","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":158,"box":{"x":76,"y":715,"width":861,"height":11}},{"id":"7f41129e-c0c1-499b-8800-13916914c89c","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":158,"box":{"x":76,"y":730,"width":895,"height":10}},{"id":"824e345d-4098-4e2a-8278-3234f1a5a513","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":158,"box":{"x":76,"y":744,"width":881,"height":11}},{"id":"1efa5995-e86a-416d-934f-3d212df677ae","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":158,"box":{"x":76,"y":758,"width":823,"height":11}},{"id":"c2868183-b693-461b-aec9-36a8fddb7b49","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":158,"box":{"x":76,"y":772,"width":853,"height":11}},{"id":"15f7140a-f5c0-4ccd-b4dc-52a55e20c6db","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":158,"box":{"x":76,"y":786,"width":888,"height":11}},{"id":"b70b4dee-fa35-464d-a8d3-2dd5a90a32d0","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":158,"box":{"x":76,"y":800,"width":838,"height":11}},{"id":"979aac37-86c5-4a09-8d39-4e8f1274b10e","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":158,"box":{"x":76,"y":815,"width":869,"height":10}},{"id":"b1ca1125-32aa-4011-9383-18c9a3c06731","block_type":"box","text":"Fund’s NAV because the NAV is denominated in U.S. dollars.","page_number":158,"box":{"x":77,"y":829,"width":384,"height":8}},{"id":"b1a28f27-2a41-4d54-9fe2-e7263f0023bc","block_type":"box","text":"Limited Information, Legal Remedies and VIE Structure Risk.","page_number":158,"box":{"x":76,"y":852,"width":376,"height":11}},{"id":"1912b72d-ffad-4bc5-9f9f-9a2acf34ede9","block_type":"box","text":"Chinese companies, including Chinese companies that are listed on U.S.","page_number":158,"box":{"x":459,"y":852,"width":462,"height":11}},{"id":"a83f167f-123c-4b7f-9e76-f779a4154ada","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":158,"box":{"x":76,"y":866,"width":896,"height":11}},{"id":"45d5c827-fdb7-4bcb-ae33-8bcf8a6c8024","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":158,"box":{"x":76,"y":880,"width":855,"height":11}},{"id":"d9f95c85-2904-4b59-8c19-8cf0b6c8cb9e","block_type":"box","text":"17","page_number":158,"box":{"x":524,"y":921,"width":11,"height":8}},{"id":"72d1b879-fcb5-4d2a-b2ee-56eaf722fa33","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":159,"box":{"x":76,"y":23,"width":864,"height":11}},{"id":"2edbf895-ec51-4df5-8717-337274abb086","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":159,"box":{"x":76,"y":37,"width":859,"height":11}},{"id":"531c384a-a917-46f6-90b2-73e132368802","block_type":"box","text":"significant obstacles to obtaining information necessary for investigations into or litigation against Chinese companies, and shareholders","page_number":159,"box":{"x":76,"y":51,"width":876,"height":11}},{"id":"8937fd6d-cc54-4f8f-9342-32b4d1e607f6","block_type":"box","text":"may have limited legal remedies. The Funds do not select investments based on investor protection considerations.","page_number":159,"box":{"x":76,"y":66,"width":738,"height":11}},{"id":"f23ecea5-6398-4d37-add6-5708f7b27534","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":159,"box":{"x":77,"y":89,"width":888,"height":11}},{"id":"9d33d939-04e6-4b4d-b4b0-bab825532f23","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":159,"box":{"x":77,"y":103,"width":869,"height":11}},{"id":"7bb6f7bd-c6ad-4e47-be29-211923240b60","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":159,"box":{"x":76,"y":117,"width":888,"height":11}},{"id":"91ac657e-8b96-4ad7-bc4e-803634cf6c52","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":159,"box":{"x":76,"y":131,"width":858,"height":11}},{"id":"81b341c6-e233-4173-8c2c-dceb0e823d01","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":159,"box":{"x":76,"y":146,"width":852,"height":10}},{"id":"7ac4a65c-4c10-43a5-acc6-71694afc6157","block_type":"box","text":"represent equity ownership in the operating company.","page_number":159,"box":{"x":77,"y":160,"width":344,"height":11}},{"id":"6da5492f-c7b1-4b6d-b1c6-c4371ce41d85","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":159,"box":{"x":76,"y":183,"width":888,"height":11}},{"id":"9ca07a0a-9b4e-46d6-bf59-18d046e42876","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":159,"box":{"x":76,"y":197,"width":906,"height":11}},{"id":"84b90a6c-f855-405c-a17f-9ae420b2709b","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":159,"box":{"x":76,"y":211,"width":849,"height":11}},{"id":"0e1d9356-6b58-4dbe-8a68-86790aa69ed2","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":159,"box":{"x":76,"y":226,"width":890,"height":10}},{"id":"47f4dc07-3762-400d-9b7a-2f75b895a24e","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":159,"box":{"x":76,"y":240,"width":855,"height":11}},{"id":"eb943981-036e-46ca-8e61-d8aa15b23d99","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":159,"box":{"x":76,"y":254,"width":898,"height":11}},{"id":"eefdbd67-29f9-4e81-89de-56a1139a57dd","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":159,"box":{"x":76,"y":268,"width":892,"height":11}},{"id":"48d38df5-cd96-4dd7-82fb-f5162b69149b","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":159,"box":{"x":77,"y":282,"width":879,"height":11}},{"id":"62a5b6ed-d9f6-4949-9226-5e7366a9a57a","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":159,"box":{"x":76,"y":296,"width":904,"height":11}},{"id":"8092bbce-846b-4779-823d-9283b8bc1874","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":159,"box":{"x":76,"y":311,"width":894,"height":10}},{"id":"2016609e-6539-4042-83d3-736dfede101a","block_type":"box","text":"possibly permanent and/or total, losses to a Fund.","page_number":159,"box":{"x":76,"y":325,"width":324,"height":11}},{"id":"401b13b5-3b8f-44f0-9f41-482866c5d0c4","block_type":"box","text":"Risk of Investing in the China Bond Market.","page_number":159,"box":{"x":77,"y":348,"width":299,"height":11}},{"id":"7972efc2-778f-4d9e-ba83-f4d12572712a","block_type":"box","text":"A Fund’s investment in the China Interbank Bond Market occurs through the Bond Connect","page_number":159,"box":{"x":381,"y":348,"width":585,"height":11}},{"id":"f851c0d4-516b-4802-a7de-fb6d90ea22b0","block_type":"box","text":"trading channel, which allows eligible foreign investors to trade electronically between the mainland China and Hong Kong markets. Bonds","page_number":159,"box":{"x":76,"y":362,"width":885,"height":11}},{"id":"86a4e4ef-bdc2-4f9c-ba53-6038c1f3c774","block_type":"box","text":"traded through Bond Connect are settled and custodied through a link between CMU, as an offshore custody agent, and China Central","page_number":159,"box":{"x":76,"y":376,"width":859,"height":11}},{"id":"f62f6485-2dcf-4698-900e-758bf78e0c51","block_type":"box","text":"Depository & Clearing (“CCDC”) and Shanghai Clearing House (“SCH”), as onshore custodians and clearing institutions in the PRC. All bonds","page_number":159,"box":{"x":77,"y":391,"width":897,"height":10}},{"id":"3314d27f-5452-4ba0-8bca-75d04a3781d6","block_type":"box","text":"traded by eligible foreign investors through Bond Connect are registered in the name of CMU, which holds such bonds as a nominee owner. A","page_number":159,"box":{"x":76,"y":405,"width":905,"height":11}},{"id":"fe6f36d9-b2c0-472c-943b-a6cc33750343","block_type":"box","text":"Fund is thus exposed to custody risks with respect to CMU. In addition, the relevant filings, registration with the People’s Bank of China, and","page_number":159,"box":{"x":77,"y":419,"width":896,"height":11}},{"id":"afe78538-3310-4d09-b8d2-c659cea9e221","block_type":"box","text":"account opening must be carried out by third parties, including CMU, CCDC, and SCH. A Fund is thus subject to the risks of default, errors","page_number":159,"box":{"x":76,"y":433,"width":885,"height":11}},{"id":"17852511-4d18-4273-ba19-1e31eda45925","block_type":"box","text":"and omissions by such third parties and may have limited remedies or no legal recourse at all to cure any defaults, errors and omissions.","page_number":159,"box":{"x":76,"y":447,"width":873,"height":11}},{"id":"f200d2ec-ea82-41c5-bc74-f202aee1c649","block_type":"box","text":"The precise nature and rights of a Fund as the beneficial owner of bonds traded in the China Interbank Bond Market through CMU as","page_number":159,"box":{"x":76,"y":470,"width":848,"height":11}},{"id":"28955710-0c7e-4da8-a1b8-1719addef288","block_type":"box","text":"nominee are relatively new and untested areas of PRC law. The definition of, and distinction between, legal ownership and beneficial","page_number":159,"box":{"x":76,"y":485,"width":844,"height":10}},{"id":"d516b77f-3f6e-4a71-a618-4dff2bd68ded","block_type":"box","text":"ownership under PRC law differs from that in the U.S. and other developed market jurisdictions, and there have been few cases involving a","page_number":159,"box":{"x":76,"y":499,"width":886,"height":11}},{"id":"4422d5bb-4efe-4c02-a665-bcb322367021","block_type":"box","text":"nominee account structure in the PRC courts. As a result, the rights of beneficial owners are uncertain. The exact nature of a Fund’s","page_number":159,"box":{"x":76,"y":513,"width":844,"height":11}},{"id":"254cdf5a-e29c-4877-9632-44a9fb6307ba","block_type":"box","text":"remedies and methods of enforcement of its rights and interests under PRC law are also uncertain.","page_number":159,"box":{"x":77,"y":527,"width":632,"height":11}},{"id":"688c2f4f-5285-4d3b-9e7f-88fccf1eab9d","block_type":"box","text":"Market volatility and potential lack of liquidity due to low trading volume of certain bonds in the China Interbank Bond Market may result in","page_number":159,"box":{"x":77,"y":550,"width":886,"height":11}},{"id":"79c0981e-445b-49bc-a6f3-113348f8ae06","block_type":"box","text":"the prices of certain bonds fluctuating significantly. A Fund that invests in the China Interbank Bond Market is therefore subject to liquidity","page_number":159,"box":{"x":76,"y":565,"width":887,"height":10}},{"id":"5493d4fa-ed9f-47c2-8ec3-89b0e5316d62","block_type":"box","text":"and volatility risks. The bid-ask spreads of the prices of securities may be large, and a Fund may therefore incur significant costs and may","page_number":159,"box":{"x":76,"y":579,"width":879,"height":11}},{"id":"22de8706-eda4-4fde-9f26-4b02f24d08c4","block_type":"box","text":"suffer losses when selling such investments. Bonds traded in the China Interbank Bond Market may be difficult or impossible to sell on a","page_number":159,"box":{"x":76,"y":593,"width":872,"height":11}},{"id":"a18e6658-9a82-4e52-9991-09fc20c8bcad","block_type":"box","text":"timely basis or at all, which may impact a Fund’s ability to acquire or dispose of such securities at their expected prices.","page_number":159,"box":{"x":76,"y":607,"width":766,"height":11}},{"id":"12d06195-3796-4b58-a768-e0405216992c","block_type":"box","text":"Investing in the China Interbank Bond Market through Bond Connect is also subject to regulatory risks. The relevant laws and regulations are","page_number":159,"box":{"x":77,"y":630,"width":899,"height":11}},{"id":"a120e1c4-662f-4182-a0dc-725b83fa45b0","block_type":"box","text":"subject to change, which may have retrospective effect. There can be no assurance that Bond Connect or its features or systems will not be","page_number":159,"box":{"x":76,"y":644,"width":895,"height":11}},{"id":"badbcded-3641-434b-bc39-97c0eb5d0cfc","block_type":"box","text":"materially altered, suspended, discontinued or abolished. Furthermore, the securities regulation regimes and legal systems of the PRC and","page_number":159,"box":{"x":76,"y":659,"width":887,"height":11}},{"id":"5d1cbfd7-edb0-45b1-80ca-0c65323fe287","block_type":"box","text":"Hong Kong differ significantly, and issues may arise based on these differences. If the relevant authorities were to suspend account opening","page_number":159,"box":{"x":77,"y":673,"width":895,"height":11}},{"id":"0d2a81a7-7164-47f5-b9c6-40e10c9ee85a","block_type":"box","text":"or trading on the China Interbank Bond Market, a Fund’s ability to invest in that market would be adversely affected, limited, or curtailed","page_number":159,"box":{"x":76,"y":687,"width":870,"height":11}},{"id":"822a9057-097a-44da-93db-a1ddc7870393","block_type":"box","text":"altogether. In such event, the Fund’s ability to achieve its investment objective would be negatively affected and, after exhausting other","page_number":159,"box":{"x":76,"y":701,"width":866,"height":11}},{"id":"182adee1-4d77-434a-9815-aeff71c606d5","block_type":"box","text":"trading alternatives, the Fund may suffer substantial losses. Further, if Bond Connect is not operating, a Fund may not be able to acquire or","page_number":159,"box":{"x":76,"y":715,"width":891,"height":11}},{"id":"ef4b61db-df07-4a96-937a-aaf51569a293","block_type":"box","text":"dispose of bonds in a timely manner, which could adversely affect its performance.","page_number":159,"box":{"x":76,"y":730,"width":530,"height":10}},{"id":"7c06f81c-bd7f-449b-86d1-0deff8cbf883","block_type":"box","text":"There is no assurance that Bond Connect trading platforms and operational systems will function as expected or will continue to be adapted","page_number":159,"box":{"x":76,"y":753,"width":895,"height":11}},{"id":"165f5e03-25b8-4706-a860-545ef6b8c1b4","block_type":"box","text":"to changes