{"annotation_id":"b0896e53-1618-4f40-8830-65bb9b3e8aba","file_hash":"eebdee444d4f5f5ff90a701514de2ac24fc3441c059663b5476203b759a09249","schema_id":"open/document-extraction","schema_version":"0.5.0","record":{"extraction_type":"boxes","producer":"pdf-extractor-v0.5.0","blocks":[{"id":"729e9e9c-b1d9-4aa9-b038-5883acb8e23e","block_type":"box","text":"iShares, Inc. and iShares Trust","page_number":1,"box":{"x":386,"y":69,"width":231,"height":12}},{"id":"2ce3cf59-e4ec-4a68-92fb-327ab32bce91","block_type":"box","text":"Supplement dated October 15, 2026","page_number":1,"box":{"x":367,"y":92,"width":269,"height":13}},{"id":"99aeddb2-fef0-4fed-b8a6-a9d415727e63","block_type":"box","text":"to the currently effective Prospectus and Statement of Additional Information","page_number":1,"box":{"x":218,"y":108,"width":567,"height":13}},{"id":"45e6709d-6240-4244-aa10-5211c039df1d","block_type":"box","text":"(the “SAI”) for the Funds listed in Appendix A (each, a “Fund”)","page_number":1,"box":{"x":274,"y":123,"width":456,"height":13}},{"id":"652debca-14af-45f8-9f40-eeffa889163f","block_type":"box","text":"Effective October 14, 2026, each Fund was added as a borrower to the syndicated line of credit for which","page_number":1,"box":{"x":117,"y":147,"width":764,"height":12}},{"id":"61e33258-f35b-4a16-89e9-165c5067668d","block_type":"box","text":"the Bank of New York Mellon serves as administrative agent for itself and the other banks.","page_number":1,"box":{"x":116,"y":162,"width":656,"height":13}},{"id":"a883c452-ed24-459a-8297-9c67cd4db18a","block_type":"box","text":"Effective immediately, the following changes are made:","page_number":1,"box":{"x":117,"y":185,"width":404,"height":13}},{"id":"38fc087b-1bba-4c59-8de1-7add219c82ec","block_type":"box","text":"1) Each Fund is added to the “Borrowing” section of its Prospectus, and ”Borrowing Risk” is marked as","page_number":1,"box":{"x":118,"y":209,"width":759,"height":12}},{"id":"16a7c522-fa3e-460b-af83-612c82f034a9","block_type":"box","text":"an “Other Risk” for each Fund in the chart included in the “Additional Information About the Funds’","page_number":1,"box":{"x":150,"y":224,"width":726,"height":10}},{"id":"ccc28f50-aef6-43e4-9265-8114496e9877","block_type":"box","text":"Risks” section of its Prospectus.","page_number":1,"box":{"x":151,"y":240,"width":233,"height":12}},{"id":"02fcda70-f586-439a-a85e-a3a05d78c6db","block_type":"box","text":"2) As applicable, the following language is either added to the “Borrowing” section of each Fund’s SAI","page_number":1,"box":{"x":117,"y":263,"width":755,"height":13}},{"id":"111c56fd-d9d4-4810-8bdd-d0ec939ed72a","block_type":"box","text":"or updated to include a reference to the particular Fund:","page_number":1,"box":{"x":150,"y":278,"width":411,"height":13}},{"id":"7fd02248-706b-473d-af44-b13cdaadc7b9","block_type":"box","text":"The Fund may borrow for temporary or emergency purposes, including to meet payments due from","page_number":1,"box":{"x":149,"y":302,"width":730,"height":12}},{"id":"7b19e5a7-0eb9-404f-bfc3-59772e03e936","block_type":"box","text":"redemptions or to facilitate the settlement of securities or other transactions. The Fund, along with","page_number":1,"box":{"x":151,"y":317,"width":719,"height":13}},{"id":"8e2fb875-c1be-4903-8428-a23988b77992","block_type":"box","text":"certain other iShares funds, has entered into a syndicated line of credit with the Bank of New York","page_number":1,"box":{"x":150,"y":333,"width":713,"height":12}},{"id":"326fb907-7ce8-466c-af3c-27aab12e3c13","block_type":"box","text":"Mellon (“BNY”), which serves as administrative agent for itself and the other banks. The syndicated","page_number":1,"box":{"x":150,"y":348,"width":723,"height":13}},{"id":"c63b8e6a-80c5-4ab4-9aac-bf168dd21000","block_type":"box","text":"line of credit may be used for temporary or emergency purposes, including redemption, settlement","page_number":1,"box":{"x":151,"y":364,"width":720,"height":12}},{"id":"6504bbcd-82d2-457a-843d-e4bf56b5e626","block_type":"box","text":"of trades and rebalancing of portfolio holdings.","page_number":1,"box":{"x":150,"y":379,"width":345,"height":13}},{"id":"8af1770d-08eb-4c17-bde4-1858ccbdf46f","block_type":"box","text":"Interest rates related to the syndicated line of credit are based on the Secured Overnight Financing","page_number":1,"box":{"x":151,"y":402,"width":717,"height":13}},{"id":"7104d334-a905-47a2-9d2e-741fe12fad89","block_type":"box","text":"Rate (“SOFR”) published by the Federal Reserve Bank of New York plus a spread. Pursuant to the","page_number":1,"box":{"x":151,"y":418,"width":704,"height":13}},{"id":"d61d4b9f-9953-4724-8315-2dd5c1f1939f","block_type":"box","text":"terms of the credit agreement, if SOFR were to cease being published or representative, it would be","page_number":1,"box":{"x":149,"y":433,"width":723,"height":13}},{"id":"7c6d1e00-4dc1-479a-b606-8f212fb018b9","block_type":"box","text":"replaced by a rate based on an alternate benchmark selected by BNY.","page_number":1,"box":{"x":151,"y":449,"width":504,"height":13}},{"id":"919fbb7c-6424-4d3b-b7cc-23b25bbac40e","block_type":"box","text":"Appendix A","page_number":1,"box":{"x":456,"y":472,"width":92,"height":13}},{"id":"0184f3ee-2d9a-4154-aab6-4eeaa2083cf9","block_type":"box","text":"iShares Blockchain and Tech ETF","page_number":1,"box":{"x":117,"y":495,"width":242,"height":10}},{"id":"73af2c85-c593-4328-b76a-58bdf13c6918","block_type":"box","text":"iShares China Large-Cap ETF","page_number":1,"box":{"x":117,"y":511,"width":213,"height":13}},{"id":"4182c2e5-1f1c-4cd9-99a4-7e698ecf13e4","block_type":"box","text":"iShares Core MSCI Pacific ETF","page_number":1,"box":{"x":117,"y":526,"width":220,"height":10}},{"id":"1a661932-18e8-46db-9d99-6fec65d08199","block_type":"box","text":"iShares Currency Hedged MSCI ACWI ex U.S. ETF","page_number":1,"box":{"x":117,"y":542,"width":359,"height":13}},{"id":"f3f42737-4565-4458-886d-97b8e8c52658","block_type":"box","text":"iShares Global Healthcare ETF","page_number":1,"box":{"x":117,"y":557,"width":221,"height":10}},{"id":"b1a6ad5d-7e89-4690-9d1f-a1f851689930","block_type":"box","text":"iShares International Developed Real Estate ETF","page_number":1,"box":{"x":511,"y":495,"width":349,"height":13}},{"id":"fe04015b-7f86-4dee-8483-8d25d680853d","block_type":"box","text":"iShares MSCI Global Gold Miners ETF","page_number":1,"box":{"x":511,"y":511,"width":273,"height":10}},{"id":"6e06b0de-ca8c-4292-8712-c23b53d877ef","block_type":"box","text":"iShares MSCI Global Silver and Metals Miners ETF","page_number":1,"box":{"x":511,"y":526,"width":363,"height":10}},{"id":"81acc0e9-ad8f-4bb2-a888-9654d05ceffb","block_type":"box","text":"iShares MSCI Pacific ex Japan ETF","page_number":1,"box":{"x":511,"y":542,"width":246,"height":13}},{"id":"1e39bf81-0831-49c3-9749-d75027b80e9a","block_type":"box","text":"iShares Neuroscience and Healthcare ETF","page_number":1,"box":{"x":511,"y":557,"width":304,"height":10}},{"id":"320b71ac-e00b-485a-a803-da5e3f932057","block_type":"box","text":"If you have any questions, please call 1-800-iShares (1-800-474-2737).","page_number":1,"box":{"x":117,"y":581,"width":521,"height":12}},{"id":"ef66da52-fbae-44dc-908d-92a5fca9ea1c","block_type":"box","text":"iShares","page_number":1,"box":{"x":117,"y":869,"width":40,"height":8}},{"id":"b8b13a88-3524-4cae-8f92-af78b0796cc7","block_type":"box","text":"®","page_number":1,"box":{"x":158,"y":869,"width":8,"height":5}},{"id":"0936521d-2efc-4eca-b449-2cbddef431eb","block_type":"box","text":"is a registered trademark of BlackRock Fund Advisors and its affiliates.","page_number":1,"box":{"x":170,"y":869,"width":406,"height":10}},{"id":"a0569143-3184-4cd1-9a55-519846f45fb1","block_type":"box","text":"IS-A-LOC-1026","page_number":1,"box":{"x":794,"y":887,"width":89,"height":8}},{"id":"9436a7f3-3e0d-4c33-acfa-04a2a9f90008","block_type":"box","text":"PLEASE RETAIN THIS SUPPLEMENT","page_number":1,"box":{"x":368,"y":911,"width":265,"height":9}},{"id":"67c0409d-8a5b-4051-ba52-d830715ea376","block_type":"box","text":"FOR FUTURE REFERENCE","page_number":1,"box":{"x":407,"y":926,"width":186,"height":10}},{"id":"eb232154-042b-4397-9fdf-59db92612026","block_type":"box","text":"[THIS PAGE INTENTIONALLY LEFT BLANK]","page_number":2,"box":{"x":360,"y":333,"width":268,"height":10}},{"id":"58a79df8-08bc-4c64-ae86-64787f793085","block_type":"box","text":"[THIS PAGE INTENTIONALLY LEFT BLANK]","page_number":3,"box":{"x":360,"y":333,"width":268,"height":10}},{"id":"2704ebdd-bbc6-4df0-abfa-d898d62836ec","block_type":"box","text":"[THIS PAGE INTENTIONALLY LEFT BLANK]","page_number":4,"box":{"x":360,"y":333,"width":268,"height":10}},{"id":"07288a8a-61b9-4c7b-a85c-980861cee80c","block_type":"box","text":"AUGUST 31, 2026","page_number":5,"box":{"x":801,"y":31,"width":147,"height":12}},{"id":"e6847ae0-4e0b-4c97-9772-41080f315fa8","block_type":"box","text":"Prospectus","page_number":5,"box":{"x":145,"y":177,"width":259,"height":32}},{"id":"dbd50eff-421e-4104-a54d-3d4e135ab107","block_type":"box","text":"iShares Trust","page_number":5,"box":{"x":112,"y":278,"width":101,"height":9}},{"id":"b30c9ecb-81d7-4d8a-98a4-5c0baaeb49a1","block_type":"box","text":"•","page_number":5,"box":{"x":111,"y":300,"width":6,"height":4}},{"id":"5fe24e26-f01a-4d11-a105-d2267d12be52","block_type":"box","text":"iShares Core High Dividend ETF","page_number":5,"box":{"x":132,"y":298,"width":214,"height":10}},{"id":"09bf3526-1966-4629-9af1-581f6331641e","block_type":"box","text":"|","page_number":5,"box":{"x":355,"y":296,"width":1,"height":12}},{"id":"69b50dd1-7abc-43af-8055-9db91216ddbb","block_type":"box","text":"HDV","page_number":5,"box":{"x":366,"y":298,"width":29,"height":7}},{"id":"2d435a0f-c821-4c66-aeb1-f133ac7073dc","block_type":"box","text":"|","page_number":5,"box":{"x":404,"y":296,"width":1,"height":12}},{"id":"4c47ff80-46d5-4a04-a7a2-635378f7b3b4","block_type":"box","text":"NYSE Arca","page_number":5,"box":{"x":415,"y":298,"width":69,"height":8}},{"id":"b2e3b89e-e498-4cf0-b17e-23cf59bbf0a7","block_type":"box","text":"•","page_number":5,"box":{"x":111,"y":316,"width":6,"height":4}},{"id":"cac41cde-8e64-4a1a-9d2c-80419d7e553e","block_type":"box","text":"iShares Environmentally Aware Real Estate ETF","page_number":5,"box":{"x":132,"y":314,"width":317,"height":10}},{"id":"b949e97f-396b-4c7b-9248-0717a10d75be","block_type":"box","text":"|","page_number":5,"box":{"x":458,"y":312,"width":1,"height":13}},{"id":"23678e24-6a0c-489f-afe9-652b138ddfd9","block_type":"box","text":"ERET","page_number":5,"box":{"x":472,"y":314,"width":35,"height":8}},{"id":"3987e17a-d299-44c8-88e5-ebf70d23b1ba","block_type":"box","text":"|","page_number":5,"box":{"x":516,"y":312,"width":1,"height":13}},{"id":"a1e8986d-2493-42cb-8733-9413b88e5e14","block_type":"box","text":"Nasdaq","page_number":5,"box":{"x":527,"y":314,"width":50,"height":10}},{"id":"4654407e-8fd5-4332-a1dc-66687dd1d33b","block_type":"box","text":"•","page_number":5,"box":{"x":111,"y":332,"width":6,"height":4}},{"id":"734b0056-7db1-4cd0-bfbf-cd86f7a4dde3","block_type":"box","text":"iShares Global Clean Energy ETF","page_number":5,"box":{"x":132,"y":330,"width":219,"height":10}},{"id":"88fe6efa-d7c9-4c37-a65d-2408c1f6051f","block_type":"box","text":"|","page_number":5,"box":{"x":361,"y":329,"width":1,"height":12}},{"id":"047f3ceb-1dd5-40c5-9acf-1345c2ce7274","block_type":"box","text":"ICLN","page_number":5,"box":{"x":371,"y":330,"width":32,"height":8}},{"id":"4adcfa98-160f-4ed8-adbc-a57bb6de3ce6","block_type":"box","text":"|","page_number":5,"box":{"x":414,"y":329,"width":1,"height":12}},{"id":"96ee2230-814d-4095-90c8-874454753891","block_type":"box","text":"Nasdaq","page_number":5,"box":{"x":424,"y":330,"width":50,"height":10}},{"id":"7bfdf182-3015-476d-a183-a19394fc0456","block_type":"box","text":"•","page_number":5,"box":{"x":111,"y":349,"width":6,"height":4}},{"id":"86c5f17b-518e-4977-aa50-1d1cf1efbb29","block_type":"box","text":"iShares Global REIT ETF","page_number":5,"box":{"x":132,"y":346,"width":161,"height":8}},{"id":"74a96f45-d5a6-4228-b119-0992253cbd2a","block_type":"box","text":"|","page_number":5,"box":{"x":303,"y":345,"width":0,"height":12}},{"id":"46b976d5-51fc-4004-aeb2-de37ce0da68b","block_type":"box","text":"REET","page_number":5,"box":{"x":313,"y":346,"width":35,"height":8}},{"id":"a25de579-7876-4e5a-b34b-bac2ac52c4cb","block_type":"box","text":"|","page_number":5,"box":{"x":358,"y":345,"width":1,"height":12}},{"id":"d97741fc-ba86-4d4e-9621-05f4bfe68d44","block_type":"box","text":"NYSE Arca","page_number":5,"box":{"x":368,"y":346,"width":69,"height":8}},{"id":"3a8f8611-cf64-4894-8fd3-d70d980e190a","block_type":"box","text":"•","page_number":5,"box":{"x":111,"y":365,"width":6,"height":4}},{"id":"a4c944ff-dccf-4aaa-83a7-10c11c282687","block_type":"box","text":"iShares International Developed Real Estate ETF","page_number":5,"box":{"x":132,"y":362,"width":324,"height":10}},{"id":"c62dd365-fb74-4bad-a8dc-76dee708c052","block_type":"box","text":"|","page_number":5,"box":{"x":465,"y":361,"width":1,"height":12}},{"id":"2f5e36a1-37f2-4905-9785-4aa5f46fbc12","block_type":"box","text":"IFGL","page_number":5,"box":{"x":476,"y":362,"width":31,"height":8}},{"id":"782842e1-8e20-40a5-ae90-99c7d2594fa1","block_type":"box","text":"|","page_number":5,"box":{"x":516,"y":361,"width":1,"height":12}},{"id":"477bb050-d415-43f7-944c-bfaa47bc18c4","block_type":"box","text":"Nasdaq","page_number":5,"box":{"x":531,"y":362,"width":49,"height":10}},{"id":"2d0aefb8-2c28-4252-81fe-516959f8acbe","block_type":"box","text":"•","page_number":5,"box":{"x":111,"y":381,"width":6,"height":4}},{"id":"000fa0b8-f358-4de9-b5be-eb7800f5fffb","block_type":"box","text":"iShares International Select Dividend ETF","page_number":5,"box":{"x":132,"y":378,"width":278,"height":8}},{"id":"b1df46d2-c49f-4f49-ac25-e643511de500","block_type":"box","text":"|","page_number":5,"box":{"x":419,"y":377,"width":1,"height":12}},{"id":"4f3c11e3-1249-4f22-bb06-0c4f66266842","block_type":"box","text":"IDV","page_number":5,"box":{"x":430,"y":378,"width":22,"height":8}},{"id":"3b5f0063-fbc5-499d-be5f-be0f09cc8cc5","block_type":"box","text":"|","page_number":5,"box":{"x":461,"y":377,"width":1,"height":12}},{"id":"1dd82063-81e9-49cb-b527-222346cefef4","block_type":"box","text":"Cboe BZX","page_number":5,"box":{"x":472,"y":378,"width":64,"height":8}},{"id":"26248f0a-feb8-403d-b3c5-d24368857e36","block_type":"box","text":"•","page_number":5,"box":{"x":111,"y":397,"width":6,"height":4}},{"id":"870af29b-00b6-41fb-9b43-3c9670da3fb0","block_type":"box","text":"iShares Select Dividend ETF","page_number":5,"box":{"x":132,"y":394,"width":187,"height":8}},{"id":"765a8b3d-0e3b-466d-8376-f7444494c74d","block_type":"box","text":"|","page_number":5,"box":{"x":328,"y":393,"width":1,"height":12}},{"id":"c4b46a1a-1c0a-49a9-be84-14d635966438","block_type":"box","text":"DVY","page_number":5,"box":{"x":339,"y":394,"width":27,"height":8}},{"id":"06be7b7f-bf30-4ce7-97f0-3497f3e8cbac","block_type":"box","text":"|","page_number":5,"box":{"x":375,"y":393,"width":1,"height":12}},{"id":"91748ce3-57e3-453a-b2f2-324681edbba2","block_type":"box","text":"Nasdaq","page_number":5,"box":{"x":386,"y":394,"width":50,"height":10}},{"id":"fbb7a76b-c9fd-4890-a302-3d01d96cfa71","block_type":"box","text":"The Securities and Exchange Commission (“SEC”) has not approved or disapproved these securities or passed upon the adequacy of","page_number":5,"box":{"x":111,"y":894,"width":834,"height":10}},{"id":"e05fba75-f616-43df-ac2c-3b54ba344fd7","block_type":"box","text":"this prospectus. Any representation to the contrary is a criminal offense.","page_number":5,"box":{"x":111,"y":906,"width":453,"height":9}},{"id":"3085b179-6cd7-44e4-bb40-26f4cef3022b","block_type":"box","text":"iShares Core High Dividend ETF","page_number":6,"box":{"x":198,"y":96,"width":336,"height":18}},{"id":"cd09d6fd-0c12-4433-a9d4-9fd7b53de660","block_type":"box","text":".............................................","page_number":6,"box":{"x":542,"y":109,"width":372,"height":1}},{"id":"035d730b-8c73-4ee3-8633-d69ccbc3e828","block_type":"box","text":"S-1","page_number":6,"box":{"x":947,"y":96,"width":31,"height":14}},{"id":"21468525-3e0a-410b-8afc-59c0c6576248","block_type":"box","text":"iShares Environmentally Aware Real Estate ETF","page_number":6,"box":{"x":198,"y":123,"width":501,"height":18}},{"id":"9ac2b7ee-3ba8-4cf3-8d29-29467399d97e","block_type":"box","text":"..........................","page_number":6,"box":{"x":701,"y":136,"width":213,"height":1}},{"id":"fe61b517-854a-4c81-8e72-2040e0d5c403","block_type":"box","text":"S-7","page_number":6,"box":{"x":947,"y":123,"width":34,"height":14}},{"id":"ee6b72ba-4bf7-42a4-a1d7-c14cdc5325bf","block_type":"box","text":"iShares Global Clean Energy ETF","page_number":6,"box":{"x":198,"y":150,"width":344,"height":18}},{"id":"2ae4f164-4f12-4374-afcc-d756b6d59cff","block_type":"box","text":"............................................","page_number":6,"box":{"x":550,"y":163,"width":364,"height":1}},{"id":"e18ef72e-1bda-4588-a77c-aeb64caec81b","block_type":"box","text":"S-14","page_number":6,"box":{"x":936,"y":150,"width":45,"height":14}},{"id":"bab238e8-936c-497f-9593-4bf5801b81b9","block_type":"box","text":"iShares Global REIT ETF","page_number":6,"box":{"x":198,"y":177,"width":252,"height":15}},{"id":"1978f724-2540-479e-978f-46ecc9983bfd","block_type":"box","text":".......................................................","page_number":6,"box":{"x":458,"y":190,"width":456,"height":1}},{"id":"28384850-9bb3-4e3b-b1bf-004a7159c5c6","block_type":"box","text":"S-23","page_number":6,"box":{"x":933,"y":177,"width":48,"height":15}},{"id":"dfa56dfa-0d7a-4a2d-91ae-2633852299af","block_type":"box","text":"iShares International Developed Real Estate ETF","page_number":6,"box":{"x":198,"y":205,"width":512,"height":17}},{"id":"e7b612ce-58dc-4445-bce2-ead034f4e1c8","block_type":"box","text":"........................","page_number":6,"box":{"x":718,"y":217,"width":196,"height":2}},{"id":"b1bf6817-f475-4835-8d21-0be603b1f519","block_type":"box","text":"S-30","page_number":6,"box":{"x":933,"y":205,"width":48,"height":14}},{"id":"9ab4a46d-6d5c-4a48-ab63-581f038216fb","block_type":"box","text":"iShares International Select Dividend ETF","page_number":6,"box":{"x":198,"y":232,"width":439,"height":14}},{"id":"b242b226-8bd0-4a62-ab57-3a4fe186f9f3","block_type":"box","text":".................................","page_number":6,"box":{"x":643,"y":244,"width":271,"height":2}},{"id":"bd9b6e98-4c4c-4c19-a4e4-06897cf94d1b","block_type":"box","text":"S-36","page_number":6,"box":{"x":933,"y":232,"width":48,"height":14}},{"id":"99452f9b-4633-49f9-a63b-ff74d4e41101","block_type":"box","text":"iShares Select Dividend ETF","page_number":6,"box":{"x":198,"y":259,"width":296,"height":14}},{"id":"5804a8d1-138b-43ba-9f42-a2f09e835694","block_type":"box","text":"..................................................","page_number":6,"box":{"x":500,"y":271,"width":414,"height":2}},{"id":"b2d93312-2fb0-4726-a3a7-4495537afaad","block_type":"box","text":"S-43","page_number":6,"box":{"x":933,"y":259,"width":48,"height":14}},{"id":"a5e240f8-de6b-4959-8da5-64ebf6933301","block_type":"box","text":"More Information About the Funds","page_number":6,"box":{"x":158,"y":286,"width":366,"height":14}},{"id":"ce6c89fc-b910-4ac8-b633-42d0c7ff86f2","block_type":"box","text":"..............................................","page_number":6,"box":{"x":533,"y":298,"width":381,"height":2}},{"id":"f6a5d0d6-8026-4356-9354-ea8bf18fbf9b","block_type":"box","text":"1","page_number":6,"box":{"x":973,"y":286,"width":5,"height":14}},{"id":"d278911a-f523-4591-8a5c-a6636e36bb9a","block_type":"box","text":"Additional Information About the Funds’ Risks","page_number":6,"box":{"x":157,"y":313,"width":487,"height":14}},{"id":"84ff040a-2b45-433f-9a36-f7dc0798b195","block_type":"box","text":"................................","page_number":6,"box":{"x":651,"y":325,"width":263,"height":2}},{"id":"1384c66c-1690-464e-bf7d-bb74a8484999","block_type":"box","text":"3","page_number":6,"box":{"x":970,"y":313,"width":11,"height":14}},{"id":"56dbe291-7a81-4b6b-aa1e-f40f6e29cf24","block_type":"box","text":"Portfolio Holdings Information","page_number":6,"box":{"x":158,"y":340,"width":318,"height":18}},{"id":"d0505c08-4ae3-4098-918b-742aa1b5bd6c","block_type":"box","text":"....................................................","page_number":6,"box":{"x":483,"y":352,"width":431,"height":2}},{"id":"79bb47c9-8b0b-4693-bbb7-2d72d1d72129","block_type":"box","text":"21","page_number":6,"box":{"x":958,"y":340,"width":20,"height":14}},{"id":"dc4a0251-c3e5-4408-9be8-a913f7b8e38e","block_type":"box","text":"Management of the Funds","page_number":6,"box":{"x":158,"y":367,"width":277,"height":18}},{"id":"1fb9c27e-adf5-4b65-8989-4fc811c306f2","block_type":"box","text":".........................................................","page_number":6,"box":{"x":441,"y":379,"width":473,"height":2}},{"id":"9ea457b1-1bd4-45ba-8853-70410191c9dd","block_type":"box","text":"21","page_number":6,"box":{"x":958,"y":367,"width":20,"height":14}},{"id":"8c739a66-4eb2-49f7-b3a0-bb019f709e81","block_type":"box","text":"Shareholder Information","page_number":6,"box":{"x":157,"y":394,"width":258,"height":14}},{"id":"54de46ae-8cfe-4ac5-bb6d-55aa36aebfdd","block_type":"box","text":"...........................................................","page_number":6,"box":{"x":424,"y":406,"width":490,"height":2}},{"id":"d384f53b-c768-4c9a-a0d0-5718082f63b6","block_type":"box","text":"24","page_number":6,"box":{"x":956,"y":394,"width":25,"height":14}},{"id":"c5035609-33f9-4499-8707-0d65ba3975c4","block_type":"box","text":"Distribution","page_number":6,"box":{"x":158,"y":421,"width":121,"height":14}},{"id":"eb79c4ab-4b48-4eda-86cb-c5129ead0b2c","block_type":"box","text":"...........................................................................","page_number":6,"box":{"x":290,"y":434,"width":624,"height":1}},{"id":"5f41e17e-9261-4bbe-b6e8-3435d89019e2","block_type":"box","text":"30","page_number":6,"box":{"x":956,"y":421,"width":25,"height":14}},{"id":"724d0a23-3f5f-4288-8e61-a27214d6f5c1","block_type":"box","text":"Financial Highlights","page_number":6,"box":{"x":158,"y":448,"width":206,"height":18}},{"id":"46892f39-adff-4805-95b7-f3a553773074","block_type":"box","text":".................................................................","page_number":6,"box":{"x":374,"y":461,"width":540,"height":1}},{"id":"4608c88a-3510-4cc7-b472-83497ce47cef","block_type":"box","text":"30","page_number":6,"box":{"x":956,"y":449,"width":25,"height":13}},{"id":"c3a7edbb-cb26-4d99-a1dc-8d6e268148aa","block_type":"box","text":"Index Providers and Disclaimers","page_number":6,"box":{"x":158,"y":475,"width":340,"height":14}},{"id":"4159f832-3c86-4d52-bae2-561902c63977","block_type":"box","text":".................................................","page_number":6,"box":{"x":508,"y":488,"width":406,"height":1}},{"id":"343c33c0-a7b7-42a9-975b-d99e353fa632","block_type":"box","text":"36","page_number":6,"box":{"x":956,"y":476,"width":25,"height":13}},{"id":"270fac43-1084-404e-82d6-cca83567e070","block_type":"box","text":"Table of Contents","page_number":6,"box":{"x":76,"y":23,"width":296,"height":23}},{"id":"c31264cc-11b8-45d2-a713-de0ed41013bf","block_type":"box","text":"Fund Summaries","page_number":6,"box":{"x":158,"y":69,"width":177,"height":14}},{"id":"7b3e8c43-0288-4c2d-9ef3-9bfe73cbaf10","block_type":"box","text":"i","page_number":6,"box":{"x":528,"y":910,"width":2,"height":8}},{"id":"061c7ed0-5a63-4ac7-869d-7c9f9bef7cbd","block_type":"box","text":"[THIS PAGE INTENTIONALLY LEFT BLANK]","page_number":7,"box":{"x":390,"y":309,"width":268,"height":11}},{"id":"3a82bf18-4187-4b3f-a66b-b4c6d67ba738","block_type":"box","text":"iShares Core High Dividend ETF","page_number":8,"box":{"x":84,"y":23,"width":444,"height":21}},{"id":"5fa88a97-c407-4132-9f2b-bb912eeadf36","block_type":"box","text":"HDV | NYSE Arca","page_number":8,"box":{"x":85,"y":47,"width":232,"height":18}},{"id":"91dac76c-57af-495c-8187-59336a6122e3","block_type":"box","text":"Investment Objective","page_number":8,"box":{"x":84,"y":92,"width":192,"height":14}},{"id":"c7861c12-45d5-41cb-a50d-3667846effb1","block_type":"box","text":"The iShares Core High Dividend ETF (the “Fund”) seeks to track the investment results of an index composed of relatively high","page_number":8,"box":{"x":82,"y":117,"width":891,"height":11}},{"id":"571e63e1-594b-4cdb-8e1f-f09cfb6a043d","block_type":"box","text":"dividend paying U.S. equities.","page_number":8,"box":{"x":83,"y":132,"width":207,"height":10}},{"id":"b371a979-f221-45f9-a5ac-f5b525767c73","block_type":"box","text":"Fees and Expenses","page_number":8,"box":{"x":84,"y":161,"width":169,"height":12}},{"id":"bfe5f445-9d5e-4c9c-87d0-bb6797bad6e6","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. Amounts","page_number":8,"box":{"x":82,"y":186,"width":874,"height":10}},{"id":"b6aeeb14-ae41-486f-8075-358289e5c7f4","block_type":"box","text":"in the table are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement","page_number":8,"box":{"x":83,"y":200,"width":871,"height":11}},{"id":"56501ca2-b084-4c9e-ae91-18f3a7db4238","block_type":"box","text":"between iShares Trust (the “Trust”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that","page_number":8,"box":{"x":84,"y":214,"width":887,"height":11}},{"id":"87146247-ef9d-44ce-a147-97cac0f0f954","block_type":"box","text":"BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes,","page_number":8,"box":{"x":84,"y":228,"width":795,"height":11}},{"id":"8aa10de4-4daa-4a29-9dd0-bafcede0d08e","block_type":"box","text":"(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio","page_number":8,"box":{"x":83,"y":242,"width":854,"height":11}},{"id":"2c504dd8-7d10-4e2d-b1a8-ee1ba38ddf47","block_type":"box","text":"transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any","page_number":8,"box":{"x":82,"y":256,"width":829,"height":11}},{"id":"b0f4c640-5048-4984-b1d5-362409843d0c","block_type":"box","text":"extraordinary expenses.","page_number":8,"box":{"x":83,"y":271,"width":168,"height":10}},{"id":"076293b7-c8d4-4c07-8515-58a1ccff191c","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not","page_number":8,"box":{"x":82,"y":294,"width":830,"height":11}},{"id":"be320a36-f7dc-415a-b591-85ae815845e8","block_type":"box","text":"reflected in the table and example below.","page_number":8,"box":{"x":83,"y":308,"width":301,"height":11}},{"id":"b195c589-f46d-4de1-b4e8-9683b5283e1a","block_type":"box","text":"Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)","page_number":8,"box":{"x":87,"y":331,"width":761,"height":10}},{"id":"e8db452b-c686-482d-8d8b-8af1654f3f77","block_type":"box","text":"1","page_number":8,"box":{"x":849,"y":330,"width":5,"height":4}},{"id":"5fe01d1a-8fb1-400d-8493-a695730b272f","block_type":"box","text":"Management Fee","page_number":8,"box":{"x":89,"y":351,"width":109,"height":10}},{"id":"f1d3868c-e4fe-4281-b507-615c2c4b3132","block_type":"box","text":"0.08%","page_number":8,"box":{"x":920,"y":351,"width":41,"height":7}},{"id":"21eae27d-e94d-402e-a0a3-20ecb751c4fe","block_type":"box","text":"Other Expenses","page_number":8,"box":{"x":88,"y":366,"width":99,"height":10}},{"id":"72a9c798-8a53-4bd8-8eb4-f6485d8eff8b","block_type":"box","text":"0.00%","page_number":8,"box":{"x":920,"y":366,"width":41,"height":8}},{"id":"c4303520-d0e6-4ef1-8ec1-bc3cec0b8332","block_type":"box","text":"Total Annual Fund Operating Expenses","page_number":8,"box":{"x":87,"y":382,"width":246,"height":9}},{"id":"5f54e336-03f5-4ab0-948b-8944ef4237ca","block_type":"box","text":"0.08%","page_number":8,"box":{"x":920,"y":382,"width":41,"height":7}},{"id":"368c8fe1-cbab-46a8-bc65-831d86c82c11","block_type":"box","text":"1","page_number":8,"box":{"x":110,"y":410,"width":5,"height":4}},{"id":"dacea85e-ec2d-45fc-9e92-b12de74626b5","block_type":"box","text":"Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any.","page_number":8,"box":{"x":123,"y":411,"width":780,"height":9}},{"id":"14e9bcf9-c8b2-4cea-8312-472122075419","block_type":"box","text":"Example.","page_number":8,"box":{"x":84,"y":431,"width":66,"height":10}},{"id":"7ca445b3-4c54-46b7-8eff-7d8c3998b5b5","block_type":"box","text":"This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in","page_number":8,"box":{"x":154,"y":431,"width":795,"height":10}},{"id":"9020afce-4079-4dcf-9d05-1a635868c685","block_type":"box","text":"other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your","page_number":8,"box":{"x":83,"y":444,"width":886,"height":12}},{"id":"8595b3b2-afd3-4d45-80f7-b3f8c6bade46","block_type":"box","text":"shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the","page_number":8,"box":{"x":83,"y":459,"width":870,"height":11}},{"id":"1330fe97-3062-4518-bd8f-38b0fe22f12a","block_type":"box","text":"Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions,","page_number":8,"box":{"x":84,"y":473,"width":887,"height":11}},{"id":"19886c4f-2716-4b0e-ad46-9e5e952f0e2b","block_type":"box","text":"your costs would be:","page_number":8,"box":{"x":82,"y":487,"width":143,"height":11}},{"id":"3a74e636-ac14-4bf7-af45-b1b6dfa670c5","block_type":"box","text":"Expense Example","page_number":8,"box":{"x":88,"y":510,"width":115,"height":9}},{"id":"3ef76b44-aaf5-4527-8986-58c37c5ca417","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":8,"box":{"x":693,"y":510,"width":281,"height":8}},{"id":"6682959d-25be-4bdc-b849-5401c61808af","block_type":"box","text":"Example Fund Costs","page_number":8,"box":{"x":89,"y":526,"width":128,"height":9}},{"id":"1253195a-ed01-4bce-82dc-b9aac5a0c8be","block_type":"box","text":"$8 $26 $45 $103","page_number":8,"box":{"x":705,"y":525,"width":257,"height":9}},{"id":"c49b47dc-fc41-4ee6-b4c2-dcd9b382b921","block_type":"box","text":"Portfolio Turnover.","page_number":8,"box":{"x":84,"y":555,"width":136,"height":8}},{"id":"6985cd1c-0c32-4930-87ff-5ae97a203b04","block_type":"box","text":"The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns","page_number":8,"box":{"x":225,"y":555,"width":721,"height":11}},{"id":"8d193e61-4e8e-428c-ac75-5e421d72f814","block_type":"box","text":"over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when","page_number":8,"box":{"x":83,"y":569,"width":884,"height":11}},{"id":"9d8988b3-0d0c-47e9-b142-744a992a6cfd","block_type":"box","text":"Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in","page_number":8,"box":{"x":84,"y":583,"width":875,"height":11}},{"id":"72c9103f-7990-4a97-a92d-e9441fcd96a4","block_type":"box","text":"the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 65% of","page_number":8,"box":{"x":82,"y":597,"width":887,"height":11}},{"id":"78a847d1-236a-40ca-8d26-5caee1370b41","block_type":"box","text":"the average value of its portfolio.","page_number":8,"box":{"x":82,"y":612,"width":231,"height":10}},{"id":"396897df-43e7-41aa-a9de-43c59b200dff","block_type":"box","text":"Principal Investment Strategies","page_number":8,"box":{"x":84,"y":641,"width":284,"height":13}},{"id":"7b23fac9-6919-4fb2-8249-a7c54316af9b","block_type":"box","text":"The Fund seeks to track the investment results of the Morningstar","page_number":8,"box":{"x":82,"y":666,"width":467,"height":11}},{"id":"51ed874f-4b83-4d8c-b98c-95bced79d4fd","block_type":"box","text":"®","page_number":8,"box":{"x":550,"y":665,"width":5,"height":3}},{"id":"55ca290a-d58b-4a0e-953b-9a5676d2c27d","block_type":"box","text":"Dividend Yield Focus Index","page_number":8,"box":{"x":560,"y":666,"width":190,"height":8}},{"id":"0985ecb1-9233-4f03-8516-966815f33be5","block_type":"box","text":"SM","page_number":8,"box":{"x":751,"y":664,"width":17,"height":5}},{"id":"0baa2750-8a47-49dd-ad42-0d9b2f1d0e06","block_type":"box","text":"(the “Underlying Index”),","page_number":8,"box":{"x":773,"y":666,"width":173,"height":11}},{"id":"a9f67302-1a1d-4aee-b008-e475a3ff8ab0","block_type":"box","text":"which offers exposure to high quality U.S.-domiciled companies that have had strong financial health and an ability to","page_number":8,"box":{"x":82,"y":680,"width":836,"height":11}},{"id":"11d3aa21-9e44-4ad0-97a4-49d5e50b6cd5","block_type":"box","text":"sustain above average dividend payouts. The Underlying Index is a subset of the Morningstar","page_number":8,"box":{"x":83,"y":694,"width":662,"height":11}},{"id":"6ab13cf9-d7f0-4f9d-81e8-f23297f4cac1","block_type":"box","text":"®","page_number":8,"box":{"x":746,"y":693,"width":4,"height":4}},{"id":"312dc210-ce41-4c4b-bb2d-29deb7c3d033","block_type":"box","text":"US Market Index","page_number":8,"box":{"x":756,"y":694,"width":116,"height":9}},{"id":"b268d7f3-7123-4e8d-ac67-436d391149a2","block_type":"box","text":"SM","page_number":8,"box":{"x":873,"y":693,"width":16,"height":5}},{"id":"5c3858ba-c8d0-4746-bbdd-0cd49c40ead8","block_type":"box","text":", a broad","page_number":8,"box":{"x":892,"y":694,"width":58,"height":10}},{"id":"279ed015-8c59-4012-b7c6-97ba0220f28c","block_type":"box","text":"market index that represents approximately 97% of the market capitalization of publicly traded U.S. stocks. The Underlying","page_number":8,"box":{"x":84,"y":708,"width":867,"height":11}},{"id":"075dc7fa-14cb-4635-8508-86237f585c22","block_type":"box","text":"Index is composed of qualified income-paying securities that are screened for superior company quality and financial health","page_number":8,"box":{"x":84,"y":723,"width":880,"height":10}},{"id":"9827b2c4-b136-4bce-8a0d-4f83796baece","block_type":"box","text":"as determined by Morningstar, Inc.'s (“Morningstar” or the “Index Provider”) proprietary index methodology. Stocks in the","page_number":8,"box":{"x":83,"y":737,"width":855,"height":11}},{"id":"6fcafeba-9703-46aa-9989-eb212da1a8f4","block_type":"box","text":"Underlying Index represent the top 75 high-yielding stocks meeting the screening requirements. The Morningstar index","page_number":8,"box":{"x":84,"y":751,"width":851,"height":11}},{"id":"0a274ef4-0c90-41d1-9e58-8096e8e1e1b1","block_type":"box","text":"methodology determines “company quality” in accordance with the Morningstar Economic Moat","page_number":8,"box":{"x":84,"y":765,"width":683,"height":11}},{"id":"cc6d724e-9106-4b2c-8292-a5d4856b256a","block_type":"box","text":"TM","page_number":8,"box":{"x":767,"y":764,"width":17,"height":5}},{"id":"788c44aa-e7b1-4c42-b220-dc23cc9b19df","block_type":"box","text":"rating system, in which","page_number":8,"box":{"x":790,"y":765,"width":161,"height":11}},{"id":"bf831ddf-da4a-48ae-83a0-03c3f8863d4a","block_type":"box","text":"companies are assigned a moat rating of “none,”“narrow” or “wide” based on the prospect of earning above average returns","page_number":8,"box":{"x":83,"y":779,"width":869,"height":11}},{"id":"64428a2b-f273-49b2-b337-852e4e5bb30f","block_type":"box","text":"on capital and the strength of the company’s competitive advantage. Additionally, companies are screened for “financial","page_number":8,"box":{"x":83,"y":793,"width":848,"height":11}},{"id":"708ec2d4-6439-4925-91e2-48c3af72a5a7","block_type":"box","text":"health” using Morningstar’s Distance to Default measure, a quantitative option pricing approach that estimates a company’s","page_number":8,"box":{"x":84,"y":808,"width":881,"height":10}},{"id":"1d3e67f6-0400-4fe4-ad99-a432fb38a760","block_type":"box","text":"probability of default. To qualify for inclusion in the Underlying Index, constituents must have a Morningstar Economic Moat","page_number":8,"box":{"x":84,"y":822,"width":880,"height":11}},{"id":"109612a9-996e-49cc-b936-51728d8fbcfb","block_type":"box","text":"rating of “narrow” or “wide” and have a Morningstar Distance to Default score in the top 50% of eligible dividend-paying","page_number":8,"box":{"x":84,"y":836,"width":848,"height":11}},{"id":"51221d6d-2801-4168-bf81-3fba3528d869","block_type":"box","text":"companies within their sector. Companies that are not assigned a Morningstar Economic Moat rating must have a","page_number":8,"box":{"x":83,"y":850,"width":807,"height":11}},{"id":"1f36189c-9d4a-4b4b-b9c2-503c29bcbb82","block_type":"box","text":"Morningstar Distance to Default score in the top 30% of eligible dividend-paying companies within their sector. Additionally,","page_number":8,"box":{"x":84,"y":864,"width":880,"height":11}},{"id":"8bf6c82a-5da6-4d9e-8d0c-586ec2aa2dee","block_type":"box","text":"each constituent’s dividend must be deemed to be qualified income.","page_number":8,"box":{"x":83,"y":878,"width":481,"height":11}},{"id":"974e1111-96ec-4fce-b554-f8156917462c","block_type":"box","text":"S-1","page_number":8,"box":{"x":524,"y":920,"width":23,"height":9}},{"id":"ba610c9a-251d-4d99-aed0-57fea1dd01eb","block_type":"box","text":"The Underlying Index may include large-, mid-, and small-capitalization companies. As of April 30, 2026, a significant portion","page_number":9,"box":{"x":82,"y":23,"width":887,"height":11}},{"id":"d1db55a5-8a4b-4f7a-abe9-6aeba5463dac","block_type":"box","text":"of the Underlying Index was represented by securities of companies in the consumer goods and services, energy, and","page_number":9,"box":{"x":83,"y":37,"width":826,"height":11}},{"id":"7b571d9e-eb3f-43ac-a43a-c479b149deed","block_type":"box","text":"healthcare industries or sectors. The components of the Underlying Index are likely to change over time.","page_number":9,"box":{"x":84,"y":52,"width":732,"height":10}},{"id":"9ef663b9-0a22-4276-9354-9afae9062227","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a","page_number":9,"box":{"x":82,"y":75,"width":853,"height":11}},{"id":"677c2dbb-35d8-44b1-a62e-5a823444cd48","block_type":"box","text":"representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that","page_number":9,"box":{"x":84,"y":89,"width":838,"height":11}},{"id":"cb3e2ca1-f98c-40fd-ba3b-424658bad9dc","block_type":"box","text":"involves investing in a representative sample of securities or other instruments intended to collectively have an investment","page_number":9,"box":{"x":83,"y":103,"width":868,"height":11}},{"id":"81668a55-f57b-48c4-b448-6b4cf9d0e2fe","block_type":"box","text":"profile similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate,","page_number":9,"box":{"x":84,"y":117,"width":850,"height":11}},{"id":"cc185d06-93ed-4eec-b07c-b089a32a4901","block_type":"box","text":"investment characteristics (based on factors such as market capitalization and industry weightings), fundamental","page_number":9,"box":{"x":83,"y":131,"width":806,"height":11}},{"id":"c656a9e8-a771-4cbe-995c-d6f94ec9a68f","block_type":"box","text":"characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index.","page_number":9,"box":{"x":83,"y":146,"width":885,"height":10}},{"id":"90341f35-b428-4a1c-9ba9-f306f2d211c9","block_type":"box","text":"The Fund may or may not hold all of the components of the Underlying Index. The Fund may use derivatives to gain or reduce","page_number":9,"box":{"x":82,"y":160,"width":885,"height":11}},{"id":"e6ec6019-3bb3-4198-8be7-6350227bdff7","block_type":"box","text":"exposure to the components of the Underlying Index or exposure to one or more market risk factors associated with such","page_number":9,"box":{"x":83,"y":174,"width":853,"height":11}},{"id":"e5a14a26-73e2-4689-a924-fc51750acce1","block_type":"box","text":"components. Subject to the limits described herein, the Fund may purchase and hold cash and cash equivalents, including","page_number":9,"box":{"x":83,"y":188,"width":867,"height":11}},{"id":"b0eb3102-dd67-4a39-a915-f27cbc1b3b2b","block_type":"box","text":"shares of money market funds advised by BFA or its affiliates, and may also purchase and hold instruments not included in","page_number":9,"box":{"x":83,"y":202,"width":868,"height":11}},{"id":"0883a9dc-a6e4-439d-98f1-1d62112a49e2","block_type":"box","text":"the Underlying Index when BFA believes that such instruments will help the Fund track the performance of the Underlying","page_number":9,"box":{"x":82,"y":217,"width":863,"height":10}},{"id":"0c0e8051-0308-47b8-a1b1-94bca926a501","block_type":"box","text":"Index over time, including in light of expected liquidity or trading costs, anticipated additions to or deletions from the","page_number":9,"box":{"x":84,"y":231,"width":825,"height":11}},{"id":"566931be-9ad8-442b-aa51-92fd42d5ecf1","block_type":"box","text":"Underlying Index, or other reasons as determined by BFA.","page_number":9,"box":{"x":84,"y":245,"width":405,"height":11}},{"id":"b851aaf9-02e8-471f-b2ee-6a9e582b44be","block_type":"box","text":"In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), under normal","page_number":9,"box":{"x":84,"y":268,"width":844,"height":11}},{"id":"0c53dfa0-575d-4da1-bd51-10dc952c6219","block_type":"box","text":"circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for","page_number":9,"box":{"x":83,"y":282,"width":860,"height":11}},{"id":"759d8845-2068-4a24-be3d-cad24200bb71","block_type":"box","text":"investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be","page_number":9,"box":{"x":83,"y":296,"width":831,"height":11}},{"id":"d441e53a-691b-4811-9284-ce34b3151c0b","block_type":"box","text":"counted toward the Fund's 80% investment policy to the extent that they provide exposure to the components of its","page_number":9,"box":{"x":83,"y":311,"width":817,"height":10}},{"id":"dd9a4374-2df0-4c6a-a6a1-69f869c8359e","block_type":"box","text":"Underlying Index or exposure to one or more market risk factors associated with such components. The Fund's 80%","page_number":9,"box":{"x":84,"y":325,"width":817,"height":11}},{"id":"2219ee4a-c4eb-4367-9b95-5ff800fa9a3a","block_type":"box","text":"investment policy may be changed by the Trust's Board of Trustees (the “Board”) upon 60 days' notice to shareholders.","page_number":9,"box":{"x":83,"y":339,"width":835,"height":11}},{"id":"7c686970-27ac-4ba6-bc34-03b629961f87","block_type":"box","text":"The Fund may lend securities representing up to one-third of the value of the Fund’s total assets (including the value of any","page_number":9,"box":{"x":82,"y":362,"width":873,"height":11}},{"id":"ee2f8af0-727c-4be4-a987-fbfde7843a83","block_type":"box","text":"collateral received).","page_number":9,"box":{"x":83,"y":376,"width":136,"height":10}},{"id":"778e4c64-4f90-4521-9f95-f207a2f6734e","block_type":"box","text":"The Underlying Index is sponsored by Morningstar, which is independent of the Fund and BFA. The Index Provider determines","page_number":9,"box":{"x":82,"y":400,"width":889,"height":10}},{"id":"8652df0b-522d-4551-9414-ec5e192742e8","block_type":"box","text":"the composition and relative weightings of the components of the Underlying Index and publishes information regarding the","page_number":9,"box":{"x":82,"y":414,"width":884,"height":11}},{"id":"75ce0f6e-ca01-4cd3-a398-deec206ddcc8","block_type":"box","text":"market value of the Underlying Index.","page_number":9,"box":{"x":84,"y":428,"width":262,"height":11}},{"id":"4ca16e9f-0fad-471e-9156-5d48cd5eca5d","block_type":"box","text":"Industry Concentration Policy.","page_number":9,"box":{"x":84,"y":451,"width":223,"height":11}},{"id":"2450a3eb-e24a-4b85-89d5-201bd26e9b3e","block_type":"box","text":"The Fund will concentrate its investments (","page_number":9,"box":{"x":312,"y":451,"width":304,"height":9}},{"id":"a7b387df-6b25-4eac-af86-f2f54bb1d599","block_type":"box","text":"i.e.","page_number":9,"box":{"x":617,"y":451,"width":17,"height":9}},{"id":"d6252643-610a-4a52-8c0a-aa9f981555e9","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":9,"box":{"x":636,"y":451,"width":292,"height":10}},{"id":"8063a246-de33-46d0-ad61-1f728da81e4c","block_type":"box","text":"particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For","page_number":9,"box":{"x":84,"y":465,"width":858,"height":11}},{"id":"2dc932eb-edc9-4008-bc69-c6a92c66e536","block_type":"box","text":"purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase","page_number":9,"box":{"x":84,"y":479,"width":867,"height":11}},{"id":"4f00ec9f-93f3-46a6-94ef-f45fd15a4f9b","block_type":"box","text":"agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.","page_number":9,"box":{"x":83,"y":494,"width":826,"height":11}},{"id":"6a87a594-76f1-448d-b222-2898073e4eb8","block_type":"box","text":"Summary of Principal Risks","page_number":9,"box":{"x":83,"y":523,"width":248,"height":13}},{"id":"850d0d13-e08b-42f0-bfec-15b1cf1aab29","block_type":"box","text":"As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that","page_number":9,"box":{"x":82,"y":548,"width":882,"height":11}},{"id":"6c1e26a4-5df6-42ed-a40e-d844ff2b465c","block_type":"box","text":"of other investments. The Fund is subject to certain risks, including the principal risks noted below, any of which may","page_number":9,"box":{"x":83,"y":562,"width":825,"height":11}},{"id":"7e7f4f53-fbe0-48a8-8717-f49eac3970d7","block_type":"box","text":"adversely affect the Fund's net asset value per share (“NAV”), trading price, yield, total return and ability to meet its","page_number":9,"box":{"x":83,"y":576,"width":807,"height":11}},{"id":"11b1af14-b7ef-433f-b01e-bb12382934db","block_type":"box","text":"investment objective. Certain key risks are prioritized below (with others following in alphabetical order), but the relative","page_number":9,"box":{"x":83,"y":590,"width":844,"height":11}},{"id":"146d7777-08f3-4bd6-a7a0-d79a13935416","block_type":"box","text":"significance of any risk is difficult to predict and may change over time. You should review each risk factor carefully.","page_number":9,"box":{"x":83,"y":605,"width":814,"height":10}},{"id":"d62086ea-5ef0-4ea2-948c-b3ce3b89cf74","block_type":"box","text":"Risk of Investing in the U.S.","page_number":9,"box":{"x":84,"y":628,"width":200,"height":11}},{"id":"131e9c5c-6027-47ea-9790-03513e8e4938","block_type":"box","text":"Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and","page_number":9,"box":{"x":289,"y":628,"width":664,"height":11}},{"id":"dcae7b27-fab9-422e-8319-1bb5a7be7a31","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline","page_number":9,"box":{"x":83,"y":642,"width":878,"height":11}},{"id":"4ff3e27b-b18c-4ba1-af7e-79130b35e470","block_type":"box","text":"in its financial markets, may have an adverse effect on U.S. issuers.","page_number":9,"box":{"x":83,"y":656,"width":470,"height":11}},{"id":"5a717370-3dbe-47bf-8206-e690784b7d21","block_type":"box","text":"Dividend-Paying Stock Risk.","page_number":9,"box":{"x":84,"y":679,"width":208,"height":11}},{"id":"4d480fd4-eddd-43ab-9544-17acd32872fd","block_type":"box","text":"Investing in dividend-paying stocks involves the risk that such stocks may fall out of favor with","page_number":9,"box":{"x":298,"y":679,"width":665,"height":11}},{"id":"67cf2e8e-db5f-45ca-9815-aff561fae5d3","block_type":"box","text":"investors and underperform other types of stocks or the broader market. Companies that issue dividend-paying stocks are","page_number":9,"box":{"x":83,"y":694,"width":864,"height":10}},{"id":"b97f0a95-187e-4d34-a0eb-8844c7246773","block_type":"box","text":"not required to pay or continue paying dividends on such stocks. It is possible that issuers of the stocks held by the Fund will","page_number":9,"box":{"x":84,"y":708,"width":876,"height":11}},{"id":"ac28f618-2e2e-4c5a-9a5b-c64744f7ce29","block_type":"box","text":"not declare dividends in the future or will reduce or eliminate the payment of dividends (including reducing or eliminating","page_number":9,"box":{"x":84,"y":722,"width":858,"height":11}},{"id":"247b4118-0f85-4dcb-a28d-d90b24efc252","block_type":"box","text":"anticipated accelerations or increases in the payment of dividends), which may adversely affect the Fund.","page_number":9,"box":{"x":83,"y":736,"width":744,"height":11}},{"id":"8fa28800-08c1-4e66-a92c-12ab8f696b9b","block_type":"box","text":"Equity Securities Risk.","page_number":9,"box":{"x":84,"y":759,"width":163,"height":11}},{"id":"d5a9939f-6e5f-4c15-bd42-189f4438a43e","block_type":"box","text":"Equity securities are subject to changes in value, and their values may be more volatile than those of","page_number":9,"box":{"x":253,"y":759,"width":709,"height":11}},{"id":"e72196ba-acc5-4976-88eb-8c7bbc136fb1","block_type":"box","text":"other asset classes. The value of a security may decline for a number of reasons that may directly relate to the issuer as well as","page_number":9,"box":{"x":83,"y":773,"width":889,"height":11}},{"id":"c5ba8066-1d95-45bb-9001-4ccb4ffb21c8","block_type":"box","text":"due to general industry or market conditions. Common stock is subordinated to preferred securities and debt in a company’s","page_number":9,"box":{"x":83,"y":788,"width":880,"height":10}},{"id":"6741d005-fd35-4fcb-86ab-aa3ccc39542e","block_type":"box","text":"capital structure. Common stock has the lowest priority, and the greatest risk, with respect to dividends and any liquidation","page_number":9,"box":{"x":83,"y":802,"width":867,"height":11}},{"id":"47b96482-c0f6-4cbb-94a9-982e89ec22c4","block_type":"box","text":"payments in the event of an issuer’s bankruptcy.","page_number":9,"box":{"x":84,"y":816,"width":339,"height":11}},{"id":"4de7378b-9902-4085-92fb-d2073bf90502","block_type":"box","text":"Market Risk.","page_number":9,"box":{"x":84,"y":839,"width":90,"height":9}},{"id":"bdf55fde-c4ca-4cbe-aab4-ff955023ee7f","block_type":"box","text":"The Fund could lose money over short periods due to short-term market movements and over longer periods","page_number":9,"box":{"x":179,"y":839,"width":767,"height":11}},{"id":"782957b8-e174-4cb3-a982-26ee547de2fa","block_type":"box","text":"during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other","page_number":9,"box":{"x":83,"y":853,"width":882,"height":11}},{"id":"c97f3503-4040-4493-9fcf-fafa064d214d","block_type":"box","text":"S-2","page_number":9,"box":{"x":524,"y":920,"width":24,"height":9}},{"id":"a8230ce6-71b3-456c-b488-a99246f567cd","block_type":"box","text":"public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events","page_number":10,"box":{"x":84,"y":23,"width":857,"height":11}},{"id":"1ab04352-f41d-4d6b-a6d8-f4956b285aa6","block_type":"box","text":"could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the","page_number":10,"box":{"x":83,"y":37,"width":875,"height":11}},{"id":"16f210a3-c989-4a59-ad05-c3c25f9ea1dd","block_type":"box","text":"Fund’s NAV.","page_number":10,"box":{"x":84,"y":51,"width":81,"height":9}},{"id":"10133c3f-9909-47e2-aead-f5741dd65913","block_type":"box","text":"Index-Related Risk.","page_number":10,"box":{"x":84,"y":75,"width":143,"height":8}},{"id":"ff8cd778-f78b-47ac-be80-1fd01eb7fb89","block_type":"box","text":"The Index Provider may rely on various sources of information to assess the criteria of components of the","page_number":10,"box":{"x":231,"y":75,"width":742,"height":11}},{"id":"f4ca3c52-25e7-478a-a0e8-82eb91ba2cf7","block_type":"box","text":"Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can","page_number":10,"box":{"x":84,"y":89,"width":855,"height":11}},{"id":"092d22e6-9401-4410-99bb-162ae80936df","block_type":"box","text":"offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of","page_number":10,"box":{"x":83,"y":103,"width":852,"height":11}},{"id":"039403d2-621d-46c0-8372-b88459268e37","block_type":"box","text":"included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or","page_number":10,"box":{"x":83,"y":117,"width":877,"height":11}},{"id":"0cc09240-af60-4d33-a3bc-de69487be663","block_type":"box","text":"the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not","page_number":10,"box":{"x":82,"y":131,"width":849,"height":11}},{"id":"32464a73-44a8-4889-ad1d-f3370ffcba68","block_type":"box","text":"identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual","page_number":10,"box":{"x":83,"y":146,"width":849,"height":10}},{"id":"fe90df18-3f10-499d-a1f6-7881c8fa7b61","block_type":"box","text":"market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index","page_number":10,"box":{"x":84,"y":160,"width":890,"height":11}},{"id":"910b8c23-e130-4464-ac3e-ccb508518dec","block_type":"box","text":"Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could","page_number":10,"box":{"x":84,"y":174,"width":852,"height":11}},{"id":"5d0489c6-782f-4621-9ca8-c0d192e8eca6","block_type":"box","text":"cause the Underlying Index to vary from its normal or expected composition.","page_number":10,"box":{"x":83,"y":188,"width":539,"height":11}},{"id":"a155e737-2310-4135-a0e4-f314f4ae616d","block_type":"box","text":"Asset Class Risk.","page_number":10,"box":{"x":82,"y":211,"width":123,"height":9}},{"id":"6de5d226-6ce0-42b3-ac45-aed1837cbe43","block_type":"box","text":"The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in","page_number":10,"box":{"x":209,"y":211,"width":721,"height":11}},{"id":"705f43d6-67c7-496c-bf45-4ac0855a72ab","block_type":"box","text":"comparison to financial markets generally, a particular financial market, another index, or other asset classes.","page_number":10,"box":{"x":83,"y":226,"width":774,"height":10}},{"id":"c2638f1b-eb91-4b5f-b9cb-fdf2726e5516","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":10,"box":{"x":82,"y":249,"width":318,"height":10}},{"id":"f7ebe215-6e23-4c9a-a187-1753fac95371","block_type":"box","text":"An “Authorized Participant” is a member or participant of a clearing agency","page_number":10,"box":{"x":405,"y":249,"width":531,"height":11}},{"id":"4b007a31-4352-4d4c-8ad0-c0afa2420ac5","block_type":"box","text":"registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the","page_number":10,"box":{"x":84,"y":263,"width":809,"height":11}},{"id":"dd30550b-92f7-45e3-988f-a9602cdb2d10","block_type":"box","text":"Authorized Participant to place orders for the purchase and redemption of creation units (“Creation Units”). Only an","page_number":10,"box":{"x":82,"y":277,"width":816,"height":11}},{"id":"6f512bb1-3674-402c-8244-3641470e83ce","block_type":"box","text":"Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number","page_number":10,"box":{"x":82,"y":292,"width":885,"height":10}},{"id":"f9f1941d-f75f-4f7a-a8bc-755dcd126441","block_type":"box","text":"of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market","page_number":10,"box":{"x":83,"y":305,"width":871,"height":11}},{"id":"a368d677-1907-4186-98b3-b9f138bfbdc7","block_type":"box","text":"participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that","page_number":10,"box":{"x":84,"y":320,"width":845,"height":10}},{"id":"8483a0fe-83c0-492b-b25f-12cdae1bbd5c","block_type":"box","text":"Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized","page_number":10,"box":{"x":82,"y":334,"width":882,"height":10}},{"id":"e094f816-1281-4838-ad7a-27e3427ff48c","block_type":"box","text":"Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading","page_number":10,"box":{"x":84,"y":348,"width":853,"height":11}},{"id":"b06c5d97-5230-415b-a6f4-dd2ec43a2094","block_type":"box","text":"halts or delisting.","page_number":10,"box":{"x":84,"y":362,"width":120,"height":11}},{"id":"4b2ac181-8d06-48ee-825e-f82d095cc91b","block_type":"box","text":"Concentration Risk.","page_number":10,"box":{"x":83,"y":385,"width":145,"height":9}},{"id":"833de822-1cb3-431d-9501-ec8b16035ceb","block_type":"box","text":"The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that","page_number":10,"box":{"x":232,"y":385,"width":712,"height":11}},{"id":"0e60b3dd-0c07-49e1-aab0-1bc6e7fb6687","block_type":"box","text":"affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in","page_number":10,"box":{"x":83,"y":400,"width":884,"height":9}},{"id":"23b4c0e3-aad0-42b7-a4de-3a1f152d92ff","block_type":"box","text":"the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or","page_number":10,"box":{"x":82,"y":414,"width":887,"height":11}},{"id":"834eb254-9a99-4fbd-b779-c6c22d08d2c8","block_type":"box","text":"asset classes.","page_number":10,"box":{"x":83,"y":428,"width":95,"height":8}},{"id":"648a374e-8691-4d7c-b7c6-418e6bde162f","block_type":"box","text":"Consumer Goods and Services Companies Risk.","page_number":10,"box":{"x":83,"y":451,"width":349,"height":11}},{"id":"f2b0123f-3dab-4083-b337-0857874133fe","block_type":"box","text":"Consumer goods and services companies face risks related to changes in","page_number":10,"box":{"x":438,"y":451,"width":517,"height":11}},{"id":"4cabf9b6-693e-48e5-9bbd-8f6fb8088cbd","block_type":"box","text":"consumer preferences and disposable income, commodity prices, government regulation, supply chain disruptions, damage","page_number":10,"box":{"x":83,"y":465,"width":880,"height":11}},{"id":"dcc4d9d6-005d-46e4-8112-c48b59cad06a","block_type":"box","text":"to brand or reputation, economic slowdown and labor shortages, among other things.","page_number":10,"box":{"x":82,"y":480,"width":605,"height":10}},{"id":"14d38e46-70d5-40c0-850d-02db62453800","block_type":"box","text":"Energy Companies Risk.","page_number":10,"box":{"x":84,"y":503,"width":177,"height":11}},{"id":"aa5a127c-d6b2-4ceb-a881-c4ce0a8861ab","block_type":"box","text":"Companies in the energy sector may be adversely affected by volatility in energy and commodity","page_number":10,"box":{"x":266,"y":503,"width":681,"height":11}},{"id":"a19901c9-da96-4f05-99a2-85db24d98443","block_type":"box","text":"prices, lower demand, overproduction, depletion of resources, social and political unrest, war, trade disputes, government","page_number":10,"box":{"x":84,"y":517,"width":855,"height":11}},{"id":"d3536b07-dbec-41e7-ba1e-e3a7592313dd","block_type":"box","text":"regulations and energy transition efforts, among other factors. The energy sector is cyclical and can be significantly impacted","page_number":10,"box":{"x":84,"y":531,"width":886,"height":11}},{"id":"7dd7fc44-a93f-4b7b-b40e-6f9ab6eaeda8","block_type":"box","text":"by changes in economic conditions. Some energy companies, such as those in the oil and gas sector, face substantial costs","page_number":10,"box":{"x":84,"y":545,"width":870,"height":11}},{"id":"cc85c4e3-ccec-4fea-af2f-c0c6fc9cae32","block_type":"box","text":"related to exploration and production and significant operational risks. Energy companies are at risk of environmental","page_number":10,"box":{"x":84,"y":559,"width":832,"height":11}},{"id":"75075bc5-45cc-4a96-8f23-4d278a813079","block_type":"box","text":"damage claims and other litigation.","page_number":10,"box":{"x":83,"y":574,"width":250,"height":10}},{"id":"c219c9be-c01e-48e6-862d-a95625d6f2f4","block_type":"box","text":"Healthcare Companies Risk.","page_number":10,"box":{"x":84,"y":597,"width":206,"height":10}},{"id":"45c684ea-71dc-4618-8b4d-eeb9b533afce","block_type":"box","text":"The profitability of healthcare companies may be adversely affected by extensive government","page_number":10,"box":{"x":294,"y":597,"width":661,"height":11}},{"id":"b0577223-3873-40b6-9a32-9c13addc456f","block_type":"box","text":"regulations, restrictions on government reimbursement for medical expenses, rising costs of medical products and services,","page_number":10,"box":{"x":84,"y":611,"width":876,"height":11}},{"id":"9c0f84a4-338a-4ce5-b5a5-3c30c3a55ebe","block_type":"box","text":"pricing pressure, the protection and expiration of patents, limited product lines, supply chain issues, labor shortages and","page_number":10,"box":{"x":84,"y":625,"width":852,"height":11}},{"id":"a636faf8-8966-4462-ad9a-10ed092b6db7","block_type":"box","text":"product liability claims, among other factors.","page_number":10,"box":{"x":84,"y":639,"width":315,"height":11}},{"id":"03cb9791-e293-43f8-8c19-0470c48386ee","block_type":"box","text":"Issuer Risk.","page_number":10,"box":{"x":84,"y":662,"width":82,"height":9}},{"id":"5a5ff125-f7f1-4ccb-a37e-66127cc58d3b","block_type":"box","text":"The performance of the Fund depends on the performance of individual securities or other assets to which the","page_number":10,"box":{"x":170,"y":663,"width":780,"height":10}},{"id":"a70b16f8-2686-4504-a2cc-7ab936bef7aa","block_type":"box","text":"Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due","page_number":10,"box":{"x":84,"y":677,"width":885,"height":11}},{"id":"2c2bcdd6-b2d7-4011-a05f-e92a2f55b84f","block_type":"box","text":"to changes in the financial condition or credit rating of the issuer or counterparty.","page_number":10,"box":{"x":82,"y":691,"width":577,"height":11}},{"id":"a6c26f16-ef8e-4f06-8ce3-a8d7a41812f9","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":10,"box":{"x":84,"y":714,"width":278,"height":11}},{"id":"9405ce02-c284-46a4-b48b-6656f3814724","block_type":"box","text":"Large-capitalization companies may be less able than smaller-capitalization","page_number":10,"box":{"x":367,"y":714,"width":540,"height":11}},{"id":"8c984247-e21e-432d-8b54-8bd0a445acd0","block_type":"box","text":"companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may be more","page_number":10,"box":{"x":83,"y":729,"width":890,"height":10}},{"id":"44030bbf-3e87-4345-a412-f0be225ed0b1","block_type":"box","text":"mature and subject to more limited growth potential compared with smaller-capitalization companies. The performance of","page_number":10,"box":{"x":84,"y":742,"width":867,"height":11}},{"id":"9c3b5620-792a-4c18-9cd5-6180a92bce0e","block_type":"box","text":"large-capitalization companies could trail the overall performance of the broader securities markets.","page_number":10,"box":{"x":84,"y":757,"width":709,"height":11}},{"id":"d1cb508e-1097-43a1-b049-b3bcbd0d5d71","block_type":"box","text":"Management Risk.","page_number":10,"box":{"x":84,"y":780,"width":136,"height":11}},{"id":"08df4efa-52d1-4276-9571-5f8668d1d8b6","block_type":"box","text":"The Fund does not try to “beat” the Underlying Index it tracks and does not attempt to take defensive","page_number":10,"box":{"x":225,"y":780,"width":711,"height":11}},{"id":"a60c4611-552a-4647-9696-c9fe1be63ab7","block_type":"box","text":"positions under any market conditions, including declining markets. As the Fund will not fully replicate the Underlying Index","page_number":10,"box":{"x":84,"y":794,"width":876,"height":11}},{"id":"0ce3a322-e2be-4910-badb-080018b47a50","block_type":"box","text":"and may hold securities or other assets not included in the Underlying Index, it is subject to the risk that BFA’s investment","page_number":10,"box":{"x":83,"y":808,"width":859,"height":11}},{"id":"81f3bb79-447d-4782-8b9e-bb01eb504ff7","block_type":"box","text":"strategy may not produce the intended results. There is no guarantee that the Fund’s investment results will have a high","page_number":10,"box":{"x":83,"y":822,"width":847,"height":11}},{"id":"6c2dbeed-51f8-4f7f-aa7a-01dbd6e32a66","block_type":"box","text":"degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective.","page_number":10,"box":{"x":83,"y":837,"width":756,"height":10}},{"id":"2b8f721e-7bb7-48c6-bd04-c499f2ee1923","block_type":"box","text":"Market Trading Risk.","page_number":10,"box":{"x":84,"y":860,"width":151,"height":11}},{"id":"6067a9b4-dd50-49c0-8901-f8b6a583d664","block_type":"box","text":"The Fund faces numerous market trading risks, including the potential lack of an active market for","page_number":10,"box":{"x":239,"y":860,"width":695,"height":11}},{"id":"164d2703-4cfb-42a7-8c46-28a9d2025e7e","block_type":"box","text":"Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and","page_number":10,"box":{"x":84,"y":874,"width":841,"height":11}},{"id":"6233fbff-3336-44aa-8d1a-ce9eb921f4f7","block_type":"box","text":"S-3","page_number":10,"box":{"x":524,"y":920,"width":23,"height":9}},{"id":"e90d1158-44db-427b-bd13-1b13bedb4eae","block_type":"box","text":"disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s","page_number":11,"box":{"x":83,"y":23,"width":887,"height":11}},{"id":"18f23c6e-e1a0-49a0-bac4-7cf14d8c604d","block_type":"box","text":"shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio","page_number":11,"box":{"x":83,"y":37,"width":839,"height":11}},{"id":"d31f6cc2-535e-49cc-8526-e9dc79f303a6","block_type":"box","text":"holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when","page_number":11,"box":{"x":84,"y":52,"width":865,"height":10}},{"id":"d822be12-0e56-4589-aab5-c2ba729786d3","block_type":"box","text":"the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value","page_number":11,"box":{"x":82,"y":66,"width":885,"height":11}},{"id":"ffc03191-5a11-405f-8f2a-9fbf8a6915b0","block_type":"box","text":"of the Fund shares.","page_number":11,"box":{"x":83,"y":80,"width":135,"height":8}},{"id":"0145ade6-70f7-4dff-aa83-d7d3764faeb4","block_type":"box","text":"Mid-Capitalization Companies Risk.","page_number":11,"box":{"x":84,"y":103,"width":264,"height":11}},{"id":"f4b7f7fe-f95a-4001-8524-cf9255bd5bf2","block_type":"box","text":"Compared to large-capitalization companies, mid-capitalization companies may be","page_number":11,"box":{"x":353,"y":103,"width":590,"height":11}},{"id":"19dea154-ccf4-4c90-9c7d-681e1dd4b692","block_type":"box","text":"less stable and more susceptible to adverse developments. The securities of mid-capitalization companies may be more","page_number":11,"box":{"x":84,"y":117,"width":846,"height":11}},{"id":"587d3c45-d920-485a-9be8-8baffbaafff0","block_type":"box","text":"volatile and less liquid than those of large-capitalization companies. As a result, the Fund’s share price may be more volatile","page_number":11,"box":{"x":82,"y":131,"width":875,"height":11}},{"id":"60f20c98-dbae-49b3-88cd-82334b4aeca8","block_type":"box","text":"than that of a fund with a greater investment in large-capitalization stocks.","page_number":11,"box":{"x":82,"y":146,"width":529,"height":10}},{"id":"d96b6980-fd21-4187-bf51-80b63769503d","block_type":"box","text":"Non-Diversification Risk.","page_number":11,"box":{"x":84,"y":169,"width":184,"height":8}},{"id":"fac5ef34-36af-4085-aa46-f2b8be28bbf8","block_type":"box","text":"The Fund is classified as “non-diversified.” This means that, compared with funds that are","page_number":11,"box":{"x":272,"y":169,"width":633,"height":10}},{"id":"7adb05a1-6aef-43f0-9c97-30cf7e1b01ae","block_type":"box","text":"classified as “diversified,” the Fund may invest a greater percentage of its assets in securities or other instruments","page_number":11,"box":{"x":83,"y":183,"width":803,"height":11}},{"id":"da277722-05c6-4de8-96c5-44005441209e","block_type":"box","text":"representing a small number of issuers or counterparties and thus may be more susceptible to the risks associated with these","page_number":11,"box":{"x":84,"y":197,"width":887,"height":11}},{"id":"bc557eca-37c7-4f3f-9d20-9ea777f316ca","block_type":"box","text":"particular issuers or counterparties. As a result, the Fund's performance may depend to a greater extent on the performance","page_number":11,"box":{"x":84,"y":211,"width":875,"height":11}},{"id":"984c8f78-8fb7-48f9-a6dc-3e4bd386de2b","block_type":"box","text":"of a small number of issuers or counterparties, which may lead to more volatility in the Fund’s NAV.","page_number":11,"box":{"x":83,"y":225,"width":697,"height":11}},{"id":"d62c8416-2c47-4786-b302-c3cb7802a007","block_type":"box","text":"Operational and Technology Risks.","page_number":11,"box":{"x":83,"y":249,"width":255,"height":11}},{"id":"fe3c07a7-f180-46ba-a590-9625ae132dc3","block_type":"box","text":"The Fund is directly and indirectly susceptible to operational and technology risks,","page_number":11,"box":{"x":342,"y":249,"width":582,"height":11}},{"id":"86f8b34f-a6ce-431f-ab3a-f0ccaaf0cd30","block_type":"box","text":"including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents,","page_number":11,"box":{"x":83,"y":263,"width":876,"height":11}},{"id":"fc146061-2ec1-47d4-b368-0c389db9c7f2","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”), which may result in losses for the Fund and its shareholders","page_number":11,"box":{"x":83,"y":277,"width":879,"height":11}},{"id":"b1df26d4-287d-416e-813e-974f31c1088e","block_type":"box","text":"or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational,","page_number":11,"box":{"x":83,"y":291,"width":825,"height":11}},{"id":"da696d26-1e8a-4596-841d-75e84651912a","block_type":"box","text":"information security and cybersecurity risk management policies and procedures, their methods of risk management may","page_number":11,"box":{"x":83,"y":305,"width":863,"height":11}},{"id":"72e262f3-1d73-4e0f-80e2-52430196ea75","block_type":"box","text":"differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in","page_number":11,"box":{"x":83,"y":320,"width":872,"height":10}},{"id":"76de3266-09e9-43c5-8ec3-63add52385db","block_type":"box","text":"material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.","page_number":11,"box":{"x":84,"y":334,"width":823,"height":11}},{"id":"ee64526d-1f57-4ebe-8f63-f078c6110886","block_type":"box","text":"Securities Lending Risk.","page_number":11,"box":{"x":83,"y":357,"width":177,"height":11}},{"id":"318d11c7-1cba-4ada-a4e6-e4f97909b233","block_type":"box","text":"The Fund may engage in securities lending. Securities lending involves the risk that the Fund may","page_number":11,"box":{"x":264,"y":357,"width":692,"height":11}},{"id":"41e6473a-4692-4fb6-ac67-15c50f12b2b1","block_type":"box","text":"lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund","page_number":11,"box":{"x":84,"y":371,"width":869,"height":11}},{"id":"d1b2668a-5b3f-493a-972d-09df73c8c631","block_type":"box","text":"could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value","page_number":11,"box":{"x":83,"y":385,"width":886,"height":11}},{"id":"7eac9b29-2e81-4ee8-b05d-1d2b020ba59f","block_type":"box","text":"of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.","page_number":11,"box":{"x":83,"y":400,"width":831,"height":10}},{"id":"4ed0ec7a-2f70-495a-9ef7-666104a256f4","block_type":"box","text":"Tracking Error Risk.","page_number":11,"box":{"x":82,"y":423,"width":145,"height":11}},{"id":"abaa6757-2118-4bcd-b142-418e0bd96723","block_type":"box","text":"The Fund may be subject to “tracking error,” which is the divergence of the Fund’s performance from that","page_number":11,"box":{"x":231,"y":423,"width":741,"height":11}},{"id":"2b25356d-b3ad-41ec-9d9b-016e1f342310","block_type":"box","text":"of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities","page_number":11,"box":{"x":83,"y":437,"width":861,"height":11}},{"id":"cdc6b796-be84-47f2-bac6-fa7e7e808970","block_type":"box","text":"and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and","page_number":11,"box":{"x":83,"y":451,"width":832,"height":11}},{"id":"75f1ea27-1e79-402a-adab-e238ff89e9e2","block_type":"box","text":"methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the","page_number":11,"box":{"x":84,"y":466,"width":880,"height":10}},{"id":"3df1c3ef-be89-4a25-ac3d-65adc05baa6b","block_type":"box","text":"Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the","page_number":11,"box":{"x":84,"y":479,"width":830,"height":11}},{"id":"4e7c9ca5-ac88-4f82-83b4-4f7bf76fe193","block_type":"box","text":"valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses;","page_number":11,"box":{"x":82,"y":494,"width":828,"height":11}},{"id":"84ed8553-012e-4506-8eee-533edc63bcfd","block_type":"box","text":"differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the","page_number":11,"box":{"x":83,"y":508,"width":874,"height":11}},{"id":"cdfd1aa2-3e60-4cfd-a6ef-95469fb42d5e","block_type":"box","text":"Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment;","page_number":11,"box":{"x":84,"y":522,"width":888,"height":11}},{"id":"6d7c28e8-0b04-4f7e-9adc-5e968275bd7e","block_type":"box","text":"portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom","page_number":11,"box":{"x":84,"y":536,"width":851,"height":11}},{"id":"336dfe3f-86ed-408e-801e-88f877e358c8","block_type":"box","text":"baskets; changes to the Underlying Index including the ability and timing of the Fund to adjust its portfolio to reflect changes","page_number":11,"box":{"x":84,"y":550,"width":885,"height":11}},{"id":"b0df8278-938b-41c3-a3ee-7701173abf29","block_type":"box","text":"in the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or limits. Tracking error","page_number":11,"box":{"x":83,"y":565,"width":874,"height":10}},{"id":"e6dd6da3-f557-4741-98ef-11c6f6ba73a6","block_type":"box","text":"risk may be heightened during times of increased market volatility or other unusual market conditions.","page_number":11,"box":{"x":84,"y":579,"width":724,"height":11}},{"id":"1ca16d71-f3c1-4f18-bc1d-fdc17ade3abd","block_type":"box","text":"Performance Information","page_number":11,"box":{"x":84,"y":608,"width":229,"height":10}},{"id":"d524639f-83de-4930-8601-7a533f0cd3af","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides","page_number":11,"box":{"x":82,"y":633,"width":864,"height":10}},{"id":"30782f88-51ae-43ff-a3d4-acb44c319d7d","block_type":"box","text":"some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from","page_number":11,"box":{"x":83,"y":647,"width":871,"height":11}},{"id":"f7f8a8a6-c514-432a-b917-c2f7d7e03c7a","block_type":"box","text":"one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate","page_number":11,"box":{"x":83,"y":661,"width":868,"height":11}},{"id":"ef67142a-3b66-4a5b-8f61-29e0a597d716","block_type":"box","text":"broad-based securities market index and the Underlying Index. Returns assume the reinvestment of any dividends and","page_number":11,"box":{"x":84,"y":675,"width":837,"height":11}},{"id":"b80ad5d2-e8dd-46a1-8982-25aa9e58dded","block_type":"box","text":"distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce","page_number":11,"box":{"x":83,"y":690,"width":869,"height":10}},{"id":"6d21462d-5a56-4861-a215-b75de1176cb1","block_type":"box","text":"performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will","page_number":11,"box":{"x":84,"y":704,"width":832,"height":11}},{"id":"e2eff5bd-4a0c-400c-bde0-8999ee017f01","block_type":"box","text":"perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting","page_number":11,"box":{"x":84,"y":718,"width":841,"height":11}},{"id":"31be21e5-4983-43ff-aab2-620678936fa3","block_type":"box","text":"www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":11,"box":{"x":82,"y":732,"width":531,"height":11}},{"id":"9e27dac6-c76c-4d1e-adaf-f5d70905dbb8","block_type":"box","text":"S-4","page_number":11,"box":{"x":524,"y":920,"width":24,"height":9}},{"id":"90149977-64ef-40b4-90e4-2194f129b872","block_type":"box","text":"Calendar Year-by-Year Returns (%)","page_number":12,"box":{"x":165,"y":23,"width":260,"height":11}},{"id":"8aba88bd-32e9-44e8-908e-9df55bf0354d","block_type":"box","text":"15.79","page_number":12,"box":{"x":117,"y":97,"width":25,"height":6}},{"id":"3c80eb14-cb72-43c0-9db2-a3e71a7d407b","block_type":"box","text":"13.36","page_number":12,"box":{"x":154,"y":101,"width":25,"height":6}},{"id":"9f98c048-3c5d-46b1-a2f4-f51320edc740","block_type":"box","text":"-2.93","page_number":12,"box":{"x":191,"y":145,"width":24,"height":6}},{"id":"8896f18d-1d71-4df3-ac20-4de32499f55f","block_type":"box","text":"20.35","page_number":12,"box":{"x":227,"y":88,"width":26,"height":6}},{"id":"c4a9a20e-cefa-4604-a53b-29c4eda0f20e","block_type":"box","text":"-6.47","page_number":12,"box":{"x":265,"y":152,"width":24,"height":6}},{"id":"54d7c8be-9a43-416a-8d01-e0b997897b49","block_type":"box","text":"19.38","page_number":12,"box":{"x":302,"y":90,"width":25,"height":6}},{"id":"cfa5fd47-5db6-445a-91fb-35828b5d6080","block_type":"box","text":"7.06","page_number":12,"box":{"x":341,"y":112,"width":20,"height":6}},{"id":"072a735f-5f25-4ba8-b8bd-d243090377b9","block_type":"box","text":"1.77","page_number":12,"box":{"x":379,"y":122,"width":19,"height":6}},{"id":"f17262ee-88fa-4cac-a271-13c2a94b45c5","block_type":"box","text":"14.16","page_number":12,"box":{"x":413,"y":99,"width":25,"height":6}},{"id":"b5cb5f7c-20d3-4464-b949-885c55d27968","block_type":"box","text":"11.88","page_number":12,"box":{"x":450,"y":104,"width":25,"height":6}},{"id":"e3a73e94-4f04-4f0b-9e9c-d110b23f8b98","block_type":"box","text":"2016 2017 2018 2019 2020 2021 2022 2023 2024 2025","page_number":12,"box":{"x":117,"y":177,"width":357,"height":6}},{"id":"7f8c9d91-97b8-4aab-948c-3a005b546aff","block_type":"box","text":"Return (%) Period Ended","page_number":12,"box":{"x":766,"y":38,"width":188,"height":9}},{"id":"8263f1dd-bc02-4cbf-9f53-f2dce52ab92e","block_type":"box","text":"Calendar Year-to-Date Return","page_number":12,"box":{"x":550,"y":56,"width":197,"height":8}},{"id":"ea23cfdf-a9cb-46f8-9ac0-a58f6a7f32cf","block_type":"box","text":"14.23% June 30, 2026","page_number":12,"box":{"x":780,"y":56,"width":192,"height":9}},{"id":"0a7cd4a9-7a83-46ad-96ff-6142511230c7","block_type":"box","text":"During the periods shown in the chart:","page_number":12,"box":{"x":551,"y":69,"width":250,"height":10}},{"id":"33320f53-f23c-4227-808a-039b016811d8","block_type":"box","text":"Best Quarter 15.45% December 31, 2022","page_number":12,"box":{"x":564,"y":82,"width":408,"height":9}},{"id":"4009a0cf-b1d0-4aba-94d1-4ba42e3b904e","block_type":"box","text":"Worst Quarter -26.13% March 31, 2020","page_number":12,"box":{"x":563,"y":95,"width":409,"height":9}},{"id":"621bad3c-0e86-4861-b23c-6d2a2be42b07","block_type":"box","text":"Average Annual Total Returns (%)","page_number":12,"box":{"x":403,"y":207,"width":250,"height":11}},{"id":"517f6ab4-52b3-4ffe-9cb7-9602c3893533","block_type":"box","text":"(for the periods ended December 31, 2025)","page_number":12,"box":{"x":371,"y":222,"width":315,"height":10}},{"id":"35398322-35a9-41a6-9e57-3d084ec9b47f","block_type":"box","text":"One Year Five Years Ten Years","page_number":12,"box":{"x":701,"y":238,"width":268,"height":8}},{"id":"7129240a-11e2-4a65-85de-e8127ff40ef3","block_type":"box","text":"Fund Inception: 3/29/2011","page_number":12,"box":{"x":88,"y":253,"width":179,"height":10}},{"id":"4204211e-04fc-4f83-84d4-0237882d7fdd","block_type":"box","text":"Return Before Taxes","page_number":12,"box":{"x":89,"y":265,"width":124,"height":8}},{"id":"f822de9e-d65a-4b40-827c-b454e0793ee7","block_type":"box","text":"11.88% 10.68% 9.07%","page_number":12,"box":{"x":712,"y":265,"width":257,"height":8}},{"id":"5c936e2b-3f82-4331-af90-7f5efeb6d564","block_type":"box","text":"Return After Taxes on Distributions 11.02% 9.74% 8.13%","page_number":12,"box":{"x":89,"y":277,"width":880,"height":7}},{"id":"384ad815-38d4-415d-8a13-84d6d969238b","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 7.62% 8.35% 7.19%","page_number":12,"box":{"x":89,"y":288,"width":880,"height":8}},{"id":"ef3ba1e5-de0b-42b8-b4ae-b5e14bbe6604","block_type":"box","text":"Morningstar US Market Index","page_number":12,"box":{"x":88,"y":300,"width":194,"height":10}},{"id":"968ab152-99d0-4520-8fd9-bd88c75fa134","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes) 17.35% 13.29% 14.40%","page_number":12,"box":{"x":286,"y":300,"width":683,"height":9}},{"id":"c7337e11-b960-4852-b11d-9355158fc0a0","block_type":"box","text":"Morningstar Dividend Yield Focus Index","page_number":12,"box":{"x":88,"y":311,"width":263,"height":10}},{"id":"68793654-7c01-4d56-92fa-1dbeb786d957","block_type":"box","text":"(Returns do not reflect deductions for fees,","page_number":12,"box":{"x":355,"y":311,"width":268,"height":9}},{"id":"d7f7700b-8501-481c-8a14-a8f1284ea5b3","block_type":"box","text":"expenses or taxes)","page_number":12,"box":{"x":101,"y":324,"width":116,"height":10}},{"id":"79114b84-0c7f-4267-97b8-84f5773f64fa","block_type":"box","text":"12.03% 10.79% 