and developments in the market. If a relevant system does not function as expected, trading through Bond Connect may be","page_number":159,"box":{"x":76,"y":767,"width":863,"height":11}},{"id":"d3e19c7d-6d08-47e6-bfc8-10c56f26c9b5","block_type":"box","text":"disrupted, and a Fund’s ability to pursue its investment strategy may therefore be adversely affected. In addition, trading through Bond","page_number":159,"box":{"x":76,"y":781,"width":861,"height":11}},{"id":"a2a1ffaf-bba5-4bfe-8914-c7611a6d6ad8","block_type":"box","text":"Connect involves the risk of delays inherent in order placing and settlement systems.","page_number":159,"box":{"x":76,"y":795,"width":544,"height":11}},{"id":"ff0989d8-e5b6-4a75-8ae2-7c67ee21ec1d","block_type":"box","text":"Bond Connect trades are settled in Chinese currency, the renminbi (“RMB”). This means that a Fund is exposed to currency risk, and it","page_number":159,"box":{"x":77,"y":819,"width":859,"height":10}},{"id":"0579a1dd-0e0b-48df-8ebd-2ef20fe8d6ce","block_type":"box","text":"cannot be guaranteed that investors will have timely access to a reliable supply of RMB. The RMB consists of an onshore RMB (“CNY”) and","page_number":159,"box":{"x":76,"y":833,"width":887,"height":11}},{"id":"60cfeb60-4cd6-4c39-88d5-377f5fdfe6b1","block_type":"box","text":"an offshore RMB (“CNH”). The CNY is the official currency of the PRC and is the currency of denomination for all financial transactions","page_number":159,"box":{"x":76,"y":847,"width":859,"height":11}},{"id":"c91807a9-c98c-4100-bfa8-6fc330f64ad8","block_type":"box","text":"between individuals, the state and corporations in the PRC. The CNH market is traded officially and regulated jointly by the Hong Kong","page_number":159,"box":{"x":76,"y":861,"width":860,"height":11}},{"id":"69fd5e15-b2b1-4a6b-96da-7c8fa7db1361","block_type":"box","text":"Monetary Authority and the PBOC. Because CNY and CNH are traded in different and separate markets, they can be subject to different","page_number":159,"box":{"x":77,"y":875,"width":869,"height":11}},{"id":"56701e1c-e8a6-4a63-8157-361e294f7004","block_type":"box","text":"18","page_number":159,"box":{"x":524,"y":921,"width":12,"height":8}},{"id":"e92363ab-1e35-46ae-bcbc-4083ce813740","block_type":"box","text":"liquidity constraints and market forces, and their valuations can vary. Any RMB-denominated bonds included in a Fund’s Underlying Index use","page_number":160,"box":{"x":77,"y":23,"width":904,"height":11}},{"id":"46c59abb-2c41-44f0-9d5c-8c57debeb65f","block_type":"box","text":"CNY as the base currency. As a result, to the extent that a Fund holds RMB-denominated instruments in CNH, it could be subject to tracking","page_number":160,"box":{"x":76,"y":37,"width":898,"height":11}},{"id":"57a42d70-8a25-49eb-b4be-1bf58db87a7a","block_type":"box","text":"error and transaction costs associated with converting from CNH to CNY (and vice versa).","page_number":160,"box":{"x":76,"y":51,"width":575,"height":11}},{"id":"45f3c9c0-3936-4dfe-8c5d-8fe2f3ebe806","block_type":"box","text":"Under prevailing tax regulations, a 10% withholding tax is imposed on PRC-sourced dividends and interest from non-government bonds paid","page_number":160,"box":{"x":77,"y":75,"width":892,"height":11}},{"id":"4f8757b7-5c97-47eb-83b4-9f2a23b7c47d","block_type":"box","text":"to a Fund unless the rate is reduced under an applicable tax treaty. Value added tax (“VAT”) is levied on certain income derived by a Fund,","page_number":160,"box":{"x":76,"y":89,"width":877,"height":11}},{"id":"5b1e4bad-cb55-42a7-9a90-193f5cdf6f9c","block_type":"box","text":"including interest income from non-government bonds and trading gains, unless specifically exempted by the PRC tax authorities. VAT","page_number":160,"box":{"x":76,"y":103,"width":857,"height":11}},{"id":"73ece42e-e2b3-4c5d-84ed-60ef00d813b9","block_type":"box","text":"exemptions currently apply to debt securities traded in the China Interbank Bond Market. On November 22, 2018, the PRC’s Ministry of","page_number":160,"box":{"x":76,"y":117,"width":867,"height":11}},{"id":"c4331134-a5a6-4671-b3f8-65c75593e00d","block_type":"box","text":"Finance and State Administration of Taxation jointly issued Circular 108 providing foreign institutional investors with a temporary exemption","page_number":160,"box":{"x":77,"y":131,"width":894,"height":11}},{"id":"39d6e8d0-9d85-4d1d-9374-d05741924752","block_type":"box","text":"from withholding income tax and VAT with respect to interest income derived from non-government bonds in the domestic bond market for","page_number":160,"box":{"x":76,"y":146,"width":890,"height":10}},{"id":"63999da4-8f9f-4b0b-bacf-b9c149219625","block_type":"box","text":"the period from November 7, 2018 to November 6, 2021. On November 26, 2021, the PRC’s Ministry of Finance and State Administration of","page_number":160,"box":{"x":76,"y":160,"width":893,"height":11}},{"id":"c892d92d-e920-4a9c-bee6-33a2aeb84604","block_type":"box","text":"Taxation jointly issued Circular 34 to extend the tax exemption period provided in Circular 108 to December 31, 2025. Circular 108 is silent","page_number":160,"box":{"x":76,"y":174,"width":888,"height":11}},{"id":"148dcaf4-561f-4f27-b873-9a90ba3b1a60","block_type":"box","text":"on the PRC tax treatment with respect to non-government bond interest derived prior to November 7, 2018. There is a risk the PRC tax","page_number":160,"box":{"x":76,"y":188,"width":862,"height":11}},{"id":"c6e2224c-c734-44b7-adda-5f0594bde478","block_type":"box","text":"authorities may withdraw the temporary tax exemptions and seek to collect withholding income tax and VAT on interest income from non","page_number":160,"box":{"x":76,"y":202,"width":882,"height":11}},{"id":"f01acbcb-f16b-4d62-aa9d-938f7b89483c","block_type":"box","text":"government bonds to a Fund without prior notice. If the tax exemptions are withdrawn, any taxes arising from or to a Fund may be directly","page_number":160,"box":{"x":76,"y":216,"width":884,"height":11}},{"id":"6fc25a1f-29f8-416c-bc46-3e54f94d1baa","block_type":"box","text":"borne by, or indirectly passed on to, the Fund, which may substantially impact its NAV. As with any NAV adjustment, investors may be","page_number":160,"box":{"x":76,"y":231,"width":853,"height":10}},{"id":"11720f19-097d-4ede-b094-d399a53044ae","block_type":"box","text":"advantaged or disadvantaged depending on when the investors purchased or sold shares of the Fund. Any changes in PRC tax law, future","page_number":160,"box":{"x":76,"y":245,"width":877,"height":11}},{"id":"fc55d297-2b2d-4dea-8c88-78916e439edc","block_type":"box","text":"clarifications thereof, and/or subsequent retroactive enforcement by the PRC tax authorities may result in a loss that could be material to a","page_number":160,"box":{"x":76,"y":259,"width":895,"height":11}},{"id":"b2071aeb-ba10-4a8c-930f-2de30e0eb82a","block_type":"box","text":"Fund. BFA will keep the provisioning policy for tax liability under review and may, in its discretion from time to time, make a provision for","page_number":160,"box":{"x":77,"y":273,"width":870,"height":11}},{"id":"3b1f624f-01e8-4278-934d-eaa0bdd89c36","block_type":"box","text":"potential tax liabilities if in its opinion such provision is warranted or as further publicly clarified by the PRC.","page_number":160,"box":{"x":76,"y":287,"width":687,"height":11}},{"id":"3f48de0f-e726-4482-bbfb-7ce9a1a43307","block_type":"box","text":"Risk of Investing in Developed Countries.","page_number":160,"box":{"x":77,"y":311,"width":285,"height":10}},{"id":"22321311-f0e5-4ad6-8c15-8b41c9f0e0d6","block_type":"box","text":"Investment in developed country issuers will subject a Fund to legal, regulatory, political,","page_number":160,"box":{"x":368,"y":311,"width":568,"height":10}},{"id":"d42b02fd-1c42-4485-acda-ab5e6d627d91","block_type":"box","text":"currency, security, economic and other risks associated with developed countries. Developed countries generally tend to rely on services","page_number":160,"box":{"x":76,"y":325,"width":878,"height":11}},{"id":"6bc3f5b5-cbba-4f87-8c03-4d183c51f87f","block_type":"box","text":"sectors (","page_number":160,"box":{"x":76,"y":339,"width":55,"height":11}},{"id":"54b09d16-cd88-4584-b35a-7807f49d8a3e","block_type":"box","text":"e.g.,","page_number":160,"box":{"x":132,"y":341,"width":25,"height":9}},{"id":"72e8a905-217e-4e94-b36a-3e6cc08301ce","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":160,"box":{"x":163,"y":339,"width":817,"height":11}},{"id":"47789851-9221-4b5e-9a1b-c240633c17bb","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":160,"box":{"x":76,"y":353,"width":887,"height":11}},{"id":"2e4eeb01-8863-469b-9f2a-b6aae0d0e412","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":160,"box":{"x":76,"y":367,"width":884,"height":11}},{"id":"45e332e7-b3d8-4599-b293-86755f469841","block_type":"box","text":"areas in which a Fund invests have experienced strained international relations due to territorial disputes, historical animosities, defense","page_number":160,"box":{"x":76,"y":382,"width":874,"height":10}},{"id":"1a43e5d2-5dfb-4d9c-91d2-448974b1ca38","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":160,"box":{"x":76,"y":396,"width":868,"height":11}},{"id":"fbdf9144-06c8-4c0d-800d-379be96ab06b","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":160,"box":{"x":76,"y":410,"width":897,"height":11}},{"id":"a8d546fe-2a1c-4264-b2ec-766d29fc94fb","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":160,"box":{"x":77,"y":424,"width":899,"height":11}},{"id":"53e900c1-127d-4392-ba33-d8f3cdd4e2a4","block_type":"box","text":"prolonged periods of recession. Many developed countries are heavily indebted and face rising healthcare and retirement expenses. In","page_number":160,"box":{"x":76,"y":438,"width":860,"height":11}},{"id":"21d2c64c-2549-4ba9-9787-ba465eff4270","block_type":"box","text":"addition, price fluctuations of certain commodities and regulations impacting the import of commodities may negatively affect developed","page_number":160,"box":{"x":76,"y":452,"width":877,"height":11}},{"id":"a888dff7-e0a7-4fbd-be64-caedc6632ef2","block_type":"box","text":"country economies.","page_number":160,"box":{"x":76,"y":467,"width":126,"height":10}},{"id":"1832097b-137d-472b-aac4-0549f3e028d5","block_type":"box","text":"Risk of Investing in the U.S.","page_number":160,"box":{"x":77,"y":490,"width":190,"height":11}},{"id":"3778d60e-4096-4967-8ab8-cd7db8f19993","block_type":"box","text":"Investing in U.S. issuers involves legal, regulatory, political, currency, security, and economic risks that are","page_number":160,"box":{"x":273,"y":490,"width":683,"height":11}},{"id":"47151b27-06d5-4bd9-a745-9b4b011b180d","block_type":"box","text":"specific to the U.S. A decrease in imports or exports, changes in trade regulations, inflation, an economic recession, financial system stress,","page_number":160,"box":{"x":76,"y":504,"width":897,"height":11}},{"id":"02b849e8-c3cb-416a-a6b8-63a161b68e22","block_type":"box","text":"or political turmoil, among other risks, may have an adverse effect on the U.S. economy and the securities listed on U.S. exchanges. The U.S.","page_number":160,"box":{"x":76,"y":518,"width":902,"height":11}},{"id":"e1fd3896-583c-4c4f-b754-afcaace116f0","block_type":"box","text":"is also subject to the risk of natural disasters, such as droughts, earthquakes, fires and floods. U.S. security risks include acts of terrorism,","page_number":160,"box":{"x":76,"y":532,"width":887,"height":11}},{"id":"529dea02-c46f-47cf-ac84-7ddf104c5a91","block_type":"box","text":"internal unrest and a deterioration in relations between the U.S. and certain countries. Any of these may adversely affect the U.S. economy,","page_number":160,"box":{"x":76,"y":547,"width":894,"height":10}},{"id":"692e66bf-dbcd-4cba-91aa-d892d8ba372b","block_type":"box","text":"financial markets or issuers.","page_number":160,"box":{"x":76,"y":561,"width":179,"height":8}},{"id":"b7207772-fa1b-441f-98ee-255e5fa1f59d","block_type":"box","text":"Governmental agencies project that the U.S. will maintain elevated public debt levels for the foreseeable future. Although elevated debt","page_number":160,"box":{"x":76,"y":584,"width":868,"height":11}},{"id":"560c0ab9-40c2-4ed4-bae4-874da53cfd4b","block_type":"box","text":"levels do not necessarily indicate or cause economic problems, the costs of servicing such debt may constrain future economic growth.","page_number":160,"box":{"x":77,"y":598,"width":867,"height":11}},{"id":"5ef297ba-b632-4c6b-b8d5-04eb014eb8c5","block_type":"box","text":"Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the","page_number":160,"box":{"x":76,"y":612,"width":868,"height":11}},{"id":"514fba7a-0dc2-43b4-9051-f9386a4b128a","block_type":"box","text":"legislative “debt ceiling.” Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial","page_number":160,"box":{"x":77,"y":626,"width":899,"height":11}},{"id":"12556be0-5a64-45d4-8f19-29f06e1c7923","block_type":"box","text":"system.","page_number":160,"box":{"x":76,"y":641,"width":49,"height":10}},{"id":"d139ae73-817a-4558-b9ba-ef88b76d57b3","block_type":"box","text":"Securities Lending Risk.","page_number":160,"box":{"x":76,"y":664,"width":166,"height":11}},{"id":"10c919ef-8054-48db-85f5-9f8c809c3fdc","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":160,"box":{"x":247,"y":664,"width":730,"height":11}},{"id":"4d8a14fd-3e1f-49d5-82cc-9fb97ee7c3b4","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":160,"box":{"x":76,"y":678,"width":898,"height":11}},{"id":"fb678f7e-a319-491d-8949-58ae6f3d232d","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":160,"box":{"x":76,"y":692,"width":892,"height":11}},{"id":"2b9d534d-b84d-44e4-bffe-9054d31970ab","block_type":"box","text":"events could also trigger adverse tax consequences for a Fund.","page_number":160,"box":{"x":76,"y":706,"width":403,"height":11}},{"id":"eb8fd4c2-d3cf-42c9-9cf3-c7a660a67133","block_type":"box","text":"Small Fund Risk.","page_number":160,"box":{"x":76,"y":730,"width":114,"height":8}},{"id":"1e53d3e0-df59-48f5-bb98-d9c8e7b8906a","block_type":"box","text":"When a Fund’s size is small, the Fund may experience low trading volume and wide bid/ask spreads. A Fund’s","page_number":160,"box":{"x":195,"y":730,"width":704,"height":10}},{"id":"4d784ff8-d8af-4c3f-bf41-d2279d7683bd","block_type":"box","text":"performance near its inception date may not represent how the Fund will perform in the future or with a larger asset base. A Fund that holds","page_number":160,"box":{"x":76,"y":744,"width":898,"height":11}},{"id":"43be82a4-0a20-4418-9a17-5cb451b2430e","block_type":"box","text":"fixed-income securities may buy smaller-sized bonds known as “odd lots,” which may be purchased or sold at a discount to similar “round","page_number":160,"box":{"x":76,"y":758,"width":880,"height":11}},{"id":"413bab6a-782b-44db-80a1-3f995c59882c","block_type":"box","text":"lot” bonds. The prices used by the Fund may differ from the value that would be realized if these securities were sold, and the impact of such","page_number":160,"box":{"x":77,"y":772,"width":898,"height":11}},{"id":"613d8d11-63e9-4014-afd0-e63431095750","block_type":"box","text":"pricing differences on a Fund’s performance may be heightened when the Fund’s size is small. In addition, a Fund may face the risk of being","page_number":160,"box":{"x":76,"y":786,"width":894,"height":11}},{"id":"299ade9f-9036-4aa7-8217-68979b79c24f","block_type":"box","text":"delisted if it does not meet certain requirements set by the listing exchange. If a Fund were required to delist from the listing exchange, the","page_number":160,"box":{"x":76,"y":800,"width":890,"height":11}},{"id":"bf13a108-e489-49e8-adb7-16712c2fd973","block_type":"box","text":"Fund’s value may rapidly decline and its performance may be negatively impacted. Any resulting liquidation of a Fund could lead to elevated","page_number":160,"box":{"x":77,"y":815,"width":893,"height":10}},{"id":"17d13812-5ffb-473a-8e8f-aa5d89f3fec7","block_type":"box","text":"transaction costs for the Fund and negative tax consequences for its shareholders.","page_number":160,"box":{"x":76,"y":829,"width":530,"height":11}},{"id":"5a9005e9-4682-4642-ac74-d3c3f0667781","block_type":"box","text":"Technology Companies Risk.","page_number":160,"box":{"x":76,"y":852,"width":198,"height":11}},{"id":"2b66ee17-c06c-4584-b731-db02fa900189","block_type":"box","text":"Technology companies and companies that rely heavily on technological advances may have limited product","page_number":160,"box":{"x":278,"y":852,"width":693,"height":11}},{"id":"aedfe7b1-b42e-4204-b01f-94109f37b58b","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":160,"box":{"x":77,"y":866,"width":882,"height":11}},{"id":"f3c607ef-b8b7-4e47-995b-59be2e81b90f","block_type":"box","text":"costs related to new product introduction and technological developments, such as artificial intelligence and machine learning. Technology","page_number":160,"box":{"x":76,"y":880,"width":888,"height":11}},{"id":"781816ea-6933-4f08-8995-0f6ce91e0d14","block_type":"box","text":"19","page_number":160,"box":{"x":524,"y":921,"width":11,"height":8}},{"id":"b746dd46-448c-4192-ad28-d40f0b7c914c","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":161,"box":{"x":76,"y":23,"width":905,"height":11}},{"id":"7c753629-0159-4a01-b883-6444242797ee","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":161,"box":{"x":76,"y":37,"width":891,"height":11}},{"id":"bc3ec87f-9760-447e-9ff7-a020dc45f083","block_type":"box","text":"profitability. Technology companies may face increased government scrutiny and may be subject to adverse government or legal action.","page_number":161,"box":{"x":76,"y":51,"width":868,"height":11}},{"id":"4b711868-808b-4622-842b-8cc99623f73c","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":161,"box":{"x":76,"y":66,"width":898,"height":11}},{"id":"00cdaec0-310d-44de-9f39-0f5a518ce843","block_type":"box","text":"products and services, which may result in lawsuits, government enforcement actions and other remediation costs.","page_number":161,"box":{"x":76,"y":80,"width":738,"height":11}},{"id":"4a2364ff-fb83-4d91-b7cc-81dbd32ea74f","block_type":"box","text":"Tracking Error Risk.","page_number":161,"box":{"x":76,"y":103,"width":135,"height":11}},{"id":"e7cdf378-0bac-47da-b71a-a3f3ce998f6c","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":161,"box":{"x":216,"y":103,"width":749,"height":11}},{"id":"cc431fa1-6be1-4bd5-8a14-b4367d3bd2bb","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":161,"box":{"x":76,"y":117,"width":871,"height":11}},{"id":"edff031b-db55-45a7-ae24-abac68ea2c86","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":161,"box":{"x":76,"y":131,"width":897,"height":11}},{"id":"f2132adf-53b5-4415-9699-52cba376eb6d","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":161,"box":{"x":76,"y":146,"width":868,"height":10}},{"id":"fd453b35-4d73-49f9-918b-f723bd57553e","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":161,"box":{"x":77,"y":160,"width":823,"height":11}},{"id":"ccfffc2c-d258-4543-abea-29a8d9401d8f","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":161,"box":{"x":76,"y":174,"width":905,"height":11}},{"id":"ed3c4d7f-6efd-407c-9bae-25e9c36092ef","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":161,"box":{"x":77,"y":188,"width":901,"height":11}},{"id":"0d1a4982-d945-4f10-a0ff-d08ef89999c1","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":161,"box":{"x":76,"y":202,"width":869,"height":11}},{"id":"dc72ba0d-a7a0-4456-aac4-e7c56cdd19c5","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":161,"box":{"x":76,"y":216,"width":884,"height":11}},{"id":"3f365b92-4b2f-4ca2-9af7-85f8201d74e8","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":161,"box":{"x":76,"y":231,"width":844,"height":11}},{"id":"2002ddc2-2b5a-4c70-abdf-4403c6bb1b25","block_type":"box","text":"experience greater tracking error than a Fund that tracks a more narrow index. Tracking error risk may be heightened during times of","page_number":161,"box":{"x":76,"y":245,"width":851,"height":11}},{"id":"d507ac18-e272-45f1-8a93-cb3c5fa428f9","block_type":"box","text":"increased market volatility or other unusual market conditions.","page_number":161,"box":{"x":76,"y":259,"width":401,"height":11}},{"id":"0695f4ab-1240-4f79-aaa6-2465f9277075","block_type":"box","text":"Utility Companies Risk.","page_number":161,"box":{"x":77,"y":282,"width":160,"height":11}},{"id":"9b7ee221-a4f1-4b8b-9183-8a6960c2408b","block_type":"box","text":"Utility infrastructure often requires significant capital expenditures, and utility companies may face high interest","page_number":161,"box":{"x":243,"y":282,"width":717,"height":11}},{"id":"e520bfe5-b3cd-4119-9cca-d48d53639182","block_type":"box","text":"costs and difficulty in raising capital. Technological innovations may render existing equipment or products obsolete, and companies may","page_number":161,"box":{"x":76,"y":296,"width":878,"height":11}},{"id":"0d17dd6c-738c-4df9-819a-e53f553454ae","block_type":"box","text":"experience difficulty in obtaining regulatory approval of new technologies. Utility operations may be disrupted by events that target or","page_number":161,"box":{"x":76,"y":311,"width":856,"height":10}},{"id":"fae18f9c-e05a-452f-89a1-8b927e99e944","block_type":"box","text":"damage utility infrastructure, including natural disasters and cyber or other attacks. Utilities companies may be adversely affected by","page_number":161,"box":{"x":76,"y":325,"width":853,"height":11}},{"id":"256f65a8-88be-4fec-b9a5-ad78938d85d5","block_type":"box","text":"volatility in the price of certain energy resources.","page_number":161,"box":{"x":76,"y":339,"width":312,"height":11}},{"id":"376dc36f-9968-451b-960a-8b988fc220b0","block_type":"box","text":"Utility companies face risks from government regulation and oversight as well as from deregulation (if applicable). Regulators may monitor","page_number":161,"box":{"x":77,"y":362,"width":886,"height":11}},{"id":"fe17945f-2374-4992-bd57-a4a2f3b1ac10","block_type":"box","text":"and control companies’ revenues and costs. There is no assurance that regulators will grant rate increases or that rate levels will be","page_number":161,"box":{"x":76,"y":376,"width":842,"height":11}},{"id":"45448b4c-d4fb-478c-ad64-eb77d7a3a4c2","block_type":"box","text":"adequate to permit the payment of stock dividends or bond coupon payments. In addition, there may be regulatory restrictions on the ability","page_number":161,"box":{"x":76,"y":391,"width":899,"height":10}},{"id":"4c1bc5dd-02aa-4d7c-ac6c-75241d973abc","block_type":"box","text":"of utility companies to enter new lines of business and geographic areas. Utility companies incur costs in complying with environmental and","page_number":161,"box":{"x":76,"y":405,"width":894,"height":11}},{"id":"68ff4a3f-d5f5-4c75-9a63-fb5aeb576416","block_type":"box","text":"other regulations and may face significant challenges in obtaining regulatory approval for certain projects, such as nuclear power plants.","page_number":161,"box":{"x":76,"y":419,"width":873,"height":11}},{"id":"07da29d4-3bc6-4803-86ed-36491c1c3276","block_type":"box","text":"Utility companies are at risk of liability for environmental harm and other types of damages. Energy conservation, climate change and other","page_number":161,"box":{"x":77,"y":433,"width":891,"height":11}},{"id":"ce1d4865-59bc-49dc-80b0-aa7b6ea842a9","block_type":"box","text":"sustainability policies also may impact utility companies. Deregulation may subject companies to greater competition, may adversely affect","page_number":161,"box":{"x":76,"y":447,"width":893,"height":11}},{"id":"ffed2738-1611-4d9d-87a5-6d3822312197","block_type":"box","text":"their profitability and may lead them to engage in riskier ventures.","page_number":161,"box":{"x":76,"y":461,"width":421,"height":11}},{"id":"20456627-c5ec-433b-b907-96459f74d2f6","block_type":"box","text":"Valuation Risk.","page_number":161,"box":{"x":76,"y":485,"width":102,"height":8}},{"id":"c42832af-aeae-4c44-843a-acb99bbe3817","block_type":"box","text":"The price that a Fund could receive upon the sale (or other disposition) of a security or other asset may differ from the","page_number":161,"box":{"x":183,"y":485,"width":756,"height":10}},{"id":"afa4a760-46c0-423e-a528-1d4d63bd02a5","block_type":"box","text":"Fund’s valuation of the security or other asset, particularly for securities or other assets that trade in low volume or volatile markets or that","page_number":161,"box":{"x":77,"y":499,"width":889,"height":11}},{"id":"3ff21afc-3e92-415d-8449-a8abf37e4804","block_type":"box","text":"are valued using a fair value methodology. The price received by a Fund also may differ from the value used by the Underlying Index (if","page_number":161,"box":{"x":76,"y":513,"width":857,"height":11}},{"id":"3778a0a6-a089-4e36-a57c-c4442db8f66a","block_type":"box","text":"applicable). Because non-U.S. exchanges or markets may be open on days or during time periods when a Fund does not price its shares, the","page_number":161,"box":{"x":76,"y":527,"width":898,"height":11}},{"id":"f38f0d0e-8e68-42ef-925e-19c8d6cfb8de","block_type":"box","text":"value of the securities or other assets in a Fund’s portfolio may change on days or during time periods when investors are not able to","page_number":161,"box":{"x":76,"y":541,"width":849,"height":11}},{"id":"ea3d0fdb-e098-462b-8145-6a261da3b26a","block_type":"box","text":"purchase or sell Fund shares.","page_number":161,"box":{"x":76,"y":556,"width":187,"height":10}},{"id":"a8b58eab-7480-4024-ad6f-846c5a4a1daf","block_type":"box","text":"In addition, for purposes of calculating a Fund’s NAV, the value of assets denominated in non-U.S. currencies (if any) is translated into U.S.","page_number":161,"box":{"x":77,"y":579,"width":886,"height":11}},{"id":"db3e820a-7d77-44ef-8fcc-7e3487366c9b","block_type":"box","text":"dollars at the prevailing market rates. For a Fund that tracks an Underlying Index, this may result in a difference between the prices used to","page_number":161,"box":{"x":76,"y":593,"width":890,"height":11}},{"id":"e7618356-ab5a-4740-9a98-323b3ef8d580","block_type":"box","text":"calculate the Fund’s NAV and the prices used by the Underlying Index, which, in turn, could result in a difference between the Fund’s","page_number":161,"box":{"x":76,"y":607,"width":847,"height":11}},{"id":"dc6e5a54-71aa-4cc5-ae04-1436b52d6909","block_type":"box","text":"performance and the performance of the Underlying Index. Authorized Participants that create or redeem Fund shares on days when a