9.16%","page_number":12,"box":{"x":712,"y":325,"width":257,"height":7}},{"id":"5c4f4ba5-4e0a-4c05-bf51-40b93a3d1785","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax","page_number":12,"box":{"x":82,"y":354,"width":857,"height":11}},{"id":"ee5e9fe3-ed05-4ecf-a07e-7593decc1c89","block_type":"box","text":"rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and","page_number":12,"box":{"x":84,"y":368,"width":864,"height":10}},{"id":"07b80597-db8c-4142-a284-50ea47bcf88c","block_type":"box","text":"may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold","page_number":12,"box":{"x":84,"y":382,"width":847,"height":11}},{"id":"57d3dcb4-b22c-4e65-9cf9-3150141633fa","block_type":"box","text":"shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns","page_number":12,"box":{"x":83,"y":396,"width":857,"height":11}},{"id":"f9d9386d-0af6-4a6f-a5d3-c3086e18eed4","block_type":"box","text":"after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of","page_number":12,"box":{"x":83,"y":411,"width":877,"height":10}},{"id":"2be1256d-372a-4322-b30b-56693c0c2fbc","block_type":"box","text":"the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund","page_number":12,"box":{"x":82,"y":425,"width":837,"height":11}},{"id":"963db2d4-f0ad-4c92-b2af-f32d73e68ca9","block_type":"box","text":"returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes","page_number":12,"box":{"x":84,"y":439,"width":885,"height":11}},{"id":"b136d441-96e1-45a2-9236-dbdfec875bf6","block_type":"box","text":"on distributions.","page_number":12,"box":{"x":83,"y":453,"width":115,"height":9}},{"id":"cc8fdce8-c8e3-47b7-bc06-3e9dbc6d7d13","block_type":"box","text":"Management","page_number":12,"box":{"x":84,"y":482,"width":120,"height":13}},{"id":"8fb262e2-0b53-4434-b2bb-33e10e0b5947","block_type":"box","text":"Investment Adviser.","page_number":12,"box":{"x":84,"y":507,"width":144,"height":9}},{"id":"92ae4f4d-25f6-4a2f-8eba-c091cb0c04e8","block_type":"box","text":"BlackRock Fund Advisors.","page_number":12,"box":{"x":234,"y":507,"width":180,"height":9}},{"id":"d9abda7d-b7b3-4b50-8ed3-082e7d61ba59","block_type":"box","text":"Portfolio Managers.","page_number":12,"box":{"x":84,"y":530,"width":145,"height":11}},{"id":"c05e70ef-fd90-42de-bc66-6098a5e43a8c","block_type":"box","text":"The following individuals (the “Portfolio Managers”) are primarily responsible for the day-to-day","page_number":12,"box":{"x":233,"y":530,"width":679,"height":11}},{"id":"c2749b84-2705-4efe-acd5-544eb324cfbb","block_type":"box","text":"management of the Fund:","page_number":12,"box":{"x":84,"y":545,"width":182,"height":10}},{"id":"b50a35c9-7278-4195-8c91-611f82906641","block_type":"box","text":"Portfolio Manager","page_number":12,"box":{"x":88,"y":580,"width":120,"height":10}},{"id":"d509ff70-d578-4659-ada3-d3a4cd27fc78","block_type":"box","text":"Portfolio Manager of the","page_number":12,"box":{"x":441,"y":567,"width":161,"height":10}},{"id":"0176f3ce-c8b2-47a1-96f9-a3e87136e2e8","block_type":"box","text":"Fund Since","page_number":12,"box":{"x":485,"y":580,"width":72,"height":8}},{"id":"4b8ca685-7af6-4cb0-ba9a-31b64cc366b9","block_type":"box","text":"Title with Investment","page_number":12,"box":{"x":834,"y":567,"width":140,"height":8}},{"id":"0cee073f-3e02-49eb-b74d-e6769c3f9d2b","block_type":"box","text":"Adviser","page_number":12,"box":{"x":880,"y":580,"width":48,"height":8}},{"id":"b939db7b-ebff-4b87-9ebd-ff9aa7b115e6","block_type":"box","text":"Jennifer Hsui 2012 Managing Director","page_number":12,"box":{"x":87,"y":596,"width":877,"height":9}},{"id":"dc5d55e9-7a2c-406c-a3dc-b4d40459457a","block_type":"box","text":"Matt Waldron 2025 Managing Director","page_number":12,"box":{"x":89,"y":611,"width":875,"height":10}},{"id":"92c1aaad-6661-495f-8e17-89646492b353","block_type":"box","text":"Peter Sietsema 2025 Managing Director","page_number":12,"box":{"x":89,"y":627,"width":875,"height":9}},{"id":"e0981338-56a8-4e3d-8f11-53434e016b9f","block_type":"box","text":"Steven White 2025 Managing Director","page_number":12,"box":{"x":88,"y":642,"width":876,"height":10}},{"id":"649158ad-9d53-4a75-bfbc-b3a1ed42c102","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":12,"box":{"x":84,"y":677,"width":304,"height":11}},{"id":"b3d401bd-780c-40fe-bb57-c68d543d4119","block_type":"box","text":"The Fund is an exchange-traded fund (commonly referred to as an “ETF”). Individual shares of the Fund may only be bought","page_number":12,"box":{"x":82,"y":702,"width":878,"height":11}},{"id":"055c77fb-1001-42c9-b8fd-3ae4967ef15b","block_type":"box","text":"and sold in the secondary market through a broker-dealer. Because ETF shares trade at market prices rather than at NAV,","page_number":12,"box":{"x":83,"y":717,"width":855,"height":11}},{"id":"49b49561-5f3f-4ca9-b838-bea8e2b26d28","block_type":"box","text":"shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). An investor may incur costs","page_number":12,"box":{"x":83,"y":731,"width":817,"height":11}},{"id":"c0287dfc-fa19-4af2-807b-fafb068ede54","block_type":"box","text":"attributable to the difference between the highest price a buyer is willing to pay to purchase shares of the Fund (bid) and the","page_number":12,"box":{"x":83,"y":745,"width":878,"height":11}},{"id":"2efed533-3686-4827-9a1f-83dc967ab12f","block_type":"box","text":"lowest price a seller is willing to accept for shares of the Fund (ask) when buying or selling shares in the secondary market","page_number":12,"box":{"x":84,"y":759,"width":860,"height":11}},{"id":"aaed2c2a-48ac-4d19-8541-de41a7515315","block_type":"box","text":"(the “bid-ask spread”).","page_number":12,"box":{"x":83,"y":773,"width":157,"height":11}},{"id":"35626484-7ada-47c0-a334-a19689eca0cc","block_type":"box","text":"Tax Information","page_number":12,"box":{"x":82,"y":802,"width":144,"height":11}},{"id":"02357108-96bf-4b04-9bb8-f5c61298acf0","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you as ordinary income or capital gains, unless you are","page_number":12,"box":{"x":82,"y":828,"width":832,"height":10}},{"id":"9938b7be-4ef6-45a7-8d66-46dc0b70e871","block_type":"box","text":"investing through a tax-deferred arrangement such as a 401(k) plan or an IRA, in which case, your distributions generally will","page_number":12,"box":{"x":83,"y":842,"width":883,"height":11}},{"id":"1bc56b85-b2cd-4b61-a9f1-461433326214","block_type":"box","text":"be taxed when withdrawn.","page_number":12,"box":{"x":84,"y":856,"width":181,"height":8}},{"id":"dd191f75-e52f-4d57-a443-8f0f268f722e","block_type":"box","text":"S-5","page_number":12,"box":{"x":524,"y":920,"width":24,"height":9}},{"id":"733f6686-77ec-4daf-8240-9f83a9f8ba5f","block_type":"box","text":"Payments to Broker-Dealers and Other Financial Intermediaries","page_number":13,"box":{"x":84,"y":22,"width":575,"height":14}},{"id":"63eb916a-00f8-4066-b777-ee557c2dc038","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), BFA or other","page_number":13,"box":{"x":84,"y":48,"width":854,"height":10}},{"id":"b122a314-7d95-4719-9af6-5ee1747cd48b","block_type":"box","text":"related companies may pay the intermediary for marketing activities and presentations, educational training programs,","page_number":13,"box":{"x":84,"y":62,"width":842,"height":11}},{"id":"5d32a963-ec40-43a6-9223-caeba3c4eae3","block_type":"box","text":"conferences, the development of technology platforms and reporting systems or other services related to the sale or","page_number":13,"box":{"x":83,"y":76,"width":820,"height":11}},{"id":"d5f9d9e3-90ac-4db6-a7a8-fce264aec21b","block_type":"box","text":"promotion of the Fund. These payments may create a conflict of interest by influencing the broker-dealer or other","page_number":13,"box":{"x":84,"y":90,"width":801,"height":11}},{"id":"3cb4654b-53fe-420a-86e0-2804298d0699","block_type":"box","text":"intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your","page_number":13,"box":{"x":83,"y":105,"width":841,"height":10}},{"id":"d0cdffd0-31bd-4abf-ad4a-7e79f732a20a","block_type":"box","text":"financial intermediary’s website for more information.","page_number":13,"box":{"x":83,"y":118,"width":379,"height":11}},{"id":"c7ce0a44-dc40-426e-9a77-399814c0d799","block_type":"box","text":"S-6","page_number":13,"box":{"x":524,"y":920,"width":24,"height":9}},{"id":"e77b5639-4ff1-4702-bb8e-10d12a60abd1","block_type":"box","text":"iShares Environmentally Aware Real Estate ETF","page_number":14,"box":{"x":84,"y":23,"width":663,"height":21}},{"id":"2de309cf-9d2a-4389-ac6e-14d632c0ae77","block_type":"box","text":"ERET | Nasdaq","page_number":14,"box":{"x":85,"y":47,"width":202,"height":21}},{"id":"cc6ba1b8-a987-4762-b87d-6fb61eba2557","block_type":"box","text":"Investment Objective","page_number":14,"box":{"x":84,"y":92,"width":192,"height":14}},{"id":"09eb177c-3d33-4d22-9bd0-af4766f2555a","block_type":"box","text":"The iShares Environmentally Aware Real Estate ETF (the “Fund”) seeks to track the investment results of an index composed","page_number":14,"box":{"x":82,"y":117,"width":878,"height":11}},{"id":"5d6753dc-17ab-4840-bf53-0a39feff7d1d","block_type":"box","text":"of developed market real estate equities while targeting increased exposure to green certification and energy efficiency","page_number":14,"box":{"x":83,"y":131,"width":842,"height":11}},{"id":"432d8d65-ee69-4b55-b0e8-119bbf11228f","block_type":"box","text":"relative to the parent index.","page_number":14,"box":{"x":84,"y":146,"width":191,"height":10}},{"id":"c946dc6a-161b-47e5-8e19-83c2b4c05c9e","block_type":"box","text":"Fees and Expenses","page_number":14,"box":{"x":84,"y":175,"width":169,"height":13}},{"id":"a0d59f12-4989-4ee1-9ad0-728e77b1f691","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. Amounts","page_number":14,"box":{"x":82,"y":200,"width":874,"height":11}},{"id":"148028d5-572a-4026-a4d4-b64e4a62ccef","block_type":"box","text":"in the table are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement","page_number":14,"box":{"x":83,"y":214,"width":871,"height":11}},{"id":"b1a6dc09-dcbe-4b61-8dfe-b372c83240df","block_type":"box","text":"between iShares Trust (the “Trust”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that","page_number":14,"box":{"x":84,"y":228,"width":887,"height":11}},{"id":"3e64bb0e-d2ba-4220-b8dc-c1c42c0fba83","block_type":"box","text":"BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes,","page_number":14,"box":{"x":84,"y":242,"width":795,"height":11}},{"id":"b0d14d9b-703f-4ae6-8028-27c90213eba9","block_type":"box","text":"(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio","page_number":14,"box":{"x":83,"y":256,"width":854,"height":11}},{"id":"2ce0dd20-e509-4257-ba6b-2992e976de91","block_type":"box","text":"transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any","page_number":14,"box":{"x":82,"y":271,"width":829,"height":10}},{"id":"25cc028d-11d1-4d4a-a320-d74331198748","block_type":"box","text":"extraordinary expenses.","page_number":14,"box":{"x":83,"y":285,"width":168,"height":11}},{"id":"092a07b7-07cf-4a1d-9ae0-9e5246077035","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not","page_number":14,"box":{"x":82,"y":308,"width":830,"height":11}},{"id":"a174c3c7-5b49-4724-8a99-f16b6c90a8fe","block_type":"box","text":"reflected in the table and example below.","page_number":14,"box":{"x":83,"y":322,"width":301,"height":11}},{"id":"ab0e7ff6-ed3b-4248-9a3a-9a80c12e26ef","block_type":"box","text":"Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)","page_number":14,"box":{"x":87,"y":345,"width":761,"height":10}},{"id":"4bdbfccb-9874-480e-a9a6-240008f4ad01","block_type":"box","text":"1","page_number":14,"box":{"x":849,"y":344,"width":5,"height":4}},{"id":"f5cc5865-42ef-4687-bb5c-4f0974833f52","block_type":"box","text":"Management Fee","page_number":14,"box":{"x":89,"y":365,"width":109,"height":10}},{"id":"4bcee475-3146-42a2-90b4-f016751f3c13","block_type":"box","text":"0.30%","page_number":14,"box":{"x":920,"y":365,"width":41,"height":8}},{"id":"5b470c1c-d289-42c2-8803-2a1bd9721e97","block_type":"box","text":"Other Expenses","page_number":14,"box":{"x":88,"y":381,"width":99,"height":9}},{"id":"33a24250-108c-48c1-95a4-6e029317281c","block_type":"box","text":"0.00%","page_number":14,"box":{"x":920,"y":381,"width":41,"height":7}},{"id":"2debf996-60e1-4229-a5b2-c480e314fc63","block_type":"box","text":"Total Annual Fund Operating Expenses","page_number":14,"box":{"x":87,"y":396,"width":246,"height":10}},{"id":"e6fa5f75-1463-45f3-8930-a710f9d4acde","block_type":"box","text":"0.30%","page_number":14,"box":{"x":920,"y":396,"width":41,"height":8}},{"id":"13be4ff1-5507-4c44-8f29-df6d8d3ccfa3","block_type":"box","text":"1","page_number":14,"box":{"x":110,"y":424,"width":5,"height":4}},{"id":"752cf8a1-b559-49ba-9aa2-4d65abd0baf9","block_type":"box","text":"Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any.","page_number":14,"box":{"x":123,"y":425,"width":780,"height":10}},{"id":"3e4e710c-8e76-4d89-b69a-2006243dc3e8","block_type":"box","text":"Example.","page_number":14,"box":{"x":84,"y":445,"width":66,"height":10}},{"id":"c8b23419-7942-47af-be98-50f7e48889f4","block_type":"box","text":"This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in","page_number":14,"box":{"x":154,"y":445,"width":795,"height":11}},{"id":"566642fc-ef76-4735-8a9a-f1b1911cdbbe","block_type":"box","text":"other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your","page_number":14,"box":{"x":83,"y":458,"width":886,"height":12}},{"id":"c04fa6c3-0df1-475b-9fdf-c20a4d53229f","block_type":"box","text":"shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the","page_number":14,"box":{"x":83,"y":473,"width":870,"height":11}},{"id":"4ccf0f52-e9ec-4538-b2ea-29a15269314c","block_type":"box","text":"Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions,","page_number":14,"box":{"x":84,"y":487,"width":887,"height":11}},{"id":"2e96aab2-1eee-4d4b-9361-38697b139f56","block_type":"box","text":"your costs would be:","page_number":14,"box":{"x":82,"y":502,"width":143,"height":10}},{"id":"419d5401-9b88-4d34-8596-c4fc5ed5d86c","block_type":"box","text":"Expense Example","page_number":14,"box":{"x":88,"y":524,"width":115,"height":10}},{"id":"3b629632-4762-4f81-b3a4-fa179e33e74b","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":14,"box":{"x":693,"y":524,"width":281,"height":8}},{"id":"bfa0e713-8800-44c8-9c3b-9a37cf7c110a","block_type":"box","text":"Example Fund Costs","page_number":14,"box":{"x":89,"y":540,"width":128,"height":9}},{"id":"2149eb1e-6cbd-4557-9436-c463ed12c209","block_type":"box","text":"$31 $97 $169 $381","page_number":14,"box":{"x":701,"y":539,"width":261,"height":9}},{"id":"6c81db06-fcc3-4d20-8980-fe88eb72b4da","block_type":"box","text":"Portfolio Turnover.","page_number":14,"box":{"x":84,"y":569,"width":136,"height":9}},{"id":"e2c085b8-658e-43d5-a0fc-8d3ed087742c","block_type":"box","text":"The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns","page_number":14,"box":{"x":225,"y":569,"width":721,"height":11}},{"id":"6cabf248-0e99-4e7c-8862-5a5bddd53ac1","block_type":"box","text":"over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when","page_number":14,"box":{"x":83,"y":583,"width":884,"height":11}},{"id":"135ba5fa-6deb-4c0b-a4b1-59a9952317ce","block_type":"box","text":"Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in","page_number":14,"box":{"x":84,"y":597,"width":875,"height":11}},{"id":"855e032e-de15-411c-9bf3-47720db93810","block_type":"box","text":"the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 11% of","page_number":14,"box":{"x":82,"y":612,"width":887,"height":10}},{"id":"20c83117-d8e7-4b61-803a-4979da8538e2","block_type":"box","text":"the average value of its portfolio.","page_number":14,"box":{"x":82,"y":626,"width":231,"height":11}},{"id":"ee5aea9f-cea0-408e-8d59-f6d652574434","block_type":"box","text":"Principal Investment Strategies","page_number":14,"box":{"x":84,"y":655,"width":284,"height":13}},{"id":"5a70b6b8-2859-4625-8290-762d1a4036a4","block_type":"box","text":"The Fund seeks to track the investment results of the FTSE EPRA Nareit Developed Green Target Index (the “Underlying","page_number":14,"box":{"x":82,"y":680,"width":844,"height":11}},{"id":"5a7db1f6-106c-42e9-b74e-c76b7cc3f4f0","block_type":"box","text":"Index”), which was developed by FTSE International Limited (the “Index Provider” or “FTSE”). The Underlying Index is","page_number":14,"box":{"x":84,"y":694,"width":822,"height":11}},{"id":"fb8c85ad-fed1-4b28-8769-23d0c1acfb1c","block_type":"box","text":"composed of securities selected from the FTSE EPRA Nareit Developed Index (the “Parent Index”). The Parent Index is","page_number":14,"box":{"x":83,"y":708,"width":831,"height":11}},{"id":"c42d2a84-1b47-481c-9837-d26a2f86ee25","block_type":"box","text":"composed of real estate investment trusts (“REITs”) and real estate holding and development companies from developed","page_number":14,"box":{"x":83,"y":722,"width":853,"height":11}},{"id":"15834608-b639-46b9-9aa3-a6ae4d97bd02","block_type":"box","text":"market countries or regions. The Underlying Index reweights constituents of the Parent Index to target, in aggregate, a","page_number":14,"box":{"x":84,"y":737,"width":834,"height":11}},{"id":"8ef3ffb5-2818-4835-9919-9dfdd9dd03bb","block_type":"box","text":"minimum level of green certification; an increase in green certification and a reduction in energy usage, both relative to the","page_number":14,"box":{"x":84,"y":751,"width":868,"height":11}},{"id":"d0cd8048-6c46-4ad0-8895-fb273ccd31b0","block_type":"box","text":"Parent Index; and a level of carbon emission intensity that is no worse than that of the Parent Index, subject to certain","page_number":14,"box":{"x":84,"y":765,"width":829,"height":11}},{"id":"52aa2a38-e5be-4289-b2f1-7ea7a843a684","block_type":"box","text":"constraints. The Parent Index may include large-, mid- and small-capitalization constituents.","page_number":14,"box":{"x":83,"y":779,"width":657,"height":11}},{"id":"2a4b1490-a9a6-45cf-a9e0-32c5dbef21e4","block_type":"box","text":"Green certification is defined as the percentage of building area owned by an issuer that has a LEED or BREEAM certification,","page_number":14,"box":{"x":83,"y":801,"width":889,"height":11}},{"id":"741ff294-9630-411d-85a7-dc0036990373","block_type":"box","text":"as confirmed by a third-party data provider.","page_number":14,"box":{"x":83,"y":815,"width":306,"height":11}},{"id":"fc0a3bc7-c39d-4a58-92e7-d97338e15e61","block_type":"box","text":"Energy usage is defined as the estimated energy usage, measured in kilowatt hours per square foot, of net leasable","page_number":14,"box":{"x":84,"y":837,"width":811,"height":11}},{"id":"82fcbb7e-da69-463e-abbd-5705ed8e9e22","block_type":"box","text":"area owned by an issuer. A third-party data provider estimates energy usage based on factors including building location and","page_number":14,"box":{"x":83,"y":851,"width":884,"height":11}},{"id":"17792a65-5548-4fce-a263-1ddc09af5c30","block_type":"box","text":"size, primary property type, year built and time period of estimation.","page_number":14,"box":{"x":83,"y":866,"width":478,"height":10}},{"id":"23b271e4-c2c9-4cb8-82e5-1f538f6aebbc","block_type":"box","text":"S-7","page_number":14,"box":{"x":524,"y":920,"width":23,"height":9}},{"id":"0099e606-1aa8-456c-a039-d5626ab24a01","block_type":"box","text":"The carbon emission intensity metric is calculated based on total carbon emissions, measured in metric tons of","page_number":15,"box":{"x":82,"y":23,"width":788,"height":11}},{"id":"1c544215-4a06-4de5-b9fd-e7d208d50983","block_type":"box","text":"carbon dioxide-equivalent, for the buildings owned by the issuer. A third-party data provider estimates Scope 1, 2 and 3","page_number":15,"box":{"x":83,"y":37,"width":843,"height":11}},{"id":"c617d1c7-047f-4706-9b8b-a245c95170fc","block_type":"box","text":"emissions, which include both landlord and tenant emissions, for each building based on the types of energy used by similar","page_number":15,"box":{"x":83,"y":52,"width":880,"height":10}},{"id":"ee540bda-0b54-423b-b394-317441f05300","block_type":"box","text":"types of buildings in the geographic area. Scope 1 emissions are direct greenhouse gas (“GHG”) emissions from fuels that are","page_number":15,"box":{"x":82,"y":66,"width":888,"height":11}},{"id":"a7fb28cb-2945-4be0-b121-d9136144e36a","block_type":"box","text":"used by a building on-site. Scope 2 emissions are emissions from fuels that are burned off-site to deliver energy to a building,","page_number":15,"box":{"x":83,"y":80,"width":887,"height":11}},{"id":"32d86184-3576-47dd-931b-35afdb4a8e26","block_type":"box","text":"mainly emissions from electricity use. Scope 3 emissions are other emissions that an issuer generates indirectly, such as","page_number":15,"box":{"x":84,"y":94,"width":850,"height":11}},{"id":"d1358cae-edc9-4bab-a5ae-11c8b230d4a4","block_type":"box","text":"emissions from tenants, transportation, waste generation and disposal, supply chain, and purchased products. The emissions","page_number":15,"box":{"x":83,"y":108,"width":888,"height":11}},{"id":"fb86862f-9645-48c8-a900-7d95da9f72d3","block_type":"box","text":"are then scaled by the issuer’s enterprise value including cash (i.e., the sum of market capitalization at fiscal year-end,","page_number":15,"box":{"x":83,"y":122,"width":833,"height":11}},{"id":"1a6c597d-ba4a-4ef4-a519-5f46d1e68e03","block_type":"box","text":"preferred stock, minority interests, total debt, and cash and cash equivalents).","page_number":15,"box":{"x":84,"y":137,"width":548,"height":10}},{"id":"0671a805-8a2f-4170-a0ee-8ac50a96e1f9","block_type":"box","text":"The Index Provider begins with the Parent Index and excludes the securities of issuers that it identifies as being involved in","page_number":15,"box":{"x":82,"y":159,"width":866,"height":10}},{"id":"fe3e0bda-64ff-4ba9-86cd-29b8d7216b07","block_type":"box","text":"the business of tobacco, companies involved with controversial weapons, producers and retailers of civilian firearms, and","page_number":15,"box":{"x":82,"y":173,"width":855,"height":10}},{"id":"e66ca5c5-1e39-4ae6-bdb3-654f88ecfe8a","block_type":"box","text":"companies involved in thermal coal mining, thermal coal-based power generation or the extraction of oil sands. Certain","page_number":15,"box":{"x":83,"y":187,"width":843,"height":11}},{"id":"ed1db348-bb98-45c1-9f1d-7760dc375e0e","block_type":"box","text":"exclusions (","page_number":15,"box":{"x":83,"y":201,"width":83,"height":9}},{"id":"b12f44fc-6e2f-4d7d-b2af-19c56faf26ff","block_type":"box","text":"e.g","page_number":15,"box":{"x":167,"y":204,"width":19,"height":8}},{"id":"fb07ef00-6143-49ed-bd34-c4319efed132","block_type":"box","text":"., controversial weapons or manufacturing tobacco products) are categorical, and others are based on","page_number":15,"box":{"x":188,"y":201,"width":718,"height":11}},{"id":"7c6a7afc-9fde-42c1-ae8f-1da9407f71f6","block_type":"box","text":"percentage of revenue or ownership thresholds. Additionally, the Index Provider excludes companies that it determines are","page_number":15,"box":{"x":84,"y":215,"width":865,"height":11}},{"id":"e3e39d6e-8c04-4d9b-91cf-9c991c3c29d7","block_type":"box","text":"involved in controversies related to the ten United Nations Global Compact (“UNGC”) principles, which are classified into four","page_number":15,"box":{"x":83,"y":229,"width":885,"height":11}},{"id":"33227242-bbbd-4287-8cf9-d0eb8db6d45c","block_type":"box","text":"categories: human rights, labor, environment and anti-corruption.","page_number":15,"box":{"x":83,"y":244,"width":465,"height":10}},{"id":"69bfaa31-078c-4426-8870-5aae68458735","block_type":"box","text":"The Index Provider then weights the remaining securities to target, in aggregate across the Underlying Index, (i) a minimum of","page_number":15,"box":{"x":82,"y":265,"width":892,"height":11}},{"id":"7829c1ef-5f0c-44e1-8f05-42d2cfb667a4","block_type":"box","text":"10% green certification; (ii) a 30% increase in green certification relative to the Parent Index; (iii) a 10% reduction in energy","page_number":15,"box":{"x":83,"y":280,"width":877,"height":11}},{"id":"766feb69-3af5-4aeb-a634-b3bb1ad84a88","block_type":"box","text":"usage relative to the Parent Index; and (iv) a level of carbon emission intensity that is no worse than that of the Parent Index.","page_number":15,"box":{"x":83,"y":294,"width":876,"height":11}},{"id":"24a846eb-f275-488d-baab-cfe705405038","block_type":"box","text":"The Underlying Index must have a beta (a measure of volatility relative to the overall market) between 0.7 and 1.3 relative to","page_number":15,"box":{"x":82,"y":308,"width":872,"height":11}},{"id":"4ab21921-fc59-4006-8583-e9d51a98d0c2","block_type":"box","text":"the Parent Index, using daily returns over the past two years. In addition, the Underlying Index's country and sector exposure","page_number":15,"box":{"x":82,"y":322,"width":879,"height":11}},{"id":"1028207e-606c-4abe-9789-cef598dafdfc","block_type":"box","text":"must be within 2% of the Parent Index weight. The minimum weight for an individual constituent is 0.005% of the Underlying","page_number":15,"box":{"x":84,"y":336,"width":886,"height":11}},{"id":"d24827d1-5637-4fef-bbea-0c44913c1a14","block_type":"box","text":"Index, and the maximum weight is the lesser of 10% of the Underlying Index or 10 times the constituent’s weight in the","page_number":15,"box":{"x":84,"y":351,"width":840,"height":10}},{"id":"9e9d8dc7-2a1c-4d00-8478-46987dd584ba","block_type":"box","text":"Parent Index. At each index review, the sector and country constraints and the green certification and energy usage targets","page_number":15,"box":{"x":84,"y":365,"width":866,"height":11}},{"id":"212a8e92-90d1-4acc-9f9c-b76827fad7fc","block_type":"box","text":"may be relaxed if it is infeasible to achieve all constraints and targets.","page_number":15,"box":{"x":84,"y":379,"width":488,"height":11}},{"id":"28ef2dd5-a96a-4862-8ad6-d832b920aa85","block_type":"box","text":"The Underlying Index is reviewed and reconstituted annually in September, with the business involvement and UNGC","page_number":15,"box":{"x":82,"y":401,"width":828,"height":11}},{"id":"7868bc0a-0ed8-4f70-b2a7-2c73818961d2","block_type":"box","text":"controversy screens applied quarterly.","page_number":15,"box":{"x":83,"y":415,"width":268,"height":11}},{"id":"08e8bf64-695e-4b08-b438-a22d4f569b0f","block_type":"box","text":"As of April 30, 2026, the Underlying Index was composed of 343 securities of companies in the following countries or regions:","page_number":15,"box":{"x":82,"y":437,"width":887,"height":11}},{"id":"5214167b-3798-42b0-a4a0-c5227e907a40","block_type":"box","text":"Australia, Austria, Belgium, Canada, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New","page_number":15,"box":{"x":82,"y":451,"width":879,"height":11}},{"id":"c6bb1bc8-f58b-4279-bcb9-dafdcbcf5bae","block_type":"box","text":"Zealand, Norway, Singapore, South Korea, Spain, Sweden, Switzerland, the United Kingdom (the “U.K.”), and the U.S. As of","page_number":15,"box":{"x":82,"y":465,"width":854,"height":11}},{"id":"6101787d-83f6-44a9-b3b0-8dd90033bafe","block_type":"box","text":"April 30, 2026, a significant portion of the Underlying Index included companies offering various real estate services, real","page_number":15,"box":{"x":82,"y":480,"width":857,"height":10}},{"id":"f6056bf0-0486-4939-8346-446a4923553f","block_type":"box","text":"estate operating companies and REITs. The components of the Underlying Index are likely to change over time.","page_number":15,"box":{"x":83,"y":494,"width":782,"height":11}},{"id":"26918779-bf75-4373-aaf0-f50bf64ff328","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a","page_number":15,"box":{"x":82,"y":517,"width":853,"height":11}},{"id":"6befa8d9-716c-4a6b-a834-3c84cf255c79","block_type":"box","text":"representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that","page_number":15,"box":{"x":84,"y":531,"width":838,"height":11}},{"id":"cdb4a822-e090-49d8-8cd6-f77d1fe9d8d3","block_type":"box","text":"involves investing in a representative sample of securities or other instruments intended to collectively have an investment","page_number":15,"box":{"x":83,"y":545,"width":868,"height":11}},{"id":"b89aa891-3c19-434b-81d4-f85cb8ccaaa9","block_type":"box","text":"profile similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate,","page_number":15,"box":{"x":84,"y":559,"width":850,"height":11}},{"id":"2cf9bcf2-a034-47d5-88a0-fe1457d7ec19","block_type":"box","text":"investment characteristics (based on factors such as market capitalization and industry weightings), fundamental","page_number":15,"box":{"x":83,"y":574,"width":806,"height":10}},{"id":"94dd733e-9b84-424f-91de-fdc6c567e62f","block_type":"box","text":"characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index.","page_number":15,"box":{"x":83,"y":588,"width":885,"height":11}},{"id":"b81f23b9-c850-4967-af7f-994bbc342825","block_type":"box","text":"The Fund may or may not hold all of the components of the Underlying Index. The Fund may use derivatives to gain or reduce","page_number":15,"box":{"x":82,"y":602,"width":885,"height":11}},{"id":"2fdfd61b-de54-4bff-8122-733cb8c8e724","block_type":"box","text":"exposure to the components of the Underlying Index or exposure to one or more market risk factors associated with such","page_number":15,"box":{"x":83,"y":616,"width":853,"height":11}},{"id":"0e2b6264-cae7-41c1-8e4f-ad0067fbf14d","block_type":"box","text":"components. Subject to the limits described herein, the Fund may purchase and hold cash and cash equivalents, including","page_number":15,"box":{"x":83,"y":630,"width":867,"height":11}},{"id":"2c38fecf-d20c-4c3b-9df7-c25644fafbd9","block_type":"box","text":"shares of money market funds advised by BFA or its affiliates, and may also purchase and hold instruments not included in","page_number":15,"box":{"x":83,"y":645,"width":868,"height":10}},{"id":"a36ed307-0569-4f41-b3e1-4bb90f4d9558","block_type":"box","text":"the Underlying Index when BFA believes that such instruments will help the Fund track the performance of the Underlying","page_number":15,"box":{"x":82,"y":659,"width":863,"height":11}},{"id":"da0c9f06-e12a-4459-9416-c6a5674b4ff7","block_type":"box","text":"Index over time, including in light of expected liquidity or trading costs, anticipated additions to or deletions from the","page_number":15,"box":{"x":84,"y":673,"width":825,"height":11}},{"id":"2c614a10-5548-4d59-bf0d-ad1e4c5590c1","block_type":"box","text":"Underlying Index, or other reasons as determined by BFA.","page_number":15,"box":{"x":84,"y":687,"width":405,"height":11}},{"id":"88e002fa-8caa-4765-a89c-7d2dea3ba55d","block_type":"box","text":"In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), under normal","page_number":15,"box":{"x":84,"y":710,"width":844,"height":11}},{"id":"56dc7787-67d2-432c-9492-96a2161dbbec","block_type":"box","text":"circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for","page_number":15,"box":{"x":83,"y":724,"width":860,"height":11}},{"id":"6eca871f-b6ae-4788-bcdc-73539091efef","block_type":"box","text":"investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be","page_number":15,"box":{"x":83,"y":739,"width":831,"height":10}},{"id":"d0d110f1-ed0e-4a14-8e26-15e1fa63d228","block_type":"box","text":"counted toward the Fund's 80% investment policy to the extent that they provide exposure to the components of its","page_number":15,"box":{"x":83,"y":753,"width":817,"height":11}},{"id":"3d9101e1-2396-4db1-8cae-7a67d51701a3","block_type":"box","text":"Underlying Index or exposure to one or more market risk factors associated with such components. The Fund's 80%","page_number":15,"box":{"x":84,"y":767,"width":817,"height":11}},{"id":"fab61074-35fb-4e50-b909-6349179d9c99","block_type":"box","text":"investment policy may be changed by the Trust's Board of Trustees (the “Board”) upon 60 days' notice to shareholders.","page_number":15,"box":{"x":83,"y":781,"width":835,"height":11}},{"id":"808458df-899f-46f2-84ee-d29509295ef3","block_type":"box","text":"In addition, the Fund generally will invest at least 90% of its assets in the components of the Underlying Index.","page_number":15,"box":{"x":84,"y":803,"width":780,"height":11}},{"id":"5c3a671f-b784-4816-87aa-e87bf1bf5e4b","block_type":"box","text":"The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any","page_number":15,"box":{"x":82,"y":826,"width":873,"height":11}},{"id":"9d9d69f2-75ac-4e79-8502-d4bd8b79983f","block_type":"box","text":"collateral received).","page_number":15,"box":{"x":83,"y":840,"width":136,"height":10}},{"id":"e39a5672-92aa-4467-9367-14327097d5c0","block_type":"box","text":"S-8","page_number":15,"box":{"x":524,"y":920,"width":24,"height":9}},{"id":"3b353dca-5fc2-4d4f-84bd-8435fa0cd005","block_type":"box","text":"The Underlying Index is sponsored by FTSE, which is independent of the Fund and BFA. The Index Provider determines the","page_number":16,"box":{"x":82,"y":23,"width":866,"height":11}},{"id":"b6ce99fe-69dc-4927-92a0-13eacacf3147","block_type":"box","text":"composition and relative weightings of the components of the Underlying Index and publishes information regarding the","page_number":16,"box":{"x":83,"y":37,"width":856,"height":11}},{"id":"d018b588-4454-4d22-88dd-bcd986c5ed8c","block_type":"box","text":"market value of the Underlying Index.","page_number":16,"box":{"x":84,"y":52,"width":262,"height":10}},{"id":"de8b0421-924d-4be8-8c05-1f6af1d85b0c","block_type":"box","text":"Industry Concentration Policy.","page_number":16,"box":{"x":84,"y":75,"width":223,"height":11}},{"id":"b7893647-6241-4c64-b434-e34976f65cb8","block_type":"box","text":"The Fund will concentrate its investments (","page_number":16,"box":{"x":312,"y":75,"width":304,"height":9}},{"id":"c1b2555f-33a0-4698-a231-daf4acab8926","block_type":"box","text":"i.e.","page_number":16,"box":{"x":617,"y":75,"width":17,"height":8}},{"id":"2bb5acab-0193-40d6-857e-a94e38db5156","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":16,"box":{"x":636,"y":75,"width":292,"height":10}},{"id":"ec78f7a2-104f-458c-aef6-68f73375063c","block_type":"box","text":"particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For","page_number":16,"box":{"x":84,"y":89,"width":858,"height":11}},{"id":"9eb5854e-aa23-40aa-8da9-10a39364b41a","block_type":"box","text":"purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase","page_number":16,"box":{"x":84,"y":103,"width":867,"height":11}},{"id":"9f6d828c-576d-4240-918d-fac552a7ee1e","block_type":"box","text":"agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.","page_number":16,"box":{"x":83,"y":117,"width":826,"height":11}},{"id":"12c2d21d-d7d9-4eba-8632-540ed3baec04","block_type":"box","text":"Summary of Principal Risks","page_number":16,"box":{"x":83,"y":146,"width":248,"height":14}},{"id":"dc612b9e-ee18-4c1a-b77d-f07f4f4e94fd","block_type":"box","text":"As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that","page_number":16,"box":{"x":82,"y":171,"width":882,"height":11}},{"id":"ea32fcd6-c062-4fb7-b9da-d921541cc869","block_type":"box","text":"of other investments. The Fund is subject to certain risks, including the principal risks noted below, any of which may","page_number":16,"box":{"x":83,"y":186,"width":825,"height":10}},{"id":"fdce2ba0-cc52-44b7-ab8e-74bb121f024d","block_type":"box","text":"adversely affect the Fund's net asset value per share (“NAV”), trading price, yield, total return and ability to meet its","page_number":16,"box":{"x":83,"y":200,"width":807,"height":11}},{"id":"d22deb36-4ecb-41ac-8abb-e8a3f9d89b31","block_type":"box","text":"investment objective. Certain key risks are prioritized below (with others following in alphabetical order), but the relative","page_number":16,"box":{"x":83,"y":214,"width":844,"height":11}},{"id":"ea9bc041-bee1-46e7-82d4-91490e5968e8","block_type":"box","text":"significance of any risk is difficult to predict and may change over time. You should review each risk factor carefully.","page_number":16,"box":{"x":83,"y":228,"width":814,"height":11}},{"id":"190de1e6-50be-4762-b37e-bc429f5a9e90","block_type":"box","text":"Risk of Investing in Developed Countries.","page_number":16,"box":{"x":84,"y":251,"width":301,"height":11}},{"id":"0d965755-aa13-4d27-9c8d-651ddbb2566c","block_type":"box","text":"The Fund’s investment in developed country issuers will subject the Fund to legal,","page_number":16,"box":{"x":390,"y":251,"width":580,"height":11}},{"id":"67215550-caf8-44e1-8258-8a9266ab6d39","block_type":"box","text":"regulatory, political, currency, security, economic and other risks associated with developed countries. Developed countries","page_number":16,"box":{"x":84,"y":266,"width":867,"height":10}},{"id":"a067940c-8662-4a0b-bc00-6fb8ae218dc7","block_type":"box","text":"tend to represent a significant portion of the global economy and have generally experienced slower economic growth than","page_number":16,"box":{"x":82,"y":280,"width":871,"height":11}},{"id":"2fb9e0e9-b5a6-4680-94f9-644642fe812e","block_type":"box","text":"some less developed countries. Certain developed countries have experienced security concerns, such as war, terrorism and","page_number":16,"box":{"x":83,"y":294,"width":874,"height":11}},{"id":"599e48ec-b93b-4bf2-b1e4-a2a43f19cdfd","block_type":"box","text":"strained international relations. Incidents involving a country’s or region’s security may cause uncertainty in its markets and","page_number":16,"box":{"x":83,"y":308,"width":876,"height":11}},{"id":"862fed48-36a0-4ff2-a680-50d49a3d1eb6","block_type":"box","text":"may adversely affect its economy and the Fund’s investments. In addition, developed countries may be adversely impacted by","page_number":16,"box":{"x":84,"y":322,"width":886,"height":11}},{"id":"0d6d2d43-84bc-43c6-8816-70f84d147bf7","block_type":"box","text":"changes to the economic conditions of certain key trading partners, regulatory burdens, debt burdens and the price or","page_number":16,"box":{"x":83,"y":336,"width":837,"height":11}},{"id":"13812e27-09d4-4795-9328-ed0bddcd75a1","block_type":"box","text":"availability of certain commodities.","page_number":16,"box":{"x":83,"y":351,"width":247,"height":10}},{"id":"6ae6304f-1e3e-4c0f-be14-9a5edb41d84e","block_type":"box","text":"Environmentally Aware Real Estate Investment Strategy Risk.","page_number":16,"box":{"x":84,"y":374,"width":453,"height":11}},{"id":"3cdac837-f586-4ce8-846d-38adcd4b7c98","block_type":"box","text":"The Fund’s investment strategy of tracking an Underlying","page_number":16,"box":{"x":541,"y":374,"width":406,"height":11}},{"id":"82eca27f-f964-434e-82e0-554377a06486","block_type":"box","text":"Index that uses environmental factors related to real estate (","page_number":16,"box":{"x":84,"y":388,"width":425,"height":9}},{"id":"45ef8e33-3275-4fc0-aca6-2192f5aab58d","block_type":"box","text":"e.g","page_number":16,"box":{"x":510,"y":391,"width":19,"height":8}},{"id":"c524dfad-8dfd-411d-9aba-d5a5e987d5d9","block_type":"box","text":"., green certification and energy efficiency) may limit the types","page_number":16,"box":{"x":531,"y":388,"width":438,"height":11}},{"id":"7c8d3fcd-0969-4280-a9d2-27184cde0b2c","block_type":"box","text":"and number of investment opportunities available to the Fund and, as a result, the Fund may underperform other funds","page_number":16,"box":{"x":83,"y":402,"width":845,"height":11}},{"id":"052e10f6-dcfa-4766-8b1a-4d68541d4320","block_type":"box","text":"whose underlying index does not use environmental factors related to real estate or other funds that use similar criteria.","page_number":16,"box":{"x":82,"y":416,"width":847,"height":11}},{"id":"26c81d73-bbd1-48e4-9d35-e1f6bd58aee9","block_type":"box","text":"Companies that own or manage real estate assets with favorable environmental factors are exposed to risks specific to the","page_number":16,"box":{"x":83,"y":431,"width":863,"height":10}},{"id":"47a14d64-575d-4e57-9e26-d31837fc11da","block_type":"box","text":"real estate market as well as the risks that are associated specifically with the environmental factors related to real estate. The","page_number":16,"box":{"x":84,"y":445,"width":886,"height":11}},{"id":"ee98f4a0-d6ce-4b54-bb3e-e52a9a419701","block_type":"box","text":"issuers of securities selected for the Underlying Index may not be the same issuers selected by other index providers that use","page_number":16,"box":{"x":83,"y":459,"width":882,"height":11}},{"id":"274854cd-024e-4293-93c8-da0a82f43bdd","block_type":"box","text":"certain environmental factors with respect to real estate companies. The issuers of securities selected for the Underlying","page_number":16,"box":{"x":83,"y":473,"width":850,"height":11}},{"id":"cfc679d8-5490-4d07-a2e5-a300c0bf63c5","block_type":"box","text":"Index may have real estate assets that do not exhibit favorable environmental performance. In addition, issuers selected for","page_number":16,"box":{"x":84,"y":487,"width":870,"height":11}},{"id":"1ce0f2ff-7499-4887-a44e-24574b6ee631","block_type":"box","text":"the Underlying Index may not later display positive or favorable environmental performance metrics.","page_number":16,"box":{"x":82,"y":501,"width":710,"height":11}},{"id":"0715704d-6ad4-4cbb-90f7-89836c787578","block_type":"box","text":"Real Estate Companies Risk.","page_number":16,"box":{"x":84,"y":525,"width":208,"height":10}},{"id":"d8ae5d17-41c4-4ad6-92c6-957d4a7ca098","block_type":"box","text":"Real estate companies, which include real estate investment trust (“REITs”), real estate holding","page_number":16,"box":{"x":298,"y":524,"width":667,"height":11}},{"id":"81b37b95-238b-47eb-94b4-5a5572b24513","block_type":"box","text":"and operating companies, and real estate management or development companies, expose investors to the risks of owning","page_number":16,"box":{"x":83,"y":539,"width":869,"height":11}},{"id":"b7810432-99e1-4d8b-bf3b-fc860627c184","block_type":"box","text":"real estate directly as well as to the risks from the way that such companies operate. Real estate is highly sensitive to general","page_number":16,"box":{"x":84,"y":553,"width":877,"height":11}},{"id":"8ab1de46-4225-4ae3-8942-c74f62036fb4","block_type":"box","text":"and local economic conditions and can be subject to intense competition and periodic overbuilding. Other real estate risks","page_number":16,"box":{"x":83,"y":567,"width":866,"height":11}},{"id":"05f594ec-66bb-404d-b3e6-ddbbefc903b1","block_type":"box","text":"include decreases in property values, tax increases, zoning changes, casualty or condemnation losses, environmental","page_number":16,"box":{"x":83,"y":582,"width":830,"height":10}},{"id":"a12152ef-51a1-47fb-86f3-3eeb098a573c","block_type":"box","text":"liabilities, regulatory limitations on rent or eviction, and defaults by borrowers or tenants. Real estate companies may be","page_number":16,"box":{"x":84,"y":596,"width":845,"height":10}},{"id":"75e3fe09-8a44-4267-868d-b6d2f0dd0a85","block_type":"box","text":"heavily invested in one geographic region, industry or property type. They also may be highly leveraged, which can magnify","page_number":16,"box":{"x":84,"y":610,"width":868,"height":11}},{"id":"54bedb2f-ea0d-4cd4-b584-ab7e64b9a2d8","block_type":"box","text":"losses, and interest rate increases can make it difficult to obtain financing and service debt.","page_number":16,"box":{"x":84,"y":624,"width":645,"height":11}},{"id":"7dfc704c-d23d-41e4-a568-2db73d4654fe","block_type":"box","text":"Equity Securities Risk.","page_number":16,"box":{"x":84,"y":647,"width":163,"height":11}},{"id":"d865b3f6-5e33-49b0-909f-d8d91e3df5a5","block_type":"box","text":"Equity securities are subject to changes in value, and their values may be more volatile than those of","page_number":16,"box":{"x":253,"y":647,"width":709,"height":11}},{"id":"72c43044-4939-4631-9daf-13e70520d072","block_type":"box","text":"other asset classes. The value of a security may decline for a number of reasons that may directly relate to the issuer as well as","page_number":16,"box":{"x":83,"y":661,"width":889,"height":11}},{"id":"9bc551bf-15eb-4e01-80cc-b205fce069d3","block_type":"box","text":"due to general industry or market conditions. Common stock is subordinated to preferred securities and debt in a company’s","page_number":16,"box":{"x":83,"y":675,"width":880,"height":11}},{"id":"06cf659f-6b41-4ff3-bbb5-2feb03278cf5","block_type":"box","text":"capital structure. Common stock has the lowest priority, and the greatest risk, with respect to dividends and any liquidation","page_number":16,"box":{"x":83,"y":690,"width":867,"height":10}},{"id":"8ab3a78e-79bc-4356-bfe4-73cd6a6a5907","block_type":"box","text":"payments in the event of an issuer’s bankruptcy.","page_number":16,"box":{"x":84,"y":704,"width":339,"height":11}},{"id":"121bc471-058c-4df6-b21e-29ad4ec5d2f7","block_type":"box","text":"Market Risk.","page_number":16,"box":{"x":84,"y":727,"width":90,"height":9}},{"id":"2fbcb9cc-4d76-41d6-bb01-e3eaae2c77be","block_type":"box","text":"The Fund could lose money over short periods due to short-term market movements and over longer periods","page_number":16,"box":{"x":179,"y":727,"width":767,"height":11}},{"id":"12852b2c-5453-4dd0-82c1-bb49650c19e3","block_type":"box","text":"during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other","page_number":16,"box":{"x":83,"y":741,"width":882,"height":11}},{"id":"4bf17236-be50-4063-a174-33fe690e61cd","block_type":"box","text":"public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events","page_number":16,"box":{"x":84,"y":755,"width":857,"height":11}},{"id":"4def4bd5-8309-4829-91b8-cec3f58a22ad","block_type":"box","text":"could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the","page_number":16,"box":{"x":83,"y":770,"width":875,"height":10}},{"id":"1e345c6b-d08e-447d-a97a-b583453edc66","block_type":"box","text":"Fund’s NAV.","page_number":16,"box":{"x":84,"y":784,"width":81,"height":8}},{"id":"79918a6a-ab3e-4eee-9959-9e35538138f2","block_type":"box","text":"Index-Related Risk.","page_number":16,"box":{"x":84,"y":807,"width":143,"height":8}},{"id":"a5837de4-2d39-4469-aa67-01554d3a94ab","block_type":"box","text":"The Index Provider may rely on various sources of information to assess the criteria of components of the","page_number":16,"box":{"x":231,"y":807,"width":742,"height":11}},{"id":"7dd32c9e-c9c5-4ef2-9ee5-4b526f942655","block_type":"box","text":"Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can","page_number":16,"box":{"x":84,"y":821,"width":855,"height":11}},{"id":"8a365b34-beae-4f73-9610-c9cee6e4e697","block_type":"box","text":"offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of","page_number":16,"box":{"x":83,"y":835,"width":852,"height":11}},{"id":"b5b8d5e5-6eab-4d52-8d2d-f7f167822b14","block_type":"box","text":"included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or","page_number":16,"box":{"x":83,"y":850,"width":877,"height":10}},{"id":"11684c6e-c3b6-4429-a684-f49b4029a60e","block_type":"box","text":"the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not","page_number":16,"box":{"x":82,"y":864,"width":849,"height":10}},{"id":"4b6f03ba-e424-43bc-90c3-d94fa325a757","block_type":"box","text":"identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual","page_number":16,"box":{"x":83,"y":878,"width":849,"height":11}},{"id":"06c64110-f461-4048-acec-5b991da263e4","block_type":"box","text":"S-9","page_number":16,"box":{"x":524,"y":920,"width":24,"height":9}},{"id":"a973ee0b-5810-442f-b042-e4784481f145","block_type":"box","text":"market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index","page_number":17,"box":{"x":84,"y":23,"width":890,"height":11}},{"id":"dff73e14-03bc-4dc4-8c42-b3f815c81552","block_type":"box","text":"Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could","page_number":17,"box":{"x":84,"y":38,"width":852,"height":10}},{"id":"9fe8ab3c-b1ff-43fd-92f7-469ec234e2c4","block_type":"box","text":"cause the Underlying Index to vary from its normal or expected composition.","page_number":17,"box":{"x":83,"y":52,"width":539,"height":10}},{"id":"9cbe50dc-2d50-4be0-803d-51a612621aaa","block_type":"box","text":"Asset Class Risk.","page_number":17,"box":{"x":82,"y":75,"width":123,"height":8}},{"id":"3146f364-e742-4dbc-9607-152f486b84bf","block_type":"box","text":"The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in","page_number":17,"box":{"x":209,"y":75,"width":721,"height":11}},{"id":"0a1e16c3-acd2-4a33-9784-28b3484a35b0","block_type":"box","text":"comparison to financial markets generally, a particular financial market, another index, or other asset classes.","page_number":17,"box":{"x":83,"y":89,"width":774,"height":11}},{"id":"f2b12c4a-7708-41e1-9ff8-0b4f00762a68","block_type":"box","text":"Assets Under Management (AUM) Risk.","page_number":17,"box":{"x":82,"y":112,"width":291,"height":11}},{"id":"fedf03c6-6d50-49ba-b16e-5a96768896e7","block_type":"box","text":"From time to time, an Authorized Participant (as defined below in","page_number":17,"box":{"x":379,"y":112,"width":458,"height":11}},{"id":"fb0660dd-b5b1-4b27-82d5-1a2731720acd","block_type":"box","text":"Authorized","page_number":17,"box":{"x":841,"y":112,"width":77,"height":9}},{"id":"06a75a5a-f673-4c77-a2ac-12d3224a74d0","block_type":"box","text":"Participant Concentration Risk","page_number":17,"box":{"x":83,"y":126,"width":215,"height":11}},{"id":"836657e2-2a90-41b2-9524-8ee6e48b5a76","block_type":"box","text":"), a third-party investor, the Fund’s adviser, an affiliate of the Fund’s adviser, or another fund","page_number":17,"box":{"x":298,"y":126,"width":647,"height":11}},{"id":"95f48efc-2155-4109-ac0d-ff89de74c349","block_type":"box","text":"may invest in the Fund and hold its investment for a specific period of time to allow the Fund to achieve size or scale. There","page_number":17,"box":{"x":84,"y":140,"width":865,"height":11}},{"id":"b53b0f65-c510-4d8f-ac23-7a14343e671e","block_type":"box","text":"can be no assurance that any such entity would not redeem its investment or that the size of the Fund would be maintained at","page_number":17,"box":{"x":83,"y":155,"width":890,"height":10}},{"id":"252e5286-816d-4ef1-a290-4dade7f51e62","block_type":"box","text":"such levels, which could negatively impact the Fund.","page_number":17,"box":{"x":83,"y":169,"width":370,"height":11}},{"id":"0690cbbd-870e-480e-86d7-48217216eab0","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":17,"box":{"x":82,"y":192,"width":318,"height":11}},{"id":"8bdf57c1-f905-4780-9b49-2a952eaf540f","block_type":"box","text":"An “Authorized Participant” is a member or participant of a clearing agency","page_number":17,"box":{"x":405,"y":192,"width":531,"height":11}},{"id":"282d32a5-a6f7-4ee8-b214-de788f829baf","block_type":"box","text":"registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the","page_number":17,"box":{"x":84,"y":206,"width":809,"height":11}},{"id":"7fdd80b3-dc35-415a-82f4-ca7df300ba8f","block_type":"box","text":"Authorized Participant to place orders for the purchase and redemption of creation units (“Creation Units”). Only an","page_number":17,"box":{"x":82,"y":220,"width":816,"height":11}},{"id":"d639ffbe-ecc7-4a9f-afde-89b9a9d90f2d","block_type":"box","text":"Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number","page_number":17,"box":{"x":82,"y":235,"width":885,"height":10}},{"id":"810138de-80e4-4d9e-aa13-22ce98509235","block_type":"box","text":"of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market","page_number":17,"box":{"x":83,"y":249,"width":871,"height":11}},{"id":"531a362d-e2d2-4b2b-bd1e-1280a702dabf","block_type":"box","text":"participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that","page_number":17,"box":{"x":84,"y":263,"width":845,"height":11}},{"id":"cfbb8bdc-16de-412c-9937-f8a8dbab758a","block_type":"box","text":"Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized","page_number":17,"box":{"x":82,"y":277,"width":882,"height":11}},{"id":"2a4086bf-e4ed-484c-9447-0f0015464eb9","block_type":"box","text":"Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading","page_number":17,"box":{"x":84,"y":291,"width":853,"height":11}},{"id":"27205c07-da23-46f8-9a79-b50d7122dddd","block_type":"box","text":"halts or delisting.","page_number":17,"box":{"x":84,"y":306,"width":120,"height":10}},{"id":"0ddf11a3-7e14-4b67-b5ba-7f5b091a5b2f","block_type":"box","text":"Concentration Risk.","page_number":17,"box":{"x":83,"y":329,"width":145,"height":8}},{"id":"5ec6f66e-6450-49d9-b04f-8364f717b548","block_type":"box","text":"The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that","page_number":17,"box":{"x":232,"y":329,"width":712,"height":11}},{"id":"f35fe6ea-2d05-4d11-9ec6-d93195059ce8","block_type":"box","text":"affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in","page_number":17,"box":{"x":83,"y":343,"width":884,"height":10}},{"id":"2517cb3a-b15c-41c2-a6a1-0ffc11278d6d","block_type":"box","text":"the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or","page_number":17,"box":{"x":82,"y":357,"width":887,"height":11}},{"id":"8a2dba9a-4887-4169-abad-17ccdccad265","block_type":"box","text":"asset classes.","page_number":17,"box":{"x":83,"y":371,"width":95,"height":9}},{"id":"15be0b57-c9ad-4227-a280-6b34e426d2e9","block_type":"box","text":"Currency Risk.","page_number":17,"box":{"x":83,"y":394,"width":106,"height":11}},{"id":"116d59e4-2829-40f4-9a92-0d1c7c4144a6","block_type":"box","text":"Because the Fund’s NAV is determined in U.S. dollars, the NAV could decline if the currency of the non-U.S.","page_number":17,"box":{"x":195,"y":394,"width":750,"height":11}},{"id":"bca205e4-180d-41c4-80f1-d3668ab9e9ed","block_type":"box","text":"market in which the Fund invests depreciates against the U.S. dollar or if there are delays or limits on the repatriation of","page_number":17,"box":{"x":84,"y":409,"width":842,"height":10}},{"id":"73277fff-da26-48c2-95ba-51311d4dad65","block_type":"box","text":"foreign currency. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the","page_number":17,"box":{"x":83,"y":423,"width":854,"height":11}},{"id":"a96e5b5b-7f9c-4603-a098-98ede80d9072","block_type":"box","text":"Fund’s NAV may change quickly and without warning. In addition, the Fund may incur costs in connection with conversions","page_number":17,"box":{"x":84,"y":437,"width":869,"height":11}},{"id":"9f6c4a2c-1d9c-44ad-bd37-c8085871ea3f","block_type":"box","text":"between U.S. dollars and foreign currencies.","page_number":17,"box":{"x":84,"y":451,"width":309,"height":11}},{"id":"a26b2b4a-d3d4-47e9-87db-f598bd87c54a","block_type":"box","text":"Dividend-Paying Stock Risk.","page_number":17,"box":{"x":84,"y":474,"width":208,"height":11}},{"id":"7035e6e6-b5d6-47a1-9ccb-347bed717101","block_type":"box","text":"Investing in dividend-paying stocks involves the risk that such stocks may fall out of favor with","page_number":17,"box":{"x":298,"y":474,"width":665,"height":11}},{"id":"2810b13c-4c1f-4ead-8996-6e81397ebe13","block_type":"box","text":"investors and underperform other types of stocks or the broader market. Companies that issue dividend-paying stocks are","page_number":17,"box":{"x":83,"y":489,"width":864,"height":10}},{"id":"51aea75b-d6e4-4f1c-b927-e8eb3ff277a7","block_type":"box","text":"not required to pay or continue paying dividends on such stocks. It is possible that issuers of the stocks held by the Fund will","page_number":17,"box":{"x":84,"y":503,"width":876,"height":11}},{"id":"3afd6e8e-4a02-4cfa-a286-1ffc755786cf","block_type":"box","text":"not declare dividends in the future or will reduce or eliminate the payment of dividends (including reducing or eliminating","page_number":17,"box":{"x":84,"y":517,"width":858,"height":11}},{"id":"ccd45cbc-7ba5-44c9-8331-c6deacfff8c6","block_type":"box","text":"anticipated accelerations or increases in the payment of dividends), which may adversely affect the Fund.","page_number":17,"box":{"x":83,"y":531,"width":744,"height":11}},{"id":"d3979cf7-688d-4e3d-898d-fe28ae3d7ead","block_type":"box","text":"ESG Risk.","page_number":17,"box":{"x":84,"y":554,"width":68,"height":9}},{"id":"60718ff2-e0d1-4ec9-aad3-e24298a0e648","block_type":"box","text":"To the extent that the Underlying Index uses criteria related to the ESG characteristics of issuers, this may limit the","page_number":17,"box":{"x":156,"y":554,"width":810,"height":11}},{"id":"6444cd4f-fc21-4c38-8dae-bc95bbcad6d6","block_type":"box","text":"types and number of investment opportunities available to the Fund and, as a result, the Fund may underperform other funds","page_number":17,"box":{"x":82,"y":568,"width":888,"height":11}},{"id":"d253c5c8-b4f2-44d6-944e-6e2e9a5c6cee","block_type":"box","text":"whose underlying index does not use ESG criteria. The Underlying Index’s use of ESG criteria may result in the Fund investing","page_number":17,"box":{"x":82,"y":583,"width":886,"height":10}},{"id":"10fd42bd-7612-43eb-be11-e0c4fb325a85","block_type":"box","text":"in, or allocating greater weight to, securities or market sectors that underperform the market as a whole or underperform","page_number":17,"box":{"x":83,"y":597,"width":851,"height":11}},{"id":"9378fb03-8a34-4239-ba09-b2eec0db4564","block_type":"box","text":"other funds that use ESG criteria. In addition, the use of representative sampling may result in divergence of the Fund’s","page_number":17,"box":{"x":83,"y":611,"width":842,"height":11}},{"id":"a37c2c9d-a675-4ee4-ba14-ef045053666d","block_type":"box","text":"overall ESG characteristics or ESG risk from those of the Underlying Index. The Index Provider may evaluate security-level","page_number":17,"box":{"x":83,"y":625,"width":858,"height":11}},{"id":"30d08f44-5c0b-40a6-b2e6-ec69363fd83b","block_type":"box","text":"ESG data and, if applicable, ESG objectives or constraints that are relevant to the Underlying Index only at index reviews or","page_number":17,"box":{"x":84,"y":639,"width":863,"height":11}},{"id":"b70bbba2-b07a-4aed-b9d1-2f6a69a0c89a","block_type":"box","text":"rebalances. Securities included in the Underlying Index may cease to meet the relevant ESG criteria but may nevertheless","page_number":17,"box":{"x":84,"y":654,"width":856,"height":10}},{"id":"9a0e2650-6a70-4b40-be52-0fa487f10236","block_type":"box","text":"remain in the Underlying Index and the Fund until the next review or rebalance by the Index Provider. As a result, certain","page_number":17,"box":{"x":84,"y":668,"width":844,"height":11}},{"id":"4c88381c-e6b0-40e5-9c1f-b5227476cd59","block_type":"box","text":"securities in the Underlying Index, or the Underlying Index as a whole, may not meet the relevant ESG objectives or","page_number":17,"box":{"x":83,"y":682,"width":809,"height":11}},{"id":"1b975df7-0309-4ded-a75c-fb92ffc8df1f","block_type":"box","text":"constraints at all times.","page_number":17,"box":{"x":83,"y":696,"width":164,"height":9}},{"id":"fb42cc0e-5899-400f-98a8-6ec3fc5f158a","block_type":"box","text":"Issuer Risk.","page_number":17,"box":{"x":84,"y":719,"width":82,"height":9}},{"id":"49af1dc9-050b-4c2c-a928-daa12b3408f4","block_type":"box","text":"The performance of the Fund depends on the performance of individual securities or other assets to which the","page_number":17,"box":{"x":170,"y":719,"width":780,"height":11}},{"id":"365b43d0-21de-4cb3-ab81-d0c7fb8a6b0f","block_type":"box","text":"Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due","page_number":17,"box":{"x":84,"y":733,"width":885,"height":11}},{"id":"510242ee-a084-44a3-acb2-68f4cc2b3c22","block_type":"box","text":"to changes in the financial condition or credit rating of the issuer or counterparty.","page_number":17,"box":{"x":82,"y":748,"width":577,"height":10}},{"id":"1c91699e-7d48-4411-bc5c-d09693047d0b","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk.","page_number":17,"box":{"x":84,"y":771,"width":394,"height":11}},{"id":"d1edd75c-700e-487a-967b-93ca591b5328","block_type":"box","text":"Certain shareholders of the Fund, including an Authorized","page_number":17,"box":{"x":484,"y":771,"width":410,"height":11}},{"id":"eb04c919-dec2-4b9b-b244-bfe490f88d21","block_type":"box","text":"Participant, a third-party investor, the Fund’s adviser, an affiliate of the Fund’s adviser, a market maker, or another entity, may","page_number":17,"box":{"x":84,"y":785,"width":882,"height":11}},{"id":"f9c1054e-06cc-4598-889a-fa2a731e09d2","block_type":"box","text":"from time to time own or manage a substantial amount of Fund shares, or may hold their investment in the Fund for a limited","page_number":17,"box":{"x":83,"y":799,"width":884,"height":11}},{"id":"5d2d60ea-d5e2-4de9-9a23-ae9d431dedab","block_type":"box","text":"period of time. There can be no assurance that any large shareholder or large group of shareholders would not redeem their","page_number":17,"box":{"x":84,"y":813,"width":872,"height":11}},{"id":"df8a3d0f-9201-455a-9ce0-077d54949b72","block_type":"box","text":"investment. Redemptions of a large number of Fund shares could require the Fund to dispose of assets to meet the","page_number":17,"box":{"x":83,"y":828,"width":813,"height":10}},{"id":"149780fe-59a7-4a6f-bfbd-f5563169213c","block_type":"box","text":"redemption requests, which can accelerate the realization of taxable income and/or capital gains and cause the Fund to make","page_number":17,"box":{"x":84,"y":842,"width":889,"height":11}},{"id":"b9e322a3-dce7-4eb3-9cdf-942095775189","block_type":"box","text":"taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances,","page_number":17,"box":{"x":82,"y":856,"width":891,"height":10}},{"id":"3aefa938-67cf-4f5c-ac4e-acaa9842df0b","block_type":"box","text":"non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with","page_number":17,"box":{"x":84,"y":870,"width":836,"height":11}},{"id":"294f9049-de81-4cc4-b5bd-2a08f2d3af39","block_type":"box","text":"S-10","page_number":17,"box":{"x":519,"y":920,"width":34,"height":9}},{"id":"b952b12a-73d9-4932-8fad-f335fa3230aa","block_type":"box","text":"respect to such year. In some circumstances, the Fund may hold a relatively large proportion of its assets in cash in","page_number":18,"box":{"x":84,"y":23,"width":810,"height":11}},{"id":"853d0146-7677-4466-8f52-f50d226a4eca","block_type":"box","text":"anticipation of large redemptions, diluting its investment returns. These large redemptions may also force the Fund to sell","page_number":18,"box":{"x":83,"y":37,"width":861,"height":11}},{"id":"ef56b4e1-90ad-40e2-b774-e65d9b0f2335","block_type":"box","text":"portfolio securities or other assets when it might not otherwise do so, which may negatively impact the Fund’s NAV, increase","page_number":18,"box":{"x":84,"y":51,"width":874,"height":11}},{"id":"1b9baea7-aa1d-4aa1-9c6e-6f4364e4c9ae","block_type":"box","text":"the Fund’s brokerage costs and/or have a material effect on the market price of Fund shares.","page_number":18,"box":{"x":82,"y":66,"width":654,"height":11}},{"id":"79f11514-fc56-40d3-bc6e-860d52427bb2","block_type":"box","text":"Management Risk.","page_number":18,"box":{"x":84,"y":89,"width":136,"height":11}},{"id":"cd856b64-4b84-4d2a-9dd3-7bee341178e5","block_type":"box","text":"The Fund does not try to “beat” the Underlying Index it tracks and does not attempt to take defensive","page_number":18,"box":{"x":225,"y":89,"width":711,"height":11}},{"id":"f1399f38-e66e-4d5a-ab76-78f0520001bc","block_type":"box","text":"positions under any market conditions, including declining markets. As the Fund will not fully replicate the Underlying Index","page_number":18,"box":{"x":84,"y":103,"width":876,"height":11}},{"id":"0daca4d4-6de0-4dc5-95a0-3b0c652caeef","block_type":"box","text":"and may hold securities or other assets not included in the Underlying Index, it is subject to the risk that BFA’s investment","page_number":18,"box":{"x":83,"y":117,"width":859,"height":11}},{"id":"15696533-d6d8-4a51-8d56-28f6e4172f12","block_type":"box","text":"strategy may not produce the intended results. There is no guarantee that the Fund’s investment results will have a high","page_number":18,"box":{"x":83,"y":131,"width":847,"height":11}},{"id":"3a958b8a-ef54-4d61-a11d-8b855c1d361b","block_type":"box","text":"degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective.","page_number":18,"box":{"x":83,"y":146,"width":756,"height":10}},{"id":"16b07aab-2876-4e5d-8dd2-3d46cfbe63ba","block_type":"box","text":"Market Trading Risk.","page_number":18,"box":{"x":84,"y":169,"width":151,"height":11}},{"id":"158edc27-e9f3-4fca-bd54-4d4135603a6e","block_type":"box","text":"The Fund faces numerous market trading risks, including the potential lack of an active market for","page_number":18,"box":{"x":239,"y":169,"width":695,"height":11}},{"id":"f80a7875-8ee3-40fd-b36b-d46299d4bd17","block_type":"box","text":"Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and","page_number":18,"box":{"x":84,"y":183,"width":841,"height":11}},{"id":"9068b294-65cd-4757-985a-4516bf32e4f9","block_type":"box","text":"disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s","page_number":18,"box":{"x":83,"y":197,"width":887,"height":11}},{"id":"8053319a-75ad-4cb9-85b2-605e6f0940c2","block_type":"box","text":"shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio","page_number":18,"box":{"x":83,"y":211,"width":839,"height":11}},{"id":"6981d47c-81c9-41ec-b48b-9bec970b57a8","block_type":"box","text":"holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when","page_number":18,"box":{"x":84,"y":226,"width":865,"height":10}},{"id":"329a811f-799e-4512-8de2-a1d69f0e0dd9","block_type":"box","text":"the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value","page_number":18,"box":{"x":82,"y":240,"width":885,"height":11}},{"id":"a72126c8-8cbe-41a0-97dd-68eacd2dfd60","block_type":"box","text":"of the Fund shares.","page_number":18,"box":{"x":83,"y":254,"width":135,"height":8}},{"id":"4c76bb61-b686-4ec7-ad72-deaf44fce643","block_type":"box","text":"National Closed Market Trading Risk.","page_number":18,"box":{"x":84,"y":277,"width":272,"height":11}},{"id":"0ed1bcd8-2d0e-4c9a-9300-ead44590c6df","block_type":"box","text":"To the extent that securities or other assets held by the Fund trade on foreign","page_number":18,"box":{"x":361,"y":277,"width":544,"height":11}},{"id":"1cafaba3-eeb6-4d93-a033-cb3cde725c77","block_type":"box","text":"exchanges or in foreign markets that may be closed when the securities exchange on which the Fund’s shares trade is open,","page_number":18,"box":{"x":83,"y":291,"width":875,"height":11}},{"id":"9fbb17d1-2839-4cc3-bc80-d3a1a3edad5d","block_type":"box","text":"there are likely to be deviations between such asset’s current price and its last quoted price (","page_number":18,"box":{"x":82,"y":305,"width":651,"height":11}},{"id":"03bade6b-c17a-4c2f-b1aa-98f255d95ee5","block_type":"box","text":"i.e","page_number":18,"box":{"x":735,"y":306,"width":14,"height":8}},{"id":"6f9cf005-f8f3-4cb6-a6cc-678febe70506","block_type":"box","text":"., the quote from the closed","page_number":18,"box":{"x":750,"y":305,"width":191,"height":11}},{"id":"eeaf35ba-73fc-4bdb-9a65-123cc0c93c41","block_type":"box","text":"foreign market to the Fund). The impact of a closed foreign market on the Fund is likely to be greater where a large portion of","page_number":18,"box":{"x":83,"y":320,"width":879,"height":10}},{"id":"240244b1-8479-46c1-be90-2998647e9451","block_type":"box","text":"the Fund’s holdings trade on a closed foreign market or when a foreign market is closed for unscheduled reasons. These","page_number":18,"box":{"x":82,"y":334,"width":849,"height":11}},{"id":"e0726a74-2e42-441d-830b-a83f4148d583","block_type":"box","text":"deviations could result in premiums or discounts to the Fund’s NAV that may be greater than those experienced by other","page_number":18,"box":{"x":83,"y":348,"width":850,"height":11}},{"id":"a3837d0b-e645-4ab4-9ab5-057fc2a3dbd1","block_type":"box","text":"funds.","page_number":18,"box":{"x":83,"y":362,"width":43,"height":9}},{"id":"0852d602-9e40-4da8-80cf-9ff12de01b84","block_type":"box","text":"Non-U.S. Securities Risk.","page_number":18,"box":{"x":84,"y":385,"width":181,"height":9}},{"id":"d059e356-1203-4b04-bdff-0ab584277024","block_type":"box","text":"Securities issued by non-U.S. issuers (including depositary receipts) are subject to different legal,","page_number":18,"box":{"x":270,"y":385,"width":687,"height":11}},{"id":"750ba604-d252-4422-868a-dc6ed13aa34d","block_type":"box","text":"regulatory, political, economic, and market risks than securities issued by U.S. issuers. These risks include greater market","page_number":18,"box":{"x":84,"y":400,"width":853,"height":10}},{"id":"8233e657-4308-4053-b753-3507043a68a1","block_type":"box","text":"volatility, less market liquidity, higher transaction costs, expropriation, confiscatory taxation, adverse changes in foreign","page_number":18,"box":{"x":82,"y":414,"width":847,"height":11}},{"id":"3b95ea98-a49a-4291-916d-4194530af2cb","block_type":"box","text":"investment or currency control regulations, restrictions on the repatriation of capital, and political instability. Non-U.S. issuers","page_number":18,"box":{"x":83,"y":428,"width":889,"height":11}},{"id":"6aaecf86-337d-4118-908d-6d3d1259514e","block_type":"box","text":"may be subject to different accounting, audit and financial reporting standards than U.S. issuers, and there may be less","page_number":18,"box":{"x":84,"y":442,"width":842,"height":11}},{"id":"32248a21-7829-4cf3-9725-ca4dafd67abf","block_type":"box","text":"publicly available information about non-U.S. issuers. Foreign market trading hours, different clearing and settlement","page_number":18,"box":{"x":84,"y":456,"width":831,"height":11}},{"id":"87367156-a15b-48da-89ff-ae16e0fd593f","block_type":"box","text":"procedures, and holiday schedules may limit the Fund's ability to engage in portfolio transactions. To the extent that","page_number":18,"box":{"x":84,"y":470,"width":820,"height":11}},{"id":"952e8954-8194-4b5a-9912-9fca4453cd61","block_type":"box","text":"investments are made in a limited number of countries, events in those countries will have a more significant impact on the","page_number":18,"box":{"x":83,"y":485,"width":871,"height":10}},{"id":"6b4827d9-b3ab-46fd-a607-e7036de85b11","block_type":"box","text":"Fund.","page_number":18,"box":{"x":84,"y":499,"width":38,"height":8}},{"id":"6495d0d8-05bf-4be7-8342-9ac9f015d7c9","block_type":"box","text":"Operational and Technology Risks.","page_number":18,"box":{"x":83,"y":522,"width":255,"height":11}},{"id":"e2be677c-99e5-4c8d-ba51-f333664d871b","block_type":"box","text":"The Fund is directly and indirectly susceptible to operational and technology risks,","page_number":18,"box":{"x":342,"y":522,"width":582,"height":11}},{"id":"41bb7612-0da5-441a-9b94-8ae084f48374","block_type":"box","text":"including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents,","page_number":18,"box":{"x":83,"y":536,"width":876,"height":11}},{"id":"08f26ff7-ec66-4854-9cf1-d62062b7919f","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”), which may result in losses for the Fund and its shareholders","page_number":18,"box":{"x":83,"y":550,"width":879,"height":11}},{"id":"95723d03-868a-4d16-93fa-38cf9045a205","block_type":"box","text":"or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational,","page_number":18,"box":{"x":83,"y":565,"width":825,"height":10}},{"id":"72427352-1097-4a0f-a1d1-58c835db4b4e","block_type":"box","text":"information security and cybersecurity risk management policies and procedures, their methods of risk management may","page_number":18,"box":{"x":83,"y":579,"width":863,"height":11}},{"id":"b29f13b8-658c-479d-878e-8168cf3a395a","block_type":"box","text":"differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in","page_number":18,"box":{"x":83,"y":593,"width":872,"height":11}},{"id":"6c9ca68e-14ab-4015-9e39-b32a0a8772d3","block_type":"box","text":"material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.","page_number":18,"box":{"x":84,"y":607,"width":823,"height":11}},{"id":"58193e70-aa25-49b7-b341-37320a26bbaa","block_type":"box","text":"Risk of Investing in the U.S.","page_number":18,"box":{"x":84,"y":630,"width":200,"height":11}},{"id":"e047d570-2733-45d1-9521-1f31c008616a","block_type":"box","text":"Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and","page_number":18,"box":{"x":289,"y":630,"width":664,"height":11}},{"id":"75547681-b085-4f79-a91b-4b54833e664f","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline","page_number":18,"box":{"x":83,"y":645,"width":878,"height":10}},{"id":"e6b2cb47-dda4-4d00-b4fe-a024fd787d86","block_type":"box","text":"in its financial markets, may have an adverse effect on U.S. issuers.","page_number":18,"box":{"x":83,"y":659,"width":470,"height":11}},{"id":"3f16acb5-c8f1-4f71-b999-e85a6289a784","block_type":"box","text":"Securities Lending Risk.","page_number":18,"box":{"x":83,"y":682,"width":177,"height":11}},{"id":"e90b7715-b2df-4a19-b8fb-df3e2b1af8a0","block_type":"box","text":"The Fund may engage in securities lending. Securities lending involves the risk that the Fund may","page_number":18,"box":{"x":264,"y":682,"width":692,"height":11}},{"id":"1fcdee46-3ed7-4ea9-ab37-258db4b21290","block_type":"box","text":"lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund","page_number":18,"box":{"x":84,"y":696,"width":869,"height":11}},{"id":"e9eae15b-7754-484e-8769-6a4287e78f15","block_type":"box","text":"could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value","page_number":18,"box":{"x":83,"y":710,"width":886,"height":11}},{"id":"b6e2986c-7a7d-464c-b511-fab0914afe95","block_type":"box","text":"of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.","page_number":18,"box":{"x":83,"y":724,"width":831,"height":11}},{"id":"7a153ec1-0d79-4a5f-a55e-2184f51fc81d","block_type":"box","text":"Small Fund Risk.","page_number":18,"box":{"x":83,"y":748,"width":121,"height":8}},{"id":"bfe020b0-d851-4f13-8220-267e6b4953ce","block_type":"box","text":"When the Fund’s size is small, the Fund may experience low trading volume and wide bid/ask spreads. The","page_number":18,"box":{"x":209,"y":748,"width":750,"height":10}},{"id":"e7c5abe1-41d3-4bf7-97c8-d1168b48ffe2","block_type":"box","text":"Fund’s performance near its inception date may not represent how the Fund will perform in the future or with a larger asset","page_number":18,"box":{"x":84,"y":762,"width":868,"height":11}},{"id":"96bbc3ca-6d42-4f31-a3b4-e6ec6136bcc0","block_type":"box","text":"base. In addition, the Fund may face the risk of being delisted if it does not meet certain requirements set by the listing","page_number":18,"box":{"x":84,"y":776,"width":836,"height":11}},{"id":"ccfa5d30-ea38-4bab-a4b3-e0cfa98b61d0","block_type":"box","text":"exchange. Any resulting liquidation of the Fund could lead to elevated transaction costs for the Fund and negative tax","page_number":18,"box":{"x":83,"y":790,"width":833,"height":11}},{"id":"d75d958f-a1b7-4eba-92d6-393b0c5fdb77","block_type":"box","text":"consequences for its shareholders.","page_number":18,"box":{"x":83,"y":804,"width":246,"height":11}},{"id":"3dcd71b8-2ec2-43ff-8d7f-8d159a0f912f","block_type":"box","text":"Tracking Error Risk.","page_number":18,"box":{"x":82,"y":827,"width":145,"height":11}},{"id":"fd971009-2de5-40f0-81f9-1099b8e7aef8","block_type":"box","text":"The Fund may be subject to “tracking error,” which is the divergence of the Fund’s performance from that","page_number":18,"box":{"x":231,"y":827,"width":741,"height":11}},{"id":"ae16a167-a616-4030-b6b5-fe6e0cc03986","block_type":"box","text":"of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities","page_number":18,"box":{"x":83,"y":842,"width":861,"height":11}},{"id":"42b28495-51ef-426d-9399-9462bbaf593c","block_type":"box","text":"and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and","page_number":18,"box":{"x":83,"y":856,"width":832,"height":11}},{"id":"f9600d7f-7ff6-4aa9-aed1-2e07399b7f35","block_type":"box","text":"methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the","page_number":18,"box":{"x":84,"y":870,"width":880,"height":11}},{"id":"1acc58e6-6215-4903-881f-3ea1681dc943","block_type":"box","text":"S-11","page_number":18,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"a88767b4-449c-4f56-9604-b7952d470495","block_type":"box","text":"Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the","page_number":19,"box":{"x":84,"y":23,"width":830,"height":11}},{"id":"5e5558ca-4caa-4ab4-9238-36b1106043a8","block_type":"box","text":"valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses;","page_number":19,"box":{"x":82,"y":37,"width":828,"height":11}},{"id":"86e72ab4-e949-495b-9663-22cd93c7b1a7","block_type":"box","text":"differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the","page_number":19,"box":{"x":83,"y":52,"width":874,"height":10}},{"id":"8387c069-1496-499c-85f6-b80a3260b7f2","block_type":"box","text":"Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment;","page_number":19,"box":{"x":84,"y":66,"width":888,"height":11}},{"id":"ada53ccb-bf7c-4c44-9698-0ec823d0cd3c","block_type":"box","text":"portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom","page_number":19,"box":{"x":84,"y":80,"width":851,"height":11}},{"id":"98a70b36-7d45-44ef-8afa-2c3806dd2f80","block_type":"box","text":"baskets; changes to the Underlying Index including the ability and timing of the Fund to adjust its portfolio to reflect changes","page_number":19,"box":{"x":84,"y":94,"width":885,"height":11}},{"id":"85d3147b-df8a-4c85-bd9c-43b729202451","block_type":"box","text":"in the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or limits. Tracking error","page_number":19,"box":{"x":83,"y":108,"width":874,"height":11}},{"id":"dd60166f-0c3c-4f29-bde0-318d7972ee7f","block_type":"box","text":"risk may be heightened during times of increased market volatility or other unusual market conditions. Until the Fund reaches","page_number":19,"box":{"x":84,"y":122,"width":889,"height":11}},{"id":"75261f00-2239-4359-9af0-963e7b88d7a5","block_type":"box","text":"greater scale, it may experience higher tracking error than is typical for similar index ETF.","page_number":19,"box":{"x":83,"y":137,"width":627,"height":10}},{"id":"7a0276a5-bad0-48d3-8a60-1576507ffc27","block_type":"box","text":"Valuation Risk.","page_number":19,"box":{"x":82,"y":160,"width":110,"height":8}},{"id":"7ce48619-e2de-448a-86f6-fcad2856d93a","block_type":"box","text":"The price that the Fund could receive upon the sale (or other disposition) of a security or other asset may","page_number":19,"box":{"x":197,"y":160,"width":740,"height":11}},{"id":"2630c883-a9b0-41d9-bf9e-652dd279d371","block_type":"box","text":"differ from the Fund’s valuation of the security or other asset, particularly for securities or other assets that trade in low","page_number":19,"box":{"x":83,"y":174,"width":840,"height":11}},{"id":"00ff1769-10c2-45d2-b16f-c57e345cb674","block_type":"box","text":"volume or volatile markets or that are valued using a fair value methodology. The price received by the Fund also may differ","page_number":19,"box":{"x":82,"y":188,"width":869,"height":11}},{"id":"5069dba0-332a-43dc-9f61-30807c11e7f8","block_type":"box","text":"from the value used by the Underlying Index. In addition, the value of the securities or other assets in the Fund’s portfolio may","page_number":19,"box":{"x":83,"y":202,"width":888,"height":11}},{"id":"73ddf97b-2c1a-48b9-adc2-ff84b6bc71eb","block_type":"box","text":"change on days or during time periods when investors are not able to purchase or sell Fund shares. Authorized Participants","page_number":19,"box":{"x":83,"y":217,"width":871,"height":10}},{"id":"ddafb87a-6692-459f-823f-118299fa4255","block_type":"box","text":"that create or redeem Fund shares on days when the Fund is holding fair-valued securities or other assets may receive fewer","page_number":19,"box":{"x":82,"y":231,"width":879,"height":11}},{"id":"e08c6733-9c41-470d-bb70-e4ccc36112ef","block_type":"box","text":"or more shares, or lower or higher redemption proceeds, than they would have received had the securities or other assets not","page_number":19,"box":{"x":83,"y":245,"width":880,"height":11}},{"id":"3be6d2ce-ea3b-4b5d-8873-a997ac58d0e2","block_type":"box","text":"been fair valued or been valued using a different methodology. The ability to value investments may be impacted by","page_number":19,"box":{"x":84,"y":259,"width":815,"height":11}},{"id":"2b571deb-be7e-4a56-b6f5-da1c1b84b5bc","block_type":"box","text":"technological issues