Fund","page_number":161,"box":{"x":76,"y":621,"width":895,"height":11}},{"id":"c85d1c0f-fa66-494f-96e8-a5ac15b617c1","block_type":"box","text":"is holding fair-valued securities or other assets may receive fewer or more shares, or lower or higher redemption proceeds, than they would","page_number":161,"box":{"x":76,"y":635,"width":892,"height":11}},{"id":"a13aea67-d61d-4485-9469-951bfd76c4fc","block_type":"box","text":"have received had the securities or other assets not been fair valued or been valued using a different methodology. The ability to value","page_number":161,"box":{"x":77,"y":650,"width":857,"height":10}},{"id":"96e9d222-2d7e-4a19-8c7e-ca7c3b6d595a","block_type":"box","text":"investments may be impacted by technological issues or errors by pricing services or other third-party service providers.","page_number":161,"box":{"x":76,"y":664,"width":772,"height":11}},{"id":"c90b11fe-eb96-4e69-b8d2-8f5f32ed88be","block_type":"box","text":"Portfolio Holdings Information","page_number":161,"box":{"x":78,"y":693,"width":296,"height":17}},{"id":"94dc5426-c7df-4d27-8d19-60ef5c3de18a","block_type":"box","text":"A description of the policies and procedures with respect to the disclosure of the Funds’ portfolio securities and other assets (as applicable)","page_number":161,"box":{"x":76,"y":722,"width":896,"height":11}},{"id":"ac9336bc-43d4-4a87-9020-13e39493b650","block_type":"box","text":"is available in the applicable Statement of Additional Information (“SAI”). Each Fund discloses its portfolio holdings daily at www.iShares.com.","page_number":161,"box":{"x":76,"y":736,"width":906,"height":11}},{"id":"013672f2-dc62-459d-9295-20954acff63d","block_type":"box","text":"Fact sheets providing information about each Fund’s top holdings are posted on www.iShares.com when available and may be requested by","page_number":161,"box":{"x":77,"y":750,"width":893,"height":11}},{"id":"93ff3419-2e06-4c54-8d2c-975e00e70998","block_type":"box","text":"calling 1-800-iShares (1-800-474-2737).","page_number":161,"box":{"x":76,"y":764,"width":256,"height":11}},{"id":"259a3686-6000-42b7-aedb-e4fb9e310fc4","block_type":"box","text":"Management of the Funds","page_number":161,"box":{"x":78,"y":793,"width":258,"height":17}},{"id":"e9ad5a2d-323e-4928-84e2-ac6e22b5f45d","block_type":"box","text":"Investment Adviser","page_number":161,"box":{"x":77,"y":822,"width":135,"height":9}},{"id":"79df23c9-01d9-4c84-b24c-4ecb1b24b7e2","block_type":"box","text":"As investment adviser, BFA has overall responsibility for the general management and administration of the Funds. 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This team approach brings together many disciplines and leverages BFA’s extensive resources.","page_number":161,"box":{"x":77,"y":888,"width":852,"height":11}},{"id":"a011235e-02cd-4f62-a1e4-686487aeee35","block_type":"box","text":"20","page_number":161,"box":{"x":522,"y":921,"width":15,"height":8}},{"id":"eb792c47-2f73-48cb-8e2e-19707596e67e","block_type":"box","text":"BFA is a consolidated subsidiary of BlackRock, Inc. (“BlackRock”) and is located at 400 Howard Street, San Francisco, CA 94105. 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BRIL has engaged Citibank, N.A. (“Citibank”) as a subcontractor to provide certain ETF","page_number":164,"box":{"x":77,"y":427,"width":854,"height":10}},{"id":"dc6b54fa-a3c7-464c-8db5-98997d8091db","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":164,"box":{"x":76,"y":441,"width":894,"height":11}},{"id":"de9b2a01-47b4-466e-887f-4a0a09b0bce7","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":164,"box":{"x":76,"y":455,"width":871,"height":11}},{"id":"a85b233e-6b04-4331-a319-8b060fb6a588","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":164,"box":{"x":76,"y":469,"width":848,"height":11}},{"id":"25d93635-a51b-4657-806e-dfc30f23d4ff","block_type":"box","text":"BlackRock or funds managed by BFA and its Affiliates.","page_number":164,"box":{"x":77,"y":483,"width":342,"height":11}},{"id":"dc17cd6f-34eb-4a4e-a1ed-92c28d179266","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":164,"box":{"x":77,"y":507,"width":893,"height":10}},{"id":"eb510120-a388-499f-9ca3-712cf51e02a3","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":164,"box":{"x":76,"y":521,"width":885,"height":11}},{"id":"8277607e-d489-48bb-82d0-4c0dde1896ce","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":164,"box":{"x":76,"y":535,"width":897,"height":11}},{"id":"c2dbbb4c-eb39-4c48-91e6-3eef376c598c","block_type":"box","text":"licensees.","page_number":164,"box":{"x":77,"y":549,"width":61,"height":9}},{"id":"f23d0ccb-b167-4eed-994c-4b2cde6d2c00","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":164,"box":{"x":76,"y":572,"width":875,"height":11}},{"id":"a8307062-ca64-4388-b13c-fd6e512f39fc","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":164,"box":{"x":76,"y":586,"width":886,"height":11}},{"id":"4ddcc382-9fc8-4f7e-95ca-8fd30228b708","block_type":"box","text":"interest. Please see the SAI for further information.","page_number":164,"box":{"x":76,"y":601,"width":326,"height":8}},{"id":"7c0bf8ee-5c9f-4eb6-9833-5405e9902ed4","block_type":"box","text":"Shareholder Information","page_number":164,"box":{"x":77,"y":630,"width":240,"height":13}},{"id":"d9b07000-46c7-4c2b-8738-fa84fa9f899d","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":164,"box":{"x":75,"y":659,"width":821,"height":11}},{"id":"4241a240-5610-4d66-a0b5-d6e5302fafd0","block_type":"box","text":"1-800-iShares (1-800-474-2737) or visiting www.iShares.com.","page_number":164,"box":{"x":78,"y":673,"width":383,"height":11}},{"id":"aa2f99f3-8541-4aba-87d4-e64c336439f6","block_type":"box","text":"Buying and Selling Shares","page_number":164,"box":{"x":77,"y":696,"width":180,"height":11}},{"id":"8d77e9e1-b0eb-4fa0-8d18-a84fab44aef2","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":164,"box":{"x":76,"y":719,"width":839,"height":11}},{"id":"fbda5c3d-e755-400f-b93b-2db4e23a73a8","block_type":"box","text":"“creations” and “redemptions,” occur only between the Funds and Authorized Participants (","page_number":164,"box":{"x":76,"y":733,"width":584,"height":11}},{"id":"87340f74-0c8c-4c1f-80e6-5ebeca4f363e","block_type":"box","text":"i.e","page_number":164,"box":{"x":661,"y":733,"width":14,"height":9}},{"id":"db38663d-6fa0-4207-913f-333b61b72351","block_type":"box","text":"., financial institutions that are authorized to","page_number":164,"box":{"x":677,"y":733,"width":282,"height":11}},{"id":"8f3b2d5f-0532-4cbb-ba60-406c0f68407f","block_type":"box","text":"participate in such transactions), as described in the","page_number":164,"box":{"x":76,"y":748,"width":335,"height":10}},{"id":"60a6ec88-ecc7-4314-b6bb-dbe14680f085","block_type":"box","text":"Creations and Redemptions","page_number":164,"box":{"x":417,"y":748,"width":173,"height":10}},{"id":"8ef57dbc-f4c4-417a-a1c3-17e34050fa9f","block_type":"box","text":"section below.","page_number":164,"box":{"x":595,"y":748,"width":90,"height":8}},{"id":"54c8229a-bdb3-494c-98a6-3cc8cc333524","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":164,"box":{"x":77,"y":771,"width":904,"height":11}},{"id":"9ee05f1b-a9b8-4a04-85fa-aa6f6e4db625","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":164,"box":{"x":77,"y":785,"width":860,"height":11}},{"id":"cf9e7a8d-9d7c-4fdd-9d91-da294318cfc4","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":164,"box":{"x":76,"y":799,"width":857,"height":11}},{"id":"f72214be-b146-4f02-8572-e28399fef844","block_type":"box","text":"investment for Fund shares purchased on an exchange or otherwise in the secondary market.","page_number":164,"box":{"x":76,"y":813,"width":598,"height":11}},{"id":"1544c051-ef8e-4be9-9594-3b829539f7c5","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":164,"box":{"x":77,"y":837,"width":899,"height":10}},{"id":"2e72dbc0-c13b-47f4-97fa-61c3d2cf863c","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":164,"box":{"x":76,"y":851,"width":869,"height":11}},{"id":"e5da9fff-24b4-484c-91d4-bc4c3142c2fb","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":164,"box":{"x":76,"y":865,"width":888,"height":11}},{"id":"8dc9a16b-e97e-4dee-824f-4fe1d1c919c9","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":164,"box":{"x":76,"y":879,"width":884,"height":11}},{"id":"f051aa15-6762-43d2-8469-73eb720c3dd0","block_type":"box","text":"23","page_number":164,"box":{"x":522,"y":921,"width":15,"height":8}},{"id":"db00ca91-f8d0-4960-87e2-661c2bd7599c","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":165,"box":{"x":76,"y":23,"width":904,"height":11}},{"id":"47fa8526-0b0e-4f02-b2ff-119b6ffa9e52","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":165,"box":{"x":76,"y":37,"width":897,"height":11}},{"id":"1fefdee3-e76f-466f-a3ca-0caca9233aea","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":165,"box":{"x":76,"y":51,"width":887,"height":11}},{"id":"f134f56f-a465-4ffa-b0b6-5d5a812d81a9","block_type":"box","text":"particularly for newly launched or smaller funds, or by instances of significant volatility of the underlying assets.","page_number":165,"box":{"x":76,"y":66,"width":713,"height":11}},{"id":"d4f88227-3b79-4e79-8d25-39459e3c748b","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":165,"box":{"x":76,"y":89,"width":902,"height":11}},{"id":"0eef3a48-22c1-4742-af52-642b96e294c8","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":165,"box":{"x":76,"y":103,"width":856,"height":11}},{"id":"66d42b9e-a48d-41b3-b322-fba1c299765b","block_type":"box","text":"Memorial Day, Juneteenth, Independence Day, Labor Day, Thanksgiving Day and Christmas Day.","page_number":165,"box":{"x":77,"y":117,"width":612,"height":11}},{"id":"d793911e-73bc-4a34-a914-262bb6c7ef5a","block_type":"box","text":"Investments in Investment Companies","page_number":165,"box":{"x":77,"y":140,"width":268,"height":11}},{"id":"405eb20b-6774-44aa-9bd2-3859c984e293","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":165,"box":{"x":76,"y":164,"width":873,"height":10}},{"id":"9124f5c0-e9a2-43ae-9bef-1a697a9acf3a","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":165,"box":{"x":76,"y":178,"width":889,"height":11}},{"id":"a896afa3-d474-4d9b-ad21-aecf0e4d1dc9","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":165,"box":{"x":76,"y":192,"width":847,"height":11}},{"id":"4e9a2212-a6f5-455b-b041-2f5fb5f27dc7","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":165,"box":{"x":76,"y":206,"width":897,"height":11}},{"id":"dcd08540-1484-4543-b4be-a4d3dc04c603","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":165,"box":{"x":76,"y":220,"width":890,"height":11}},{"id":"d97d63eb-315c-4f56-a8fe-a576eda2e9a1","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":165,"box":{"x":76,"y":235,"width":904,"height":10}},{"id":"09e1f6c6-ae60-45e2-90b0-62db30842285","block_type":"box","text":"investment companies and companies controlled by them.","page_number":165,"box":{"x":76,"y":249,"width":374,"height":11}},{"id":"1d6e2f53-0229-44b6-84d4-b44608527f09","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":165,"box":{"x":77,"y":272,"width":867,"height":11}},{"id":"acc8c13a-2fd1-47b1-9208-456db6b272b0","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":165,"box":{"x":78,"y":286,"width":871,"height":11}},{"id":"c6734ed4-8f20-4e1a-9fd9-c24f1e628a7f","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":165,"box":{"x":77,"y":300,"width":855,"height":11}},{"id":"a4bf2e82-8214-48f9-84e4-405ef0b7d45a","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":165,"box":{"x":76,"y":314,"width":874,"height":11}},{"id":"5c9dfa79-18cd-4362-9d6d-6a1c42b6eeb7","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":165,"box":{"x":78,"y":329,"width":894,"height":10}},{"id":"a5e72389-fbb7-4d94-905c-4f1767a992ea","block_type":"box","text":"the limits set forth in Section 12(d)(1) should contact BFA.","page_number":165,"box":{"x":76,"y":343,"width":367,"height":11}},{"id":"89a6585b-4fc5-4178-bb15-08cff91e5941","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":165,"box":{"x":77,"y":366,"width":883,"height":11}},{"id":"83abfc3a-e76d-4d3a-9326-27d662508ad3","block_type":"box","text":"SEC no-action relief.","page_number":165,"box":{"x":76,"y":380,"width":130,"height":9}},{"id":"8ecfdc76-19a0-4237-a592-c9379a45816c","block_type":"box","text":"Book Entry","page_number":165,"box":{"x":77,"y":404,"width":76,"height":10}},{"id":"3434be10-60a0-413e-8ffe-b1a94759c992","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":165,"box":{"x":76,"y":427,"width":892,"height":10}},{"id":"6e364f95-b408-4e5d-8550-b604d44726a0","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":165,"box":{"x":76,"y":441,"width":832,"height":11}},{"id":"175189fe-34ef-4822-9c44-3fb6bb0b07ea","block_type":"box","text":"outstanding shares of the Funds.","page_number":165,"box":{"x":76,"y":455,"width":209,"height":11}},{"id":"a5c5b14b-90d1-455d-b9db-31a94868a415","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":165,"box":{"x":77,"y":478,"width":885,"height":11}},{"id":"57a83bcf-d4c3-4259-a30c-558179f148d1","block_type":"box","text":"brokers and dealers, banks, trust companies, clearing corporations and other institutions that directly or indirectly maintain a custodial","page_number":165,"box":{"x":76,"y":492,"width":863,"height":11}},{"id":"ac10dcfb-c7a2-47bb-adac-467a7063e2ed","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":165,"box":{"x":77,"y":507,"width":888,"height":10}},{"id":"d69e0aa4-714a-4121-b2cc-62f70c9e2a18","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":165,"box":{"x":76,"y":521,"width":874,"height":11}},{"id":"773d1fdd-5949-49d3-9f01-1553e60af27d","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":165,"box":{"x":77,"y":535,"width":899,"height":11}},{"id":"28c0945a-89e9-4ac5-9f5a-ab43afac02cd","block_type":"box","text":"securities held in book-entry or “street name” form.","page_number":165,"box":{"x":76,"y":549,"width":330,"height":11}},{"id":"ca048a24-5f10-4e3e-8aff-8beebfa78bf6","block_type":"box","text":"Share Prices","page_number":165,"box":{"x":76,"y":572,"width":87,"height":9}},{"id":"881a9c12-f96f-4040-8cf9-b744d546d3e3","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":165,"box":{"x":76,"y":596,"width":894,"height":10}},{"id":"839fe1b5-f821-4640-aece-0f22e1534ac5","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":165,"box":{"x":76,"y":610,"width":876,"height":11}},{"id":"5ff551a7-4c3e-44e8-ba73-a10c02c46e0a","block_type":"box","text":"conditions.","page_number":165,"box":{"x":76,"y":624,"width":69,"height":8}},{"id":"2c228d87-7e22-4c55-9b41-267733f75b46","block_type":"box","text":"Determination of Net Asset Value","page_number":165,"box":{"x":77,"y":647,"width":233,"height":9}},{"id":"d6abccd1-1e5e-4f0d-8b89-4a3f8a3960eb","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":165,"box":{"x":76,"y":670,"width":872,"height":11}},{"id":"ffabb867-35aa-480f-b04e-f3a1ded1e8ad","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":165,"box":{"x":76,"y":684,"width":904,"height":11}},{"id":"58f226fb-bb99-4d08-8b42-a8b265d2a529","block_type":"box","text":"on prices at the time of closing.","page_number":165,"box":{"x":76,"y":699,"width":201,"height":10}},{"id":"81c03e37-1edb-4469-86d2-bb66276028cc","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":165,"box":{"x":76,"y":722,"width":883,"height":11}},{"id":"49e35e89-5729-4bc3-8f8e-2f7d40d85edb","block_type":"box","text":"market rates on the date of valuation as quoted by one or more data service providers.","page_number":165,"box":{"x":76,"y":736,"width":554,"height":11}},{"id":"65e04f62-05a3-4758-9d24-9ef88443c59b","block_type":"box","text":"The NAV of a Fund is calculated by dividing the value of the Fund’s net assets (","page_number":165,"box":{"x":76,"y":759,"width":501,"height":11}},{"id":"bc8acd84-822b-47dd-b113-891a616ce09a","block_type":"box","text":"i.e","page_number":165,"box":{"x":578,"y":759,"width":14,"height":9}},{"id":"4adbcc6a-daa7-4b44-8068-3e10c9c1958f","block_type":"box","text":"., the value of its total assets, including the value of any","page_number":165,"box":{"x":594,"y":759,"width":353,"height":11}},{"id":"15fc93ac-5e40-4867-9370-252d65113dcd","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":165,"box":{"x":77,"y":773,"width":857,"height":11}},{"id":"9def4469-e492-4cd3-bf1e-bb71169b9bb0","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":165,"box":{"x":77,"y":788,"width":883,"height":10}},{"id":"ce8336b5-3fac-47f9-8226-209667e40e6c","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":165,"box":{"x":77,"y":802,"width":881,"height":11}},{"id":"3a93c432-6eb9-4fa1-bd59-1371196aecf2","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":165,"box":{"x":77,"y":825,"width":867,"height":11}},{"id":"5c43bef2-b5c8-4d8d-82ff-ad13e2f9567d","block_type":"box","text":"quotations are readily available are valued at market value, which is generally determined using the last reported official closing price or, if a","page_number":165,"box":{"x":76,"y":839,"width":896,"height":11}},{"id":"56b057bf-4f15-4b4c-a2b7-80218a912a6f","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":165,"box":{"x":77,"y":853,"width":903,"height":11}},{"id":"ae86ad0e-7d77-4e12-95c6-afe1d4d6af0d","block_type":"box","text":"24","page_number":165,"box":{"x":522,"y":921,"width":15,"height":8}},{"id":"f21a8996-367a-40db-bc94-65ffde8049b1","block_type":"box","text":"at the time of valuation. Shares of underlying open-end funds (including money market funds) that are not traded on an exchange are valued","page_number":166,"box":{"x":76,"y":23,"width":897,"height":11}},{"id":"76bedf7e-2b7c-4fd2-a36f-ff6be6e0ca9a","block_type":"box","text":"at net asset value. Shares of underlying ETFs and closed-end funds that trade on exchanges are valued at their most recent market closing","page_number":166,"box":{"x":76,"y":37,"width":887,"height":11}},{"id":"c0d9d573-dfb9-49d1-8d66-8c68af858a41","block_type":"box","text":"price.","page_number":166,"box":{"x":76,"y":52,"width":35,"height":10}},{"id":"c5fa5190-d7f7-4417-8c3f-d255959d7f10","block_type":"box","text":"Fixed-income securities and certain derivative instruments are valued using last available bid prices or current market quotations provided by","page_number":166,"box":{"x":77,"y":75,"width":904,"height":11}},{"id":"0b293596-0f2e-4cd9-bee4-68d000dce768","block_type":"box","text":"dealers or prices (including evaluated prices) supplied by the Funds’ approved independent third-party pricing services, each in accordance","page_number":166,"box":{"x":76,"y":89,"width":891,"height":11}},{"id":"f0712eb1-b471-46b2-afdb-18fb577592a5","block_type":"box","text":"with BFA’s valuation policies and procedures. Pricing services may use matrix pricing or valuation models that utilize certain inputs and","page_number":166,"box":{"x":76,"y":103,"width":861,"height":11}},{"id":"8cba21d5-0dbc-426c-918c-076d2c8739c2","block_type":"box","text":"assumptions to derive values. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round","page_number":166,"box":{"x":76,"y":117,"width":901,"height":11}},{"id":"d43a9f82-106c-4c8b-97eb-5796c7ac9276","block_type":"box","text":"lot size, but a Fund may hold or transact in such securities in smaller odd lot sizes. Odd lots of securities in certain asset classes may trade at","page_number":166,"box":{"x":77,"y":131,"width":904,"height":11}},{"id":"a27af6d8-fcf8-471c-a761-a0a2297a1ab5","block_type":"box","text":"lower prices than institutional round lots, and the value ultimately realized when the securities are sold could differ from the prices used by a","page_number":166,"box":{"x":77,"y":146,"width":899,"height":10}},{"id":"abc7c50b-9552-4e1e-9d0e-1729d15386ac","block_type":"box","text":"Fund. The amortized cost method of valuation may be used with respect to debt obligations with 60 days or less remaining to maturity unless","page_number":166,"box":{"x":77,"y":160,"width":902,"height":11}},{"id":"bb30eab6-db4d-4538-88fa-64d0de432f0a","block_type":"box","text":"BFA determines in good faith that such method does not represent fair value.","page_number":166,"box":{"x":77,"y":174,"width":491,"height":11}},{"id":"9ca8dba8-db62-4240-b9ba-6e4db1e56877","block_type":"box","text":"Generally, trading in certain instruments (","page_number":166,"box":{"x":76,"y":197,"width":265,"height":11}},{"id":"642f1a50-3434-4dad-8455-b9328f87bc8e","block_type":"box","text":"e.g","page_number":166,"box":{"x":343,"y":200,"width":19,"height":8}},{"id":"0a206c3c-e8e4-4b65-9d00-f8eea739517b","block_type":"box","text":"., non-U.S. securities, money market instruments, etc.) is substantially completed each day at","page_number":166,"box":{"x":362,"y":197,"width":599,"height":11}},{"id":"594bad35-6529-4a92-9aa0-bb1254b6dfe5","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":166,"box":{"x":76,"y":211,"width":869,"height":11}},{"id":"3d5cc1c3-7793-4e9f-8be8-5f324a091405","block_type":"box","text":"determined as of such times.","page_number":166,"box":{"x":76,"y":226,"width":185,"height":8}},{"id":"31364a93-5cba-4120-b8f0-7f0211746374","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":166,"box":{"x":77,"y":249,"width":885,"height":11}},{"id":"1ff3d508-c3a8-489a-b3f4-5ad836ebca7c","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":166,"box":{"x":76,"y":263,"width":901,"height":11}},{"id":"50742f2f-71cc-4673-b35b-3709da1a9951","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":166,"box":{"x":76,"y":277,"width":904,"height":11}},{"id":"f558521b-c1e1-435e-bc0b-0313bb108d3a","block_type":"box","text":"a Fund’s pricing time.","page_number":166,"box":{"x":76,"y":291,"width":136,"height":11}},{"id":"879e0e15-d3ee-4ced-9718-4e7d18f34053","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":166,"box":{"x":76,"y":314,"width":877,"height":11}},{"id":"e18e6baf-a643-48ed-86d9-ea5695b74a82","block_type":"box","text":"model that may incorporate a number of market data factors.","page_number":166,"box":{"x":76,"y":329,"width":392,"height":10}},{"id":"753ad8e5-b9b0-4edc-b158-3a3e57875c4f","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":166,"box":{"x":76,"y":352,"width":837,"height":11}},{"id":"3689b832-9cd2-4db0-8199-4c110030c380","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":166,"box":{"x":76,"y":366,"width":874,"height":11}},{"id":"2f4b1481-7295-4673-92b2-aae041588857","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":166,"box":{"x":76,"y":380,"width":879,"height":11}},{"id":"4712d3da-4ff0-4f21-8a3c-260eed59bf5f","block_type":"box","text":"length transaction.","page_number":166,"box":{"x":77,"y":394,"width":118,"height":11}},{"id":"8c01857a-a056-459e-8d93-81ef96d276f0","block_type":"box","text":"BFA may conclude that a market quotation is not readily available or is unreliable if:","page_number":166,"box":{"x":77,"y":418,"width":531,"height":10}},{"id":"38e75b13-f0aa-4ed1-8764-4b3c3097baf4","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":166,"box":{"x":113,"y":436,"width":582,"height":10}},{"id":"ec9f7a5a-fa1c-425f-ae00-66ae055fc4a3","block_type":"box","text":"A market quotation differs significantly from recent price quotations or otherwise no longer appears to reflect fair value;","page_number":166,"box":{"x":113,"y":454,"width":767,"height":11}},{"id":"819f5a64-6ffd-4c85-ab57-6284d8eaff0b","block_type":"box","text":"An asset or liability is thinly traded;","page_number":166,"box":{"x":113,"y":472,"width":223,"height":11}},{"id":"a5e08dee-7920-48d8-9453-6c45b3b8e648","block_type":"box","text":"There is a significant event subsequent to the most recent market quotation; or","page_number":166,"box":{"x":113,"y":490,"width":508,"height":11}},{"id":"ebaa28c0-5c0b-40d6-be85-9843035e8d38","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":166,"box":{"x":113,"y":508,"width":853,"height":11}},{"id":"cb8cc364-da8b-4272-aebd-0d43193cb42c","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":166,"box":{"x":76,"y":531,"width":874,"height":11}},{"id":"625f205f-6b63-4e1c-9824-d05040970411","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":166,"box":{"x":76,"y":545,"width":876,"height":11}},{"id":"3a9a9da6-b8d6-4b3f-a3a7-cc80edc85c4e","block_type":"box","text":"more of the Fund’s assets or liabilities.","page_number":166,"box":{"x":76,"y":559,"width":246,"height":9}},{"id":"f218f68f-0d45-4673-9803-5d8e7ff55bda","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":166,"box":{"x":76,"y":583,"width":890,"height":10}},{"id":"73a6728e-7a42-4e35-a07a-01a55d0c8a00","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":166,"box":{"x":76,"y":597,"width":888,"height":11}},{"id":"9bfd6b35-2943-4f0c-ae7e-126b8fd725dd","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":166,"box":{"x":76,"y":611,"width":896,"height":11}},{"id":"fce79721-4f47-4eab-ba3d-ab817a860728","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":166,"box":{"x":77,"y":625,"width":870,"height":11}},{"id":"3960275e-b59e-4745-9442-596708bf7797","block_type":"box","text":"Fund’s performance and the performance of its underlying index.","page_number":166,"box":{"x":77,"y":639,"width":414,"height":11}},{"id":"9a6dc087-9b6b-4916-add3-977db6b99bb4","block_type":"box","text":"Dividends and Distributions","page_number":166,"box":{"x":77,"y":663,"width":192,"height":8}},{"id":"5736cffd-1abf-4719-b4f9-f880a2229577","block_type":"box","text":"General Policies.","page_number":166,"box":{"x":76,"y":686,"width":103,"height":8}},{"id":"a3064e1f-4126-41fc-8bbb-e919ce10c17a","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":166,"box":{"x":185,"y":686,"width":782,"height":11}},{"id":"24cb4b80-adf2-4918-862a-25af09f604e9","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":166,"box":{"x":77,"y":700,"width":887,"height":11}},{"id":"3fb0d73e-30bb-463c-a795-9a744c9b27df","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":166,"box":{"x":76,"y":714,"width":904,"height":11}},{"id":"ae1f0c24-788a-4afa-b3f3-a01cc6306e75","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":166,"box":{"x":76,"y":728,"width":893,"height":11}},{"id":"cfb5293f-5fb4-4686-8816-6082dc927485","block_type":"box","text":"or realized gains.","page_number":166,"box":{"x":76,"y":743,"width":107,"height":10}},{"id":"e2069b29-ceff-498c-9291-74e33a8d7a53","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":166,"box":{"x":77,"y":766,"width":885,"height":10}},{"id":"b15f38b2-6cb4-48c9-a40c-053f31c16974","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":166,"box":{"x":76,"y":780,"width":856,"height":11}},{"id":"1e729a7f-eaff-4bd8-929b-ae84ac4a1844","block_type":"box","text":"received from the