or errors by pricing services or other third-party service providers.","page_number":19,"box":{"x":82,"y":273,"width":613,"height":11}},{"id":"b652dc3c-7fde-49af-8e82-65d4edab4fb1","block_type":"box","text":"Performance Information","page_number":19,"box":{"x":84,"y":302,"width":229,"height":11}},{"id":"eb0bcf03-3430-4ef1-871f-cfcc78d92dbf","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides","page_number":19,"box":{"x":82,"y":327,"width":864,"height":11}},{"id":"7cc2ac82-ad95-48bf-9085-8b28bd6421a0","block_type":"box","text":"some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from","page_number":19,"box":{"x":83,"y":342,"width":871,"height":10}},{"id":"87de4319-692e-46a6-a3d0-3ff9235b9109","block_type":"box","text":"one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate","page_number":19,"box":{"x":83,"y":356,"width":868,"height":11}},{"id":"20c9c4f3-e994-4e11-89d2-93f0042ae344","block_type":"box","text":"broad-based securities market index and the Underlying Index. Returns assume the reinvestment of any dividends and","page_number":19,"box":{"x":84,"y":370,"width":837,"height":11}},{"id":"cad61a07-23f9-4b81-8444-65c6802376f1","block_type":"box","text":"distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce","page_number":19,"box":{"x":83,"y":384,"width":869,"height":11}},{"id":"8b8ab274-3bbf-4f26-817e-c1669273a487","block_type":"box","text":"performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will","page_number":19,"box":{"x":84,"y":398,"width":832,"height":11}},{"id":"5e942247-cdca-4072-b265-61007369696e","block_type":"box","text":"perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting","page_number":19,"box":{"x":84,"y":412,"width":841,"height":11}},{"id":"1fc732f7-0c54-44f0-a7a7-bf06f490ed1d","block_type":"box","text":"www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":19,"box":{"x":82,"y":427,"width":531,"height":10}},{"id":"b3f1115c-3aa5-477f-bc02-46d440debb78","block_type":"box","text":"Calendar Year-by-Year Returns (%)","page_number":19,"box":{"x":165,"y":451,"width":260,"height":11}},{"id":"7a22abdd-0f86-41a6-928c-b04ef83e383e","block_type":"box","text":"10.21","page_number":19,"box":{"x":160,"y":552,"width":24,"height":6}},{"id":"08c2cb8b-a9d1-4974-8241-6c3a88727af2","block_type":"box","text":"0.70","page_number":19,"box":{"x":285,"y":586,"width":21,"height":6}},{"id":"466f71ae-3167-4640-b36f-6a478c4aae9b","block_type":"box","text":"10.06","page_number":19,"box":{"x":407,"y":553,"width":25,"height":6}},{"id":"2d83328e-abb0-4267-aca0-89cf9cfd7667","block_type":"box","text":"2023 2024 2025","page_number":19,"box":{"x":160,"y":605,"width":271,"height":6}},{"id":"cd639e33-f0bd-45c0-b721-fb1df601fc14","block_type":"box","text":"Return (%) Period Ended","page_number":19,"box":{"x":762,"y":466,"width":190,"height":9}},{"id":"db5b8f71-701c-4fd2-839a-a155c9e41261","block_type":"box","text":"Calendar Year-to-Date Return","page_number":19,"box":{"x":550,"y":484,"width":197,"height":8}},{"id":"d369c28d-4058-468b-b516-eebdea1b0cda","block_type":"box","text":"9.13% June 30, 2026","page_number":19,"box":{"x":781,"y":484,"width":191,"height":9}},{"id":"d96bafa0-649c-4e9e-a1ad-222d36f7f1ca","block_type":"box","text":"During the period shown in the chart:","page_number":19,"box":{"x":551,"y":497,"width":243,"height":10}},{"id":"94a3f9c7-05ee-4874-88dd-cd870cb845e6","block_type":"box","text":"Best Quarter 16.57% September 30, 2024","page_number":19,"box":{"x":564,"y":510,"width":409,"height":9}},{"id":"d5e8c09b-b619-410e-880e-64a3132334d3","block_type":"box","text":"Worst Quarter -9.84% December 31, 2024","page_number":19,"box":{"x":563,"y":523,"width":410,"height":9}},{"id":"c0b1f4e0-6786-496d-9fd9-5177f289fa1e","block_type":"box","text":"Average Annual Total Returns (%)","page_number":19,"box":{"x":403,"y":635,"width":250,"height":11}},{"id":"757ea384-d7df-4717-b6d3-fa14da6cd321","block_type":"box","text":"(for the periods ended December 31, 2025)","page_number":19,"box":{"x":371,"y":650,"width":315,"height":10}},{"id":"edad0aef-44dc-4ec9-9533-ad79f5f403ef","block_type":"box","text":"One Year","page_number":19,"box":{"x":797,"y":676,"width":58,"height":8}},{"id":"06fb5eec-218f-430f-a550-ae1a5a499a46","block_type":"box","text":"Since Fund","page_number":19,"box":{"x":896,"y":666,"width":72,"height":8}},{"id":"7fa0099d-d861-4777-bdb0-57fdf2405c0c","block_type":"box","text":"Inception","page_number":19,"box":{"x":902,"y":676,"width":61,"height":10}},{"id":"00ab14cb-52b8-4a05-ab43-8ef04337431a","block_type":"box","text":"Fund Inception: 11/15/2022","page_number":19,"box":{"x":88,"y":692,"width":188,"height":9}},{"id":"be2c559e-01f0-4401-a1db-a638c8fffcd2","block_type":"box","text":"Return Before Taxes","page_number":19,"box":{"x":89,"y":703,"width":124,"height":8}},{"id":"3318833e-7103-4a7d-8d9b-dec4c8b9bb24","block_type":"box","text":"10.06% 6.21%","page_number":19,"box":{"x":809,"y":704,"width":155,"height":7}},{"id":"da86a228-4958-4aa2-a280-7c5ee7d1c786","block_type":"box","text":"Return After Taxes on Distributions","page_number":19,"box":{"x":89,"y":715,"width":218,"height":8}},{"id":"9d9b1771-7b81-4423-8c94-93a474c4c82c","block_type":"box","text":"8.67% 4.82%","page_number":19,"box":{"x":817,"y":715,"width":147,"height":8}},{"id":"a5ecfe14-26ce-4861-997c-500a49bd3b32","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 6.23% 4.33%","page_number":19,"box":{"x":89,"y":727,"width":875,"height":7}},{"id":"65a0842b-9d23-44c2-b327-9135ca3e4e82","block_type":"box","text":"FTSE All-World Index (Net)","page_number":19,"box":{"x":88,"y":738,"width":177,"height":9}},{"id":"86fd7cf5-cab4-49b6-b8e6-f87d5e9ac201","block_type":"box","text":"1","page_number":19,"box":{"x":266,"y":737,"width":5,"height":4}},{"id":"192664fa-aa08-45d5-a233-7a07cf41bada","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes except for","page_number":19,"box":{"x":276,"y":738,"width":449,"height":10}},{"id":"82b2c6ca-e35b-4ea1-b188-f84e96c058f0","block_type":"box","text":"withholding taxes on reinvested dividends)","page_number":19,"box":{"x":101,"y":751,"width":269,"height":10}},{"id":"b2dca14c-5f13-4b16-a3be-a5eeeeacf444","block_type":"box","text":"22.62% 18.84%","page_number":19,"box":{"x":808,"y":751,"width":156,"height":8}},{"id":"3fe817de-2034-4403-ae5a-8bd0f130784a","block_type":"box","text":"FTSE EPRA Nareit Developed Green Target Index (Net)","page_number":19,"box":{"x":88,"y":763,"width":359,"height":9}},{"id":"6f99cb01-7ccf-46f3-b412-bca6de74b843","block_type":"box","text":"1","page_number":19,"box":{"x":448,"y":761,"width":5,"height":5}},{"id":"19d51fb6-9aca-43cf-97b6-9aa4f5036564","block_type":"box","text":"(Returns do not reflect deductions for fees,","page_number":19,"box":{"x":457,"y":763,"width":268,"height":8}},{"id":"6435001a-45c9-4f66-96bd-3de1c744dd89","block_type":"box","text":"expenses or taxes except for withholding taxes on reinvested dividends) 9.42% 5.66%","page_number":19,"box":{"x":101,"y":776,"width":863,"height":9}},{"id":"2421737f-c5a5-4eeb-8d45-8fd5d2e75b0d","block_type":"box","text":"1","page_number":19,"box":{"x":110,"y":794,"width":5,"height":5}},{"id":"4111842f-33e6-4150-abe0-569bcca442aa","block_type":"box","text":"Returns for net indices generally assume the reinvestment of dividends after the deduction of the maximum withholding tax in each","page_number":19,"box":{"x":124,"y":796,"width":827,"height":9}},{"id":"63a80de3-fc83-4245-8702-0f4875651629","block_type":"box","text":"country applicable to non-residents of the country as determined by the index provider. Such indices use withholding tax rates that are","page_number":19,"box":{"x":123,"y":806,"width":847,"height":10}},{"id":"6e37977d-0acc-4eff-ad4c-47241811d133","block_type":"box","text":"often at a higher rate than the rates to which the Fund is subject in each country, including for countries where the Fund is not subject","page_number":19,"box":{"x":123,"y":816,"width":844,"height":10}},{"id":"485f8db8-8d9f-46ce-9c52-cef4734dd595","block_type":"box","text":"to withholding taxes. When this is the case, index performance will be lower than if the index used the Fund's applicable withholding","page_number":19,"box":{"x":123,"y":827,"width":829,"height":9}},{"id":"418df595-d2cc-49ee-9941-ac13b6cd9a1b","block_type":"box","text":"tax rates, if any.","page_number":19,"box":{"x":123,"y":837,"width":96,"height":10}},{"id":"ad8a2de3-20c8-4b08-9010-4cecc4950538","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax","page_number":19,"box":{"x":82,"y":857,"width":857,"height":10}},{"id":"5297b728-f869-4ea7-97a0-d4b1baac9fbd","block_type":"box","text":"rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and","page_number":19,"box":{"x":84,"y":871,"width":864,"height":10}},{"id":"cf951ad0-c835-4673-89b2-87b28b7154a0","block_type":"box","text":"S-12","page_number":19,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"2cb47801-75d3-407a-b4fc-3c9563fbcc14","block_type":"box","text":"may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold","page_number":20,"box":{"x":84,"y":23,"width":847,"height":11}},{"id":"48776ce5-a658-4fc9-933e-6fc609b8f6df","block_type":"box","text":"shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns","page_number":20,"box":{"x":83,"y":37,"width":857,"height":11}},{"id":"5e5064d3-cc47-439b-a18b-fc3d6864ed92","block_type":"box","text":"after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of","page_number":20,"box":{"x":83,"y":52,"width":877,"height":10}},{"id":"15a3ced0-9499-4285-9feb-9cdbb4359cf4","block_type":"box","text":"the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund","page_number":20,"box":{"x":82,"y":66,"width":837,"height":11}},{"id":"c148f1cc-84aa-4130-a6d7-093a6d205c8b","block_type":"box","text":"returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes","page_number":20,"box":{"x":84,"y":80,"width":885,"height":11}},{"id":"1521fb57-edea-4344-95bb-293eaf6da0ad","block_type":"box","text":"on distributions.","page_number":20,"box":{"x":83,"y":94,"width":115,"height":9}},{"id":"b72a4b44-668b-4ed7-83f5-356a45c8f67e","block_type":"box","text":"Management","page_number":20,"box":{"x":84,"y":123,"width":120,"height":13}},{"id":"5fee4700-194d-4be9-940a-d0f3072b7c6c","block_type":"box","text":"Investment Adviser.","page_number":20,"box":{"x":84,"y":148,"width":144,"height":9}},{"id":"8742bbcf-a342-41c4-bdcd-4bfa35c06db7","block_type":"box","text":"BlackRock Fund Advisors.","page_number":20,"box":{"x":234,"y":148,"width":180,"height":9}},{"id":"d6f75b3a-aadf-4aa0-9a47-9659be5a8375","block_type":"box","text":"Portfolio Managers.","page_number":20,"box":{"x":84,"y":171,"width":145,"height":11}},{"id":"d3c9cfa7-945b-4ff9-b97b-4f7788500041","block_type":"box","text":"The following individuals (the “Portfolio Managers”) are primarily responsible for the day-to-day","page_number":20,"box":{"x":233,"y":171,"width":679,"height":11}},{"id":"f1b4a566-78d3-487b-8e78-2a7839faa976","block_type":"box","text":"management of the Fund:","page_number":20,"box":{"x":84,"y":186,"width":182,"height":10}},{"id":"c7cfb665-da16-4d8b-9e47-de29a06da2b2","block_type":"box","text":"Portfolio Manager","page_number":20,"box":{"x":88,"y":221,"width":120,"height":10}},{"id":"3c5f8fb4-7b8c-43bd-9060-c8537732d054","block_type":"box","text":"Portfolio Manager of the","page_number":20,"box":{"x":441,"y":208,"width":161,"height":10}},{"id":"3f3fcc1a-3b09-4d19-8e96-4ed27ae1a01b","block_type":"box","text":"Fund Since","page_number":20,"box":{"x":485,"y":221,"width":72,"height":8}},{"id":"65da81e2-6598-47ff-9d7d-a9f7c4412f16","block_type":"box","text":"Title with Investment","page_number":20,"box":{"x":834,"y":208,"width":140,"height":8}},{"id":"3c8cb415-42c5-4084-b204-44079317e9b7","block_type":"box","text":"Adviser","page_number":20,"box":{"x":880,"y":221,"width":48,"height":8}},{"id":"6434b639-a275-456a-897a-53edca015a4e","block_type":"box","text":"Jennifer Hsui 2022 Managing Director","page_number":20,"box":{"x":87,"y":237,"width":877,"height":9}},{"id":"4bd40162-0d85-4048-96ac-7a8dfec5d25c","block_type":"box","text":"Matt Waldron 2025 Managing Director","page_number":20,"box":{"x":89,"y":252,"width":875,"height":10}},{"id":"7cea43f7-b019-4edf-b7a7-32dc6f03bfaf","block_type":"box","text":"Peter Sietsema 2025 Managing Director","page_number":20,"box":{"x":89,"y":268,"width":875,"height":9}},{"id":"551fd52c-a53b-4c58-aed3-0a524001e531","block_type":"box","text":"Steven White 2025 Managing Director","page_number":20,"box":{"x":88,"y":283,"width":876,"height":10}},{"id":"995c61a4-483a-4882-86f4-a1edd087bd4a","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":20,"box":{"x":84,"y":318,"width":304,"height":11}},{"id":"55343ecf-e744-4e42-ad04-8cff69a78945","block_type":"box","text":"The Fund is an ETF. Individual shares of the Fund may only be bought and sold in the secondary market through a","page_number":20,"box":{"x":82,"y":344,"width":806,"height":10}},{"id":"a3caa4dd-e347-4287-8e49-89bfda155400","block_type":"box","text":"broker-dealer. Because ETF shares trade at market prices rather than at NAV, shares may trade at a price greater than NAV (a","page_number":20,"box":{"x":84,"y":358,"width":877,"height":11}},{"id":"f5e32bbb-1182-4809-a48a-5563a0b54d30","block_type":"box","text":"premium) or less than NAV (a discount). An investor may incur costs attributable to the difference between the highest price a","page_number":20,"box":{"x":84,"y":372,"width":886,"height":11}},{"id":"a43e7d54-2150-4734-9e6c-00d070fe6a3a","block_type":"box","text":"buyer is willing to pay to purchase shares of the Fund (bid) and the lowest price a seller is willing to accept for shares of the","page_number":20,"box":{"x":84,"y":386,"width":865,"height":11}},{"id":"44be360a-0948-41ef-98bf-a223418c0f52","block_type":"box","text":"Fund (ask) when buying or selling shares in the secondary market (the “bid-ask spread”).","page_number":20,"box":{"x":84,"y":400,"width":625,"height":11}},{"id":"0d705a84-a67c-4a66-9b28-f2972731860b","block_type":"box","text":"Tax Information","page_number":20,"box":{"x":82,"y":429,"width":144,"height":11}},{"id":"206115fe-e7e8-48dc-9e10-c492a05116b5","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you as ordinary income or capital gains, unless you are","page_number":20,"box":{"x":82,"y":455,"width":832,"height":10}},{"id":"e619ed05-2eb9-4965-b606-fe923174be54","block_type":"box","text":"investing through a tax-deferred arrangement such as a 401(k) plan or an individual retirement account (“IRA”), in which","page_number":20,"box":{"x":83,"y":468,"width":852,"height":11}},{"id":"3b9ffc4a-cd0b-431a-ae30-db47f80bd2c0","block_type":"box","text":"case, your distributions generally will be taxed when withdrawn.","page_number":20,"box":{"x":83,"y":483,"width":448,"height":11}},{"id":"0c53b78c-873f-47ed-ad0a-12d2a2b1a0c7","block_type":"box","text":"Payments to Broker-Dealers and Other Financial Intermediaries","page_number":20,"box":{"x":84,"y":512,"width":575,"height":13}},{"id":"5a59f41f-5a51-4ad1-b415-a992fd6b37fd","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), BFA or other","page_number":20,"box":{"x":84,"y":537,"width":854,"height":11}},{"id":"214dd0c3-97ea-4563-b46b-d8c6965ff1d7","block_type":"box","text":"related companies may pay the intermediary for marketing activities and presentations, educational training programs,","page_number":20,"box":{"x":84,"y":551,"width":842,"height":11}},{"id":"8116b810-460b-45b7-a626-5fa9aea5ef21","block_type":"box","text":"conferences, the development of technology platforms and reporting systems or other services related to the sale or","page_number":20,"box":{"x":83,"y":565,"width":820,"height":11}},{"id":"1c996037-266d-4516-9519-a0a16744b589","block_type":"box","text":"promotion of the Fund. These payments may create a conflict of interest by influencing the broker-dealer or other","page_number":20,"box":{"x":84,"y":579,"width":801,"height":11}},{"id":"222bf330-2d27-4b39-81c5-057134a03338","block_type":"box","text":"intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your","page_number":20,"box":{"x":83,"y":594,"width":841,"height":10}},{"id":"f934e886-8710-45f3-8018-9e2324b4612b","block_type":"box","text":"financial intermediary’s website for more information.","page_number":20,"box":{"x":83,"y":608,"width":379,"height":11}},{"id":"43d6b24e-e21e-46ab-a555-2ad86dc91124","block_type":"box","text":"S-13","page_number":20,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"fb1ea3dc-dd7d-4c6e-a929-89f1199d1eb1","block_type":"box","text":"iShares Global Clean Energy ETF","page_number":21,"box":{"x":84,"y":23,"width":456,"height":21}},{"id":"138c03c8-150c-443e-851b-cc7cc8c277fa","block_type":"box","text":"ICLN | Nasdaq","page_number":21,"box":{"x":85,"y":47,"width":196,"height":21}},{"id":"41c49b33-946f-4126-8de6-c91a58b5038a","block_type":"box","text":"Investment Objective","page_number":21,"box":{"x":84,"y":92,"width":192,"height":14}},{"id":"f27f9b49-ac34-4031-90e2-bc8b1f213c04","block_type":"box","text":"The iShares Global Clean Energy ETF (the “Fund”) seeks to track the investment results of an index composed of global","page_number":21,"box":{"x":82,"y":117,"width":841,"height":11}},{"id":"a6c49864-e356-46ad-a5ec-1695a3386e68","block_type":"box","text":"equities in the clean energy sector.","page_number":21,"box":{"x":83,"y":132,"width":244,"height":10}},{"id":"403e54ef-d9f3-423e-920f-514722f720cd","block_type":"box","text":"Fees and Expenses","page_number":21,"box":{"x":84,"y":161,"width":169,"height":12}},{"id":"17a34b1b-7617-4801-a6f0-197fce719aa1","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. Amounts","page_number":21,"box":{"x":82,"y":186,"width":874,"height":10}},{"id":"5501d7c9-ec61-4265-ae95-ecba402fe5ba","block_type":"box","text":"in the table are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement","page_number":21,"box":{"x":83,"y":200,"width":871,"height":11}},{"id":"69d5da5b-b8fe-429a-afb6-a03f3799cec0","block_type":"box","text":"between iShares Trust (the “Trust”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that","page_number":21,"box":{"x":84,"y":214,"width":887,"height":11}},{"id":"163cf434-fb9e-4414-b245-2c3d99c8e557","block_type":"box","text":"BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes,","page_number":21,"box":{"x":84,"y":228,"width":795,"height":11}},{"id":"dbdda4ae-e653-4aa8-8267-655fa072a957","block_type":"box","text":"(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio","page_number":21,"box":{"x":83,"y":242,"width":854,"height":11}},{"id":"ccf408cc-436f-41c1-9c40-d5194e026a77","block_type":"box","text":"transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any","page_number":21,"box":{"x":82,"y":256,"width":829,"height":11}},{"id":"771f443c-6c11-46f4-8b17-8248b4aee96e","block_type":"box","text":"extraordinary expenses.","page_number":21,"box":{"x":83,"y":271,"width":168,"height":10}},{"id":"a7fa0654-333a-4a06-a961-ffe4d24cac78","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not","page_number":21,"box":{"x":82,"y":294,"width":830,"height":11}},{"id":"c4131d34-909e-4307-a2a1-3d6719f096cd","block_type":"box","text":"reflected in the table and example below.","page_number":21,"box":{"x":83,"y":308,"width":301,"height":11}},{"id":"e100d542-6c3c-4fa3-a01b-b8b95334242b","block_type":"box","text":"Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)","page_number":21,"box":{"x":87,"y":331,"width":761,"height":10}},{"id":"7bc7ff1c-91bf-4061-9684-c9cc90c4fbc1","block_type":"box","text":"1","page_number":21,"box":{"x":849,"y":330,"width":5,"height":4}},{"id":"2373b33f-d306-4a64-b0f3-4228de9ab9ad","block_type":"box","text":"Management Fee","page_number":21,"box":{"x":89,"y":351,"width":109,"height":10}},{"id":"79b5c800-4577-47b2-8ef7-1c57570a6928","block_type":"box","text":"0.37%","page_number":21,"box":{"x":920,"y":351,"width":41,"height":7}},{"id":"dfb176cb-0559-4f77-a01d-8fedd358be97","block_type":"box","text":"Other Expenses","page_number":21,"box":{"x":88,"y":366,"width":99,"height":10}},{"id":"733b22a0-f8e4-421c-846b-494f7046e97c","block_type":"box","text":"0.01%","page_number":21,"box":{"x":920,"y":366,"width":41,"height":8}},{"id":"5736f453-20da-400d-8a77-deefe9836cb6","block_type":"box","text":"Total Annual Fund Operating Expenses","page_number":21,"box":{"x":87,"y":382,"width":246,"height":9}},{"id":"f9ec3d02-d30b-4694-9928-87afeb8f3f51","block_type":"box","text":"0.38%","page_number":21,"box":{"x":920,"y":382,"width":41,"height":7}},{"id":"192ace85-f51e-4388-934f-cfe451925309","block_type":"box","text":"1","page_number":21,"box":{"x":110,"y":410,"width":5,"height":4}},{"id":"81e64946-b896-48f9-bd61-ede3bc440f43","block_type":"box","text":"Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any.","page_number":21,"box":{"x":123,"y":411,"width":780,"height":9}},{"id":"4ed7fb8c-7918-4992-8192-36128fe9c878","block_type":"box","text":"Example.","page_number":21,"box":{"x":84,"y":431,"width":66,"height":10}},{"id":"fe610799-b481-42f4-8f8b-baf250adb66e","block_type":"box","text":"This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in","page_number":21,"box":{"x":154,"y":431,"width":795,"height":10}},{"id":"15024f98-2c33-4628-abbd-9ab8bb6738cc","block_type":"box","text":"other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your","page_number":21,"box":{"x":83,"y":444,"width":886,"height":12}},{"id":"cb24dd37-0337-4f27-b867-732e61278fc0","block_type":"box","text":"shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the","page_number":21,"box":{"x":83,"y":459,"width":870,"height":11}},{"id":"54e09a21-db32-446f-af0d-7eb7aa05da57","block_type":"box","text":"Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions,","page_number":21,"box":{"x":84,"y":473,"width":887,"height":11}},{"id":"6778a2e0-042b-4e85-a580-3971df94fdbe","block_type":"box","text":"your costs would be:","page_number":21,"box":{"x":82,"y":487,"width":143,"height":11}},{"id":"34bae9cf-8b05-4f1e-afb4-9d601aba4326","block_type":"box","text":"Expense Example","page_number":21,"box":{"x":88,"y":510,"width":115,"height":9}},{"id":"b1959acb-e7d5-4f01-b9f4-f620c66f9bdd","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":21,"box":{"x":693,"y":510,"width":281,"height":8}},{"id":"58335ad0-6ac2-4cc4-a920-188a73cc2977","block_type":"box","text":"Example Fund Costs","page_number":21,"box":{"x":89,"y":526,"width":128,"height":9}},{"id":"e74d7b7a-6910-4c52-a747-7ba0511d0093","block_type":"box","text":"$39 $122 $213 $480","page_number":21,"box":{"x":701,"y":525,"width":261,"height":9}},{"id":"7c28b03f-7cb7-437a-8389-cadedf1929d2","block_type":"box","text":"Portfolio Turnover.","page_number":21,"box":{"x":84,"y":555,"width":136,"height":8}},{"id":"ecae2b09-7ca4-4ef1-9887-1192bcf69b1b","block_type":"box","text":"The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns","page_number":21,"box":{"x":225,"y":555,"width":721,"height":11}},{"id":"ae7110c3-498f-4efa-bce8-22684cd9f7c8","block_type":"box","text":"over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when","page_number":21,"box":{"x":83,"y":569,"width":884,"height":11}},{"id":"0874cbe0-13f8-48c3-b18c-641e8047588f","block_type":"box","text":"Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in","page_number":21,"box":{"x":84,"y":583,"width":875,"height":11}},{"id":"00085af9-83a9-46be-b9a2-9147ad37ee71","block_type":"box","text":"the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 68% of","page_number":21,"box":{"x":82,"y":597,"width":887,"height":11}},{"id":"be4931c3-3648-4989-91db-897a3412bc13","block_type":"box","text":"the average value of its portfolio.","page_number":21,"box":{"x":82,"y":612,"width":231,"height":10}},{"id":"e20e17ca-96dc-47f9-909e-20f38294617e","block_type":"box","text":"Principal Investment Strategies","page_number":21,"box":{"x":84,"y":641,"width":284,"height":13}},{"id":"a80dbc9a-452d-4455-a24f-8356f26a3892","block_type":"box","text":"The Fund seeks to track the investment results of the S&P Global Clean Energy Transition Index","page_number":21,"box":{"x":82,"y":666,"width":676,"height":11}},{"id":"fe427fbc-da7e-4745-bb65-4428b3fd6c55","block_type":"box","text":"TM","page_number":21,"box":{"x":758,"y":664,"width":16,"height":5}},{"id":"6848e0e2-8c5c-4d9e-84bb-738d7cbe39cb","block_type":"box","text":"(the “Underlying Index”),","page_number":21,"box":{"x":780,"y":666,"width":172,"height":11}},{"id":"8eec3e82-ad75-42ca-bd4a-328844048894","block_type":"box","text":"which is designed to track the performance of approximately 100 clean energy-related companies. The Underlying Index is a","page_number":21,"box":{"x":82,"y":680,"width":880,"height":11}},{"id":"1d393557-02b7-48fc-9202-352f54a3495e","block_type":"box","text":"subset of the S&P Global Broad Market Index and includes stocks traded on developed and emerging market exchanges","page_number":21,"box":{"x":83,"y":694,"width":848,"height":11}},{"id":"b1a1ab95-207f-4131-a589-2f914a04429a","block_type":"box","text":"which meet or exceed, at the time of inclusion, $300 million in total market capitalization, $100 million in float-adjusted","page_number":21,"box":{"x":82,"y":708,"width":845,"height":11}},{"id":"0aca0b48-c766-4757-9f84-db1ff1aee707","block_type":"box","text":"market capitalization, and $3 million median daily value traded over a six-month period (or $2 million for existing","page_number":21,"box":{"x":84,"y":722,"width":796,"height":11}},{"id":"ec0071d8-6d09-4fac-8ba6-6ddd2d88c71b","block_type":"box","text":"constituents).","page_number":21,"box":{"x":83,"y":737,"width":97,"height":9}},{"id":"6357a21c-f02b-474c-8d1a-ebf050a6021d","block_type":"box","text":"S&P Dow Jones Indices LLC (the “Index Provider”) uses Global Industry Classification Standard (“GICS”) and FactSet’s Revere","page_number":21,"box":{"x":83,"y":758,"width":885,"height":11}},{"id":"1f983b99-fae0-4f56-af83-c1940ce276ad","block_type":"box","text":"Business Industry Classification System (“RBICS”) classifications along with Trucost Power Generation Data (“Trucost”) for","page_number":21,"box":{"x":84,"y":773,"width":864,"height":11}},{"id":"525e00f6-a6bf-45e8-832f-2da31746e7c4","block_type":"box","text":"utility companies to determine the eligible universe. Companies that derive at least 25% in aggregate revenue from clean","page_number":21,"box":{"x":83,"y":787,"width":857,"height":11}},{"id":"5bc4a279-d5a6-4609-a9b7-60a846ee0543","block_type":"box","text":"energy related businesses as defined by RBICS data, companies in the Electric Utilities, Multi-Utilities, or Independent Power","page_number":21,"box":{"x":83,"y":801,"width":882,"height":11}},{"id":"f6c499ba-044a-46d5-8729-e8a030c2bd67","block_type":"box","text":"Producers & Energy Traders sub-industries that generate at least 20% of their power from renewable sources as measured by","page_number":21,"box":{"x":84,"y":815,"width":888,"height":11}},{"id":"7b39443c-a87c-4a26-b404-f111e3833866","block_type":"box","text":"Trucost data, and companies in the GICS “renewable utilities” sub-industry form the preliminary universe. In addition, the","page_number":21,"box":{"x":82,"y":829,"width":858,"height":11}},{"id":"81768369-3871-4c23-b7a6-13184bf5a31e","block_type":"box","text":"Index Provider uses company exclusion criteria related to business activity (e.g., controversial weapons, tobacco, thermal coal,","page_number":21,"box":{"x":84,"y":844,"width":888,"height":11}},{"id":"d9f29c40-4cef-4b4b-883e-97d2387ffc53","block_type":"box","text":"etc.) and other exclusion guidelines based on a company’s compliance with the United Nations Global Compact (“UNGC”)","page_number":21,"box":{"x":83,"y":858,"width":860,"height":11}},{"id":"bf7c9020-1b0e-4fe9-9ecc-e1c941a0ce2c","block_type":"box","text":"provided by Sustainalytics. The Index Provider utilizes measurements from S&P Global Business Involvement Screens when","page_number":21,"box":{"x":84,"y":872,"width":872,"height":11}},{"id":"7a16e523-6416-4103-97d9-977958530e25","block_type":"box","text":"monitoring the company exclusion criteria related to business activity (","page_number":21,"box":{"x":84,"y":886,"width":501,"height":11}},{"id":"1f15ab8c-ff66-4008-a763-3c2211bd77b6","block_type":"box","text":"e.g.","page_number":21,"box":{"x":586,"y":889,"width":22,"height":8}},{"id":"a0698ed0-0154-4b2f-8e80-16b39ab900fb","block_type":"box","text":", controversial weapons, tobacco, thermal coal,","page_number":21,"box":{"x":610,"y":886,"width":329,"height":11}},{"id":"164ee07d-04e1-430e-8aef-f499a9cca72e","block_type":"box","text":"S-14","page_number":21,"box":{"x":519,"y":920,"width":34,"height":9}},{"id":"9b906a02-8f72-4ad5-a38d-a5bfecee2e0f","block_type":"box","text":"etc.). Lastly, the Index Provider uses S&P Global Sustainable1 for screening and analysis of controversies related to","page_number":22,"box":{"x":83,"y":23,"width":812,"height":11}},{"id":"97bad273-3272-4541-97f8-0053ed969200","block_type":"box","text":"companies within the index. Companies without coverage are ineligible for index inclusion until they receive such coverage.","page_number":22,"box":{"x":83,"y":37,"width":872,"height":11}},{"id":"c27ea6e2-2e18-45e3-a610-371fbc3fa52e","block_type":"box","text":"The Index Provider defines clean energy exposure scores (“exposure scores”) for each company based on its primary","page_number":22,"box":{"x":82,"y":59,"width":822,"height":11}},{"id":"14f3c245-a096-40dd-81db-d14d2c06383d","block_type":"box","text":"business. The Index Provider also calculates carbon-to-revenue footprint standards and excludes those companies with a","page_number":22,"box":{"x":84,"y":73,"width":858,"height":11}},{"id":"903ce667-1f7a-4d6a-8e5f-4859dc812bdf","block_type":"box","text":"high carbon-to-revenue footprint standard score determined by the Index Provider. All remaining companies with a high","page_number":22,"box":{"x":84,"y":88,"width":848,"height":10}},{"id":"5c3f8b54-3635-4397-ad20-c4cf5ab1b025","block_type":"box","text":"exposure score are selected for the Underlying Index. If the Underlying Index does not have 100 constituents, companies with","page_number":22,"box":{"x":83,"y":102,"width":886,"height":11}},{"id":"15831908-e99b-4aa3-a775-b0d3df382392","block_type":"box","text":"lower exposure scores are selected, based on market-capitalization, until a constituent count of 100 is reached. If, after a","page_number":22,"box":{"x":84,"y":116,"width":850,"height":10}},{"id":"f7b6f654-2dab-4084-b471-a796bc127a69","block_type":"box","text":"constituent count of 100 is reached, the weighted average exposure score is lower than certain thresholds, companies with","page_number":22,"box":{"x":83,"y":130,"width":868,"height":11}},{"id":"1f73dfd4-3964-4c74-b87e-85f817ead0dd","block_type":"box","text":"low exposure scores will be removed from the Underlying Index. Therefore, while the Underlying Index targets a constituent","page_number":22,"box":{"x":84,"y":144,"width":868,"height":11}},{"id":"cc0770d2-f7bb-452d-bca6-d8ae868ed4e0","block_type":"box","text":"count of 100 securities, it may be comprised of greater or fewer than 100 securities. As of April 30, 2026, there were 103","page_number":22,"box":{"x":83,"y":159,"width":845,"height":10}},{"id":"d6e73be0-74c4-4f52-9670-e69cb9c7511e","block_type":"box","text":"constituents in the Underlying Index.","page_number":22,"box":{"x":83,"y":173,"width":261,"height":11}},{"id":"a10f5b7e-219f-4d51-9ce6-3dbb668e12bf","block_type":"box","text":"Constituents are weighted based on a product of the constituent’s float-adjusted market capitalization and exposure score,","page_number":22,"box":{"x":83,"y":195,"width":871,"height":10}},{"id":"16fa6752-2324-4259-a583-f10cff437f0e","block_type":"box","text":"with weights of constituents capped based on their exposure score and liquidity weight. The Index Provider determines","page_number":22,"box":{"x":82,"y":209,"width":840,"height":11}},{"id":"06dab34c-b67b-457d-8188-7f0cd93dc729","block_type":"box","text":"liquidity weight based on the relative six-month median daily value of a security compared to that measure for the overall","page_number":22,"box":{"x":84,"y":223,"width":854,"height":11}},{"id":"e94c25eb-0d05-48e8-b420-305cfc64415d","block_type":"box","text":"index. In addition, the cumulative weight of all stocks within the Underlying Index that have a weight greater than 4.5%","page_number":22,"box":{"x":83,"y":237,"width":840,"height":11}},{"id":"7bdb2995-fa1b-476d-9663-28e9667ede9f","block_type":"box","text":"cannot exceed 40%. As of April 30, 2026, the Underlying Index comprised securities of companies in the following countries","page_number":22,"box":{"x":83,"y":251,"width":876,"height":11}},{"id":"4998fce7-fe3e-421a-bb12-10f8c5c0ffdf","block_type":"box","text":"or regions: Austria, Brazil, Canada, Chile, China, Denmark, Germany, India, Indonesia, Israel, Italy, Japan, New Zealand,","page_number":22,"box":{"x":83,"y":266,"width":832,"height":10}},{"id":"12b48674-bf73-4770-9f6a-52bfde5c292c","block_type":"box","text":"Portugal, South Korea, Spain, Taiwan, Thailand, Turkey, the United Kingdom (“U.K.”) and the U.S. The Underlying Index may","page_number":22,"box":{"x":84,"y":279,"width":862,"height":12}},{"id":"664fcaab-adee-4e22-a984-38cbdba38899","block_type":"box","text":"include large-, mid- or small-capitalization companies. As of April 30, 2026, a significant portion of the Underlying Index was","page_number":22,"box":{"x":83,"y":294,"width":881,"height":11}},{"id":"6459913e-4d24-4825-911a-fd07d85794e8","block_type":"box","text":"represented by securities of companies in the industrials, technology and utilities industries or sectors. The components of","page_number":22,"box":{"x":84,"y":308,"width":868,"height":11}},{"id":"5908ee89-e996-4eee-9ff9-f9a4d04e25a2","block_type":"box","text":"the Underlying Index are likely to change over time.","page_number":22,"box":{"x":82,"y":322,"width":362,"height":11}},{"id":"29bb8170-0063-4f79-be54-9c3ccf18d65a","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a","page_number":22,"box":{"x":82,"y":345,"width":853,"height":11}},{"id":"a0b645ce-e65a-4fec-b474-71a939429102","block_type":"box","text":"representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that","page_number":22,"box":{"x":84,"y":359,"width":838,"height":11}},{"id":"206e6548-1aa4-4ff0-b9ba-bd8f556b93b0","block_type":"box","text":"involves investing in a representative sample of securities or other instruments intended to collectively have an investment","page_number":22,"box":{"x":83,"y":374,"width":868,"height":11}},{"id":"8e63d75a-179c-481f-a4a9-cf8d50679ce5","block_type":"box","text":"profile similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate,","page_number":22,"box":{"x":84,"y":388,"width":850,"height":11}},{"id":"06b5b49a-897b-4fca-abe0-f1059b3a014c","block_type":"box","text":"investment characteristics (based on factors such as market capitalization and industry weightings), fundamental","page_number":22,"box":{"x":83,"y":402,"width":806,"height":11}},{"id":"836c64a4-9ca6-4e3f-bfe2-26e406a7652c","block_type":"box","text":"characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index.","page_number":22,"box":{"x":83,"y":416,"width":885,"height":11}},{"id":"1029e9f1-c020-4411-892c-6909cca4dfc6","block_type":"box","text":"The Fund may or may not hold all of the components of the Underlying Index. The Fund may use derivatives to gain or reduce","page_number":22,"box":{"x":82,"y":431,"width":885,"height":10}},{"id":"79566578-bd1e-4399-83d9-448f569cc605","block_type":"box","text":"exposure to the components of the Underlying Index or exposure to one or more market risk factors associated with such","page_number":22,"box":{"x":83,"y":445,"width":853,"height":11}},{"id":"4ec47775-2071-4c33-9478-5e4dda8f9fe3","block_type":"box","text":"components. Subject to the limits described herein, the Fund may purchase and hold cash and cash equivalents, including","page_number":22,"box":{"x":83,"y":459,"width":867,"height":11}},{"id":"3a595930-d1e0-432f-bada-e1c3b9f84669","block_type":"box","text":"shares of money market funds advised by BFA or its affiliates, and may also purchase and hold instruments not included in","page_number":22,"box":{"x":83,"y":473,"width":868,"height":11}},{"id":"035eeea1-93f3-44e1-968c-1fb52648aa0a","block_type":"box","text":"the Underlying Index when BFA believes that such instruments will help the Fund track the performance of the Underlying","page_number":22,"box":{"x":82,"y":487,"width":863,"height":11}},{"id":"86968173-ab1f-44f5-ba73-416f68e625c3","block_type":"box","text":"Index over time, including in light of expected liquidity or trading costs, anticipated additions to or deletions from the","page_number":22,"box":{"x":84,"y":501,"width":825,"height":11}},{"id":"5497421a-1634-40aa-a724-5926d06ad602","block_type":"box","text":"Underlying Index, or other reasons as determined by BFA.","page_number":22,"box":{"x":84,"y":516,"width":405,"height":10}},{"id":"2d8a2ded-65eb-4ef3-8e07-386cb5e0a802","block_type":"box","text":"In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), under normal","page_number":22,"box":{"x":84,"y":539,"width":844,"height":11}},{"id":"a530adb7-b808-4385-83d9-307508c7f940","block_type":"box","text":"circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for","page_number":22,"box":{"x":83,"y":553,"width":860,"height":11}},{"id":"c6801164-202d-4779-acca-0cae1408d90d","block_type":"box","text":"investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be","page_number":22,"box":{"x":83,"y":567,"width":831,"height":11}},{"id":"d5749982-7b6a-46f3-b1a4-0cace6a17b51","block_type":"box","text":"counted toward the Fund's 80% investment policy to the extent that they provide exposure to the components of its","page_number":22,"box":{"x":83,"y":581,"width":817,"height":11}},{"id":"8b9cbbea-e62f-49eb-9222-b1b99d4d46a6","block_type":"box","text":"Underlying Index or exposure to one or more market risk factors associated with such components. The Fund's 80%","page_number":22,"box":{"x":84,"y":596,"width":817,"height":10}},{"id":"e48ffe33-45dd-4a99-a03b-21bda2d38790","block_type":"box","text":"investment policy may be changed by the Trust's Board of Trustees (the “Board”) upon 60 days' notice to shareholders.","page_number":22,"box":{"x":83,"y":610,"width":835,"height":11}},{"id":"0b3a925d-7615-46b2-ac62-32aca710fd63","block_type":"box","text":"The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any","page_number":22,"box":{"x":82,"y":633,"width":873,"height":11}},{"id":"7c0f6744-4c4a-48ad-abee-dc247bfc0dcf","block_type":"box","text":"collateral received).","page_number":22,"box":{"x":83,"y":647,"width":136,"height":9}},{"id":"35861f90-6f2b-48b9-b511-6a99776fc14a","block_type":"box","text":"The Underlying Index is a product of the Index Provider, which is independent of the Fund and BFA. The Index Provider","page_number":22,"box":{"x":82,"y":670,"width":836,"height":11}},{"id":"9e622d3a-7adf-416f-a114-ea4cd2c452ba","block_type":"box","text":"determines the composition and relative weightings of the components of the Underlying Index and publishes information","page_number":22,"box":{"x":83,"y":684,"width":866,"height":11}},{"id":"0bd6e64b-55be-4ec4-8386-dd15caeb6cd7","block_type":"box","text":"regarding the market value of the Underlying Index.","page_number":22,"box":{"x":84,"y":699,"width":363,"height":10}},{"id":"3c5a498b-80a8-4812-a668-0d52f5de16de","block_type":"box","text":"Industry Concentration Policy.","page_number":22,"box":{"x":84,"y":722,"width":223,"height":11}},{"id":"a24cb017-ce55-4e6b-97a6-5196978a5ab7","block_type":"box","text":"The Fund will concentrate its investments (","page_number":22,"box":{"x":312,"y":722,"width":304,"height":9}},{"id":"5c83a54c-4eb0-4910-9e72-6a45c5c6e3d0","block_type":"box","text":"i.e.","page_number":22,"box":{"x":617,"y":722,"width":17,"height":8}},{"id":"779a84f5-c89f-40d2-899d-8b3f72c0d1f7","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":22,"box":{"x":636,"y":722,"width":292,"height":10}},{"id":"0daabe40-c365-497e-bc3a-697e20eb6125","block_type":"box","text":"particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For","page_number":22,"box":{"x":84,"y":736,"width":858,"height":11}},{"id":"cb9b4ea4-7020-4110-857c-7fd5df5857d4","block_type":"box","text":"purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase","page_number":22,"box":{"x":84,"y":750,"width":867,"height":11}},{"id":"5859fa2e-11c7-476e-931e-ef7aaebb4e37","block_type":"box","text":"agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.","page_number":22,"box":{"x":83,"y":764,"width":826,"height":11}},{"id":"d874e458-3070-4729-9beb-556ffa41b2ef","block_type":"box","text":"Summary of Principal Risks","page_number":22,"box":{"x":83,"y":793,"width":248,"height":14}},{"id":"9ddeccbe-5228-4293-a767-8817d5716f81","block_type":"box","text":"As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that","page_number":22,"box":{"x":82,"y":819,"width":882,"height":10}},{"id":"d513e3c6-ebc7-4080-9dee-443924a9cdc6","block_type":"box","text":"of other investments. The Fund is subject to certain risks, including the principal risks noted below, any of which may","page_number":22,"box":{"x":83,"y":833,"width":825,"height":11}},{"id":"098efc9a-6055-4568-a936-11c0ccc69bcc","block_type":"box","text":"adversely affect the Fund's net asset value per share (“NAV”), trading price, yield, total return and ability to meet its","page_number":22,"box":{"x":83,"y":847,"width":807,"height":11}},{"id":"62e43325-63ad-4e10-b791-ef6dbff5778c","block_type":"box","text":"investment objective. Certain key risks are prioritized below (with others following in alphabetical order), but the relative","page_number":22,"box":{"x":83,"y":861,"width":844,"height":11}},{"id":"5abdc554-4039-4ba1-9f6a-566793e7cbc0","block_type":"box","text":"significance of any risk is difficult to predict and may change over time. You should review each risk factor carefully.","page_number":22,"box":{"x":83,"y":875,"width":814,"height":11}},{"id":"1679f01d-03c0-4dc8-9916-0de7c25215a0","block_type":"box","text":"S-15","page_number":22,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"d6b72b50-20bc-4d68-b744-024ab59e2bc0","block_type":"box","text":"Clean Energy Companies Risk.","page_number":23,"box":{"x":83,"y":23,"width":224,"height":11}},{"id":"408a2de8-5cb5-44f9-ae44-511baedc8145","block_type":"box","text":"Clean energy companies may be highly dependent on government subsidies, contracts with","page_number":23,"box":{"x":312,"y":23,"width":648,"height":11}},{"id":"10019d59-a9ec-42ca-bc0c-3cf1be60de38","block_type":"box","text":"government entities, and the successful development of new and proprietary technologies. Seasonal weather conditions,","page_number":23,"box":{"x":83,"y":37,"width":854,"height":11}},{"id":"008b60f1-16a6-4851-85d3-d03b4dcba625","block_type":"box","text":"fluctuations in the supply of and demand for clean energy products, changes in energy prices, and political events may cause","page_number":23,"box":{"x":83,"y":52,"width":886,"height":10}},{"id":"a83045e0-95ab-48d6-aebb-eaf7cdf8fc46","block_type":"box","text":"fluctuations in the performance of clean energy companies and the prices of their securities.","page_number":23,"box":{"x":83,"y":66,"width":654,"height":11}},{"id":"ccb1a0b6-4ea8-47ee-b466-01964c44f20a","block_type":"box","text":"Equity Securities Risk.","page_number":23,"box":{"x":84,"y":89,"width":163,"height":11}},{"id":"e08de533-e367-493d-8bd8-f5cb4154c0e6","block_type":"box","text":"Equity securities are subject to changes in value, and their values may be more volatile than those of","page_number":23,"box":{"x":253,"y":89,"width":709,"height":11}},{"id":"03a414ed-bd91-497a-81e0-f2c8c0d54b94","block_type":"box","text":"other asset classes. The value of a security may decline for a number of reasons that may directly relate to the issuer as well as","page_number":23,"box":{"x":83,"y":103,"width":889,"height":11}},{"id":"08e0b71d-1071-4389-9164-f2365865ff9c","block_type":"box","text":"due to general industry or market conditions. Common stock is subordinated to preferred securities and debt in a company’s","page_number":23,"box":{"x":83,"y":117,"width":880,"height":11}},{"id":"6947a44d-c19e-4b3c-a6d9-f9af178dcf15","block_type":"box","text":"capital structure. Common stock has the lowest priority, and the greatest risk, with respect to dividends and any liquidation","page_number":23,"box":{"x":83,"y":132,"width":867,"height":10}},{"id":"74e29a4d-4e4a-4890-8fcc-01590c6d60e0","block_type":"box","text":"payments in the event of an issuer’s bankruptcy.","page_number":23,"box":{"x":84,"y":146,"width":339,"height":10}},{"id":"2b8609c5-612a-474d-89f0-30805a6220dc","block_type":"box","text":"Market Risk.","page_number":23,"box":{"x":84,"y":169,"width":90,"height":8}},{"id":"66ed69ef-f665-4755-81ec-464280000175","block_type":"box","text":"The Fund could lose money over short periods due to short-term market movements and over longer periods","page_number":23,"box":{"x":179,"y":169,"width":767,"height":11}},{"id":"245c5f40-ab54-43f1-9f3c-4787f1177504","block_type":"box","text":"during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other","page_number":23,"box":{"x":83,"y":183,"width":882,"height":11}},{"id":"ad595ec1-5dbf-4f1b-a48b-49922f244960","block_type":"box","text":"public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events","page_number":23,"box":{"x":84,"y":197,"width":857,"height":11}},{"id":"38ee2d16-3784-4347-950a-f7b227c0df4e","block_type":"box","text":"could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the","page_number":23,"box":{"x":83,"y":211,"width":875,"height":11}},{"id":"058fb49e-8c6d-4dd2-a903-ff3ff1fc5d7c","block_type":"box","text":"Fund’s NAV.","page_number":23,"box":{"x":84,"y":225,"width":81,"height":9}},{"id":"66ce6497-b8c1-44f2-8618-2eabf76b1aad","block_type":"box","text":"Index-Related Risk.","page_number":23,"box":{"x":84,"y":249,"width":143,"height":8}},{"id":"ba58f270-3f25-4dee-8212-6bde4c04cc08","block_type":"box","text":"The Index Provider may rely on various sources of information to assess the criteria of components of the","page_number":23,"box":{"x":231,"y":249,"width":742,"height":11}},{"id":"000b3fb8-62b4-433c-b1d8-2e625308eccc","block_type":"box","text":"Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can","page_number":23,"box":{"x":84,"y":263,"width":855,"height":11}},{"id":"d2b68e31-4cb9-4f56-a5c1-669404031a84","block_type":"box","text":"offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of","page_number":23,"box":{"x":83,"y":277,"width":852,"height":11}},{"id":"5d000d0d-fe73-4c0a-9469-fff6003fa74d","block_type":"box","text":"included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or","page_number":23,"box":{"x":83,"y":292,"width":877,"height":10}},{"id":"89089c59-a6dc-4bf8-b2b1-e9df59970920","block_type":"box","text":"the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not","page_number":23,"box":{"x":82,"y":305,"width":849,"height":11}},{"id":"4ba1b58c-bbd4-4f86-be99-17b9aab65eea","block_type":"box","text":"identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual","page_number":23,"box":{"x":83,"y":320,"width":849,"height":10}},{"id":"87e1e763-c211-4034-ac78-817a3e3fd855","block_type":"box","text":"market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index","page_number":23,"box":{"x":84,"y":334,"width":890,"height":11}},{"id":"997b33cc-e5b7-44d7-8537-af36d2b16abf","block_type":"box","text":"Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could","page_number":23,"box":{"x":84,"y":348,"width":852,"height":11}},{"id":"545d782f-df9c-4e9f-a501-ce2106d7e99c","block_type":"box","text":"cause the Underlying Index to vary from its normal or expected composition.","page_number":23,"box":{"x":83,"y":362,"width":539,"height":11}},{"id":"71174389-5392-4569-aca7-d0c4b36a47a4","block_type":"box","text":"Asset Class Risk.","page_number":23,"box":{"x":82,"y":385,"width":123,"height":9}},{"id":"74edca39-be8c-4a9d-924b-461c271ba885","block_type":"box","text":"The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in","page_number":23,"box":{"x":209,"y":385,"width":721,"height":11}},{"id":"5d994336-a629-42c5-939d-75487a2b75fa","block_type":"box","text":"comparison to financial markets generally, a particular financial market, another index, or other asset classes.","page_number":23,"box":{"x":83,"y":400,"width":774,"height":10}},{"id":"a7fdd09b-cd00-415a-ba8d-e16c8e5e3746","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":23,"box":{"x":82,"y":423,"width":318,"height":10}},{"id":"736baab5-cd51-4bf7-ab0a-1a81c87960a0","block_type":"box","text":"An “Authorized Participant” is a member or participant of a clearing agency","page_number":23,"box":{"x":405,"y":423,"width":531,"height":11}},{"id":"58305df1-ce43-4e6b-b236-c63983e8bf25","block_type":"box","text":"registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the","page_number":23,"box":{"x":84,"y":437,"width":809,"height":11}},{"id":"0de122df-73d2-4592-8375-04ae57dfae61","block_type":"box","text":"Authorized Participant to place orders for the purchase and redemption of creation units (“Creation Units”). Only an","page_number":23,"box":{"x":82,"y":451,"width":816,"height":11}},{"id":"e78b333d-6943-47d8-8eaf-922a435296d0","block_type":"box","text":"Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number","page_number":23,"box":{"x":82,"y":466,"width":885,"height":10}},{"id":"39f660ab-8bd5-430b-a575-95c7335551bd","block_type":"box","text":"of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market","page_number":23,"box":{"x":83,"y":480,"width":871,"height":10}},{"id":"97a9344d-4d60-4a98-a024-c1d73ed2261a","block_type":"box","text":"participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that","page_number":23,"box":{"x":84,"y":494,"width":845,"height":11}},{"id":"ca5d9d51-9467-45a1-87dd-471e156c781d","block_type":"box","text":"Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized","page_number":23,"box":{"x":82,"y":508,"width":882,"height":10}},{"id":"c8111ec7-3d0d-4330-8739-1a5d74b75d4f","block_type":"box","text":"Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading","page_number":23,"box":{"x":84,"y":522,"width":853,"height":11}},{"id":"365a3275-6798-4c50-99db-0d5ae596167c","block_type":"box","text":"halts or delisting.","page_number":23,"box":{"x":84,"y":536,"width":120,"height":11}},{"id":"63569874-7cb1-48c1-819e-72cac8872c63","block_type":"box","text":"Concentration Risk.","page_number":23,"box":{"x":83,"y":559,"width":145,"height":9}},{"id":"9e46114d-4cad-4392-93f0-a8619eec854a","block_type":"box","text":"The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that","page_number":23,"box":{"x":232,"y":559,"width":712,"height":11}},{"id":"836515c1-03a5-41e8-a0fe-595ff6f9baea","block_type":"box","text":"affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in","page_number":23,"box":{"x":83,"y":574,"width":884,"height":9}},{"id":"0892739d-7606-41e8-b5ae-2719945109e2","block_type":"box","text":"the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or","page_number":23,"box":{"x":82,"y":588,"width":887,"height":11}},{"id":"581b8037-4df3-4de9-bf3d-6cb5c1ad7c36","block_type":"box","text":"asset classes.","page_number":23,"box":{"x":83,"y":602,"width":95,"height":8}},{"id":"29edadf9-6caf-4bfe-b743-4311e7d0afaf","block_type":"box","text":"Currency Risk.","page_number":23,"box":{"x":83,"y":625,"width":106,"height":11}},{"id":"dd802c4f-9a47-471a-8ad9-a609e15fbd47","block_type":"box","text":"Because the Fund’s NAV is determined in U.S. dollars, the NAV could decline if the currency of a non-U.S.","page_number":23,"box":{"x":195,"y":625,"width":735,"height":11}},{"id":"6269c22a-a108-443a-82df-d2568dea8240","block_type":"box","text":"market in which the Fund invests depreciates against the U.S. dollar or if there are delays or limits on the repatriation of","page_number":23,"box":{"x":84,"y":639,"width":842,"height":11}},{"id":"bae75a9c-f154-441c-a28a-e08a2b3d3787","block_type":"box","text":"foreign currency. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the","page_number":23,"box":{"x":83,"y":654,"width":854,"height":10}},{"id":"77d8cecf-9e19-427e-9741-5571f4485314","block_type":"box","text":"Fund’s NAV may change quickly and without warning. In addition, the Fund may incur costs in connection with conversions","page_number":23,"box":{"x":84,"y":668,"width":869,"height":11}},{"id":"f6cdd3ab-f82d-4966-81c0-cfddb99e3299","block_type":"box","text":"between U.S. dollars and foreign currencies.","page_number":23,"box":{"x":84,"y":682,"width":309,"height":11}},{"id":"a84f8398-70ed-481c-bba9-682e4ee2ee80","block_type":"box","text":"Custody Risk.","page_number":23,"box":{"x":83,"y":705,"width":100,"height":11}},{"id":"4c4eba90-4383-4658-beb8-3e657c4d94ac","block_type":"box","text":"Less developed securities markets are more likely to experience problems with the clearing and settlement of","page_number":23,"box":{"x":188,"y":705,"width":770,"height":11}},{"id":"ed513975-2f9a-4c9b-9e4a-d6cfa049186f","block_type":"box","text":"trades, as well as the custody of securities and other assets by local banks, agents and depositories. These issues may have an","page_number":23,"box":{"x":82,"y":719,"width":890,"height":11}},{"id":"d0c74248-4a46-4a24-9668-a775a5103b33","block_type":"box","text":"adverse impact on the Fund, including losses or delays in payments, delivery or recovery of money or other assets.","page_number":23,"box":{"x":83,"y":733,"width":804,"height":11}},{"id":"8879e0a8-c6d9-4041-99c2-3ff2c3dd9d5c","block_type":"box","text":"ESG Risk.","page_number":23,"box":{"x":84,"y":757,"width":68,"height":8}},{"id":"c284b926-b494-4fa3-887f-263713ec0da2","block_type":"box","text":"To the extent that the Underlying Index uses criteria related to the ESG characteristics of issuers, this may limit the","page_number":23,"box":{"x":156,"y":757,"width":810,"height":11}},{"id":"761fe070-6cd5-4ebb-95ab-fba6efb17c64","block_type":"box","text":"types and number of investment opportunities available to the Fund and, as a result, the Fund may underperform other funds","page_number":23,"box":{"x":82,"y":771,"width":888,"height":11}},{"id":"cb3598b4-84a2-440f-8a80-cf8c2aa18ab9","block_type":"box","text":"whose underlying index does not use ESG criteria. The Underlying Index’s use of ESG criteria may result in the Fund investing","page_number":23,"box":{"x":82,"y":785,"width":886,"height":11}},{"id":"4aed0f54-bdfb-489b-9f7b-4b772a9bae2d","block_type":"box","text":"in, or allocating greater weight to, securities or market sectors that underperform the market as a whole or underperform","page_number":23,"box":{"x":83,"y":799,"width":851,"height":11}},{"id":"4633b69e-42a6-4f0a-b9b3-939490ea11fb","block_type":"box","text":"other funds that use ESG criteria. In addition, the use of representative sampling may result in divergence of the Fund’s","page_number":23,"box":{"x":83,"y":813,"width":842,"height":11}},{"id":"c5bee241-182f-4a8c-a4d6-b73b71951427","block_type":"box","text":"overall ESG characteristics or ESG risk from those of the Underlying Index. The Index Provider may evaluate security-level","page_number":23,"box":{"x":83,"y":828,"width":858,"height":10}},{"id":"eb9c63f8-b970-43be-891d-70e062aca127","block_type":"box","text":"ESG data and, if applicable, ESG objectives or constraints that are relevant to the Underlying Index only at index reviews or","page_number":23,"box":{"x":84,"y":842,"width":863,"height":11}},{"id":"3dc82d40-a184-4d5b-a788-f6461ee50949","block_type":"box","text":"rebalances. Securities included in the Underlying Index may cease to meet the relevant ESG criteria but may nevertheless","page_number":23,"box":{"x":84,"y":856,"width":856,"height":11}},{"id":"4bbc4b53-f4ee-4506-a0f8-279c202fa833","block_type":"box","text":"remain in the Underlying Index and the Fund until the next review or rebalance by the Index Provider. As a result, certain","page_number":23,"box":{"x":84,"y":870,"width":844,"height":11}},{"id":"d51c2a19-e992-4240-a8e2-dafb34445e9d","block_type":"box","text":"S-16","page_number":23,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"53a7704b-c4c9-4f00-8c5c-83d6db39b2bb","block_type":"box","text":"securities in the Underlying Index, or the Underlying Index as a whole, may not meet the relevant ESG objectives or","page_number":24,"box":{"x":83,"y":23,"width":809,"height":11}},{"id":"2968a952-c135-4c02-9c2c-02773ece2dfe","block_type":"box","text":"constraints at all times.","page_number":24,"box":{"x":83,"y":38,"width":164,"height":8}},{"id":"a05d9781-e0e7-430a-8d7f-52637d4cb1e5","block_type":"box","text":"Industrial Companies Risk.","page_number":24,"box":{"x":84,"y":60,"width":196,"height":11}},{"id":"285cd931-6236-409a-9b60-2a10fcc985f7","block_type":"box","text":"Industrial companies face a number of risks, including supply chain and distribution disruptions,","page_number":24,"box":{"x":286,"y":61,"width":684,"height":10}},{"id":"873a45b1-35a3-4118-b1aa-2840aa125980","block_type":"box","text":"business interruptions, product obsolescence, third-party vendor risks, cyber attacks, trade disputes, product recalls, liability","page_number":24,"box":{"x":84,"y":75,"width":880,"height":11}},{"id":"571daf1e-19c4-486e-a7f5-3b590fdcb271","block_type":"box","text":"claims, scarcity of materials or parts, excess capacity, changes in consumer preferences, and volatility in commodity prices","page_number":24,"box":{"x":83,"y":89,"width":868,"height":11}},{"id":"c58d38d9-dd25-4fcb-8b7a-3dca7a06e5d5","block_type":"box","text":"and currencies. The performance of such companies may also be affected by technological developments, labor relations,","page_number":24,"box":{"x":83,"y":103,"width":860,"height":11}},{"id":"7f7ea20a-e374-4ca3-860b-8487e148e8d6","block_type":"box","text":"legislative and regulatory changes, government spending policies, and changes in domestic and international economies.","page_number":24,"box":{"x":84,"y":117,"width":862,"height":11}},{"id":"cbc97891-8b8a-4259-95b7-47b3ce536159","block_type":"box","text":"Issuer Risk.","page_number":24,"box":{"x":84,"y":140,"width":82,"height":9}},{"id":"77a3be39-d8c8-47b0-9c59-e806e25ab83e","block_type":"box","text":"The performance of the Fund depends on the performance of individual securities or other assets to which the","page_number":24,"box":{"x":170,"y":140,"width":780,"height":11}},{"id":"685656bf-6f51-4c8b-9f1f-d61ea2cd4cc4","block_type":"box","text":"Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due","page_number":24,"box":{"x":84,"y":155,"width":885,"height":10}},{"id":"df8dcd52-8204-4bf2-ba70-111db824d891","block_type":"box","text":"to changes in the financial condition or credit rating of the issuer or counterparty.","page_number":24,"box":{"x":82,"y":169,"width":577,"height":11}},{"id":"fc6cefd3-4364-4eb4-b709-6f0825514461","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":24,"box":{"x":84,"y":192,"width":278,"height":11}},{"id":"2a6087ab-d977-4eb8-9fd8-4b0e58aaf022","block_type":"box","text":"Large-capitalization companies may be less able than smaller-capitalization","page_number":24,"box":{"x":367,"y":192,"width":540,"height":11}},{"id":"97c3d5ac-7af1-4aec-9374-e99795fda88a","block_type":"box","text":"companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may be more","page_number":24,"box":{"x":83,"y":206,"width":890,"height":11}},{"id":"b2b68e2d-85ce-4061-a947-a2620657e9a4","block_type":"box","text":"mature and subject to more limited growth potential compared with smaller-capitalization companies. The performance of","page_number":24,"box":{"x":84,"y":220,"width":867,"height":11}},{"id":"e3aac66f-1342-437e-b26d-266efbaf9e95","block_type":"box","text":"large-capitalization companies could trail the overall performance of the broader securities markets.","page_number":24,"box":{"x":84,"y":235,"width":709,"height":10}},{"id":"1d670d08-8db4-4e55-872f-fc1f8e82313f","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk.","page_number":24,"box":{"x":84,"y":258,"width":394,"height":11}},{"id":"259a8a66-5000-4d96-b580-1468c23f7955","block_type":"box","text":"Certain shareholders of the Fund, including an Authorized","page_number":24,"box":{"x":484,"y":258,"width":410,"height":11}},{"id":"8449b2b9-b332-47f2-a572-d79c3380413f","block_type":"box","text":"Participant, a third-party investor, the Fund’s adviser, an affiliate of the Fund’s adviser, a market maker, or another entity, may","page_number":24,"box":{"x":84,"y":272,"width":882,"height":11}},{"id":"db7a20fa-d918-450f-ad3f-8400f0bc8c3c","block_type":"box","text":"from time to time own or manage a substantial amount of Fund shares, or may hold their investment in the Fund for a limited","page_number":24,"box":{"x":83,"y":286,"width":884,"height":11}},{"id":"ace6fbd9-38fb-4ab5-8cc6-fe9a6f256f7d","block_type":"box","text":"period of time. There can be no assurance that any large shareholder or large group of shareholders would not redeem their","page_number":24,"box":{"x":84,"y":300,"width":872,"height":11}},{"id":"0a538e33-6b5f-489d-8213-9a361c60c6d7","block_type":"box","text":"investment. Redemptions of a large number of Fund shares could require the Fund to dispose of assets to meet the","page_number":24,"box":{"x":83,"y":315,"width":813,"height":10}},{"id":"e25b274e-c8a8-4a1a-9a52-82352959132b","block_type":"box","text":"redemption requests, which can accelerate the realization of taxable income and/or capital gains and cause the Fund to make","page_number":24,"box":{"x":84,"y":329,"width":889,"height":11}},{"id":"51b31b80-d541-489d-9d04-7f1c960cc6f9","block_type":"box","text":"taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances,","page_number":24,"box":{"x":82,"y":343,"width":891,"height":10}},{"id":"9c393469-d6a7-41c9-9681-942a3297ed2f","block_type":"box","text":"non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with","page_number":24,"box":{"x":84,"y":357,"width":836,"height":11}},{"id":"e2de4711-5afe-4544-af74-7558a276fc88","block_type":"box","text":"respect to such year. In some circumstances, the Fund may hold a relatively large proportion of its assets in cash in","page_number":24,"box":{"x":84,"y":371,"width":810,"height":11}},{"id":"60e4fe05-efdd-49d2-b2da-f6eb0e477663","block_type":"box","text":"anticipation of large redemptions, diluting its investment returns. These large redemptions may also force the Fund to sell","page_number":24,"box":{"x":83,"y":385,"width":861,"height":11}},{"id":"5fa4df8c-f744-4bf4-ac74-e1ee55255174","block_type":"box","text":"portfolio securities or other assets when it might not otherwise do so, which may negatively impact the Fund’s NAV, increase","page_number":24,"box":{"x":84,"y":400,"width":874,"height":10}},{"id":"09ed9216-5ed1-499e-a713-4677f0274e74","block_type":"box","text":"the Fund’s brokerage costs and/or have a material effect on the market price of Fund shares.","page_number":24,"box":{"x":82,"y":414,"width":654,"height":11}},{"id":"6be97e78-7147-411e-9372-47ab0e03c6ff","block_type":"box","text":"Management Risk.","page_number":24,"box":{"x":84,"y":437,"width":136,"height":11}},{"id":"9d1f1518-b243-42e9-99e4-44c17e5951f0","block_type":"box","text":"The Fund does not try to “beat” the Underlying Index it tracks and does not attempt to take defensive","page_number":24,"box":{"x":225,"y":437,"width":711,"height":11}},{"id":"8ed61a82-72a1-47fb-a6b2-ec9982f6f591","block_type":"box","text":"positions under any market conditions, including declining markets. As the Fund will not fully replicate the Underlying Index","page_number":24,"box":{"x":84,"y":451,"width":876,"height":11}},{"id":"4782fe92-9347-4150-999b-3c7dec55306e","block_type":"box","text":"and may hold securities or other assets not included in the Underlying Index, it is subject to the risk that BFA’s investment","page_number":24,"box":{"x":83,"y":465,"width":859,"height":11}},{"id":"130d1d5b-219b-4fc9-9ff2-23f0560195ac","block_type":"box","text":"strategy may not produce the intended results. There is no guarantee that the Fund’s investment results will have a high","page_number":24,"box":{"x":83,"y":479,"width":847,"height":11}},{"id":"7a7a893d-afcb-47ee-a88e-6067b6af30b4","block_type":"box","text":"degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective.","page_number":24,"box":{"x":83,"y":494,"width":756,"height":11}},{"id":"f117452a-9719-4824-90e4-8d185578b08f","block_type":"box","text":"Market Trading Risk.","page_number":24,"box":{"x":84,"y":517,"width":151,"height":11}},{"id":"8e9c45e7-6ed8-47f1-bbda-11a5cb6badb5","block_type":"box","text":"The Fund faces numerous market trading risks, including the potential lack of an active market for","page_number":24,"box":{"x":239,"y":517,"width":695,"height":11}},{"id":"f331c8da-e552-4267-b18c-2b7a05ffe202","block_type":"box","text":"Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and","page_number":24,"box":{"x":84,"y":531,"width":841,"height":11}},{"id":"1169a74f-34ce-4e15-905e-98587aecbc75","block_type":"box","text":"disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s","page_number":24,"box":{"x":83,"y":545,"width":887,"height":11}},{"id":"5d0dd095-a731-49cf-bc20-1d8d3c433bdb","block_type":"box","text":"shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio","page_number":24,"box":{"x":83,"y":559,"width":839,"height":11}},{"id":"05357036-2938-4b4e-a281-ba27997e069b","block_type":"box","text":"holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when","page_number":24,"box":{"x":84,"y":574,"width":865,"height":10}},{"id":"103d1b37-a542-4be4-96c9-555a11f983c4","block_type":"box","text":"the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value","page_number":24,"box":{"x":82,"y":588,"width":885,"height":11}},{"id":"8b14b731-a720-40e9-9be6-5c9dc9450b4a","block_type":"box","text":"of the Fund shares.","page_number":24,"box":{"x":83,"y":602,"width":135,"height":8}},{"id":"b3308cb6-f1e0-4cff-96fa-93a3943ddcd2","block_type":"box","text":"Mid-Capitalization Companies Risk.","page_number":24,"box":{"x":84,"y":625,"width":264,"height":11}},{"id":"954f47a7-acb7-48a0-a8a8-e1052fc38cda","block_type":"box","text":"Compared to large-capitalization companies, mid-capitalization companies may be","page_number":24,"box":{"x":353,"y":625,"width":590,"height":11}},{"id":"7c0d679d-da78-44d0-83c8-d2d0a2b6cb49","block_type":"box","text":"less stable and more susceptible to adverse developments. The securities of mid-capitalization companies may be more","page_number":24,"box":{"x":84,"y":639,"width":846,"height":11}},{"id":"d304bb44-2b4a-4f77-be7a-7ff94a8eede8","block_type":"box","text":"volatile and less liquid than those of large-capitalization companies. As a result, the Fund’s share price may be more volatile","page_number":24,"box":{"x":82,"y":653,"width":875,"height":11}},{"id":"e52d4054-c7ec-4db8-9860-12e729b749c3","block_type":"box","text":"than that of a fund with a greater investment in large-capitalization stocks.","page_number":24,"box":{"x":82,"y":668,"width":529,"height":11}},{"id":"76d58f0b-58bd-4c33-ab02-5d6af5344833","block_type":"box","text":"National Closed Market Trading Risk.","page_number":24,"box":{"x":84,"y":691,"width":272,"height":11}},{"id":"a6d9eaca-f1ca-435c-b06c-4b08078b4dfd","block_type":"box","text":"To the extent that securities or other assets held by the Fund trade on foreign","page_number":24,"box":{"x":361,"y":691,"width":544,"height":11}},{"id":"d3040623-c744-4139-b689-70ffaa447d8a","block_type":"box","text":"exchanges or in foreign markets that may be closed when the securities exchange on which the Fund’s shares trade is open,","page_number":24,"box":{"x":83,"y":705,"width":875,"height":11}},{"id":"332be1b5-0183-48f4-8ce1-71e0cf32e626","block_type":"box","text":"there are likely to be deviations between such asset’s current price and its last quoted price (","page_number":24,"box":{"x":82,"y":719,"width":651,"height":11}},{"id":"12efcd93-120f-4fa5-881e-8f15ea72dc23","block_type":"box","text":"i.e","page_number":24,"box":{"x":735,"y":720,"width":14,"height":8}},{"id":"f4ae2c2d-afb2-4987-a7f9-c9978dae0c19","block_type":"box","text":"., the quote from the closed","page_number":24,"box":{"x":750,"y":719,"width":191,"height":11}},{"id":"b83fa87f-f7a7-4021-9444-a6dee9f5e2c5","block_type":"box","text":"foreign market to the Fund). The impact of a closed foreign market on the Fund is likely to be greater where a large portion of","page_number":24,"box":{"x":83,"y":733,"width":879,"height":11}},{"id":"6227912d-9c83-4610-8c85-f9154863c8c1","block_type":"box","text":"the Fund’s holdings trade on a closed foreign market or when a foreign market is closed for unscheduled reasons. These","page_number":24,"box":{"x":82,"y":748,"width":849,"height":10}},{"id":"33e88f17-9989-4c44-87ca-e1deba45411f","block_type":"box","text":"deviations could result in premiums or discounts to the Fund’s NAV that may be greater than those experienced by other","page_number":24,"box":{"x":83,"y":762,"width":850,"height":11}},{"id":"402c99c1-7bba-46ec-90f3-2d69ca61f211","block_type":"box","text":"funds.","page_number":24,"box":{"x":83,"y":776,"width":43,"height":8}},{"id":"63e9f763-de6a-4115-9ef0-aa55b82d60aa","block_type":"box","text":"Non-Diversification Risk.","page_number":24,"box":{"x":84,"y":799,"width":184,"height":9}},{"id":"6d0526af-2d03-4041-b8b5-fe5ee1de420e","block_type":"box","text":"The Fund is classified as “non-diversified.” This means that, compared with funds that are","page_number":24,"box":{"x":272,"y":799,"width":633,"height":11}},{"id":"30e8eab7-4723-47c2-b8ae-2da63370cb3f","block_type":"box","text":"classified as “diversified,” the Fund may invest a greater percentage of its assets in securities or other instruments","page_number":24,"box":{"x":83,"y":813,"width":803,"height":11}},{"id":"edfa6350-9257-4588-8b2b-2bfbec5c43fb","block_type":"box","text":"representing a small number of issuers or counterparties and thus may be more susceptible to the risks associated with these","page_number":24,"box":{"x":84,"y":828,"width":887,"height":10}},{"id":"86fa6436-2cd5-4219-aeb7-62e07127ab6f","block_type":"box","text":"particular issuers or counterparties. As a result, the Fund's performance may depend to a greater extent on the performance","page_number":24,"box":{"x":84,"y":842,"width":875,"height":11}},{"id":"97abaa96-b686-4c62-ad9b-664a98efbaee","block_type":"box","text":"of a small number of issuers or counterparties, which may lead to more volatility in the Fund’s NAV.","page_number":24,"box":{"x":83,"y":856,"width":697,"height":11}},{"id":"a005268c-db76-47a6-b5fd-addc9755f6ef","block_type":"box","text":"S-17","page_number":24,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"87133d19-8e22-4dec-81aa-e630b5dc62f5","block_type":"box","text":"Non-U.S. Securities Risk.","page_number":25,"box":{"x":84,"y":23,"width":181,"height":9}},{"id":"1703fb6c-e04d-4742-84cd-e4f9f20c710b","block_type":"box","text":"Securities issued by non-U.S. issuers (including depositary receipts) are subject to different legal,","page_number":25,"box":{"x":270,"y":23,"width":687,"height":11}},{"id":"76133537-b262-44d3-bcc3-0ef7eb8fb30c","block_type":"box","text":"regulatory, political, economic, and market risks than securities issued by U.S. issuers. These risks include greater market","page_number":25,"box":{"x":84,"y":37,"width":853,"height":11}},{"id":"79baf8e1-e1a1-4eaa-9911-b72406428e4e","block_type":"box","text":"volatility, less market liquidity, higher transaction costs, expropriation, confiscatory taxation, adverse changes in foreign","page_number":25,"box":{"x":82,"y":52,"width":847,"height":10}},{"id":"0f5966ee-6f35-49db-a78d-c036d43247af","block_type":"box","text":"investment or currency control regulations, restrictions on the repatriation of capital, and political instability. Non-U.S. issuers","page_number":25,"box":{"x":83,"y":66,"width":889,"height":11}},{"id":"d89e1553-8f2a-4546-9fea-c00101504642","block_type":"box","text":"may be subject to different accounting, audit and financial reporting standards than U.S. issuers, and there may be less","page_number":25,"box":{"x":84,"y":80,"width":842,"height":11}},{"id":"39bf478c-0852-485a-82e2-18339decbc4e","block_type":"box","text":"publicly available information about non-U.S. issuers. Foreign market trading hours, different clearing and settlement","page_number":25,"box":{"x":84,"y":94,"width":831,"height":11}},{"id":"ca5c7482-616d-40d3-bd0d-fdafa1b9ee6b","block_type":"box","text":"procedures, and holiday schedules may limit the Fund's ability to engage in portfolio transactions. To the extent that","page_number":25,"box":{"x":84,"y":108,"width":820,"height":11}},{"id":"16969737-6209-4ae0-9837-3ecef4e247ac","block_type":"box","text":"investments are made in a limited number of countries, events in those countries will have a more significant impact on the","page_number":25,"box":{"x":83,"y":122,"width":871,"height":11}},{"id":"0d2b8bb8-f632-4678-8aaf-d26d6b5efcd3","block_type":"box","text":"Fund. The Fund is specifically exposed to","page_number":25,"box":{"x":84,"y":137,"width":288,"height":10}},{"id":"39b9706e-d826-4c2d-882e-fcf906719c02","block_type":"box","text":"Asian Economic Risk","page_number":25,"box":{"x":377,"y":137,"width":153,"height":8}},{"id":"0d6e9ff6-45d1-46db-958e-6ecd315e154f","block_type":"box","text":"and","page_number":25,"box":{"x":535,"y":137,"width":25,"height":8}},{"id":"0ddaaaa6-4085-4f6d-9337-e5baa08abd74","block_type":"box","text":"European Economic Risk","page_number":25,"box":{"x":566,"y":137,"width":183,"height":10}},{"id":"930efd39-0d2b-42c1-a897-ebee97b34551","block_type":"box","text":".","page_number":25,"box":{"x":750,"y":144,"width":2,"height":1}},{"id":"7a327036-99bd-47f3-97d1-e513e081e054","block_type":"box","text":"Operational and Technology Risks.","page_number":25,"box":{"x":83,"y":160,"width":255,"height":11}},{"id":"bcb1e988-958f-4901-8608-835d3b12e13d","block_type":"box","text":"The Fund is directly and indirectly susceptible to operational and technology risks,","page_number":25,"box":{"x":342,"y":160,"width":582,"height":11}},{"id":"4da7b8f3-570b-470b-90f0-87ebc279f9fd","block_type":"box","text":"including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents,","page_number":25,"box":{"x":83,"y":174,"width":876,"height":11}},{"id":"cfa9fd88-b992-4d03-913d-6d2bad05d288","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”), which may result in losses for the Fund and its shareholders","page_number":25,"box":{"x":83,"y":188,"width":879,"height":11}},{"id":"e69f5392-c1d7-4aad-8854-39f2b53865fc","block_type":"box","text":"or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational,","page_number":25,"box":{"x":83,"y":202,"width":825,"height":11}},{"id":"8ab42fda-3d3c-4f42-93e4-713b1ef8bc70","block_type":"box","text":"information security and cybersecurity risk management policies and procedures, their methods of risk management may","page_number":25,"box":{"x":83,"y":217,"width":863,"height":10}},{"id":"f2553d39-4878-4b44-9015-5bdf2eb3ea90","block_type":"box","text":"differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in","page_number":25,"box":{"x":83,"y":231,"width":872,"height":11}},{"id":"aea46870-0e37-4b8d-a03c-18db56add29b","block_type":"box","text":"material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.","page_number":25,"box":{"x":84,"y":245,"width":823,"height":11}},{"id":"6aa2758a-fcd8-4852-9809-8170070612da","block_type":"box","text":"Reliance on Trading Partners Risk.","page_number":25,"box":{"x":84,"y":268,"width":252,"height":11}},{"id":"f4db920f-96cd-435a-b7b0-3d50a6e3e7ac","block_type":"box","text":"The Fund invests in countries or regions whose economies are heavily dependent upon","page_number":25,"box":{"x":340,"y":268,"width":615,"height":11}},{"id":"604c02a0-7798-49a1-82f6-1e352fefaaf6","block_type":"box","text":"trading with key partners. Any reduction in this trading may have an adverse impact on the Fund's investments. Through its","page_number":25,"box":{"x":82,"y":282,"width":872,"height":11}},{"id":"22e91134-a160-4e5d-afe0-a2ced2e34b06","block_type":"box","text":"holdings of securities of certain issuers, the Fund is specifically exposed to","page_number":25,"box":{"x":84,"y":296,"width":526,"height":11}},{"id":"5f56ed01-f91d-4bfb-b316-15922a87f8da","block_type":"box","text":"Asian Economic Risk, European Economic","page_number":25,"box":{"x":615,"y":296,"width":309,"height":11}},{"id":"27894b0e-33d6-4766-91f1-46e9041d4add","block_type":"box","text":"Risk","page_number":25,"box":{"x":84,"y":311,"width":30,"height":8}},{"id":"152e408f-9faf-429e-9d19-998d417aec79","block_type":"box","text":"and","page_number":25,"box":{"x":118,"y":311,"width":26,"height":8}},{"id":"b548bf8c-10d4-420c-b018-24390df113f6","block_type":"box","text":"U.S. Economic Risk","page_number":25,"box":{"x":150,"y":311,"width":140,"height":8}},{"id":"0a7df0a6-e07e-4af5-8ebf-0df44c726831","block_type":"box","text":".","page_number":25,"box":{"x":291,"y":318,"width":1,"height":1}},{"id":"c5ce2aa7-e9bd-4959-8956-842be41fcaf0","block_type":"box","text":"Risk of Investing in Asia.","page_number":25,"box":{"x":84,"y":334,"width":178,"height":11}},{"id":"9eef639e-d882-4c2a-becf-c44a7dfc5a1e","block_type":"box","text":"Investments in Asian issuers subject the Fund to legal, regulatory, political, economic, currency,","page_number":25,"box":{"x":268,"y":334,"width":673,"height":11}},{"id":"f7e0dd2a-d148-484f-80be-792b57cf8e34","block_type":"box","text":"geographic and security risks that are specific to Asia. There is no guarantee that the economic growth and industrialization","page_number":25,"box":{"x":83,"y":348,"width":875,"height":11}},{"id":"5d544a84-38c4-46a1-bacb-bfb08f69066a","block_type":"box","text":"in certain Asian economies will continue. Certain Asian countries have experienced expropriation and/or nationalization of","page_number":25,"box":{"x":83,"y":362,"width":866,"height":11}},{"id":"2ae29754-b897-4361-a0c3-39948b6c192c","block_type":"box","text":"assets, confiscatory taxation, currency devaluations and restrictions, political or social instability, and armed conflict. An","page_number":25,"box":{"x":83,"y":376,"width":849,"height":11}},{"id":"b039b46c-2941-47c5-9bbe-4dd86f295dc4","block_type":"box","text":"adverse economic or political event in one Asian country may negatively affect countries throughout the region. In particular,","page_number":25,"box":{"x":83,"y":391,"width":882,"height":10}},{"id":"7f3a5d3a-dfd6-4f90-b0ac-f2ced77bd672","block_type":"box","text":"because many Asian countries depend significantly on international trade, shifts in relationships with key trading partners,","page_number":25,"box":{"x":84,"y":405,"width":867,"height":11}},{"id":"a158cde5-a700-4192-ac28-ed6e4719a906","block_type":"box","text":"such as China and the U.S., may have a region-wide economic impact. Regional geopolitical risks include the historical","page_number":25,"box":{"x":83,"y":419,"width":837,"height":11}},{"id":"0694ad00-89ce-461d-9e00-31d2bb6135b8","block_type":"box","text":"tensions between South Korea and North Korea, China’s complex territorial dispute regarding the sovereignty of Taiwan and","page_number":25,"box":{"x":82,"y":433,"width":875,"height":11}},{"id":"2b59a7b7-01a2-403c-8129-11cbb2b702e5","block_type":"box","text":"its pledge to take control of Taiwan, and frictions between China and the Philippines in the South China Sea.","page_number":25,"box":{"x":83,"y":447,"width":763,"height":11}},{"id":"09f1170b-bda7-4ead-bc81-d4c078e9f48f","block_type":"box","text":"Risk of Investing in China.","page_number":25,"box":{"x":84,"y":470,"width":190,"height":11}},{"id":"8c03ac7a-e951-4876-b604-ef50be1fe420","block_type":"box","text":"Investments in Chinese securities, including certain Hong Kong-listed and U.S.