Funds.","page_number":166,"box":{"x":77,"y":794,"width":157,"height":9}},{"id":"fbd745c4-673d-4b1a-baa0-74bbffc39bf2","block_type":"box","text":"Dividend Reinvestment Service.","page_number":166,"box":{"x":76,"y":817,"width":197,"height":9}},{"id":"62ad9a42-535f-46b2-9468-02d76b5babf3","block_type":"box","text":"No dividend reinvestment service is provided by the Trust. Broker-dealers may make the DTC book-entry","page_number":166,"box":{"x":280,"y":817,"width":667,"height":11}},{"id":"cca470ca-e005-4ee5-93f1-1b49a5ba124d","block_type":"box","text":"Dividend Reinvestment Program available to beneficial owners of Fund shares for the reinvestment of distributions. Beneficial owners should","page_number":166,"box":{"x":77,"y":831,"width":899,"height":11}},{"id":"0a7b1078-0be5-4868-b72d-56bbab018702","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":166,"box":{"x":76,"y":846,"width":869,"height":10}},{"id":"19ce2303-e4f4-47b1-8646-a8a9471b2045","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":166,"box":{"x":76,"y":860,"width":895,"height":11}},{"id":"e9292e2d-b1be-4e44-94ba-9b5894d3a2cf","block_type":"box","text":"be automatically reinvested in additional whole Fund shares purchased in the secondary market.","page_number":166,"box":{"x":76,"y":874,"width":617,"height":11}},{"id":"be135c57-5952-427d-9176-08d3a993931b","block_type":"box","text":"25","page_number":166,"box":{"x":522,"y":921,"width":14,"height":8}},{"id":"6cc8d682-8159-4e70-b604-53b1d86c2b01","block_type":"box","text":"Note on Tax Information.","page_number":167,"box":{"x":76,"y":23,"width":167,"height":9}},{"id":"1ba31485-94ff-430f-acf7-81c642b7092b","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":167,"box":{"x":249,"y":23,"width":723,"height":11}},{"id":"7f39cb20-a27b-42db-bc4c-03b358ce2ec6","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":167,"box":{"x":76,"y":37,"width":905,"height":11}},{"id":"319868be-2f82-4ce3-b898-ce97ba5bbc22","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":167,"box":{"x":76,"y":51,"width":893,"height":11}},{"id":"c939bdb9-6905-4f90-a41c-da338f24c11a","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":167,"box":{"x":76,"y":66,"width":893,"height":10}},{"id":"9774dd85-6e1a-40b9-8691-7e2cba422706","block_type":"box","text":"laws.","page_number":167,"box":{"x":76,"y":80,"width":30,"height":8}},{"id":"2134ba4e-ab6b-4f08-b526-0bb6397ea011","block_type":"box","text":"Taxes","page_number":167,"box":{"x":76,"y":103,"width":38,"height":9}},{"id":"7218f638-5a07-40a7-93f3-7ded1f0b5474","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":167,"box":{"x":76,"y":126,"width":874,"height":11}},{"id":"2e948890-de5d-4183-a9e9-8f5f1e3b598f","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":167,"box":{"x":76,"y":140,"width":877,"height":11}},{"id":"201549a2-4db3-484a-9d4a-00a298132a38","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":167,"box":{"x":76,"y":155,"width":895,"height":10}},{"id":"c332341e-8278-48a8-ba65-2ec28d9b358e","block_type":"box","text":"is no guarantee that shares of a Fund will receive certain regulatory or accounting treatment.","page_number":167,"box":{"x":76,"y":169,"width":594,"height":11}},{"id":"66c705c5-65c3-4e8a-ab66-09f0411cdc81","block_type":"box","text":"Taxes on Fund Distributions","page_number":167,"box":{"x":76,"y":192,"width":194,"height":9}},{"id":"cb3fb55b-f5ff-4969-81aa-ebe47f9b7506","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":167,"box":{"x":76,"y":215,"width":863,"height":11}},{"id":"10215fef-038e-4f10-8017-cc1018013fce","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":167,"box":{"x":76,"y":229,"width":873,"height":11}},{"id":"e9952976-2af2-4455-8ccf-083f70605af7","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":167,"box":{"x":76,"y":244,"width":713,"height":10}},{"id":"623117d5-02a3-4eca-b6a5-e4e074c8ef55","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":167,"box":{"x":77,"y":267,"width":902,"height":11}},{"id":"dc9b8acc-002b-49d7-8d72-810917b326b3","block_type":"box","text":"may be treated as paid on December 31 of the prior year.","page_number":167,"box":{"x":76,"y":281,"width":365,"height":11}},{"id":"d768f65c-7975-4fc5-9aaf-7269060880d7","block_type":"box","text":"Capital Gains.","page_number":167,"box":{"x":76,"y":304,"width":86,"height":11}},{"id":"5942cf54-0c2a-4bd0-8b98-ca543e5b96bc","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":167,"box":{"x":169,"y":304,"width":785,"height":11}},{"id":"6df079fb-219e-4b4d-adb6-e922fd77aff7","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":167,"box":{"x":76,"y":318,"width":857,"height":11}},{"id":"0ab7e04e-423e-4972-852f-f8bfe4d61dc4","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":167,"box":{"x":76,"y":333,"width":878,"height":10}},{"id":"dfcf8744-449c-40bc-a218-f452774df821","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":167,"box":{"x":77,"y":347,"width":871,"height":11}},{"id":"ce4f955b-dc09-4d61-81b5-0d057d88c9e2","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":167,"box":{"x":76,"y":361,"width":892,"height":11}},{"id":"e5166392-ea22-4e8f-b5a9-071902c88468","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":167,"box":{"x":76,"y":375,"width":878,"height":11}},{"id":"1cfebf18-9efa-46b9-a958-910f5dfdc8f4","block_type":"box","text":"real estate investment trusts (“REITs”), if any.","page_number":167,"box":{"x":77,"y":389,"width":289,"height":11}},{"id":"62d4927a-592d-437e-a57f-c7cf4e31d265","block_type":"box","text":"Return of Capital.","page_number":167,"box":{"x":76,"y":412,"width":108,"height":11}},{"id":"5c9a6c2c-d379-45c0-9669-ed1905b3c25f","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":167,"box":{"x":191,"y":412,"width":775,"height":11}},{"id":"5ceb64a1-a356-4a2d-9a7e-2d020488d8c9","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":167,"box":{"x":76,"y":427,"width":904,"height":10}},{"id":"2812ff6a-d8cc-4ed3-b581-a92c944d1829","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":167,"box":{"x":76,"y":441,"width":888,"height":11}},{"id":"69a788ad-7a7f-4113-a4fe-79601b01db39","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":167,"box":{"x":76,"y":455,"width":843,"height":11}},{"id":"e38fbd92-5e8f-4d8a-a88b-f9aee04443d8","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":167,"box":{"x":76,"y":469,"width":874,"height":11}},{"id":"d548274b-3307-4b12-aea1-fb1674254b16","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":167,"box":{"x":76,"y":483,"width":803,"height":11}},{"id":"2aa81faf-b883-4959-92b8-ee5a7fe95b67","block_type":"box","text":"Qualified Dividend Income.","page_number":167,"box":{"x":76,"y":507,"width":167,"height":8}},{"id":"d120e419-baa9-48e2-bae9-ea5951af2a46","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":167,"box":{"x":249,"y":507,"width":702,"height":10}},{"id":"0fcb6b22-60bf-4f5c-a710-6df53ca76dcf","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":167,"box":{"x":76,"y":521,"width":848,"height":11}},{"id":"f7a8c11f-dbf9-4461-a95d-d6cb1240b214","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":167,"box":{"x":76,"y":535,"width":846,"height":11}},{"id":"4b12afa6-9844-4696-aa25-6ad8974518c2","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":167,"box":{"x":76,"y":549,"width":872,"height":11}},{"id":"568761dc-2f94-47e5-b6fb-d093dcbf265a","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":167,"box":{"x":76,"y":563,"width":892,"height":11}},{"id":"fb7d928e-61cf-476d-90fe-8bb37252d445","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":167,"box":{"x":76,"y":577,"width":886,"height":11}},{"id":"d7370dad-e787-4de2-84b7-fb8bb20af3d6","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":167,"box":{"x":76,"y":592,"width":854,"height":10}},{"id":"5be1e3d2-01c6-4f3d-8030-be0cc2a548f5","block_type":"box","text":"company.","page_number":167,"box":{"x":76,"y":608,"width":60,"height":9}},{"id":"cd844491-00b7-460b-bfbb-f82bf5be40ac","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":167,"box":{"x":77,"y":629,"width":904,"height":11}},{"id":"4bc98989-7f68-4e28-9886-d63a3b5577fb","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":167,"box":{"x":76,"y":643,"width":901,"height":11}},{"id":"e3f2ab5a-f518-4399-99c2-aa488cf17ed2","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":167,"box":{"x":76,"y":657,"width":865,"height":11}},{"id":"9f1d1829-42a3-4315-b393-e5ce774968f7","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":167,"box":{"x":76,"y":672,"width":895,"height":10}},{"id":"67b802fc-957e-4f61-8e05-db1fadeffb14","block_type":"box","text":"from ordinary REIT dividends, reduced by allocable Fund expenses.","page_number":167,"box":{"x":76,"y":686,"width":428,"height":11}},{"id":"556fac69-7361-4e2e-aeff-971d9dbdcc37","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":167,"box":{"x":77,"y":709,"width":891,"height":11}},{"id":"8561dd86-8682-4875-baa6-697d6c47792c","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":167,"box":{"x":77,"y":723,"width":861,"height":11}},{"id":"4a88e312-6374-43ad-a084-9360b9e9bfed","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":167,"box":{"x":76,"y":737,"width":883,"height":11}},{"id":"4ec2feb7-0c94-4209-97ee-fd6d1c551df4","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":167,"box":{"x":76,"y":751,"width":682,"height":11}},{"id":"359556b2-ef91-4097-bc40-3c514dc31daa","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":167,"box":{"x":77,"y":775,"width":872,"height":11}},{"id":"024f7718-68c7-421b-83e8-5288930d6eff","block_type":"box","text":"Fund shareholders that are corporations, subject to certain hedging and holding requirements.","page_number":167,"box":{"x":77,"y":789,"width":603,"height":11}},{"id":"efe1159c-9337-4b5f-9221-12aa00f1218c","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":167,"box":{"x":76,"y":812,"width":876,"height":11}},{"id":"b5c54716-10bd-4044-a9b6-fb8be82b19f4","block_type":"box","text":"Medicare Tax.","page_number":167,"box":{"x":76,"y":835,"width":85,"height":9}},{"id":"e33ef6d1-4bfe-42d5-8652-171d22afcb16","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":167,"box":{"x":167,"y":835,"width":791,"height":11}},{"id":"4df1673d-01a2-4ed7-abc6-55708623274f","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":167,"box":{"x":76,"y":849,"width":876,"height":11}},{"id":"e7554cb2-135a-4919-b343-afcc1c00b9cd","block_type":"box","text":"trusts.","page_number":167,"box":{"x":76,"y":864,"width":40,"height":8}},{"id":"dee96091-b0d3-463d-be8e-2960290400db","block_type":"box","text":"26","page_number":167,"box":{"x":522,"y":921,"width":14,"height":8}},{"id":"aba38826-8ed4-45d4-9485-705897e8b690","block_type":"box","text":"Alternative Minimum Tax.","page_number":168,"box":{"x":75,"y":23,"width":157,"height":9}},{"id":"aac28951-8398-4191-ad7f-859e7614a9c0","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":168,"box":{"x":238,"y":23,"width":738,"height":11}},{"id":"3074191a-a848-4a07-be6f-9b5e59694350","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":168,"box":{"x":76,"y":37,"width":833,"height":11}},{"id":"ddd11412-d28c-4171-9e03-510bc16c1687","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":168,"box":{"x":76,"y":51,"width":877,"height":11}},{"id":"8058cfa2-184f-48ff-96b7-8ee912b903a0","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":168,"box":{"x":77,"y":66,"width":903,"height":11}},{"id":"03da2ace-6a50-455e-957a-015f7ba3f06e","block_type":"box","text":"liability and the regular income tax liability.","page_number":168,"box":{"x":77,"y":80,"width":271,"height":11}},{"id":"35416905-43e0-480b-b804-460341564195","block_type":"box","text":"Original Issue Discount and Inflation-Related Adjustments","page_number":168,"box":{"x":76,"y":103,"width":406,"height":11}},{"id":"f55a19aa-66e3-4de1-b7e2-e33017dfea26","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":168,"box":{"x":76,"y":126,"width":892,"height":11}},{"id":"1c24e0e5-8e6e-4cc5-a532-7d49d664ceaf","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":168,"box":{"x":76,"y":140,"width":874,"height":11}},{"id":"8803e19d-ec5c-455b-adfd-b2e9cc21c19a","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":168,"box":{"x":76,"y":155,"width":864,"height":10}},{"id":"f42b3ca3-54b8-4a94-a6c4-10762b714415","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":168,"box":{"x":76,"y":169,"width":895,"height":11}},{"id":"c18d1fcd-e3be-429a-96e9-6dd9df905723","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":168,"box":{"x":77,"y":183,"width":896,"height":11}},{"id":"ddeaf2e4-0958-498c-a601-a26e83e010c2","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":168,"box":{"x":76,"y":197,"width":905,"height":11}},{"id":"0d85bff2-e036-499f-8f56-aa4ad7142a90","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":168,"box":{"x":76,"y":211,"width":707,"height":11}},{"id":"d9e21458-5a3e-4a15-a3a4-0477b0e92ba1","block_type":"box","text":"Market Discount Bonds","page_number":168,"box":{"x":77,"y":235,"width":162,"height":8}},{"id":"00fc804d-49cc-49cc-beda-c364c586fa49","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":168,"box":{"x":76,"y":258,"width":898,"height":11}},{"id":"5a954f00-b646-4226-8565-c922d8f315f3","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":168,"box":{"x":76,"y":272,"width":903,"height":11}},{"id":"c69b24bf-afc4-4a55-a83e-edf54dddebdd","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":168,"box":{"x":76,"y":286,"width":898,"height":11}},{"id":"b5aa119a-58a1-4eb8-b406-0ddc09afc518","block_type":"box","text":"treated