-listed securities,","page_number":25,"box":{"x":280,"y":471,"width":679,"height":10}},{"id":"08808c10-52bb-46b1-a574-5464b2f8b54f","block_type":"box","text":"are subject to risks specific to China. China may be subject to considerable degrees of economic, political and social","page_number":25,"box":{"x":83,"y":485,"width":819,"height":10}},{"id":"87c16a30-9edd-451d-a877-4aa829753d2d","block_type":"box","text":"instability. Despite economic and market reforms in recent decades, the Chinese government’s control over certain sectors","page_number":25,"box":{"x":83,"y":499,"width":866,"height":11}},{"id":"ef1b2723-5cae-4c12-a4f4-f9026487d2fc","block_type":"box","text":"and enterprises and significant regulation of investment and industry are still pervasive. Chinese companies are subject to","page_number":25,"box":{"x":83,"y":513,"width":866,"height":11}},{"id":"70039bf8-3176-448b-b082-c0639c2850e3","block_type":"box","text":"the risk that Chinese authorities can intervene in their operations and structure. Chinese markets generally continue to","page_number":25,"box":{"x":82,"y":527,"width":842,"height":11}},{"id":"e1e8e305-ed65-45a8-b9b5-00415c8a6f6a","block_type":"box","text":"experience inefficiency, a lack of publicly available information and/or political and social instability and may be subject to","page_number":25,"box":{"x":83,"y":541,"width":864,"height":11}},{"id":"2e7f74e9-15ce-4306-8348-2af7ba481528","block_type":"box","text":"volatility and pricing anomalies resulting from governmental influence. Internal social unrest or confrontations with other","page_number":25,"box":{"x":82,"y":556,"width":861,"height":10}},{"id":"e353f621-5b41-4f3b-85b7-338ed7221d84","block_type":"box","text":"countries, including military conflicts in response to such events, may disrupt China’s economy and markets and result in a","page_number":25,"box":{"x":83,"y":570,"width":869,"height":11}},{"id":"d8b7e888-b9dd-4efa-9434-d541a63c8271","block_type":"box","text":"greater risk of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher inflation.","page_number":25,"box":{"x":83,"y":584,"width":784,"height":11}},{"id":"ce791a71-8a66-478b-ad93-84c8345907c0","block_type":"box","text":"China has experienced security concerns, such as terrorism and strained international relations. Additionally, China is alleged","page_number":25,"box":{"x":83,"y":607,"width":887,"height":11}},{"id":"8a9f5e34-1af2-4c97-9d43-af69eb117e36","block_type":"box","text":"to have participated in state-sponsored cyberattacks against foreign companies and foreign governments. Actual and","page_number":25,"box":{"x":82,"y":621,"width":834,"height":11}},{"id":"a4985c7e-a0a5-40f5-98b8-6ea3030b5499","block_type":"box","text":"threatened responses to such activity and strained international relations, including purchasing restrictions, sanctions,","page_number":25,"box":{"x":82,"y":636,"width":845,"height":10}},{"id":"92b39ec4-0c94-49ea-a476-5ddc606ee0fe","block_type":"box","text":"export controls, tariffs or cyberattacks on the Chinese government or Chinese companies, may impact China’s economy and","page_number":25,"box":{"x":83,"y":650,"width":876,"height":11}},{"id":"fc0b228a-3250-44a7-a1e4-d7ef5d487ab9","block_type":"box","text":"Chinese issuers in which the Fund invests. Incidents involving China’s or the region’s security may adversely affect the","page_number":25,"box":{"x":83,"y":664,"width":834,"height":11}},{"id":"57f8f484-a7b0-41a9-9d82-bad03ffe34e7","block_type":"box","text":"Chinese economy and markets and the Fund’s investments.","page_number":25,"box":{"x":83,"y":678,"width":421,"height":11}},{"id":"e0ffc181-2fb9-45df-837d-7164d1cbe484","block_type":"box","text":"The Chinese economy is highly reliant on trade. A reduction in spending on Chinese products and services, supply chain","page_number":25,"box":{"x":82,"y":701,"width":849,"height":11}},{"id":"0bf1330f-32f9-4dd5-a54e-4d3e1fe25f8e","block_type":"box","text":"diversification, the institution of additional tariffs or other trade barriers (including as a result of heightened trade tensions or","page_number":25,"box":{"x":83,"y":715,"width":886,"height":11}},{"id":"d8363041-f6b0-4ca9-808e-a894dc7aea9f","block_type":"box","text":"a trade war between China and the U.S. or in response to actual or alleged Chinese cyber activity) or a downturn in any of the","page_number":25,"box":{"x":83,"y":730,"width":878,"height":10}},{"id":"b6a72cb3-7a87-436d-a1d0-c755a2d8ec53","block_type":"box","text":"economies of China’s key trading partners may have an adverse impact on the Chinese economy. The Underlying Index may","page_number":25,"box":{"x":83,"y":744,"width":874,"height":11}},{"id":"d6029cdf-55b4-4c2a-85a5-14ad70d8aa6a","block_type":"box","text":"include companies that are subject to economic or trade restrictions (but not investment restrictions) imposed by the U.S. or","page_number":25,"box":{"x":83,"y":758,"width":878,"height":11}},{"id":"c595ae8f-bc4b-4a15-b940-9d8fc5108074","block_type":"box","text":"other governments due to national security, human rights or other concerns of such government. So long as these","page_number":25,"box":{"x":83,"y":772,"width":807,"height":11}},{"id":"e156bf28-7336-4423-91b2-0ba4b0365bb2","block_type":"box","text":"restrictions do not include restrictions on investments, the Fund is generally expected to invest in such companies, consistent","page_number":25,"box":{"x":84,"y":787,"width":889,"height":10}},{"id":"21c263a0-1fd4-48bf-8e04-d40307fdc717","block_type":"box","text":"with its objective to track the performance of the Underlying Index.","page_number":25,"box":{"x":82,"y":801,"width":471,"height":10}},{"id":"89e88e77-73be-4969-8f88-9717192193ff","block_type":"box","text":"Chinese companies, including those listed on U.S. exchanges, are not subject to the same degree of regulatory requirements,","page_number":25,"box":{"x":83,"y":824,"width":883,"height":11}},{"id":"d531bf0c-f82a-436d-be8a-1d6b3e4ab986","block_type":"box","text":"accounting standards or auditor oversight as companies in more developed countries. As a result, information about the","page_number":25,"box":{"x":83,"y":838,"width":850,"height":11}},{"id":"4f20e4f1-6b54-4c1f-85cc-2d887cdb5a2c","block_type":"box","text":"Chinese securities in which the Fund invests may be less reliable or complete. Chinese companies with securities listed on","page_number":25,"box":{"x":83,"y":852,"width":862,"height":11}},{"id":"9a098653-4514-414e-a90d-4b554833d0c2","block_type":"box","text":"U.S. exchanges may be delisted if they do not meet U.S. accounting standards and auditor oversight requirements, or for","page_number":25,"box":{"x":84,"y":866,"width":849,"height":11}},{"id":"a6189af6-a638-4479-a8c4-214ce0f6c03b","block_type":"box","text":"other reasons, which would significantly decrease the liquidity and value of the securities. There may be significant obstacles","page_number":25,"box":{"x":83,"y":880,"width":883,"height":11}},{"id":"7dbeceb0-63a6-426c-9bc0-415c2d42ab0b","block_type":"box","text":"S-18","page_number":25,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"a4caae5b-92f4-4503-ab90-4d8bd1f7ef85","block_type":"box","text":"to obtaining information necessary for investigations into or litigation against Chinese companies, and shareholders may","page_number":26,"box":{"x":82,"y":23,"width":861,"height":11}},{"id":"a90c5403-8387-4cc8-b497-f54211280726","block_type":"box","text":"have limited legal remedies.","page_number":26,"box":{"x":84,"y":38,"width":195,"height":10}},{"id":"512f96cf-a6f2-4779-b40b-8ec9a089c344","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","page_number":26,"box":{"x":84,"y":60,"width":844,"height":11}},{"id":"f1362a97-3137-4c3a-becc-6c94f64fccf7","block_type":"box","text":"foreign ownership restrictions. Any change in the operations of entities in a VIE structure, the status of VIE contractual","page_number":26,"box":{"x":83,"y":75,"width":835,"height":11}},{"id":"fbda14f5-3a2d-48bc-af51-2b192f43bbf7","block_type":"box","text":"arrangements or the legal or regulatory environment in China could result in significant, and possibly permanent and/or","page_number":26,"box":{"x":83,"y":89,"width":852,"height":11}},{"id":"dd7dfc79-ffd2-4e07-93e5-7aae1a7ff986","block_type":"box","text":"total, losses for investments in VIE issuers. The Fund does not select investments based on investor protection","page_number":26,"box":{"x":82,"y":103,"width":779,"height":11}},{"id":"4c8ece86-868d-42e3-bde3-08759551c762","block_type":"box","text":"considerations.","page_number":26,"box":{"x":83,"y":117,"width":108,"height":9}},{"id":"9c1e20d8-efa5-4fdd-9d44-b649d8b28079","block_type":"box","text":"Risk of Investing in Developed Countries.","page_number":26,"box":{"x":84,"y":140,"width":301,"height":11}},{"id":"bc9782ae-2a3a-4eca-8c6b-d9199c6b5712","block_type":"box","text":"The Fund’s investment in developed country issuers will subject the Fund to legal,","page_number":26,"box":{"x":390,"y":140,"width":580,"height":11}},{"id":"39ccae75-18f6-429e-869c-89254e3cd088","block_type":"box","text":"regulatory, political, currency, security, economic and other risks associated with developed countries. Developed countries","page_number":26,"box":{"x":84,"y":155,"width":867,"height":10}},{"id":"e1550fa2-36e6-4f19-909c-ed11625fb650","block_type":"box","text":"tend to represent a significant portion of the global economy and have generally experienced slower economic growth than","page_number":26,"box":{"x":82,"y":169,"width":871,"height":11}},{"id":"3e660acf-4d8a-4ae8-983a-256bb4020cc2","block_type":"box","text":"some less developed countries. Certain developed countries have experienced security concerns, such as war, terrorism and","page_number":26,"box":{"x":83,"y":183,"width":874,"height":11}},{"id":"5797367b-3d52-4552-95ba-f49065c2675a","block_type":"box","text":"strained international relations. Incidents involving a country’s or region’s security may cause uncertainty in its markets and","page_number":26,"box":{"x":83,"y":197,"width":876,"height":11}},{"id":"01b72740-951b-4384-974e-8aea6971ccc0","block_type":"box","text":"may adversely affect its economy and the Fund’s investments. In addition, developed countries may be adversely impacted by","page_number":26,"box":{"x":84,"y":211,"width":886,"height":11}},{"id":"ff0d2d5e-c151-460a-ae0b-cdc771b22c21","block_type":"box","text":"changes to the economic conditions of certain key trading partners, regulatory burdens, debt burdens and the price or","page_number":26,"box":{"x":83,"y":226,"width":837,"height":10}},{"id":"cd3505cf-236b-4762-bc3e-086a6aa25ea2","block_type":"box","text":"availability of certain commodities.","page_number":26,"box":{"x":83,"y":240,"width":247,"height":11}},{"id":"61e05c26-7a9c-4baf-90ff-b05c9257955b","block_type":"box","text":"Risk of Investing in Emerging Markets.","page_number":26,"box":{"x":84,"y":263,"width":284,"height":11}},{"id":"d45f3c5f-06fc-444c-b372-07484272d006","block_type":"box","text":"Investments in emerging markets may be subject to a greater risk of loss than","page_number":26,"box":{"x":374,"y":263,"width":547,"height":11}},{"id":"8f0f8b75-1d1a-4bbd-b8b8-48e735382720","block_type":"box","text":"investments in more developed markets. The risks of emerging markets may include, among others, greater market volatility;","page_number":26,"box":{"x":83,"y":277,"width":880,"height":11}},{"id":"be84ff44-d781-4349-bf19-09b6d1833ab7","block_type":"box","text":"political, legal, economic, and social instability; less developed securities markets, including settlement, custody and","page_number":26,"box":{"x":84,"y":292,"width":821,"height":10}},{"id":"2dc90f16-1e24-4177-8f95-8193f4776b0c","block_type":"box","text":"valuation processes; government expropriation or nationalization of assets; greater volatility in currency exchange rates; more","page_number":26,"box":{"x":82,"y":305,"width":891,"height":11}},{"id":"6aa6e893-7eed-427a-b791-f0b4f868ba84","block_type":"box","text":"capital controls; less governmental supervision and regulation; and less stringent accounting, auditing and disclosure","page_number":26,"box":{"x":83,"y":320,"width":835,"height":10}},{"id":"af64ca71-8758-4e93-a1ff-11c40b3c4216","block_type":"box","text":"requirements. There may be significant obstacles to obtaining information necessary for investigations into or litigation","page_number":26,"box":{"x":84,"y":334,"width":845,"height":11}},{"id":"f4d9ff99-dfdf-42e1-b94d-fdff0ec3083f","block_type":"box","text":"against companies, and shareholders may have limited legal remedies. The Fund does not select investments based on","page_number":26,"box":{"x":83,"y":348,"width":842,"height":11}},{"id":"d518b083-d062-489e-95a3-ca9b43893161","block_type":"box","text":"investor protection considerations. Emerging market securities may face liquidity challenges, and the Fund may be unable to","page_number":26,"box":{"x":83,"y":362,"width":884,"height":11}},{"id":"5e6c985f-3e4e-4a96-a3ad-a5df052fc841","block_type":"box","text":"liquidate its positions in such securities at a favorable time or price.","page_number":26,"box":{"x":84,"y":376,"width":475,"height":11}},{"id":"293240f3-cc36-4c5c-94a2-f61409c9a1ce","block_type":"box","text":"Risk of Investing in Saudi Arabia.","page_number":26,"box":{"x":84,"y":399,"width":241,"height":11}},{"id":"6d8cc343-0cb1-4f98-83a9-ef639681a80d","block_type":"box","text":"Investing in Saudi Arabian issuers subjects the Fund to legal, regulatory, political, currency,","page_number":26,"box":{"x":330,"y":400,"width":643,"height":10}},{"id":"1c43ef01-18b9-41dd-8833-2857e96a6f09","block_type":"box","text":"security, and economic risks that are specific to Saudi Arabia. The economy of Saudi Arabia is dominated by petroleum","page_number":26,"box":{"x":83,"y":414,"width":836,"height":11}},{"id":"4f5f5964-d811-4b9f-8cca-4989496e55d6","block_type":"box","text":"exports. A sustained decrease in petroleum prices could have a negative impact on all aspects of the economy. Investments in","page_number":26,"box":{"x":83,"y":428,"width":888,"height":11}},{"id":"a8127c29-2539-4456-a523-e55708fa22e0","block_type":"box","text":"the securities of Saudi Arabian issuers involve risks not typically associated with investments in securities of issuers in more","page_number":26,"box":{"x":82,"y":442,"width":876,"height":11}},{"id":"7c700718-7bb0-430d-81c3-99c0665b5f4f","block_type":"box","text":"developed countries, which may negatively affect the value of the Fund’s investments. Such heightened risks may include,","page_number":26,"box":{"x":83,"y":456,"width":862,"height":11}},{"id":"8eb23612-fbb4-4a3f-8d5a-bdf5ce0cfa93","block_type":"box","text":"among others, the expropriation and/or nationalization of assets, restrictions on and government intervention in","page_number":26,"box":{"x":83,"y":470,"width":795,"height":11}},{"id":"a6adb0be-ff1c-4e62-81b3-60f4f0fbca88","block_type":"box","text":"international trade, confiscatory taxation, political instability, including authoritarian and/or military involvement in","page_number":26,"box":{"x":83,"y":485,"width":817,"height":10}},{"id":"decfa309-e2e5-4e90-9d08-c4efdded4845","block_type":"box","text":"governmental decision-making, armed conflict, crime and instability as a result of religious, ethnic and/or socioeconomic","page_number":26,"box":{"x":83,"y":499,"width":859,"height":11}},{"id":"6d846015-2e0a-4ef3-8dd0-93af33fb4909","block_type":"box","text":"unrest. Instability in the Middle East region could adversely impact the economy of Saudi Arabia, and there is no assurance of","page_number":26,"box":{"x":83,"y":513,"width":888,"height":11}},{"id":"868891b3-38fa-4705-bde2-88c14492070d","block_type":"box","text":"political stability in Saudi Arabia.","page_number":26,"box":{"x":84,"y":527,"width":230,"height":11}},{"id":"66afda3a-6810-4f5e-8a87-1832a1515536","block_type":"box","text":"The ability of foreign investors to invest in the securities of Saudi Arabian companies could be restricted by the Saudi Arabian","page_number":26,"box":{"x":82,"y":550,"width":885,"height":11}},{"id":"cda947b0-4e1c-4802-8898-5b7fe227dc0a","block_type":"box","text":"government at any time, and unforeseen risks could materialize with respect to foreign ownership of such securities. There","page_number":26,"box":{"x":83,"y":565,"width":866,"height":10}},{"id":"34b13e14-123e-4fd7-8a3e-2628861dee37","block_type":"box","text":"are a number of ways to conduct transactions in equity securities in the Saudi Arabian market. The Fund generally expects to","page_number":26,"box":{"x":83,"y":579,"width":881,"height":11}},{"id":"4cb580e4-74ee-4f01-b579-c56f2a8da866","block_type":"box","text":"transact in a manner so that it is not limited by Saudi Arabian regulations to a single broker. However, there may be a limited","page_number":26,"box":{"x":82,"y":593,"width":875,"height":11}},{"id":"fbf4a7a2-fcb9-4183-b501-1086ccf5fb72","block_type":"box","text":"number of brokers who can provide services to the Fund, which may have an adverse impact on the prices, quantity or timing","page_number":26,"box":{"x":84,"y":607,"width":880,"height":11}},{"id":"32113ba6-43a8-445d-ba4f-234e5cb7d3d6","block_type":"box","text":"of Fund transactions.","page_number":26,"box":{"x":83,"y":621,"width":150,"height":9}},{"id":"f6c8987d-baf2-43e3-b3a0-e03d54dd1b40","block_type":"box","text":"Risk of Investing in the U.S.","page_number":26,"box":{"x":84,"y":644,"width":200,"height":11}},{"id":"7c9bee56-4c6f-4dc2-a0c3-c1ff0f73fc77","block_type":"box","text":"Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and","page_number":26,"box":{"x":289,"y":645,"width":664,"height":10}},{"id":"d3bb95dc-ac59-409f-a9a2-a1ceb248e684","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline","page_number":26,"box":{"x":83,"y":659,"width":878,"height":11}},{"id":"dba635fd-4503-492b-b8de-c233c862cbb7","block_type":"box","text":"in its financial markets, may have an adverse effect on U.S. issuers.","page_number":26,"box":{"x":83,"y":673,"width":470,"height":11}},{"id":"3bf7cfa6-d81e-4817-b7fa-3d4dc6947090","block_type":"box","text":"Securities Lending Risk.","page_number":26,"box":{"x":83,"y":696,"width":177,"height":11}},{"id":"055065f5-fdb9-41a7-8786-a35c386a6b1a","block_type":"box","text":"The Fund may engage in securities lending. Securities lending involves the risk that the Fund may","page_number":26,"box":{"x":264,"y":696,"width":692,"height":11}},{"id":"62cbb8d0-17ad-46b7-89b1-d9cef5832901","block_type":"box","text":"lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund","page_number":26,"box":{"x":84,"y":710,"width":869,"height":11}},{"id":"83b3aafd-cdf0-4778-be28-61099466ff83","block_type":"box","text":"could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value","page_number":26,"box":{"x":83,"y":724,"width":886,"height":11}},{"id":"16808f2b-1c11-4fe8-8a61-301f7869e220","block_type":"box","text":"of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.","page_number":26,"box":{"x":83,"y":739,"width":831,"height":10}},{"id":"8a66c852-feef-444d-bd93-1edb0ff6dcd1","block_type":"box","text":"Semiconductor Companies Risk.","page_number":26,"box":{"x":83,"y":762,"width":238,"height":10}},{"id":"9bc57748-0d9a-438b-9d9f-97bfe8055962","block_type":"box","text":"The semiconductor industry is characterized by rapid technological change and product","page_number":26,"box":{"x":325,"y":762,"width":626,"height":11}},{"id":"fb8f07ec-48a5-486f-a009-3aa612817a7d","block_type":"box","text":"obsolescence, cyclical market patterns, price erosion, periods of over-capacity and production shortages, variations in","page_number":26,"box":{"x":83,"y":776,"width":833,"height":11}},{"id":"15978d86-ff2f-484b-9f3c-eb39126b2a99","block_type":"box","text":"manufacturing costs and yields, and significant expenditures for capital equipment and product development.","page_number":26,"box":{"x":84,"y":790,"width":780,"height":11}},{"id":"cd1a6dd4-b198-45b9-b551-769e4e25e997","block_type":"box","text":"Semiconductor companies depend significantly on third-party suppliers and the availability of raw materials and may be","page_number":26,"box":{"x":83,"y":804,"width":853,"height":11}},{"id":"2693d19c-b41d-4f83-b3bc-c4481c4c8771","block_type":"box","text":"adversely affected by supply chain disruptions. They also may be adversely affected by the loss or impairment of intellectual","page_number":26,"box":{"x":83,"y":819,"width":874,"height":10}},{"id":"fb4c843e-d405-44b1-a6b7-81744809ded5","block_type":"box","text":"property rights. Growing demand related to AI and other emerging technologies may contribute to increased competition,","page_number":26,"box":{"x":84,"y":833,"width":858,"height":11}},{"id":"09c2214c-1067-452b-b8e9-84fd8aeab48b","block_type":"box","text":"capacity constraints and customer concentration.","page_number":26,"box":{"x":83,"y":847,"width":352,"height":11}},{"id":"4b6c4dc9-deb7-4cbb-8160-c3b62a8c06df","block_type":"box","text":"S-19","page_number":26,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"b111b63f-6732-4638-b475-0946665d8a7f","block_type":"box","text":"Small-Capitalization Companies Risk.","page_number":27,"box":{"x":83,"y":23,"width":277,"height":11}},{"id":"e94b7e9e-82ca-4e66-81e0-2cf1ce57024b","block_type":"box","text":"Compared to mid- and large-capitalization companies, small-capitalization","page_number":27,"box":{"x":366,"y":23,"width":532,"height":11}},{"id":"69220d5d-9b2f-43ce-b153-49fec0b39036","block_type":"box","text":"companies may be less stable and more susceptible to adverse developments. The securities of small-capitalization","page_number":27,"box":{"x":83,"y":37,"width":817,"height":11}},{"id":"7ffcd4cb-9268-472f-bc8a-efb81e3348d8","block_type":"box","text":"companies may be more volatile and less liquid than those of mid- and large-capitalization companies. As a result, the Fund’s","page_number":27,"box":{"x":83,"y":51,"width":887,"height":11}},{"id":"2e094d64-2e96-4dc7-bdea-9b86cf708840","block_type":"box","text":"share price may be more volatile than that of a fund with a greater investment in large- or mid-capitalization stocks.","page_number":27,"box":{"x":83,"y":66,"width":817,"height":11}},{"id":"572ba336-dc30-40e4-a873-1dc238a1471d","block_type":"box","text":"Technology Companies Risk.","page_number":27,"box":{"x":82,"y":89,"width":211,"height":11}},{"id":"12595528-d3c5-47d3-ae09-4b493632dc2f","block_type":"box","text":"Technology companies and companies that rely heavily on technological advances may have","page_number":27,"box":{"x":298,"y":89,"width":656,"height":11}},{"id":"20773609-fc57-4e88-9ea0-c51f9b50c3a9","block_type":"box","text":"limited product lines, markets, financial resources, supply chains and personnel. These companies typically face intense","page_number":27,"box":{"x":84,"y":103,"width":848,"height":11}},{"id":"ece6de36-9ee4-435d-93ea-fa963eff6e49","block_type":"box","text":"competition, potentially rapid product obsolescence and changes in product cycles and customer preferences. They may face","page_number":27,"box":{"x":83,"y":117,"width":887,"height":11}},{"id":"16ccec6f-99af-439b-9d67-887cdf09d606","block_type":"box","text":"unexpected risks and costs associated with technological developments, such as artificial intelligence and machine learning.","page_number":27,"box":{"x":83,"y":131,"width":884,"height":11}},{"id":"dcfba397-5e12-402e-9ae8-fb50f1e12813","block_type":"box","text":"Technology companies also depend heavily on intellectual property rights and may be adversely affected by the loss or","page_number":27,"box":{"x":82,"y":146,"width":839,"height":10}},{"id":"2fa5f3b0-30cf-487d-aa7c-f8303d2b16ab","block_type":"box","text":"impairment of those rights. Technology companies may face increased government scrutiny and may be subject to adverse","page_number":27,"box":{"x":83,"y":160,"width":870,"height":11}},{"id":"4008162a-b59f-4938-a43d-d8ec5e29d06c","block_type":"box","text":"government or legal action.","page_number":27,"box":{"x":83,"y":174,"width":193,"height":11}},{"id":"ab9bd4a3-f3f1-4e27-90d9-f12a0f27b0b6","block_type":"box","text":"Thematic Investing Risk.","page_number":27,"box":{"x":82,"y":197,"width":182,"height":11}},{"id":"44e9d31c-9a8a-4056-91fd-206108f903ae","block_type":"box","text":"The Fund relies on the Index Provider to identify securities that reflect the relevant themes and","page_number":27,"box":{"x":268,"y":197,"width":668,"height":11}},{"id":"ecef4c24-eacf-43f4-87a1-33fa57f0c957","block_type":"box","text":"sub-themes for inclusion in the Underlying Index. There is no guarantee that the Underlying Index or the Fund will reflect the","page_number":27,"box":{"x":83,"y":211,"width":882,"height":11}},{"id":"06353b5b-82b2-4e60-a7cb-a6581a342bcd","block_type":"box","text":"intended theme and sub-theme exposures. The Fund’s performance may suffer if such securities are not correctly identified,","page_number":27,"box":{"x":83,"y":225,"width":879,"height":11}},{"id":"c5cbe7a9-45dd-439f-b053-12ee6479c109","block_type":"box","text":"if a theme or sub-theme develops in an unexpected manner, or if securities in the Underlying Index do not benefit from the","page_number":27,"box":{"x":83,"y":240,"width":865,"height":11}},{"id":"3ac45a6e-2475-46f3-95c3-6d9301270200","block_type":"box","text":"development of a theme or sub-theme. The Fund’s performance may also be impacted if securities that are not related to the","page_number":27,"box":{"x":83,"y":254,"width":880,"height":11}},{"id":"cecb015a-d4cf-4ffb-90c7-a5f10f98a96e","block_type":"box","text":"theme or sub-theme are included in the Underlying Index.","page_number":27,"box":{"x":82,"y":268,"width":410,"height":11}},{"id":"3c6d5a0d-fa3d-4a21-b241-5b2c257948b3","block_type":"box","text":"Tracking Error Risk.","page_number":27,"box":{"x":82,"y":291,"width":145,"height":11}},{"id":"8029b5b7-a9a7-43ee-aea7-f82c56578895","block_type":"box","text":"The Fund may be subject to “tracking error,” which is the divergence of the Fund’s performance from that","page_number":27,"box":{"x":231,"y":291,"width":741,"height":11}},{"id":"c26b5c39-61f4-4631-9f3f-6a1b9ddf5080","block_type":"box","text":"of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities","page_number":27,"box":{"x":83,"y":305,"width":861,"height":11}},{"id":"16b10d22-9d17-45a7-9781-6bceedbf4af1","block_type":"box","text":"and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and","page_number":27,"box":{"x":83,"y":320,"width":832,"height":10}},{"id":"4054f5c5-e5f4-46db-af84-a5f9576c4f94","block_type":"box","text":"methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the","page_number":27,"box":{"x":84,"y":334,"width":880,"height":11}},{"id":"feaf40ca-7224-4a8c-afee-f18d6d2d7728","block_type":"box","text":"Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the","page_number":27,"box":{"x":84,"y":348,"width":830,"height":11}},{"id":"5ce6172a-2415-431b-93ee-e3e3f4ae4f3b","block_type":"box","text":"valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses;","page_number":27,"box":{"x":82,"y":362,"width":828,"height":11}},{"id":"0b2cd433-6f14-4cf9-8e7f-a5fb19cb0061","block_type":"box","text":"differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the","page_number":27,"box":{"x":83,"y":376,"width":874,"height":11}},{"id":"7622c116-07b5-4163-b19f-c3227201d783","block_type":"box","text":"Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment;","page_number":27,"box":{"x":84,"y":391,"width":888,"height":10}},{"id":"16ff5db6-de7b-4451-b321-6e03c1ff1534","block_type":"box","text":"portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom","page_number":27,"box":{"x":84,"y":405,"width":851,"height":11}},{"id":"9ffc80df-7fbc-4e0a-8cdf-5b4b7ad5569c","block_type":"box","text":"baskets; changes to the Underlying Index including the ability and timing of the Fund to adjust its portfolio to reflect changes","page_number":27,"box":{"x":84,"y":419,"width":885,"height":11}},{"id":"da0c9137-db23-4bee-8538-6fbdd915a35d","block_type":"box","text":"in the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or limits. Tracking error","page_number":27,"box":{"x":83,"y":433,"width":874,"height":11}},{"id":"8a39359f-06d2-4284-8bd8-dd37342f3644","block_type":"box","text":"risk may be heightened during times of increased market volatility or other unusual market conditions. ETFs that track","page_number":27,"box":{"x":84,"y":447,"width":835,"height":11}},{"id":"d35521b1-8a1e-435c-8e26-bda3b2233073","block_type":"box","text":"indexes with significant exposure to emerging markets may experience higher tracking error than ETFs that do not track such","page_number":27,"box":{"x":83,"y":461,"width":886,"height":11}},{"id":"54878991-4013-441b-b95c-db81113dd499","block_type":"box","text":"indexes.","page_number":27,"box":{"x":83,"y":476,"width":57,"height":8}},{"id":"ea335238-e36b-46c9-9e23-68ad1e1ed33c","block_type":"box","text":"Utility Companies Risk.","page_number":27,"box":{"x":83,"y":499,"width":171,"height":11}},{"id":"5d0d8e69-3696-40e7-980a-6e6b6b2c4e0e","block_type":"box","text":"The utilities sector is generally subject to significant government regulation and oversight, including","page_number":27,"box":{"x":258,"y":499,"width":710,"height":11}},{"id":"4b366800-769a-40dd-8e87-6bf24fd514c3","block_type":"box","text":"restrictions on rates as well as environmental and other regulations. Utility companies also may face risks related to, among","page_number":27,"box":{"x":84,"y":513,"width":873,"height":11}},{"id":"4356b9f0-8ec1-4b8b-b4a7-24e7ab72f4c7","block_type":"box","text":"other things, natural disasters, cyber or other attacks, capital project funding, energy price volatility and increased","page_number":27,"box":{"x":83,"y":527,"width":805,"height":11}},{"id":"7bb3253a-a0d9-4332-8a1c-c17c2fc2709c","block_type":"box","text":"competition.","page_number":27,"box":{"x":83,"y":542,"width":88,"height":10}},{"id":"cc3e6f6a-e36b-4210-b42d-5b0c348ec290","block_type":"box","text":"Valuation Risk.","page_number":27,"box":{"x":82,"y":565,"width":110,"height":8}},{"id":"2be27ea8-c238-44b9-9289-d163fdbdc4ff","block_type":"box","text":"The price that the Fund could receive upon the sale (or other disposition) of a security or other asset may","page_number":27,"box":{"x":197,"y":565,"width":740,"height":10}},{"id":"cfb02684-f455-4cc9-a54f-3072ce3d73c2","block_type":"box","text":"differ from the Fund’s valuation of the security or other asset, particularly for securities or other assets that trade in low","page_number":27,"box":{"x":83,"y":579,"width":840,"height":11}},{"id":"c82c5209-e1bc-4300-bb33-902e2837b9e4","block_type":"box","text":"volume or volatile markets or that are valued using a fair value methodology. The price received by the Fund also may differ","page_number":27,"box":{"x":82,"y":593,"width":869,"height":11}},{"id":"b414707d-821c-4a38-9095-856e9adfbcd0","block_type":"box","text":"from the value used by the Underlying Index. In addition, the value of the securities or other assets in the Fund’s portfolio may","page_number":27,"box":{"x":83,"y":607,"width":888,"height":11}},{"id":"172681ef-51a5-4cdc-a810-f159738d764a","block_type":"box","text":"change on days or during time periods when investors are not able to purchase or sell Fund shares. Authorized Participants","page_number":27,"box":{"x":83,"y":622,"width":871,"height":10}},{"id":"fcb81dd4-b01f-4f39-affa-187d5efec755","block_type":"box","text":"that create or redeem Fund shares on days when the Fund is holding fair-valued securities or other assets may receive fewer","page_number":27,"box":{"x":82,"y":635,"width":879,"height":11}},{"id":"5daacba3-e576-4caa-904e-eb5cfdc11fbb","block_type":"box","text":"or more shares, or lower or higher redemption proceeds, than they would have received had the securities or other assets not","page_number":27,"box":{"x":83,"y":650,"width":880,"height":11}},{"id":"add106fb-5fbf-4034-af7b-91af4eb2312f","block_type":"box","text":"been fair valued or been valued using a different methodology. The ability to value investments may be impacted by","page_number":27,"box":{"x":84,"y":664,"width":815,"height":11}},{"id":"fa4688bd-c120-47f0-a8f8-c0e5cea64db9","block_type":"box","text":"technological issues or errors by pricing services or other third-party service providers.","page_number":27,"box":{"x":82,"y":678,"width":613,"height":11}},{"id":"3b58bb7a-9700-4e73-9313-b931d16f8bf7","block_type":"box","text":"S-20","page_number":27,"box":{"x":519,"y":920,"width":34,"height":9}},{"id":"54aa0920-3373-4ef0-8ab3-1c8f0fbe3c01","block_type":"box","text":"Performance Information","page_number":28,"box":{"x":84,"y":22,"width":229,"height":11}},{"id":"59d09972-aed6-4e35-aa2c-9fb6c9c4ce95","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides","page_number":28,"box":{"x":82,"y":48,"width":864,"height":10}},{"id":"14ec29cb-c88f-4c2d-8c29-064bb2eca414","block_type":"box","text":"some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from","page_number":28,"box":{"x":83,"y":62,"width":871,"height":11}},{"id":"c43475ab-73ec-4a6a-bdd4-d26bf7ad0fef","block_type":"box","text":"one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate","page_number":28,"box":{"x":83,"y":76,"width":868,"height":11}},{"id":"adbefbdf-c1af-4d53-8872-c71db3847d02","block_type":"box","text":"broad-based securities market index and the Underlying Index. Returns assume the reinvestment of any dividends and","page_number":28,"box":{"x":84,"y":90,"width":837,"height":11}},{"id":"3f154c5f-63f7-4af8-a654-676151182ef9","block_type":"box","text":"distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce","page_number":28,"box":{"x":83,"y":104,"width":869,"height":11}},{"id":"17b96e4e-5b0c-4732-8aeb-49d820173bf1","block_type":"box","text":"performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will","page_number":28,"box":{"x":84,"y":118,"width":832,"height":11}},{"id":"8b71602c-8644-412c-9083-98c4dce83e62","block_type":"box","text":"perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting","page_number":28,"box":{"x":84,"y":133,"width":841,"height":11}},{"id":"2b0347b2-efa3-4006-8c4f-76c8acbef339","block_type":"box","text":"www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":28,"box":{"x":82,"y":147,"width":531,"height":11}},{"id":"8c1c9474-bc25-4dea-acd9-65ed02dee389","block_type":"box","text":"Calendar Year-by-Year Returns (%)","page_number":28,"box":{"x":165,"y":171,"width":260,"height":11}},{"id":"83b0d5ee-4223-4f4c-b602-e9eec16b61bb","block_type":"box","text":"-15.95","page_number":28,"box":{"x":114,"y":294,"width":29,"height":6}},{"id":"7e97ba07-bc72-4085-a16f-ee4e0815eddf","block_type":"box","text":"20.48","page_number":28,"box":{"x":153,"y":266,"width":26,"height":6}},{"id":"1080c2c7-459f-4128-824a-0cfc283e0a74","block_type":"box","text":"-8.62","page_number":28,"box":{"x":191,"y":291,"width":23,"height":6}},{"id":"fcc1344a-c4f4-4c72-872b-45d2fc6e914c","block_type":"box","text":"43.81","page_number":28,"box":{"x":227,"y":257,"width":25,"height":6}},{"id":"2941fbbb-a83c-45fa-bf7f-f88f207aebb2","block_type":"box","text":"141.31","page_number":28,"box":{"x":262,"y":223,"width":30,"height":5}},{"id":"907bb128-0888-4d77-a95a-5d7fd86e4459","block_type":"box","text":"-23.80","page_number":28,"box":{"x":299,"y":297,"width":30,"height":6}},{"id":"6505bf91-fe32-4af0-bd80-39c0f9e49919","block_type":"box","text":"-5.29","page_number":28,"box":{"x":339,"y":290,"width":24,"height":6}},{"id":"73e42c29-8451-434c-96dc-57fdea5ce155","block_type":"box","text":"-20.33","page_number":28,"box":{"x":373,"y":296,"width":30,"height":6}},{"id":"86da33a0-a074-4a18-88d7-4d03fd4102db","block_type":"box","text":"-25.78","page_number":28,"box":{"x":410,"y":298,"width":30,"height":5}},{"id":"bdac3dfd-2ae5-4917-bcd6-6a8439bfdb2e","block_type":"box","text":"46.59","page_number":28,"box":{"x":449,"y":256,"width":26,"height":6}},{"id":"4b9bb560-af56-43af-bc3b-a97747d20a9d","block_type":"box","text":"2016 2017 2018 2019 2020 2021 2022 2023 2024 2025","page_number":28,"box":{"x":117,"y":326,"width":357,"height":6}},{"id":"faf2df50-d8b6-4a2d-8780-f54f57b0595d","block_type":"box","text":"Return (%) Period Ended","page_number":28,"box":{"x":766,"y":186,"width":188,"height":9}},{"id":"dcdab9c6-0917-4e5a-bda3-62067f33f2b9","block_type":"box","text":"Calendar Year-to-Date Return","page_number":28,"box":{"x":550,"y":205,"width":197,"height":7}},{"id":"c870e5ce-29ef-4db7-b7a1-ddae5616ddaa","block_type":"box","text":"25.50% June 30, 2026","page_number":28,"box":{"x":780,"y":205,"width":192,"height":8}},{"id":"96089a29-7459-467f-a7da-59b4ed6382fe","block_type":"box","text":"During the periods shown in the chart:","page_number":28,"box":{"x":551,"y":217,"width":250,"height":10}},{"id":"00e0335b-8da3-4972-9891-c73311cc48f4","block_type":"box","text":"Best Quarter 52.71% December 31, 2020","page_number":28,"box":{"x":564,"y":230,"width":408,"height":9}},{"id":"bb2da086-eca4-4e8e-a659-927ae1c70047","block_type":"box","text":"Worst Quarter -21.59% December 31, 2024","page_number":28,"box":{"x":563,"y":243,"width":410,"height":9}},{"id":"3ba48db5-f113-474c-8f3d-8d94d54b5976","block_type":"box","text":"Average Annual Total Returns (%)","page_number":28,"box":{"x":403,"y":356,"width":250,"height":11}},{"id":"5d33cf08-9087-4bca-82b2-0eb379ca75aa","block_type":"box","text":"(for the periods ended December 31, 2025)","page_number":28,"box":{"x":371,"y":370,"width":315,"height":10}},{"id":"48473e2e-a4ea-44f5-9611-08e0da845825","block_type":"box","text":"One Year Five Years Ten Years","page_number":28,"box":{"x":701,"y":386,"width":268,"height":8}},{"id":"e5d46efb-e17b-40be-a550-4b6aca6b6624","block_type":"box","text":"Fund Inception: 6/24/2008","page_number":28,"box":{"x":88,"y":402,"width":179,"height":9}},{"id":"4fe922fe-ebf6-4489-9e06-6690e49f33c2","block_type":"box","text":"Return Before Taxes","page_number":28,"box":{"x":89,"y":413,"width":124,"height":8}},{"id":"3701c4aa-d1ca-4f03-9add-ff081425435e","block_type":"box","text":"46.59% -8.95% 7.23%","page_number":28,"box":{"x":711,"y":413,"width":258,"height":8}},{"id":"d1a94afc-4f06-4923-9b72-b49e6616668d","block_type":"box","text":"Return After Taxes on Distributions 45.99% -9.21% 6.77%","page_number":28,"box":{"x":89,"y":425,"width":880,"height":8}},{"id":"7d1f7183-ee4d-449f-bfc9-d8484a34b890","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 27.97% -6.47% 5.75%","page_number":28,"box":{"x":89,"y":437,"width":880,"height":7}},{"id":"6f294e73-2707-4aa8-a1da-b81f223a50e1","block_type":"box","text":"S&P Global Broad Market Index (Net)","page_number":28,"box":{"x":87,"y":448,"width":244,"height":9}},{"id":"4518ba14-897f-4ca5-909b-c5b3088d3102","block_type":"box","text":"1","page_number":28,"box":{"x":333,"y":447,"width":4,"height":4}},{"id":"4b67b609-15a6-4a62-9180-acc2e75f9587","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses","page_number":28,"box":{"x":342,"y":448,"width":330,"height":10}},{"id":"31413bee-57b3-40ed-a9b0-edc940c16177","block_type":"box","text":"or taxes except for withholding taxes on reinvested dividends) 21.96% 10.50% 11.28%","page_number":28,"box":{"x":101,"y":461,"width":868,"height":10}},{"id":"d7b475bc-549f-4fd5-9e9d-f52cfcdcde71","block_type":"box","text":"S&P Global Clean Energy Transition Index (Net)","page_number":28,"box":{"x":87,"y":473,"width":313,"height":9}},{"id":"5dec0f5b-b237-4faa-8aff-e0bbf0a1767b","block_type":"box","text":"1","page_number":28,"box":{"x":401,"y":471,"width":5,"height":5}},{"id":"206c55db-7065-435d-b58a-fbd0a2ef6ed9","block_type":"box","text":"(Returns do not reflect deductions for fees,","page_number":28,"box":{"x":410,"y":473,"width":268,"height":8}},{"id":"11cce540-4d05-4db5-bdcb-87191df1a661","block_type":"box","text":"expenses or taxes except for withholding taxes on reinvested dividends) 46.81% -8.79% 7.13%","page_number":28,"box":{"x":101,"y":486,"width":868,"height":9}},{"id":"fc1ab499-609f-4461-aabc-c05599e79c79","block_type":"box","text":"1","page_number":28,"box":{"x":110,"y":504,"width":5,"height":5}},{"id":"75982a6d-5e30-4fb7-8f52-b7c496400efd","block_type":"box","text":"Returns for net indices generally assume the reinvestment of dividends after the deduction of the maximum withholding tax in each","page_number":28,"box":{"x":124,"y":506,"width":827,"height":9}},{"id":"f9c698b2-d711-4ab5-932e-1e348176227f","block_type":"box","text":"country applicable to non-residents of the country as determined by the index provider. Such indices use withholding tax rates that are","page_number":28,"box":{"x":123,"y":516,"width":847,"height":10}},{"id":"502f6aa5-c05e-4a24-bd1c-e133b5ad1f37","block_type":"box","text":"often at a higher rate than the rates to which the Fund is subject in each country, including for countries where the Fund is not subject","page_number":28,"box":{"x":123,"y":526,"width":844,"height":10}},{"id":"5b2d9510-7f42-4ef1-b46b-978ab692dc85","block_type":"box","text":"to withholding taxes. When this is the case, index performance will be lower than if the index used the Fund's applicable withholding","page_number":28,"box":{"x":123,"y":537,"width":829,"height":9}},{"id":"bb962ad0-67c2-443b-b023-c59eb7105d2d","block_type":"box","text":"tax rates, if any.","page_number":28,"box":{"x":123,"y":547,"width":96,"height":9}},{"id":"bb408116-4e95-46b1-9aae-49dc4c7606a4","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax","page_number":28,"box":{"x":82,"y":567,"width":857,"height":10}},{"id":"457fd0f3-1d88-47f0-ba6e-6f768a4dcf86","block_type":"box","text":"rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and","page_number":28,"box":{"x":84,"y":581,"width":864,"height":10}},{"id":"fff36220-a5c5-4812-a08e-661294001d63","block_type":"box","text":"may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold","page_number":28,"box":{"x":84,"y":595,"width":847,"height":11}},{"id":"70f118d0-fd72-4b44-8f7a-572c8c62c81f","block_type":"box","text":"shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns","page_number":28,"box":{"x":83,"y":609,"width":857,"height":11}},{"id":"00d92714-1e64-4193-bd89-b3deaad339f7","block_type":"box","text":"after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of","page_number":28,"box":{"x":83,"y":623,"width":877,"height":11}},{"id":"92c11833-a770-4fa5-b674-f2ef1758c387","block_type":"box","text":"the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund","page_number":28,"box":{"x":82,"y":637,"width":837,"height":11}},{"id":"4a06247a-411a-4510-b452-8df03651fb93","block_type":"box","text":"returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes","page_number":28,"box":{"x":84,"y":652,"width":885,"height":10}},{"id":"effe88df-ab33-4b9a-aeb9-0489be2ede00","block_type":"box","text":"on distributions.","page_number":28,"box":{"x":83,"y":666,"width":115,"height":8}},{"id":"18cde831-fb01-42ff-8d2c-aca59e3c50de","block_type":"box","text":"Management","page_number":28,"box":{"x":84,"y":695,"width":120,"height":13}},{"id":"5e2a925e-06fc-4841-b594-89755467507e","block_type":"box","text":"Investment Adviser.","page_number":28,"box":{"x":84,"y":720,"width":144,"height":8}},{"id":"f2c0a5d3-77b6-4cd6-b658-7122fe531470","block_type":"box","text":"BlackRock Fund Advisors.","page_number":28,"box":{"x":234,"y":720,"width":180,"height":8}},{"id":"517b496f-b33f-41b9-876e-54a73621d4b5","block_type":"box","text":"Portfolio Managers.","page_number":28,"box":{"x":84,"y":743,"width":145,"height":11}},{"id":"f20eee6e-edad-4de3-909e-a674e058715c","block_type":"box","text":"The following individuals (the “Portfolio Managers”) are primarily responsible for the day-to-day","page_number":28,"box":{"x":233,"y":743,"width":679,"height":11}},{"id":"8a98b059-720b-4399-9ae6-2c9be9146e12","block_type":"box","text":"management of the Fund:","page_number":28,"box":{"x":84,"y":757,"width":182,"height":11}},{"id":"0f129034-c46b-4c4c-8f8c-82befe468abc","block_type":"box","text":"Portfolio Manager","page_number":28,"box":{"x":88,"y":793,"width":120,"height":10}},{"id":"57c5c20a-948d-43f9-a9a3-bf7a6d6ca097","block_type":"box","text":"Portfolio Manager of the","page_number":28,"box":{"x":441,"y":780,"width":161,"height":10}},{"id":"7b155bde-7c9e-4b3f-a79d-31a010c05735","block_type":"box","text":"Fund Since","page_number":28,"box":{"x":485,"y":793,"width":72,"height":8}},{"id":"efc7ce70-302b-4e3d-867a-376de140fba9","block_type":"box","text":"Title with Investment","page_number":28,"box":{"x":834,"y":780,"width":140,"height":8}},{"id":"d13c0072-5203-4599-8e21-99bd5dad9c22","block_type":"box","text":"Adviser","page_number":28,"box":{"x":880,"y":793,"width":48,"height":8}},{"id":"8ee33ed9-2fd3-42df-becf-d17f693c918b","block_type":"box","text":"Jennifer Hsui 2012 Managing Director","page_number":28,"box":{"x":87,"y":809,"width":877,"height":9}},{"id":"781a41b1-1206-4136-a2b8-0c518543a2af","block_type":"box","text":"Matt Waldron 2025 Managing Director","page_number":28,"box":{"x":89,"y":824,"width":875,"height":10}},{"id":"689143eb-b077-47a3-9840-6e58e8c9747b","block_type":"box","text":"Peter Sietsema 2025 Managing Director","page_number":28,"box":{"x":89,"y":840,"width":875,"height":9}},{"id":"ee2fefa2-f3a8-4c8f-b059-8b56ad6923ab","block_type":"box","text":"Steven White 2025 Managing Director","page_number":28,"box":{"x":88,"y":855,"width":876,"height":10}},{"id":"a7cc258f-be39-44b5-a276-af38a5dbd224","block_type":"box","text":"S-21","page_number":28,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"c700369c-bb47-4926-9803-91bdbf3d9b12","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":29,"box":{"x":84,"y":30,"width":304,"height":11}},{"id":"327cc0c4-2ffc-46d3-b984-9a40e88d64df","block_type":"box","text":"The Fund is an ETF. Individual shares of the Fund may only be bought and sold in the secondary market through a","page_number":29,"box":{"x":82,"y":55,"width":806,"height":11}},{"id":"bb10440f-ad55-499d-ae48-3a73891d8349","block_type":"box","text":"broker-dealer. Because ETF shares trade at market prices rather than at NAV, shares may trade at a price greater than NAV (a","page_number":29,"box":{"x":84,"y":69,"width":877,"height":11}},{"id":"c8bd7135-e930-4bda-a668-d86680f4a8f2","block_type":"box","text":"premium) or less than NAV (a discount). An investor may incur costs attributable to the difference between the highest price a","page_number":29,"box":{"x":84,"y":84,"width":886,"height":11}},{"id":"1d7d8bac-0d4b-41bf-b982-65ba851af0ab","block_type":"box","text":"buyer is willing to pay to purchase shares of the Fund (bid) and the lowest price a seller is willing to accept for shares of the","page_number":29,"box":{"x":84,"y":98,"width":865,"height":11}},{"id":"7471ac38-ce94-4a3c-a6f8-f2918642a15f","block_type":"box","text":"Fund (ask) when buying or selling shares in the secondary market (the “bid-ask spread”).","page_number":29,"box":{"x":84,"y":112,"width":625,"height":11}},{"id":"87824455-f49c-4574-90a7-4c7dd67fa525","block_type":"box","text":"Tax Information","page_number":29,"box":{"x":82,"y":141,"width":144,"height":11}},{"id":"8aa25973-87c5-4ae6-9dc3-df223266c144","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you as ordinary income or capital gains, unless you are","page_number":29,"box":{"x":82,"y":166,"width":832,"height":11}},{"id":"13c492b3-a8c3-4e4d-9eec-fb4273fe9027","block_type":"box","text":"investing through a tax-deferred arrangement such as a 401(k) plan or an IRA, in which case, your distributions generally will","page_number":29,"box":{"x":83,"y":180,"width":883,"height":11}},{"id":"af963f66-2d00-4315-9a92-e566045be77e","block_type":"box","text":"be taxed when withdrawn.","page_number":29,"box":{"x":84,"y":195,"width":181,"height":8}},{"id":"f141f187-4464-4f33-8c76-a1230356a694","block_type":"box","text":"Payments to Broker-Dealers and Other Financial Intermediaries","page_number":29,"box":{"x":84,"y":224,"width":575,"height":13}},{"id":"63c7995a-bb48-41ab-8cbe-43b6a7d0f7b7","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), BFA or other","page_number":29,"box":{"x":84,"y":249,"width":854,"height":11}},{"id":"393f789d-c898-4fa6-b3b6-0ab88d73f382","block_type":"box","text":"related companies may pay the intermediary for marketing activities and presentations, educational training programs,","page_number":29,"box":{"x":84,"y":263,"width":842,"height":11}},{"id":"d23b8f80-e013-49e3-ae64-42ad94f17778","block_type":"box","text":"conferences, the development of technology platforms and reporting systems or other services related to the sale or","page_number":29,"box":{"x":83,"y":277,"width":820,"height":11}},{"id":"83adf6a8-c233-4b23-83f9-b01d15209364","block_type":"box","text":"promotion of the Fund. These payments may create a conflict of interest by influencing the broker-dealer or other","page_number":29,"box":{"x":84,"y":291,"width":801,"height":11}},{"id":"eeff86a3-16bb-4fb3-8487-7a7b00c618e3","block_type":"box","text":"intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your","page_number":29,"box":{"x":83,"y":306,"width":841,"height":10}},{"id":"2c2532fb-9421-4a55-afd4-fb43ee0b4642","block_type":"box","text":"financial intermediary’s website for more information.","page_number":29,"box":{"x":83,"y":320,"width":379,"height":10}},{"id":"d660a163-fdcd-4a4c-a44b-222a6b8fe6cc","block_type":"box","text":"S-22","page_number":29,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"1dc6133c-6b16-4eb5-871b-cea47e09ec09","block_type":"box","text":"iShares Global REIT ETF","page_number":30,"box":{"x":84,"y":23,"width":336,"height":17}},{"id":"675c0b36-eca7-4c1a-932a-51ecc384abc1","block_type":"box","text":"REET | NYSE Arca","page_number":30,"box":{"x":85,"y":47,"width":245,"height":18}},{"id":"1b57085b-0c14-4524-bd2b-ca46a616e3c9","block_type":"box","text":"Investment Objective","page_number":30,"box":{"x":84,"y":92,"width":192,"height":14}},{"id":"6a2c4bb7-ab60-4d0e-a394-545bc1ea430b","block_type":"box","text":"The iShares Global REIT ETF (the “Fund”) seeks to track the investment results of an index composed of global real estate","page_number":30,"box":{"x":82,"y":117,"width":857,"height":11}},{"id":"d26b36b4-e0b6-4093-9607-36e3c845ef30","block_type":"box","text":"equities in developed and emerging markets.","page_number":30,"box":{"x":83,"y":132,"width":317,"height":10}},{"id":"c0c05f0b-29f3-4b84-baaf-f2d48e666ffa","block_type":"box","text":"Fees and Expenses","page_number":30,"box":{"x":84,"y":161,"width":169,"height":12}},{"id":"246ef655-b613-4e76-9066-428fd1a76360","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. Amounts","page_number":30,"box":{"x":82,"y":186,"width":874,"height":10}},{"id":"86ec5e3e-5b3b-477b-b860-790b5a34c3c4","block_type":"box","text":"in the table are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement","page_number":30,"box":{"x":83,"y":200,"width":871,"height":11}},{"id":"037f45ac-acfe-48a5-9b96-206ca255970a","block_type":"box","text":"between iShares Trust (the “Trust”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that","page_number":30,"box":{"x":84,"y":214,"width":887,"height":11}},{"id":"00b1b07b-5016-432a-87e0-4abe067737ac","block_type":"box","text":"BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes,","page_number":30,"box":{"x":84,"y":228,"width":795,"height":11}},{"id":"9382622f-5a97-4560-a5f9-6a678e46d490","block_type":"box","text":"(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio","page_number":30,"box":{"x":83,"y":242,"width":854,"height":11}},{"id":"67b3fca8-2698-40e4-b54b-56e4db6b8c3a","block_type":"box","text":"transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any","page_number":30,"box":{"x":82,"y":256,"width":829,"height":11}},{"id":"35ffde24-5697-4d19-8c87-a096b99c5c06","block_type":"box","text":"extraordinary expenses.","page_number":30,"box":{"x":83,"y":271,"width":168,"height":10}},{"id":"59f2895b-f241-474d-a9f1-a665f67edf90","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not","page_number":30,"box":{"x":82,"y":294,"width":830,"height":11}},{"id":"41828fb7-5791-4a74-80e2-11bcd7a54138","block_type":"box","text":"reflected in the table and example below.","page_number":30,"box":{"x":83,"y":308,"width":301,"height":11}},{"id":"479704d5-4607-4f10-bc9b-b02fe0a6c0d4","block_type":"box","text":"Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)","page_number":30,"box":{"x":87,"y":331,"width":761,"height":10}},{"id":"38a42f38-4b73-49f0-823e-5c5494b81fd5","block_type":"box","text":"1","page_number":30,"box":{"x":849,"y":330,"width":5,"height":4}},{"id":"6214bd6c-796f-4f09-8eb0-c65f07824d4a","block_type":"box","text":"Management Fee","page_number":30,"box":{"x":89,"y":351,"width":109,"height":10}},{"id":"35c4a41f-fa67-4a9b-bc87-f4d9b2f650e9","block_type":"box","text":"0.14%","page_number":30,"box":{"x":920,"y":351,"width":41,"height":7}},{"id":"caf3fd9e-748c-4fab-bece-4c050806cacc","block_type":"box","text":"Other Expenses","page_number":30,"box":{"x":88,"y":366,"width":99,"height":10}},{"id":"5801cb13-bcc7-4aaf-bd80-859b6e1f6813","block_type":"box","text":"0.00%","page_number":30,"box":{"x":920,"y":366,"width":41,"height":8}},{"id":"ac04fc6a-e25e-4e03-96fd-4c98037b4ac9","block_type":"box","text":"Total Annual Fund Operating Expenses","page_number":30,"box":{"x":87,"y":382,"width":246,"height":9}},{"id":"e7467eec-e7c2-4a7d-afaf-05d42372cbcd","block_type":"box","text":"0.14%","page_number":30,"box":{"x":920,"y":382,"width":41,"height":7}},{"id":"12612680-92cf-441c-a41b-55ddc77ae2de","block_type":"box","text":"1","page_number":30,"box":{"x":110,"y":410,"width":5,"height":4}},{"id":"2829cb0a-e0e1-4e19-bb39-af9f37d7def6","block_type":"box","text":"Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any.","page_number":30,"box":{"x":123,"y":411,"width":780,"height":9}},{"id":"b8b449af-f723-4867-9556-7afae35a8ad8","block_type":"box","text":"Example.","page_number":30,"box":{"x":84,"y":431,"width":66,"height":10}},{"id":"2834bb60-5371-4b1f-9468-debc3bc07939","block_type":"box","text":"This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in","page_number":30,"box":{"x":154,"y":431,"width":795,"height":10}},{"id":"6c45f689-70ec-4ff0-98d5-64544c40d811","block_type":"box","text":"other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your","page_number":30,"box":{"x":83,"y":444,"width":886,"height":12}},{"id":"9bc0d5e4-6ad1-4a0d-8f2c-5d0d0770fb72","block_type":"box","text":"shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the","page_number":30,"box":{"x":83,"y":459,"width":870,"height":11}},{"id":"329b8b45-4ddc-40cd-8f8b-e3c15d9ef63d","block_type":"box","text":"Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions,","page_number":30,"box":{"x":84,"y":473,"width":887,"height":11}},{"id":"cd7b7cf0-6a53-476a-aeb9-524295b0f47d","block_type":"box","text":"your costs would be:","page_number":30,"box":{"x":82,"y":487,"width":143,"height":11}},{"id":"f566d181-9112-4b9c-bad6-257ba3a2c30d","block_type":"box","text":"Expense Example","page_number":30,"box":{"x":88,"y":510,"width":115,"height":9}},{"id":"7e6d2a32-f969-44fe-986b-49058166bb86","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":30,"box":{"x":693,"y":510,"width":281,"height":8}},{"id":"67bde201-1d3a-4881-8620-dc3f78206e62","block_type":"box","text":"Example Fund Costs","page_number":30,"box":{"x":89,"y":526,"width":128,"height":9}},{"id":"eef981e8-f643-4790-b65b-64fb28faef68","block_type":"box","text":"$14 $45 $79 $179","page_number":30,"box":{"x":701,"y":525,"width":261,"height":9}},{"id":"040b0bac-4405-46dc-be96-2768f4a2bef3","block_type":"box","text":"Portfolio Turnover.","page_number":30,"box":{"x":84,"y":555,"width":136,"height":8}},{"id":"5999076d-027f-47c3-b054-cf10dab80829","block_type":"box","text":"The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns","page_number":30,"box":{"x":225,"y":555,"width":721,"height":11}},{"id":"0792d735-940b-43f9-86f7-d8aa3fe347e5","block_type":"box","text":"over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when","page_number":30,"box":{"x":83,"y":569,"width":884,"height":11}},{"id":"e8af6de6-6cd5-46f2-a4ff-28815523f5f6","block_type":"box","text":"Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in","page_number":30,"box":{"x":84,"y":583,"width":875,"height":11}},{"id":"41780b68-2670-45cd-8ad8-b9beb029aa7b","block_type":"box","text":"the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 5% of","page_number":30,"box":{"x":82,"y":597,"width":877,"height":11}},{"id":"7d37a222-1ec3-4c38-a348-c85d272e8d86","block_type":"box","text":"the average value of its portfolio.","page_number":30,"box":{"x":82,"y":612,"width":231,"height":10}},{"id":"3b8fcd59-e046-41e7-8c13-a3ef8eb58474","block_type":"box","text":"Principal Investment Strategies","page_number":30,"box":{"x":84,"y":641,"width":284,"height":13}},{"id":"0606e47f-50f9-48fd-8471-6108951fdb67","block_type":"box","text":"The Fund seeks to track the investment results of the FTSE EPRA Nareit Global REITs Index (the “Underlying Index”), which is","page_number":30,"box":{"x":82,"y":666,"width":883,"height":11}},{"id":"11e8b348-7f7f-4722-bd76-c33402bebde0","block_type":"box","text":"designed to track the performance of publicly listed real estate investment trusts (“REITs”) (or their local equivalents) in both","page_number":30,"box":{"x":83,"y":680,"width":878,"height":11}},{"id":"b68110db-aa6d-4fc6-aabb-515ef1bb6ec1","block_type":"box","text":"developed and emerging markets. The index components must qualify for REIT (or its local equivalent) status in their country","page_number":30,"box":{"x":83,"y":694,"width":886,"height":11}},{"id":"e9f66465-a00c-44b4-9658-35eeab1e6e5f","block_type":"box","text":"of domicile and meet certain liquidity, size, and earnings before interest, taxes, depreciation and amortization (EBITDA)","page_number":30,"box":{"x":83,"y":708,"width":842,"height":11}},{"id":"5ad2fa53-010d-4cd7-be41-fd134b077cb0","block_type":"box","text":"requirements. Components are adjusted for free float and foreign ownership limits. As of April 30, 2026, the Underlying Index","page_number":30,"box":{"x":84,"y":723,"width":884,"height":10}},{"id":"aa189c1b-ab0b-471e-a2e4-2c0052d94bf5","block_type":"box","text":"was composed of securities of companies in the following countries or regions: Australia, Belgium, Brazil, Canada, China,","page_number":30,"box":{"x":82,"y":737,"width":854,"height":11}},{"id":"d3e6cd54-898a-4a3f-bf12-86851404f141","block_type":"box","text":"France, Germany, Hong Kong, India, Indonesia, Ireland, Italy, Japan, Malaysia, Mexico, the Netherlands, New Zealand, the","page_number":30,"box":{"x":84,"y":751,"width":852,"height":11}},{"id":"4325e7a9-baa4-4e3e-9738-b7e27c6027e1","block_type":"box","text":"Philippines, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Thailand, Turkey, the United Kingdom (the “U.K.”) and","page_number":30,"box":{"x":84,"y":765,"width":875,"height":11}},{"id":"ac4a2282-0767-45d3-9a97-8fdaf1105fe4","block_type":"box","text":"the U.S. As of April 30, 2026, a significant portion of the Underlying Index was represented by REITs. The components of the","page_number":30,"box":{"x":82,"y":779,"width":872,"height":11}},{"id":"d8f8c17a-9bf1-4793-98ca-8d8c3f5cb54f","block_type":"box","text":"Underlying Index are likely to change over time.","page_number":30,"box":{"x":84,"y":794,"width":333,"height":10}},{"id":"516566d7-53b0-4d34-b83b-a46cacd5361f","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a","page_number":30,"box":{"x":82,"y":817,"width":853,"height":10}},{"id":"7064c21d-0b76-4b85-a08a-c95e247cfdb2","block_type":"box","text":"representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that","page_number":30,"box":{"x":84,"y":831,"width":838,"height":11}},{"id":"cefa1fac-7a8b-4a35-86b0-0984087c1075","block_type":"box","text":"involves investing in a representative sample of securities or other instruments intended to collectively have an investment","page_number":30,"box":{"x":83,"y":845,"width":868,"height":11}},{"id":"6d029b5a-c9d0-46a6-ac85-0c8c34782546","block_type":"box","text":"profile similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate,","page_number":30,"box":{"x":84,"y":859,"width":850,"height":11}},{"id":"4fa0e06f-ffba-4767-b016-3a1a04aa5ebb","block_type":"box","text":"investment characteristics (based on factors such as market capitalization and industry weightings), fundamental","page_number":30,"box":{"x":83,"y":873,"width":806,"height":11}},{"id":"7e1be6e3-3e05-4bb5-abe5-8b94092fcedd","block_type":"box","text":"characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index.","page_number":30,"box":{"x":83,"y":887,"width":885,"height":11}},{"id":"fe17a403-af57-4a09-a974-dd28497b7ded","block_type":"box","text":"S-23","page_number":30,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"df19a5c3-2f0d-44d5-9e10-57c3242dd717","block_type":"box","text":"The Fund may or may not hold all of the components of the Underlying Index. The Fund may use derivatives to gain or reduce","page_number":31,"box":{"x":82,"y":23,"width":885,"height":11}},{"id":"1392e278-d775-46f9-9171-7acf7f35d432","block_type":"box","text":"exposure to the components of the Underlying Index or exposure to one or more market risk factors associated with such","page_number":31,"box":{"x":83,"y":37,"width":853,"height":11}},{"id":"7c494cbf-41a0-424b-9021-dcee44bc3262","block_type":"box","text":"components. Subject to the limits described herein, the Fund may purchase and hold cash and cash equivalents, including","page_number":31,"box":{"x":83,"y":52,"width":867,"height":10}},{"id":"6c358308-79bb-46ad-9983-627017efc3cc","block_type":"box","text":"shares of money market funds advised by BFA or its affiliates, and may also purchase and hold instruments not included in","page_number":31,"box":{"x":83,"y":66,"width":868,"height":11}},{"id":"16f1b7fb-f3a7-4a48-87c0-707615043f3b","block_type":"box","text":"the Underlying Index when BFA believes that such instruments will help the Fund track the performance of the Underlying","page_number":31,"box":{"x":82,"y":80,"width":863,"height":11}},{"id":"eda3e510-dec8-4f88-8f78-223281b8acb3","block_type":"box","text":"Index over time, including in light of expected liquidity or trading costs, anticipated additions to or deletions from the","page_number":31,"box":{"x":84,"y":94,"width":825,"height":11}},{"id":"b1ea3482-b1c0-4159-84f2-42224873187d","block_type":"box","text":"Underlying Index, or other reasons as determined by BFA.","page_number":31,"box":{"x":84,"y":108,"width":405,"height":11}},{"id":"0aae1795-8da4-4632-8b8c-917e898c927c","block_type":"box","text":"In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), under normal","page_number":31,"box":{"x":84,"y":131,"width":844,"height":11}},{"id":"bf3dc54e-2b5a-4959-a23e-c58fcf771ab9","block_type":"box","text":"circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for","page_number":31,"box":{"x":83,"y":146,"width":860,"height":10}},{"id":"0526d9c1-7141-4450-bbc0-db8cb6baa2b9","block_type":"box","text":"investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be","page_number":31,"box":{"x":83,"y":160,"width":831,"height":11}},{"id":"83103e0e-657f-4c77-b09f-55a0905a8614","block_type":"box","text":"counted toward the Fund's 80% investment policy to the extent that they provide exposure to the components of its","page_number":31,"box":{"x":83,"y":174,"width":817,"height":11}},{"id":"ebb1b0a0-12e0-4b5a-8ad1-d537cc39e0a2","block_type":"box","text":"Underlying Index or exposure to one or more market risk factors associated with such components. The Fund's 80%","page_number":31,"box":{"x":84,"y":188,"width":817,"height":11}},{"id":"e6aba3d5-efec-45bb-a8e9-eaad63b718b7","block_type":"box","text":"investment policy may be changed by the Trust's Board of Trustees (the “Board”) upon 60 days' notice to shareholders.","page_number":31,"box":{"x":83,"y":202,"width":835,"height":11}},{"id":"fc039604-8822-48d2-be0d-98274048bd09","block_type":"box","text":"The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any","page_number":31,"box":{"x":82,"y":225,"width":873,"height":11}},{"id":"1ee4c12b-80a6-4001-a8e2-966b207bc38d","block_type":"box","text":"collateral received).","page_number":31,"box":{"x":83,"y":240,"width":136,"height":9}},{"id":"93e6fba6-131d-4e33-bbdc-fed0cfe01922","block_type":"box","text":"The Underlying Index is sponsored by FTSE International Limited (“FTSE” or the “Index Provider”), which is independent of","page_number":31,"box":{"x":82,"y":263,"width":866,"height":11}},{"id":"ca63961b-f89a-4914-983f-aef3f6c669db","block_type":"box","text":"the Fund and BFA. The Index Provider determines the composition and relative weightings of the components of the","page_number":31,"box":{"x":82,"y":277,"width":821,"height":11}},{"id":"01a5f8f5-efdf-40bd-a302-024408a1f14d","block_type":"box","text":"Underlying Index and publishes information regarding the market value of the Underlying Index.","page_number":31,"box":{"x":84,"y":291,"width":680,"height":11}},{"id":"78316444-c283-4eb3-b96f-24e82810c512","block_type":"box","text":"Industry Concentration Policy.","page_number":31,"box":{"x":84,"y":314,"width":223,"height":11}},{"id":"e2fd0ce8-d142-47fb-9eb1-e6a564d82772","block_type":"box","text":"The Fund will concentrate its investments (","page_number":31,"box":{"x":312,"y":314,"width":304,"height":10}},{"id":"93d77a95-4d9b-4f85-a97d-1e0b8e6c0cd5","block_type":"box","text":"i.e.","page_number":31,"box":{"x":617,"y":315,"width":17,"height":8}},{"id":"2bf1b35c-8de6-47e9-8b4a-3d29545752fa","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":31,"box":{"x":636,"y":314,"width":292,"height":10}},{"id":"e85ebc53-72af-4444-9044-12f4df09171f","block_type":"box","text":"particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For","page_number":31,"box":{"x":84,"y":329,"width":858,"height":11}},{"id":"d3630a49-8c1f-4cf3-837d-7da8903bab9b","block_type":"box","text":"purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase","page_number":31,"box":{"x":84,"y":343,"width":867,"height":11}},{"id":"fddd0f9a-4c42-490a-b8e3-1687917fa790","block_type":"box","text":"agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.","page_number":31,"box":{"x":83,"y":357,"width":826,"height":11}},{"id":"98a49294-f0ac-424f-a8d8-3571dfe71e00","block_type":"box","text":"Summary of Principal Risks","page_number":31,"box":{"x":83,"y":386,"width":248,"height":13}},{"id":"04988e9b-2d29-43f6-9dba-14beafb7cc46","block_type":"box","text":"As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that","page_number":31,"box":{"x":82,"y":411,"width":882,"height":11}},{"id":"efc3ae93-56ac-4c9e-be9c-d4d5e8bb3a33","block_type":"box","text":"of other investments. The Fund is subject to certain risks, including the principal risks noted below, any of which may","page_number":31,"box":{"x":83,"y":425,"width":825,"height":11}},{"id":"205cae6a-b5a0-4a6f-9f38-52f4a7f1f057","block_type":"box","text":"adversely affect the Fund's net asset value per share (“NAV”), trading price, yield, total return and ability to meet its","page_number":31,"box":{"x":83,"y":439,"width":807,"height":11}},{"id":"28af7613-5506-43ea-b836-4712564ab7b0","block_type":"box","text":"investment objective. Certain key risks are prioritized below (with others following in alphabetical order), but the relative","page_number":31,"box":{"x":83,"y":454,"width":844,"height":11}},{"id":"0bde37b5-a38d-4294-b982-20b1dda8fa6b","block_type":"box","text":"significance of any risk is difficult to predict and may change over time. You should review each risk factor carefully.","page_number":31,"box":{"x":83,"y":468,"width":814,"height":11}},{"id":"d6d90590-2b0d-46c4-87e7-ba84a2e0b926","block_type":"box","text":"Real Estate Companies Risk.","page_number":31,"box":{"x":84,"y":491,"width":208,"height":11}},{"id":"b330adb6-a771-48d8-9de6-48fe7fb9aaab","block_type":"box","text":"Real estate companies, which include real estate investment trust (“REITs”), real estate holding","page_number":31,"box":{"x":298,"y":491,"width":667,"height":11}},{"id":"37653ee3-d43b-4a11-81ff-809723ede404","block_type":"box","text":"and operating companies, and real estate management or development companies, expose investors to the risks of owning","page_number":31,"box":{"x":83,"y":505,"width":869,"height":11}},{"id":"c3776c34-e1ef-41eb-95a3-5ff21f8972e5","block_type":"box","text":"real estate directly as well as to the risks from the way that such companies operate. Real estate is highly sensitive to general","page_number":31,"box":{"x":84,"y":519,"width":877,"height":11}},{"id":"c7541f8d-8437-48f1-94be-296426f9bc9a","block_type":"box","text":"and local economic conditions and can be subject to intense competition and periodic overbuilding. Other real estate risks","page_number":31,"box":{"x":83,"y":534,"width":866,"height":10}},{"id":"a9e422a4-4ec4-46ed-9c5e-f571d8ec8858","block_type":"box","text":"include decreases in property values, tax increases, zoning changes, casualty or condemnation losses, environmental","page_number":31,"box":{"x":83,"y":548,"width":830,"height":11}},{"id":"199820ac-4e34-43c6-a283-8e82659ad459","block_type":"box","text":"liabilities, regulatory limitations on rent or eviction, and defaults by borrowers or tenants. Real estate companies may be","page_number":31,"box":{"x":84,"y":562,"width":845,"height":11}},{"id":"f3f042bd-af38-46b8-9635-ef13de4078d7","block_type":"box","text":"heavily invested in one geographic region, industry or property type. They also may be highly leveraged, which can magnify","page_number":31,"box":{"x":84,"y":576,"width":868,"height":11}},{"id":"cb5d7dd8-6b86-4e29-9dd2-07e7ba5cef92","block_type":"box","text":"losses, and interest rate increases can make it difficult to obtain financing and service debt.","page_number":31,"box":{"x":84,"y":590,"width":645,"height":11}},{"id":"3be5e49e-cf4f-4df7-9cd9-768fc99024ad","block_type":"box","text":"Equity Securities Risk.","page_number":31,"box":{"x":84,"y":614,"width":163,"height":10}},{"id":"fc553e69-db95-4b88-b2c3-8cc4dae11c37","block_type":"box","text":"Equity securities are subject to changes in value, and their values may be more volatile than those of","page_number":31,"box":{"x":253,"y":614,"width":709,"height":10}},{"id":"58bd2471-c642-4549-a298-aba359fd4b08","block_type":"box","text":"other asset classes. The value of a security may decline for a number of reasons that may directly relate to the issuer as well as","page_number":31,"box":{"x":83,"y":628,"width":889,"height":11}},{"id":"11673378-0d7a-42a1-86b6-d9ef71ba2b7f","block_type":"box","text":"due to general industry or market conditions. Common stock is subordinated to preferred securities and debt in a company’s","page_number":31,"box":{"x":83,"y":642,"width":880,"height":11}},{"id":"d853254a-f06b-4238-baac-17f9ea81fb73","block_type":"box","text":"capital structure. Common stock has the lowest priority, and the greatest risk, with respect to dividends and any liquidation","page_number":31,"box":{"x":83,"y":656,"width":867,"height":11}},{"id":"4d4ff332-8273-4cc0-9173-a04e230ca38e","block_type":"box","text":"payments in the event of an issuer’s bankruptcy.","page_number":31,"box":{"x":84,"y":670,"width":339,"height":11}},{"id":"f952a103-2c28-47ed-96d8-8b1227600b89","block_type":"box","text":"Market Risk.","page_number":31,"box":{"x":84,"y":693,"width":90,"height":9}},{"id":"ddc888be-52b9-48ab-843c-ee71eaa880da","block_type":"box","text":"The Fund could lose money over short periods due to short-term market movements and over longer periods","page_number":31,"box":{"x":179,"y":694,"width":767,"height":10}},{"id":"689ffb0a-6c9c-4b25-b959-3609c703bc3e","block_type":"box","text":"during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other","page_number":31,"box":{"x":83,"y":708,"width":882,"height":11}},{"id":"f4d5149c-17a9-4d9f-9b7b-8801fa05b100","block_type":"box","text":"public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events","page_number":31,"box":{"x":84,"y":722,"width":857,"height":11}},{"id":"ac8028ff-1513-48c4-804c-438685f2872e","block_type":"box","text":"could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the","page_number":31,"box":{"x":83,"y":736,"width":875,"height":11}},{"id":"8f30063e-d0f1-4b95-ab50-dfb0a22e3c8d","block_type":"box","text":"Fund’s NAV.","page_number":31,"box":{"x":84,"y":750,"width":81,"height":9}},{"id":"21931595-c6b9-45b5-bd42-ee2c2bfdb499","block_type":"box","text":"Index-Related Risk.","page_number":31,"box":{"x":84,"y":773,"width":143,"height":9}},{"id":"c0b084aa-b598-414d-afd8-b7b09eaa8127","block_type":"box","text":"The Index Provider may rely on various sources of information to assess the criteria of components of the","page_number":31,"box":{"x":231,"y":773,"width":742,"height":11}},{"id":"a9d61bdd-b5c7-435e-8735-30d5b3b661df","block_type":"box","text":"Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can","page_number":31,"box":{"x":84,"y":788,"width":855,"height":10}},{"id":"404b5fcb-b8ad-460c-83ac-48c2003f5dbc","block_type":"box","text":"offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of","page_number":31,"box":{"x":83,"y":802,"width":852,"height":11}},{"id":"11fc6b75-f6f6-41b8-b5e7-663472f90fc1","block_type":"box","text":"included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or","page_number":31,"box":{"x":83,"y":816,"width":877,"height":11}},{"id":"a377188e-8de7-48d0-aabb-55b1a5bb735c","block_type":"box","text":"the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not","page_number":31,"box":{"x":82,"y":830,"width":849,"height":11}},{"id":"21c1849a-57f7-42b1-8346-f1317b764520","block_type":"box","text":"identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual","page_number":31,"box":{"x":83,"y":844,"width":849,"height":11}},{"id":"4d6a7c5a-2bee-4162-9962-64f9327bba8c","block_type":"box","text":"market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index","page_number":31,"box":{"x":84,"y":858,"width":890,"height":11}},{"id":"e98e9b7d-c0e6-4039-90de-21c2a1a00dc8","block_type":"box","text":"S-24","page_number":31,"box":{"x":519,"y":920,"width":34,"height":9}},{"id":"a6e39cb4-ec63-4773-ab9e-ed48857f484f","block_type":"box","text":"Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could","page_number":32,"box":{"x":84,"y":23,"width":852,"height":11}},{"id":"63097f1d-6dea-4c85-8267-6a3611eed1a8","block_type":"box","text":"cause the Underlying Index to vary from its normal or expected composition.","page_number":32,"box":{"x":83,"y":37,"width":539,"height":11}},{"id":"41f45d3e-efb3-49b5-b033-b18e16705196","block_type":"box","text":"Asset Class Risk.","page_number":32,"box":{"x":82,"y":60,"width":123,"height":9}},{"id":"3a8e495f-2c3d-4172-94af-a9a4fbc6e604","block_type":"box","text":"The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in","page_number":32,"box":{"x":209,"y":60,"width":721,"height":11}},{"id":"f3d8da92-7707-4586-9c02-e6bf84166419","block_type":"box","text":"comparison to financial markets generally, a particular financial market, another index, or other asset classes.","page_number":32,"box":{"x":83,"y":75,"width":774,"height":11}},{"id":"2a87db34-340e-4d84-aaec-25bd7c7a22bc","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":32,"box":{"x":82,"y":98,"width":318,"height":10}},{"id":"0907661b-58ce-4395-a9a7-2ddf86f69108","block_type":"box","text":"An “Authorized Participant” is a member or participant of a clearing agency","page_number":32,"box":{"x":405,"y":98,"width":531,"height":11}},{"id":"b954f171-035b-47e2-8e1a-ca344329cc95","block_type":"box","text":"registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the","page_number":32,"box":{"x":84,"y":112,"width":809,"height":11}},{"id":"3babb19c-4aad-4047-b331-382fc56550d7","block_type":"box","text":"Authorized Participant to place orders for the purchase and redemption of creation units (“Creation Units”). Only an","page_number":32,"box":{"x":82,"y":126,"width":816,"height":11}},{"id":"9404c336-bada-4402-ac33-e6c4a3186d5f","block_type":"box","text":"Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number","page_number":32,"box":{"x":82,"y":141,"width":885,"height":10}},{"id":"8b5253b3-6903-4f88-bc61-3adb8d531d95","block_type":"box","text":"of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market","page_number":32,"box":{"x":83,"y":155,"width":871,"height":10}},{"id":"5ac0f42b-effd-4d7b-babc-fa066586ede5","block_type":"box","text":"participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that","page_number":32,"box":{"x":84,"y":169,"width":845,"height":11}},{"id":"066ceb9f-3c93-4f68-8a1c-1b866595a0d1","block_type":"box","text":"Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized","page_number":32,"box":{"x":82,"y":183,"width":882,"height":11}},{"id":"bbfc6c93-f36c-439c-98ce-6cefac78c3ad","block_type":"box","text":"Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading","page_number":32,"box":{"x":84,"y":197,"width":853,"height":11}},{"id":"4eed976f-b397-4963-ba34-c92b939a0657","block_type":"box","text":"halts or delisting.","page_number":32,"box":{"x":84,"y":212,"width":120,"height":10}},{"id":"ddfdea7a-f25b-4fc8-af33-a025b330e896","block_type":"box","text":"Concentration Risk.","page_number":32,"box":{"x":83,"y":234,"width":145,"height":9}},{"id":"e4baccf6-1c03-416c-bc51-58728da410ce","block_type":"box","text":"The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that","page_number":32,"box":{"x":232,"y":235,"width":712,"height":10}},{"id":"e4e93d58-6804-4fd0-b00d-af279288ede1","block_type":"box","text":"affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in","page_number":32,"box":{"x":83,"y":249,"width":884,"height":10}},{"id":"67963f0b-3234-4885-8120-57343dedceac","block_type":"box","text":"the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or","page_number":32,"box":{"x":82,"y":263,"width":887,"height":11}},{"id":"0d79b745-68c0-4939-ae1f-e61098a9798a","block_type":"box","text":"asset classes.","page_number":32,"box":{"x":83,"y":277,"width":95,"height":9}},{"id":"1ecf56db-8e27-4974-9225-32d4e4617e15","block_type":"box","text":"Currency Risk.","page_number":32,"box":{"x":83,"y":300,"width":106,"height":11}},{"id":"86f04d99-b5cc-45bd-b010-2bcecdfac398","block_type":"box","text":"Because the Fund’s NAV is determined in U.S. dollars, the NAV could decline if the currency of a non-U.S.","page_number":32,"box":{"x":195,"y":300,"width":735,"height":11}},{"id":"18c2d4b9-3fd1-4f3b-8ab2-5bb65e7f8a1f","block_type":"box","text":"market in which the Fund invests depreciates against the U.S. dollar or if there are delays or limits on the repatriation of","page_number":32,"box":{"x":84,"y":315,"width":842,"height":10}},{"id":"d408c0aa-0f84-401a-ad1a-0690e48c9090","block_type":"box","text":"foreign currency. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the","page_number":32,"box":{"x":83,"y":329,"width":854,"height":11}},{"id":"288aaa50-5be9-488d-a415-7e1f1e82b794","block_type":"box","text":"Fund’s NAV may change quickly and without warning. In addition, the Fund may incur costs in connection with conversions","page_number":32,"box":{"x":84,"y":343,"width":869,"height":11}},{"id":"ff08a0bf-bd55-4189-9cf0-87218525fbab","block_type":"box","text":"between U.S. dollars and foreign currencies.","page_number":32,"box":{"x":84,"y":357,"width":309,"height":11}},{"id":"bc34bbf2-5b9b-472e-a26d-380687d3cdf4","block_type":"box","text":"Dividend-Paying Stock Risk.","page_number":32,"box":{"x":84,"y":380,"width":208,"height":11}},{"id":"d4701549-8cd1-4011-b24d-e55af6c7fbd0","block_type":"box","text":"Investing in dividend-paying stocks involves the risk that such stocks may fall out of favor with","page_number":32,"box":{"x":298,"y":380,"width":665,"height":11}},{"id":"6568069f-7a1e-4d79-b104-8408f201e335","block_type":"box","text":"investors and underperform other types of stocks or the broader market. Companies that issue dividend-paying stocks are","page_number":32,"box":{"x":83,"y":394,"width":864,"height":11}},{"id":"7215c7ca-d9da-4972-b5a2-c94bd23562c6","block_type":"box","text":"not required to pay or continue paying dividends on such stocks. It is possible that issuers of the stocks held by the Fund will","page_number":32,"box":{"x":84,"y":409,"width":876,"height":10}},{"id":"d32952ad-f006-4164-a097-0b1c0dbfdb4b","block_type":"box","text":"not declare dividends in the future or will reduce or eliminate the payment of dividends (including reducing or eliminating","page_number":32,"box":{"x":84,"y":423,"width":858,"height":11}},{"id":"f6d9368f-bc2c-471d-a9af-0e0e835c75aa","block_type":"box","text":"anticipated accelerations or increases in the payment of dividends), which may adversely affect the Fund.","page_number":32,"box":{"x":83,"y":437,"width":744,"height":11}},{"id":"b384c4b6-fe95-4abf-97de-f62f1b11dbd4","block_type":"box","text":"Issuer Risk.","page_number":32,"box":{"x":84,"y":460,"width":82,"height":9}},{"id":"4e20d9df-392a-4674-9122-2c2a1f6ac861","block_type":"box","text":"The performance of the Fund depends on the performance of individual securities or other assets to which the","page_number":32,"box":{"x":170,"y":460,"width":780,"height":11}},{"id":"0fd1c344-7a65-4976-ace0-508009c0d9ee","block_type":"box","text":"Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due","page_number":32,"box":{"x":84,"y":474,"width":885,"height":11}},{"id":"6568441f-577c-4320-aefe-330bdda78a47","block_type":"box","text":"to changes in the financial condition or credit rating of the issuer or counterparty.","page_number":32,"box":{"x":82,"y":489,"width":577,"height":10}},{"id":"727b9af8-ac20-416a-8bb2-fb509fc23a34","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk.","page_number":32,"box":{"x":84,"y":512,"width":394,"height":11}},{"id":"a193a11d-ea91-44ee-90c9-bfd30dcffe75","block_type":"box","text":"Certain shareholders of the Fund, including an Authorized","page_number":32,"box":{"x":484,"y":512,"width":410,"height":11}},{"id":"eca0d357-3518-4c86-8004-912026873dea","block_type":"box","text":"Participant, a third-party investor, the Fund’s adviser, an affiliate of the Fund’s adviser, a market maker, or another entity, may","page_number":32,"box":{"x":84,"y":526,"width":882,"height":11}},{"id":"25c75a4f-c57e-4e54-95b5-aa3bad62a21d","block_type":"box","text":"from time to time own or manage a substantial amount of Fund shares, or may hold their investment in the Fund for a limited","page_number":32,"box":{"x":83,"y":540,"width":884,"height":11}},{"id":"fea289af-361c-47c4-9534-bf91cce44a9d","block_type":"box","text":"period of time. There can be no assurance that any large shareholder or large group of shareholders would not redeem their","page_number":32,"box":{"x":84,"y":554,"width":872,"height":11}},{"id":"65ab0644-3711-4b5f-9e23-a473295c6944","block_type":"box","text":"investment. Redemptions of a large number of Fund shares could require the Fund to dispose of assets to meet the","page_number":32,"box":{"x":83,"y":568,"width":813,"height":11}},{"id":"ef8bc664-00fa-4f88-ba87-50b047e41154","block_type":"box","text":"redemption requests, which can accelerate the realization of taxable income and/or capital gains and cause the Fund to make","page_number":32,"box":{"x":84,"y":583,"width":889,"height":10}},{"id":"4263e605-7e8c-4d5b-a1ab-302979a479d8","block_type":"box","text":"taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances,","page_number":32,"box":{"x":82,"y":597,"width":891,"height":10}},{"id":"a26c8727-da9c-4b2b-b528-e3348649ce3d","block_type":"box","text":"non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with","page_number":32,"box":{"x":84,"y":611,"width":836,"height":11}},{"id":"c1f370fd-ecd4-4a26-a9aa-480524212ddf","block_type":"box","text":"respect to such year. In some circumstances, the Fund may hold a relatively large proportion of its assets in cash in","page_number":32,"box":{"x":84,"y":625,"width":810,"height":11}},{"id":"7d260e42-34f7-4bb4-9c83-161ed31ecbc2","block_type":"box","text":"anticipation of large redemptions, diluting its investment returns. These large redemptions may also force the Fund to sell","page_number":32,"box":{"x":83,"y":639,"width":861,"height":11}},{"id":"fdabee9c-05a8-4340-b3c9-0b525dd021f7","block_type":"box","text":"portfolio securities or other assets when it might not otherwise do so, which may negatively impact the Fund’s NAV, increase","page_number":32,"box":{"x":84,"y":653,"width":874,"height":11}},{"id":"62818752-b6d4-4ef4-8580-eef2a9a85699","block_type":"box","text":"the Fund’s brokerage costs and/or have a material effect on the market price of Fund shares.","page_number":32,"box":{"x":82,"y":668,"width":654,"height":11}},{"id":"4a463f77-0b4e-46f0-afad-5ae0a9bdbcc7","block_type":"box","text":"Management Risk.","page_number":32,"box":{"x":84,"y":691,"width":136,"height":11}},{"id":"69b75ecd-d832-40e5-9d72-546033733617","block_type":"box","text":"The Fund does not try to “beat” the Underlying Index it tracks and does not attempt to take defensive","page_number":32,"box":{"x":225,"y":691,"width":711,"height":11}},{"id":"91937be9-875c-4e72-bcb1-042049bbdf1b","block_type":"box","text":"positions under any market conditions, including declining markets. As the Fund will not fully replicate the Underlying Index","page_number":32,"box":{"x":84,"y":705,"width":876,"height":11}},{"id":"d6701b0b-c7a4-4d1c-a91b-b38311523f35","block_type":"box","text":"and may hold securities or other assets not included in the Underlying Index, it is subject to the risk that BFA’s investment","page_number":32,"box":{"x":83,"y":719,"width":859,"height":11}},{"id":"984babb7-aca5-4b59-b5c7-d35f48254cc8","block_type":"box","text":"strategy may not produce the intended results. There is no guarantee that the Fund’s investment results will have a high","page_number":32,"box":{"x":83,"y":733,"width":847,"height":11}},{"id":"11d369ae-ea79-4adf-b2a2-440ef39de54b","block_type":"box","text":"degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective.","page_number":32,"box":{"x":83,"y":748,"width":756,"height":10}},{"id":"98f68359-70ee-4c60-8d5e-ec0e07ae1272","block_type":"box","text":"Market Trading Risk.","page_number":32,"box":{"x":84,"y":771,"width":151,"height":11}},{"id":"8d669f3b-b02d-4da1-945d-ddfb4393a1e7","block_type":"box","text":"The Fund faces numerous market trading risks, including the potential lack of an active market for","page_number":32,"box":{"x":239,"y":771,"width":695,"height":11}},{"id":"3f715804-b1b6-4e0e-99d7-0a54d208c0e3","block_type":"box","text":"Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and","page_number":32,"box":{"x":84,"y":785,"width":841,"height":11}},{"id":"019858d8-aef3-4522-ab5f-44d7e1c20123","block_type":"box","text":"disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s","page_number":32,"box":{"x":83,"y":799,"width":887,"height":11}},{"id":"f2354e95-1b6f-4913-95c1-b2cf1869f1b3","block_type":"box","text":"shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio","page_number":32,"box":{"x":83,"y":813,"width":839,"height":11}},{"id":"48aaadc5-7e6c-4a68-85c4-994532553864","block_type":"box","text":"holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when","page_number":32,"box":{"x":84,"y":828,"width":865,"height":10}},{"id":"77135b3d-c53e-4975-a5d4-685f94cc0993","block_type":"box","text":"the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value","page_number":32,"box":{"x":82,"y":842,"width":885,"height":11}},{"id":"4bd762f6-c0fd-43e5-93b0-1649334fdd1f","block_type":"box","text":"of the Fund shares.","page_number":32,"box":{"x":83,"y":856,"width":135,"height":8}},{"id":"baec730b-3483-4e7b-95c3-2bb38558de8c","block_type":"box","text":"S-25","page_number":32,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"73348f23-bbde-4c06-bfae-a37d7a3cf89f","block_type":"box","text":"National Closed Market Trading Risk.","page_number":33,"box":{"x":84,"y":23,"width":272,"height":11}},{"id":"ddaa7f2f-648a-47d8-b2fe-2d96d246403c","block_type":"box","text":"To the extent that securities or other assets held by the Fund trade on foreign","page_number":33,"box":{"x":361,"y":23,"width":544,"height":11}},{"id":"79af4809-fff9-40b1-a39a-3a5c8132a63a","block_type":"box","text":"exchanges or in foreign markets that may be closed when the securities exchange on which the Fund’s shares trade is open,","page_number":33,"box":{"x":83,"y":37,"width":875,"height":11}},{"id":"0638d385-72a7-4fcc-88db-a67ccbf80513","block_type":"box","text":"there are likely to be deviations between such asset’s current price and its last quoted price (","page_number":33,"box":{"x":82,"y":51,"width":651,"height":11}},{"id":"4e8b4ec0-7476-48f0-bc08-fc88cb4dff20","block_type":"box","text":"i.e","page_number":33,"box":{"x":735,"y":52,"width":14,"height":8}},{"id":"9261346e-b79c-4e5f-aebc-9a9ec2c17a63","block_type":"box","text":"., the quote from the closed","page_number":33,"box":{"x":750,"y":52,"width":191,"height":10}},{"id":"fc7bce01-b227-4573-95d6-603560021e65","block_type":"box","text":"foreign market to the Fund). The impact of a closed foreign market on the Fund is likely to be greater where a large portion of","page_number":33,"box":{"x":83,"y":66,"width":879,"height":11}},{"id":"2a37ff5b-4ccc-4678-8c22-145dd08be2e2","block_type":"box","text":"the Fund’s holdings trade on a closed foreign market or when a foreign market is closed for unscheduled reasons. These","page_number":33,"box":{"x":82,"y":80,"width":849,"height":11}},{"id":"5ef54ab4-7417-415e-af7b-094e1b6bce2a","block_type":"box","text":"deviations could result in premiums or discounts to the Fund’s NAV that may be greater than those experienced by other","page_number":33,"box":{"x":83,"y":94,"width":850,"height":11}},{"id":"9dc3aea0-6896-4ba7-b65a-b259a62406f3","block_type":"box","text":"funds.","page_number":33,"box":{"x":83,"y":108,"width":43,"height":9}},{"id":"5d5642c7-f8c6-4806-92ac-3e5fe7e5d40f","block_type":"box","text":"Non-U.S. Securities Risk.","page_number":33,"box":{"x":84,"y":131,"width":181,"height":9}},{"id":"18e50d28-9c00-4313-b935-ae00c2cd0b36","block_type":"box","text":"Securities issued by non-U.S. issuers (including depositary receipts) are subject to different legal,","page_number":33,"box":{"x":270,"y":131,"width":687,"height":11}},{"id":"5fdfec0f-6446-462d-a019-5a6e26f198fe","block_type":"box","text":"regulatory, political, economic, and market risks than securities issued by U.S. issuers. These risks include greater market","page_number":33,"box":{"x":84,"y":146,"width":853,"height":10}},{"id":"a0ca0a11-2c44-45f3-85dc-c07cfcaf54c8","block_type":"box","text":"volatility, less market liquidity, higher transaction costs, expropriation, confiscatory taxation, adverse changes in foreign","page_number":33,"box":{"x":82,"y":160,"width":847,"height":11}},{"id":"af33201d-e8f9-4966-b26e-6f059f96e0f0","block_type":"box","text":"investment or currency control regulations, restrictions on the repatriation of capital, and political instability. Non-U.S. issuers","page_number":33,"box":{"x":83,"y":174,"width":889,"height":11}},{"id":"f9332ec6-aede-4d00-968a-e8503da3d4d4","block_type":"box","text":"may be subject to different accounting, audit and financial reporting standards than U.S. issuers, and there may be less","page_number":33,"box":{"x":84,"y":188,"width":842,"height":11}},{"id":"678aba51-d78e-4805-a1f1-82dddfa85724","block_type":"box","text":"publicly available information about non-U.S. issuers. Foreign market trading hours, different clearing and settlement","page_number":33,"box":{"x":84,"y":202,"width":831,"height":11}},{"id":"42e56202-0283-4dad-8189-e6880f8e212c","block_type":"box","text":"procedures, and holiday schedules may limit the Fund's ability to engage in portfolio transactions. To the extent that","page_number":33,"box":{"x":84,"y":217,"width":820,"height":10}},{"id":"ef51734f-9999-4e4f-abc7-89c08b5db8c6","block_type":"box","text":"investments are made in a limited number of countries, events in those countries will have a more significant impact on the","page_number":33,"box":{"x":83,"y":231,"width":871,"height":11}},{"id":"ad9504f6-601d-4b19-b10b-018c0a89c2b2","block_type":"box","text":"Fund.","page_number":33,"box":{"x":84,"y":245,"width":38,"height":8}},{"id":"e7f910a0-a653-46ca-8206-e421c3ab94ef","block_type":"box","text":"Operational and Technology Risks.","page_number":33,"box":{"x":83,"y":268,"width":255,"height":11}},{"id":"169b2358-6f87-43fd-8dc8-c66c5584733a","block_type":"box","text":"The Fund is directly and indirectly susceptible to operational and technology risks,","page_number":33,"box":{"x":342,"y":268,"width":582,"height":11}},{"id":"8ab4fa48-4547-4429-8bee-853019cc4ea7","block_type":"box","text":"including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents,","page_number":33,"box":{"x":83,"y":282,"width":876,"height":11}},{"id":"9a010f73-a420-4b8d-a758-cfea2113f60b","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”), which may result in losses for the Fund and its shareholders","page_number":33,"box":{"x":83,"y":296,"width":879,"height":11}},{"id":"d8e80def-4a13-43c9-8f3b-c7be1b075d5f","block_type":"box","text":"or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational,","page_number":33,"box":{"x":83,"y":311,"width":825,"height":10}},{"id":"39ffaaa3-495a-4788-9895-1a73354b7e68","block_type":"box","text":"information security and cybersecurity risk management policies and procedures, their methods of risk management may","page_number":33,"box":{"x":83,"y":325,"width":863,"height":11}},{"id":"f86b5fbc-7e7a-4f91-8436-b63c82fe712b","block_type":"box","text":"differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in","page_number":33,"box":{"x":83,"y":339,"width":872,"height":11}},{"id":"331dd7fa-688a-4611-aaec-8a5707c7789b","block_type":"box","text":"material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.","page_number":33,"box":{"x":84,"y":353,"width":823,"height":11}},{"id":"18260670-8f88-4aa8-a7fc-a5ec34288b35","block_type":"box","text":"Risk of Investing in China.","page_number":33,"box":{"x":84,"y":376,"width":190,"height":11}},{"id":"876ce728-197c-41f8-b82c-7aedcae9e5e6","block_type":"box","text":"Investments in Chinese securities, including certain Hong Kong-listed and U.S.-listed securities,","page_number":33,"box":{"x":280,"y":376,"width":679,"height":11}},{"id":"419137ac-5f63-417e-a80f-185683b609b5","block_type":"box","text":"are subject to risks specific to China. China may be subject to considerable degrees of economic, political and social","page_number":33,"box":{"x":83,"y":391,"width":819,"height":10}},{"id":"0d3b283b-d8b7-4d91-99af-7116c87b6d14","block_type":"box","text":"instability. Despite economic and market reforms in recent decades, the Chinese government’s control over certain sectors","page_number":33,"box":{"x":83,"y":405,"width":866,"height":11}},{"id":"fae97b81-4ff1-4f0e-b672-dd4d2201181f","block_type":"box","text":"and enterprises and significant regulation of investment and industry are still pervasive. Chinese companies are subject to","page_number":33,"box":{"x":83,"y":419,"width":866,"height":11}},{"id":"263818e6-4f5d-4ecd-b38a-0b5a8688ef8a","block_type":"box","text":"the risk that Chinese authorities can intervene in their operations and structure. Chinese markets generally continue to","page_number":33,"box":{"x":82,"y":433,"width":842,"height":11}},{"id":"71c7e367-8204-4021-978f-0976f3e8bb12","block_type":"box","text":"experience inefficiency, a lack of publicly available information and/or political and social instability and may be subject to","page_number":33,"box":{"x":83,"y":447,"width":864,"height":11}},{"id":"da6cfd10-505e-42ec-abfa-0b7db8054fdf","block_type":"box","text":"volatility and pricing anomalies resulting from governmental influence. Internal social unrest or confrontations with other","page_number":33,"box":{"x":82,"y":461,"width":861,"height":11}},{"id":"46216d21-8f48-44aa-bc7e-4d8618fcaead","block_type":"box","text":"countries, including military conflicts in response to such events, may disrupt China’s economy and markets and result in a","page_number":33,"box":{"x":83,"y":476,"width":869,"height":10}},{"id":"6bf869ce-eeb1-4d57-a8ac-d32509933b46","block_type":"box","text":"greater risk of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher inflation.","page_number":33,"box":{"x":83,"y":490,"width":784,"height":11}},{"id":"ccc747a0-39b0-4a1e-b6b0-f1fa334a29bf","block_type":"box","text":"China has experienced security concerns, such as terrorism and strained international relations. Additionally, China is alleged","page_number":33,"box":{"x":83,"y":513,"width":887,"height":11}},{"id":"f934bbfc-3d01-494a-8e77-a1f808114ae2","block_type":"box","text":"to have participated in state-sponsored cyberattacks against foreign companies and foreign governments. Actual and","page_number":33,"box":{"x":82,"y":527,"width":834,"height":11}},{"id":"eb147465-ee4c-4d5a-949d-0e92fc55e1a2","block_type":"box","text":"threatened responses to such activity and strained international relations, including purchasing restrictions, sanctions,","page_number":33,"box":{"x":82,"y":542,"width":845,"height":10}},{"id":"3fe975db-c16a-4f6b-acc7-533f45cf62ff","block_type":"box","text":"export controls, tariffs or cyberattacks on the Chinese government or Chinese companies, may impact China’s economy and","page_number":33,"box":{"x":83,"y":556,"width":876,"height":10}},{"id":"09ec32f2-c60e-4f34-a2f7-0b7702ce965a","block_type":"box","text":"Chinese issuers in which the Fund invests. Incidents involving China’s or the region’s security may adversely affect the","page_number":33,"box":{"x":83,"y":570,"width":834,"height":11}},{"id":"b7c756df-dab0-4128-ab8d-d63897dad82d","block_type":"box","text":"Chinese economy and markets and the Fund’s investments.","page_number":33,"box":{"x":83,"y":584,"width":421,"height":11}},{"id":"7372f097-8720-4872-9e82-d6baf3ad0d5a","block_type":"box","text":"The Chinese economy is highly reliant on trade. A reduction in spending on Chinese products and services, supply chain","page_number":33,"box":{"x":82,"y":607,"width":849,"height":11}},{"id":"727dc16e-915a-4f2b-bfde-d9c467678aee","block_type":"box","text":"diversification, the institution of additional tariffs or other trade barriers (including as a result of heightened trade tensions or","page_number":33,"box":{"x":83,"y":621,"width":886,"height":11}},{"id":"b0203dbb-1076-42e4-949a-596d6c375edf","block_type":"box","text":"a trade war between China and the U.S. or in response to actual or alleged Chinese cyber activity) or a downturn in any of the","page_number":33,"box":{"x":83,"y":635,"width":878,"height":11}},{"id":"60e498c1-fe82-4ad6-9e9c-c8edf00fe7d4","block_type":"box","text":"economies of China’s key trading partners may have an adverse impact on the Chinese economy. The Underlying Index may","page_number":33,"box":{"x":83,"y":650,"width":874,"height":11}},{"id":"f23b3f9d-5ae1-438a-bdaa-120284acce30","block_type":"box","text":"include companies that are subject to economic or trade restrictions (but not investment restrictions) imposed by the U.S. or","page_number":33,"box":{"x":83,"y":664,"width":878,"height":11}},{"id":"6150f4bf-9137-448f-9eae-1adbc6049126","block_type":"box","text":"other governments due to national security, human rights or other concerns of such government. So long as these","page_number":33,"box":{"x":83,"y":678,"width":807,"height":11}},{"id":"e1fa1032-63c9-4292-ba82-0b434004606b","block_type":"box","text":"restrictions do not include restrictions on investments, the Fund is generally expected to invest in such companies, consistent","page_number":33,"box":{"x":84,"y":692,"width":889,"height":11}},{"id":"1fe87c64-d155-4d8d-9ddb-94bc12d2a3a3","block_type":"box","text":"with its objective to track the performance of the Underlying Index.","page_number":33,"box":{"x":82,"y":706,"width":471,"height":11}},{"id":"0cc37cdd-9671-42ea-a49e-8f57d16b8694","block_type":"box","text":"Chinese companies, including those listed on U.S. exchanges, are not subject to the same degree of regulatory requirements,","page_number":33,"box":{"x":83,"y":730,"width":883,"height":10}},{"id":"4f66c8b7-8298-4c70-a678-4b61e7263f72","block_type":"box","text":"accounting standards or auditor oversight as companies in more developed countries. As a result, information about the","page_number":33,"box":{"x":83,"y":744,"width":850,"height":11}},{"id":"aba560d6-f6b4-4d9d-9ff0-19d53d71b7a2","block_type":"box","text":"Chinese securities in which the Fund invests may be less reliable or complete. Chinese companies with securities listed on","page_number":33,"box":{"x":83,"y":758,"width":862,"height":11}},{"id":"f44548ec-6a76-469a-a83c-ccfb2a5d9f81","block_type":"box","text":"U.S. exchanges may be delisted if they do not meet U.S. accounting standards and auditor oversight requirements, or for","page_number":33,"box":{"x":84,"y":772,"width":849,"height":11}},{"id":"d63d8dbf-7413-4207-918a-e8be3369f659","block_type":"box","text":"other reasons, which would significantly decrease the liquidity and value of the securities. There may be significant obstacles","page_number":33,"box":{"x":83,"y":786,"width":883,"height":11}},{"id":"b57a59db-2e34-40a4-8b2b-b5b5623ad256","block_type":"box","text":"to obtaining information necessary for investigations into or litigation against Chinese companies, and shareholders may","page_number":33,"box":{"x":82,"y":801,"width":861,"height":10}},{"id":"53df3ddc-0c07-4fe9-9f99-8bd855608373","block_type":"box","text":"have limited legal remedies.","page_number":33,"box":{"x":84,"y":815,"width":195,"height":11}},{"id":"1e437863-b7e0-4962-8881-5dc8c73f28a6","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","page_number":33,"box":{"x":84,"y":838,"width":844,"height":11}},{"id":"a318b6b6-c168-40de-acd6-f126899c38d3","block_type":"box","text":"foreign ownership restrictions. Any change in the operations of entities in a VIE structure, the status of VIE contractual","page_number":33,"box":{"x":83,"y":852,"width":835,"height":11}},{"id":"2af6ee02-1480-4c9d-9e76-51b1f2b0362a","block_type":"box","text":"S-26","page_number":33,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"b32e92eb-320b-474b-a363-1341c8c755bd","block_type":"box","text":"arrangements or the legal or regulatory environment in China could result in significant, and possibly permanent and/or","page_number":34,"box":{"x":83,"y":23,"width":852,"height":11}},{"id":"1a442c9d-f8a2-4002-9825-81a9607a6fc0","block_type":"box","text":"total, losses for investments in VIE issuers. The Fund does not select investments based on investor protection","page_number":34,"box":{"x":82,"y":37,"width":779,"height":11}},{"id":"f72d58e8-dc59-48d1-9465-c4969f2324b8","block_type":"box","text":"considerations.","page_number":34,"box":{"x":83,"y":52,"width":108,"height":8}},{"id":"a6b4f33a-940f-46bf-a6cf-5e39714825b6","block_type":"box","text":"Risk of Investing in Developed Countries.","page_number":34,"box":{"x":84,"y":75,"width":301,"height":11}},{"id":"655465d3-6dcc-48a2-9a70-52b3034da0f4","block_type":"box","text":"The Fund’s investment in developed country issuers will subject the Fund to legal,","page_number":34,"box":{"x":390,"y":75,"width":580,"height":11}},{"id":"508e7b7e-23ef-4052-aaf9-1b3603b82df1","block_type":"box","text":"regulatory, political, currency, security, economic and other risks associated with developed countries. Developed countries","page_number":34,"box":{"x":84,"y":89,"width":867,"height":11}},{"id":"f60544f9-b5f6-4403-a8d6-56673c6a23e3","block_type":"box","text":"tend to represent a significant portion of the global economy and have generally experienced slower economic growth than","page_number":34,"box":{"x":82,"y":103,"width":871,"height":11}},{"id":"ae881566-7d43-4740-85f8-a6664bf57ca7","block_type":"box","text":"some less developed countries. Certain developed countries have experienced security concerns, such as war, terrorism and","page_number":34,"box":{"x":83,"y":117,"width":874,"height":11}},{"id":"5a1b8b00-2fa0-4d21-81af-18779b426b89","block_type":"box","text":"strained international relations. Incidents involving a country’s or region’s security may cause uncertainty in its markets and","page_number":34,"box":{"x":83,"y":131,"width":876,"height":11}},{"id":"123136dd-d990-4bb1-8571-aa51f745246e","block_type":"box","text":"may adversely affect its economy and the Fund’s investments. In addition, developed countries may be adversely impacted by","page_number":34,"box":{"x":84,"y":146,"width":886,"height":10}},{"id":"c3d6d6e0-f92e-47f8-ba13-412393bcce35","block_type":"box","text":"changes to the economic conditions of certain key trading partners, regulatory burdens, debt burdens and the price or","page_number":34,"box":{"x":83,"y":160,"width":837,"height":11}},{"id":"ddcd7948-f023-418b-90a6-33a983f73a46","block_type":"box","text":"availability of certain commodities.","page_number":34,"box":{"x":83,"y":174,"width":247,"height":11}},{"id":"ad8f51df-9856-4023-a78f-55618d05e1c6","block_type":"box","text":"Risk of Investing in Saudi Arabia.","page_number":34,"box":{"x":84,"y":197,"width":241,"height":11}},{"id":"955709e1-7097-4618-a581-47bf301afc55","block_type":"box","text":"Investing in Saudi Arabian issuers subjects the Fund to legal, regulatory, political, currency,","page_number":34,"box":{"x":330,"y":197,"width":643,"height":11}},{"id":"c3195812-7dc0-4f81-926b-779326401041","block_type":"box","text":"security, and economic risks that are specific to Saudi Arabia. The economy of Saudi Arabia is dominated by petroleum","page_number":34,"box":{"x":83,"y":211,"width":836,"height":11}},{"id":"3791bdf8-d484-4749-a6b9-573b4ca17009","block_type":"box","text":"exports. A sustained decrease in petroleum prices could have a negative impact on all aspects of the economy. Investments in","page_number":34,"box":{"x":83,"y":226,"width":888,"height":10}},{"id":"c0642d11-c7b8-44da-bb8d-fae77b86b8ad","block_type":"box","text":"the securities of Saudi Arabian issuers involve risks not typically associated with investments in securities of issuers in more","page_number":34,"box":{"x":82,"y":240,"width":876,"height":11}},{"id":"79b6e466-0e5b-48fe-87d2-c89490477b03","block_type":"box","text":"developed countries, which may negatively affect the value of the Fund’s investments. Such heightened risks may include,","page_number":34,"box":{"x":83,"y":254,"width":862,"height":11}},{"id":"dbee5ad9-63e6-44c7-b4ea-58cfbd260eb0","block_type":"box","text":"among others, the expropriation and/or nationalization of assets, restrictions on and government intervention in","page_number":34,"box":{"x":83,"y":268,"width":795,"height":11}},{"id":"4ef082b9-1216-4b68-b810-9466dbdf46d6","block_type":"box","text":"international trade, confiscatory taxation, political instability, including authoritarian and/or military involvement in","page_number":34,"box":{"x":83,"y":282,"width":817,"height":11}},{"id":"8e71e253-c8f8-4835-9512-271c04d86fb2","block_type":"box","text":"governmental decision-making, armed conflict, crime and instability as a result of religious, ethnic and/or socioeconomic","page_number":34,"box":{"x":83,"y":296,"width":859,"height":11}},{"id":"641ea095-e649-4552-afa3-c702c5bb0eef","block_type":"box","text":"unrest. Instability in the Middle East region could adversely impact the economy of Saudi Arabia, and there is no assurance of","page_number":34,"box":{"x":83,"y":311,"width":888,"height":10}},{"id":"54c6569a-d274-48fd-88d9-17198e0b59f7","block_type":"box","text":"political stability in Saudi Arabia.","page_number":34,"box":{"x":84,"y":325,"width":230,"height":11}},{"id":"9e8e82e1-eb9a-409d-89f1-f040f92a401c","block_type":"box","text":"The ability of foreign investors to invest in the securities of Saudi Arabian companies could be restricted by the Saudi Arabian","page_number":34,"box":{"x":82,"y":348,"width":885,"height":11}},{"id":"63b71ec1-e66d-459c-a6c0-8fd203ede85e","block_type":"box","text":"government at any time, and unforeseen risks could materialize with respect to foreign ownership of such securities. There","page_number":34,"box":{"x":83,"y":362,"width":866,"height":11}},{"id":"7cd0f3a3-5772-4e0f-b7c3-1fc1a7aed747","block_type":"box","text":"are a number of ways to conduct transactions in equity securities in the Saudi Arabian market. The Fund generally expects to","page_number":34,"box":{"x":83,"y":376,"width":881,"height":11}},{"id":"5d87ae59-4520-4395-b296-dc74a33ef76a","block_type":"box","text":"transact in a manner so that it is not limited by Saudi Arabian regulations to a single broker. However, there may be a limited","page_number":34,"box":{"x":82,"y":391,"width":875,"height":10}},{"id":"3aa33bc9-e5b4-4dcf-9739-0d25ffe00c46","block_type":"box","text":"number of brokers who can provide services to the Fund, which may have an adverse impact on the prices, quantity or timing","page_number":34,"box":{"x":84,"y":405,"width":880,"height":11}},{"id":"11020f0d-cba5-48f0-9896-e8d0568e401b","block_type":"box","text":"of Fund transactions.","page_number":34,"box":{"x":83,"y":419,"width":150,"height":8}},{"id":"27d5cf52-7eee-457d-a249-75409a5c2e24","block_type":"box","text":"Risk of Investing in the U.S.","page_number":34,"box":{"x":84,"y":442,"width":200,"height":11}},{"id":"a979f07e-ba92-44cf-b74e-1e5d4e68faac","block_type":"box","text":"Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and","page_number":34,"box":{"x":289,"y":442,"width":664,"height":11}},{"id":"33c3d009-4f8e-4958-98d2-93cd221a8a3f","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline","page_number":34,"box":{"x":83,"y":456,"width":878,"height":11}},{"id":"1603939e-db13-4bf5-a50b-2294f903eec5","block_type":"box","text":"in its financial markets, may have an adverse effect on U.S. issuers.","page_number":34,"box":{"x":83,"y":470,"width":470,"height":11}},{"id":"62459a67-7dc8-49f4-a0d9-bcbdfa5971d0","block_type":"box","text":"Securities Lending Risk.","page_number":34,"box":{"x":83,"y":494,"width":177,"height":11}},{"id":"d26f325f-0fef-42ff-bc1f-5e7eb4b8d43b","block_type":"box","text":"The Fund may engage in securities lending. Securities lending involves the risk that the Fund may","page_number":34,"box":{"x":264,"y":494,"width":692,"height":11}},{"id":"c8cc771a-fc54-4eee-b5da-b272d8e4781c","block_type":"box","text":"lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund","page_number":34,"box":{"x":84,"y":508,"width":869,"height":11}},{"id":"30a64033-8cca-4aac-bed5-cce08b0d2448","block_type":"box","text":"could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value","page_number":34,"box":{"x":83,"y":522,"width":886,"height":11}},{"id":"5b25c313-74cf-435b-87af-681afe0b7d9a","block_type":"box","text":"of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.","page_number":34,"box":{"x":83,"y":536,"width":831,"height":11}},{"id":"f09eb16b-5fe9-4736-aa33-a9e6fe5cbb60","block_type":"box","text":"Tracking Error Risk.","page_number":34,"box":{"x":82,"y":559,"width":145,"height":11}},{"id":"fa4fb050-a052-4b6f-abc2-85ae111cceb1","block_type":"box","text":"The Fund may be subject to “tracking error,” which is the divergence of the Fund’s performance from that","page_number":34,"box":{"x":231,"y":559,"width":741,"height":11}},{"id":"bab94893-12af-4850-a149-5945d0fb2e43","block_type":"box","text":"of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities","page_number":34,"box":{"x":83,"y":574,"width":861,"height":10}},{"id":"0f67d838-4768-4f1e-a2af-45a85c9a2d16","block_type":"box","text":"and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and","page_number":34,"box":{"x":83,"y":588,"width":832,"height":11}},{"id":"5bfaeb28-45a2-4807-ab28-17006557d6c3","block_type":"box","text":"methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the","page_number":34,"box":{"x":84,"y":602,"width":880,"height":11}},{"id":"2080d1f0-3764-4517-a438-634cb94cc454","block_type":"box","text":"Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the","page_number":34,"box":{"x":84,"y":616,"width":830,"height":11}},{"id":"73d3497a-1681-4c23-abd8-d74ad2632242","block_type":"box","text":"valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses;","page_number":34,"box":{"x":82,"y":630,"width":828,"height":11}},{"id":"971fb573-1ad9-4d8e-a720-6e6e6fe6fa15","block_type":"box","text":"differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the","page_number":34,"box":{"x":83,"y":645,"width":874,"height":10}},{"id":"a6316322-218b-45c5-a612-fc3dcd272b6c","block_type":"box","text":"Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment;","page_number":34,"box":{"x":84,"y":659,"width":888,"height":11}},{"id":"7a5c02e6-43a6-48ab-9a26-0dba573e46a5","block_type":"box","text":"portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom","page_number":34,"box":{"x":84,"y":673,"width":851,"height":11}},{"id":"b4859460-ab57-4abd-8c55-a1259b4778d1","block_type":"box","text":"baskets; changes to the Underlying Index including the ability and timing of the Fund to adjust its portfolio to reflect changes","page_number":34,"box":{"x":84,"y":687,"width":885,"height":11}},{"id":"708b5507-3a8c-43ae-81c0-f703a1b0f372","block_type":"box","text":"in the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or limits. Tracking error","page_number":34,"box":{"x":83,"y":701,"width":874,"height":11}},{"id":"445b3e6a-6426-4965-9293-f9285b542090","block_type":"box","text":"risk may be heightened during times of increased market volatility or other unusual market conditions.","page_number":34,"box":{"x":84,"y":715,"width":724,"height":11}},{"id":"9b29084b-6352-4c76-bf2c-2e9ece1ab203","block_type":"box","text":"Valuation Risk.","page_number":34,"box":{"x":82,"y":739,"width":110,"height":8}},{"id":"683da4f2-fbc9-40fc-9a99-53fa03bedaf9","block_type":"box","text":"The price that the Fund could receive upon the sale (or other disposition) of a security or other asset may","page_number":34,"box":{"x":197,"y":739,"width":740,"height":10}},{"id":"b7b84daf-9a2c-4b75-a4cb-7e4963b0e1a1","block_type":"box","text":"differ from the Fund’s valuation of the security or other asset, particularly for securities or other assets that trade in low","page_number":34,"box":{"x":83,"y":753,"width":840,"height":11}},{"id":"eb55d21b-e141-45f2-b2d6-9fc9b48335df","block_type":"box","text":"volume or volatile markets or that are valued using a fair value methodology. The price received by the Fund also may differ","page_number":34,"box":{"x":82,"y":767,"width":869,"height":11}},{"id":"3a15d956-ba25-4a2d-94c6-6bd83fb223da","block_type":"box","text":"from the value used by the Underlying Index. In addition, the value of the securities or other assets in the Fund’s portfolio may","page_number":34,"box":{"x":83,"y":781,"width":888,"height":11}},{"id":"fb6f3c36-8a4b-4b2c-a96e-cf420ec56360","block_type":"box","text":"change on days or during time periods when investors are not able to purchase or sell Fund shares. Authorized Participants","page_number":34,"box":{"x":83,"y":796,"width":871,"height":10}},{"id":"0b0456b6-97d3-457c-b1fe-c4c80454d495","block_type":"box","text":"that create or redeem Fund shares on days when the Fund is holding fair-valued securities or other assets may receive fewer","page_number":34,"box":{"x":82,"y":810,"width":879,"height":10}},{"id":"7c940ce3-3673-4064-b50d-c51b007dd28f","block_type":"box","text":"or more shares, or lower or higher redemption proceeds, than they would have received had the securities or other assets not","page_number":34,"box":{"x":83,"y":824,"width":880,"height":11}},{"id":"50440bab-5ee0-4eec-b733-ef9deb228b20","block_type":"box","text":"been fair valued or been valued using a different methodology. The ability to value investments may be impacted by","page_number":34,"box":{"x":84,"y":838,"width":815,"height":11}},{"id":"1184c6c3-c54c-4e0f-a718-93b7f501572c","block_type":"box","text":"technological issues or errors by pricing services or other third-party service providers.","page_number":34,"box":{"x":82,"y":852,"width":613,"height":11}},{"id":"8d91b18f-f0ca-4199-b5b4-2496175cae8c","block_type":"box","text":"S-27","page_number":34,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"78701bd3-14e6-4919-9544-d65c1c8fba9e","block_type":"box","text":"Performance Information","page_number":35,"box":{"x":84,"y":22,"width":229,"height":11}},{"id":"8e7141b4-7dd2-4314-aa00-e9c9fa6c2f9e","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides","page_number":35,"box":{"x":82,"y":48,"width":864,"height":10}},{"id":"b52a4a26-b123-446d-9003-ab9bdf04022b","block_type":"box","text":"some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from","page_number":35,"box":{"x":83,"y":62,"width":871,"height":11}},{"id":"84dfe64d-90e3-4b90-91e5-b5bca0d297eb","block_type":"box","text":"one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate","page_number":35,"box":{"x":83,"y":76,"width":868,"height":11}},{"id":"8faef416-fa5b-4e0e-bb1d-6157ab9fb745","block_type":"box","text":"broad-based securities market index and the Underlying Index. Returns assume the reinvestment of any dividends and","page_number":35,"box":{"x":84,"y":90,"width":837,"height":11}},{"id":"1556e9cc-4f53-447e-a3cf-3b3c22eeed8b","block_type":"box","text":"distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce","page_number":35,"box":{"x":83,"y":104,"width":869,"height":11}},{"id":"bcffc0ad-58a4-4f1e-8328-25c13056136a","block_type":"box","text":"performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will","page_number":35,"box":{"x":84,"y":118,"width":832,"height":11}},{"id":"f317504f-27df-4b35-b922-800a39ee125e","block_type":"box","text":"perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting","page_number":35,"box":{"x":84,"y":133,"width":841,"height":11}},{"id":"34a68747-0781-45db-b410-08a9512189de","block_type":"box","text":"www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":35,"box":{"x":82,"y":147,"width":531,"height":11}},{"id":"1661cde3-53be-4310-8d0f-957f3d155b88","block_type":"box","text":"Calendar Year-by-Year Returns (%)","page_number":35,"box":{"x":165,"y":171,"width":260,"height":11}},{"id":"fb7c19e5-fa7b-4704-8604-83efb2cdb867","block_type":"box","text":"6.19","page_number":35,"box":{"x":119,"y":254,"width":20,"height":6}},{"id":"4bc6f9ff-ffd5-44cc-9c45-327799ca3e08","block_type":"box","text":"7.58","page_number":35,"box":{"x":156,"y":252,"width":20,"height":6}},{"id":"8dce4c04-5ca1-4ef4-aba1-30a5028e1766","block_type":"box","text":"-4.89","page_number":35,"box":{"x":191,"y":282,"width":23,"height":6}},{"id":"d39f2d3f-d8a7-4ba0-ae7c-23bd3b0e1f07","block_type":"box","text":"23.89","page_number":35,"box":{"x":227,"y":233,"width":26,"height":6}},{"id":"da605932-cf6a-48d3-9752-289411c9316e","block_type":"box","text":"-10.59","page_number":35,"box":{"x":262,"y":289,"width":30,"height":6}},{"id":"8efcdcb0-7c23-4583-8865-7676cd890e29","block_type":"box","text":"32.25","page_number":35,"box":{"x":301,"y":223,"width":26,"height":6}},{"id":"66abc6e0-97a9-41c0-ad04-031dadaa0865","block_type":"box","text":"-23.92","page_number":35,"box":{"x":336,"y":305,"width":30,"height":6}},{"id":"1f6c975f-6544-406b-a8cc-c78dcba443c5","block_type":"box","text":"10.43","page_number":35,"box":{"x":376,"y":249,"width":25,"height":6}},{"id":"c8ea36e5-a19a-4343-8835-a65cc0a8c58c","block_type":"box","text":"2.40","page_number":35,"box":{"x":415,"y":258,"width":20,"height":6}},{"id":"53eb8ade-7b55-4cdd-9178-ca54188e8b8d","block_type":"box","text":"8.18","page_number":35,"box":{"x":452,"y":251,"width":20,"height":6}},{"id":"3d044cc1-7c84-4dbd-a2ad-b4d6d0203b3c","block_type":"box","text":"2016 2017 2018 2019 2020 2021 2022 2023 2024 2025","page_number":35,"box":{"x":117,"y":326,"width":357,"height":6}},{"id":"317b6f84-2cf4-48d0-86a6-ec03e24729de","block_type":"box","text":"Return (%) Period Ended","page_number":35,"box":{"x":762,"y":186,"width":190,"height":9}},{"id":"2b81eb13-f6e2-4bbb-a336-80a063d9c4b0","block_type":"box","text":"Calendar Year-to-Date Return","page_number":35,"box":{"x":550,"y":205,"width":197,"height":7}},{"id":"25a1d96a-c03e-4e33-8365-883613adfc48","block_type":"box","text":"12.05% June 30, 2026","page_number":35,"box":{"x":776,"y":205,"width":196,"height":8}},{"id":"5586e9e6-c862-4e0d-a111-501bf479f665","block_type":"box","text":"During the periods shown in the chart:","page_number":35,"box":{"x":551,"y":217,"width":250,"height":10}},{"id":"6430aa95-fcd1-4dd0-b87d-99803c436da6","block_type":"box","text":"Best Quarter 16.03% September 30, 2024","page_number":35,"box":{"x":564,"y":230,"width":409,"height":10}},{"id":"a59a39b9-193c-4f35-9f06-f47b9498550a","block_type":"box","text":"Worst Quarter -30.17% March 31, 2020","page_number":35,"box":{"x":563,"y":243,"width":409,"height":9}},{"id":"7f4e46e4-fdfd-4325-a910-61be9cf60d02","block_type":"box","text":"Average Annual Total Returns (%)","page_number":35,"box":{"x":403,"y":356,"width":250,"height":11}},{"id":"7eb87bd8-a18e-434d-aee6-f0b042a03e0a","block_type":"box","text":"(for the periods ended December 31, 2025)","page_number":35,"box":{"x":371,"y":370,"width":315,"height":10}},{"id":"ddb02dd2-40b6-4ef6-945a-46cc86e9058a","block_type":"box","text":"One Year Five Years Ten Years","page_number":35,"box":{"x":701,"y":386,"width":268,"height":8}},{"id":"4602b48a-1b6f-47d1-aca3-188108c9f4e9","block_type":"box","text":"Fund Inception: 7/8/2014","page_number":35,"box":{"x":88,"y":402,"width":171,"height":9}},{"id":"2cb3c39c-099b-441b-a85f-132b9c5735e6","block_type":"box","text":"Return Before Taxes","page_number":35,"box":{"x":89,"y":413,"width":124,"height":8}},{"id":"8d0d03cd-60d0-4cdb-843a-8632841df64f","block_type":"box","text":"8.18% 4.24% 4.01%","page_number":35,"box":{"x":720,"y":413,"width":249,"height":8}},{"id":"9d6cb131-85b5-4d9f-9d20-3b59748cf872","block_type":"box","text":"Return After Taxes on Distributions 6.87% 3.12% 2.55%","page_number":35,"box":{"x":89,"y":425,"width":880,"height":8}},{"id":"069284c2-ea95-4de8-bbad-492802155c29","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 5.12% 2.93% 2.55%","page_number":35,"box":{"x":89,"y":437,"width":880,"height":7}},{"id":"6d019d72-d437-4ca4-92d5-ede9fd4109f4","block_type":"box","text":"FTSE All-World Index (Net)","page_number":35,"box":{"x":88,"y":448,"width":177,"height":9}},{"id":"91c4ad4d-0b6a-48d2-8ee2-043cc082f50b","block_type":"box","text":"1","page_number":35,"box":{"x":266,"y":447,"width":5,"height":4}},{"id":"70e1e8ba-64de-443f-aad5-6ad4e2930c69","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes","page_number":35,"box":{"x":276,"y":448,"width":383,"height":10}},{"id":"1862c360-dd21-4d28-882b-8d623ca38124","block_type":"box","text":"except for withholding taxes on reinvested dividends) 22.62% 11.20% 11.70%","page_number":35,"box":{"x":101,"y":461,"width":868,"height":10}},{"id":"3bc757f9-6718-4490-87c6-b7e1a825639c","block_type":"box","text":"FTSE EPRA Nareit Global REITs Index (Net)","page_number":35,"box":{"x":88,"y":473,"width":284,"height":9}},{"id":"f159f866-1763-4a22-9665-2857ce86454a","block_type":"box","text":"1","page_number":35,"box":{"x":373,"y":471,"width":5,"height":5}},{"id":"50497485-92ef-492e-8107-231cb978e0d8","block_type":"box","text":"(Returns do not reflect deductions for fees,","page_number":35,"box":{"x":382,"y":473,"width":268,"height":8}},{"id":"cd6d06ce-5607-4013-84dd-14d3a0920bfe","block_type":"box","text":"expenses or taxes except for withholding taxes on reinvested dividends) 7.24% 3.45% 3.18%","page_number":35,"box":{"x":101,"y":486,"width":868,"height":9}},{"id":"8b9a3892-3ae2-4b6d-bc5b-43de1607fe87","block_type":"box","text":"1","page_number":35,"box":{"x":110,"y":504,"width":5,"height":5}},{"id":"69b3d5fc-a0df-4dc8-b4ab-d903d112b3b6","block_type":"box","text":"Returns for net indices generally assume the reinvestment of dividends after the deduction of the maximum withholding tax in each","page_number":35,"box":{"x":124,"y":506,"width":827,"height":9}},{"id":"38be3be2-7d43-43e3-a768-27c25b2a3ea7","block_type":"box","text":"country applicable to non-residents of the country as determined by the index provider. Such indices use withholding tax rates that are","page_number":35,"box":{"x":123,"y":516,"width":847,"height":10}},{"id":"52587aaf-1e36-4e73-88c6-7d11e924abdc","block_type":"box","text":"often at a higher rate than the rates to which the Fund is subject in each country, including for countries where the Fund is not subject","page_number":35,"box":{"x":123,"y":526,"width":844,"height":10}},{"id":"1683d936-69d6-42b1-bd55-1c0ad748fbdf","block_type":"box","text":"to withholding taxes. When this is the case, index performance will be lower than if the index used the Fund's applicable withholding","page_number":35,"box":{"x":123,"y":537,"width":829,"height":9}},{"id":"3a2a264c-34c5-4542-b28f-0f6957db44ab","block_type":"box","text":"tax rates, if any.","page_number":35,"box":{"x":123,"y":547,"width":96,"height":9}},{"id":"cdeeface-d7f9-44e6-b1e0-0f3bc74d3388","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax","page_number":35,"box":{"x":82,"y":567,"width":857,"height":10}},{"id":"db0bf52a-715c-48fc-8ddd-e3a53a3e7184","block_type":"box","text":"rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and","page_number":35,"box":{"x":84,"y":581,"width":864,"height":10}},{"id":"e812ca56-0b84-4275-a6fd-a0d0067a89b2","block_type":"box","text":"may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold","page_number":35,"box":{"x":84,"y":595,"width":847,"height":11}},{"id":"90a878d5-4c60-4031-a267-d7b910344606","block_type":"box","text":"shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns","page_number":35,"box":{"x":83,"y":609,"width":857,"height":11}},{"id":"ca8f7090-7ede-4784-bf0b-7b017cafbd81","block_type":"box","text":"after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of","page_number":35,"box":{"x":83,"y":623,"width":877,"height":11}},{"id":"354369d0-ea38-42bb-a755-081798dc4efa","block_type":"box","text":"the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund","page_number":35,"box":{"x":82,"y":637,"width":837,"height":11}},{"id":"d9995ba2-0c2b-42da-8af8-58eafd303643","block_type":"box","text":"returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes","page_number":35,"box":{"x":84,"y":652,"width":885,"height":10}},{"id":"3ee3de0b-cab1-4d99-a0d6-0815ae7677de","block_type":"box","text":"on distributions.","page_number":35,"box":{"x":83,"y":666,"width":115,"height":8}},{"id":"8890dd4c-9bb5-42a6-879c-cb2f379539b1","block_type":"box","text":"Management","page_number":35,"box":{"x":84,"y":695,"width":120,"height":13}},{"id":"575e0213-1c07-40dd-88eb-80755651b02f","block_type":"box","text":"Investment Adviser.","page_number":35,"box":{"x":84,"y":720,"width":144,"height":8}},{"id":"8b24ed2d-19e8-4164-b8b5-bc9cf9980447","block_type":"box","text":"BlackRock Fund Advisors.","page_number":35,"box":{"x":234,"y":720,"width":180,"height":8}},{"id":"4f9bfdd8-3bfb-471c-b50f-e863343976ce","block_type":"box","text":"Portfolio Managers.","page_number":35,"box":{"x":84,"y":743,"width":145,"height":11}},{"id":"055c6c90-862b-4aea-9a83-9f8fa142f2f3","block_type":"box","text":"The following individuals (the “Portfolio Managers”) are primarily responsible for the day-to-day","page_number":35,"box":{"x":233,"y":743,"width":679,"height":11}},{"id":"a34c4fd1-f68f-4784-a3c8-c63885265bd8","block_type":"box","text":"management of the Fund:","page_number":35,"box":{"x":84,"y":757,"width":182,"height":11}},{"id":"5bb9e077-6399-4c14-8807-b0d4d1583f1e","block_type":"box","text":"Portfolio Manager","page_number":35,"box":{"x":88,"y":793,"width":120,"height":10}},{"id":"c05d8fdc-34a9-4643-8a52-64f104f3c7b1","block_type":"box","text":"Portfolio Manager of the","page_number":35,"box":{"x":441,"y":780,"width":161,"height":10}},{"id":"6426310d-08a7-477c-be3b-631c55fba170","block_type":"box","text":"Fund Since","page_number":35,"box":{"x":485,"y":793,"width":72,"height":8}},{"id":"665742d2-45d8-433d-b765-6690ad24d67b","block_type":"box","text":"Title with Investment","page_number":35,"box":{"x":834,"y":780,"width":140,"height":8}},{"id":"0b8a1c66-d27a-44bc-a989-8c9e08b583e9","block_type":"box","text":"Adviser","page_number":35,"box":{"x":880,"y":793,"width":48,"height":8}},{"id":"3bce71ca-3a93-4e00-9890-0c50410eb9fd","block_type":"box","text":"Jennifer Hsui 2014 Managing Director","page_number":35,"box":{"x":87,"y":809,"width":877,"height":9}},{"id":"d61b4e11-a2b2-46d6-b64c-f29264912eb0","block_type":"box","text":"Matt Waldron 2025 Managing Director","page_number":35,"box":{"x":89,"y":824,"width":875,"height":10}},{"id":"e1394e20-5867-47fa-9aad-c31e1f0e6459","block_type":"box","text":"Peter Sietsema 2025 Managing Director","page_number":35,"box":{"x":89,"y":840,"width":875,"height":9}},{"id":"b9beac26-3121-4ca3-aa4b-63ace09815f7","block_type":"box","text":"Steven White 2025 Managing Director","page_number":35,"box":{"x":88,"y":855,"width":876,"height":10}},{"id":"3be8c11f-4424-4619-8fa0-16292dd9357a","block_type":"box","text":"S-28","page_number":35,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"bee4b700-c8f7-4ab5-a555-e4420d26528c","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":36,"box":{"x":84,"y":30,"width":304,"height":11}},{"id":"c3992f20-725f-4a6f-a29b-0b979922bbc0","block_type":"box","text":"The Fund is an ETF. Individual shares of the Fund may only be bought and sold in the secondary market through a","page_number":36,"box":{"x":82,"y":55,"width":806,"height":11}},{"id":"1acbefd2-236f-4b7d-a2ec-ea055efc99f5","block_type":"box","text":"broker-dealer. Because ETF shares trade at market prices rather than at NAV, shares may trade at a price greater than NAV (a","page_number":36,"box":{"x":84,"y":69,"width":877,"height":11}},{"id":"c4569eec-661f-400f-8670-0d9ddcd85884","block_type":"box","text":"premium) or less than NAV (a discount). An investor may incur costs attributable to the difference between the highest price a","page_number":36,"box":{"x":84,"y":84,"width":886,"height":11}},{"id":"d059374a-b465-4120-9ecb-c024882147d9","block_type":"box","text":"buyer is willing to pay to purchase shares of the Fund (bid) and the lowest price a seller is willing to accept for shares of the","page_number":36,"box":{"x":84,"y":98,"width":865,"height":11}},{"id":"67d76eb6-212c-4f5a-a341-11e553c9a9e3","block_type":"box","text":"Fund (ask) when buying or selling shares in the secondary market (the “bid-ask spread”).","page_number":36,"box":{"x":84,"y":112,"width":625,"height":11}},{"id":"410a224f-d4e8-47ee-ad6a-72f62bcc72ff","block_type":"box","text":"Tax Information","page_number":36,"box":{"x":82,"y":141,"width":144,"height":11}},{"id":"9a3f2c76-0b55-493b-98ab-953c1be30cc9","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you as ordinary income or capital gains, unless you are","page_number":36,"box":{"x":82,"y":166,"width":832,"height":11}},{"id":"d51bd116-2cef-48f1-8bc6-f0df1e025fd8","block_type":"box","text":"investing through a tax-deferred arrangement such as a 401(k) plan or an IRA, in which case, your distributions generally will","page_number":36,"box":{"x":83,"y":180,"width":883,"height":11}},{"id":"8574612d-f2e1-431a-86f8-43060110faa5","block_type":"box","text":"be taxed when withdrawn.","page_number":36,"box":{"x":84,"y":195,"width":181,"height":8}},{"id":"e4422315-1b93-44de-a507-2e4db54d32d0","block_type":"box","text":"Payments to Broker-Dealers and Other Financial Intermediaries","page_number":36,"box":{"x":84,"y":224,"width":575,"height":13}},{"id":"e030dc9e-3046-4765-af9d-bdf2f0280627","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), BFA or other","page_number":36,"box":{"x":84,"y":249,"width":854,"height":11}},{"id":"eb39410f-ca0b-4494-907e-cb7bd455381e","block_type":"box","text":"related companies may pay the intermediary for marketing activities and presentations, educational training programs,","page_number":36,"box":{"x":84,"y":263,"width":842,"height":11}},{"id":"5cfdc10a-6f80-499a-a524-0f47e2716e38","block_type":"box","text":"conferences, the development of technology platforms and reporting systems or other services related to the sale or","page_number":36,"box":{"x":83,"y":277,"width":820,"height":11}},{"id":"ea8d1f0e-ee84-47a6-a7aa-a826fafc9e5e","block_type":"box","text":"promotion of the Fund. These payments may create a conflict of interest by influencing the broker-dealer or other","page_number":36,"box":{"x":84,"y":291,"width":801,"height":11}},{"id":"03f72271-43be-4e76-8412-443abd475fa2","block_type":"box","text":"intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your","page_number":36,"box":{"x":83,"y":306,"width":841,"height":10}},{"id":"0e358a06-a9b7-4c89-accd-0ad591b20b79","block_type":"box","text":"financial intermediary’s website for more information.","page_number":36,"box":{"x":83,"y":320,"width":379,"height":10}},{"id":"35d001a8-b0e9-453a-aee6-c24bc263be83","block_type":"box","text":"S-29","page_number":36,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"160ed37b-9ecd-4df0-a248-d5536524e1d9","block_type":"box","text":"iShares International Developed Real Estate ETF","page_number":37,"box":{"x":84,"y":23,"width":677,"height":20}},{"id":"d7ed36c2-9f33-4a65-8651-68468e448ae4","block_type":"box","text":"IFGL | Nasdaq","page_number":37,"box":{"x":85,"y":47,"width":193,"height":21}},{"id":"df5cd4d4-339a-4fb1-abe3-2f86e0a56cf2","block_type":"box","text":"Investment Objective","page_number":37,"box":{"x":84,"y":92,"width":192,"height":14}},{"id":"a0c8d055-6d94-4cea-8803-9e99946c1cf5","block_type":"box","text":"The iShares International Developed Real Estate ETF (the “Fund”) seeks to track the investment results of an index composed","page_number":37,"box":{"x":82,"y":117,"width":885,"height":11}},{"id":"5f7c2095-6d93-4995-bad0-572959b66cd1","block_type":"box","text":"of real estate equities in developed non-U.S. markets.","page_number":37,"box":{"x":83,"y":131,"width":375,"height":11}},{"id":"8a3794ce-eb01-414f-a2ac-ffd186753621","block_type":"box","text":"Fees and Expenses","page_number":37,"box":{"x":84,"y":161,"width":169,"height":12}},{"id":"00f1575e-8e8d-40c2-8c9a-8fff3f34de63","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. Amounts","page_number":37,"box":{"x":82,"y":186,"width":874,"height":10}},{"id":"a5a3bdb4-9939-4624-82f0-7c33a460733c","block_type":"box","text":"in the table are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement","page_number":37,"box":{"x":83,"y":200,"width":871,"height":11}},{"id":"077d8f8d-b821-4450-bdb4-38dcd95fbd08","block_type":"box","text":"between iShares Trust (the “Trust”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that","page_number":37,"box":{"x":84,"y":214,"width":887,"height":11}},{"id":"2e49e2ac-aa3b-42bf-863a-02adeead6657","block_type":"box","text":"BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes,","page_number":37,"box":{"x":84,"y":228,"width":795,"height":11}},{"id":"c9a71ac1-09c6-4282-abd8-fb7c663b011c","block_type":"box","text":"(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio","page_number":37,"box":{"x":83,"y":242,"width":854,"height":11}},{"id":"0b465eb3-851a-4404-b9d3-9bb9d2a23244","block_type":"box","text":"transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any","page_number":37,"box":{"x":82,"y":256,"width":829,"height":11}},{"id":"f29d8e13-71f2-4708-b883-ebb4340aa47f","block_type":"box","text":"extraordinary expenses.","page_number":37,"box":{"x":83,"y":271,"width":168,"height":10}},{"id":"d4285927-c138-45db-9f47-b344d41dcccf","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not","page_number":37,"box":{"x":82,"y":294,"width":830,"height":11}},{"id":"73d6817e-b913-4347-9118-33c38804bb9b","block_type":"box","text":"reflected in the table and example below.","page_number":37,"box":{"x":83,"y":308,"width":301,"height":11}},{"id":"b9e7abed-4d94-45a3-bb15-4bbb803f30d8","block_type":"box","text":"Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)","page_number":37,"box":{"x":87,"y":331,"width":761,"height":10}},{"id":"0ed6d050-f8e0-4851-a62a-5dc5b605e010","block_type":"box","text":"1,2","page_number":37,"box":{"x":849,"y":330,"width":14,"height":5}},{"id":"7c35b1b2-1856-49f9-b938-b4047ce3c1bd","block_type":"box","text":"Management Fee","page_number":37,"box":{"x":89,"y":351,"width":109,"height":10}},{"id":"3208cbd6-c42d-467e-8fcb-353e1179ab1e","block_type":"box","text":"0.48%","page_number":37,"box":{"x":920,"y":351,"width":41,"height":7}},{"id":"2627bf91-2467-4f3b-a20e-c1c1024f9874","block_type":"box","text":"Other Expenses","page_number":37,"box":{"x":88,"y":366,"width":99,"height":10}},{"id":"278f15a2-6d6e-4cf4-91cc-bdf54799e38f","block_type":"box","text":"0.02%","page_number":37,"box":{"x":920,"y":366,"width":41,"height":8}},{"id":"abb3f6ae-0067-402a-b168-6db286dc48c7","block_type":"box","text":"Total Annual Fund Operating Expenses","page_number":37,"box":{"x":87,"y":382,"width":246,"height":9}},{"id":"c4f094b2-b153-4291-b606-c9a4e6b572e8","block_type":"box","text":"0.50%","page_number":37,"box":{"x":920,"y":382,"width":41,"height":7}},{"id":"676e8df3-dc04-4c75-9af7-bbc98ed5cf17","block_type":"box","text":"1","page_number":37,"box":{"x":110,"y":410,"width":5,"height":4}},{"id":"3d99ba0b-9835-4e54-8354-36bb89c23c38","block_type":"box","text":"Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any.","page_number":37,"box":{"x":123,"y":411,"width":780,"height":9}},{"id":"ca98f601-60ea-40eb-a76e-265cfc4fcccd","block_type":"box","text":"2","page_number":37,"box":{"x":110,"y":420,"width":5,"height":4}},{"id":"33ab33fa-24d6-496e-8de1-08c06091b460","block_type":"box","text":"Professional fees for foreign withholding tax claims that occurred during the most recent fiscal year have been restated to reflect","page_number":37,"box":{"x":124,"y":421,"width":808,"height":10}},{"id":"40d865de-0e53-4dda-b61e-9a386e950951","block_type":"box","text":"expected fees in the current year.","page_number":37,"box":{"x":123,"y":431,"width":207,"height":10}},{"id":"e88849d2-3f95-488c-95d0-7179e13a8eca","block_type":"box","text":"Example.","page_number":37,"box":{"x":84,"y":451,"width":66,"height":11}},{"id":"d33d6e4b-8d45-4846-a788-cc7ef053492b","block_type":"box","text":"This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in","page_number":37,"box":{"x":154,"y":451,"width":795,"height":11}},{"id":"c60168b6-47b4-4c10-9046-6cc5f7e5805a","block_type":"box","text":"other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your","page_number":37,"box":{"x":83,"y":465,"width":886,"height":11}},{"id":"0dd2fda0-90a7-4c99-b902-7b53e638c2e4","block_type":"box","text":"shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the","page_number":37,"box":{"x":83,"y":480,"width":870,"height":10}},{"id":"6db856e0-157d-4184-8c17-6514017877c8","block_type":"box","text":"Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions,","page_number":37,"box":{"x":84,"y":494,"width":887,"height":11}},{"id":"e1c9ad90-ae0b-49d0-8cc6-07c86f1c295d","block_type":"box","text":"your costs would be:","page_number":37,"box":{"x":82,"y":508,"width":143,"height":11}},{"id":"b307b79b-de63-4a9b-a4f9-2b6ef53489f6","block_type":"box","text":"Expense Example","page_number":37,"box":{"x":88,"y":531,"width":115,"height":9}},{"id":"18c64fac-abca-4ebf-900f-8587ba734faf","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":37,"box":{"x":693,"y":531,"width":281,"height":7}},{"id":"19c580cc-b807-4e7e-8cae-fcf567e5f2c2","block_type":"box","text":"Example Fund Costs","page_number":37,"box":{"x":89,"y":546,"width":128,"height":10}},{"id":"7b276055-85f2-4f77-9c39-60e2bbaa5784","block_type":"box","text":"$51 $160 $280 $628","page_number":37,"box":{"x":701,"y":546,"width":261,"height":8}},{"id":"dafaafa3-5f6b-490f-993c-dc022e45b4d7","block_type":"box","text":"Portfolio Turnover.","page_number":37,"box":{"x":84,"y":575,"width":136,"height":9}},{"id":"d8ec91ce-bd08-4d54-be49-38c9ab944b4b","block_type":"box","text":"The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns","page_number":37,"box":{"x":225,"y":575,"width":721,"height":11}},{"id":"838d6ac7-627e-4ec1-b3ae-734a7f49460e","block_type":"box","text":"over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when","page_number":37,"box":{"x":83,"y":590,"width":884,"height":11}},{"id":"0a63519d-7e9b-4674-98f9-6e10f446184a","block_type":"box","text":"Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in","page_number":37,"box":{"x":84,"y":604,"width":875,"height":11}},{"id":"ad24356d-342b-4335-b18e-a534a546ab98","block_type":"box","text":"the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 9% of","page_number":37,"box":{"x":82,"y":618,"width":877,"height":11}},{"id":"5b50cefb-43c7-4c4a-a4c0-1287cdc9eeb1","block_type":"box","text":"the average value of its portfolio.","page_number":37,"box":{"x":82,"y":632,"width":231,"height":11}},{"id":"62d08ca3-28c4-4cf5-8553-03d94d2bda25","block_type":"box","text":"Principal Investment Strategies","page_number":37,"box":{"x":84,"y":661,"width":284,"height":14}},{"id":"18fcac45-1087-4f8a-a0e9-83c58335c5bd","block_type":"box","text":"The Fund seeks to track the investment results of the FTSE EPRA Nareit Developed ex US Index (the “Underlying Index”),","page_number":37,"box":{"x":82,"y":686,"width":851,"height":11}},{"id":"6bfb725a-449f-40f1-8278-80a71263e1e1","block_type":"box","text":"which measures the performance of companies engaged in the ownership, trading and development of income-producing","page_number":37,"box":{"x":82,"y":701,"width":866,"height":10}},{"id":"7eea0803-3124-4753-9aca-58009e58484a","block_type":"box","text":"real estate in the developed real estate markets (except for the U.S.) as defined by FTSE EPRA Nareit. As of April 30, 2026, the","page_number":37,"box":{"x":84,"y":715,"width":880,"height":11}},{"id":"b8e3e6fe-9784-4c07-b9f2-df112b7ea285","block_type":"box","text":"Underlying Index was composed of securities of companies in the following countries or regions: Australia, Austria, Belgium,","page_number":37,"box":{"x":84,"y":729,"width":876,"height":11}},{"id":"4acfb031-600e-4444-842f-e582baf2fd14","block_type":"box","text":"Canada, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Singapore,","page_number":37,"box":{"x":83,"y":743,"width":887,"height":11}},{"id":"bd52c3f7-78f9-4278-b502-fd8cf6faf012","block_type":"box","text":"South Korea, Spain, Sweden, Switzerland and the United Kingdom (the “U.K.”). As of April 30, 2026, a significant portion of the","page_number":37,"box":{"x":83,"y":757,"width":885,"height":11}},{"id":"fbcd971a-4c1e-4fa6-a2c5-1f3a898e8751","block_type":"box","text":"Underlying Index included companies offering various real estate services, real estate operating companies and real estate","page_number":37,"box":{"x":84,"y":772,"width":867,"height":10}},{"id":"afe25a7b-1eee-4962-ac66-6511bdbaa9a5","block_type":"box","text":"investment trusts (“REITs”). The components of the Underlying Index are likely to change over time.","page_number":37,"box":{"x":83,"y":785,"width":699,"height":12}},{"id":"d11d3324-6253-4af5-a5a0-a10819504ef1","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a","page_number":37,"box":{"x":82,"y":809,"width":853,"height":11}},{"id":"eb053153-e875-41c6-924c-f710f59273de","block_type":"box","text":"representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that","page_number":37,"box":{"x":84,"y":823,"width":838,"height":11}},{"id":"00359394-0b0e-4336-bcd5-31e8b7875d45","block_type":"box","text":"involves investing in a representative sample of securities or other instruments intended to collectively have an investment","page_number":37,"box":{"x":83,"y":837,"width":868,"height":11}},{"id":"38e648bb-0e49-4700-9216-3b9434c56d92","block_type":"box","text":"profile similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate,","page_number":37,"box":{"x":84,"y":851,"width":850,"height":11}},{"id":"d8bedf79-1302-4b46-9526-21d029a383c5","block_type":"box","text":"investment characteristics (based on factors such as market capitalization and industry weightings), fundamental","page_number":37,"box":{"x":83,"y":866,"width":806,"height":10}},{"id":"a61e4daa-b170-4fbb-b5ce-75a16b0ac4a4","block_type":"box","text":"characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index.","page_number":37,"box":{"x":83,"y":880,"width":885,"height":11}},{"id":"f084da1c-a44b-4d14-9d9d-268f9e797d68","block_type":"box","text":"The Fund may or may not hold all of the components of the Underlying Index. The Fund may use derivatives to gain or reduce","page_number":37,"box":{"x":82,"y":894,"width":885,"height":11}},{"id":"c121f8e0-a489-4579-a5cc-cfa3150d9c4d","block_type":"box","text":"S-30","page_number":37,"box":{"x":519,"y":920,"width":34,"height":9}},{"id":"1d58a4d2-1300-400d-98df-fa7298dcddb0","block_type":"box","text":"exposure to the components of the Underlying Index or exposure to one or more market risk factors associated with such","page_number":38,"box":{"x":83,"y":23,"width":853,"height":11}},{"id":"cf8efdf5-5464-4d12-bde9-a98e58f3024d","block_type":"box","text":"components. Subject to the limits described herein, the Fund may purchase and hold cash and cash equivalents, including","page_number":38,"box":{"x":83,"y":37,"width":867,"height":11}},{"id":"0fd74504-f436-4a22-ae22-25de473116af","block_type":"box","text":"shares of money market funds advised by BFA or its affiliates, and may also purchase and hold instruments not included in","page_number":38,"box":{"x":83,"y":52,"width":868,"height":10}},{"id":"0b2ca59b-a07a-420e-9930-d0acddcadbca","block_type":"box","text":"the Underlying Index when BFA believes that such instruments will help the Fund track the performance of the Underlying","page_number":38,"box":{"x":82,"y":66,"width":863,"height":11}},{"id":"ea2ecfdd-ad21-4084-9cb4-a5869048391e","block_type":"box","text":"Index over time, including in light of expected liquidity or trading costs, anticipated additions to or deletions from the","page_number":38,"box":{"x":84,"y":80,"width":825,"height":11}},{"id":"c49af727-05a5-4c60-8415-8f7663b65e49","block_type":"box","text":"Underlying Index, or other reasons as determined by BFA.","page_number":38,"box":{"x":84,"y":94,"width":405,"height":11}},{"id":"ae20df3d-2068-4ccd-a7df-2801332267c1","block_type":"box","text":"In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), under normal","page_number":38,"box":{"x":84,"y":117,"width":844,"height":11}},{"id":"7ddb70ca-8c09-4c6d-b598-0b94b2588dec","block_type":"box","text":"circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for","page_number":38,"box":{"x":83,"y":131,"width":860,"height":11}},{"id":"e8c05c74-75b1-4317-8977-b6434a7fc86d","block_type":"box","text":"investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be","page_number":38,"box":{"x":83,"y":146,"width":831,"height":10}},{"id":"3876e794-5f9b-43ef-8699-4ceb42abf6e1","block_type":"box","text":"counted toward the Fund's 80% investment policy to the extent that they provide exposure to the components of its","page_number":38,"box":{"x":83,"y":160,"width":817,"height":11}},{"id":"34e64e04-f980-4a2c-88ec-345679a21a9b","block_type":"box","text":"Underlying Index or exposure to one or more market risk factors associated with such components. The Fund's 80%","page_number":38,"box":{"x":84,"y":174,"width":817,"height":11}},{"id":"4360e3d2-eb26-4479-99c9-cede7258e85f","block_type":"box","text":"investment policy may be changed by the Trust's Board of Trustees (the “Board”) upon 60 days' notice to shareholders.","page_number":38,"box":{"x":83,"y":188,"width":835,"height":11}},{"id":"33ac673a-c6de-4ccd-b35b-996c20204028","block_type":"box","text":"The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any","page_number":38,"box":{"x":82,"y":211,"width":873,"height":11}},{"id":"fc058f53-735f-43fb-918b-fc6c8b318088","block_type":"box","text":"collateral received).","page_number":38,"box":{"x":83,"y":225,"width":136,"height":10}},{"id":"91926709-8d5a-4b9e-aec3-3b529ff1223c","block_type":"box","text":"The Underlying Index is sponsored by FTSE International Limited (the “Index Provider” or “FTSE”), which is independent of","page_number":38,"box":{"x":82,"y":249,"width":866,"height":11}},{"id":"217dbcf1-b3ca-4373-aec4-1c058ca28180","block_type":"box","text":"the Fund and BFA. The Index Provider determines the composition and relative weightings of the components of the","page_number":38,"box":{"x":82,"y":263,"width":821,"height":11}},{"id":"31e2cf44-9dd2-4ca0-a877-08207e3bb3ec","block_type":"box","text":"Underlying Index and publishes information regarding the market value of the Underlying Index.","page_number":38,"box":{"x":84,"y":277,"width":680,"height":11}},{"id":"ab2b9444-5eb7-4d05-8834-ec814dda5d2b","block_type":"box","text":"Industry Concentration Policy.","page_number":38,"box":{"x":84,"y":300,"width":223,"height":11}},{"id":"26f7a5e1-bbe8-4734-9f25-487cb91fe60b","block_type":"box","text":"The Fund will concentrate its investments (","page_number":38,"box":{"x":312,"y":300,"width":304,"height":10}},{"id":"a18cd26b-c8e9-4991-8bb6-4b11291e285d","block_type":"box","text":"i.e.","page_number":38,"box":{"x":617,"y":301,"width":17,"height":8}},{"id":"f86dd6a4-4485-4355-9712-f5d8f368b7bb","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":38,"box":{"x":636,"y":300,"width":292,"height":10}},{"id":"5cd1415e-ef77-41e5-b556-382c1bebfc40","block_type":"box","text":"particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For","page_number":38,"box":{"x":84,"y":315,"width":858,"height":10}},{"id":"3e7ab76f-a76b-4549-917a-5ccbcd700237","block_type":"box","text":"purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase","page_number":38,"box":{"x":84,"y":329,"width":867,"height":11}},{"id":"0a35fecf-2867-4038-acb9-a4810677d76f","block_type":"box","text":"agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.","page_number":38,"box":{"x":83,"y":343,"width":826,"height":11}},{"id":"29637558-88d9-48af-a255-5e606ddf2ea5","block_type":"box","text":"Summary of Principal Risks","page_number":38,"box":{"x":83,"y":372,"width":248,"height":13}},{"id":"0eedaec2-a94c-43f2-af17-ebea328b91cf","block_type":"box","text":"As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that","page_number":38,"box":{"x":82,"y":397,"width":882,"height":11}},{"id":"ac1b3062-6ef6-4e5c-a248-8ff704fc9a5a","block_type":"box","text":"of other investments. The Fund is subject to certain risks, including the principal risks noted below, any of which may","page_number":38,"box":{"x":83,"y":411,"width":825,"height":11}},{"id":"c51bf183-56b1-401a-8341-870824d2ebf0","block_type":"box","text":"adversely affect the Fund's net asset value per share (“NAV”), trading price, yield, total return and ability to meet its","page_number":38,"box":{"x":83,"y":425,"width":807,"height":11}},{"id":"79625387-62cf-43cd-b535-f9f529afbe1a","block_type":"box","text":"investment objective. Certain key risks are prioritized below (with others following in alphabetical order), but the relative","page_number":38,"box":{"x":83,"y":439,"width":844,"height":11}},{"id":"fb95c9ed-3f38-495c-bab4-68bd537d251d","block_type":"box","text":"significance of any risk is difficult to predict and may change over time. You should review each risk factor carefully.","page_number":38,"box":{"x":83,"y":454,"width":814,"height":11}},{"id":"4f2ff99f-6527-4422-b50b-f98d1e845eea","block_type":"box","text":"Risk of Investing in Developed Countries.","page_number":38,"box":{"x":84,"y":477,"width":301,"height":11}},{"id":"927a594f-94fa-4817-99a3-dd7145a95f24","block_type":"box","text":"The Fund’s investment in developed country issuers will subject the Fund to legal,","page_number":38,"box":{"x":390,"y":477,"width":580,"height":11}},{"id":"c715d913-27b1-4994-9acd-187a7d24e9a1","block_type":"box","text":"regulatory, political, currency, security, economic and other risks associated with developed countries. Developed countries","page_number":38,"box":{"x":84,"y":491,"width":867,"height":11}},{"id":"de02111c-1aba-4f9c-b285-79620c51540f","block_type":"box","text":"tend to represent a significant portion of the global economy and have generally experienced slower economic growth than","page_number":38,"box":{"x":82,"y":505,"width":871,"height":11}},{"id":"c36d5099-0808-42e9-ad44-b835e7183171","block_type":"box","text":"some less developed countries. Certain developed countries have experienced security concerns, such as war, terrorism and","page_number":38,"box":{"x":83,"y":520,"width":874,"height":10}},{"id":"62ac5075-b3af-4e92-be22-9a8edb46189c","block_type":"box","text":"strained international relations. Incidents involving a country’s or region’s security may cause uncertainty in its markets and","page_number":38,"box":{"x":83,"y":534,"width":876,"height":10}},{"id":"b1aa1f9a-e2e6-47c8-b5ca-5680c249b481","block_type":"box","text":"may adversely affect its economy and the Fund’s investments. In addition, developed countries may be adversely impacted by","page_number":38,"box":{"x":84,"y":548,"width":886,"height":11}},{"id":"7e1f6ce1-4b24-4f5f-bc5c-eff35e264446","block_type":"box","text":"changes to the economic conditions of certain key trading partners, regulatory burdens, debt burdens and the price or","page_number":38,"box":{"x":83,"y":562,"width":837,"height":11}},{"id":"afaeb96f-2667-47c8-b4ba-07266f3a439e","block_type":"box","text":"availability of certain commodities.","page_number":38,"box":{"x":83,"y":576,"width":247,"height":11}},{"id":"f4df5c4c-e931-4562-ad95-d169ef95d512","block_type":"box","text":"Real Estate Companies Risk.","page_number":38,"box":{"x":84,"y":599,"width":208,"height":11}},{"id":"6e0ba8d7-f689-4914-9a07-55147a76a5e3","block_type":"box","text":"Real estate companies, which include real estate investment trust (“REITs”), real estate holding","page_number":38,"box":{"x":298,"y":599,"width":667,"height":11}},{"id":"e8b44fa2-e3fe-40f2-bd37-58f2811ee98c","block_type":"box","text":"and operating companies, and real estate management or development companies, expose investors to the risks of owning","page_number":38,"box":{"x":83,"y":614,"width":869,"height":10}},{"id":"26351187-fd89-4eb0-8eae-2325de585ab8","block_type":"box","text":"real estate directly as well as to the risks from the way that such companies operate. Real estate is highly sensitive to general","page_number":38,"box":{"x":84,"y":628,"width":877,"height":11}},{"id":"1bc9d67f-cf6e-4be6-bc97-83868a20ff3f","block_type":"box","text":"and local economic conditions and can be subject to intense competition and periodic overbuilding. Other real estate risks","page_number":38,"box":{"x":83,"y":642,"width":866,"height":11}},{"id":"227a9fc5-32c8-4b57-bdca-fbfe32debdbf","block_type":"box","text":"include decreases in property values, tax increases, zoning changes, casualty or condemnation losses, environmental","page_number":38,"box":{"x":83,"y":656,"width":830,"height":11}},{"id":"46c4fd54-e366-465d-9da7-98f40b72af90","block_type":"box","text":"liabilities, regulatory limitations on rent or eviction, and defaults by borrowers or tenants. Real estate companies may be","page_number":38,"box":{"x":84,"y":670,"width":845,"height":11}},{"id":"149b8ad0-7004-4aec-8f0a-63023d3217dc","block_type":"box","text":"heavily invested in one geographic region, industry or property type. They also may be highly leveraged, which can magnify","page_number":38,"box":{"x":84,"y":684,"width":868,"height":11}},{"id":"dad07770-486b-4ef0-bebd-75fdda103bc7","block_type":"box","text":"losses, and interest rate increases can make it difficult to obtain financing and service debt.","page_number":38,"box":{"x":84,"y":699,"width":645,"height":10}},{"id":"471736e9-c82a-47fa-a1c0-bfbb07d86e14","block_type":"box","text":"Equity Securities Risk.","page_number":38,"box":{"x":84,"y":722,"width":163,"height":11}},{"id":"38650314-fb57-4fb5-9dca-46111acb5ef9","block_type":"box","text":"Equity securities are subject to changes in value, and their values may be more volatile than those of","page_number":38,"box":{"x":253,"y":722,"width":709,"height":11}},{"id":"c73ef151-1b33-4f7a-828b-0371f2840d04","block_type":"box","text":"other asset classes. The value of a security may decline for a number of reasons that may directly relate to the issuer as well as","page_number":38,"box":{"x":83,"y":736,"width":889,"height":11}},{"id":"126c6d84-e7da-40b7-b7a7-f3fd3f5d7dea","block_type":"box","text":"due to general industry or market conditions. Common stock is subordinated to preferred securities and debt in a company’s","page_number":38,"box":{"x":83,"y":750,"width":880,"height":11}},{"id":"b3d8840b-4f45-4a2b-9876-a31e50f45afe","block_type":"box","text":"capital structure. Common stock has the lowest priority, and the greatest risk, with respect to dividends and any liquidation","page_number":38,"box":{"x":83,"y":764,"width":867,"height":11}},{"id":"f0f1d505-661f-495f-afd8-385c7f3cbd92","block_type":"box","text":"payments in the event of an issuer’s bankruptcy.","page_number":38,"box":{"x":84,"y":779,"width":339,"height":10}},{"id":"6fef6771-2025-4224-acca-c6d81ecdfd72","block_type":"box","text":"Market Risk.","page_number":38,"box":{"x":84,"y":802,"width":90,"height":8}},{"id":"9223d51d-9887-43b9-a7d4-a049e5e0698b","block_type":"box","text":"The Fund could lose money over short periods due to short-term market movements and over longer periods","page_number":38,"box":{"x":179,"y":802,"width":767,"height":11}},{"id":"09c77b76-04c2-4b43-870c-ccb0c2f8b011","block_type":"box","text":"during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other","page_number":38,"box":{"x":83,"y":816,"width":882,"height":11}},{"id":"c261b0d1-5269-47f0-a07b-598b0fe83106","block_type":"box","text":"public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events","page_number":38,"box":{"x":84,"y":830,"width":857,"height":11}},{"id":"32f323b3-e58e-4854-b8e6-df502f8a0505","block_type":"box","text":"could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the","page_number":38,"box":{"x":83,"y":844,"width":875,"height":11}},{"id":"482bf8d4-6025-4d48-9ab8-c72abfe9c560","block_type":"box","text":"Fund’s NAV.","page_number":38,"box":{"x":84,"y":858,"width":81,"height":9}},{"id":"226c35f9-828d-48ec-8d7d-551e993c89a7","block_type":"box","text":"S-31","page_number":38,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"6abdf70b-a16e-4bd9-9467-dbc92a899e04","block_type":"box","text":"Index-Related Risk.","page_number":39,"box":{"x":84,"y":23,"width":143,"height":9}},{"id":"6ba5e37c-1a9c-405f-ae73-f535b3b0dd5d","block_type":"box","text":"The Index Provider may rely on various sources of information to assess the criteria of components of the","page_number":39,"box":{"x":231,"y":23,"width":742,"height":11}},{"id":"4116a303-38ef-4a45-9578-e788eedfea3c","block_type":"box","text":"Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can","page_number":39,"box":{"x":84,"y":37,"width":855,"height":11}},{"id":"b32ad0aa-297b-4bb7-b3f1-45cd4ed2404a","block_type":"box","text":"offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of","page_number":39,"box":{"x":83,"y":51,"width":852,"height":11}},{"id":"9cff6f1e-6848-4b87-9867-f280603748a4","block_type":"box","text":"included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or","page_number":39,"box":{"x":83,"y":66,"width":877,"height":11}},{"id":"d415b51b-cf25-4426-8516-41f5e0d36d76","block_type":"box","text":"the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not","page_number":39,"box":{"x":82,"y":80,"width":849,"height":11}},{"id":"813663e3-7b6b-4a54-8412-70a151867853","block_type":"box","text":"identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual","page_number":39,"box":{"x":83,"y":94,"width":849,"height":11}},{"id":"55920897-e423-4b39-baea-cbde83db935c","block_type":"box","text":"market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index","page_number":39,"box":{"x":84,"y":108,"width":890,"height":11}},{"id":"10c1f481-0c23-4da9-b03c-2bb7856ae23a","block_type":"box","text":"Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could","page_number":39,"box":{"x":84,"y":123,"width":852,"height":10}},{"id":"4f48c526-275d-442c-bc56-974aa2302fc2","block_type":"box","text":"cause the Underlying Index to vary from its normal or expected composition.","page_number":39,"box":{"x":83,"y":137,"width":539,"height":10}},{"id":"82304811-54fa-47f4-bb86-d2eed19d10cf","block_type":"box","text":"Asset Class Risk.","page_number":39,"box":{"x":82,"y":160,"width":123,"height":8}},{"id":"fa88c8e4-1e68-4757-ab65-01d791f5a7f1","block_type":"box","text":"The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in","page_number":39,"box":{"x":209,"y":160,"width":721,"height":11}},{"id":"96151d08-0171-42d1-a9cd-54fb8b435038","block_type":"box","text":"comparison to financial markets generally, a particular financial market, another index, or other asset classes.","page_number":39,"box":{"x":83,"y":174,"width":774,"height":11}},{"id":"8af1dcb2-c1d5-4ef7-9d83-f9cf46181564","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":39,"box":{"x":82,"y":197,"width":318,"height":11}},{"id":"11edb307-5f4f-4cee-88ef-e56f58c1a951","block_type":"box","text":"An “Authorized Participant” is a member or participant of a clearing agency","page_number":39,"box":{"x":405,"y":197,"width":531,"height":11}},{"id":"57ebaaf8-5424-4ace-9356-14f800801968","block_type":"box","text":"registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the","page_number":39,"box":{"x":84,"y":211,"width":809,"height":11}},{"id":"324e2d24-d32a-4cca-9b5f-208fd0850bc7","block_type":"box","text":"Authorized Participant to place orders for the purchase and redemption of creation units (“Creation Units”). Only an","page_number":39,"box":{"x":82,"y":225,"width":816,"height":11}},{"id":"4ba9a317-9d23-47f4-93ff-96f56d7931a7","block_type":"box","text":"Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number","page_number":39,"box":{"x":82,"y":240,"width":885,"height":11}},{"id":"8609be82-c390-4c6c-993d-47239593eaf4","block_type":"box","text":"of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market","page_number":39,"box":{"x":83,"y":254,"width":871,"height":11}},{"id":"c7a873c9-833a-413c-a374-333dd72f574e","block_type":"box","text":"participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that","page_number":39,"box":{"x":84,"y":268,"width":845,"height":11}},{"id":"51ea37cc-36bf-4cc7-8665-df3b20a8c008","block_type":"box","text":"Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized","page_number":39,"box":{"x":82,"y":282,"width":882,"height":11}},{"id":"fc5e73d9-a4b1-4515-bf38-ab7b14fcece9","block_type":"box","text":"Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading","page_number":39,"box":{"x":84,"y":296,"width":853,"height":11}},{"id":"a372f241-c7ed-4c93-bfc1-852053860039","block_type":"box","text":"halts or delisting.","page_number":39,"box":{"x":84,"y":311,"width":120,"height":10}},{"id":"87e5f39f-3651-4e96-97b0-6398d4733744","block_type":"box","text":"Concentration Risk.","page_number":39,"box":{"x":83,"y":334,"width":145,"height":8}},{"id":"44b0a4c8-dcf9-4438-9783-dbba247431fe","block_type":"box","text":"The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that","page_number":39,"box":{"x":232,"y":334,"width":712,"height":11}},{"id":"a2cb2f2e-a963-42cf-b73c-5b072bc4fa40","block_type":"box","text":"affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in","page_number":39,"box":{"x":83,"y":348,"width":884,"height":10}},{"id":"9a7792f6-d75d-4d20-9381-7b2093efd760","block_type":"box","text":"the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or","page_number":39,"box":{"x":82,"y":362,"width":887,"height":11}},{"id":"51917b8f-64ce-45ec-9955-40489256b08d","block_type":"box","text":"asset classes.","page_number":39,"box":{"x":83,"y":377,"width":95,"height":8}},{"id":"f17130a2-3910-49a6-86df-3f87edd9d344","block_type":"box","text":"Currency Risk.","page_number":39,"box":{"x":83,"y":400,"width":106,"height":10}},{"id":"a56f2a15-e3c8-4a06-8f26-31b2803c5e2f","block_type":"box","text":"Because the Fund’s NAV is determined in U.S. dollars, the NAV could decline if the currency of a non-U.S.","page_number":39,"box":{"x":195,"y":400,"width":735,"height":10}},{"id":"72f06966-0b3b-4590-ba3a-7916d44d1221","block_type":"box","text":"market in which the Fund invests depreciates against the U.S. dollar or if there are delays or limits on the repatriation of","page_number":39,"box":{"x":84,"y":414,"width":842,"height":11}},{"id":"b2f26edd-e0ab-45c2-be5f-ac25629de61c","block_type":"box","text":"foreign currency. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the","page_number":39,"box":{"x":83,"y":428,"width":854,"height":11}},{"id":"d52b2cce-6c37-4fa5-86a5-24da80e82053","block_type":"box","text":"Fund’s NAV may change quickly and without warning. In addition, the Fund may incur costs in connection with conversions","page_number":39,"box":{"x":84,"y":442,"width":869,"height":11}},{"id":"b1dc184d-f673-4f66-804c-edb6af14d6fc","block_type":"box","text":"between U.S. dollars and foreign currencies.","page_number":39,"box":{"x":84,"y":456,"width":309,"height":11}},{"id":"9d70d6f7-511a-4833-8859-2ce680436644","block_type":"box","text":"Dividend-Paying Stock Risk.","page_number":39,"box":{"x":84,"y":479,"width":208,"height":11}},{"id":"671cdcb1-cdd7-477c-b471-e31f50a2adbe","block_type":"box","text":"Investing in dividend-paying stocks involves the risk that such stocks may fall out of favor with","page_number":39,"box":{"x":298,"y":480,"width":665,"height":10}},{"id":"e01dd2c0-836a-442c-b09e-5a60f3e9b746","block_type":"box","text":"investors and underperform other types of stocks or the broader market. Companies that issue dividend-paying stocks are","page_number":39,"box":{"x":83,"y":494,"width":864,"height":11}},{"id":"ff651ac5-e53a-469e-9df5-d235ad08c9f6","block_type":"box","text":"not required to pay or continue paying dividends on such stocks. It is possible that issuers of the stocks held by the Fund will","page_number":39,"box":{"x":84,"y":508,"width":876,"height":11}},{"id":"edee41cf-1aaa-4f1a-a667-415c91d118d3","block_type":"box","text":"not declare dividends in the future or will reduce or eliminate the payment of dividends (including reducing or eliminating","page_number":39,"box":{"x":84,"y":522,"width":858,"height":11}},{"id":"b4b58b74-c6d6-4913-8dcb-fd0f2fd5ecda","block_type":"box","text":"anticipated accelerations or increases in the payment of dividends), which may adversely affect the Fund.","page_number":39,"box":{"x":83,"y":536,"width":744,"height":11}},{"id":"a3e600f0-666f-417f-89ae-224801c1e544","block_type":"box","text":"Issuer Risk.","page_number":39,"box":{"x":84,"y":559,"width":82,"height":9}},{"id":"25251163-6708-48ef-93ed-7c8554fb6d47","block_type":"box","text":"The performance of the Fund depends on the performance of individual securities or other assets to which the","page_number":39,"box":{"x":170,"y":559,"width":780,"height":11}},{"id":"fbfb0b44-8426-4fcb-ad0c-1e5eee70c9ca","block_type":"box","text":"Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due","page_number":39,"box":{"x":84,"y":574,"width":885,"height":10}},{"id":"a016fb32-1290-4117-b5e8-b1d17caf20bd","block_type":"box","text":"to changes in the financial condition or credit rating of the issuer or counterparty.","page_number":39,"box":{"x":82,"y":588,"width":577,"height":11}},{"id":"632beec6-5a4f-42c7-b0f5-f4d2307cf1f4","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk.","page_number":39,"box":{"x":84,"y":611,"width":394,"height":11}},{"id":"b033e638-f9c6-4c43-a6de-bbb7b2a3de57","block_type":"box","text":"Certain shareholders of the Fund, including an Authorized","page_number":39,"box":{"x":484,"y":611,"width":410,"height":11}},{"id":"ea4884c5-aecf-48f3-9d3b-0e46c497d6f9","block_type":"box","text":"Participant, a third-party investor, the Fund’s adviser, an affiliate of the Fund’s adviser, a market maker, or another entity, may","page_number":39,"box":{"x":84,"y":625,"width":882,"height":11}},{"id":"fdcbacbf-c0ad-4d4a-be76-938a028f5042","block_type":"box","text":"from time to time own or manage a substantial amount of Fund shares, or may hold their investment in the Fund for a limited","page_number":39,"box":{"x":83,"y":639,"width":884,"height":11}},{"id":"b88e7d9c-df98-4242-bd6e-b3508ddf4966","block_type":"box","text":"period of time. There can be no assurance that any large shareholder or large group of shareholders would not redeem their","page_number":39,"box":{"x":84,"y":654,"width":872,"height":10}},{"id":"437792ca-68d3-4213-bc7e-fbbc5d3a0003","block_type":"box","text":"investment. Redemptions of a large number of Fund shares could require the Fund to dispose of assets to meet the","page_number":39,"box":{"x":83,"y":668,"width":813,"height":11}},{"id":"ef7d29c7-29b7-4006-b02f-0c47d0aafc71","block_type":"box","text":"redemption requests, which can accelerate the realization of taxable income and/or capital gains and cause the Fund to make","page_number":39,"box":{"x":84,"y":682,"width":889,"height":11}},{"id":"5da15c93-d880-4d35-b54a-289d7b5683cc","block_type":"box","text":"taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances,","page_number":39,"box":{"x":82,"y":696,"width":891,"height":10}},{"id":"3664e2c8-1f13-48ed-96f1-c708c47863c4","block_type":"box","text":"non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with","page_number":39,"box":{"x":84,"y":710,"width":836,"height":11}},{"id":"4b815855-0ee0-4305-8217-333e81849572","block_type":"box","text":"respect to such year. In some circumstances, the Fund may hold a relatively large proportion of its assets in cash in","page_number":39,"box":{"x":84,"y":724,"width":810,"height":11}},{"id":"f1a8600e-9a6e-4d9d-b250-7336d040fe37","block_type":"box","text":"anticipation of large redemptions, diluting its investment returns. These large redemptions may also force the Fund to sell","page_number":39,"box":{"x":83,"y":739,"width":861,"height":10}},{"id":"59e512a2-9122-4088-a11e-0f039e410a95","block_type":"box","text":"portfolio securities or other assets when it might not otherwise do so, which may negatively impact the Fund’s NAV, increase","page_number":39,"box":{"x":84,"y":753,"width":874,"height":11}},{"id":"968877bb-db62-490a-b29d-5d8e9008053b","block_type":"box","text":"the Fund’s brokerage costs and/or have a material effect on the market price of Fund shares.","page_number":39,"box":{"x":82,"y":767,"width":654,"height":11}},{"id":"7d01cc49-835a-4f9b-af69-aaa8af074a58","block_type":"box","text":"Management Risk.","page_number":39,"box":{"x":84,"y":790,"width":136,"height":11}},{"id":"72876803-c55e-4891-8669-d41ab9095623","block_type":"box","text":"The Fund does not try to “beat” the Underlying Index it tracks and does not attempt to take defensive","page_number":39,"box":{"x":225,"y":790,"width":711,"height":11}},{"id":"40c5e9f8-bd40-4f80-8f35-e0106c59ee6e","block_type":"box","text":"positions under any market conditions, including declining markets. As the Fund will not fully replicate the Underlying Index","page_number":39,"box":{"x":84,"y":804,"width":876,"height":11}},{"id":"dda8aa00-e627-4522-ae4f-dbae7032cd64","block_type":"box","text":"and may hold securities or other assets not included in the Underlying Index, it is subject to the risk that BFA’s investment","page_number":39,"box":{"x":83,"y":818,"width":859,"height":11}},{"id":"eabd4e2d-724f-495c-bcd4-f1939d0e7a93","block_type":"box","text":"strategy may not produce the intended results. There is no guarantee that the Fund’s investment results will have a high","page_number":39,"box":{"x":83,"y":833,"width":847,"height":11}},{"id":"9cac6339-8c7d-491f-8162-946b6b4e6a7d","block_type":"box","text":"degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective.","page_number":39,"box":{"x":83,"y":847,"width":756,"height":11}},{"id":"27ac4d80-1e37-43e7-8607-e0a0bd7edbfa","block_type":"box","text":"S-32","page_number":39,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"e1046bf5-d941-4867-a889-150d5ba3261b","block_type":"box","text":"Market Trading Risk.","page_number":40,"box":{"x":84,"y":23,"width":151,"height":11}},{"id":"e2e6bfde-cc19-45f9-9558-dffad43e9fd2","block_type":"box","text":"The Fund faces numerous market trading risks, including the potential lack of an active market for","page_number":40,"box":{"x":239,"y":23,"width":695,"height":11}},{"id":"be0307e5-c3ca-45a1-9f20-d60c304055f1","block_type":"box","text":"Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and","page_number":40,"box":{"x":84,"y":37,"width":841,"height":11}},{"id":"b7a7fa2a-28d0-416e-b05d-f6bfa73d7c3f","block_type":"box","text":"disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s","page_number":40,"box":{"x":83,"y":51,"width":887,"height":11}},{"id":"5ded2214-d62a-45e8-8921-426de1ab6909","block_type":"box","text":"shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio","page_number":40,"box":{"x":83,"y":66,"width":839,"height":11}},{"id":"c1d840dc-4ad0-4342-8c19-ffe9780ebccb","block_type":"box","text":"holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when","page_number":40,"box":{"x":84,"y":80,"width":865,"height":11}},{"id":"07fe759f-e526-40fc-a9fb-91e0db604822","block_type":"box","text":"the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value","page_number":40,"box":{"x":82,"y":94,"width":885,"height":11}},{"id":"afd64a7b-3acf-4bdd-a481-f8fa2dc3db53","block_type":"box","text":"of the Fund shares.","page_number":40,"box":{"x":83,"y":108,"width":135,"height":9}},{"id":"bc854b21-e26b-439a-a36e-808125e83138","block_type":"box","text":"National Closed Market Trading Risk.","page_number":40,"box":{"x":84,"y":131,"width":272,"height":11}},{"id":"149071cb-acb0-4c5f-a2d2-a9004cede980","block_type":"box","text":"To the extent that securities or other assets held by the Fund trade on foreign","page_number":40,"box":{"x":361,"y":131,"width":544,"height":11}},{"id":"2d4279cd-a3c3-4130-bf04-d43c04bdcb28","block_type":"box","text":"exchanges or in foreign markets that may be closed when the securities exchange on which the Fund’s shares trade is open,","page_number":40,"box":{"x":83,"y":146,"width":875,"height":10}},{"id":"fb0a0260-c8f0-4c05-bdf5-5b4855f11e0f","block_type":"box","text":"there are likely to be deviations between such asset’s current price and its last quoted price (","page_number":40,"box":{"x":82,"y":160,"width":651,"height":11}},{"id":"306ebd10-71b9-4a8d-81f9-35b67a2d5b7c","block_type":"box","text":"i.e","page_number":40,"box":{"x":735,"y":160,"width":14,"height":8}},{"id":"bba73b6f-0671-4cdd-bc07-9bc2e237f383","block_type":"box","text":"., the quote from the closed","page_number":40,"box":{"x":750,"y":160,"width":191,"height":10}},{"id":"2db0eb0b-390c-46e1-a9fc-573a6a4493d5","block_type":"box","text":"foreign market to the Fund). The impact of a closed foreign market on the Fund is likely to be greater where a large portion of","page_number":40,"box":{"x":83,"y":174,"width":879,"height":11}},{"id":"38557193-83ff-4a82-b75c-3e60b7b446f0","block_type":"box","text":"the Fund’s holdings trade on a closed foreign market or when a foreign market is closed for unscheduled reasons. These","page_number":40,"box":{"x":82,"y":188,"width":849,"height":11}},{"id":"ebac1dd1-56b5-4262-a81c-4616a683317b","block_type":"box","text":"deviations could result in premiums or discounts to the Fund’s NAV that may be greater than those experienced by other","page_number":40,"box":{"x":83,"y":202,"width":850,"height":11}},{"id":"5cbac51d-7c35-49be-8398-f00f0c575e42","block_type":"box","text":"funds.","page_number":40,"box":{"x":83,"y":217,"width":43,"height":8}},{"id":"e0ebd44a-e8ba-4799-87af-86ae458e87de","block_type":"box","text":"Non-U.S. Securities Risk.","page_number":40,"box":{"x":84,"y":240,"width":181,"height":8}},{"id":"cc471641-8831-45eb-b810-ff5370f31bee","block_type":"box","text":"Securities issued by non-U.S. issuers (including depositary receipts) are subject to different legal,","page_number":40,"box":{"x":270,"y":240,"width":687,"height":11}},{"id":"f1d62fc1-9c1d-4022-aee4-c2b32ff6d516","block_type":"box","text":"regulatory, political, economic, and market risks than securities issued by U.S. issuers. These risks include greater market","page_number":40,"box":{"x":84,"y":254,"width":853,"height":11}},{"id":"0035ef66-85a3-409c-b702-c3b1eefbc2c5","block_type":"box","text":"volatility, less market liquidity, higher transaction costs, expropriation, confiscatory taxation, adverse changes in foreign","page_number":40,"box":{"x":82,"y":268,"width":847,"height":11}},{"id":"49dfdc17-cfe1-46b1-a5f7-6c6a4f7ed460","block_type":"box","text":"investment or currency control regulations, restrictions on the repatriation of capital, and political instability. Non-U.S. issuers","page_number":40,"box":{"x":83,"y":282,"width":889,"height":11}},{"id":"d7fbe684-8d52-4746-98b6-13dec7bcd62e","block_type":"box","text":"may be subject to different accounting, audit and financial reporting standards than U.S. issuers, and there may be less","page_number":40,"box":{"x":84,"y":296,"width":842,"height":11}},{"id":"5dabdbd2-de4c-4a15-bc26-2938e58090ff","block_type":"box","text":"publicly available information about non-U.S. issuers. Foreign market trading hours, different clearing and settlement","page_number":40,"box":{"x":84,"y":311,"width":831,"height":10}},{"id":"7f5acbd4-1426-42e5-9db3-3eb9b2a61f0e","block_type":"box","text":"procedures, and holiday schedules may limit the Fund's ability to engage in portfolio transactions. To the extent that","page_number":40,"box":{"x":84,"y":325,"width":820,"height":11}},{"id":"9851f169-27ed-43c8-b532-a91cecef8187","block_type":"box","text":"investments are made in a limited number of countries, events in those countries will have a more significant impact on the","page_number":40,"box":{"x":83,"y":339,"width":871,"height":11}},{"id":"32300b14-8284-4dcb-a117-5d7bd5b013eb","block_type":"box","text":"Fund. The Fund is specifically exposed to","page_number":40,"box":{"x":84,"y":353,"width":288,"height":11}},{"id":"dcdbe4a6-9333-4e69-bcc0-0d4f86157282","block_type":"box","text":"Asian Economic Risk","page_number":40,"box":{"x":377,"y":353,"width":153,"height":9}},{"id":"05a1e33c-6019-4c62-b332-d46b8c4f111a","block_type":"box","text":"and","page_number":40,"box":{"x":535,"y":353,"width":25,"height":9}},{"id":"2cc74ff1-a785-42cc-b9b5-471e5c480522","block_type":"box","text":"European Economic Risk","page_number":40,"box":{"x":566,"y":353,"width":183,"height":11}},{"id":"d5651abf-d92f-41b4-8d2a-f9d4cab1eeee","block_type":"box","text":".","page_number":40,"box":{"x":750,"y":360,"width":2,"height":2}},{"id":"7a44b9e0-aa09-4da0-bbc9-cdd830577e8f","block_type":"box","text":"Operational and Technology Risks.","page_number":40,"box":{"x":83,"y":376,"width":255,"height":11}},{"id":"52c176f7-1e8e-4841-8837-632cc0f7a620","block_type":"box","text":"The Fund is directly and indirectly susceptible to operational and technology risks,","page_number":40,"box":{"x":342,"y":377,"width":582,"height":10}},{"id":"de28c937-16b3-408a-ace0-af21ad8ec493","block_type":"box","text":"including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents,","page_number":40,"box":{"x":83,"y":391,"width":876,"height":10}},{"id":"fe823f0c-037a-4774-b828-6350f2c12696","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”), which may result in losses for the Fund and its shareholders","page_number":40,"box":{"x":83,"y":405,"width":879,"height":11}},{"id":"76d8d3b5-dd92-4055-bf04-93ca2c36e11d","block_type":"box","text":"or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational,","page_number":40,"box":{"x":83,"y":419,"width":825,"height":11}},{"id":"a4fbbf57-7c8b-441d-b424-708261d830bc","block_type":"box","text":"information security and cybersecurity risk management policies and procedures, their methods of risk management may","page_number":40,"box":{"x":83,"y":433,"width":863,"height":11}},{"id":"6937f761-d339-410c-b5bf-4fc7f1f5e786","block_type":"box","text":"differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in","page_number":40,"box":{"x":83,"y":447,"width":872,"height":11}},{"id":"6a48abbc-cee0-4bdd-b4cf-8ce4e28a049b","block_type":"box","text":"material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.","page_number":40,"box":{"x":84,"y":461,"width":823,"height":11}},{"id":"b69c2056-67d6-4034-9f6c-13c076f5681d","block_type":"box","text":"Risk of Investing in Japan.","page_number":40,"box":{"x":84,"y":485,"width":192,"height":11}},{"id":"b0d19447-3fcd-4c4d-94c2-52f150c7cf3d","block_type":"box","text":"Investing in Japanese issuers subjects the Fund to legal, regulatory, political, economic, currency,","page_number":40,"box":{"x":281,"y":485,"width":688,"height":10}},{"id":"d546fddf-23f8-41b9-b3fd-3d1744083b11","block_type":"box","text":"geographic and security risks that are specific to Japan. Japan’s economy depends heavily on international trade, oil and","page_number":40,"box":{"x":83,"y":499,"width":852,"height":11}},{"id":"794f9cc7-dbca-4386-94ed-ccc323fd2e41","block_type":"box","text":"other commodity imports, and government policy supporting its exports. Other risks facing the Japanese economy include","page_number":40,"box":{"x":83,"y":513,"width":867,"height":11}},{"id":"9fc02631-2963-4264-b203-1bb13ca88248","block_type":"box","text":"significant public debt and deficits, currency fluctuations, and labor shortages due to an aging and declining population.","page_number":40,"box":{"x":83,"y":527,"width":855,"height":11}},{"id":"dadbf9b0-7918-4e32-8eb3-9a710e26b7d9","block_type":"box","text":"Japan’s relations with its neighbors have been strained at times, which could adversely affect its markets and economy. Japan","page_number":40,"box":{"x":82,"y":541,"width":890,"height":11}},{"id":"91894f6e-5252-4520-917e-cdc8da837b31","block_type":"box","text":"is also vulnerable to natural disasters.","page_number":40,"box":{"x":83,"y":556,"width":267,"height":8}},{"id":"1d45e1ce-a492-4901-902a-4ccedc0516d3","block_type":"box","text":"Securities Lending Risk.","page_number":40,"box":{"x":83,"y":579,"width":177,"height":11}},{"id":"742903b4-753a-4974-96f0-d7e817e6f83c","block_type":"box","text":"The Fund may engage in securities lending. Securities lending involves the risk that the Fund may","page_number":40,"box":{"x":264,"y":579,"width":692,"height":11}},{"id":"85aefd1b-f707-4301-bb76-bed84b5b1490","block_type":"box","text":"lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund","page_number":40,"box":{"x":84,"y":593,"width":869,"height":11}},{"id":"3ca73b74-313c-465e-ae5b-ec89e2014115","block_type":"box","text":"could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value","page_number":40,"box":{"x":83,"y":607,"width":886,"height":11}},{"id":"838a15fa-ed8d-4115-a737-6d84bb0678b0","block_type":"box","text":"of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.","page_number":40,"box":{"x":83,"y":621,"width":831,"height":11}},{"id":"0be87702-975c-424d-b042-adae79864bbe","block_type":"box","text":"Tracking Error Risk.","page_number":40,"box":{"x":82,"y":644,"width":145,"height":11}},{"id":"8593babd-03b5-4796-ab0b-4b6b892af832","block_type":"box","text":"The Fund may be subject to “tracking error,” which is the divergence of the Fund’s performance from that","page_number":40,"box":{"x":231,"y":644,"width":741,"height":11}},{"id":"197ec327-8416-4c78-ac3a-f2a891a03e55","block_type":"box","text":"of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities","page_number":40,"box":{"x":83,"y":659,"width":861,"height":11}},{"id":"2bcb9757-3645-4914-83b1-0b206a1fde28","block_type":"box","text":"and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and","page_number":40,"box":{"x":83,"y":673,"width":832,"height":11}},{"id":"14dcea34-97ab-42fc-bd15-c26bf751c65c","block_type":"box","text":"methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the","page_number":40,"box":{"x":84,"y":687,"width":880,"height":11}},{"id":"b137c68c-379e-4db7-b1b4-c1d18a22b083","block_type":"box","text":"Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the","page_number":40,"box":{"x":84,"y":701,"width":830,"height":11}},{"id":"133ef3c8-aa00-450b-af51-5ea4b9a7ad7e","block_type":"box","text":"valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses;","page_number":40,"box":{"x":82,"y":715,"width":828,"height":11}},{"id":"a5494ec5-1fc3-4edf-bcd0-9480bfe8c769","block_type":"box","text":"differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the","page_number":40,"box":{"x":83,"y":730,"width":874,"height":10}},{"id":"eccb5b6f-dda4-41ff-87b0-f8c70f7380a0","block_type":"box","text":"Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment;","page_number":40,"box":{"x":84,"y":744,"width":888,"height":11}},{"id":"e23e5626-2e7c-4216-a8ee-26959700d770","block_type":"box","text":"portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom","page_number":40,"box":{"x":84,"y":758,"width":851,"height":11}},{"id":"e9603a70-ddc1-4fba-a841-135652378bc0","block_type":"box","text":"baskets; changes to the Underlying Index including the ability and timing of the Fund to adjust its portfolio to reflect changes","page_number":40,"box":{"x":84,"y":772,"width":885,"height":11}},{"id":"e90788f4-0327-4453-9f7b-45715abfcb5a","block_type":"box","text":"in the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or limits. Tracking error","page_number":40,"box":{"x":83,"y":786,"width":874,"height":11}},{"id":"d05eea7a-66d6-4f65-b826-fca90031109a","block_type":"box","text":"risk may be heightened during times of increased market volatility or other unusual market conditions.","page_number":40,"box":{"x":84,"y":801,"width":724,"height":10}},{"id":"3a600a82-7d80-4108-8f93-57701672fa86","block_type":"box","text":"Valuation Risk.","page_number":40,"box":{"x":82,"y":824,"width":110,"height":8}},{"id":"a1779599-f9e9-42e4-bf34-37998cefd339","block_type":"box","text":"The price that the Fund could receive upon the sale (or other disposition) of a security or other asset may","page_number":40,"box":{"x":197,"y":824,"width":740,"height":11}},{"id":"8be04b14-1eb3-4670-8eab-796059e02ca0","block_type":"box","text":"differ from the Fund’s valuation of the security or other asset, particularly for securities or other assets that trade in low","page_number":40,"box":{"x":83,"y":838,"width":840,"height":11}},{"id":"90a2a6a1-67e7-4d91-aca0-f482326a76a7","block_type":"box","text":"volume or volatile markets or that are valued using a fair value methodology. The price received by the Fund also may differ","page_number":40,"box":{"x":82,"y":852,"width":869,"height":11}},{"id":"29cf35e0-4729-4f12-9b1d-b65c933d9fc7","block_type":"box","text":"from the value used by the Underlying Index. In addition, the value of the securities or other assets in the Fund’s portfolio may","page_number":40,"box":{"x":83,"y":866,"width":888,"height":11}},{"id":"5d87e03c-f8a8-4e79-8177-9397d05a0bb0","block_type":"box","text":"change on days or during time periods when investors are not able to purchase or sell Fund shares. Authorized Participants","page_number":40,"box":{"x":83,"y":881,"width":871,"height":10}},{"id":"5061f265-4fdf-47e4-8001-f391395d4e91","block_type":"box","text":"S-33","page_number":40,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"c1f8e423-9e08-4111-8305-7e7da1e6cfc5","block_type":"box","text":"that create or redeem Fund shares on days when the Fund is holding fair-valued securities or other assets may receive fewer","page_number":41,"box":{"x":82,"y":23,"width":879,"height":11}},{"id":"e2c01ff7-5e67-4368-bfb9-753ef765cb97","block_type":"box","text":"or more shares, or lower or higher redemption proceeds, than they would have received had the securities or other assets not","page_number":41,"box":{"x":83,"y":38,"width":880,"height":10}},{"id":"1d693a92-dedc-4bb9-9b03-34ce07703f43","block_type":"box","text":"been fair valued or been valued using a different methodology. The ability to value investments may be impacted by","page_number":41,"box":{"x":84,"y":52,"width":815,"height":10}},{"id":"37963154-fb49-43a8-a4c7-9545943d696f","block_type":"box","text":"technological issues or errors by pricing services or other third-party service providers.","page_number":41,"box":{"x":82,"y":66,"width":613,"height":11}},{"id":"4e94e6c5-1399-4e53-ac64-6863fbeca783","block_type":"box","text":"Performance Information","page_number":41,"box":{"x":84,"y":95,"width":229,"height":10}},{"id":"a444ea34-d381-4200-913e-98b274da03e9","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides","page_number":41,"box":{"x":82,"y":120,"width":864,"height":10}},{"id":"7efdefb2-a680-4eb9-aaab-8a74a5b28dbf","block_type":"box","text":"some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from","page_number":41,"box":{"x":83,"y":134,"width":871,"height":11}},{"id":"2a4c75cc-b932-4ae4-b69b-2853e795f818","block_type":"box","text":"one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate","page_number":41,"box":{"x":83,"y":148,"width":868,"height":11}},{"id":"d06332e0-32a4-4067-a2c5-027c2207f0b0","block_type":"box","text":"broad-based securities market index and the Underlying Index. Returns assume the reinvestment of any dividends and","page_number":41,"box":{"x":84,"y":162,"width":837,"height":11}},{"id":"27f2f052-0fc2-4096-b19d-0da0aa3e82e8","block_type":"box","text":"distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce","page_number":41,"box":{"x":83,"y":177,"width":869,"height":10}},{"id":"2a0a73d4-bdd7-494b-8910-ad01d977aa27","block_type":"box","text":"performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will","page_number":41,"box":{"x":84,"y":191,"width":832,"height":11}},{"id":"ca73ca3e-f334-44aa-ba83-816cc8587742","block_type":"box","text":"perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting","page_number":41,"box":{"x":84,"y":205,"width":841,"height":11}},{"id":"841f6d5e-56da-412b-85de-95bbd0737e3d","block_type":"box","text":"www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":41,"box":{"x":82,"y":219,"width":531,"height":11}},{"id":"7ec7afa0-6014-4abf-90d8-60aef1fc80c7","block_type":"box","text":"Calendar Year-by-Year Returns (%)","page_number":41,"box":{"x":165,"y":244,"width":260,"height":10}},{"id":"98798043-88ee-4f43-aa0f-45e4e234dfc5","block_type":"box","text":"1.08","page_number":41,"box":{"x":120,"y":326,"width":19,"height":6}},{"id":"9f197de8-200b-4cc3-9ee7-0fce8199678a","block_type":"box","text":"19.89","page_number":41,"box":{"x":154,"y":301,"width":25,"height":6}},{"id":"b35343f0-7a2b-4f23-997d-521d34f47ddd","block_type":"box","text":"-6.69","page_number":41,"box":{"x":191,"y":352,"width":23,"height":6}},{"id":"db931614-e992-4f0e-9e27-2751311abae4","block_type":"box","text":"20.80","page_number":41,"box":{"x":227,"y":299,"width":26,"height":6}},{"id":"f2859b3e-54e3-4c40-8cde-f24cbda65dbf","block_type":"box","text":"-7.20","page_number":41,"box":{"x":265,"y":352,"width":24,"height":6}},{"id":"4e3f7afd-7699-4088-914f-09549b5f24b3","block_type":"box","text":"7.99","page_number":41,"box":{"x":304,"y":317,"width":20,"height":6}},{"id":"256d758c-b7c3-4e46-bfd2-d06357ae656e","block_type":"box","text":"-24.22","page_number":41,"box":{"x":336,"y":375,"width":30,"height":6}},{"id":"7b233f27-f8c1-4e7f-8151-526c0cae472d","block_type":"box","text":"5.86","page_number":41,"box":{"x":378,"y":319,"width":20,"height":6}},{"id":"08ca55e8-e54e-4f6f-8939-1417367163a1","block_type":"box","text":"-8.27","page_number":41,"box":{"x":413,"y":354,"width":24,"height":6}},{"id":"6738dd04-2887-4feb-9a9f-a697ca29a1fd","block_type":"box","text":"25.23","page_number":41,"box":{"x":449,"y":294,"width":26,"height":6}},{"id":"6dd45379-bd27-4db8-8e05-6b5c99f8dca0","block_type":"box","text":"2016 2017 2018 2019 2020 2021 2022 2023 2024 2025","page_number":41,"box":{"x":117,"y":398,"width":357,"height":6}},{"id":"c98d60ff-17c3-4160-8f9c-036748e4e68d","block_type":"box","text":"Return (%) Period Ended","page_number":41,"box":{"x":762,"y":259,"width":190,"height":9}},{"id":"330263af-c043-4a81-ac59-600c5f762c55","block_type":"box","text":"Calendar Year-to-Date Return","page_number":41,"box":{"x":550,"y":277,"width":197,"height":7}},{"id":"33f05c3e-27b5-45ff-a804-8dfaadc1cf6e","block_type":"box","text":"-1.60% June 30, 2026","page_number":41,"box":{"x":778,"y":277,"width":194,"height":8}},{"id":"14c27edb-8f0d-4223-b6c1-05a327d362aa","block_type":"box","text":"During the periods shown in the chart:","page_number":41,"box":{"x":551,"y":290,"width":250,"height":9}},{"id":"958b9e49-770e-4980-a9c8-f0bebd899548","block_type":"box","text":"Best Quarter 16.45% September 30, 2024","page_number":41,"box":{"x":564,"y":303,"width":409,"height":9}},{"id":"02cccd81-6642-48be-9606-2130060540d3","block_type":"box","text":"Worst Quarter -27.67% March 31, 2020","page_number":41,"box":{"x":563,"y":315,"width":409,"height":9}},{"id":"274fc4a6-cc59-476b-95c2-13c970a48454","block_type":"box","text":"Average Annual Total Returns (%)","page_number":41,"box":{"x":403,"y":428,"width":250,"height":11}},{"id":"f79aafd7-7e34-4a98-93cd-dfdb22636b10","block_type":"box","text":"(for the periods ended December 31, 2025)","page_number":41,"box":{"x":371,"y":442,"width":315,"height":11}},{"id":"971743c3-e3d6-4add-ade7-c51d5560b6f4","block_type":"box","text":"One Year Five Years Ten Years","page_number":41,"box":{"x":701,"y":458,"width":268,"height":8}},{"id":"a111627d-fe07-43d1-a6b9-bc30544d5257","block_type":"box","text":"Fund Inception: 11/12/2007","page_number":41,"box":{"x":88,"y":474,"width":188,"height":9}},{"id":"ca627516-deaf-4b3b-92df-58df73504858","block_type":"box","text":"Return Before Taxes","page_number":41,"box":{"x":89,"y":486,"width":124,"height":7}},{"id":"5c739944-e919-494c-9b37-5feebc8b3756","block_type":"box","text":"25.23% -0.10% 2.35%","page_number":41,"box":{"x":712,"y":486,"width":253,"height":7}},{"id":"67b8a58f-fa01-45e8-961f-ad110448ddbe","block_type":"box","text":"Return After Taxes on Distributions 24.06% -0.94% 1.07%","page_number":41,"box":{"x":89,"y":497,"width":876,"height":8}},{"id":"0029dbcf-8260-4b24-82af-3ae4f891bc70","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 15.63% -0.21% 1.51%","page_number":41,"box":{"x":89,"y":509,"width":876,"height":7}},{"id":"5bbe05db-c097-43ab-b52b-f6c685bceb14","block_type":"box","text":"FTSE All-World ex-US Index (Net)","page_number":41,"box":{"x":88,"y":520,"width":221,"height":9}},{"id":"205c71e2-fdf3-4695-89c4-c4f4c21ed434","block_type":"box","text":"1","page_number":41,"box":{"x":310,"y":519,"width":5,"height":5}},{"id":"e1544219-e9de-4e65-8fa2-f8748526a2c3","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or","page_number":41,"box":{"x":319,"y":520,"width":348,"height":10}},{"id":"184c581c-b1b9-4acd-9cb7-a94fd474e0dc","block_type":"box","text":"taxes except for withholding taxes on reinvested dividends) 31.95% 8.02% 8.49%","page_number":41,"box":{"x":101,"y":533,"width":864,"height":10}},{"id":"cd5bfe3e-ea93-4e64-9600-71118954ce42","block_type":"box","text":"FTSE EPRA Nareit Developed ex US Index (Net)","page_number":41,"box":{"x":88,"y":545,"width":310,"height":9}},{"id":"cb95f0aa-f358-41fd-bef9-62f094939786","block_type":"box","text":"1","page_number":41,"box":{"x":399,"y":544,"width":5,"height":4}},{"id":"171b354a-a726-476f-b0ec-c3ab58b6a9ea","block_type":"box","text":"(Returns do not reflect deductions for fees,","page_number":41,"box":{"x":409,"y":545,"width":268,"height":9}},{"id":"5117ed79-e304-47be-abac-6bb456c5a140","block_type":"box","text":"expenses or taxes except for withholding taxes on reinvested dividends) 25.19% -0.05% 2.46%","page_number":41,"box":{"x":101,"y":558,"width":864,"height":9}},{"id":"db594ea2-7a15-4a48-b571-63c7347dde72","block_type":"box","text":"1","page_number":41,"box":{"x":110,"y":576,"width":5,"height":5}},{"id":"4192705e-3352-4612-9c8c-370ec32d1b98","block_type":"box","text":"Returns for net indices generally assume the reinvestment of dividends after the deduction of the maximum withholding tax in each","page_number":41,"box":{"x":124,"y":578,"width":827,"height":9}},{"id":"ef2dca97-0863-4af3-b223-2afb6032242b","block_type":"box","text":"country applicable to non-residents of the country as determined by the index provider. Such indices use withholding tax rates that are","page_number":41,"box":{"x":123,"y":588,"width":847,"height":10}},{"id":"8100406b-d072-4694-b8a7-d7c06b257b0c","block_type":"box","text":"often at a higher rate than the rates to which the Fund is subject in each country, including for countries where the Fund is not subject","page_number":41,"box":{"x":123,"y":598,"width":844,"height":10}},{"id":"435e491d-e580-44ad-bcd5-c011fed8757b","block_type":"box","text":"to withholding taxes. When this is the case, index performance will be lower than if the index used the Fund's applicable withholding","page_number":41,"box":{"x":123,"y":609,"width":829,"height":9}},{"id":"c0ebebee-2bf7-4cad-bd28-c2f3b49da7af","block_type":"box","text":"tax rates, if any.","page_number":41,"box":{"x":123,"y":619,"width":96,"height":10}},{"id":"9077470a-c0b3-4d99-a12c-d306506ace36","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax","page_number":41,"box":{"x":82,"y":639,"width":857,"height":11}},{"id":"5d5626c1-16c5-4640-8ad2-61b8e7bee90b","block_type":"box","text":"rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and","page_number":41,"box":{"x":84,"y":653,"width":864,"height":10}},{"id":"a6135598-e317-4f15-822a-8fb65b6c3f36","block_type":"box","text":"may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold","page_number":41,"box":{"x":84,"y":667,"width":847,"height":11}},{"id":"9b01e4d2-761c-4d47-9458-ec75ca11a40a","block_type":"box","text":"shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns","page_number":41,"box":{"x":83,"y":681,"width":857,"height":11}},{"id":"37dafb35-6ec2-4e47-98ef-1d44a50bdb41","block_type":"box","text":"after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of","page_number":41,"box":{"x":83,"y":695,"width":877,"height":11}},{"id":"24a51b90-25aa-48e9-bf4f-685077ce97ba","block_type":"box","text":"the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund","page_number":41,"box":{"x":82,"y":710,"width":837,"height":10}},{"id":"490acd6f-5fbd-464f-a6f2-07951b781a7a","block_type":"box","text":"returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes","page_number":41,"box":{"x":84,"y":724,"width":885,"height":11}},{"id":"a303a9f1-d176-45dd-9e0e-5eccaf5562e1","block_type":"box","text":"on distributions.","page_number":41,"box":{"x":83,"y":738,"width":115,"height":8}},{"id":"e5091661-3c61-4a8d-a25e-b32fbae567dd","block_type":"box","text":"Management","page_number":41,"box":{"x":84,"y":767,"width":120,"height":13}},{"id":"f5bae47c-2abc-4baf-9860-4e0a15f2c4cd","block_type":"box","text":"Investment Adviser.","page_number":41,"box":{"x":84,"y":792,"width":144,"height":9}},{"id":"ac4ec4d0-0e8b-4c6e-b35d-c5d330f5bb2b","block_type":"box","text":"BlackRock Fund Advisors.","page_number":41,"box":{"x":234,"y":792,"width":180,"height":9}},{"id":"241ca2d5-3488-4dcf-8acd-fe12a32186d0","block_type":"box","text":"S-34","page_number":41,"box":{"x":519,"y":920,"width":34,"height":9}},{"id":"c2ea4088-02bf-40d2-b91c-c936fa43fd39","block_type":"box","text":"Portfolio Managers.","page_number":42,"box":{"x":84,"y":23,"width":145,"height":11}},{"id":"97ef3303-7ad0-45b5-8a58-02d43bdb1e77","block_type":"box","text":"The following individuals (the “Portfolio Managers”) are primarily responsible for the day-to-day","page_number":42,"box":{"x":233,"y":23,"width":679,"height":11}},{"id":"49398a8e-4211-46d4-9737-b5e774657dac","block_type":"box","text":"management of the Fund:","page_number":42,"box":{"x":84,"y":37,"width":182,"height":11}},{"id":"ea11f17f-b13f-4b5a-8de4-da778819661f","block_type":"box","text":"Portfolio Manager","page_number":42,"box":{"x":88,"y":73,"width":120,"height":10}},{"id":"fa65ae28-ed55-4c79-b19d-f1593dab1c53","block_type":"box","text":"Portfolio Manager of the","page_number":42,"box":{"x":441,"y":60,"width":161,"height":10}},{"id":"bbf49a50-e2b5-4a82-b327-403b7ff8ba9b","block_type":"box","text":"Fund Since","page_number":42,"box":{"x":485,"y":73,"width":72,"height":8}},{"id":"e4e6a1fb-974f-47ad-81d9-c876aa681e19","block_type":"box","text":"Title with Investment","page_number":42,"box":{"x":834,"y":60,"width":140,"height":8}},{"id":"cb197be0-3b66-4c98-95aa-53feab4fefad","block_type":"box","text":"Adviser","page_number":42,"box":{"x":880,"y":73,"width":48,"height":8}},{"id":"a296ab11-b3a1-485f-879a-f04ec19bc5cb","block_type":"box","text":"Jennifer Hsui 2012 Managing Director","page_number":42,"box":{"x":87,"y":89,"width":877,"height":9}},{"id":"d0b4e6da-5dee-41bd-8860-dc369b0b7a48","block_type":"box","text":"Matt Waldron 2025 Managing Director","page_number":42,"box":{"x":89,"y":104,"width":875,"height":10}},{"id":"3c99d29d-259f-425a-9b8d-d336b617762b","block_type":"box","text":"Peter Sietsema 2025 Managing Director","page_number":42,"box":{"x":89,"y":120,"width":875,"height":9}},{"id":"6dcdec57-c649-4992-8e43-0bf14ccb123d","block_type":"box","text":"Steven White 2025 Managing Director","page_number":42,"box":{"x":88,"y":135,"width":876,"height":10}},{"id":"0126614a-9138-4c21-b797-d48e3e21d9b7","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":42,"box":{"x":84,"y":170,"width":304,"height":11}},{"id":"147b35b8-6a4d-4561-aa4a-9f9ef018b88e","block_type":"box","text":"The Fund is an ETF. Individual shares of the Fund may only be bought and sold in the secondary market through a","page_number":42,"box":{"x":82,"y":195,"width":806,"height":11}},{"id":"34d3d9df-2a11-4614-bef5-6a9915f5dbd6","block_type":"box","text":"broker-dealer. Because ETF shares trade at market prices rather than at NAV, shares may trade at a price greater than NAV (a","page_number":42,"box":{"x":84,"y":209,"width":877,"height":11}},{"id":"13295a7b-31b4-4c27-8527-f448bbbdb48d","block_type":"box","text":"premium) or less than NAV (a discount). An investor may incur costs attributable to the difference between the highest price a","page_number":42,"box":{"x":84,"y":224,"width":886,"height":10}},{"id":"b4078a5f-5a74-4bd9-b9cb-00404cbc619b","block_type":"box","text":"buyer is willing to pay to purchase shares of the Fund (bid) and the lowest price a seller is willing to accept for shares of the","page_number":42,"box":{"x":84,"y":238,"width":865,"height":11}},{"id":"aa390bd2-1703-4fb3-bde8-51c03ddbad32","block_type":"box","text":"Fund (ask) when buying or selling shares in the secondary market (the “bid-ask spread”).","page_number":42,"box":{"x":84,"y":252,"width":625,"height":11}},{"id":"a587385e-f624-4ae5-aa5f-2d27c8a46e6d","block_type":"box","text":"Tax Information","page_number":42,"box":{"x":82,"y":281,"width":144,"height":10}},{"id":"15d16309-7b85-4c25-ad16-449238794b8d","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you as ordinary income or capital gains, unless you are","page_number":42,"box":{"x":82,"y":306,"width":832,"height":11}},{"id":"1d45ce04-849a-48af-a5dd-6600d5e8d630","block_type":"box","text":"investing through a tax-deferred arrangement such as a 401(k) plan or an IRA, in which case, your distributions generally will","page_number":42,"box":{"x":83,"y":320,"width":883,"height":11}},{"id":"60ea60b5-8aea-4b5c-80e9-8aff6bbc254b","block_type":"box","text":"be taxed when withdrawn.","page_number":42,"box":{"x":84,"y":335,"width":181,"height":8}},{"id":"73f8a6ab-b309-42fb-9045-23e1fa0b9d3e","block_type":"box","text":"Payments to Broker-Dealers and Other Financial Intermediaries","page_number":42,"box":{"x":84,"y":363,"width":575,"height":14}},{"id":"2173ae18-4ab0-4dc9-91ec-fa1616eff917","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), BFA or other","page_number":42,"box":{"x":84,"y":389,"width":854,"height":10}},{"id":"7ecafc2d-7403-46b8-80a2-d0992203ffa1","block_type":"box","text":"related companies may pay the intermediary for marketing activities and presentations, educational training programs,","page_number":42,"box":{"x":84,"y":403,"width":842,"height":11}},{"id":"86602e1e-6a46-42c0-a696-e79f10b77f86","block_type":"box","text":"conferences, the development of technology platforms and reporting systems or other services related to the sale or","page_number":42,"box":{"x":83,"y":417,"width":820,"height":11}},{"id":"d626b69f-ccfa-478b-9cc8-4590e84d7ad2","block_type":"box","text":"promotion of the Fund. These payments may create a conflict of interest by influencing the broker-dealer or other","page_number":42,"box":{"x":84,"y":431,"width":801,"height":11}},{"id":"1546e822-1f84-4993-8ec9-7033a256488e","block_type":"box","text":"intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your","page_number":42,"box":{"x":83,"y":446,"width":841,"height":10}},{"id":"94cad0d3-8ed3-46d7-bea1-74c312b258e4","block_type":"box","text":"financial intermediary’s website for more information.","page_number":42,"box":{"x":83,"y":459,"width":379,"height":11}},{"id":"273043a1-3281-49f7-be2c-259e46404386","block_type":"box","text":"S-35","page_number":42,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"e3cf1fd5-dc5c-420a-9aa6-a54ec3cc0d65","block_type":"box","text":"iShares International Select Dividend ETF","page_number":43,"box":{"x":84,"y":23,"width":581,"height":17}},{"id":"2cbfff98-4749-456a-b019-8f691ded3533","block_type":"box","text":"IDV | Cboe BZX","page_number":43,"box":{"x":85,"y":47,"width":208,"height":18}},{"id":"72f3691c-0f9f-4ea7-8a17-0d9abbd6ee26","block_type":"box","text":"Investment Objective","page_number":43,"box":{"x":84,"y":92,"width":192,"height":14}},{"id":"8bc11cd3-46f6-4a86-bb3e-e0c9bb3489ed","block_type":"box","text":"The iShares International Select Dividend ETF (the “Fund”) seeks to track the investment results of an index composed of","page_number":43,"box":{"x":82,"y":117,"width":856,"height":11}},{"id":"d74819c3-1e54-4014-905c-23bc5c2b0cb3","block_type":"box","text":"relatively high dividend paying equities in non-U.S. developed markets.","page_number":43,"box":{"x":84,"y":132,"width":499,"height":10}},{"id":"a26ff723-4998-459d-b8b8-cc79c2cd95dd","block_type":"box","text":"Fees and Expenses","page_number":43,"box":{"x":84,"y":161,"width":169,"height":12}},{"id":"617cb72f-7215-4ce9-b80c-dd85e15a065d","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. Amounts","page_number":43,"box":{"x":82,"y":186,"width":874,"height":10}},{"id":"348a6fd3-b991-4a95-8b9f-ec42740e54b5","block_type":"box","text":"in the table are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement","page_number":43,"box":{"x":83,"y":200,"width":871,"height":11}},{"id":"93e66ddb-84ac-499a-beea-6aebd3cd7054","block_type":"box","text":"between iShares Trust (the “Trust”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that","page_number":43,"box":{"x":84,"y":214,"width":887,"height":11}},{"id":"bd53975f-f9a0-4ba7-8727-8811b60a8e82","block_type":"box","text":"BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes,","page_number":43,"box":{"x":84,"y":228,"width":795,"height":11}},{"id":"7d175281-d005-442f-9465-69471771a8fe","block_type":"box","text":"(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio","page_number":43,"box":{"x":83,"y":242,"width":854,"height":11}},{"id":"c8a8ade2-856c-4fa9-9fb8-c391e600e40b","block_type":"box","text":"transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any","page_number":43,"box":{"x":82,"y":256,"width":829,"height":11}},{"id":"c144d1ad-fda4-4afd-9b67-77e74278b418","block_type":"box","text":"extraordinary expenses.","page_number":43,"box":{"x":83,"y":271,"width":168,"height":10}},{"id":"f4b846e9-f3d0-4682-a72e-56bcf2e80b36","block_type":"box","text":"The Fund may incur “Acquired Fund Fees and Expenses.” Acquired Fund Fees and Expenses reflect the Fund’s pro rata share","page_number":43,"box":{"x":82,"y":292,"width":879,"height":11}},{"id":"d524f39f-b694-488f-ba53-77bb61aa04ce","block_type":"box","text":"of the fees and expenses incurred indirectly by the Fund as a result of investing in other investment companies. The impact of","page_number":43,"box":{"x":83,"y":307,"width":888,"height":11}},{"id":"2509d834-4489-47b9-b12a-2a1dc0205d59","block_type":"box","text":"Acquired Fund Fees and Expenses is included in the Fund’s total return but is not included in the Fund’s ratio of expenses to","page_number":43,"box":{"x":82,"y":321,"width":878,"height":10}},{"id":"8d91bb49-9e94-486d-aa61-752c667d269b","block_type":"box","text":"average net assets. Both figures are shown in the Financial Highlights section of the Fund’s prospectus (the “Prospectus”).","page_number":43,"box":{"x":83,"y":335,"width":865,"height":11}},{"id":"718d2bb7-30a7-4933-838d-e3f253561738","block_type":"box","text":"BFA, the investment adviser to the Fund, has contractually agreed to waive a portion of its management fees in an amount","page_number":43,"box":{"x":84,"y":349,"width":863,"height":11}},{"id":"cfadf111-0355-4f94-87f0-09f3bfadd13c","block_type":"box","text":"equal to the aggregate Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other funds","page_number":43,"box":{"x":83,"y":363,"width":844,"height":11}},{"id":"113691e8-bfa2-4b7a-9f2a-8e3910b3f955","block_type":"box","text":"advised by BFA or its affiliates through August 30, 2030. The contractual waiver may be terminated prior to August 30, 2030","page_number":43,"box":{"x":83,"y":378,"width":876,"height":10}},{"id":"97600c80-86f9-4fd1-a178-4201367c2119","block_type":"box","text":"only upon written agreement of the Trust and BFA.","page_number":43,"box":{"x":83,"y":392,"width":355,"height":11}},{"id":"47b797c6-909a-41ec-b6c9-51c92c517b40","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not","page_number":43,"box":{"x":82,"y":415,"width":830,"height":11}},{"id":"ab9a42d0-00c0-4edc-add7-5fce5df6b25f","block_type":"box","text":"reflected in the table and example below.","page_number":43,"box":{"x":83,"y":429,"width":301,"height":11}},{"id":"8a63074f-2e59-4d43-951d-51421b7a329a","block_type":"box","text":"Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)","page_number":43,"box":{"x":87,"y":452,"width":761,"height":10}},{"id":"9c80f077-6968-4011-a32e-f3b8000c4ac7","block_type":"box","text":"1","page_number":43,"box":{"x":849,"y":451,"width":5,"height":4}},{"id":"52d5ba39-d677-404e-ba77-b52045a70aad","block_type":"box","text":"Management Fee","page_number":43,"box":{"x":89,"y":472,"width":109,"height":10}},{"id":"55ae1237-998d-40a7-8cef-2d4529e3fe32","block_type":"box","text":"0.49%","page_number":43,"box":{"x":922,"y":472,"width":42,"height":8}},{"id":"a8677b53-4a11-483f-8150-9b82dce29c21","block_type":"box","text":"Other Expenses","page_number":43,"box":{"x":88,"y":488,"width":99,"height":9}},{"id":"bdb9aab3-2d29-4a4b-bbf5-da33ef6da773","block_type":"box","text":"0.01%","page_number":43,"box":{"x":922,"y":488,"width":42,"height":7}},{"id":"7dac5326-27c2-43ec-823f-8cf0b7be7347","block_type":"box","text":"Acquired Fund Fees and Expenses","page_number":43,"box":{"x":87,"y":503,"width":216,"height":9}},{"id":"fb5a4126-5517-4226-ac21-9b5118227734","block_type":"box","text":"0.00%","page_number":43,"box":{"x":922,"y":503,"width":42,"height":8}},{"id":"bba3a7fc-ce3a-4437-b007-1deec7d0bf57","block_type":"box","text":"Total Annual Fund Operating Expenses","page_number":43,"box":{"x":87,"y":519,"width":246,"height":9}},{"id":"4bab80d2-89ad-4f0a-a276-3fd42e9e1f91","block_type":"box","text":"0.50%","page_number":43,"box":{"x":922,"y":519,"width":42,"height":7}},{"id":"8f2bb746-dd5f-4d6f-a9a8-f7236970707b","block_type":"box","text":"Fee Waiver and/or Expense Reimbursement","page_number":43,"box":{"x":89,"y":534,"width":275,"height":9}},{"id":"2b0cbfcc-5a86-4282-8faa-2f14b809ec70","block_type":"box","text":"(0.00)%","page_number":43,"box":{"x":918,"y":534,"width":50,"height":8}},{"id":"750617a0-a447-453f-b0a7-fcb4baa4f33a","block_type":"box","text":"Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement 0.50%","page_number":43,"box":{"x":87,"y":549,"width":877,"height":10}},{"id":"abcfda9f-fd9d-495f-a971-5070fcfda87a","block_type":"box","text":"1","page_number":43,"box":{"x":110,"y":577,"width":5,"height":5}},{"id":"5df9ef4e-9f72-4812-b104-78f489e759de","block_type":"box","text":"Operating expenses paid by BFA under the Investment Advisory Agreement exclude Acquired Fund Fees and Expenses, if any.","page_number":43,"box":{"x":123,"y":578,"width":788,"height":10}},{"id":"b43d84c9-0058-4460-9fe0-29cdc2c9f1af","block_type":"box","text":"Example.","page_number":43,"box":{"x":84,"y":598,"width":66,"height":11}},{"id":"a59eca47-2f4d-4ad4-ae40-2bd4319b4096","block_type":"box","text":"This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in","page_number":43,"box":{"x":154,"y":598,"width":795,"height":11}},{"id":"580365a7-4b59-437e-b49f-34d93996a3c7","block_type":"box","text":"other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your","page_number":43,"box":{"x":83,"y":612,"width":886,"height":11}},{"id":"005a42a1-890b-4ee4-a282-cdb8d03b87d1","block_type":"box","text":"shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the","page_number":43,"box":{"x":83,"y":626,"width":870,"height":11}},{"id":"a24c7b3f-57c8-4d6f-831f-896613341416","block_type":"box","text":"Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions,","page_number":43,"box":{"x":84,"y":641,"width":887,"height":10}},{"id":"48d14a65-85b9-40a8-9dc2-7ea9aaf69ba6","block_type":"box","text":"your costs would be:","page_number":43,"box":{"x":82,"y":655,"width":143,"height":11}},{"id":"3ed0f3a0-32bf-4aae-b86f-30b87d53a6c2","block_type":"box","text":"Expense Example","page_number":43,"box":{"x":88,"y":678,"width":115,"height":9}},{"id":"43e92929-e016-46c3-8bd3-53b993704774","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":43,"box":{"x":693,"y":678,"width":281,"height":7}},{"id":"def3734d-02b1-44a0-b5e5-4a08021f1e4e","block_type":"box","text":"Example Fund Costs","page_number":43,"box":{"x":89,"y":693,"width":128,"height":9}},{"id":"0c19bc50-c1da-41d3-91fc-5148fa2b953d","block_type":"box","text":"$51 $160 $280 $628","page_number":43,"box":{"x":701,"y":693,"width":261,"height":8}},{"id":"479bf157-1a98-49d9-a92b-ef6aeffb054b","block_type":"box","text":"Portfolio Turnover.","page_number":43,"box":{"x":84,"y":722,"width":136,"height":9}},{"id":"e943755a-d6e4-41af-94f6-dcf9bf55c839","block_type":"box","text":"The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns","page_number":43,"box":{"x":225,"y":722,"width":721,"height":11}},{"id":"8cb46011-4d44-40ec-8706-1e861dfc9f5a","block_type":"box","text":"over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when","page_number":43,"box":{"x":83,"y":737,"width":884,"height":11}},{"id":"bb4cca6a-0ebd-4c05-851e-30a5246c91e7","block_type":"box","text":"Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in","page_number":43,"box":{"x":84,"y":751,"width":875,"height":11}},{"id":"63033f37-a37f-4e14-840d-ed7b34004df3","block_type":"box","text":"the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 37% of","page_number":43,"box":{"x":82,"y":765,"width":887,"height":11}},{"id":"797de5aa-1023-4aaf-b26c-b85c967cfea0","block_type":"box","text":"the average value of its portfolio.","page_number":43,"box":{"x":82,"y":779,"width":231,"height":11}},{"id":"33ecfb23-4555-41cc-92d2-e33c9df57e00","block_type":"box","text":"Principal Investment Strategies","page_number":43,"box":{"x":84,"y":808,"width":284,"height":14}},{"id":"3851f29a-f8db-480d-88e2-3b58608af40e","block_type":"box","text":"The Fund seeks to track the investment results of the Dow Jones EPAC Select Dividend Index (the “Underlying Index”), which","page_number":43,"box":{"x":82,"y":833,"width":878,"height":11}},{"id":"25aae3c5-692f-4cb6-81dd-722af4261da6","block_type":"box","text":"is provided by S&P Dow Jones Indices LLC (the “Index Provider” or “SPDJI”). The Underlying Index measures the performance","page_number":43,"box":{"x":83,"y":847,"width":885,"height":11}},{"id":"fda9d296-9fa4-4d50-b8c6-9e03be8061cf","block_type":"box","text":"of 100 high dividend-paying companies in the EPAC (Europe, Pacific, Asia and Canada) region, which covers developed","page_number":43,"box":{"x":83,"y":862,"width":843,"height":11}},{"id":"f6f32d03-984e-406d-8b97-d939c10abcc3","block_type":"box","text":"S-36","page_number":43,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"d83cf07b-66b1-43f6-827b-2a5d48493656","block_type":"box","text":"markets excluding the U.S. Constituents are selected according to indicated annual dividend (“IAD”) yield, subject to","page_number":44,"box":{"x":84,"y":23,"width":818,"height":11}},{"id":"74f0f09b-e82c-4f3e-8bd9-bd8ef3cb2155","block_type":"box","text":"screening criteria and weighting constraints. IAD yield is defined as a stock’s IAD (not including any special dividends) divided","page_number":44,"box":{"x":83,"y":37,"width":889,"height":11}},{"id":"0b3b403e-78c1-4891-9f6f-75481b306775","block_type":"box","text":"by its price.","page_number":44,"box":{"x":84,"y":52,"width":78,"height":10}},{"id":"0ef67eb2-5ed3-4063-910f-603a798a8bb1","block_type":"box","text":"The starting universe for the Underlying Index is the S&P EPAC BMI and the S&P Canada BMI indexes, excluding real estate","page_number":44,"box":{"x":82,"y":73,"width":875,"height":11}},{"id":"3c02eb60-5429-4872-b2f1-f1b1ba920b3f","block_type":"box","text":"investment trusts. To be eligible for the Underlying Index as a new constituent, an issuer must (i) have paid dividends in each","page_number":44,"box":{"x":83,"y":88,"width":879,"height":10}},{"id":"7d780cca-ccfa-4107-b59d-4fdb596a2a47","block_type":"box","text":"of the previous three years; (ii) have a current year trailing 12-month dividend-per-share ratio that is greater than or equal to","page_number":44,"box":{"x":83,"y":102,"width":879,"height":11}},{"id":"a2cc34dd-64d6-4808-8ab7-36ecb4cfaa7e","block_type":"box","text":"its three-year average annual dividend-per-share ratio; and (iii) have a five-year average dividend coverage ratio that is","page_number":44,"box":{"x":83,"y":116,"width":839,"height":11}},{"id":"6b3be0d5-8618-40ea-b54b-68626aa45124","block_type":"box","text":"greater than or equal to two-thirds of the five-year average dividend coverage ratio of the corresponding S&P BMI country","page_number":44,"box":{"x":83,"y":130,"width":862,"height":11}},{"id":"ddf22602-ac8a-4776-afd5-0f9735551630","block_type":"box","text":"index, or greater than 118%, whichever is greater. In addition, the security must have (x) a non-negative trailing 12-month","page_number":44,"box":{"x":83,"y":144,"width":864,"height":11}},{"id":"bf7ae7a2-56a2-4715-82f2-98c68cc669d1","block_type":"box","text":"earnings per share; (y) a float-adjusted market capitalization of at least $1 billion, or at least $750 million for current","page_number":44,"box":{"x":83,"y":158,"width":821,"height":11}},{"id":"d204d48d-426f-4810-a7c4-4500f92c49b5","block_type":"box","text":"constituents; and (z) a three-month average daily trading value of at least $3 million. Current constituents are included in the","page_number":44,"box":{"x":83,"y":172,"width":884,"height":12}},{"id":"6caa2d40-61c5-41d1-8fec-3c5bb2cee5de","block_type":"box","text":"eligible universe regardless of their dividend growth rate, coverage ratio, current year earnings per share or average daily","page_number":44,"box":{"x":83,"y":187,"width":852,"height":11}},{"id":"66f9f7c8-9aae-4fcd-9ed3-197ac04c2554","block_type":"box","text":"trading value.","page_number":44,"box":{"x":82,"y":201,"width":97,"height":11}},{"id":"1f81383c-6bb8-4a58-ae56-364550642ab3","block_type":"box","text":"To select the 100 constituents, the Index Provider ranks the eligible securities by IAD yield and first includes all existing","page_number":44,"box":{"x":82,"y":223,"width":841,"height":11}},{"id":"9013892b-8c30-4757-b147-d5a6f591f673","block_type":"box","text":"constituents that are ranked in the top 200 and then selects non-constituent stocks in rank order until the count reaches 100.","page_number":44,"box":{"x":83,"y":237,"width":890,"height":11}},{"id":"7c795f4a-2e9e-4439-b1cb-bc705ae76cdd","block_type":"box","text":"The Underlying Index is reconstituted annually with constituent weights determined based on tilted IAD yield, which is","page_number":44,"box":{"x":82,"y":259,"width":835,"height":11}},{"id":"bbe9c7c0-db14-437f-9647-205cb3ae8353","block_type":"box","text":"calculated by multiplying the constituent’s IAD yield (capped at 20%) by the square root of its float market capitalization. The","page_number":44,"box":{"x":83,"y":273,"width":884,"height":11}},{"id":"27bd0571-a0f3-4487-96de-ca2ed64bad70","block_type":"box","text":"weight of individual securities is capped at the lower of 10% or five times the constituent’s float market capitalization weight","page_number":44,"box":{"x":82,"y":287,"width":880,"height":11}},{"id":"185836bc-f242-4aee-aafe-b13fbb03f5f1","block_type":"box","text":"within the Underlying Index. In addition, there is a 30% cap on the aggregate weight of constituents within each Global","page_number":44,"box":{"x":82,"y":302,"width":841,"height":10}},{"id":"c9052425-a2be-4f51-a4af-d98939c653ad","block_type":"box","text":"Industry Classification Standard sector and each country of domicile.","page_number":44,"box":{"x":84,"y":316,"width":488,"height":11}},{"id":"45988d6f-e828-4983-b26e-a15c0d1c5f81","block_type":"box","text":"The Underlying Index is reviewed daily based on each constituent’s weight. Daily capping is performed if the aggregate weight","page_number":44,"box":{"x":82,"y":338,"width":891,"height":11}},{"id":"d82019b2-55f5-43fd-96f7-c1fb3ad5b9ed","block_type":"box","text":"of constituents with an individual weight greater than 4.8% exceeds 24% of the Underlying Index’s total weight. If that","page_number":44,"box":{"x":83,"y":352,"width":837,"height":11}},{"id":"3dd70141-c149-43cd-b321-2290a95428a0","block_type":"box","text":"threshold is breached, the current constituent weights are recapped, with the weights of individual constituents capped at","page_number":44,"box":{"x":82,"y":366,"width":864,"height":11}},{"id":"e03fdbd1-9d88-43b8-a587-f302cf82e043","block_type":"box","text":"10% and the aggregate weight of constituents with an individual weight greater than 4.5% capped at 22.5% of the","page_number":44,"box":{"x":83,"y":380,"width":813,"height":11}},{"id":"33fbbdae-dcd9-407d-849c-23fc67890979","block_type":"box","text":"Underlying Index’s total weight. IAD yields and tilted yield weights are not recalculated if the capping thresholds are breached","page_number":44,"box":{"x":84,"y":394,"width":885,"height":11}},{"id":"1249ee53-56ed-42cd-90b3-99fafd764375","block_type":"box","text":"throughout the year. A freeze period on the daily capping is implemented during the annual index reconstitution.","page_number":44,"box":{"x":82,"y":409,"width":796,"height":10}},{"id":"1c9721e1-8f5c-48b2-aca7-36575047af36","block_type":"box","text":"As of April 30, 2026, the Underlying Index was composed of securities of companies in the following countries or regions:","page_number":44,"box":{"x":82,"y":431,"width":855,"height":10}},{"id":"5d738941-c5ba-48f7-ab09-a775f29ac2ff","block_type":"box","text":"Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Italy, the Netherlands, New Zealand,","page_number":44,"box":{"x":82,"y":445,"width":860,"height":11}},{"id":"759e7856-8245-40d5-9b23-f3d0d61d8617","block_type":"box","text":"Norway, South Korea, Spain, Sweden, Switzerland and the United Kingdom (the “U.K.”). The Fund invests in non-U.S.","page_number":44,"box":{"x":84,"y":459,"width":814,"height":11}},{"id":"4844c5da-6193-4a85-8850-e07d6b61a121","block_type":"box","text":"securities, which may in some cases not produce qualifying dividend income. The Underlying Index may include large-, mid","page_number":44,"box":{"x":83,"y":473,"width":878,"height":11}},{"id":"71f378b1-61ff-4543-94d5-13cbc07e4a1f","block_type":"box","text":"and small-capitalization companies. As of April 30, 2026, a significant portion of the Underlying Index was represented by","page_number":44,"box":{"x":83,"y":487,"width":861,"height":11}},{"id":"a0317761-1b1d-4c90-b01d-d60b6b270bec","block_type":"box","text":"securities of companies in the financials industry or sector. The components of the Underlying Index are likely to change over","page_number":44,"box":{"x":83,"y":501,"width":884,"height":11}},{"id":"454b6d6a-bcbe-4a77-ac27-f1131eb14e2a","block_type":"box","text":"time.","page_number":44,"box":{"x":82,"y":516,"width":35,"height":8}},{"id":"bb1763d6-6340-4088-a6eb-3a14cb7ef50d","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a","page_number":44,"box":{"x":82,"y":539,"width":853,"height":11}},{"id":"0f80b6cd-7da0-4a70-94c2-a31bb0617f9c","block_type":"box","text":"representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that","page_number":44,"box":{"x":84,"y":553,"width":838,"height":11}},{"id":"3ec20c88-0a47-4671-8d12-0b93b277257e","block_type":"box","text":"involves investing in a representative sample of securities or other instruments intended to collectively have an investment","page_number":44,"box":{"x":83,"y":567,"width":868,"height":11}},{"id":"0f168bfa-f974-41e5-b92f-385a92f1a8d4","block_type":"box","text":"profile similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate,","page_number":44,"box":{"x":84,"y":581,"width":850,"height":11}},{"id":"8b216bbc-e534-449a-8234-5b1ca544246a","block_type":"box","text":"investment characteristics (based on factors such as market capitalization and industry weightings), fundamental","page_number":44,"box":{"x":83,"y":595,"width":806,"height":11}},{"id":"6abf7d50-dc57-4304-9dbf-aff24ca4eccc","block_type":"box","text":"characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index.","page_number":44,"box":{"x":83,"y":610,"width":885,"height":11}},{"id":"a40e2f8b-53ad-4184-9bb7-93c2c2354a86","block_type":"box","text":"The Fund may or may not hold all of the components of the Underlying Index. The Fund may use derivatives to gain or reduce","page_number":44,"box":{"x":82,"y":624,"width":885,"height":11}},{"id":"e1b849ff-0dc1-4512-b44e-f4eafb291de8","block_type":"box","text":"exposure to the components of the Underlying Index or exposure to one or more market risk factors associated with such","page_number":44,"box":{"x":83,"y":638,"width":853,"height":11}},{"id":"ecd5a54d-94c0-4fca-9a07-7a8bf988cf37","block_type":"box","text":"components. Subject to the limits described herein, the Fund may purchase and hold cash and cash equivalents, including","page_number":44,"box":{"x":83,"y":652,"width":867,"height":11}},{"id":"0e4efcdd-f790-4e0c-a09a-362b6cacc92c","block_type":"box","text":"shares of money market funds advised by BFA or its affiliates, and may also purchase and hold instruments not included in","page_number":44,"box":{"x":83,"y":666,"width":868,"height":11}},{"id":"0fdf67be-d09e-4b88-b6b0-3dad86c4b6eb","block_type":"box","text":"the Underlying Index when BFA believes that such instruments will help the Fund track the performance of the Underlying","page_number":44,"box":{"x":82,"y":681,"width":863,"height":10}},{"id":"eb8edbf4-063a-442c-b5d8-51f85ff2b39c","block_type":"box","text":"Index over time, including in light of expected liquidity or trading costs, anticipated additions to or deletions from the","page_number":44,"box":{"x":84,"y":695,"width":825,"height":11}},{"id":"cf4eec25-5015-4d80-9d14-a9b639727fd6","block_type":"box","text":"Underlying Index, or other reasons as determined by BFA.","page_number":44,"box":{"x":84,"y":709,"width":405,"height":11}},{"id":"77720079-4ecc-433a-8ff6-df53e016cdc3","block_type":"box","text":"In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), under normal","page_number":44,"box":{"x":84,"y":732,"width":844,"height":11}},{"id":"0e9862b0-b5cd-4e59-8c46-2fdab7e14b80","block_type":"box","text":"circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for","page_number":44,"box":{"x":83,"y":746,"width":860,"height":11}},{"id":"185cdc2a-995c-4e3d-9500-7b41603889a6","block_type":"box","text":"investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be","page_number":44,"box":{"x":83,"y":761,"width":831,"height":10}},{"id":"c14caf04-2aaf-42a8-89aa-c1e0f39bed8f","block_type":"box","text":"counted toward the Fund's 80% investment policy to the extent that they provide exposure to the components of its","page_number":44,"box":{"x":83,"y":775,"width":817,"height":11}},{"id":"059f2c18-8d7e-4deb-a987-b82359650850","block_type":"box","text":"Underlying Index or exposure to one or more market risk factors associated with such components. The Fund's 80%","page_number":44,"box":{"x":84,"y":789,"width":817,"height":11}},{"id":"bb5fbee5-3333-45d6-9d95-2a32e2b7fc3b","block_type":"box","text":"investment policy may be changed by the Trust's Board of Trustees (the “Board”) upon 60 days' notice to shareholders.","page_number":44,"box":{"x":83,"y":803,"width":835,"height":11}},{"id":"d9b7d082-f7e3-4998-966e-b704d512f5ca","block_type":"box","text":"The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any","page_number":44,"box":{"x":82,"y":826,"width":873,"height":11}},{"id":"b37c8e50-d17c-4391-bc52-70c9e741f49f","block_type":"box","text":"collateral received).","page_number":44,"box":{"x":83,"y":840,"width":136,"height":10}},{"id":"7cd8130a-6061-4ffa-8fe8-8f13c8bc9b0a","block_type":"box","text":"S-37","page_number":44,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"3d62dba0-881d-404a-90ae-aa0af8bcc8a7","block_type":"box","text":"The Underlying Index is sponsored by SPDJI, which is independent of the Fund and BFA. The Index Provider determines the","page_number":45,"box":{"x":82,"y":23,"width":871,"height":11}},{"id":"68feb11c-2a7f-4964-b12d-12c8c4146d01","block_type":"box","text":"composition and relative weightings of the components of the Underlying Index and publishes information regarding the","page_number":45,"box":{"x":83,"y":37,"width":856,"height":11}},{"id":"7f052f83-905a-4a42-9ced-9eeee82dd764","block_type":"box","text":"market value of the Underlying Index.","page_number":45,"box":{"x":84,"y":52,"width":262,"height":10}},{"id":"3d5bb956-342f-4106-9c37-6d6a46d3d43c","block_type":"box","text":"Industry Concentration Policy.","page_number":45,"box":{"x":84,"y":75,"width":223,"height":11}},{"id":"dd761587-464a-46be-8dda-af5ab75939ad","block_type":"box","text":"The Fund will concentrate its investments (","page_number":45,"box":{"x":312,"y":75,"width":304,"height":9}},{"id":"0d5eedc8-707a-4a3c-ab30-3ae967f5834f","block_type":"box","text":"i.e.","page_number":45,"box":{"x":617,"y":75,"width":17,"height":8}},{"id":"91d37d0a-7215-4c97-85fa-5f355f1484a5","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":45,"box":{"x":636,"y":75,"width":292,"height":10}},{"id":"f10376b8-fc45-417d-8589-11e6feb989c5","block_type":"box","text":"particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For","page_number":45,"box":{"x":84,"y":89,"width":858,"height":11}},{"id":"3f383a07-ab09-41b6-ba55-a485e721871e","block_type":"box","text":"purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase","page_number":45,"box":{"x":84,"y":103,"width":867,"height":11}},{"id":"e98195e1-5551-47c6-b3ff-681b0c4b94b7","block_type":"box","text":"agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.","page_number":45,"box":{"x":83,"y":117,"width":826,"height":11}},{"id":"5654a8a5-dfe4-433e-a9fd-820fb0a8fafc","block_type":"box","text":"Summary of Principal Risks","page_number":45,"box":{"x":83,"y":146,"width":248,"height":14}},{"id":"3564117a-affe-4004-b49c-d08b2afef14a","block_type":"box","text":"As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that","page_number":45,"box":{"x":82,"y":171,"width":882,"height":11}},{"id":"c4e7740b-90d7-4f64-bd34-41ca0358c53b","block_type":"box","text":"of other investments. The Fund is subject to certain risks, including the principal risks noted below, any of which may","page_number":45,"box":{"x":83,"y":186,"width":825,"height":10}},{"id":"5db63443-2c2b-4727-8096-9b289d0a6692","block_type":"box","text":"adversely affect the Fund's net asset value per share (“NAV”), trading price, yield, total return and ability to meet its","page_number":45,"box":{"x":83,"y":200,"width":807,"height":11}},{"id":"5bc6b54f-c324-4d55-a59c-01ab69906e2f","block_type":"box","text":"investment objective. Certain key risks are prioritized below (with others following in alphabetical order), but the relative","page_number":45,"box":{"x":83,"y":214,"width":844,"height":11}},{"id":"f98eb144-f89b-415d-a5bb-1be22076618f","block_type":"box","text":"significance of any risk is difficult to predict and may change over time. You should review each risk factor carefully.","page_number":45,"box":{"x":83,"y":228,"width":814,"height":11}},{"id":"9f92d651-4e9a-4c95-b3d2-d3a4baeffd4b","block_type":"box","text":"Risk of Investing in Developed Countries.","page_number":45,"box":{"x":84,"y":251,"width":301,"height":11}},{"id":"06971363-f211-4319-adba-3c61e6292746","block_type":"box","text":"The Fund’s investment in developed country issuers will subject the Fund to legal,","page_number":45,"box":{"x":390,"y":251,"width":580,"height":11}},{"id":"8636c4f1-4b43-491c-a8ac-28a0a42c6684","block_type":"box","text":"regulatory, political, currency, security, economic and other risks associated with developed countries. Developed countries","page_number":45,"box":{"x":84,"y":266,"width":867,"height":10}},{"id":"f9fbec02-30dd-455f-84cd-469c727b941b","block_type":"box","text":"tend to represent a significant portion of the global economy and have generally experienced slower economic growth than","page_number":45,"box":{"x":82,"y":280,"width":871,"height":11}},{"id":"d12e1e52-75cf-460b-b6a5-fa524a39b3b2","block_type":"box","text":"some less developed countries. Certain developed countries have experienced security concerns, such as war, terrorism and","page_number":45,"box":{"x":83,"y":294,"width":874,"height":11}},{"id":"f724f5a1-e7b9-44aa-bdb2-f51136cbb073","block_type":"box","text":"strained international relations. Incidents involving a country’s or region’s security may cause uncertainty in its markets and","page_number":45,"box":{"x":83,"y":308,"width":876,"height":11}},{"id":"dea8d139-9521-4340-8f6b-35f6bc346c0a","block_type":"box","text":"may adversely affect its economy and the Fund’s investments. In addition, developed countries may be adversely impacted by","page_number":45,"box":{"x":84,"y":322,"width":886,"height":11}},{"id":"f3e53663-346e-428c-a66a-48f6d35a4810","block_type":"box","text":"changes to the economic conditions of certain key trading partners, regulatory burdens, debt burdens and the price or","page_number":45,"box":{"x":83,"y":336,"width":837,"height":11}},{"id":"4273ab10-9b31-443c-b074-c934b2e818ac","block_type":"box","text":"availability of certain commodities.","page_number":45,"box":{"x":83,"y":351,"width":247,"height":10}},{"id":"c3cfd34f-01c8-4077-8fb4-8032bcd44df3","block_type":"box","text":"Dividend-Paying Stock Risk.","page_number":45,"box":{"x":84,"y":374,"width":208,"height":11}},{"id":"f735360f-743b-4ab9-8975-d840ada7ac69","block_type":"box","text":"Investing in dividend-paying stocks involves the risk that such stocks may fall out of favor with","page_number":45,"box":{"x":298,"y":374,"width":665,"height":11}},{"id":"9109cb40-7603-4ea5-8174-bb3f296967fe","block_type":"box","text":"investors and underperform other types of stocks or the broader market. Companies that issue dividend-paying stocks are","page_number":45,"box":{"x":83,"y":388,"width":864,"height":11}},{"id":"88b1555a-9365-47ee-995e-034e0629f2ce","block_type":"box","text":"not required to pay or continue paying dividends on such stocks. It is possible that issuers of the stocks held by the Fund will","page_number":45,"box":{"x":84,"y":402,"width":876,"height":11}},{"id":"ff80a9df-75c9-4947-8588-e5162d992345","block_type":"box","text":"not declare dividends in the future or will reduce or eliminate the payment of dividends (including reducing or eliminating","page_number":45,"box":{"x":84,"y":416,"width":858,"height":11}},{"id":"69571e19-7848-43e4-9f2b-6ed6cafcbc6e","block_type":"box","text":"anticipated accelerations or increases in the payment of dividends), which may adversely affect the Fund.","page_number":45,"box":{"x":83,"y":430,"width":744,"height":11}},{"id":"14fec893-dd94-400b-9b8b-3c04e8d630a7","block_type":"box","text":"Equity Securities Risk.","page_number":45,"box":{"x":84,"y":454,"width":163,"height":11}},{"id":"f1039c08-9c95-43b8-9cf6-c37e9cc555a9","block_type":"box","text":"Equity securities are subject to changes in value, and their values may be more volatile than those of","page_number":45,"box":{"x":253,"y":454,"width":709,"height":11}},{"id":"3ecd6f64-b144-43b2-8571-6c34d9bfc4cf","block_type":"box","text":"other asset classes. The value of a security may decline for a number of reasons that may directly relate to the issuer as well as","page_number":45,"box":{"x":83,"y":468,"width":889,"height":11}},{"id":"bcfacd9a-c1d4-4908-808f-d11452718138","block_type":"box","text":"due to general industry or market conditions. Common stock is subordinated to preferred securities and debt in a company’s","page_number":45,"box":{"x":83,"y":482,"width":880,"height":11}},{"id":"1a886350-f94f-4304-9424-78e2fc25ae59","block_type":"box","text":"capital structure. Common stock has the lowest priority, and the greatest risk, with respect to dividends and any liquidation","page_number":45,"box":{"x":83,"y":496,"width":867,"height":11}},{"id":"6bea43a6-fc17-468c-9a53-4f295e06103d","block_type":"box","text":"payments in the event of an issuer’s bankruptcy.","page_number":45,"box":{"x":84,"y":510,"width":339,"height":11}},{"id":"9c1d450f-7b6c-4301-a77c-c12be446cc73","block_type":"box","text":"Market Risk.","page_number":45,"box":{"x":84,"y":534,"width":90,"height":8}},{"id":"3bba870f-92ad-4129-9263-cdc7d689b339","block_type":"box","text":"The Fund could lose money over short periods due to short-term market movements and over longer periods","page_number":45,"box":{"x":179,"y":534,"width":767,"height":10}},{"id":"c0b580ae-b5bb-4b32-b47a-0941a5271b37","block_type":"box","text":"during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other","page_number":45,"box":{"x":83,"y":548,"width":882,"height":11}},{"id":"4d21c9a4-2661-4b95-a5a9-a4c38fae8dd5","block_type":"box","text":"public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events","page_number":45,"box":{"x":84,"y":562,"width":857,"height":11}},{"id":"9cc66b57-f681-43cb-bc0d-2cd144dec390","block_type":"box","text":"could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the","page_number":45,"box":{"x":83,"y":576,"width":875,"height":11}},{"id":"91e846c6-cc34-4fec-a12d-c5fc0f69063f","block_type":"box","text":"Fund’s NAV.","page_number":45,"box":{"x":84,"y":590,"width":81,"height":9}},{"id":"44c3d21c-6fee-496f-bd94-fd1348f6ce37","block_type":"box","text":"Index-Related Risk.","page_number":45,"box":{"x":84,"y":614,"width":143,"height":8}},{"id":"91908f0e-65f5-4938-8a26-4eaf19d39439","block_type":"box","text":"The Index Provider may rely on various sources of information to assess the criteria of components of the","page_number":45,"box":{"x":231,"y":614,"width":742,"height":10}},{"id":"992d491f-55cf-4d9d-8558-d575f2143c85","block_type":"box","text":"Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can","page_number":45,"box":{"x":84,"y":628,"width":855,"height":11}},{"id":"f48df7d1-f93e-475f-88b6-890d086a72a8","block_type":"box","text":"offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of","page_number":45,"box":{"x":83,"y":642,"width":852,"height":11}},{"id":"a17f71db-f178-40f3-a522-ce5b2f58634f","block_type":"box","text":"included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or","page_number":45,"box":{"x":83,"y":656,"width":877,"height":11}},{"id":"779b5cfb-ef31-4354-bf8e-5ec4bb096fa5","block_type":"box","text":"the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not","page_number":45,"box":{"x":82,"y":670,"width":849,"height":11}},{"id":"28b8b943-abec-46f0-ba18-82f5a468497b","block_type":"box","text":"identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual","page_number":45,"box":{"x":83,"y":684,"width":849,"height":11}},{"id":"0c88450b-0c44-4d62-9ad0-2e9dae8fdd4f","block_type":"box","text":"market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index","page_number":45,"box":{"x":84,"y":699,"width":890,"height":10}},{"id":"e8619368-f93f-4654-a4b6-4011ef40488d","block_type":"box","text":"Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could","page_number":45,"box":{"x":84,"y":713,"width":852,"height":11}},{"id":"4971a07b-8d04-4bf7-bdf8-8b85b77196b1","block_type":"box","text":"cause the Underlying Index to vary from its normal or expected composition.","page_number":45,"box":{"x":83,"y":727,"width":539,"height":11}},{"id":"af3933e7-f992-436c-84f6-1a9b31e90285","block_type":"box","text":"Asset Class Risk.","page_number":45,"box":{"x":82,"y":750,"width":123,"height":9}},{"id":"53b1957e-492d-4a4d-9088-ec37e647318f","block_type":"box","text":"The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in","page_number":45,"box":{"x":209,"y":750,"width":721,"height":11}},{"id":"9d4838dd-4fcb-4c4a-aa7e-65f77f10595d","block_type":"box","text":"comparison to financial markets generally, a particular financial market, another index, or other asset classes.","page_number":45,"box":{"x":83,"y":764,"width":774,"height":11}},{"id":"dbee8085-0cd1-4db5-ac8e-509ef6ccc9b7","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":45,"box":{"x":82,"y":788,"width":318,"height":10}},{"id":"011486db-25b1-401a-b5c3-e46cbfd76989","block_type":"box","text":"An “Authorized Participant” is a member or participant of a clearing agency","page_number":45,"box":{"x":405,"y":787,"width":531,"height":11}},{"id":"5d8f5511-6fd2-468a-a6a7-d2778991ba91","block_type":"box","text":"registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the","page_number":45,"box":{"x":84,"y":802,"width":809,"height":11}},{"id":"bbe34092-2330-43ac-900a-90a253793123","block_type":"box","text":"Authorized Participant to place orders for the purchase and redemption of creation units (“Creation Units”). Only an","page_number":45,"box":{"x":82,"y":816,"width":816,"height":11}},{"id":"bb691bcc-7454-4a2b-9b0e-5800cfc21b76","block_type":"box","text":"Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number","page_number":45,"box":{"x":82,"y":830,"width":885,"height":11}},{"id":"7194ecb5-4191-441e-a7ed-f463cdebcc15","block_type":"box","text":"of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market","page_number":45,"box":{"x":83,"y":844,"width":871,"height":11}},{"id":"452c44ad-e9c4-4a50-9a49-178d78953d57","block_type":"box","text":"participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that","page_number":45,"box":{"x":84,"y":859,"width":845,"height":10}},{"id":"431aae99-f1d9-4279-8cb3-364021e8944c","block_type":"box","text":"S-38","page_number":45,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"e51dc038-2f4b-403a-bffd-ad348cda0e2d","block_type":"box","text":"Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized","page_number":46,"box":{"x":82,"y":23,"width":882,"height":11}},{"id":"903ff3c3-152b-4293-adbc-f8581001538c","block_type":"box","text":"Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading","page_number":46,"box":{"x":84,"y":37,"width":853,"height":11}},{"id":"f3b6e255-06d5-48f4-b8dc-cbf6b1facef5","block_type":"box","text":"halts or delisting.","page_number":46,"box":{"x":84,"y":52,"width":120,"height":10}},{"id":"9d318832-4716-4824-bbe4-116bd317a56c","block_type":"box","text":"Concentration Risk.","page_number":46,"box":{"x":83,"y":75,"width":145,"height":8}},{"id":"91dbdf27-c5c2-4353-9011-7535f1c5cc75","block_type":"box","text":"The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that","page_number":46,"box":{"x":232,"y":75,"width":712,"height":11}},{"id":"5a785ac7-df95-40b2-bcef-e70c1b33f541","block_type":"box","text":"affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in","page_number":46,"box":{"x":83,"y":89,"width":884,"height":10}},{"id":"163ff079-6574-48ab-8a9a-3b9de8b304aa","block_type":"box","text":"the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or","page_number":46,"box":{"x":82,"y":103,"width":887,"height":11}},{"id":"27d9aa80-2d73-40ca-bcea-473b4732222c","block_type":"box","text":"asset classes.","page_number":46,"box":{"x":83,"y":117,"width":95,"height":9}},{"id":"c3834a7e-46aa-40e7-b0ef-103011774bb7","block_type":"box","text":"Currency Risk.","page_number":46,"box":{"x":83,"y":140,"width":106,"height":11}},{"id":"164f6889-8c5d-4ec0-946a-c9bdcd98fe55","block_type":"box","text":"Because the Fund’s NAV is determined in U.S. dollars, the NAV could decline if the currency of a non-U.S.","page_number":46,"box":{"x":195,"y":140,"width":735,"height":11}},{"id":"1cb5e83a-3fed-440b-8136-f0c721971e00","block_type":"box","text":"market in which the Fund invests depreciates against the U.S. dollar or if there are delays or limits on the repatriation of","page_number":46,"box":{"x":84,"y":155,"width":842,"height":10}},{"id":"27100337-6be2-4a0d-a8d3-35dbc4f31d73","block_type":"box","text":"foreign currency. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the","page_number":46,"box":{"x":83,"y":169,"width":854,"height":11}},{"id":"c1f09d2b-e197-4c0b-ba9d-e795ad526116","block_type":"box","text":"Fund’s NAV may change quickly and without warning. In addition, the Fund may incur costs in connection with conversions","page_number":46,"box":{"x":84,"y":183,"width":869,"height":11}},{"id":"5ed8fe41-9e55-43c0-97f5-1705e380f4cf","block_type":"box","text":"between U.S. dollars and foreign currencies.","page_number":46,"box":{"x":84,"y":197,"width":309,"height":11}},{"id":"1c5baa28-b0bf-4b32-9c5c-308601847155","block_type":"box","text":"Financial Companies Risk.","page_number":46,"box":{"x":84,"y":220,"width":192,"height":11}},{"id":"20ddfc3d-9528-4c40-8188-b612e0c78a17","block_type":"box","text":"Financial services companies are subject to extensive governmental regulation and intervention,","page_number":46,"box":{"x":282,"y":221,"width":683,"height":10}},{"id":"7c3364b5-adc9-48ed-b285-053188c7a021","block_type":"box","text":"which may adversely affect their profitability, the scope of their activities, the prices they can charge, the amount of capital","page_number":46,"box":{"x":82,"y":235,"width":864,"height":10}},{"id":"813e81dd-fda8-4831-9ef5-9f8358079258","block_type":"box","text":"and liquid assets they must maintain and their size, among other things. Financial services companies also may be","page_number":46,"box":{"x":83,"y":249,"width":813,"height":11}},{"id":"90c8d058-8294-4e35-b05d-a48575a5b16e","block_type":"box","text":"significantly affected by, among other things, interest rates, economic conditions, volatility in financial markets, credit rating","page_number":46,"box":{"x":83,"y":263,"width":879,"height":11}},{"id":"851cc719-b35d-4f09-907a-7671a2e02ece","block_type":"box","text":"downgrades, adverse public perception, exposure concentration and counterparty risk.","page_number":46,"box":{"x":83,"y":277,"width":613,"height":11}},{"id":"787fe5fc-419c-4cf9-8a52-6116bc8cfada","block_type":"box","text":"Issuer Risk.","page_number":46,"box":{"x":84,"y":300,"width":82,"height":9}},{"id":"308dc086-2f3f-445b-befe-657d2e8f6b9a","block_type":"box","text":"The performance of the Fund depends on the performance of individual securities or other assets to which the","page_number":46,"box":{"x":170,"y":300,"width":780,"height":11}},{"id":"cfc760b6-4afb-4e91-8889-ce410b9b9869","block_type":"box","text":"Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due","page_number":46,"box":{"x":84,"y":315,"width":885,"height":10}},{"id":"0e5aab03-b003-4f45-93bf-e0215a3cfcdc","block_type":"box","text":"to changes in the financial condition or credit rating of the issuer or counterparty.","page_number":46,"box":{"x":82,"y":329,"width":577,"height":11}},{"id":"b897d194-a58d-451b-845d-ed4a004b0b8b","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":46,"box":{"x":84,"y":352,"width":278,"height":11}},{"id":"03a44520-b645-49a7-b6d0-3f27fa714975","block_type":"box","text":"Large-capitalization companies may be less able than smaller-capitalization","page_number":46,"box":{"x":367,"y":352,"width":540,"height":11}},{"id":"1801507f-eaeb-4196-b3b8-a09b2ee66c2e","block_type":"box","text":"companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may be more","page_number":46,"box":{"x":83,"y":366,"width":890,"height":11}},{"id":"a091a4d2-2c9e-432d-ac6b-e0824a0ea1d6","block_type":"box","text":"mature and subject to more limited growth potential compared with smaller-capitalization companies. The performance of","page_number":46,"box":{"x":84,"y":380,"width":867,"height":11}},{"id":"80887d79-5da6-4e42-9caf-aac27d40a00c","block_type":"box","text":"large-capitalization companies could trail the overall performance of the broader securities markets.","page_number":46,"box":{"x":84,"y":394,"width":709,"height":11}},{"id":"ebc96d0d-e9af-4c05-bc3e-ea01f742f8d9","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk.","page_number":46,"box":{"x":84,"y":418,"width":394,"height":11}},{"id":"b251d45b-fac8-457e-9435-8781d69ccbf9","block_type":"box","text":"Certain shareholders of the Fund, including an Authorized","page_number":46,"box":{"x":484,"y":418,"width":410,"height":10}},{"id":"36fcf3ce-cc9b-4b0c-9111-06dcef3798ed","block_type":"box","text":"Participant, a third-party investor, the Fund’s adviser, an affiliate of the Fund’s adviser, a market maker, or another entity, may","page_number":46,"box":{"x":84,"y":432,"width":882,"height":11}},{"id":"68076c61-de4c-4284-9655-9d741d0723b9","block_type":"box","text":"from time to time own or manage a substantial amount of Fund shares, or may hold their investment in the Fund for a limited","page_number":46,"box":{"x":83,"y":446,"width":884,"height":11}},{"id":"0895833d-51c2-43bd-b42c-8a84ece3962c","block_type":"box","text":"period of time. There can be no assurance that any large shareholder or large group of shareholders would not redeem their","page_number":46,"box":{"x":84,"y":460,"width":872,"height":11}},{"id":"9110ed5f-584e-40c7-b55d-50f945d3ce1e","block_type":"box","text":"investment. Redemptions of a large number of Fund shares could require the Fund to dispose of assets to meet the","page_number":46,"box":{"x":83,"y":474,"width":813,"height":11}},{"id":"88a39e5e-f2a0-47ec-80f9-fd6f61bcd9eb","block_type":"box","text":"redemption requests, which can accelerate the realization of taxable income and/or capital gains and cause the Fund to make","page_number":46,"box":{"x":84,"y":489,"width":889,"height":10}},{"id":"35672803-f37d-47d4-bc38-350545407fbd","block_type":"box","text":"taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances,","page_number":46,"box":{"x":82,"y":503,"width":891,"height":10}},{"id":"62628ea5-0944-40fa-8798-e8ac536872ad","block_type":"box","text":"non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with","page_number":46,"box":{"x":84,"y":517,"width":836,"height":11}},{"id":"913f7cf6-0547-4b7d-a145-82ad9bd6876c","block_type":"box","text":"respect to such year. In some circumstances, the Fund may hold a relatively large proportion of its assets in cash in","page_number":46,"box":{"x":84,"y":531,"width":810,"height":11}},{"id":"931d1ee2-4e95-43eb-b795-1cddf5e958df","block_type":"box","text":"anticipation of large redemptions, diluting its investment returns. These large redemptions may also force the Fund to sell","page_number":46,"box":{"x":83,"y":545,"width":861,"height":11}},{"id":"925d7920-f158-4436-ac7d-74c58c7453c2","block_type":"box","text":"portfolio securities or other assets when it might not otherwise do so, which may negatively impact the Fund’s NAV, increase","page_number":46,"box":{"x":84,"y":559,"width":874,"height":11}},{"id":"adfd1f03-d560-494a-8a33-2476c3f65049","block_type":"box","text":"the Fund’s brokerage costs and/or have a material effect on the market price of Fund shares.","page_number":46,"box":{"x":82,"y":574,"width":654,"height":10}},{"id":"1323634c-1f20-427c-9f1c-b8d5500dcbff","block_type":"box","text":"Management Risk.","page_number":46,"box":{"x":84,"y":597,"width":136,"height":11}},{"id":"3dfbcc82-7ba5-4c0d-9e5f-9948cda3976e","block_type":"box","text":"The Fund does not try to “beat” the Underlying Index it tracks and does not attempt to take defensive","page_number":46,"box":{"x":225,"y":597,"width":711,"height":11}},{"id":"57111119-0449-48d5-955f-bdfe634cd167","block_type":"box","text":"positions under any market conditions, including declining markets. As the Fund will not fully replicate the Underlying Index","page_number":46,"box":{"x":84,"y":611,"width":876,"height":11}},{"id":"9ca56c89-0c4c-4506-85ee-9da89ef26ca8","block_type":"box","text":"and may hold securities or other assets not included in the Underlying Index, it is subject to the risk that BFA’s investment","page_number":46,"box":{"x":83,"y":625,"width":859,"height":11}},{"id":"730ff9c0-305b-4905-93eb-2336cef1474f","block_type":"box","text":"strategy may not produce the intended results. There is no guarantee that the Fund’s investment results will have a high","page_number":46,"box":{"x":83,"y":639,"width":847,"height":11}},{"id":"a2270f53-eee8-43b3-936c-7c6cf88d48b3","block_type":"box","text":"degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective.","page_number":46,"box":{"x":83,"y":654,"width":756,"height":10}},{"id":"97cde2bd-9395-48f3-8fa9-956ced1eb285","block_type":"box","text":"Market Trading Risk.","page_number":46,"box":{"x":84,"y":677,"width":151,"height":11}},{"id":"c1bddc79-3ee8-4410-8ec0-8f513c5f68dd","block_type":"box","text":"The Fund faces numerous market trading risks, including the potential lack of an active market for","page_number":46,"box":{"x":239,"y":677,"width":695,"height":11}},{"id":"27931fe2-9a35-4d87-84d1-df2fad02a139","block_type":"box","text":"Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and","page_number":46,"box":{"x":84,"y":691,"width":841,"height":11}},{"id":"8ef36acc-9943-49e2-88d6-21c0fc3d2677","block_type":"box","text":"disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s","page_number":46,"box":{"x":83,"y":705,"width":887,"height":11}},{"id":"1e41aed9-4fa2-4c21-a3e9-367b94d13534","block_type":"box","text":"shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio","page_number":46,"box":{"x":83,"y":719,"width":839,"height":11}},{"id":"00dd325f-d2ab-40e1-8118-ba1a5311b8df","block_type":"box","text":"holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when","page_number":46,"box":{"x":84,"y":733,"width":865,"height":11}},{"id":"27d7a877-28eb-4763-b031-51180938592d","block_type":"box","text":"the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value","page_number":46,"box":{"x":82,"y":748,"width":885,"height":10}},{"id":"a804b69b-b7b2-4ca9-929b-e26690040cd8","block_type":"box","text":"of the Fund shares.","page_number":46,"box":{"x":83,"y":762,"width":135,"height":8}},{"id":"318d519f-598a-4c1c-a907-2a76f82b42c1","block_type":"box","text":"Mid-Capitalization Companies Risk.","page_number":46,"box":{"x":84,"y":785,"width":264,"height":11}},{"id":"7e1b3480-bea4-4bf4-8089-5176f1b96606","block_type":"box","text":"Compared to large-capitalization companies, mid-capitalization companies may be","page_number":46,"box":{"x":353,"y":785,"width":590,"height":11}},{"id":"c5057572-9d48-4977-8506-336a12192fa8","block_type":"box","text":"less stable and more susceptible to adverse developments. The securities of mid-capitalization companies may be more","page_number":46,"box":{"x":84,"y":799,"width":846,"height":11}},{"id":"9308028e-18f1-45b2-99f9-95eda758f198","block_type":"box","text":"volatile and less liquid than those of large-capitalization companies. As a result, the Fund’s share price may be more volatile","page_number":46,"box":{"x":82,"y":813,"width":875,"height":11}},{"id":"34058c0d-6371-484d-8d08-64b83735ca5b","block_type":"box","text":"than that of a fund with a greater investment in large-capitalization stocks.","page_number":46,"box":{"x":82,"y":828,"width":529,"height":10}},{"id":"a8cad8a5-7b1d-4f34-85d2-e0b0978bd2fd","block_type":"box","text":"National Closed Market Trading Risk.","page_number":46,"box":{"x":84,"y":851,"width":272,"height":11}},{"id":"bddb4953-af74-4bb8-8149-7c12b1270691","block_type":"box","text":"To the extent that securities or other assets held by the Fund trade on foreign","page_number":46,"box":{"x":361,"y":851,"width":544,"height":11}},{"id":"b32f77bf-bd53-40c4-aa1e-89f4a2e6345d","block_type":"box","text":"exchanges or in foreign markets that may be closed when the securities exchange on which the Fund’s shares trade is open,","page_number":46,"box":{"x":83,"y":865,"width":875,"height":11}},{"id":"25d31808-d036-428d-92f0-9d96866ed4d7","block_type":"box","text":"there are likely to be deviations between such asset’s current price and its last quoted price (","page_number":46,"box":{"x":82,"y":879,"width":651,"height":11}},{"id":"e14dcf28-163c-4c85-bb7a-8c94152a96e2","block_type":"box","text":"i.e","page_number":46,"box":{"x":735,"y":879,"width":14,"height":9}},{"id":"a15a7b5b-c90a-4065-b0f2-14e82677fc86","block_type":"box","text":"., the quote from the closed","page_number":46,"box":{"x":750,"y":879,"width":191,"height":11}},{"id":"b0e57b56-79dd-4297-bbcc-d728640e2569","block_type":"box","text":"S-39","page_number":46,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"12040188-ad10-4541-b852-004f5ba9f2db","block_type":"box","text":"foreign market to the Fund). The impact of a closed foreign market on the Fund is likely to be greater where a large portion of","page_number":47,"box":{"x":83,"y":23,"width":879,"height":11}},{"id":"b04d06d3-ef15-4f7b-976b-e91a7c5f732c","block_type":"box","text":"the Fund’s holdings trade on a closed foreign market or when a foreign market is closed for unscheduled reasons. These","page_number":47,"box":{"x":82,"y":37,"width":849,"height":11}},{"id":"c4945b4c-9132-47d6-b3e4-c13084960c7d","block_type":"box","text":"deviations could result in premiums or discounts to the Fund’s NAV that may be greater than those experienced by other","page_number":47,"box":{"x":83,"y":51,"width":850,"height":11}},{"id":"38c0a88b-c7ef-4149-8a58-8e36c4977312","block_type":"box","text":"funds.","page_number":47,"box":{"x":83,"y":66,"width":43,"height":8}},{"id":"be60ceef-4e51-4329-91da-0d61660ae137","block_type":"box","text":"Non-U.S. Securities Risk.","page_number":47,"box":{"x":84,"y":89,"width":181,"height":8}},{"id":"125c2797-7727-411f-9a5c-37bea933c711","block_type":"box","text":"Securities issued by non-U.S. issuers (including depositary receipts) are subject to different legal,","page_number":47,"box":{"x":270,"y":89,"width":687,"height":11}},{"id":"c784a71e-fe86-4acd-8a35-2e5e61945a2c","block_type":"box","text":"regulatory, political, economic, and market risks than securities issued by U.S. issuers. These risks include greater market","page_number":47,"box":{"x":84,"y":103,"width":853,"height":11}},{"id":"05532463-3887-428e-a5dc-07fb90d96699","block_type":"box","text":"volatility, less market liquidity, higher transaction costs, expropriation, confiscatory taxation, adverse changes in foreign","page_number":47,"box":{"x":82,"y":117,"width":847,"height":11}},{"id":"6d3383b1-da65-4d2b-8770-5b03454b55c1","block_type":"box","text":"investment or currency control regulations, restrictions on the repatriation of capital, and political instability. Non-U.S. issuers","page_number":47,"box":{"x":83,"y":131,"width":889,"height":11}},{"id":"0d48003f-6307-4fab-aaef-c00893974ee4","block_type":"box","text":"may be subject to different accounting, audit and financial reporting standards than U.S. issuers, and there may be less","page_number":47,"box":{"x":84,"y":146,"width":842,"height":10}},{"id":"39b2b6a9-e1ef-42b7-9e42-639adf16c4ba","block_type":"box","text":"publicly available information about non-U.S. issuers. Foreign market trading hours, different clearing and settlement","page_number":47,"box":{"x":84,"y":160,"width":831,"height":11}},{"id":"72fd39de-e954-4bcc-98e3-19eb21924528","block_type":"box","text":"procedures, and holiday schedules may limit the Fund's ability to engage in portfolio transactions. To the extent that","page_number":47,"box":{"x":84,"y":174,"width":820,"height":11}},{"id":"156fe0ef-7d0d-4d6a-9df5-68796835458a","block_type":"box","text":"investments are made in a limited number of countries, events in those countries will have a more significant impact on the","page_number":47,"box":{"x":83,"y":188,"width":871,"height":11}},{"id":"cc2001fa-d6e1-44ef-b23c-324ee65d2d3f","block_type":"box","text":"Fund. The Fund is specifically exposed to","page_number":47,"box":{"x":84,"y":202,"width":288,"height":11}},{"id":"7d5030c6-118f-4548-8e1d-9da2185d1a54","block_type":"box","text":"European Economic Risk","page_number":47,"box":{"x":378,"y":202,"width":183,"height":11}},{"id":"26e167a3-1602-4731-9032-c68d6a971c98","block_type":"box","text":".","page_number":47,"box":{"x":562,"y":209,"width":2,"height":2}},{"id":"f5668ba4-d89a-4804-b082-df59e4779635","block_type":"box","text":"Operational and Technology Risks.","page_number":47,"box":{"x":83,"y":225,"width":255,"height":11}},{"id":"885252f3-d5ba-461b-8583-c651e963179f","block_type":"box","text":"The Fund is directly and indirectly susceptible to operational and technology risks,","page_number":47,"box":{"x":342,"y":226,"width":582,"height":10}},{"id":"a352eaee-5cde-46d2-b398-5efc962f1955","block_type":"box","text":"including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents,","page_number":47,"box":{"x":83,"y":240,"width":876,"height":11}},{"id":"6bb1cb01-d775-4e03-9533-6e15cf37fcde","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”), which may result in losses for the Fund and its shareholders","page_number":47,"box":{"x":83,"y":254,"width":879,"height":11}},{"id":"b404e08a-7ef0-443a-b229-70befa201274","block_type":"box","text":"or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational,","page_number":47,"box":{"x":83,"y":268,"width":825,"height":11}},{"id":"2742717b-8d02-4913-9745-630abccf1ef3","block_type":"box","text":"information security and cybersecurity risk management policies and procedures, their methods of risk management may","page_number":47,"box":{"x":83,"y":282,"width":863,"height":11}},{"id":"142c27fd-3607-4eb2-b10d-66f7752401c2","block_type":"box","text":"differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in","page_number":47,"box":{"x":83,"y":296,"width":872,"height":11}},{"id":"b1fc6f02-2fa2-41dc-a6f4-fa3952216fb4","block_type":"box","text":"material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.","page_number":47,"box":{"x":84,"y":311,"width":823,"height":10}},{"id":"daaeffbe-0bb5-4ff9-b730-db9d0675bb0f","block_type":"box","text":"Reliance on Trading Partners Risk.","page_number":47,"box":{"x":84,"y":334,"width":252,"height":11}},{"id":"e6503055-893d-426a-83ba-ca7465955dcb","block_type":"box","text":"The Fund invests in countries or regions whose economies are heavily dependent upon","page_number":47,"box":{"x":340,"y":334,"width":615,"height":11}},{"id":"21493b05-202e-4bf7-a599-4488ba059d85","block_type":"box","text":"trading with key partners. Any reduction in this trading may have an adverse impact on the Fund's investments. Through its","page_number":47,"box":{"x":82,"y":348,"width":872,"height":11}},{"id":"13e18334-02d0-4002-9998-10aa6b963f04","block_type":"box","text":"holdings of securities of certain issuers, the Fund is specifically exposed to","page_number":47,"box":{"x":84,"y":362,"width":526,"height":11}},{"id":"2e4a1d35-6a5c-41df-944d-d70127b211a1","block_type":"box","text":"Asian Economic Risk, European Economic Risk","page_number":47,"box":{"x":615,"y":362,"width":345,"height":11}},{"id":"aac1c1fa-91b5-4893-b529-bf7b9cfa2172","block_type":"box","text":"and","page_number":47,"box":{"x":83,"y":377,"width":25,"height":8}},{"id":"d89ee024-ae76-4cb1-a9e2-317afa56f6ec","block_type":"box","text":"U.S. Economic Risk","page_number":47,"box":{"x":114,"y":376,"width":140,"height":9}},{"id":"87b61cec-3960-473c-876b-238247604d31","block_type":"box","text":".","page_number":47,"box":{"x":255,"y":383,"width":2,"height":2}},{"id":"e6578a89-8153-40c4-8807-fcf319742a64","block_type":"box","text":"Risk of Investing in the U.K.","page_number":47,"box":{"x":84,"y":399,"width":201,"height":11}},{"id":"22271bb0-dfef-43f0-ade6-054e227ad70e","block_type":"box","text":"Investing in U.K. issuers subjects the Fund to legal, regulatory, political, economic, currency,","page_number":47,"box":{"x":290,"y":400,"width":647,"height":10}},{"id":"b76eab1e-eb57-4521-9557-e90be4a06613","block_type":"box","text":"geographic and security risks that are specific to the U.K. Economic downturns or political instability in its key trading","page_number":47,"box":{"x":83,"y":414,"width":829,"height":11}},{"id":"36edf8bc-a994-4710-8d3f-54ac415e13d5","block_type":"box","text":"partners, which include the United States and other European countries, could have an adverse effect on the U.K. economy.","page_number":47,"box":{"x":84,"y":428,"width":868,"height":11}},{"id":"8e8ea9fc-ca19-40a7-aa94-579d4fa6801e","block_type":"box","text":"Following Brexit, certain trading matters between the U.K. and the European Union (the “EU”) remain unresolved, including","page_number":47,"box":{"x":84,"y":442,"width":868,"height":11}},{"id":"f78872e0-dfd5-4dca-a1bb-583d8ccda901","block_type":"box","text":"with respect to financial services. The continuing uncertainty could have an adverse impact on the U.K. economy and","page_number":47,"box":{"x":82,"y":456,"width":826,"height":11}},{"id":"537d5c87-e9d7-498c-934b-1ad7bec3d2bc","block_type":"box","text":"currency.","page_number":47,"box":{"x":83,"y":473,"width":64,"height":8}},{"id":"4baf0812-6bad-405c-b651-25e8fd2fef65","block_type":"box","text":"Securities Lending Risk.","page_number":47,"box":{"x":83,"y":494,"width":177,"height":11}},{"id":"6d9bfc33-7706-423a-8524-97d343288f4c","block_type":"box","text":"The Fund may engage in securities lending. Securities lending involves the risk that the Fund may","page_number":47,"box":{"x":264,"y":494,"width":692,"height":11}},{"id":"b67a6718-5bab-48f7-ae0c-8ce6e61fdcdb","block_type":"box","text":"lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund","page_number":47,"box":{"x":84,"y":508,"width":869,"height":11}},{"id":"e5406fb6-7a6a-497a-96a2-d788a29015ba","block_type":"box","text":"could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value","page_number":47,"box":{"x":83,"y":522,"width":886,"height":11}},{"id":"59d7cb45-7b65-4310-a4e8-24ae618bf6fc","block_type":"box","text":"of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.","page_number":47,"box":{"x":83,"y":536,"width":831,"height":11}},{"id":"5696f6d4-e9c8-416d-9063-d0da6c811431","block_type":"box","text":"Small-Capitalization Companies Risk.","page_number":47,"box":{"x":83,"y":559,"width":277,"height":11}},{"id":"09613753-24e7-422f-aaa5-8838a7cd54c0","block_type":"box","text":"Compared to mid- and large-capitalization companies, small-capitalization","page_number":47,"box":{"x":366,"y":560,"width":532,"height":10}},{"id":"4c0add6e-a1f3-41d2-9b5f-c885a6016539","block_type":"box","text":"companies may be less stable and more susceptible to adverse developments. The securities of small-capitalization","page_number":47,"box":{"x":83,"y":574,"width":817,"height":10}},{"id":"2ac8d06d-5e42-410c-aec2-7c7736987b11","block_type":"box","text":"companies may be more volatile and less liquid than those of mid- and large-capitalization companies. As a result, the Fund’s","page_number":47,"box":{"x":83,"y":588,"width":887,"height":11}},{"id":"95fa4702-4623-46cc-9732-ca3130e270c6","block_type":"box","text":"share price may be more volatile than that of a fund with a greater investment in large- or mid-capitalization stocks.","page_number":47,"box":{"x":83,"y":602,"width":817,"height":11}},{"id":"9ca8e394-f70b-499f-b018-0ba7f0e2ba0a","block_type":"box","text":"Tracking Error Risk.","page_number":47,"box":{"x":82,"y":625,"width":145,"height":11}},{"id":"55586e9d-8ce1-4ade-9fc9-1b7661aa90f7","block_type":"box","text":"The Fund may be subject to “tracking error,” which is the divergence of the Fund’s performance from that","page_number":47,"box":{"x":231,"y":625,"width":741,"height":11}},{"id":"d829bb7e-f06b-41ac-9efd-6c4afb54b83e","block_type":"box","text":"of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities","page_number":47,"box":{"x":83,"y":639,"width":861,"height":11}},{"id":"65955bff-f281-4a5f-ae4f-b2857d8a5008","block_type":"box","text":"and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and","page_number":47,"box":{"x":83,"y":653,"width":832,"height":11}},{"id":"bb6b662e-019a-4994-9511-f57fbe399667","block_type":"box","text":"methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the","page_number":47,"box":{"x":84,"y":668,"width":880,"height":11}},{"id":"11095a7f-069b-4cf3-95f4-ea30dbd0d248","block_type":"box","text":"Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the","page_number":47,"box":{"x":84,"y":682,"width":830,"height":11}},{"id":"afe23a51-db66-4acf-ba23-472d2d1dd2af","block_type":"box","text":"valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses;","page_number":47,"box":{"x":82,"y":696,"width":828,"height":11}},{"id":"1ce4c195-380d-45ad-bdb5-e0c71cb4fde2","block_type":"box","text":"differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the","page_number":47,"box":{"x":83,"y":710,"width":874,"height":11}},{"id":"e608a6df-75b0-4598-b4ec-c9d7bc0854ad","block_type":"box","text":"Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment;","page_number":47,"box":{"x":84,"y":724,"width":888,"height":11}},{"id":"c1e9b220-1857-462c-8957-83277f264b54","block_type":"box","text":"portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom","page_number":47,"box":{"x":84,"y":739,"width":851,"height":10}},{"id":"6f1a3ea4-8e01-49f0-9fa4-70184edda6eb","block_type":"box","text":"baskets; changes to the Underlying Index including the ability and timing of the Fund to adjust its portfolio to reflect changes","page_number":47,"box":{"x":84,"y":753,"width":885,"height":11}},{"id":"169ef88a-93ec-4b82-a3a9-b42a66fa967e","block_type":"box","text":"in the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or limits. Tracking error","page_number":47,"box":{"x":83,"y":767,"width":874,"height":11}},{"id":"4ecbe6d6-1a18-4d76-a765-ddeb0c4c2338","block_type":"box","text":"risk may be heightened during times of increased market volatility or other unusual market conditions.","page_number":47,"box":{"x":84,"y":781,"width":724,"height":11}},{"id":"867ddf2a-1741-4dbb-8730-0658664f963e","block_type":"box","text":"Valuation Risk.","page_number":47,"box":{"x":82,"y":804,"width":110,"height":9}},{"id":"c48a695a-7235-4d4c-99c8-7027b427a121","block_type":"box","text":"The price that the Fund could receive upon the sale (or other disposition) of a security or other asset may","page_number":47,"box":{"x":197,"y":804,"width":740,"height":11}},{"id":"9bd466be-608f-4a03-854c-0be5f2848c9a","block_type":"box","text":"differ from the Fund’s valuation of the security or other asset, particularly for securities or other assets that trade in low","page_number":47,"box":{"x":83,"y":818,"width":840,"height":11}},{"id":"d94c0f61-c22e-45a2-b69a-e5444f75f50b","block_type":"box","text":"volume or volatile markets or that are valued using a fair value methodology. The price received by the Fund also may differ","page_number":47,"box":{"x":82,"y":833,"width":869,"height":11}},{"id":"8666ebd1-adee-47b5-a316-e0f9365740bd","block_type":"box","text":"from the value used by the Underlying Index. In addition, the value of the securities or other assets in the Fund’s portfolio may","page_number":47,"box":{"x":83,"y":847,"width":888,"height":11}},{"id":"54aa3edb-d689-4e6b-b50c-e31a26a8603c","block_type":"box","text":"change on days or during time periods when investors are not able to purchase or sell Fund shares. Authorized Participants","page_number":47,"box":{"x":83,"y":861,"width":871,"height":11}},{"id":"c95fbe9e-0716-4c6e-a018-79a294691109","block_type":"box","text":"that create or redeem Fund shares on days when the Fund is holding fair-valued securities or other assets may receive fewer","page_number":47,"box":{"x":82,"y":875,"width":879,"height":11}},{"id":"662fe4b7-6916-4b23-ae03-2fd4f09c042e","block_type":"box","text":"S-40","page_number":47,"box":{"x":519,"y":920,"width":34,"height":9}},{"id":"c8d72548-0e9a-4f0a-984d-2e8d861af2c8","block_type":"box","text":"or more shares, or lower or higher redemption proceeds, than they would have received had the securities or other assets not","page_number":48,"box":{"x":83,"y":23,"width":880,"height":11}},{"id":"87dc655c-c90b-4466-ac3f-8bc1242f12e2","block_type":"box","text":"been fair valued or been valued using a different methodology. The ability to value investments may be impacted by","page_number":48,"box":{"x":84,"y":37,"width":815,"height":11}},{"id":"584396f0-b08b-4c4e-84b7-1978884a4bbc","block_type":"box","text":"technological issues or errors by pricing services or other third-party service providers.","page_number":48,"box":{"x":82,"y":52,"width":613,"height":10}},{"id":"8c50aff2-ef91-47f4-8de9-70e68f31757d","block_type":"box","text":"Performance Information","page_number":48,"box":{"x":84,"y":80,"width":229,"height":11}},{"id":"2bfb3831-d05b-4f83-83e8-fbcb1a36cbed","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides","page_number":48,"box":{"x":82,"y":106,"width":864,"height":10}},{"id":"3a397cd3-95c3-4505-947c-eb2da3e8e7d9","block_type":"box","text":"some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from","page_number":48,"box":{"x":83,"y":120,"width":871,"height":11}},{"id":"7d8b605d-a7a7-4257-b9b3-c8fe08f19146","block_type":"box","text":"one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate","page_number":48,"box":{"x":83,"y":134,"width":868,"height":11}},{"id":"edb0db78-21dc-4296-8065-a604b7e6a276","block_type":"box","text":"broad-based securities market index and the Underlying Index. Returns assume the reinvestment of any dividends and","page_number":48,"box":{"x":84,"y":148,"width":837,"height":11}},{"id":"948a8f7f-7934-4b94-8722-7b1bbc5128c1","block_type":"box","text":"distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce","page_number":48,"box":{"x":83,"y":162,"width":869,"height":11}},{"id":"403e7262-07da-4ca2-84a7-7be63763f6c9","block_type":"box","text":"performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will","page_number":48,"box":{"x":84,"y":176,"width":832,"height":11}},{"id":"b4486688-9e70-414e-bd21-69d1168da27d","block_type":"box","text":"perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting","page_number":48,"box":{"x":84,"y":191,"width":841,"height":11}},{"id":"c2a5a2da-9e2d-48fa-9b8c-7d22b112b58f","block_type":"box","text":"www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":48,"box":{"x":82,"y":205,"width":531,"height":11}},{"id":"32fc5780-f29a-43b6-9f17-7d40622bfdda","block_type":"box","text":"Calendar Year-by-Year Returns (%)","page_number":48,"box":{"x":165,"y":229,"width":260,"height":11}},{"id":"5cdafc18-64b3-4d3f-afa1-e9603a61bd47","block_type":"box","text":"7.71","page_number":48,"box":{"x":119,"y":326,"width":19,"height":6}},{"id":"c6f096a9-af61-4912-8122-282b0e297662","block_type":"box","text":"19.59","page_number":48,"box":{"x":154,"y":314,"width":25,"height":6}},{"id":"5f9b925e-5756-4f80-9ab0-ca4e7c7f9a15","block_type":"box","text":"-10.50","page_number":48,"box":{"x":188,"y":361,"width":30,"height":6}},{"id":"c2b729ef-6ab9-4454-a4b3-04df018cc7d7","block_type":"box","text":"23.06","page_number":48,"box":{"x":227,"y":310,"width":26,"height":6}},{"id":"838ad6ed-985a-4b35-8295-b2a58c4b4b88","block_type":"box","text":"-5.43","page_number":48,"box":{"x":265,"y":356,"width":24,"height":6}},{"id":"5876a13e-3ddd-4f2f-a2e6-b69ed203f81a","block_type":"box","text":"11.97","page_number":48,"box":{"x":302,"y":322,"width":25,"height":6}},{"id":"b8df989d-105d-45a1-8e6a-d8d25eedea50","block_type":"box","text":"-6.75","page_number":48,"box":{"x":339,"y":357,"width":24,"height":6}},{"id":"d4574224-80c2-4f36-93ec-e595fd527f58","block_type":"box","text":"10.75","page_number":48,"box":{"x":376,"y":323,"width":25,"height":6}},{"id":"35a93c3a-044c-46a2-a66d-77a674bc6446","block_type":"box","text":"3.97","page_number":48,"box":{"x":415,"y":330,"width":20,"height":6}},{"id":"9448054f-41ce-4346-af85-191494b1e304","block_type":"box","text":"51.69","page_number":48,"box":{"x":449,"y":279,"width":26,"height":6}},{"id":"b9ca3fa0-16f1-4a81-b7b5-71af32bf0bd3","block_type":"box","text":"2016 2017 2018 2019 2020 2021 2022 2023 2024 2025","page_number":48,"box":{"x":117,"y":384,"width":357,"height":6}},{"id":"dba2a39f-0c93-4b6d-a18f-1e101055c216","block_type":"box","text":"Return (%) Period Ended","page_number":48,"box":{"x":766,"y":244,"width":188,"height":9}},{"id":"fd9141c0-e9f1-45c7-8cc2-da4429cfc1d7","block_type":"box","text":"Calendar Year-to-Date Return","page_number":48,"box":{"x":550,"y":263,"width":197,"height":7}},{"id":"93295950-47b6-4140-ac87-8b188806b715","block_type":"box","text":"8.33% June 30, 2026","page_number":48,"box":{"x":788,"y":263,"width":184,"height":8}},{"id":"6852f60b-3919-4577-8238-078baa9b44b5","block_type":"box","text":"During the periods shown in the chart:","page_number":48,"box":{"x":551,"y":275,"width":250,"height":10}},{"id":"19d6b54f-75e9-4fff-9c07-fc1b51825868","block_type":"box","text":"Best Quarter 22.05% December 31, 2022","page_number":48,"box":{"x":564,"y":288,"width":408,"height":9}},{"id":"6d764953-7325-4d5b-858b-b1bc38878b8e","block_type":"box","text":"Worst Quarter -30.57% March 31, 2020","page_number":48,"box":{"x":563,"y":301,"width":409,"height":9}},{"id":"587189f5-7d73-41ef-ad2a-d14186cd5e7d","block_type":"box","text":"Average Annual Total Returns (%)","page_number":48,"box":{"x":403,"y":414,"width":250,"height":11}},{"id":"5760f0b1-dd0f-48ea-836e-114cc992dcfb","block_type":"box","text":"(for the periods ended December 31, 2025)","page_number":48,"box":{"x":371,"y":428,"width":315,"height":10}},{"id":"1661f336-71d1-4e1c-9b99-881760415058","block_type":"box","text":"One Year Five Years Ten Years","page_number":48,"box":{"x":701,"y":444,"width":268,"height":8}},{"id":"df1e9539-0dac-491a-a655-f6cf7df18afd","block_type":"box","text":"Fund Inception: 6/11/2007","page_number":48,"box":{"x":88,"y":460,"width":179,"height":9}},{"id":"7a4b83a7-cf2f-4d3d-b81f-e01de6dbdb46","block_type":"box","text":"Return Before Taxes","page_number":48,"box":{"x":89,"y":471,"width":124,"height":8}},{"id":"07e91a7c-3ab7-40d3-943b-6352b7dbff03","block_type":"box","text":"51.69% 12.77% 9.36%","page_number":48,"box":{"x":712,"y":471,"width":253,"height":8}},{"id":"653aee87-d5c4-44ac-b8d6-053e37158fdd","block_type":"box","text":"Return After Taxes on Distributions 49.92% 11.26% 8.06%","page_number":48,"box":{"x":89,"y":483,"width":876,"height":8}},{"id":"f9b673af-7569-4cfc-8989-dcc14b456a73","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 31.86% 9.89% 7.36%","page_number":48,"box":{"x":89,"y":495,"width":876,"height":7}},{"id":"483b12e6-8673-42b4-af04-5547a33d920b","block_type":"box","text":"S&P Developed ex US Broad Market Index (Net)","page_number":48,"box":{"x":87,"y":506,"width":312,"height":10}},{"id":"d55b6c6e-d662-4343-a52b-f3edeb13e539","block_type":"box","text":"1","page_number":48,"box":{"x":400,"y":505,"width":5,"height":4}},{"id":"7f5dc38a-e5a3-4866-96d3-76617129f9b9","block_type":"box","text":"(Returns do not reflect deductions for fees,","page_number":48,"box":{"x":409,"y":506,"width":269,"height":9}},{"id":"ae15500d-185b-443b-9d2f-4dcd6bb30532","block_type":"box","text":"expenses or taxes except for withholding taxes on reinvested dividends) 34.35% 8.57% 8.46%","page_number":48,"box":{"x":101,"y":519,"width":864,"height":10}},{"id":"188d610e-9e0c-48b0-a2ed-23442e65bb15","block_type":"box","text":"Dow Jones EPAC Select Dividend Index (Net)","page_number":48,"box":{"x":88,"y":531,"width":293,"height":9}},{"id":"86955c1d-a256-4772-bc50-ba3df3f4c19f","block_type":"box","text":"1","page_number":48,"box":{"x":382,"y":529,"width":5,"height":5}},{"id":"0d22ee46-b29c-4472-9391-bf369ec49ff6","block_type":"box","text":"(Returns do not reflect deductions for fees,","page_number":48,"box":{"x":392,"y":531,"width":268,"height":8}},{"id":"b0518ebc-97a3-40c9-8b62-814616ca47e5","block_type":"box","text":"expenses or taxes except for withholding taxes on reinvested dividends) 52.14% 12.69% 9.37%","page_number":48,"box":{"x":101,"y":544,"width":864,"height":9}},{"id":"b8871ca8-1a73-4a82-9e07-4f6c12599bd0","block_type":"box","text":"1","page_number":48,"box":{"x":110,"y":562,"width":5,"height":5}},{"id":"b157d60c-925a-4c8b-b381-c383395b421d","block_type":"box","text":"Returns for net indices generally assume the reinvestment of dividends after the deduction of the maximum withholding tax in each","page_number":48,"box":{"x":124,"y":564,"width":827,"height":9}},{"id":"ce7b0f35-126e-462e-8f25-10e5beea2cbb","block_type":"box","text":"country applicable to non-residents of the country as determined by the index provider. Such indices use withholding tax rates that are","page_number":48,"box":{"x":123,"y":574,"width":847,"height":10}},{"id":"fc148987-4d94-4f10-8fd6-0d75eb3b7f61","block_type":"box","text":"often at a higher rate than the rates to which the Fund is subject in each country, including for countries where the Fund is not subject","page_number":48,"box":{"x":123,"y":584,"width":844,"height":10}},{"id":"f3284765-2c63-455c-b2d8-b6b5e9b999a7","block_type":"box","text":"to withholding taxes. When this is the case, index performance will be lower than if the index used the Fund's applicable withholding","page_number":48,"box":{"x":123,"y":595,"width":829,"height":9}},{"id":"64d2264e-cf75-4604-a90f-5d56c3ea4b4b","block_type":"box","text":"tax rates, if any.","page_number":48,"box":{"x":123,"y":605,"width":96,"height":9}},{"id":"ae026529-eb25-461e-8fb7-e866899030c0","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax","page_number":48,"box":{"x":82,"y":625,"width":857,"height":10}},{"id":"d44a2127-78e6-4ad0-86da-6b5ad0b4d758","block_type":"box","text":"rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and","page_number":48,"box":{"x":84,"y":639,"width":864,"height":10}},{"id":"65ebd79b-6e55-4bd8-b62b-a96bf2d46141","block_type":"box","text":"may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold","page_number":48,"box":{"x":84,"y":653,"width":847,"height":11}},{"id":"6f54faa8-568e-4bec-a445-a45a96a67b73","block_type":"box","text":"shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns","page_number":48,"box":{"x":83,"y":667,"width":857,"height":11}},{"id":"ab32320e-d6a7-4f93-a80f-47777f41426f","block_type":"box","text":"after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of","page_number":48,"box":{"x":83,"y":681,"width":877,"height":11}},{"id":"acb3230d-8e7b-4aac-a969-180e42022e6f","block_type":"box","text":"the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund","page_number":48,"box":{"x":82,"y":695,"width":837,"height":11}},{"id":"0926eb05-d206-4cc7-a26b-7e377995a150","block_type":"box","text":"returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes","page_number":48,"box":{"x":84,"y":710,"width":885,"height":10}},{"id":"4d089e9e-7c42-4b6e-b2ac-82121ba840b7","block_type":"box","text":"on distributions.","page_number":48,"box":{"x":83,"y":724,"width":115,"height":8}},{"id":"43e8bb38-c1ac-4f7f-8888-6ccb33228ce7","block_type":"box","text":"Management","page_number":48,"box":{"x":84,"y":753,"width":120,"height":13}},{"id":"69ba90a1-a43d-4a4f-bc5c-9d6b912b68ed","block_type":"box","text":"Investment Adviser.","page_number":48,"box":{"x":84,"y":778,"width":144,"height":8}},{"id":"8709f988-c2b1-43ad-8083-d3bbfddf707e","block_type":"box","text":"BlackRock Fund Advisors.","page_number":48,"box":{"x":234,"y":778,"width":180,"height":8}},{"id":"9e1599ae-35dc-43e9-9404-9da78dd3c310","block_type":"box","text":"S-41","page_number":48,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"e499e65d-4a06-4d9f-88da-963b68532600","block_type":"box","text":"Portfolio Managers.","page_number":49,"box":{"x":84,"y":23,"width":145,"height":11}},{"id":"b9ad16d9-992a-472d-97fa-60956d8f1312","block_type":"box","text":"The following individuals (the “Portfolio Managers”) are primarily responsible for the day-to-day","page_number":49,"box":{"x":233,"y":23,"width":679,"height":11}},{"id":"05b07bc5-4a5b-4a42-9a38-bf236b3d37b3","block_type":"box","text":"management of the Fund:","page_number":49,"box":{"x":84,"y":37,"width":182,"height":11}},{"id":"f8c9e922-c4a0-4985-8bcc-db12b109010e","block_type":"box","text":"Portfolio Manager","page_number":49,"box":{"x":88,"y":73,"width":120,"height":10}},{"id":"282e97e4-2b97-4997-a1a9-0d2f1d2e221d","block_type":"box","text":"Portfolio Manager of the","page_number":49,"box":{"x":441,"y":60,"width":161,"height":10}},{"id":"200ea31e-4826-4b60-9835-0dee72a01eef","block_type":"box","text":"Fund Since","page_number":49,"box":{"x":485,"y":73,"width":72,"height":8}},{"id":"55f8f262-2540-4a11-ab64-964492400d06","block_type":"box","text":"Title with Investment","page_number":49,"box":{"x":834,"y":60,"width":140,"height":8}},{"id":"9449a567-84c4-49ef-823d-f357c52a0780","block_type":"box","text":"Adviser","page_number":49,"box":{"x":880,"y":73,"width":48,"height":8}},{"id":"5fb3440d-5bb5-4af1-9850-2b3b9c63149c","block_type":"box","text":"Jennifer Hsui 2012 Managing Director","page_number":49,"box":{"x":87,"y":89,"width":877,"height":9}},{"id":"d3e87c3a-f9e1-405f-b505-3061fdfb94f8","block_type":"box","text":"Matt Waldron 2025 Managing Director","page_number":49,"box":{"x":89,"y":104,"width":875,"height":10}},{"id":"57725dcb-a13e-4cc7-9871-f6e43cbbe71d","block_type":"box","text":"Peter Sietsema 2025 Managing Director","page_number":49,"box":{"x":89,"y":120,"width":875,"height":9}},{"id":"8a30df14-6d7a-4132-8c4e-2049dc6b46f0","block_type":"box","text":"Steven White 2025 Managing Director","page_number":49,"box":{"x":88,"y":135,"width":876,"height":10}},{"id":"a021dcd7-3c61-4202-9fb8-de1c7c678d56","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":49,"box":{"x":84,"y":170,"width":304,"height":11}},{"id":"98603e6f-b768-4dd5-a7c4-5b1a72db1297","block_type":"box","text":"The Fund is an ETF. Individual shares of the Fund may only be bought and sold in the secondary market through a","page_number":49,"box":{"x":82,"y":195,"width":806,"height":11}},{"id":"90cb64dc-a191-4a67-8c1e-30fb1174874c","block_type":"box","text":"broker-dealer. Because ETF shares trade at market prices rather than at NAV, shares may trade at a price greater than NAV (a","page_number":49,"box":{"x":84,"y":209,"width":877,"height":11}},{"id":"78f65cb3-4d52-44f5-bbfe-360b8d2cce5b","block_type":"box","text":"premium) or less than NAV (a discount). An investor may incur costs attributable to the difference between the highest price a","page_number":49,"box":{"x":84,"y":224,"width":886,"height":10}},{"id":"41fd7752-336b-434b-8b48-7969fb478eba","block_type":"box","text":"buyer is willing to pay to purchase shares of the Fund (bid) and the lowest price a seller is willing to accept for shares of the","page_number":49,"box":{"x":84,"y":238,"width":865,"height":11}},{"id":"50e4ad47-2030-46cb-89fd-dae75ab0d1a8","block_type":"box","text":"Fund (ask) when buying or selling shares in the secondary market (the “bid-ask spread”).","page_number":49,"box":{"x":84,"y":252,"width":625,"height":11}},{"id":"7489345f-cc84-4b5a-8a73-98e019d8fd07","block_type":"box","text":"Tax Information","page_number":49,"box":{"x":82,"y":281,"width":144,"height":10}},{"id":"b1e3c825-2c6b-44bc-8ac6-ddd0f26b55f4","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you as ordinary income or capital gains, unless you are","page_number":49,"box":{"x":82,"y":306,"width":832,"height":11}},{"id":"92f0ceac-8595-498f-9c62-dcd9edf0a906","block_type":"box","text":"investing through a tax-deferred arrangement such as a 401(k) plan or an IRA, in which case, your distributions generally will","page_number":49,"box":{"x":83,"y":320,"width":883,"height":11}},{"id":"8a89a221-3cc1-443f-8983-66a6e436f52f","block_type":"box","text":"be taxed when withdrawn.","page_number":49,"box":{"x":84,"y":335,"width":181,"height":8}},{"id":"b2455d83-23ac-422c-be16-a7d02d488c8e","block_type":"box","text":"Payments to Broker-Dealers and Other Financial Intermediaries","page_number":49,"box":{"x":84,"y":363,"width":575,"height":14}},{"id":"4350d427-b199-421b-809f-756895bf6eeb","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), BFA or other","page_number":49,"box":{"x":84,"y":389,"width":854,"height":10}},{"id":"1bdaa239-07dc-4664-b01b-e4d127bb7a02","block_type":"box","text":"related companies may pay the intermediary for marketing activities and presentations, educational training programs,","page_number":49,"box":{"x":84,"y":403,"width":842,"height":11}},{"id":"d1c2fae3-83d8-47d5-9100-b96d50452724","block_type":"box","text":"conferences, the development of technology platforms and reporting systems or other services related to the sale or","page_number":49,"box":{"x":83,"y":417,"width":820,"height":11}},{"id":"b316f73e-117b-4da9-929b-82e9688f17c6","block_type":"box","text":"promotion of the Fund. These payments may create a conflict of interest by influencing the broker-dealer or other","page_number":49,"box":{"x":84,"y":431,"width":801,"height":11}},{"id":"875afd46-a53f-43c2-a8ee-7f92dec07a91","block_type":"box","text":"intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your","page_number":49,"box":{"x":83,"y":446,"width":841,"height":10}},{"id":"40571f08-358f-41bd-9989-2b58cf8de5c4","block_type":"box","text":"financial intermediary’s website for more information.","page_number":49,"box":{"x":83,"y":459,"width":379,"height":11}},{"id":"7e55d32a-a6bc-4b34-9099-d3d32676dfaa","block_type":"box","text":"S-42","page_number":49,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"21539992-f481-49f4-b20a-1a75c43bbc64","block_type":"box","text":"iShares Select Dividend ETF","page_number":50,"box":{"x":84,"y":23,"width":390,"height":17}},{"id":"ca0aacd4-4718-40b4-9bb6-0d26936c87aa","block_type":"box","text":"DVY | Nasdaq","page_number":50,"box":{"x":85,"y":47,"width":186,"height":21}},{"id":"176c64a4-cb95-45f3-adb5-96b65f3f4f3a","block_type":"box","text":"Investment Objective","page_number":50,"box":{"x":84,"y":92,"width":192,"height":14}},{"id":"db2ccffd-c88b-4b57-bf8d-0ce37e749fd3","block_type":"box","text":"The iShares Select Dividend ETF (the “Fund”) seeks to track the investment results of an index composed of relatively high","page_number":50,"box":{"x":82,"y":117,"width":862,"height":11}},{"id":"f3dca2be-0200-45da-9898-5a0a586d66c7","block_type":"box","text":"dividend paying U.S. equities.","page_number":50,"box":{"x":83,"y":132,"width":207,"height":10}},{"id":"3ff231a6-62f8-4dc3-a251-c476c6f44166","block_type":"box","text":"Fees and Expenses","page_number":50,"box":{"x":84,"y":161,"width":169,"height":12}},{"id":"2440d978-2002-410b-b2fc-a5f50be9c22c","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. Amounts","page_number":50,"box":{"x":82,"y":186,"width":874,"height":10}},{"id":"853775be-18ca-44d8-ac43-7ef2fe00fabf","block_type":"box","text":"in the table are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement","page_number":50,"box":{"x":83,"y":200,"width":871,"height":11}},{"id":"6cab48f4-df88-48aa-9a71-afb1d0cb83fa","block_type":"box","text":"between iShares Trust (the “Trust”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that","page_number":50,"box":{"x":84,"y":214,"width":887,"height":11}},{"id":"8ef02c27-f533-4bd9-b297-a0774f4f85b0","block_type":"box","text":"BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes,","page_number":50,"box":{"x":84,"y":228,"width":795,"height":11}},{"id":"5ce53b4b-f935-4179-8b12-0a272332943c","block_type":"box","text":"(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio","page_number":50,"box":{"x":83,"y":242,"width":854,"height":11}},{"id":"065af709-014b-4650-860e-494bec3ed45c","block_type":"box","text":"transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any","page_number":50,"box":{"x":82,"y":256,"width":829,"height":11}},{"id":"a65630e5-7fd5-4583-bf18-edd1b12c7915","block_type":"box","text":"extraordinary expenses.","page_number":50,"box":{"x":83,"y":271,"width":168,"height":10}},{"id":"411bfb6e-1f7e-40b2-9f43-8149f772be59","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not","page_number":50,"box":{"x":82,"y":294,"width":830,"height":11}},{"id":"d08ee877-0074-4a70-8df8-a901f646b769","block_type":"box","text":"reflected in the table and example below.","page_number":50,"box":{"x":83,"y":308,"width":301,"height":11}},{"id":"f75b7ad4-eb8c-4486-b1e2-e1a916ef22c9","block_type":"box","text":"Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)","page_number":50,"box":{"x":87,"y":331,"width":761,"height":10}},{"id":"cc7fb16c-a4d2-42e2-a01e-362a278fba67","block_type":"box","text":"1","page_number":50,"box":{"x":849,"y":330,"width":5,"height":4}},{"id":"96630bf5-c66c-4e4b-9d85-6e5fabff08b6","block_type":"box","text":"Management Fee","page_number":50,"box":{"x":89,"y":351,"width":109,"height":10}},{"id":"5a5830a5-1986-4760-8fe5-8e20f0f5f4a1","block_type":"box","text":"0.38%","page_number":50,"box":{"x":920,"y":351,"width":41,"height":7}},{"id":"596dc0d1-c7b4-4022-8d25-8789493e27c7","block_type":"box","text":"Other Expenses","page_number":50,"box":{"x":88,"y":366,"width":99,"height":10}},{"id":"92f7ce08-1964-4e6a-831a-9dfd71152a3a","block_type":"box","text":"0.00%","page_number":50,"box":{"x":920,"y":366,"width":41,"height":8}},{"id":"660c2206-758b-4e25-884c-27e04ec4770c","block_type":"box","text":"Total Annual Fund Operating Expenses","page_number":50,"box":{"x":87,"y":382,"width":246,"height":9}},{"id":"a3d95751-366e-4221-9ee0-6db4db0dbdba","block_type":"box","text":"0.38%","page_number":50,"box":{"x":920,"y":382,"width":41,"height":7}},{"id":"3349be1a-5bcf-4c1d-8091-ee0b69791cda","block_type":"box","text":"1","page_number":50,"box":{"x":110,"y":410,"width":5,"height":4}},{"id":"3928628c-6bd5-4504-bd01-10194005c29b","block_type":"box","text":"Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any.","page_number":50,"box":{"x":123,"y":411,"width":780,"height":9}},{"id":"13c1f699-2798-4492-9fea-ed71aa5f147d","block_type":"box","text":"Example.","page_number":50,"box":{"x":84,"y":431,"width":66,"height":10}},{"id":"2719c2bd-efe1-4ccc-8fee-6b6f27b1d7f5","block_type":"box","text":"This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in","page_number":50,"box":{"x":154,"y":431,"width":795,"height":10}},{"id":"b5db79ea-4519-4582-81f2-321961ea33f7","block_type":"box","text":"other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your","page_number":50,"box":{"x":83,"y":444,"width":886,"height":12}},{"id":"8505bfea-5c6f-4b61-a8b5-4bf3460187a1","block_type":"box","text":"shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the","page_number":50,"box":{"x":83,"y":459,"width":870,"height":11}},{"id":"ace30267-555b-4ae0-bb02-332f4f45317f","block_type":"box","text":"Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions,","page_number":50,"box":{"x":84,"y":473,"width":887,"height":11}},{"id":"ca1d65d9-6b7a-46c0-a677-7f16495ea8d9","block_type":"box","text":"your costs would be:","page_number":50,"box":{"x":82,"y":487,"width":143,"height":11}},{"id":"b82749d7-7c88-4fa0-8332-85d428b7c8ea","block_type":"box","text":"Expense Example","page_number":50,"box":{"x":88,"y":510,"width":115,"height":9}},{"id":"1a9a981e-49b3-4484-ae13-fe1d7f4a54dd","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":50,"box":{"x":693,"y":510,"width":281,"height":8}},{"id":"a8382c56-468f-4a54-a40f-f5aaa75c3213","block_type":"box","text":"Example Fund Costs","page_number":50,"box":{"x":89,"y":526,"width":128,"height":9}},{"id":"b1168217-32f6-490f-9307-8da877c560fd","block_type":"box","text":"$39 $122 $213 $480","page_number":50,"box":{"x":701,"y":525,"width":261,"height":9}},{"id":"2159cd2f-6160-4f34-ae30-092ad5dcfa62","block_type":"box","text":"Portfolio Turnover.","page_number":50,"box":{"x":84,"y":555,"width":136,"height":8}},{"id":"8e9c0b94-d01a-433d-bea1-c63f6d9080d1","block_type":"box","text":"The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns","page_number":50,"box":{"x":225,"y":555,"width":721,"height":11}},{"id":"55a5516e-520f-4d6c-b90b-6f44698a7489","block_type":"box","text":"over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when","page_number":50,"box":{"x":83,"y":569,"width":884,"height":11}},{"id":"6174eed8-6679-442e-ac6c-5d297d1a142b","block_type":"box","text":"Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in","page_number":50,"box":{"x":84,"y":583,"width":875,"height":11}},{"id":"59fd999f-5b1e-4550-b011-ce5fc869cf6b","block_type":"box","text":"the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 23% of","page_number":50,"box":{"x":82,"y":597,"width":887,"height":11}},{"id":"55c6c4a2-b561-4766-b42d-226a43885aa7","block_type":"box","text":"the average value of its portfolio.","page_number":50,"box":{"x":82,"y":612,"width":231,"height":10}},{"id":"44486cbb-93f2-4f11-9aca-630a37777ba7","block_type":"box","text":"Principal Investment Strategies","page_number":50,"box":{"x":84,"y":641,"width":284,"height":13}},{"id":"186b3eaf-a5b1-457a-84b8-24aa1cd7c6e3","block_type":"box","text":"The Fund seeks to track the investment results of the Dow Jones U.S. Select Dividend Index (the “Underlying Index”), which","page_number":50,"box":{"x":82,"y":666,"width":866,"height":11}},{"id":"5fdb99fb-c0c8-4ec4-94a2-75483137e73f","block_type":"box","text":"measures the performance of the U.S.'s leading stocks by dividend yield. Dividend yield is calculated using a stock's indicated","page_number":50,"box":{"x":84,"y":680,"width":883,"height":11}},{"id":"2297b68e-8c55-4995-9a1a-ef7d42753b90","block_type":"box","text":"annual dividend (not including any special dividends) divided by its price. The Underlying Index is composed of 100 of the","page_number":50,"box":{"x":83,"y":694,"width":861,"height":11}},{"id":"ad084cff-3d29-4e42-863b-9ac322dd8c50","block_type":"box","text":"highest dividend-yielding securities (excluding real estate investment trusts (“REITs”)) in the Dow Jones U.S. Index, a","page_number":50,"box":{"x":84,"y":708,"width":821,"height":11}},{"id":"61add519-acb5-4835-86b1-7998ead969bb","block_type":"box","text":"broad-based index representative of the total market for U.S. equity securities. To be included in the Underlying Index, each","page_number":50,"box":{"x":84,"y":723,"width":868,"height":10}},{"id":"6bad5585-10d3-4f56-b8ed-053dc8f131ed","block_type":"box","text":"security (i) must have a dividend per share greater than or equal to its five-year average dividend per share; (ii) must have a","page_number":50,"box":{"x":83,"y":737,"width":867,"height":11}},{"id":"cab64930-d6c0-42d4-8757-49ec9ed34eb0","block_type":"box","text":"five-year average dividend coverage ratio of greater than or equal to 167%; (iii) must have a three-month average daily","page_number":50,"box":{"x":83,"y":751,"width":840,"height":11}},{"id":"ddb3fa10-b83c-4b8c-a151-28d339da53d9","block_type":"box","text":"trading volume of 200,000 shares (100,000 shares for current constituents); (iv) must have paid dividends in each of the","page_number":50,"box":{"x":82,"y":765,"width":852,"height":11}},{"id":"378e0066-7bb7-4af8-a5b0-33b541dee264","block_type":"box","text":"previous five years; (v) must have a non-negative trailing 12 month earnings per share; and (vi) must have a float-adjusted","page_number":50,"box":{"x":84,"y":779,"width":862,"height":11}},{"id":"4eea3e46-7f6e-4f13-ba40-c7b28b1f0ae9","block_type":"box","text":"market cap of at least $3 billion ($2 billion for current constituents). The Underlying Index is reviewed quarterly and","page_number":50,"box":{"x":84,"y":793,"width":812,"height":11}},{"id":"15f68ac6-bdf2-4812-b3e5-e180a5986be1","block_type":"box","text":"rebalanced annually.","page_number":50,"box":{"x":84,"y":808,"width":145,"height":10}},{"id":"61e1912c-248f-44ab-8256-115b2ffb75fc","block_type":"box","text":"The Underlying Index may include large-, mid- and small-capitalization companies. As of April 30, 2026, a significant portion","page_number":50,"box":{"x":82,"y":830,"width":883,"height":10}},{"id":"e73fcbdc-ae0e-485a-a57f-88dd48be2179","block_type":"box","text":"of the Underlying Index was represented by securities of companies in the financials and utilities industries or sectors. The","page_number":50,"box":{"x":83,"y":844,"width":865,"height":11}},{"id":"6fb6390c-2e0e-4fbd-a834-9ffd056eabba","block_type":"box","text":"components of the Underlying Index are likely to change over time.","page_number":50,"box":{"x":83,"y":858,"width":472,"height":11}},{"id":"29b3074e-f228-4b4f-b349-b584e2ee026a","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a","page_number":50,"box":{"x":82,"y":881,"width":853,"height":11}},{"id":"ebdc8015-e0e0-4361-a680-49d14b77d9fd","block_type":"box","text":"representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that","page_number":50,"box":{"x":84,"y":895,"width":838,"height":11}},{"id":"14e1e67c-7220-4063-ad06-414e01b72ea3","block_type":"box","text":"S-43","page_number":50,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"1a679ac7-ad72-4f1f-b979-3cac5e13a8d1","block_type":"box","text":"involves investing in a representative sample of securities or other instruments intended to collectively have an investment","page_number":51,"box":{"x":83,"y":23,"width":868,"height":11}},{"id":"bb7a1099-80dc-482e-a42f-0e6052e545e8","block_type":"box","text":"profile similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate,","page_number":51,"box":{"x":84,"y":37,"width":850,"height":11}},{"id":"4f61faf5-bff5-4488-b2a3-929b10e9c28f","block_type":"box","text":"investment characteristics (based on factors such as market capitalization and industry weightings), fundamental","page_number":51,"box":{"x":83,"y":51,"width":806,"height":11}},{"id":"013d9024-1576-49b5-b7fe-828ca2cc03c7","block_type":"box","text":"characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index.","page_number":51,"box":{"x":83,"y":66,"width":885,"height":11}},{"id":"84856a76-4b9c-4dea-a634-be269fac8732","block_type":"box","text":"The Fund may or may not hold all of the components of the Underlying Index. The Fund may use derivatives to gain or reduce","page_number":51,"box":{"x":82,"y":80,"width":885,"height":11}},{"id":"762f2c60-cab6-4955-aca4-26e2825d2273","block_type":"box","text":"exposure to the components of the Underlying Index or exposure to one or more market risk factors associated with such","page_number":51,"box":{"x":83,"y":94,"width":853,"height":11}},{"id":"cd846adb-5755-43d4-b9f6-f31bdbf52b72","block_type":"box","text":"components. Subject to the limits described herein, the Fund may purchase and hold cash and cash equivalents, including","page_number":51,"box":{"x":83,"y":108,"width":867,"height":11}},{"id":"7eef651b-ead6-4368-90d0-f1a093be32f8","block_type":"box","text":"shares of money market funds advised by BFA or its affiliates, and may also purchase and hold instruments not included in","page_number":51,"box":{"x":83,"y":122,"width":868,"height":11}},{"id":"9312f9ed-f0a5-40e5-a101-f9aa41a33b85","block_type":"box","text":"the Underlying Index when BFA believes that such instruments will help the Fund track the performance of the Underlying","page_number":51,"box":{"x":82,"y":137,"width":863,"height":10}},{"id":"1ddf0572-8419-4732-9f8c-d36fe0b30f91","block_type":"box","text":"Index over time, including in light of expected liquidity or trading costs, anticipated additions to or deletions from the","page_number":51,"box":{"x":84,"y":151,"width":825,"height":11}},{"id":"66e821ff-b55f-412d-8907-2921c833e73a","block_type":"box","text":"Underlying Index, or other reasons as determined by BFA.","page_number":51,"box":{"x":84,"y":165,"width":405,"height":11}},{"id":"156733fd-0650-4aaf-8e7a-4d6f8dba9967","block_type":"box","text":"In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), under normal","page_number":51,"box":{"x":84,"y":188,"width":844,"height":11}},{"id":"948f7ebd-9b1e-47c2-b227-f4f35ea1907f","block_type":"box","text":"circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for","page_number":51,"box":{"x":83,"y":202,"width":860,"height":11}},{"id":"df3735c0-0f8d-4ee2-a376-77206de8a7f7","block_type":"box","text":"investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be","page_number":51,"box":{"x":83,"y":217,"width":831,"height":10}},{"id":"71ea79d9-a2aa-4ab6-aaf4-3186500faf4f","block_type":"box","text":"counted toward the Fund's 80% investment policy to the extent that they provide exposure to the components of its","page_number":51,"box":{"x":83,"y":231,"width":817,"height":11}},{"id":"c4b21d54-9102-42f7-842b-640e18f487db","block_type":"box","text":"Underlying Index or exposure to one or more market risk factors associated with such components. The Fund's 80%","page_number":51,"box":{"x":84,"y":245,"width":817,"height":11}},{"id":"41b82603-efe6-4661-8631-37c7b2c806e3","block_type":"box","text":"investment policy may be changed by the Trust's Board of Trustees (the “Board”) upon 60 days' notice to shareholders.","page_number":51,"box":{"x":83,"y":259,"width":835,"height":11}},{"id":"2fe17523-7b23-4245-85df-30d8031aacb0","block_type":"box","text":"The Fund may lend securities representing up to one-third of the value of the Fund’s total assets (including the value of any","page_number":51,"box":{"x":82,"y":282,"width":873,"height":11}},{"id":"c76980db-2b73-4e60-b56e-ad17f2a63177","block_type":"box","text":"collateral received).","page_number":51,"box":{"x":83,"y":296,"width":136,"height":10}},{"id":"44e7d4a3-c51d-4561-a0ef-252f7d1d7b48","block_type":"box","text":"The Underlying Index is sponsored by S&P Dow Jones Indices LLC (the “Index Provider” or “SPDJI”), which is independent of","page_number":51,"box":{"x":82,"y":319,"width":877,"height":11}},{"id":"194b896a-db77-4e0d-8216-e2b0ecbb68a2","block_type":"box","text":"the Fund and BFA. The Index Provider determines the composition and relative weightings of the components of the","page_number":51,"box":{"x":82,"y":334,"width":821,"height":11}},{"id":"c974c393-2e85-4a1f-bb3e-85c88195faa1","block_type":"box","text":"Underlying Index and publishes information regarding the market value of the Underlying Index.","page_number":51,"box":{"x":84,"y":348,"width":680,"height":11}},{"id":"28f08fae-9ba2-43ab-9e98-c9d6230b339e","block_type":"box","text":"Industry Concentration Policy.","page_number":51,"box":{"x":84,"y":371,"width":223,"height":11}},{"id":"ea60c980-1041-4dda-924f-e422702a8c27","block_type":"box","text":"The Fund will concentrate its investments (","page_number":51,"box":{"x":312,"y":371,"width":304,"height":9}},{"id":"b18a2bc7-73bd-40a1-8eef-e81cf217f343","block_type":"box","text":"i.e.","page_number":51,"box":{"x":617,"y":372,"width":17,"height":8}},{"id":"d8e509b8-6ff5-4f9c-8046-ca80b067263d","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":51,"box":{"x":636,"y":371,"width":292,"height":10}},{"id":"18ae02e7-998b-49dd-b91a-5288bc4752d8","block_type":"box","text":"particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For","page_number":51,"box":{"x":84,"y":385,"width":858,"height":11}},{"id":"ea664453-7a5c-4170-b5e7-8b1500d01721","block_type":"box","text":"purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase","page_number":51,"box":{"x":84,"y":400,"width":867,"height":10}},{"id":"880bb6b7-82f9-40c7-b380-5bc2ee9e77eb","block_type":"box","text":"agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.","page_number":51,"box":{"x":83,"y":414,"width":826,"height":11}},{"id":"98056f24-421e-472c-9f10-5db581869945","block_type":"box","text":"Summary of Principal Risks","page_number":51,"box":{"x":83,"y":443,"width":248,"height":13}},{"id":"584ea438-7cd3-48d7-9464-6414fdfec9f3","block_type":"box","text":"As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that","page_number":51,"box":{"x":82,"y":468,"width":882,"height":11}},{"id":"40f6311b-6133-43e5-af91-8d5901da46bf","block_type":"box","text":"of other investments. The Fund is subject to certain risks, including the principal risks noted below, any of which may","page_number":51,"box":{"x":83,"y":482,"width":825,"height":11}},{"id":"951ef105-7e3f-48ca-88c7-83df54217066","block_type":"box","text":"adversely affect the Fund's net asset value per share (“NAV”), trading price, yield, total return and ability to meet its","page_number":51,"box":{"x":83,"y":496,"width":807,"height":11}},{"id":"8f86e587-ebd9-4bc2-be5d-829524d2800e","block_type":"box","text":"investment objective. Certain key risks are prioritized below (with others following in alphabetical order), but the relative","page_number":51,"box":{"x":83,"y":510,"width":844,"height":11}},{"id":"8870a809-6bcd-42ea-a2ec-d5304d846f85","block_type":"box","text":"significance of any risk is difficult to predict and may change over time. You should review each risk factor carefully.","page_number":51,"box":{"x":83,"y":525,"width":814,"height":10}},{"id":"fcd16f51-0695-47f0-b5f4-2848f7d8bc41","block_type":"box","text":"Risk of Investing in the U.S.","page_number":51,"box":{"x":84,"y":548,"width":200,"height":11}},{"id":"70edb220-96f0-4638-a568-31720b988daf","block_type":"box","text":"Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and","page_number":51,"box":{"x":289,"y":548,"width":664,"height":11}},{"id":"4ddb9959-d3fc-4f83-8c24-f36f6b0c8754","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline","page_number":51,"box":{"x":83,"y":562,"width":878,"height":11}},{"id":"944d0848-b781-4a58-9de1-55ef1cb5092e","block_type":"box","text":"in its financial markets, may have an adverse effect on U.S. issuers.","page_number":51,"box":{"x":83,"y":576,"width":470,"height":11}},{"id":"9e40a71d-a720-4c5f-a127-4ec490cf9e8e","block_type":"box","text":"Dividend-Paying Stock Risk.","page_number":51,"box":{"x":84,"y":599,"width":208,"height":11}},{"id":"24b33a80-f42b-4afa-a40a-df65310236be","block_type":"box","text":"Investing in dividend-paying stocks involves the risk that such stocks may fall out of favor with","page_number":51,"box":{"x":298,"y":599,"width":665,"height":11}},{"id":"d6aef367-f8bd-4891-a276-ddf66191cd97","block_type":"box","text":"investors and underperform other types of stocks or the broader market. Companies that issue dividend-paying stocks are","page_number":51,"box":{"x":83,"y":614,"width":864,"height":10}},{"id":"2fa67390-6d4f-4b11-ba20-a5b2c1a03bdf","block_type":"box","text":"not required to pay or continue paying dividends on such stocks. It is possible that issuers of the stocks held by the Fund will","page_number":51,"box":{"x":84,"y":628,"width":876,"height":11}},{"id":"dbad1dbe-7c59-4344-8cfe-b604b2e55d24","block_type":"box","text":"not declare dividends in the future or will reduce or eliminate the payment of dividends (including reducing or eliminating","page_number":51,"box":{"x":84,"y":642,"width":858,"height":11}},{"id":"212534c6-da4f-4c46-b019-43f80068cd8c","block_type":"box","text":"anticipated accelerations or increases in the payment of dividends), which may adversely affect the Fund.","page_number":51,"box":{"x":83,"y":656,"width":744,"height":11}},{"id":"dc395596-22ce-4931-8aa8-f97588bd1faf","block_type":"box","text":"Equity Securities Risk.","page_number":51,"box":{"x":84,"y":679,"width":163,"height":11}},{"id":"d1c55ce8-b35b-42f6-babb-b46ecf92047e","block_type":"box","text":"Equity securities are subject to changes in value, and their values may be more volatile than those of","page_number":51,"box":{"x":253,"y":679,"width":709,"height":11}},{"id":"1dea460c-81f2-4a85-bb49-1e8576640b10","block_type":"box","text":"other asset classes. The value of a security may decline for a number of reasons that may directly relate to the issuer as well as","page_number":51,"box":{"x":83,"y":694,"width":889,"height":10}},{"id":"8c9541ec-356f-4efd-86d6-1581ba9fad13","block_type":"box","text":"due to general industry or market conditions. Common stock is subordinated to preferred securities and debt in a company’s","page_number":51,"box":{"x":83,"y":708,"width":880,"height":11}},{"id":"4c35b0cd-d7f2-4f94-aeaf-6c386eff407a","block_type":"box","text":"capital structure. Common stock has the lowest priority, and the greatest risk, with respect to dividends and any liquidation","page_number":51,"box":{"x":83,"y":722,"width":867,"height":11}},{"id":"a6e541d9-80d0-42e3-bd3f-05264cb40770","block_type":"box","text":"payments in the event of an issuer’s bankruptcy.","page_number":51,"box":{"x":84,"y":736,"width":339,"height":11}},{"id":"73729aca-f762-4629-a84e-60876881e5f5","block_type":"box","text":"Market Risk.","page_number":51,"box":{"x":84,"y":759,"width":90,"height":9}},{"id":"7cfc5709-d9da-41c3-980f-0dc370b1531d","block_type":"box","text":"The Fund could lose money over short periods due to short-term market movements and over longer periods","page_number":51,"box":{"x":179,"y":759,"width":767,"height":11}},{"id":"03c453fd-8216-4620-b879-8735f938dc2a","block_type":"box","text":"during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other","page_number":51,"box":{"x":83,"y":773,"width":882,"height":11}},{"id":"5a306a4e-e874-48cb-9ae3-af8010a5420c","block_type":"box","text":"public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events","page_number":51,"box":{"x":84,"y":788,"width":857,"height":10}},{"id":"fc51a510-4195-43d2-9d33-4e78f0197938","block_type":"box","text":"could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the","page_number":51,"box":{"x":83,"y":802,"width":875,"height":11}},{"id":"4428acd9-f236-43c2-9f6e-beab5f15f5e5","block_type":"box","text":"Fund’s NAV.","page_number":51,"box":{"x":84,"y":816,"width":81,"height":8}},{"id":"53171e5a-7d02-4162-9db6-e34decd2bd18","block_type":"box","text":"Index-Related Risk.","page_number":51,"box":{"x":84,"y":839,"width":143,"height":9}},{"id":"7011d9fc-1172-4392-8735-4a706dde4eb3","block_type":"box","text":"The Index Provider may rely on various sources of information to assess the criteria of components of the","page_number":51,"box":{"x":231,"y":839,"width":742,"height":11}},{"id":"85379b91-a8c6-4e7c-b2da-237a0acb440f","block_type":"box","text":"Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can","page_number":51,"box":{"x":84,"y":853,"width":855,"height":11}},{"id":"3f9097e2-9d02-4b6f-8eb8-c7f7f1a387ad","block_type":"box","text":"offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of","page_number":51,"box":{"x":83,"y":867,"width":852,"height":11}},{"id":"10336935-183a-492a-ac4c-19320944bd73","block_type":"box","text":"S-44","page_number":51,"box":{"x":519,"y":920,"width":34,"height":9}},{"id":"f5d63029-36e1-43c5-b113-29af7e52c768","block_type":"box","text":"included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or","page_number":52,"box":{"x":83,"y":23,"width":877,"height":11}},{"id":"501f3564-494d-48f1-8172-7a550e90cdf7","block_type":"box","text":"the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not","page_number":52,"box":{"x":82,"y":37,"width":849,"height":11}},{"id":"df4cd2b6-9630-415e-8cd7-d816dd04d41f","block_type":"box","text":"identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual","page_number":52,"box":{"x":83,"y":52,"width":849,"height":10}},{"id":"6b41d795-f1f2-4f80-815e-d9a63ac036d9","block_type":"box","text":"market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index","page_number":52,"box":{"x":84,"y":66,"width":890,"height":11}},{"id":"34109bf7-868b-4903-b21f-db8b41e99521","block_type":"box","text":"Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could","page_number":52,"box":{"x":84,"y":80,"width":852,"height":11}},{"id":"cc01a965-2fa2-4148-b204-47b12a3b6265","block_type":"box","text":"cause the Underlying Index to vary from its normal or expected composition.","page_number":52,"box":{"x":83,"y":94,"width":539,"height":11}},{"id":"9d63dfac-b55c-40fa-baca-8ba1e2802f16","block_type":"box","text":"Asset Class Risk.","page_number":52,"box":{"x":82,"y":117,"width":123,"height":9}},{"id":"32647169-4679-46fc-ad28-8b9b18932015","block_type":"box","text":"The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in","page_number":52,"box":{"x":209,"y":117,"width":721,"height":11}},{"id":"ea71a347-f083-48dd-8b73-6c2d7eed6bcb","block_type":"box","text":"comparison to financial markets generally, a particular financial market, another index, or other asset classes.","page_number":52,"box":{"x":83,"y":131,"width":774,"height":11}},{"id":"e4e31cc8-2dbe-453f-9a21-e0aa52d3cabf","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":52,"box":{"x":82,"y":155,"width":318,"height":10}},{"id":"e461032c-2713-4702-b08c-579003aa0ab9","block_type":"box","text":"An “Authorized Participant” is a member or participant of a clearing agency","page_number":52,"box":{"x":405,"y":154,"width":531,"height":11}},{"id":"a13eb9a6-9de8-4fe8-a1b7-bcb8bdf594bb","block_type":"box","text":"registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the","page_number":52,"box":{"x":84,"y":169,"width":809,"height":11}},{"id":"4b854869-b483-4a31-9314-347d344186d5","block_type":"box","text":"Authorized Participant to place orders for the purchase and redemption of creation units (“Creation Units”). Only an","page_number":52,"box":{"x":82,"y":183,"width":816,"height":11}},{"id":"f879c487-015f-4353-9c19-0007f8df1986","block_type":"box","text":"Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number","page_number":52,"box":{"x":82,"y":197,"width":885,"height":11}},{"id":"63cf62d1-c19a-42ed-a138-172185c88c59","block_type":"box","text":"of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market","page_number":52,"box":{"x":83,"y":211,"width":871,"height":11}},{"id":"cfed9dd5-27ae-4209-bc2f-c4a7731ce58e","block_type":"box","text":"participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that","page_number":52,"box":{"x":84,"y":226,"width":845,"height":10}},{"id":"7331908f-ae45-49dd-9216-62a7771a573f","block_type":"box","text":"Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized","page_number":52,"box":{"x":82,"y":240,"width":882,"height":10}},{"id":"3b5053b4-2a7d-432b-9800-5b78a7771b77","block_type":"box","text":"Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading","page_number":52,"box":{"x":84,"y":254,"width":853,"height":11}},{"id":"e4012892-d684-432c-89b8-cf93299560c4","block_type":"box","text":"halts or delisting.","page_number":52,"box":{"x":84,"y":268,"width":120,"height":11}},{"id":"1eecf18e-ea25-44b1-ae48-b025721535f2","block_type":"box","text":"Concentration Risk.","page_number":52,"box":{"x":83,"y":291,"width":145,"height":9}},{"id":"16d939f6-e6dc-4ada-a4e2-94e46ee214b2","block_type":"box","text":"The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that","page_number":52,"box":{"x":232,"y":291,"width":712,"height":11}},{"id":"104bec24-8a51-4daf-bb83-4ce600c373b3","block_type":"box","text":"affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in","page_number":52,"box":{"x":83,"y":305,"width":884,"height":10}},{"id":"ce8756f4-ea0b-421c-ab3d-7fea94232190","block_type":"box","text":"the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or","page_number":52,"box":{"x":82,"y":320,"width":887,"height":10}},{"id":"8845866d-13a9-4ba1-ab01-8dbcb44705c1","block_type":"box","text":"asset classes.","page_number":52,"box":{"x":83,"y":334,"width":95,"height":8}},{"id":"d07a4bea-81f6-4f8f-86ea-8d57a33ef6ad","block_type":"box","text":"Financial Companies Risk.","page_number":52,"box":{"x":84,"y":357,"width":192,"height":11}},{"id":"3e0ce1d9-c691-412a-8c94-33a4a5443690","block_type":"box","text":"Financial services companies are subject to extensive governmental regulation and intervention,","page_number":52,"box":{"x":282,"y":357,"width":683,"height":11}},{"id":"e8c0bb95-cedf-4a98-bf7a-985df7e16db9","block_type":"box","text":"which