as ordinary income rather than capital gains to the extent of the accrued market discount.","page_number":168,"box":{"x":76,"y":300,"width":626,"height":11}},{"id":"3584255b-fcec-4a0a-a457-1d2df3949cd4","block_type":"box","text":"Derivatives and Other Complex Instruments","page_number":168,"box":{"x":77,"y":323,"width":307,"height":11}},{"id":"7f26b58b-2e35-452b-a299-31d2d5f9edb0","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":168,"box":{"x":76,"y":347,"width":874,"height":11}},{"id":"411cedd5-d70b-44bd-a928-fa674e0ab7b5","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":168,"box":{"x":76,"y":361,"width":860,"height":11}},{"id":"52ccd5a2-84f6-48ba-bbe5-ea3ea8626ee2","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":168,"box":{"x":77,"y":375,"width":852,"height":11}},{"id":"21a790b5-ea50-40eb-8524-a183fdd07434","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":168,"box":{"x":76,"y":389,"width":863,"height":11}},{"id":"e28e7a06-d26b-4618-8ac4-f3094301e46a","block_type":"box","text":"Non-U.S. Income Taxes","page_number":168,"box":{"x":77,"y":412,"width":158,"height":9}},{"id":"5df2bd0b-8b0d-4b92-b4a2-a4e0f61785f1","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":168,"box":{"x":77,"y":436,"width":837,"height":10}},{"id":"98e3990d-34e0-4f3f-a49a-f2312c72a58e","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":168,"box":{"x":76,"y":450,"width":863,"height":11}},{"id":"313ed28e-d296-4d2d-8d91-c73229a767c7","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":168,"box":{"x":77,"y":464,"width":865,"height":11}},{"id":"7f2182aa-b5ab-4079-9fd5-515ac292c10a","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":168,"box":{"x":77,"y":478,"width":875,"height":11}},{"id":"e767d82d-ce67-473a-80f2-3212012856e3","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":168,"box":{"x":77,"y":492,"width":895,"height":11}},{"id":"1d0a41ce-3a29-4bce-a9b8-bd341d7f33e0","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":168,"box":{"x":76,"y":507,"width":888,"height":10}},{"id":"7a9fa318-fd32-408e-bf67-4265027d9ccb","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":168,"box":{"x":76,"y":521,"width":875,"height":11}},{"id":"fc6304ed-0ca2-4afb-97ec-099bb58b808b","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":168,"box":{"x":76,"y":535,"width":896,"height":11}},{"id":"8447ecae-7274-48f6-aa88-c291e95fa76c","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":168,"box":{"x":76,"y":549,"width":635,"height":11}},{"id":"60253cad-d488-4309-924d-59c2a66f4242","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":168,"box":{"x":77,"y":572,"width":896,"height":11}},{"id":"ccc2cab3-50c2-433a-aac9-fc50f914494c","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":168,"box":{"x":76,"y":586,"width":903,"height":11}},{"id":"fb26e0f2-4f51-4c43-a42d-7673dc29d6c7","block_type":"box","text":"could be reduced.","page_number":168,"box":{"x":76,"y":601,"width":114,"height":8}},{"id":"a8406e20-8cbd-489e-b563-c4331ae2c840","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":168,"box":{"x":77,"y":624,"width":853,"height":11}},{"id":"fed43773-6cba-4077-bafb-bf4d7d548727","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":168,"box":{"x":76,"y":638,"width":900,"height":11}},{"id":"f57128da-b497-40fe-aeef-b1a14fc5dcb6","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":168,"box":{"x":76,"y":652,"width":876,"height":11}},{"id":"48b9ed88-d221-44ec-9217-184d7b9f9675","block_type":"box","text":"paid by the Fund or, if its assets meet these requirements, the Underlying Fund.","page_number":168,"box":{"x":76,"y":666,"width":509,"height":11}},{"id":"54e1f140-aa5c-4988-a1e5-28ee2cfd8417","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":168,"box":{"x":77,"y":690,"width":879,"height":10}},{"id":"d53a97cc-39a6-495b-815a-20f003581fd2","block_type":"box","text":"income, limiting the availability of such credits for U.S. persons.","page_number":168,"box":{"x":76,"y":704,"width":407,"height":11}},{"id":"84a671c0-8dac-43dc-a6d3-3e819b4255a5","block_type":"box","text":"Non-U.S. Shareholders","page_number":168,"box":{"x":77,"y":727,"width":156,"height":8}},{"id":"9dcfde00-f588-4086-85bf-2bcb5618e07d","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":168,"box":{"x":77,"y":750,"width":888,"height":11}},{"id":"f68c226d-a5d4-4db3-b361-9f226745a035","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":168,"box":{"x":77,"y":764,"width":904,"height":11}},{"id":"aa523a9b-517e-4b77-8eed-91b18f2ccab7","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":168,"box":{"x":77,"y":779,"width":868,"height":10}},{"id":"4f603671-2130-4707-a984-3ecd27207b95","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 a Fund as capital gain","page_number":168,"box":{"x":76,"y":793,"width":903,"height":11}},{"id":"ad5b8cc0-83e6-458b-ae84-e6dd1b195603","block_type":"box","text":"dividends, interest-related dividends or short-term capital gain dividends.","page_number":168,"box":{"x":76,"y":807,"width":468,"height":11}},{"id":"ddc35b40-137c-4983-8b7a-93e7c59f91a0","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":168,"box":{"x":76,"y":830,"width":896,"height":11}},{"id":"8386a272-bc0d-4d09-861d-0d4ce5a6b342","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":168,"box":{"x":76,"y":844,"width":894,"height":11}},{"id":"2e9961d9-69d5-4897-97ab-d9649719c566","block_type":"box","text":"U.S.-owned foreign investment accounts.","page_number":168,"box":{"x":77,"y":858,"width":262,"height":11}},{"id":"8626645b-1824-4ebe-be05-44c18e639283","block_type":"box","text":"27","page_number":168,"box":{"x":522,"y":921,"width":14,"height":8}},{"id":"9cf3c61e-8028-40fd-870b-75d627bfafe1","block_type":"box","text":"Backup Withholding","page_number":169,"box":{"x":77,"y":23,"width":139,"height":11}},{"id":"6cec8b20-a56d-4fee-993a-c7bfafded459","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":169,"box":{"x":77,"y":46,"width":890,"height":11}},{"id":"25b60fee-8ada-469d-9543-020d7e244a4e","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":169,"box":{"x":76,"y":61,"width":789,"height":10}},{"id":"eac1d9db-22a1-420b-b653-b91510a3a423","block_type":"box","text":"Securities Lending","page_number":169,"box":{"x":76,"y":84,"width":129,"height":11}},{"id":"76d96ccd-9817-45f5-ba65-dc63346a2aa4","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":169,"box":{"x":77,"y":107,"width":901,"height":11}},{"id":"ca412060-2373-49ab-ad68-c4cc7c832807","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":169,"box":{"x":76,"y":121,"width":892,"height":11}},{"id":"43df86e0-ff79-4705-b400-f32bd189afec","block_type":"box","text":"through by the Fund.","page_number":169,"box":{"x":76,"y":135,"width":132,"height":11}},{"id":"667060d8-9104-48ff-8ff3-e586562eafaf","block_type":"box","text":"Fund of Funds","page_number":169,"box":{"x":77,"y":158,"width":98,"height":9}},{"id":"31b85022-83d3-4fb6-ad09-8e640e43e906","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":169,"box":{"x":77,"y":182,"width":844,"height":11}},{"id":"e20ccd44-d874-44cd-b6b5-e4628629f452","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":169,"box":{"x":76,"y":196,"width":870,"height":11}},{"id":"b87697df-d79f-47ce-ab71-456b7edc06eb","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":169,"box":{"x":77,"y":210,"width":864,"height":11}},{"id":"d5824bb1-e9c1-4586-b442-34994de7feb7","block_type":"box","text":"Capital loss carryforwards of the Underlying Fund, if any, will not offset net capital gains of the Fund.","page_number":169,"box":{"x":76,"y":224,"width":643,"height":11}},{"id":"712631bf-d7c3-4bd7-917d-f7914e76571d","block_type":"box","text":"Taxes on the Sale of Exchange-Listed Fund Shares","page_number":169,"box":{"x":76,"y":247,"width":350,"height":11}},{"id":"084735bf-7be3-49f6-a0f5-68a3b7f7f1ce","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":169,"box":{"x":76,"y":271,"width":876,"height":10}},{"id":"1efe40b7-b271-42db-8f12-58d94e78047d","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":169,"box":{"x":77,"y":285,"width":896,"height":11}},{"id":"87b25dbe-757f-4e45-aee9-8662a0631f79","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":169,"box":{"x":76,"y":299,"width":870,"height":11}},{"id":"04728275-0dcf-4def-9478-ea08379a887b","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":169,"box":{"x":77,"y":313,"width":892,"height":11}},{"id":"ca272070-d158-47aa-946e-e4b2bea18100","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":169,"box":{"x":76,"y":327,"width":892,"height":11}},{"id":"0a397d33-36c3-4ef5-ad06-10cb912e5cda","block_type":"box","text":"contribution tax mentioned above.","page_number":169,"box":{"x":76,"y":342,"width":219,"height":8}},{"id":"f842c198-fb6e-48f5-bcc7-3644d5bc72d4","block_type":"box","text":"Creations and Redemptions","page_number":169,"box":{"x":76,"y":365,"width":193,"height":11}},{"id":"844052da-ca7a-491c-82ca-605242beefe4","block_type":"box","text":"Prior to being traded in the secondary market, Fund shares are “created” at NAV by Authorized Participants (","page_number":169,"box":{"x":77,"y":388,"width":693,"height":11}},{"id":"9438a26f-1302-46ae-aeee-f6475e2cf8f9","block_type":"box","text":"i.e.","page_number":169,"box":{"x":771,"y":388,"width":17,"height":8}},{"id":"42f775c8-120a-4d48-bb6d-3eeab1a2d98e","block_type":"box","text":", market makers, large","page_number":169,"box":{"x":790,"y":388,"width":143,"height":11}},{"id":"5cb2b5e0-6a74-4799-9d1d-1b112437df93","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":169,"box":{"x":76,"y":402,"width":866,"height":11}},{"id":"2011b945-fe90-44f2-b2bd-c41c647b2e4a","block_type":"box","text":"Creation Units, and only Authorized Participants may create or redeem Creation Units with the Funds.","page_number":169,"box":{"x":76,"y":416,"width":650,"height":11}},{"id":"1b8b9175-f1b2-4284-a068-2e3a3709800f","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":169,"box":{"x":77,"y":440,"width":832,"height":10}},{"id":"b4faf3be-b3e8-4501-a13e-6ef77f007bd8","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":169,"box":{"x":76,"y":454,"width":891,"height":11}},{"id":"8f56aec7-6bdc-4d26-a933-3017d52ccc70","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":169,"box":{"x":76,"y":468,"width":874,"height":11}},{"id":"e5190247-3983-49c0-98c0-4cb189422ed9","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":169,"box":{"x":76,"y":482,"width":904,"height":11}},{"id":"02653faf-3f94-437d-b879-985fc84bfbfa","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":169,"box":{"x":76,"y":505,"width":875,"height":11}},{"id":"c36e52a8-3703-4fc8-9327-a76f2ee13e45","block_type":"box","text":"cash.","page_number":169,"box":{"x":76,"y":520,"width":33,"height":8}},{"id":"e0b8bf0e-11e6-459b-b20b-066708db1181","block_type":"box","text":"In-Kind","page_number":169,"box":{"x":76,"y":543,"width":45,"height":8}},{"id":"a8fda644-c408-414d-9738-8d677430c44a","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":169,"box":{"x":122,"y":543,"width":860,"height":10}},{"id":"92908b3d-ce15-429c-a0d8-6131a94a6b07","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":169,"box":{"x":76,"y":557,"width":898,"height":11}},{"id":"fc98d5a6-67df-4fd7-b390-9cd6252c39dd","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":169,"box":{"x":77,"y":571,"width":851,"height":11}},{"id":"09bd7cfe-f64b-4ea6-bda5-a03a520ec5f7","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":169,"box":{"x":76,"y":585,"width":686,"height":11}},{"id":"35c9068d-3867-4c91-8d28-c65836a9d8a2","block_type":"box","text":"Partial Cash","page_number":169,"box":{"x":76,"y":608,"width":74,"height":9}},{"id":"df58e9f4-ea9f-4305-bf51-d298d9f79018","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":169,"box":{"x":152,"y":608,"width":806,"height":11}},{"id":"b14a9f25-d2df-4e45-a2af-2af08fafccdc","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":169,"box":{"x":76,"y":623,"width":870,"height":10}},{"id":"df023ab6-f504-47d6-8eb7-cc536baaaa82","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":169,"box":{"x":77,"y":637,"width":870,"height":11}},{"id":"778aa5a2-165d-4fc6-8f16-6f68ae74a854","block_type":"box","text":"replaces a security or other asset in the redemption basket.","page_number":169,"box":{"x":77,"y":651,"width":380,"height":11}},{"id":"7f6bd644-dcc2-48c6-97a7-c606b2a50ee5","block_type":"box","text":"All Cash","page_number":169,"box":{"x":75,"y":674,"width":51,"height":9}},{"id":"375b5736-9af3-4659-923a-1be00b76216e","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":169,"box":{"x":128,"y":674,"width":833,"height":11}},{"id":"2d40ea96-b234-46e4-abe3-5540f7eaaf16","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":169,"box":{"x":76,"y":688,"width":869,"height":11}},{"id":"0c08d317-341b-42cc-82b6-0b35333cedee","block_type":"box","text":"specified amount of cash.","page_number":169,"box":{"x":76,"y":702,"width":164,"height":11}},{"id":"0be7bae1-6d57-4171-89a2-ddbb82192a32","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":169,"box":{"x":76,"y":726,"width":845,"height":11}},{"id":"dc574c9d-ceaa-4ae4-8629-1b066255d793","block_type":"box","text":"information about custom baskets is provided in the Funds’ SAI.","page_number":169,"box":{"x":76,"y":740,"width":408,"height":11}},{"id":"69386443-aa2d-4ee6-adcc-fb2368b8667b","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":169,"box":{"x":77,"y":763,"width":855,"height":11}},{"id":"f69d8b51-9d8f-47be-8e13-966eedb414c3","block_type":"box","text":"circumstances, however, a Fund may use another transaction method (","page_number":169,"box":{"x":76,"y":777,"width":455,"height":11}},{"id":"48e20a3c-e0f0-4719-bc4a-92a2b9ad2846","block_type":"box","text":"e.g.","page_number":169,"box":{"x":532,"y":780,"width":21,"height":8}},{"id":"66036a71-fa9d-4724-84a9-67dc7a266006","block_type":"box","text":", an in-kind Fund may transact partially or fully in cash).","page_number":169,"box":{"x":555,"y":777,"width":354,"height":11}},{"id":"cea1d7e4-a8dd-4a4d-bb16-55fd9f2eaa82","block_type":"box","text":"Fund","page_number":169,"box":{"x":87,"y":809,"width":33,"height":8}},{"id":"8455fc73-63d1-4cbf-a740-2ebe6fef5208","block_type":"box","text":"In-Kind Partial All Cash","page_number":169,"box":{"x":621,"y":809,"width":296,"height":8}},{"id":"e5e61011-2e68-4af2-b08b-960ad56121bb","block_type":"box","text":"iShares iBonds 2026 Term High Yield and Income ETF","page_number":169,"box":{"x":87,"y":827,"width":342,"height":10}},{"id":"d783a10f-b1f8-46a6-8044-ce82f8ae639f","block_type":"box","text":"iShares iBonds 2027 Term High Yield and Income ETF","page_number":169,"box":{"x":87,"y":845,"width":341,"height":10}},{"id":"6749daff-4e27-4cd1-8355-134626d6fa8a","block_type":"box","text":"iShares iBonds 2028 Term High Yield and Income ETF","page_number":169,"box":{"x":87,"y":863,"width":342,"height":11}},{"id":"404941f3-4944-4f90-ac95-abb3fabf44df","block_type":"box","text":"iShares iBonds 2029 Term High Yield and Income ETF","page_number":169,"box":{"x":87,"y":881,"width":342,"height":11}},{"id":"7b964b4d-daed-4b45-9c1a-7a487ad5911a","block_type":"box","text":"28","page_number":169,"box":{"x":522,"y":921,"width":14,"height":8}},{"id":"c66a14a4-a67e-4d15-aa4c-dd1bc74232c6","block_type":"box","text":"Fund","page_number":170,"box":{"x":87,"y":31,"width":33,"height":9}},{"id":"8edd325b-6f3f-4b4b-972b-0cce75631fef","block_type":"box","text":"In-Kind Partial All Cash","page_number":170,"box":{"x":621,"y":31,"width":296,"height":9}},{"id":"e1651d85-ce97-47dc-a19b-dc27466dc4d3","block_type":"box","text":"iShares iBonds 2030 Term High Yield and Income ETF","page_number":170,"box":{"x":87,"y":49,"width":342,"height":11}},{"id":"f674d1bc-e4d7-4e37-a161-34ff1f50506f","block_type":"box","text":"iShares iBonds 2031 Term High Yield and Income ETF","page_number":170,"box":{"x":87,"y":67,"width":340,"height":11}},{"id":"526d7d38-93bc-4bc5-9ffa-90ff9cf5e701","block_type":"box","text":"iShares iBonds 2032 Term High Yield and Income ETF","page_number":170,"box":{"x":87,"y":85,"width":342,"height":11}},{"id":"34ad924a-a99c-4adb-b33d-c82896b69524","block_type":"box","text":"iShares iBonds Dec 2026 Term Corporate ETF","page_number":170,"box":{"x":87,"y":103,"width":292,"height":11}},{"id":"c6b1f388-27ec-4c46-953e-d5df9e390527","block_type":"box","text":"iShares iBonds Dec 2027 Term Corporate ETF","page_number":170,"box":{"x":87,"y":121,"width":292,"height":11}},{"id":"e50c3403-0562-470c-8bfb-f1e24e7e00e0","block_type":"box","text":"iShares iBonds Dec 2028 Term Corporate ETF","page_number":170,"box":{"x":87,"y":139,"width":292,"height":11}},{"id":"338c745e-d8d4-4108-90a7-3c683363eb6b","block_type":"box","text":"iShares iBonds Dec 2029 Term Corporate ETF","page_number":170,"box":{"x":87,"y":158,"width":292,"height":10}},{"id":"52b4c4eb-381e-4805-831c-de0bef13d215","block_type":"box","text":"iShares iBonds Dec 2030 Term Corporate ETF","page_number":170,"box":{"x":87,"y":176,"width":292,"height":10}},{"id":"f0dbe7e7-02d5-4693-af4d-93dd2df15203","block_type":"box","text":"iShares iBonds Dec 2031 Term Corporate ETF","page_number":170,"box":{"x":87,"y":194,"width":291,"height":10}},{"id":"0b46a1cd-a1ec-4e44-95a2-c830bfc86719","block_type":"box","text":"iShares iBonds Dec 2032 Term Corporate ETF","page_number":170,"box":{"x":87,"y":212,"width":292,"height":10}},{"id":"d9a43fc2-af9c-441b-aa87-32c248adaebd","block_type":"box","text":"iShares iBonds Dec 2033 Term Corporate ETF","page_number":170,"box":{"x":87,"y":230,"width":292,"height":10}},{"id":"d2260d7c-2553-4e1f-80b8-5f63658caa41","block_type":"box","text":"iShares iBonds Dec 2034 Term Corporate ETF","page_number":170,"box":{"x":87,"y":248,"width":292,"height":11}},{"id":"21274768-4128-4e28-9032-10a4fe7f3546","block_type":"box","text":"iShares iBonds Dec 2035 Term Corporate ETF","page_number":170,"box":{"x":87,"y":266,"width":292,"height":11}},{"id":"cebfaabb-b321-4223-afb9-87d979f20af5","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":170,"box":{"x":76,"y":296,"width":897,"height":11}},{"id":"d4d0b890-e3b2-4789-9c20-03266a44ee48","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":170,"box":{"x":76,"y":310,"width":905,"height":11}},{"id":"52be019e-c9f9-4418-bbd2-890eda518a5f","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":170,"box":{"x":76,"y":324,"width":849,"height":11}},{"id":"7a456919-f6d3-41fc-9924-7fc13f2ee8da","block_type":"box","text":"instructions or may not be executed at all.","page_number":170,"box":{"x":76,"y":338,"width":269,"height":11}},{"id":"cf0c6166-35fe-4236-b121-7aa587967db7","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":170,"box":{"x":76,"y":362,"width":854,"height":10}},{"id":"b7c8f043-333b-4ca9-9bc4-97932527df9f","block_type":"box","text":"redemption orders) is included in the Funds’ SAI.","page_number":170,"box":{"x":77,"y":376,"width":310,"height":11}},{"id":"bf58ab2f-9234-4fd9-be14-6c07f1dd6b79","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":170,"box":{"x":76,"y":399,"width":848,"height":11}},{"id":"7f6428ec-7636-48fd-9980-31efa49a5ada","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":170,"box":{"x":76,"y":413,"width":876,"height":11}},{"id":"a2b642db-626e-4a40-bb54-bda84c1e0431","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":170,"box":{"x":76,"y":427,"width":894,"height":11}},{"id":"f34f4a96-65f1-404d-b9de-d381e4adf23b","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":170,"box":{"x":76,"y":441,"width":898,"height":11}},{"id":"2cfb21bc-5431-4199-a526-417290f15184","block_type":"box","text":"taken certain measures (","page_number":170,"box":{"x":76,"y":456,"width":158,"height":10}},{"id":"aaf578b8-e05d-4109-bbbc-fccc5cda7122","block_type":"box","text":"e.g.","page_number":170,"box":{"x":235,"y":458,"width":21,"height":8}},{"id":"f1955edb-1de9-45b7-8ee7-8464f858408a","block_type":"box","text":", imposing transaction fees on purchases and redemptions of Creation Units and reserving the right to reject","page_number":170,"box":{"x":259,"y":456,"width":694,"height":10}},{"id":"f82dbea1-716b-43e9-921e-1ccd0c677670","block_type":"box","text":"purchases of Creation Units under certain circumstances) to minimize the potential consequences of frequent cash purchases and","page_number":170,"box":{"x":76,"y":470,"width":835,"height":11}},{"id":"77df695e-e32f-42e4-8f30-f806d6889943","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":170,"box":{"x":77,"y":484,"width":894,"height":11}},{"id":"309c09d0-dc3c-46f7-b236-efac62f21324","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":170,"box":{"x":76,"y":498,"width":900,"height":11}},{"id":"8193b4d4-6082-49f3-9de4-27338584cb1f","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":170,"box":{"x":77,"y":512,"width":892,"height":11}},{"id":"63aa7964-20cc-4a15-8638-755567134bd3","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":170,"box":{"x":76,"y":536,"width":898,"height":10}},{"id":"6b4b938a-6c6d-43d7-81c8-1f2e6408062d","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":170,"box":{"x":76,"y":550,"width":896,"height":11}},{"id":"c63e4bb2-82bc-400d-a400-97c5023fa13b","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 1933","page_number":170,"box":{"x":76,"y":564,"width":880,"height":11}},{"id":"1cb2b254-ce29-4ff8-9f3a-645be0d87d7f","block_type":"box","text":"Act. Further, an Authorized Participant that is not a “qualified institutional buyer,” as such term is defined in Rule 144A under the 1933 Act,","page_number":170,"box":{"x":76,"y":578,"width":886,"height":11}},{"id":"b3af35aa-d246-4450-a48e-0b2d4c2f9a4a","block_type":"box","text":"will not be able to receive restricted securities eligible for resale under Rule 144A.","page_number":170,"box":{"x":76,"y":592,"width":523,"height":11}},{"id":"616bd765-f338-40fc-bfc5-d5b93bc69689","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":170,"box":{"x":77,"y":615,"width":886,"height":11}},{"id":"b3023703-ebab-414c-bf2f-fed49273d347","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":170,"box":{"x":77,"y":630,"width":902,"height":11}},{"id":"b5235a41-1230-43af-a7d5-456b9f73d55a","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":170,"box":{"x":76,"y":644,"width":868,"height":11}},{"id":"3e6a9a00-59ed-49d8-9575-1ebcf6777f2d","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":170,"box":{"x":76,"y":658,"width":901,"height":11}},{"id":"ddf421a9-6f97-4a2f-82db-33f1c5bfbf7a","block_type":"box","text":"account all the relevant facts and circumstances of each particular case.","page_number":170,"box":{"x":76,"y":672,"width":464,"height":11}},{"id":"1da2bab1-0793-4a25-9835-6d41b12aa9ce","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":170,"box":{"x":77,"y":695,"width":868,"height":11}},{"id":"45007dc6-e4ce-4e17-b97a-9c3dbf7b727e","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":170,"box":{"x":76,"y":710,"width":889,"height":10}},{"id":"33f6cd8a-950f-4e4c-a815-bb386c21ab7f","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":170,"box":{"x":78,"y":724,"width":892,"height":11}},{"id":"5cf3b6ec-9e92-466a-98e2-9cf6403bfbca","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":170,"box":{"x":76,"y":738,"width":892,"height":11}},{"id":"e171be3c-8ce9-4e17-8aef-a4be7c329a67","block_type":"box","text":"transactions on a national securities exchange.","page_number":170,"box":{"x":76,"y":752,"width":300,"height":11}},{"id":"6239fd6f-cbbc-4244-9af6-6c88aa5ed9e1","block_type":"box","text":"Householding","page_number":170,"box":{"x":77,"y":775,"width":95,"height":11}},{"id":"e7a037a7-67d4-4914-9111-0026419ea60a","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":170,"box":{"x":77,"y":799,"width":903,"height":10}},{"id":"7fec8752-215d-4818-ae1b-8ed042dc2a12","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":170,"box":{"x":76,"y":813,"width":880,"height":11}},{"id":"993cfe2e-c151-42c5-acce-b177f35d56c4","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":170,"box":{"x":76,"y":827,"width":862,"height":11}},{"id":"1ae6115e-048c-4d5a-a01a-8ac33b5489c5","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":170,"box":{"x":77,"y":841,"width":855,"height":11}},{"id":"8793dd4a-4062-4e7b-b668-8e432b6b0b55","block_type":"box","text":"change your householding status.","page_number":170,"box":{"x":76,"y":855,"width":214,"height":11}},{"id":"d77761bb-6ad6-4869-b3f3-3d4dfa39502d","block_type":"box","text":"29","page_number":170,"box":{"x":522,"y":921,"width":14,"height":8}},{"id":"ba6ac611-fabc-4548-bc4d-21dba21daae2","block_type":"box","text":"Distribution","page_number":171,"box":{"x":78,"y":22,"width":113,"height":14}},{"id":"606a9631-07c4-41c6-b31c-5af212904750","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":171,"box":{"x":76,"y":51,"width":859,"height":11}},{"id":"5644be20-5f11-46c7-a4eb-e318987ee3c1","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":171,"box":{"x":76,"y":66,"width":857,"height":11}},{"id":"f97a1f96-e7ee-4b53-ac58-dcd9572f505e","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":171,"box":{"x":76,"y":80,"width":824,"height":11}},{"id":"e879a1a1-b9df-4ac8-b652-4e457e6d54cd","block_type":"box","text":"BFA or its affiliates make payments to broker-dealers, registered investment advisers, banks or other intermediaries (together,","page_number":171,"box":{"x":77,"y":103,"width":808,"height":11}},{"id":"a24601f3-ee82-4bf6-98ef-b7c304c4b6ca","block_type":"box","text":"“intermediaries”) related to marketing activities and presentations, educational training programs, conferences, the development of","page_number":171,"box":{"x":76,"y":117,"width":844,"height":11}},{"id":"492a2392-12e4-4910-a226-9f8fe7b6065a","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":171,"box":{"x":76,"y":131,"width":855,"height":11}},{"id":"86e16e7b-6d33-4505-99a8-67160f27f075","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":171,"box":{"x":76,"y":146,"width":871,"height":10}},{"id":"d7620cde-5517-4a32-a787-17e81f2f57f9","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":171,"box":{"x":77,"y":160,"width":894,"height":11}},{"id":"3d6078e4-87cb-439c-86a8-c66c1eddaa1c","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":171,"box":{"x":76,"y":174,"width":867,"height":11}},{"id":"d641610f-1ccc-41b2-b34e-ed04738bcbfe","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":171,"box":{"x":76,"y":188,"width":905,"height":11}},{"id":"915d0160-9710-4397-8401-437a26a01b88","block_type":"box","text":"or other financial incentives the intermediary is eligible to receive. 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