may adversely affect their profitability, the scope of their activities, the prices they can charge, the amount of capital","page_number":52,"box":{"x":82,"y":371,"width":864,"height":11}},{"id":"20ae07cb-7e56-4da1-ad50-518fc41fa133","block_type":"box","text":"and liquid assets they must maintain and their size, among other things. Financial services companies also may be","page_number":52,"box":{"x":83,"y":386,"width":813,"height":10}},{"id":"3eb0da31-1c36-4401-bbb4-770c8f6a92c1","block_type":"box","text":"significantly affected by, among other things, interest rates, economic conditions, volatility in financial markets, credit rating","page_number":52,"box":{"x":83,"y":400,"width":879,"height":10}},{"id":"3d4b105b-2076-4413-b897-f1d80e9ac428","block_type":"box","text":"downgrades, adverse public perception, exposure concentration and counterparty risk.","page_number":52,"box":{"x":83,"y":414,"width":613,"height":11}},{"id":"a2f83a1d-5b36-40b9-bb6a-0194b8dc13fc","block_type":"box","text":"Issuer Risk.","page_number":52,"box":{"x":84,"y":437,"width":82,"height":8}},{"id":"fb2f567b-4e67-4142-b7e6-6b8f7ea35d5f","block_type":"box","text":"The performance of the Fund depends on the performance of individual securities or other assets to which the","page_number":52,"box":{"x":170,"y":437,"width":780,"height":10}},{"id":"f2d2b860-6b37-43db-8ac1-2ce918aab6ac","block_type":"box","text":"Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due","page_number":52,"box":{"x":84,"y":451,"width":885,"height":11}},{"id":"842d0126-0e5f-4410-a0f3-f638fa73c75c","block_type":"box","text":"to changes in the financial condition or credit rating of the issuer or counterparty.","page_number":52,"box":{"x":82,"y":465,"width":577,"height":11}},{"id":"ac9d7d29-8738-4871-be69-c4b042d20a1f","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":52,"box":{"x":84,"y":488,"width":278,"height":11}},{"id":"7ee5c93e-d506-46d1-acbd-c2b1005428dc","block_type":"box","text":"Large-capitalization companies may be less able than smaller-capitalization","page_number":52,"box":{"x":367,"y":489,"width":540,"height":10}},{"id":"fd3b553a-dc8a-4277-90b2-42213d965e99","block_type":"box","text":"companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may be more","page_number":52,"box":{"x":83,"y":503,"width":890,"height":11}},{"id":"24db59f0-6284-41eb-bcce-3f7584cd9e1b","block_type":"box","text":"mature and subject to more limited growth potential compared with smaller-capitalization companies. The performance of","page_number":52,"box":{"x":84,"y":517,"width":867,"height":11}},{"id":"635391d8-3c5c-43b6-a75d-4b0c76280172","block_type":"box","text":"large-capitalization companies could trail the overall performance of the broader securities markets.","page_number":52,"box":{"x":84,"y":531,"width":709,"height":11}},{"id":"413bb75c-2827-4350-8fc7-60af170ed216","block_type":"box","text":"Management Risk.","page_number":52,"box":{"x":84,"y":554,"width":136,"height":11}},{"id":"1014e0e9-7024-4be9-96ea-1ebd4a7ea791","block_type":"box","text":"The Fund does not try to “beat” the Underlying Index it tracks and does not attempt to take defensive","page_number":52,"box":{"x":225,"y":554,"width":711,"height":11}},{"id":"9c03dd54-07ab-48a7-b4fc-f4d0acb2a422","block_type":"box","text":"positions under any market conditions, including declining markets. As the Fund will not fully replicate the Underlying Index","page_number":52,"box":{"x":84,"y":568,"width":876,"height":11}},{"id":"92dc9215-4f59-474a-b4eb-70831ce298c9","block_type":"box","text":"and may hold securities or other assets not included in the Underlying Index, it is subject to the risk that BFA’s investment","page_number":52,"box":{"x":83,"y":583,"width":859,"height":10}},{"id":"6ca36f5d-4f5f-4883-8008-ff189bff78fd","block_type":"box","text":"strategy may not produce the intended results. There is no guarantee that the Fund’s investment results will have a high","page_number":52,"box":{"x":83,"y":597,"width":847,"height":11}},{"id":"def5e034-05f0-4ecf-a627-da6e222392f1","block_type":"box","text":"degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective.","page_number":52,"box":{"x":83,"y":611,"width":756,"height":11}},{"id":"6f5e3f2e-fd4c-4b89-a641-c9a98839efe8","block_type":"box","text":"Market Trading Risk.","page_number":52,"box":{"x":84,"y":634,"width":151,"height":11}},{"id":"5e6621f7-6bdc-432e-94f0-30fe91277176","block_type":"box","text":"The Fund faces numerous market trading risks, including the potential lack of an active market for","page_number":52,"box":{"x":239,"y":634,"width":695,"height":11}},{"id":"86b41f19-f9b6-4e24-ad6d-c935d9389219","block_type":"box","text":"Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and","page_number":52,"box":{"x":84,"y":648,"width":841,"height":11}},{"id":"d3a3cde2-43ac-4125-b7fd-2f9cc944534e","block_type":"box","text":"disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s","page_number":52,"box":{"x":83,"y":663,"width":887,"height":10}},{"id":"7c63c681-2759-4573-871e-f6dd338c6230","block_type":"box","text":"shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio","page_number":52,"box":{"x":83,"y":677,"width":839,"height":11}},{"id":"f3cb4267-fe8a-4aa3-919f-6f34467551a1","block_type":"box","text":"holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when","page_number":52,"box":{"x":84,"y":691,"width":865,"height":11}},{"id":"99b54fbe-43d9-472f-9681-e9492c2252d8","block_type":"box","text":"the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value","page_number":52,"box":{"x":82,"y":705,"width":885,"height":11}},{"id":"ef9d54cb-d536-4b60-be1f-d97add6b7e95","block_type":"box","text":"of the Fund shares.","page_number":52,"box":{"x":83,"y":719,"width":135,"height":9}},{"id":"79d8296d-ae90-452a-8bf9-bc0c02c49f72","block_type":"box","text":"Mid-Capitalization Companies Risk.","page_number":52,"box":{"x":84,"y":742,"width":264,"height":11}},{"id":"5f36c69f-5713-45a4-9065-851fec9a20ec","block_type":"box","text":"Compared to large-capitalization companies, mid-capitalization companies may be","page_number":52,"box":{"x":353,"y":743,"width":590,"height":10}},{"id":"7cee14e7-40a2-460f-a69f-b3232b425cb9","block_type":"box","text":"less stable and more susceptible to adverse developments. The securities of mid-capitalization companies may be more","page_number":52,"box":{"x":84,"y":757,"width":846,"height":11}},{"id":"c1891930-a4b5-40f2-9d2d-b592e7b9a543","block_type":"box","text":"volatile and less liquid than those of large-capitalization companies. As a result, the Fund’s share price may be more volatile","page_number":52,"box":{"x":82,"y":771,"width":875,"height":11}},{"id":"b79893a3-115d-4a77-a829-c1673e161c0a","block_type":"box","text":"than that of a fund with a greater investment in large-capitalization stocks.","page_number":52,"box":{"x":82,"y":785,"width":529,"height":11}},{"id":"e193d50d-ef21-4888-92b4-f14bdd66f505","block_type":"box","text":"Operational and Technology Risks.","page_number":52,"box":{"x":83,"y":808,"width":255,"height":11}},{"id":"e534315b-8bb9-4b94-a572-b080f4e33fd6","block_type":"box","text":"The Fund is directly and indirectly susceptible to operational and technology risks,","page_number":52,"box":{"x":342,"y":808,"width":582,"height":11}},{"id":"b1087b34-4632-4940-8beb-0107299bd02c","block_type":"box","text":"including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents,","page_number":52,"box":{"x":83,"y":822,"width":876,"height":11}},{"id":"ef575b96-10b5-4bb0-90d5-cf80c1c55cca","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”), which may result in losses for the Fund and its shareholders","page_number":52,"box":{"x":83,"y":836,"width":879,"height":11}},{"id":"339c923f-70b5-4065-95af-6ed8602650bf","block_type":"box","text":"or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational,","page_number":52,"box":{"x":83,"y":851,"width":825,"height":11}},{"id":"d2ebdec8-9f75-417b-8c84-2852d66daad9","block_type":"box","text":"information security and cybersecurity risk management policies and procedures, their methods of risk management may","page_number":52,"box":{"x":83,"y":865,"width":863,"height":11}},{"id":"429a0c09-65af-4140-939a-e7cbd1c02a9c","block_type":"box","text":"S-45","page_number":52,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"4a7f74e4-f65e-4b35-8d64-727e7793d27e","block_type":"box","text":"differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in","page_number":53,"box":{"x":83,"y":23,"width":872,"height":11}},{"id":"78ba162f-60ef-4712-a09e-49386b8b8073","block_type":"box","text":"material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.","page_number":53,"box":{"x":84,"y":37,"width":823,"height":11}},{"id":"0aebf687-d608-496d-b19a-c6f56465dc3c","block_type":"box","text":"Securities Lending Risk.","page_number":53,"box":{"x":83,"y":60,"width":177,"height":11}},{"id":"5fad3620-ab6a-4ec3-bc78-08d134efe8f4","block_type":"box","text":"The Fund may engage in securities lending. Securities lending involves the risk that the Fund may","page_number":53,"box":{"x":264,"y":61,"width":692,"height":10}},{"id":"7d3157cf-0d03-4caf-a32e-3f188d1e220e","block_type":"box","text":"lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund","page_number":53,"box":{"x":84,"y":75,"width":869,"height":11}},{"id":"6543549b-d4ff-44c9-a86f-debe0f0511d2","block_type":"box","text":"could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value","page_number":53,"box":{"x":83,"y":89,"width":886,"height":11}},{"id":"114d1a2a-654c-4d19-bd04-f796bd64eae5","block_type":"box","text":"of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.","page_number":53,"box":{"x":83,"y":103,"width":831,"height":11}},{"id":"8c588a51-bd7a-4c3d-a86e-af30c1a63471","block_type":"box","text":"Small-Capitalization Companies Risk.","page_number":53,"box":{"x":83,"y":126,"width":277,"height":11}},{"id":"2a2a6294-795f-4c4e-8e8a-fe34dfa29a2c","block_type":"box","text":"Compared to mid- and large-capitalization companies, small-capitalization","page_number":53,"box":{"x":366,"y":126,"width":532,"height":11}},{"id":"cbc02e92-e35d-4be7-9071-edd24bc4a312","block_type":"box","text":"companies may be less stable and more susceptible to adverse developments. The securities of small-capitalization","page_number":53,"box":{"x":83,"y":140,"width":817,"height":11}},{"id":"615e9b96-d369-405c-89f0-56ba38010c08","block_type":"box","text":"companies may be more volatile and less liquid than those of mid- and large-capitalization companies. As a result, the Fund’s","page_number":53,"box":{"x":83,"y":155,"width":887,"height":10}},{"id":"309a1704-c6e5-405d-a89d-bf37afb9d1a1","block_type":"box","text":"share price may be more volatile than that of a fund with a greater investment in large- or mid-capitalization stocks.","page_number":53,"box":{"x":83,"y":169,"width":817,"height":11}},{"id":"7217e8e7-abca-4951-938f-670d77c9c331","block_type":"box","text":"Tracking Error Risk.","page_number":53,"box":{"x":82,"y":192,"width":145,"height":11}},{"id":"44f3d399-b47f-4baa-8ee9-ebf1f54df305","block_type":"box","text":"The Fund may be subject to “tracking error,” which is the divergence of the Fund’s performance from that","page_number":53,"box":{"x":231,"y":192,"width":741,"height":11}},{"id":"2fca4a82-c006-4218-9580-7170ec3ce86e","block_type":"box","text":"of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities","page_number":53,"box":{"x":83,"y":206,"width":861,"height":11}},{"id":"1b459f38-f7a9-4f6c-805e-f2744c35fae8","block_type":"box","text":"and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and","page_number":53,"box":{"x":83,"y":220,"width":832,"height":11}},{"id":"97ca85e1-c6e6-4318-b05a-4b17a7f0625d","block_type":"box","text":"methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the","page_number":53,"box":{"x":84,"y":235,"width":880,"height":10}},{"id":"8dd843b9-f462-4073-b3c1-aee13f3ed956","block_type":"box","text":"Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the","page_number":53,"box":{"x":84,"y":249,"width":830,"height":11}},{"id":"ab6cada3-4628-4f91-ab64-293e341f29d9","block_type":"box","text":"valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses;","page_number":53,"box":{"x":82,"y":263,"width":828,"height":11}},{"id":"169bb00b-0bca-4d51-acc3-34d091e42a6c","block_type":"box","text":"differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the","page_number":53,"box":{"x":83,"y":277,"width":874,"height":11}},{"id":"b69025e7-f31e-48a2-83ce-c80420083410","block_type":"box","text":"Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment;","page_number":53,"box":{"x":84,"y":291,"width":888,"height":11}},{"id":"6cb72564-4e3a-4533-8419-5f217f2e69eb","block_type":"box","text":"portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom","page_number":53,"box":{"x":84,"y":305,"width":851,"height":11}},{"id":"85d1ac5a-4c0e-47a3-9226-26e3c148f532","block_type":"box","text":"baskets; changes to the Underlying Index including the ability and timing of the Fund to adjust its portfolio to reflect changes","page_number":53,"box":{"x":84,"y":320,"width":885,"height":10}},{"id":"5aed5f1e-7ec0-4581-b959-28b1614bae82","block_type":"box","text":"in the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or limits. Tracking error","page_number":53,"box":{"x":83,"y":334,"width":874,"height":11}},{"id":"32b5faa2-79dd-41e9-a7b7-616b37190d73","block_type":"box","text":"risk may be heightened during times of increased market volatility or other unusual market conditions.","page_number":53,"box":{"x":84,"y":348,"width":724,"height":11}},{"id":"21b95006-3663-4d22-ae1b-9e3f7fb055c0","block_type":"box","text":"Utility Companies Risk.","page_number":53,"box":{"x":83,"y":371,"width":171,"height":11}},{"id":"e6fba202-3235-4f63-ba77-8adc8d2e3fef","block_type":"box","text":"The utilities sector is generally subject to significant government regulation and oversight, including","page_number":53,"box":{"x":258,"y":371,"width":710,"height":11}},{"id":"4f049b4b-c48b-4a19-b469-f694addec34a","block_type":"box","text":"restrictions on rates as well as environmental and other regulations. Utility companies also may face risks related to, among","page_number":53,"box":{"x":84,"y":385,"width":873,"height":11}},{"id":"17c865f7-acf5-4d9d-9245-db412a25118c","block_type":"box","text":"other things, natural disasters, cyber or other attacks, capital project funding, energy price volatility and increased","page_number":53,"box":{"x":83,"y":400,"width":805,"height":10}},{"id":"ec1c1793-9656-4666-91cc-d6bee9f4bd2d","block_type":"box","text":"competition.","page_number":53,"box":{"x":83,"y":414,"width":88,"height":10}},{"id":"833551cc-9499-4cc4-90bc-39ff40c80a90","block_type":"box","text":"Performance Information","page_number":53,"box":{"x":84,"y":443,"width":229,"height":10}},{"id":"0e7f66b9-1832-481d-99b7-48334a79cd9b","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides","page_number":53,"box":{"x":82,"y":468,"width":864,"height":10}},{"id":"1896c379-705c-4dc7-95cc-65ebaa728221","block_type":"box","text":"some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from","page_number":53,"box":{"x":83,"y":482,"width":871,"height":11}},{"id":"a3022747-2516-49a0-86ab-66a0984f3497","block_type":"box","text":"one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate","page_number":53,"box":{"x":83,"y":496,"width":868,"height":11}},{"id":"ef256175-c4d4-4a64-9021-5cfb52ecad3a","block_type":"box","text":"broad-based securities market index and the Underlying Index. Returns assume the reinvestment of any dividends and","page_number":53,"box":{"x":84,"y":510,"width":837,"height":11}},{"id":"7ffe3c96-c51f-44de-9597-2a048edb5959","block_type":"box","text":"distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce","page_number":53,"box":{"x":83,"y":525,"width":869,"height":10}},{"id":"5d06ad3b-7c05-4f6a-bcfc-2bb2c790f5eb","block_type":"box","text":"performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will","page_number":53,"box":{"x":84,"y":539,"width":832,"height":11}},{"id":"d4cee08f-c0c1-4808-b848-f4a01015ee5e","block_type":"box","text":"perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting","page_number":53,"box":{"x":84,"y":553,"width":841,"height":11}},{"id":"26bc4b4d-4df3-45d2-a07a-a6560290a65f","block_type":"box","text":"www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":53,"box":{"x":82,"y":567,"width":531,"height":11}},{"id":"143f0651-a595-48ba-8c9c-bb37d4a35926","block_type":"box","text":"Calendar Year-by-Year Returns (%)","page_number":53,"box":{"x":165,"y":592,"width":260,"height":11}},{"id":"ac07dde5-ad16-4c66-b479-99bd287a5fd0","block_type":"box","text":"21.46","page_number":53,"box":{"x":116,"y":665,"width":26,"height":7}},{"id":"edb28c32-fa69-4287-82ae-d9046c5a3ec7","block_type":"box","text":"14.95","page_number":53,"box":{"x":154,"y":676,"width":25,"height":6}},{"id":"e1499259-abfb-458a-b456-cdc3100b866f","block_type":"box","text":"-6.30","page_number":53,"box":{"x":191,"y":723,"width":24,"height":6}},{"id":"b5e01e66-6c20-45b0-91b8-24fbb95e854f","block_type":"box","text":"22.66","page_number":53,"box":{"x":227,"y":664,"width":26,"height":6}},{"id":"ef7bf384-83a4-4428-95d0-06cacb8a162b","block_type":"box","text":"-4.90","page_number":53,"box":{"x":265,"y":721,"width":24,"height":6}},{"id":"30ebd536-023a-4896-afa2-09a9e208f40e","block_type":"box","text":"31.63","page_number":53,"box":{"x":301,"y":650,"width":26,"height":6}},{"id":"d0e13967-e82c-4609-9a77-a26660511451","block_type":"box","text":"1.92","page_number":53,"box":{"x":342,"y":695,"width":19,"height":6}},{"id":"63986437-1580-4a35-a0a2-917b1b72e25b","block_type":"box","text":"1.09","page_number":53,"box":{"x":379,"y":697,"width":19,"height":6}},{"id":"cd483092-b5d1-486b-a92e-651a25eae035","block_type":"box","text":"16.19","page_number":53,"box":{"x":413,"y":674,"width":25,"height":6}},{"id":"1fce2849-fffb-455c-86f0-b0b8bcb7d491","block_type":"box","text":"11.64","page_number":53,"box":{"x":450,"y":681,"width":25,"height":6}},{"id":"72666155-d585-4815-8f9e-8b312dc9e41e","block_type":"box","text":"2016 2017 2018 2019 2020 2021 2022 2023 2024 2025","page_number":53,"box":{"x":117,"y":746,"width":357,"height":6}},{"id":"69ac4b21-b1d9-4d64-88c1-7ac35f49b906","block_type":"box","text":"Return (%) Period Ended","page_number":53,"box":{"x":790,"y":607,"width":176,"height":9}},{"id":"a62a726a-1d2f-40d6-8279-eea0c564ca41","block_type":"box","text":"Calendar Year-to-Date Return","page_number":53,"box":{"x":550,"y":625,"width":197,"height":7}},{"id":"c2fa9b40-ec37-411b-acea-f8fc390460c1","block_type":"box","text":"12.48% June 30, 2026","page_number":53,"box":{"x":804,"y":625,"width":168,"height":9}},{"id":"c019489a-8d47-490d-9bbe-7ab8f7529736","block_type":"box","text":"During the periods shown in the chart:","page_number":53,"box":{"x":551,"y":638,"width":250,"height":9}},{"id":"82d0bae3-fb26-4285-b5e9-497d57b8e20e","block_type":"box","text":"Best Quarter 19.51% March 31, 2021","page_number":53,"box":{"x":564,"y":651,"width":408,"height":8}},{"id":"23815207-4e2e-43ab-b307-5d6e04262e3b","block_type":"box","text":"Worst Quarter -29.37% March 31, 2020","page_number":53,"box":{"x":563,"y":664,"width":409,"height":8}},{"id":"bbe9185a-9412-4fc8-b3f9-7af3722d0a63","block_type":"box","text":"S-46","page_number":53,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"71c5bc70-a40e-4825-91a3-ff6f7a898a82","block_type":"box","text":"Average Annual Total Returns (%)","page_number":54,"box":{"x":403,"y":31,"width":250,"height":11}},{"id":"1ef04e5a-1698-464d-b450-a7f4961a22c4","block_type":"box","text":"(for the periods ended December 31, 2025)","page_number":54,"box":{"x":371,"y":45,"width":315,"height":11}},{"id":"e917a08d-92e8-4ba9-9da7-89727fb78de5","block_type":"box","text":"One Year Five Years Ten Years","page_number":54,"box":{"x":701,"y":61,"width":268,"height":8}},{"id":"610b63b5-cf8d-4dc4-b06c-1eac121b40e5","block_type":"box","text":"Fund Inception: 11/3/2003","page_number":54,"box":{"x":88,"y":77,"width":179,"height":9}},{"id":"9dcf1432-b27a-452d-a410-fd456981df46","block_type":"box","text":"Return Before Taxes","page_number":54,"box":{"x":89,"y":89,"width":124,"height":7}},{"id":"4a170904-8b63-415e-8aab-2e1a9b92e76e","block_type":"box","text":"11.64% 11.96% 10.38%","page_number":54,"box":{"x":712,"y":89,"width":257,"height":7}},{"id":"1c9f0dcb-8139-4542-9538-970f34c905ce","block_type":"box","text":"Return After Taxes on Distributions 10.64% 11.00% 9.45%","page_number":54,"box":{"x":89,"y":100,"width":880,"height":8}},{"id":"8357cffc-7e55-4f13-a020-e6bc4dbcaa18","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 7.53% 9.40% 8.32%","page_number":54,"box":{"x":89,"y":112,"width":880,"height":7}},{"id":"bdde7db5-1ef6-4572-b2c3-6c062a3ce9ae","block_type":"box","text":"S&P Total Market Index","page_number":54,"box":{"x":87,"y":123,"width":155,"height":8}},{"id":"ba2fafce-c7a1-4c11-8998-a83b96818e13","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes) 17.05% 13.07% 14.22%","page_number":54,"box":{"x":246,"y":123,"width":723,"height":10}},{"id":"705e54a9-adcd-4353-a60f-d78c81963d44","block_type":"box","text":"Dow Jones U.S. Select Dividend Index","page_number":54,"box":{"x":88,"y":135,"width":245,"height":7}},{"id":"2dccafe0-0b2c-4664-b8c6-faf5ddca4202","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses","page_number":54,"box":{"x":337,"y":135,"width":330,"height":9}},{"id":"923b7ce5-c344-4bfd-b40a-ddef7aeba718","block_type":"box","text":"or taxes)","page_number":54,"box":{"x":101,"y":148,"width":53,"height":8}},{"id":"40c23e47-0356-41ad-9289-df22afa837d4","block_type":"box","text":"12.12% 12.43% 10.83%","page_number":54,"box":{"x":712,"y":148,"width":257,"height":7}},{"id":"3e45103c-53fc-4d32-bdd3-2297f3679b7b","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax","page_number":54,"box":{"x":82,"y":177,"width":857,"height":11}},{"id":"b9db5643-07eb-4149-8252-659355d66e07","block_type":"box","text":"rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and","page_number":54,"box":{"x":84,"y":191,"width":864,"height":11}},{"id":"49b756cc-28d4-4050-8477-15b6ba012b14","block_type":"box","text":"may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold","page_number":54,"box":{"x":84,"y":206,"width":847,"height":10}},{"id":"4a358753-51cc-431c-9504-687f23cda212","block_type":"box","text":"shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns","page_number":54,"box":{"x":83,"y":220,"width":857,"height":11}},{"id":"cacd9608-c535-471f-8fca-9e09d600593d","block_type":"box","text":"after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of","page_number":54,"box":{"x":83,"y":234,"width":877,"height":11}},{"id":"63d6c3bc-67e2-464a-aebb-7a00e21e1469","block_type":"box","text":"the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund","page_number":54,"box":{"x":82,"y":248,"width":837,"height":11}},{"id":"247c1fc9-d304-459c-b3fd-dc31dedf07f9","block_type":"box","text":"returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes","page_number":54,"box":{"x":84,"y":262,"width":885,"height":11}},{"id":"6fa81a39-829e-48e9-876f-682ec4d33ab4","block_type":"box","text":"on distributions.","page_number":54,"box":{"x":83,"y":277,"width":115,"height":8}},{"id":"34376380-a417-4fb1-aa66-d3d80375214c","block_type":"box","text":"Management","page_number":54,"box":{"x":84,"y":306,"width":120,"height":13}},{"id":"416389a8-444a-4393-9150-caf699b1a20c","block_type":"box","text":"Investment Adviser.","page_number":54,"box":{"x":84,"y":331,"width":144,"height":8}},{"id":"c60ef756-1e5c-48e9-8ad8-c3bcf0dec5b9","block_type":"box","text":"BlackRock Fund Advisors.","page_number":54,"box":{"x":234,"y":331,"width":180,"height":8}},{"id":"28c79b94-3f80-447b-b11d-be5d7b713260","block_type":"box","text":"Portfolio Managers.","page_number":54,"box":{"x":84,"y":354,"width":145,"height":11}},{"id":"2ae8bf5c-f3ff-4a7a-9059-9eb88d6648bb","block_type":"box","text":"The following individuals (the “Portfolio Managers”) are primarily responsible for the day-to-day","page_number":54,"box":{"x":233,"y":354,"width":679,"height":11}},{"id":"7fe5b0b3-986c-49a4-bf10-f7c55bedfdef","block_type":"box","text":"management of the Fund:","page_number":54,"box":{"x":84,"y":368,"width":182,"height":11}},{"id":"83c8f93b-a04b-416a-b15b-92beeaae0df1","block_type":"box","text":"Portfolio Manager","page_number":54,"box":{"x":88,"y":404,"width":120,"height":9}},{"id":"2ee08a95-1966-4587-b180-9c2f2c228a26","block_type":"box","text":"Portfolio Manager of the","page_number":54,"box":{"x":441,"y":391,"width":161,"height":10}},{"id":"c46bdf35-c7cc-4a3c-af93-42ee5b573606","block_type":"box","text":"Fund Since","page_number":54,"box":{"x":485,"y":404,"width":72,"height":7}},{"id":"a9f10249-7d52-4ebc-be39-dd958048a5b3","block_type":"box","text":"Title with Investment","page_number":54,"box":{"x":834,"y":391,"width":140,"height":7}},{"id":"e5851f83-3c01-419e-966b-4664e0b2bb96","block_type":"box","text":"Adviser","page_number":54,"box":{"x":880,"y":404,"width":48,"height":7}},{"id":"b2a35f9b-4254-49fb-a49c-d04ae6145630","block_type":"box","text":"Jennifer Hsui 2012 Managing Director","page_number":54,"box":{"x":87,"y":419,"width":877,"height":10}},{"id":"590adfd5-b599-45b0-a68e-adb7cea74bce","block_type":"box","text":"Matt Waldron 2025 Managing Director","page_number":54,"box":{"x":89,"y":435,"width":875,"height":9}},{"id":"7b781700-e9ab-425c-90df-d22d5100ddd4","block_type":"box","text":"Peter Sietsema 2025 Managing Director","page_number":54,"box":{"x":89,"y":450,"width":875,"height":10}},{"id":"b02805c3-521c-4487-bd8a-88f99ad3f495","block_type":"box","text":"Steven White 2025 Managing Director","page_number":54,"box":{"x":88,"y":466,"width":876,"height":9}},{"id":"39ed5739-3802-4d6d-b0bc-3d39511fa228","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":54,"box":{"x":84,"y":501,"width":304,"height":10}},{"id":"c0631e68-a143-44ab-8291-102bbbcf9916","block_type":"box","text":"The Fund is an exchange-traded fund (commonly referred to as an “ETF”). Individual shares of the Fund may only be bought","page_number":54,"box":{"x":82,"y":526,"width":878,"height":11}},{"id":"79c39938-4b86-4fd4-8447-0faf70425491","block_type":"box","text":"and sold in the secondary market through a broker-dealer. Because ETF shares trade at market prices rather than at NAV,","page_number":54,"box":{"x":83,"y":540,"width":855,"height":11}},{"id":"ec6fe3e3-8052-42b3-99d4-f7968bd2ea47","block_type":"box","text":"shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). An investor may incur costs","page_number":54,"box":{"x":83,"y":554,"width":817,"height":11}},{"id":"ee3d7c96-5628-42b1-90cb-157d94601789","block_type":"box","text":"attributable to the difference between the highest price a buyer is willing to pay to purchase shares of the Fund (bid) and the","page_number":54,"box":{"x":83,"y":568,"width":878,"height":11}},{"id":"eca66e1d-c18b-4f82-974c-c42f6e0c5793","block_type":"box","text":"lowest price a seller is willing to accept for shares of the Fund (ask) when buying or selling shares in the secondary market","page_number":54,"box":{"x":84,"y":583,"width":860,"height":10}},{"id":"ed429a01-29d0-4fa8-b070-246a7c11ee94","block_type":"box","text":"(the “bid-ask spread”).","page_number":54,"box":{"x":83,"y":597,"width":157,"height":10}},{"id":"dfb1628b-6cd8-4026-9946-befbb7cb14bd","block_type":"box","text":"Tax Information","page_number":54,"box":{"x":82,"y":626,"width":144,"height":10}},{"id":"5be2113f-3d63-403b-9a9a-b64ebe4e2e1c","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you as ordinary income or capital gains, unless you are","page_number":54,"box":{"x":82,"y":651,"width":832,"height":11}},{"id":"18a863a8-95be-4817-b197-da6a998f9480","block_type":"box","text":"investing through a tax-deferred arrangement such as a 401(k) plan or an IRA, in which case, your distributions generally will","page_number":54,"box":{"x":83,"y":665,"width":883,"height":11}},{"id":"b5d49937-973b-4dcf-b654-cd0e32046510","block_type":"box","text":"be taxed when withdrawn.","page_number":54,"box":{"x":84,"y":680,"width":181,"height":8}},{"id":"417e3d01-cf6f-4034-abc9-f20309f1ae73","block_type":"box","text":"Payments to Broker-Dealers and Other Financial Intermediaries","page_number":54,"box":{"x":84,"y":708,"width":575,"height":14}},{"id":"85c45c37-8cce-4bac-9c8b-51ad1013afe0","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), BFA or other","page_number":54,"box":{"x":84,"y":733,"width":854,"height":11}},{"id":"f9a37d86-ff5a-4cfe-8fee-ffaf9ad79678","block_type":"box","text":"related companies may pay the intermediary for marketing activities and presentations, educational training programs,","page_number":54,"box":{"x":84,"y":748,"width":842,"height":10}},{"id":"232b18a9-9e19-4ff6-9360-ac58ee6219cc","block_type":"box","text":"conferences, the development of technology platforms and reporting systems or other services related to the sale or","page_number":54,"box":{"x":83,"y":762,"width":820,"height":11}},{"id":"9d566833-1db2-443d-860f-2d219f004424","block_type":"box","text":"promotion of the Fund. These payments may create a conflict of interest by influencing the broker-dealer or other","page_number":54,"box":{"x":84,"y":776,"width":801,"height":11}},{"id":"54ddbf5a-9796-4e40-a6fe-318e08f324dd","block_type":"box","text":"intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your","page_number":54,"box":{"x":83,"y":790,"width":841,"height":11}},{"id":"09e4c897-0541-4a34-8213-b70295d7478b","block_type":"box","text":"financial intermediary’s website for more information.","page_number":54,"box":{"x":83,"y":804,"width":379,"height":11}},{"id":"7c4db8aa-b28f-4ad9-b306-db7dea80a34d","block_type":"box","text":"S-47","page_number":54,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"3025d346-3743-4c2b-9d5d-4be48c30153e","block_type":"box","text":"More Information About the Funds","page_number":55,"box":{"x":78,"y":22,"width":340,"height":14}},{"id":"224fc020-46a8-4f34-9fae-077c95c8975a","block_type":"box","text":"This Prospectus contains important information about investing in the Funds listed below. Please read this Prospectus carefully before you","page_number":55,"box":{"x":76,"y":51,"width":885,"height":11}},{"id":"acd143b7-55c7-4489-92fb-3003d4c2e3f2","block_type":"box","text":"make any investment decisions. Additional information regarding the Funds as well as other funds that are series of iShares Trust, iShares","page_number":55,"box":{"x":76,"y":66,"width":882,"height":11}},{"id":"4921d043-a5c9-4d5e-8584-c79c38df5ca8","block_type":"box","text":"U.S. ETF Trust or iShares, Inc. (each, a “Fund”) is available at www.iShares.com.","page_number":55,"box":{"x":77,"y":80,"width":508,"height":11}},{"id":"1c9ba137-295e-4be5-bcf5-2514597d2d13","block_type":"box","text":"Each Fund’s investment objective and its Underlying Index may be changed without shareholder approval.","page_number":55,"box":{"x":77,"y":103,"width":675,"height":11}},{"id":"cba3ea65-2ad8-4c16-9ea3-c50c66655b06","block_type":"box","text":"Fund Underlying Index Investment Objective","page_number":55,"box":{"x":87,"y":134,"width":602,"height":11}},{"id":"1c88095f-1c70-4224-9625-9309dbfe5ad6","block_type":"box","text":"iShares Core High Dividend ETF Morningstar Dividend Yield Focus","page_number":55,"box":{"x":87,"y":152,"width":439,"height":11}},{"id":"2cab1caf-73d6-48f8-99c7-357bfd527ff0","block_type":"box","text":"Index","page_number":55,"box":{"x":314,"y":167,"width":33,"height":8}},{"id":"5c87d7c9-a110-4bae-a732-3ac36736db9d","block_type":"box","text":"The iShares Core High Dividend ETF seeks to track the investment","page_number":55,"box":{"x":539,"y":152,"width":424,"height":11}},{"id":"ae046fb9-24ac-45d1-a0c4-b1e087007cda","block_type":"box","text":"results of an index composed of relatively high dividend paying U.S.","page_number":55,"box":{"x":540,"y":167,"width":430,"height":10}},{"id":"fa039261-9e44-4143-ac4a-f3d25cfd2cdb","block_type":"box","text":"equities.","page_number":55,"box":{"x":540,"y":181,"width":53,"height":10}},{"id":"d4b8fe49-5a3f-4ce8-bd4d-a7137b85b97e","block_type":"box","text":"iShares Environmentally Aware","page_number":55,"box":{"x":87,"y":199,"width":197,"height":11}},{"id":"f9a05055-1aea-4e08-80ca-5ed7fc1e553b","block_type":"box","text":"Real Estate ETF","page_number":55,"box":{"x":87,"y":213,"width":98,"height":8}},{"id":"33fa1c39-d206-4662-9245-50e9f5984e6e","block_type":"box","text":"FTSE EPRA Nareit Developed","page_number":55,"box":{"x":314,"y":199,"width":184,"height":11}},{"id":"3c0f7964-09f6-49d5-a137-c767a8a5f155","block_type":"box","text":"Green Target Index","page_number":55,"box":{"x":313,"y":213,"width":120,"height":11}},{"id":"94374ddc-a869-491a-9fd1-a81ef7f50837","block_type":"box","text":"The iShares Environmentally Aware Real Estate ETF seeks to track","page_number":55,"box":{"x":539,"y":199,"width":423,"height":11}},{"id":"09662667-3e35-4177-8fcb-e3b59b610439","block_type":"box","text":"the investment results of an index composed of developed market","page_number":55,"box":{"x":539,"y":213,"width":424,"height":11}},{"id":"14582b68-1eb5-46c6-9782-1d22c3317ed6","block_type":"box","text":"real estate equities while targeting increased exposure to green","page_number":55,"box":{"x":540,"y":227,"width":406,"height":11}},{"id":"ac1bb239-25a8-4be0-bc4b-1c48b7b3ce74","block_type":"box","text":"certification and energy efficiency relative to the parent index.","page_number":55,"box":{"x":540,"y":241,"width":396,"height":11}},{"id":"f7ee05e6-6389-42e3-97dc-636508c147d6","block_type":"box","text":"iShares Global Clean Energy ETF S&P Global Clean Energy","page_number":55,"box":{"x":87,"y":259,"width":385,"height":11}},{"id":"9f733060-a8c4-41e3-b29b-c99b48da09c1","block_type":"box","text":"Transition Index","page_number":55,"box":{"x":313,"y":274,"width":100,"height":8}},{"id":"332e4bd5-8d19-4f64-804a-a36d9c55537f","block_type":"box","text":"The iShares Global Clean Energy ETF seeks to track the investment","page_number":55,"box":{"x":539,"y":259,"width":429,"height":11}},{"id":"a8c55f94-125e-4617-8339-9a6a18ffdf08","block_type":"box","text":"results of an index composed of global equities in the clean energy","page_number":55,"box":{"x":540,"y":274,"width":427,"height":10}},{"id":"57c09269-e1a6-4636-bcbf-4e3be063be45","block_type":"box","text":"sector.","page_number":55,"box":{"x":540,"y":289,"width":42,"height":7}},{"id":"fce79a89-9d20-44e1-ab35-abcc674a5fc7","block_type":"box","text":"iShares Global REIT ETF FTSE EPRA Nareit Global REITs","page_number":55,"box":{"x":87,"y":306,"width":424,"height":8}},{"id":"75b7660b-314c-4981-9dd7-3826587a0c15","block_type":"box","text":"Index","page_number":55,"box":{"x":314,"y":320,"width":33,"height":8}},{"id":"04aaf08c-51d3-4f2a-8b0a-6519c1b5ea19","block_type":"box","text":"The iShares Global REIT ETF seeks to track the investment results","page_number":55,"box":{"x":539,"y":306,"width":421,"height":8}},{"id":"36f258a4-99cb-4371-94d4-c88632e83876","block_type":"box","text":"of an index composed of global real estate equities in developed","page_number":55,"box":{"x":540,"y":320,"width":410,"height":11}},{"id":"cb03afcc-a8d7-4258-b4b3-301eaea49b14","block_type":"box","text":"and emerging markets.","page_number":55,"box":{"x":540,"y":334,"width":146,"height":11}},{"id":"8412f90e-3484-4994-b7d3-6bbd53cd461b","block_type":"box","text":"iShares International Developed","page_number":55,"box":{"x":87,"y":352,"width":203,"height":11}},{"id":"9404025b-8474-4d91-b1e1-d4ef0c63221e","block_type":"box","text":"Real Estate ETF","page_number":55,"box":{"x":87,"y":366,"width":98,"height":9}},{"id":"51139e7c-b8ab-4836-976d-bff65da76a6f","block_type":"box","text":"FTSE EPRA Nareit Developed ex","page_number":55,"box":{"x":314,"y":352,"width":204,"height":11}},{"id":"25264a6b-6c81-4c32-9e2c-4739049c44e1","block_type":"box","text":"US Index","page_number":55,"box":{"x":314,"y":366,"width":56,"height":9}},{"id":"bd0f4d60-29e1-4d15-80f3-862a0bafd53e","block_type":"box","text":"The iShares International Developed Real Estate ETF seeks to track","page_number":55,"box":{"x":539,"y":352,"width":430,"height":11}},{"id":"b57da458-474b-49ed-a62b-6283d9d7306c","block_type":"box","text":"the investment results of an index composed of real estate equities","page_number":55,"box":{"x":539,"y":366,"width":431,"height":11}},{"id":"4d0af9c3-da9f-4f69-98d1-3efde3b8bdaa","block_type":"box","text":"in developed non-U.S. markets.","page_number":55,"box":{"x":540,"y":381,"width":200,"height":10}},{"id":"814f4705-700e-4832-8363-a1c616058078","block_type":"box","text":"iShares International Select","page_number":55,"box":{"x":87,"y":399,"width":176,"height":8}},{"id":"49793cef-db1d-41d1-9b8e-17c1b724cec8","block_type":"box","text":"Dividend ETF","page_number":55,"box":{"x":87,"y":413,"width":82,"height":8}},{"id":"32c386c8-1cdf-475b-9c7f-151cf4db2966","block_type":"box","text":"Dow Jones EPAC Select Dividend","page_number":55,"box":{"x":314,"y":399,"width":208,"height":9}},{"id":"80e84abd-5cbc-44e6-ae00-0a004898ec37","block_type":"box","text":"Index","page_number":55,"box":{"x":314,"y":413,"width":33,"height":8}},{"id":"790f5896-6f57-4eb2-8948-c01350992c9e","block_type":"box","text":"The iShares International Select Dividend ETF seeks to track the","page_number":55,"box":{"x":539,"y":399,"width":410,"height":8}},{"id":"a5e4e679-61d3-48df-af99-d169d5374d9e","block_type":"box","text":"investment results of an index composed of relatively high dividend","page_number":55,"box":{"x":540,"y":413,"width":429,"height":11}},{"id":"50929b44-09ac-4934-8039-93839691af05","block_type":"box","text":"paying equities in non-U.S. developed markets.","page_number":55,"box":{"x":540,"y":427,"width":300,"height":11}},{"id":"caaf1c5c-dd82-4a98-b48d-19916a42b9de","block_type":"box","text":"iShares Select Dividend ETF Dow Jones U.S. Select Dividend","page_number":55,"box":{"x":87,"y":445,"width":427,"height":9}},{"id":"1211c7a1-a648-4752-8c71-b65861260f6d","block_type":"box","text":"Index","page_number":55,"box":{"x":314,"y":459,"width":33,"height":9}},{"id":"dca7ef8d-9c10-4543-bcd3-472788cf5eac","block_type":"box","text":"The iShares Select Dividend ETF seeks to track the investment","page_number":55,"box":{"x":539,"y":445,"width":400,"height":8}},{"id":"5c01c817-cde9-49f3-ab41-afe83a3a6371","block_type":"box","text":"results of an index composed of relatively high dividend paying U.S.","page_number":55,"box":{"x":540,"y":459,"width":430,"height":11}},{"id":"c430dbde-e6d3-4964-9429-84efee1fd77d","block_type":"box","text":"equities.","page_number":55,"box":{"x":540,"y":473,"width":53,"height":11}},{"id":"dc21a1b8-fbdf-41a4-8725-43edee1bd62e","block_type":"box","text":"ETFs are funds that trade like other publicly traded securities. Shares of each Fund are listed on a national securities exchange and trade in","page_number":55,"box":{"x":77,"y":503,"width":889,"height":11}},{"id":"2f609304-7be1-4b35-8887-da1bad4373cf","block_type":"box","text":"the secondary market at market prices that change throughout the day. The market price for a share of a Fund may be different from the","page_number":55,"box":{"x":76,"y":518,"width":873,"height":10}},{"id":"79a8f64b-3802-4408-a9ea-a96ba6c2f09e","block_type":"box","text":"Fund’s most recent NAV.","page_number":55,"box":{"x":77,"y":532,"width":155,"height":8}},{"id":"ed0347a1-08af-44d8-bd68-f32763d1db41","block_type":"box","text":"Each Fund invests in a particular segment of the markets for securities and other instruments (as applicable) and is designed to be used as","page_number":55,"box":{"x":77,"y":555,"width":887,"height":11}},{"id":"b31eb07f-9154-4d1b-bd94-5dc17066cf07","block_type":"box","text":"part of broader asset allocation strategies. Accordingly, an investment in a Fund should not constitute a complete investment program. An","page_number":55,"box":{"x":76,"y":569,"width":885,"height":11}},{"id":"0384f1c6-d941-44cd-ab21-ba1c86a9077b","block_type":"box","text":"investment in a Fund is not a bank deposit, and it is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other","page_number":55,"box":{"x":76,"y":583,"width":863,"height":11}},{"id":"a0d100a2-704d-4895-a01d-a96d20aaee39","block_type":"box","text":"government agency, BFA or any of BFA’s affiliates.","page_number":55,"box":{"x":76,"y":597,"width":318,"height":11}},{"id":"102b42c6-b68d-457c-a48e-bb2d2c211101","block_type":"box","text":"Index Funds","page_number":55,"box":{"x":77,"y":621,"width":83,"height":8}},{"id":"87e0949e-c593-4cbd-add0-98c0cf839603","block_type":"box","text":"A share of a Fund represents an ownership interest in an underlying portfolio of securities and other instruments (as applicable) that is","page_number":55,"box":{"x":76,"y":644,"width":861,"height":11}},{"id":"c40d11ae-3d0f-4c04-b135-929230cbe3aa","block_type":"box","text":"intended to track the Fund’s Underlying Index. An index is a financial calculation, based on a grouping of financial instruments, and is not an","page_number":55,"box":{"x":76,"y":658,"width":894,"height":11}},{"id":"35e8aae4-f061-4561-a2c8-e0f62ad0bf25","block_type":"box","text":"investment product, while each Fund is an actual investment portfolio. The performance of a Fund and that of its Underlying Index may vary","page_number":55,"box":{"x":76,"y":672,"width":893,"height":11}},{"id":"dab87456-0ada-4226-9888-2dabff376218","block_type":"box","text":"for a number of reasons, including transaction costs, asset or currency valuations, corporate actions, timing variances and differences","page_number":55,"box":{"x":76,"y":686,"width":859,"height":11}},{"id":"e7eff588-7dd0-4ea6-9341-5a07348e4335","block_type":"box","text":"between the composition of a Fund’s portfolio and that of the Underlying Index resulting from the Fund’s use of representative sampling or","page_number":55,"box":{"x":76,"y":701,"width":887,"height":10}},{"id":"9cc7c915-160b-42ee-94ae-38a3f8890310","block_type":"box","text":"from legal restrictions (such as diversification requirements) that apply to the Fund but not to its Underlying Index.","page_number":55,"box":{"x":76,"y":715,"width":732,"height":11}},{"id":"7f2f1e9c-3da9-4714-b654-aa21ddebdfd5","block_type":"box","text":"From time to time, the provider of the Underlying Index (“Index Provider”) may make changes to the index methodology or other adjustments","page_number":55,"box":{"x":77,"y":738,"width":901,"height":11}},{"id":"fb10f11a-f8fd-42d8-a316-858aba71337b","block_type":"box","text":"to a Fund’s Underlying Index. Unless otherwise determined by BFA, any such change will be reflected in the calculation of the Underlying","page_number":55,"box":{"x":76,"y":752,"width":873,"height":11}},{"id":"66f0975b-ccc7-414d-987c-e1ca2bf7124c","block_type":"box","text":"Index’s performance on a going-forward basis after the effective date of such change. Therefore, the performance of the Underlying Index","page_number":55,"box":{"x":77,"y":766,"width":881,"height":11}},{"id":"b68e9bf1-f952-4180-8a84-b86b7a5000d5","block_type":"box","text":"that is shown for periods prior to the effective date of any such change generally will not be recalculated or restated to reflect the change.","page_number":55,"box":{"x":76,"y":780,"width":883,"height":11}},{"id":"c722eca1-1f31-48d9-8ee5-992200c0c47e","block_type":"box","text":"BFA uses a representative sampling indexing strategy to manage the Funds. “Representative sampling” is an indexing strategy that involves","page_number":55,"box":{"x":77,"y":804,"width":890,"height":11}},{"id":"f0d04de3-024b-4904-9500-1921c665b452","block_type":"box","text":"investing in a representative sample of securities or other instruments intended to collectively have an investment profile similar to that of an","page_number":55,"box":{"x":76,"y":818,"width":903,"height":11}},{"id":"36be990b-9ec2-4b7e-8dd3-d1da1a4ea942","block_type":"box","text":"applicable underlying index. Because the Funds use representative sampling, they can be expected to have a larger tracking error than if they","page_number":55,"box":{"x":76,"y":832,"width":905,"height":11}},{"id":"304ea998-737b-4315-b0a5-a186c559a60c","block_type":"box","text":"used a replication indexing strategy. “Replication” is an indexing strategy in which a fund invests in substantially all of the components of its","page_number":55,"box":{"x":77,"y":846,"width":894,"height":11}},{"id":"12eff81d-5463-48ce-b02d-f7bacc413a37","block_type":"box","text":"underlying index in approximately the same proportions as in the underlying index.","page_number":55,"box":{"x":77,"y":860,"width":526,"height":11}},{"id":"8c22ec7f-d22a-45b5-9bf4-e81aa1375898","block_type":"box","text":"1","page_number":55,"box":{"x":527,"y":921,"width":3,"height":8}},{"id":"b349994a-50cd-4c63-94db-9e1880d1756a","block_type":"box","text":"Borrowing","page_number":56,"box":{"x":77,"y":23,"width":70,"height":11}},{"id":"b76343ab-08d5-4f5e-aff2-b4cbbc4db5b9","block_type":"box","text":"Each Fund listed below may borrow as a temporary measure for extraordinary or emergency purposes, including to meet redemptions or to","page_number":56,"box":{"x":77,"y":46,"width":890,"height":11}},{"id":"20412049-e9d0-4474-bd12-c2a47a8b0c48","block_type":"box","text":"facilitate the settlement of securities or other transactions. Each Fund does not intend to borrow money in order to leverage its portfolio.","page_number":56,"box":{"x":76,"y":61,"width":876,"height":10}},{"id":"d90bd9ec-f072-42aa-90c5-c0c3688477bc","block_type":"box","text":"iShares Environmentally Aware Real Estate ETF","page_number":56,"box":{"x":89,"y":85,"width":300,"height":11}},{"id":"9321d6d4-a3df-4b45-a17a-f00c5a1c5000","block_type":"box","text":"iShares Global Clean Energy ETF","page_number":56,"box":{"x":89,"y":99,"width":206,"height":11}},{"id":"300ccb14-373c-48c0-8a45-2899938fc7ff","block_type":"box","text":"iShares Global REIT ETF","page_number":56,"box":{"x":562,"y":85,"width":152,"height":8}},{"id":"241006aa-b933-4439-9052-f1f75d936c10","block_type":"box","text":"iShares International Select Dividend ETF","page_number":56,"box":{"x":562,"y":99,"width":264,"height":9}},{"id":"54baf1fe-80b4-4d70-9c56-e0292a7b8312","block_type":"box","text":"European Union Disclosure","page_number":56,"box":{"x":77,"y":121,"width":188,"height":11}},{"id":"a0914cd0-163f-407e-985d-0ca7555dd6c0","block_type":"box","text":"The Fund listed below has not been categorized under the European Union (“EU”) sustainable finance disclosure regulation (“SFDR”) as an","page_number":56,"box":{"x":76,"y":144,"width":883,"height":11}},{"id":"faf42b02-f41f-4b37-933b-0d6538058474","block_type":"box","text":"“Article 8” or “Article 9” product. In addition, the Fund’s investment strategy does not take into account the criteria for environmentally","page_number":56,"box":{"x":76,"y":158,"width":862,"height":11}},{"id":"72dc6bc9-8f8a-4a17-8cdf-b06143f39c4e","block_type":"box","text":"sustainable economic activities under the EU sustainable investment taxonomy regulation or principal adverse impacts (“PAIs”) on","page_number":56,"box":{"x":76,"y":173,"width":833,"height":11}},{"id":"92ee5767-44b0-48ef-a566-bb03de509ff9","block_type":"box","text":"sustainability factors under the SFDR. PAIs are identified under the SFDR as the material impacts of investment decisions on sustainability","page_number":56,"box":{"x":76,"y":187,"width":886,"height":11}},{"id":"332a02c3-dcbd-40fa-a64a-3d74446e37c3","block_type":"box","text":"factors relating to environmental, social and employee matters, respect for human rights, and anti-corruption and anti-bribery matters.","page_number":56,"box":{"x":76,"y":201,"width":862,"height":11}},{"id":"a54ad0e4-9c3c-48a2-bde1-4c57ab1e1a01","block_type":"box","text":"iShares Select Dividend ETF","page_number":56,"box":{"x":89,"y":224,"width":177,"height":9}},{"id":"6795dbe5-cf4e-47f1-9045-6c6436528a5c","block_type":"box","text":"2","page_number":56,"box":{"x":526,"y":921,"width":6,"height":8}},{"id":"c564c3be-faaa-4eeb-b019-6c56ae7cf53d","block_type":"box","text":"Additional Information About the Funds’ Risks","page_number":57,"box":{"x":76,"y":22,"width":455,"height":14}},{"id":"5eaf377a-0fa5-48a8-b325-def7f84d8de6","block_type":"box","text":"Each Fund is subject to various risks, any of which may adversely affect the Fund’s NAV, trading price, yield, total return and ability to meet","page_number":57,"box":{"x":77,"y":51,"width":888,"height":11}},{"id":"71f94659-75f5-4e5b-8384-f18ecb48b8de","block_type":"box","text":"its investment objective. Each Fund discloses its portfolio holdings daily at www.iShares.com. You could lose all or part of your investment in","page_number":57,"box":{"x":76,"y":66,"width":899,"height":11}},{"id":"088aadc2-5928-4249-9b70-3c1d4c081aa9","block_type":"box","text":"a Fund, which could underperform other investments. The table below identifies the principal and other (non-principal) risks that apply to","page_number":57,"box":{"x":76,"y":80,"width":876,"height":11}},{"id":"cbb480dd-1a0b-45b3-aaec-95dba3145769","block_type":"box","text":"each Fund. A Fund that invests in an underlying fund (“Underlying Fund”) also may be indirectly exposed to these risks through such","page_number":57,"box":{"x":76,"y":94,"width":844,"height":11}},{"id":"d2677b12-08cc-4ccc-9948-fb7f756959ae","block_type":"box","text":"investment. A description of each risk is provided after the table.","page_number":57,"box":{"x":76,"y":108,"width":414,"height":11}},{"id":"ef35ac88-0186-4c33-880c-018c0f3da6ba","block_type":"box","text":"iShares Core","page_number":57,"box":{"x":313,"y":155,"width":88,"height":8}},{"id":"905d2fb0-e6fa-4c68-8766-913fa3ef35ba","block_type":"box","text":"High Dividend","page_number":57,"box":{"x":309,"y":166,"width":96,"height":11}},{"id":"2b82a1f8-5982-41de-908d-69933887cda6","block_type":"box","text":"ETF","page_number":57,"box":{"x":345,"y":178,"width":24,"height":8}},{"id":"25780034-727e-431a-827c-ad952a36dc4b","block_type":"box","text":"iShares","page_number":57,"box":{"x":445,"y":143,"width":50,"height":9}},{"id":"0ae17f88-3e67-4060-840e-aed84557eef5","block_type":"box","text":"Environmentally","page_number":57,"box":{"x":411,"y":155,"width":113,"height":10}},{"id":"61737bac-7d63-41da-a335-8bb7527bbbc4","block_type":"box","text":"Aware Real","page_number":57,"box":{"x":430,"y":166,"width":78,"height":9}},{"id":"6dd6a082-01f0-416c-b93c-405291dd4de6","block_type":"box","text":"Estate ETF","page_number":57,"box":{"x":434,"y":178,"width":73,"height":8}},{"id":"1f669fd6-5d41-4042-a42e-2cd13eb77c37","block_type":"box","text":"iShares Global","page_number":57,"box":{"x":533,"y":155,"width":100,"height":8}},{"id":"c7219af9-c2b3-4356-9dcd-66b957705017","block_type":"box","text":"Clean Energy","page_number":57,"box":{"x":538,"y":166,"width":91,"height":11}},{"id":"e8e4ac9e-91ef-4692-984d-871048a39600","block_type":"box","text":"ETF","page_number":57,"box":{"x":572,"y":178,"width":23,"height":8}},{"id":"9dbf04ba-09d5-42d5-a3dd-c622a7bfaf7e","block_type":"box","text":"iShares Global","page_number":57,"box":{"x":647,"y":166,"width":99,"height":9}},{"id":"7bde16a3-fded-4af7-86a3-4e5b29e51dec","block_type":"box","text":"REIT ETF","page_number":57,"box":{"x":667,"y":178,"width":60,"height":8}},{"id":"ac55b890-ad75-4606-9397-d60c1c06dc78","block_type":"box","text":"iShares","page_number":57,"box":{"x":784,"y":131,"width":51,"height":9}},{"id":"72232f0b-cd84-43a0-ac07-322bb1265284","block_type":"box","text":"International","page_number":57,"box":{"x":766,"y":143,"width":88,"height":9}},{"id":"7009aa5c-50d4-4255-a2ad-5542beeff338","block_type":"box","text":"Developed","page_number":57,"box":{"x":774,"y":155,"width":72,"height":10}},{"id":"1db8c84b-c690-40e3-9c19-fd009cd139aa","block_type":"box","text":"Real Estate","page_number":57,"box":{"x":771,"y":166,"width":78,"height":9}},{"id":"b3ebf390-71f1-4884-94e7-fad8bea4a25d","block_type":"box","text":"ETF","page_number":57,"box":{"x":798,"y":178,"width":24,"height":8}},{"id":"d5818d1d-e61e-4243-b098-41d6c4b3cebb","block_type":"box","text":"iShares","page_number":57,"box":{"x":898,"y":143,"width":50,"height":9}},{"id":"307df659-13e6-4375-be7f-554c77b1c19c","block_type":"box","text":"International","page_number":57,"box":{"x":879,"y":155,"width":88,"height":8}},{"id":"32efb853-4159-4666-8751-ad497ef031a1","block_type":"box","text":"Select","page_number":57,"box":{"x":902,"y":166,"width":42,"height":9}},{"id":"0c3547aa-0480-4ffe-b725-c76cec8a8269","block_type":"box","text":"Dividend ETF","page_number":57,"box":{"x":879,"y":178,"width":89,"height":8}},{"id":"20d78c41-4b20-4d25-b6a5-a05f14e0862f","block_type":"box","text":"Principal Risk |","page_number":57,"box":{"x":102,"y":203,"width":101,"height":12}},{"id":"2b504111-00dd-4aaf-b1f9-aca6939dcb75","block_type":"box","text":"•","page_number":57,"box":{"x":209,"y":205,"width":6,"height":4}},{"id":"282e6246-ecc9-41d4-a455-54b57672bd15","block_type":"box","text":"Other Risk","page_number":57,"box":{"x":221,"y":204,"width":74,"height":8}},{"id":"c940f2ac-072f-4cb7-87e4-f9359e635710","block_type":"box","text":"Asian Economic Risk","page_number":57,"box":{"x":81,"y":229,"width":132,"height":9}},{"id":"2d6ef2b3-84fc-4f3e-b4dd-d3168208a13c","block_type":"box","text":"•","page_number":57,"box":{"x":467,"y":230,"width":6,"height":5}},{"id":"0c9f513a-9ae7-4625-b5d5-5fc2176b886e","block_type":"box","text":"•","page_number":57,"box":{"x":693,"y":230,"width":6,"height":5}},{"id":"65cdd9f3-8d01-4427-a895-ff1a3a273b69","block_type":"box","text":"Asset Class Risk","page_number":57,"box":{"x":81,"y":247,"width":105,"height":9}},{"id":"51ef3a2a-c486-40a4-b4b3-6171791db623","block_type":"box","text":"Assets Under Management","page_number":57,"box":{"x":81,"y":266,"width":173,"height":10}},{"id":"3404b21e-8aba-41f4-b4c4-0636ecdeb261","block_type":"box","text":"(AUM) Risk","page_number":57,"box":{"x":82,"y":280,"width":70,"height":10}},{"id":"c5f2b2ac-836d-4da0-bbfb-ad2419fbecfe","block_type":"box","text":"Australasian Economic Risk","page_number":57,"box":{"x":81,"y":298,"width":176,"height":8}},{"id":"edef562b-6cb4-4733-bb70-259de7433f0a","block_type":"box","text":"• •••","page_number":57,"box":{"x":467,"y":299,"width":459,"height":4}},{"id":"d312c7bf-3323-483d-aa98-dbe35c4172eb","block_type":"box","text":"Authorized Participant","page_number":57,"box":{"x":81,"y":316,"width":142,"height":11}},{"id":"590c9750-4dd6-4905-b154-e17346c0ee97","block_type":"box","text":"Concentration Risk","page_number":57,"box":{"x":82,"y":330,"width":121,"height":8}},{"id":"b7d30e1a-ba04-4f43-bfa7-a6a7bc5aad3e","block_type":"box","text":"Borrowing Risk","page_number":57,"box":{"x":82,"y":348,"width":95,"height":11}},{"id":"f5033dd9-bff1-4603-8ac8-2497636e881f","block_type":"box","text":"••• •","page_number":57,"box":{"x":467,"y":349,"width":459,"height":5}},{"id":"5d0ac0a0-8daa-444f-8fdf-ac3fd01497d8","block_type":"box","text":"Central and South American","page_number":57,"box":{"x":82,"y":366,"width":179,"height":9}},{"id":"8b241111-a624-4384-a779-e9a7e30ffb97","block_type":"box","text":"Economic Risk","page_number":57,"box":{"x":82,"y":380,"width":92,"height":9}},{"id":"1c6586be-4c44-4889-a20b-89c49105a34f","block_type":"box","text":"•","page_number":57,"box":{"x":580,"y":374,"width":6,"height":5}},{"id":"7eb3dd31-a663-4765-9f91-003a7865aa95","block_type":"box","text":"Clean Energy Companies Risk","page_number":57,"box":{"x":82,"y":398,"width":189,"height":11}},{"id":"974f8785-4eb7-4b8f-8bb7-ac89415426d3","block_type":"box","text":"Close-Out Risk for Qualified","page_number":57,"box":{"x":82,"y":416,"width":176,"height":9}},{"id":"251699e0-0717-49b5-8bf6-c49d36af8a71","block_type":"box","text":"Financial Contracts","page_number":57,"box":{"x":82,"y":431,"width":122,"height":8}},{"id":"9e80a912-03bf-4d8e-a053-ea6a084923c0","block_type":"box","text":"••••••","page_number":57,"box":{"x":353,"y":424,"width":573,"height":5}},{"id":"61f6c438-eede-4a67-892f-efea44f34cb6","block_type":"box","text":"Communications Companies Risk","page_number":57,"box":{"x":82,"y":449,"width":214,"height":10}},{"id":"f6c46782-4278-4d0d-a2e3-142cde716294","block_type":"box","text":"Concentration Risk","page_number":57,"box":{"x":82,"y":467,"width":121,"height":8}},{"id":"3e03c53d-cb98-4181-9fa8-a08d2adbbb6d","block_type":"box","text":"Consumer Goods and Services","page_number":57,"box":{"x":82,"y":485,"width":195,"height":8}},{"id":"31a2f833-b74c-4f59-9aff-6633b4cc14e3","block_type":"box","text":"Companies Risk","page_number":57,"box":{"x":82,"y":499,"width":101,"height":11}},{"id":"50de3b16-a56b-4901-bfad-d1ebf226f9b3","block_type":"box","text":"•","page_number":57,"box":{"x":920,"y":493,"width":6,"height":4}},{"id":"b55e0c09-37a1-4031-ab4a-365d70e8e471","block_type":"box","text":"Currency Risk","page_number":57,"box":{"x":82,"y":517,"width":88,"height":11}},{"id":"8e73ec5c-c41a-4ac5-8341-f2eabf923c5e","block_type":"box","text":"Custody Risk","page_number":57,"box":{"x":82,"y":535,"width":82,"height":11}},{"id":"34633ce1-076b-40c9-8c1a-5dcc10ce838f","block_type":"box","text":"•","page_number":57,"box":{"x":807,"y":536,"width":6,"height":5}},{"id":"15100ac9-0e9a-4440-a2fd-472c49633727","block_type":"box","text":"Dividend-Paying Stock Risk","page_number":57,"box":{"x":82,"y":553,"width":173,"height":11}},{"id":"6241c5dc-b811-43d1-9979-7ca2bf7cf430","block_type":"box","text":"Eastern European Economic Risk","page_number":57,"box":{"x":82,"y":571,"width":210,"height":11}},{"id":"b88b8a1a-c5c5-4153-bec3-4160352a4e6a","block_type":"box","text":"•","page_number":57,"box":{"x":807,"y":572,"width":6,"height":5}},{"id":"f58abedd-0366-4f60-8d74-30340d351a03","block_type":"box","text":"Energy Companies Risk","page_number":57,"box":{"x":82,"y":589,"width":149,"height":11}},{"id":"5a37024e-0da5-41b9-af61-93d052af808a","block_type":"box","text":"•","page_number":57,"box":{"x":920,"y":590,"width":6,"height":5}},{"id":"e52911eb-256c-40ee-96a8-0430e490f234","block_type":"box","text":"Environmentally Aware Real","page_number":57,"box":{"x":82,"y":607,"width":176,"height":11}},{"id":"9dda3a8b-c545-426f-b3ae-325c13ca58db","block_type":"box","text":"Estate Investment Strategy Risk","page_number":57,"box":{"x":82,"y":621,"width":204,"height":11}},{"id":"9e05581b-652a-401d-b3e0-005d21bcd914","block_type":"box","text":"Equity Securities Risk","page_number":57,"box":{"x":82,"y":639,"width":137,"height":11}},{"id":"361eb611-3513-489f-9361-19341120fc3e","block_type":"box","text":"ESG Risk","page_number":57,"box":{"x":82,"y":657,"width":56,"height":9}},{"id":"7a6e15da-1b9d-4265-adf2-adb36a5b2ae9","block_type":"box","text":"European Economic Risk","page_number":57,"box":{"x":82,"y":675,"width":157,"height":11}},{"id":"a60f8e0c-811f-4987-9e70-9c038da1d574","block_type":"box","text":"•","page_number":57,"box":{"x":467,"y":676,"width":6,"height":5}},{"id":"a7d9237f-653a-41f1-9007-c854e670e387","block_type":"box","text":"•","page_number":57,"box":{"x":693,"y":676,"width":6,"height":5}},{"id":"1aa9f834-8dc4-4975-964c-d3b151edbe54","block_type":"box","text":"Financial Companies Risk","page_number":57,"box":{"x":82,"y":694,"width":162,"height":10}},{"id":"261e509f-adf0-4e9b-91f6-166e4b2072c2","block_type":"box","text":"•","page_number":57,"box":{"x":353,"y":694,"width":7,"height":5}},{"id":"fa5c8732-cd44-4322-bee7-3b35ba2b42ae","block_type":"box","text":"Geographic and Security Risks","page_number":57,"box":{"x":82,"y":712,"width":194,"height":10}},{"id":"bf60b4d3-eaaf-48ce-b392-5d10e4723aa3","block_type":"box","text":"••••••","page_number":57,"box":{"x":353,"y":712,"width":573,"height":5}},{"id":"ddf5dbde-65ef-4d9e-8903-8917064e1666","block_type":"box","text":"Healthcare Companies Risk","page_number":57,"box":{"x":82,"y":730,"width":176,"height":10}},{"id":"912caf69-709d-4b66-882c-cfa621d5d192","block_type":"box","text":"Illiquid Investments Risk","page_number":57,"box":{"x":82,"y":748,"width":154,"height":10}},{"id":"938265ea-b9e2-4adf-86d7-faed40e17324","block_type":"box","text":"••••••","page_number":57,"box":{"x":353,"y":749,"width":573,"height":4}},{"id":"4b0c15d4-89a0-4cd1-8e76-b48dbc36f524","block_type":"box","text":"Index-Related Risk","page_number":57,"box":{"x":82,"y":766,"width":118,"height":8}},{"id":"494bcc23-08b0-40cd-8be6-0d8d98007030","block_type":"box","text":"Industrial Companies Risk","page_number":57,"box":{"x":82,"y":784,"width":165,"height":10}},{"id":"5f3c9e6a-1203-4836-91dd-8d3c916e74a4","block_type":"box","text":"Issuer Risk","page_number":57,"box":{"x":82,"y":802,"width":68,"height":8}},{"id":"f78041ef-6be8-4be2-bc6e-f129fee12137","block_type":"box","text":"Large-Capitalization Companies","page_number":57,"box":{"x":82,"y":820,"width":203,"height":11}},{"id":"e20a3bc7-3963-4a2e-ba23-b689cbe6ed3f","block_type":"box","text":"Risk","page_number":57,"box":{"x":82,"y":834,"width":26,"height":8}},{"id":"07a9550e-7d31-4989-a618-e4cad959884c","block_type":"box","text":"Large Shareholder and","page_number":57,"box":{"x":82,"y":852,"width":144,"height":11}},{"id":"1ad85c15-7c39-4b0b-8ea7-214aa5c7ae4d","block_type":"box","text":"Large-Scale Redemption Risk","page_number":57,"box":{"x":82,"y":866,"width":187,"height":11}},{"id":"bfdb3a18-e43f-4542-b315-0ccfad8aec41","block_type":"box","text":"•","page_number":57,"box":{"x":353,"y":860,"width":7,"height":5}},{"id":"871a0ee0-448f-491f-b6a5-7c6e7aedb173","block_type":"box","text":"3","page_number":57,"box":{"x":526,"y":921,"width":6,"height":8}},{"id":"48eba3e5-a00f-4179-b378-4e761aea39e2","block_type":"box","text":"iShares Core","page_number":58,"box":{"x":313,"y":46,"width":88,"height":9}},{"id":"9791d5db-dffe-4e36-a20a-bb17781dc72d","block_type":"box","text":"High Dividend","page_number":58,"box":{"x":309,"y":58,"width":96,"height":11}},{"id":"06244c2e-2fb6-4aac-bb36-0ef9944dce5c","block_type":"box","text":"ETF","page_number":58,"box":{"x":345,"y":70,"width":24,"height":8}},{"id":"8ac974d3-0781-4d9c-8781-da92671414bb","block_type":"box","text":"iShares","page_number":58,"box":{"x":445,"y":35,"width":50,"height":8}},{"id":"8f87f18e-e39e-4afb-a47e-1ac5cdd22141","block_type":"box","text":"Environmentally","page_number":58,"box":{"x":411,"y":46,"width":113,"height":11}},{"id":"7d82cea6-547e-4f65-a238-b3ff5b64fb4e","block_type":"box","text":"Aware Real","page_number":58,"box":{"x":430,"y":58,"width":78,"height":8}},{"id":"dcc3532a-0bbe-4a4d-922e-7f5b75af9584","block_type":"box","text":"Estate ETF","page_number":58,"box":{"x":434,"y":70,"width":73,"height":8}},{"id":"7c235012-b4a7-482f-b46e-f48dd3bce8fb","block_type":"box","text":"iShares Global","page_number":58,"box":{"x":533,"y":46,"width":100,"height":9}},{"id":"3d2cd902-5c18-415b-b4a7-8313d98b07cb","block_type":"box","text":"Clean Energy","page_number":58,"box":{"x":538,"y":58,"width":91,"height":11}},{"id":"f325219b-4601-4c38-8e11-411c438f3232","block_type":"box","text":"ETF","page_number":58,"box":{"x":572,"y":70,"width":23,"height":8}},{"id":"fe12a563-3f03-4b11-bca0-90fc2c9c35fe","block_type":"box","text":"iShares Global","page_number":58,"box":{"x":647,"y":58,"width":99,"height":8}},{"id":"a8688f2a-addf-46a3-be03-4f6b784a9001","block_type":"box","text":"REIT ETF","page_number":58,"box":{"x":667,"y":70,"width":60,"height":8}},{"id":"90c2f8c4-3a4c-48bc-aaf1-b17c8743f0f8","block_type":"box","text":"iShares","page_number":58,"box":{"x":784,"y":23,"width":51,"height":9}},{"id":"d66dfb0b-9f6d-4b95-b30f-af9672e5fe8c","block_type":"box","text":"International","page_number":58,"box":{"x":766,"y":35,"width":88,"height":8}},{"id":"84b2f607-2147-4c77-abfe-5b1e9ae802c2","block_type":"box","text":"Developed","page_number":58,"box":{"x":774,"y":46,"width":72,"height":11}},{"id":"59433f18-a167-4294-a6e6-d65e1c016864","block_type":"box","text":"Real Estate","page_number":58,"box":{"x":771,"y":58,"width":78,"height":8}},{"id":"871267b2-da3c-4fd8-a844-44cc33081aba","block_type":"box","text":"ETF","page_number":58,"box":{"x":798,"y":70,"width":24,"height":8}},{"id":"c0e5ec2a-978c-4dc3-8cde-8bb5cb6f7ac8","block_type":"box","text":"iShares","page_number":58,"box":{"x":898,"y":35,"width":50,"height":8}},{"id":"8c633adc-5ca5-4407-afac-81659d37bc09","block_type":"box","text":"International","page_number":58,"box":{"x":879,"y":46,"width":88,"height":9}},{"id":"6fcee676-92a4-4138-990c-a9f79a9439f2","block_type":"box","text":"Select","page_number":58,"box":{"x":902,"y":58,"width":42,"height":8}},{"id":"329b67c5-50a3-4028-877d-5712d08127e3","block_type":"box","text":"Dividend ETF","page_number":58,"box":{"x":879,"y":70,"width":89,"height":8}},{"id":"886b7de6-a72b-4ad5-a383-5d5f8295029b","block_type":"box","text":"Principal Risk |","page_number":58,"box":{"x":102,"y":95,"width":101,"height":12}},{"id":"e80ca499-0991-41dc-b8a2-7b1d760fd97b","block_type":"box","text":"•","page_number":58,"box":{"x":209,"y":96,"width":6,"height":5}},{"id":"65bc179b-0b9d-4cdc-ba17-9dc00ca9d3c9","block_type":"box","text":"Other Risk","page_number":58,"box":{"x":221,"y":95,"width":74,"height":9}},{"id":"1e9266cd-9b83-4da7-8528-ec58969cc6ae","block_type":"box","text":"Management Risk","page_number":58,"box":{"x":82,"y":121,"width":114,"height":11}},{"id":"46b63598-eb84-4d8a-9dab-710216f7ee92","block_type":"box","text":"Market Risk","page_number":58,"box":{"x":82,"y":139,"width":75,"height":9}},{"id":"521fa616-7d28-460d-8cae-b3534d691259","block_type":"box","text":"Market Trading Risk","page_number":58,"box":{"x":82,"y":157,"width":125,"height":11}},{"id":"7fc95222-e2da-48d0-af15-dbbfb06784d9","block_type":"box","text":"Mid-Capitalization Companies","page_number":58,"box":{"x":82,"y":175,"width":191,"height":11}},{"id":"8546a84b-c600-4c62-a548-6346f423cfc7","block_type":"box","text":"Risk","page_number":58,"box":{"x":82,"y":189,"width":26,"height":9}},{"id":"6cf0e1d1-7b54-4121-8009-74e183686f3f","block_type":"box","text":"National Closed Market Trading","page_number":58,"box":{"x":82,"y":207,"width":200,"height":11}},{"id":"edb39d87-4991-4197-95fc-b74fc1b5f983","block_type":"box","text":"Risk","page_number":58,"box":{"x":82,"y":222,"width":26,"height":8}},{"id":"5f61b031-e833-4b9c-8709-def0af1cda90","block_type":"box","text":"Non-Diversification Risk","page_number":58,"box":{"x":82,"y":240,"width":153,"height":8}},{"id":"a45c710b-8836-4b35-8188-44acca8795de","block_type":"box","text":"Non-U.S. Securities Risk","page_number":58,"box":{"x":82,"y":258,"width":156,"height":8}},{"id":"e0f3ce99-4ddb-4594-9f4a-64d917942ca7","block_type":"box","text":"Operational and Technology Risks","page_number":58,"box":{"x":82,"y":276,"width":214,"height":11}},{"id":"c810af32-a2c8-4dd6-b272-ab47557c7e7a","block_type":"box","text":"Ownership Limitations Risk","page_number":58,"box":{"x":82,"y":294,"width":173,"height":11}},{"id":"6c9a00bf-da0a-4280-8155-3c771c7e31c5","block_type":"box","text":"••••••","page_number":58,"box":{"x":353,"y":295,"width":573,"height":4}},{"id":"a67f8992-e930-4784-91ec-e10b2f4e8fa7","block_type":"box","text":"Real Estate Companies Risk","page_number":58,"box":{"x":82,"y":312,"width":177,"height":11}},{"id":"ba841693-a9f9-4a9a-b91a-c14b569652cb","block_type":"box","text":"Reliance on Trading Partners Risk","page_number":58,"box":{"x":82,"y":330,"width":212,"height":11}},{"id":"0c8068ad-ceef-4bd9-bbbc-2d46c30d8582","block_type":"box","text":"Risk of Investing in Asia","page_number":58,"box":{"x":82,"y":348,"width":150,"height":11}},{"id":"915e413a-bbd9-4acc-8dbe-348aa31d4b93","block_type":"box","text":"Risk of Investing in China","page_number":58,"box":{"x":82,"y":366,"width":159,"height":11}},{"id":"ed7b93b3-0c90-4fd6-a90b-3bf032022529","block_type":"box","text":"Risk of Investing in Developed","page_number":58,"box":{"x":82,"y":384,"width":191,"height":11}},{"id":"d8b908e2-a288-4f16-b1ba-b1b75f418c74","block_type":"box","text":"Countries","page_number":58,"box":{"x":82,"y":398,"width":61,"height":9}},{"id":"86efbffd-1f99-4207-8f0b-d2c0b83666ae","block_type":"box","text":"Risk of Investing in Emerging","page_number":58,"box":{"x":82,"y":416,"width":184,"height":11}},{"id":"fbcc067d-92b2-422b-a8d1-a85d35abaa3b","block_type":"box","text":"Markets","page_number":58,"box":{"x":82,"y":431,"width":51,"height":8}},{"id":"c3d35fbc-2b2f-42fe-b02a-f9add50e3ad8","block_type":"box","text":"Risk of Investing in Frontier","page_number":58,"box":{"x":82,"y":449,"width":174,"height":10}},{"id":"ba3abc7a-0aea-4608-8e55-5bd6237c186f","block_type":"box","text":"Markets","page_number":58,"box":{"x":82,"y":463,"width":51,"height":8}},{"id":"d9b2264d-01c3-4b0a-aff8-061aea41caa1","block_type":"box","text":"•","page_number":58,"box":{"x":807,"y":457,"width":6,"height":4}},{"id":"2147b615-4dff-4c02-9267-663e1b5ae029","block_type":"box","text":"Risk of Investing in Japan","page_number":58,"box":{"x":82,"y":481,"width":158,"height":11}},{"id":"b82b7dbe-465c-496a-a6d8-38fa62a26ee1","block_type":"box","text":"Risk of Investing in Saudi Arabia","page_number":58,"box":{"x":82,"y":499,"width":204,"height":11}},{"id":"09654c49-8a69-47ac-a74e-32cf2611a758","block_type":"box","text":"Risk of Investing in the United","page_number":58,"box":{"x":82,"y":517,"width":190,"height":11}},{"id":"0926f289-0443-439d-99e6-c1d0f6e934c0","block_type":"box","text":"Kingdom","page_number":58,"box":{"x":82,"y":531,"width":54,"height":11}},{"id":"9ff05149-bb82-427e-b8c1-f51c6a2d0c82","block_type":"box","text":"Risk of Investing in the U.S","page_number":58,"box":{"x":82,"y":549,"width":170,"height":11}},{"id":"5f1c2430-4ffc-47a6-94d5-a4171ef46d53","block_type":"box","text":"Securities Lending Risk","page_number":58,"box":{"x":82,"y":567,"width":148,"height":11}},{"id":"d8404a6f-8775-4c21-9c2e-21e39913b179","block_type":"box","text":"Semiconductor Companies Risk","page_number":58,"box":{"x":82,"y":585,"width":203,"height":11}},{"id":"e5d260fc-e53a-4dc4-87a6-97fc401dfeb6","block_type":"box","text":"Small-Capitalization Companies","page_number":58,"box":{"x":82,"y":603,"width":202,"height":11}},{"id":"855d59a7-8243-4b8e-bc8d-89a826b11334","block_type":"box","text":"Risk","page_number":58,"box":{"x":82,"y":617,"width":26,"height":9}},{"id":"69a030e1-0e39-4b78-9d91-f35ae22ef293","block_type":"box","text":"Small Fund Risk","page_number":58,"box":{"x":82,"y":635,"width":101,"height":9}},{"id":"ef1c65c8-128c-4be9-8199-6ac3167df59e","block_type":"box","text":"Sustainability Risk","page_number":58,"box":{"x":82,"y":654,"width":116,"height":10}},{"id":"d3990688-6395-49cb-9e73-728e45189146","block_type":"box","text":"Technology Companies Risk","page_number":58,"box":{"x":81,"y":672,"width":178,"height":10}},{"id":"1c586e40-a2b9-486c-9990-7f6ae3d6dbd1","block_type":"box","text":"•","page_number":58,"box":{"x":353,"y":673,"width":7,"height":4}},{"id":"dd7e437f-de93-42ce-a30e-2a43d240c0db","block_type":"box","text":"Thematic Investing Risk","page_number":58,"box":{"x":81,"y":690,"width":151,"height":10}},{"id":"d9603345-ea2d-4292-9759-98c6fb53bf9d","block_type":"box","text":"Threshold/Underinvestment Risk","page_number":58,"box":{"x":81,"y":708,"width":213,"height":10}},{"id":"aa2a12ed-f988-4e9b-9c42-ca0afe629652","block_type":"box","text":"••••••","page_number":58,"box":{"x":353,"y":709,"width":573,"height":4}},{"id":"62ca2afb-320f-4737-8850-8d67f7ff8e5b","block_type":"box","text":"Tracking Error Risk","page_number":58,"box":{"x":81,"y":726,"width":119,"height":11}},{"id":"53a3eae8-6271-4476-b19c-01f8264d58ec","block_type":"box","text":"U.S. Economic Risk","page_number":58,"box":{"x":82,"y":744,"width":123,"height":8}},{"id":"0ffaf227-8bff-45c1-8bce-135ff77f0ef4","block_type":"box","text":"Utility Companies Risk","page_number":58,"box":{"x":82,"y":762,"width":143,"height":11}},{"id":"bf3913e5-b1ba-4b1a-a755-b858a74cfdac","block_type":"box","text":"•","page_number":58,"box":{"x":353,"y":763,"width":7,"height":4}},{"id":"23dc419a-76ab-48d4-b447-d8b29853006b","block_type":"box","text":"•","page_number":58,"box":{"x":920,"y":763,"width":6,"height":4}},{"id":"a7d58fe0-21eb-4e3a-8367-ec8227723cc5","block_type":"box","text":"Valuation Risk","page_number":58,"box":{"x":81,"y":780,"width":90,"height":8}},{"id":"508057ae-5159-4dc1-9969-23d8ee8741f0","block_type":"box","text":"4","page_number":58,"box":{"x":525,"y":921,"width":8,"height":8}},{"id":"fcf82fc6-4123-4237-a4ff-87b71b7a16c3","block_type":"box","text":"iShares Select Dividend","page_number":59,"box":{"x":806,"y":23,"width":164,"height":9}},{"id":"ac82fcec-1ea9-40e2-b1ec-c50600fb2b8e","block_type":"box","text":"ETF","page_number":59,"box":{"x":877,"y":35,"width":23,"height":8}},{"id":"3b893cc8-118f-4647-b640-dd52f3980378","block_type":"box","text":"Principal Risk |","page_number":59,"box":{"x":102,"y":60,"width":101,"height":12}},{"id":"c0529338-cb7b-48d1-b20e-d540beb99809","block_type":"box","text":"•","page_number":59,"box":{"x":209,"y":61,"width":6,"height":5}},{"id":"5c6ed1d3-90c0-4a9d-93d7-2da031368ef7","block_type":"box","text":"Other Risk","page_number":59,"box":{"x":221,"y":61,"width":74,"height":8}},{"id":"4c5cfed4-e9a0-41cb-b8bc-09e8a818039b","block_type":"box","text":"Asian Economic Risk","page_number":59,"box":{"x":81,"y":86,"width":132,"height":9}},{"id":"9963a35d-6cb5-4e0f-bd6c-6d4d9f2f7e10","block_type":"box","text":"Asset Class Risk","page_number":59,"box":{"x":81,"y":104,"width":105,"height":9}},{"id":"81a8e2ff-2474-4dd2-b58a-ecc39e940ffa","block_type":"box","text":"Assets Under Management (AUM) Risk","page_number":59,"box":{"x":81,"y":122,"width":249,"height":11}},{"id":"c0ec7e08-90e6-44c9-8bca-77c2e81e028d","block_type":"box","text":"Australasian Economic Risk","page_number":59,"box":{"x":81,"y":140,"width":176,"height":9}},{"id":"8f2aadf8-a79b-4af5-a78b-ff71d63afc86","block_type":"box","text":"Authorized Participant Concentration Risk","page_number":59,"box":{"x":81,"y":159,"width":268,"height":10}},{"id":"ad16cfc2-bab2-4b8d-8a63-0b4c0eaecade","block_type":"box","text":"Borrowing Risk","page_number":59,"box":{"x":82,"y":177,"width":95,"height":10}},{"id":"8bed079e-9576-42db-9de0-cdb8e7a0225d","block_type":"box","text":"Central and South American Economic Risk","page_number":59,"box":{"x":82,"y":195,"width":277,"height":8}},{"id":"4826bb3e-acde-4a94-8232-98cd399ff0f3","block_type":"box","text":"Clean Energy Companies Risk","page_number":59,"box":{"x":82,"y":213,"width":189,"height":10}},{"id":"c7bd863b-314f-47e3-81d9-3641de3577aa","block_type":"box","text":"Close-Out Risk for Qualified Financial Contracts","page_number":59,"box":{"x":82,"y":231,"width":304,"height":8}},{"id":"a2836041-1707-463f-9dbf-c74dba3aa266","block_type":"box","text":"•","page_number":59,"box":{"x":885,"y":232,"width":6,"height":4}},{"id":"ee092dba-fa93-4369-abe8-dd51b2061d88","block_type":"box","text":"Communications Companies Risk","page_number":59,"box":{"x":82,"y":249,"width":214,"height":10}},{"id":"fc4a4435-9fa7-4290-9b3e-89287a8372ad","block_type":"box","text":"Concentration Risk","page_number":59,"box":{"x":82,"y":267,"width":121,"height":8}},{"id":"9e8c07f0-bcaf-41e3-b9f9-80c12edb1e87","block_type":"box","text":"Consumer Goods and Services Companies Risk","page_number":59,"box":{"x":82,"y":285,"width":302,"height":11}},{"id":"9b37d22d-c68e-43e8-b2fb-2e72b11c516d","block_type":"box","text":"•","page_number":59,"box":{"x":885,"y":286,"width":6,"height":4}},{"id":"21a8b1b7-a3d5-4917-aa13-07306568511a","block_type":"box","text":"Currency Risk","page_number":59,"box":{"x":82,"y":303,"width":88,"height":11}},{"id":"d78e041b-9057-405b-a714-df5791f32e24","block_type":"box","text":"Custody Risk","page_number":59,"box":{"x":82,"y":321,"width":82,"height":11}},{"id":"d1931b98-5702-4d48-9252-0b556d759583","block_type":"box","text":"Dividend-Paying Stock Risk","page_number":59,"box":{"x":82,"y":339,"width":173,"height":11}},{"id":"2adbf8fa-2214-4a49-bac4-6f852ad9ffb5","block_type":"box","text":"Eastern European Economic Risk","page_number":59,"box":{"x":82,"y":357,"width":210,"height":11}},{"id":"e19f93f6-6c23-4f00-8257-155cb25954c7","block_type":"box","text":"Energy Companies Risk","page_number":59,"box":{"x":82,"y":375,"width":149,"height":11}},{"id":"64e745a4-2821-4d3a-bd19-db57dcd922f7","block_type":"box","text":"•","page_number":59,"box":{"x":885,"y":376,"width":6,"height":5}},{"id":"4c5222b5-cda6-4df2-a89e-7b7deec3ab2e","block_type":"box","text":"Environmentally Aware Real Estate Investment Strategy Risk","page_number":59,"box":{"x":82,"y":393,"width":386,"height":11}},{"id":"71852082-d818-4e26-8c29-bc3326b39265","block_type":"box","text":"Equity Securities Risk","page_number":59,"box":{"x":82,"y":411,"width":137,"height":11}},{"id":"1658338b-ed15-4397-a964-5838a902e191","block_type":"box","text":"ESG Risk","page_number":59,"box":{"x":82,"y":429,"width":56,"height":9}},{"id":"30d3ad7e-e382-490e-a4ec-54ef24db6b58","block_type":"box","text":"European Economic Risk","page_number":59,"box":{"x":82,"y":447,"width":157,"height":11}},{"id":"6636c626-e0a3-4157-b456-71a145b7aba6","block_type":"box","text":"Financial Companies Risk","page_number":59,"box":{"x":82,"y":465,"width":162,"height":11}},{"id":"e19e925c-ab0c-47bd-a548-7d2dcc3c00c7","block_type":"box","text":"Geographic and Security Risks","page_number":59,"box":{"x":82,"y":483,"width":194,"height":11}},{"id":"8b5645f2-66c7-4e5b-97b5-19e57ad376eb","block_type":"box","text":"•","page_number":59,"box":{"x":885,"y":484,"width":6,"height":5}},{"id":"9a83c051-0f51-4963-97a9-a7251e4604f4","block_type":"box","text":"Healthcare Companies Risk","page_number":59,"box":{"x":82,"y":501,"width":176,"height":11}},{"id":"c1caf091-dea9-4466-bedb-6b218e811932","block_type":"box","text":"Illiquid Investments Risk","page_number":59,"box":{"x":82,"y":519,"width":154,"height":11}},{"id":"7c4e50ab-472e-42c8-bcc1-47d0ece0e701","block_type":"box","text":"•","page_number":59,"box":{"x":885,"y":520,"width":6,"height":5}},{"id":"8aed5a56-b318-4660-8b52-3905dc27da5a","block_type":"box","text":"Index-Related Risk","page_number":59,"box":{"x":82,"y":538,"width":118,"height":8}},{"id":"5d5df418-576e-4440-bc47-ac3ec3d0368c","block_type":"box","text":"Industrial Companies Risk","page_number":59,"box":{"x":82,"y":556,"width":165,"height":10}},{"id":"726ababa-e32a-4b14-b030-ca78839a9c20","block_type":"box","text":"•","page_number":59,"box":{"x":885,"y":556,"width":6,"height":5}},{"id":"3c943496-c7ee-4bff-9846-8607fb7111a4","block_type":"box","text":"Investment Strategy Risk","page_number":59,"box":{"x":82,"y":574,"width":159,"height":10}},{"id":"d62fba3c-674d-43e6-9163-bfe9d7f2d6dc","block_type":"box","text":"Issuer Risk","page_number":59,"box":{"x":82,"y":592,"width":68,"height":8}},{"id":"0de854a9-b696-493d-af81-ce971d238e2b","block_type":"box","text":"Large-Capitalization Companies Risk","page_number":59,"box":{"x":82,"y":610,"width":234,"height":11}},{"id":"c44aad81-949f-49bb-b6f0-1111c8c1c0d0","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk","page_number":59,"box":{"x":82,"y":628,"width":337,"height":11}},{"id":"7c25e7c3-ee67-45a0-8d24-66acf0d2a963","block_type":"box","text":"•","page_number":59,"box":{"x":885,"y":629,"width":6,"height":4}},{"id":"7e78e8e8-ebec-4b41-b720-4df6505e1c26","block_type":"box","text":"Management Risk","page_number":59,"box":{"x":82,"y":646,"width":114,"height":11}},{"id":"6a73d8fc-2aff-4ceb-bdd6-ca04e9ebb836","block_type":"box","text":"Market Risk","page_number":59,"box":{"x":82,"y":664,"width":75,"height":8}},{"id":"22ed0c0f-7601-42d3-a8ed-2be82f7c6c96","block_type":"box","text":"Market Trading Risk","page_number":59,"box":{"x":82,"y":682,"width":125,"height":11}},{"id":"466e14ac-86f5-4f2e-a596-3aa498a68e47","block_type":"box","text":"Mid-Capitalization Companies Risk","page_number":59,"box":{"x":82,"y":700,"width":222,"height":11}},{"id":"ec861b22-79bc-4eb9-94ba-a596e02cb3e3","block_type":"box","text":"National Closed Market Trading Risk","page_number":59,"box":{"x":82,"y":718,"width":231,"height":11}},{"id":"bad9254c-c54b-4fc5-83c9-c9f93f8e251a","block_type":"box","text":"Non-Diversification Risk","page_number":59,"box":{"x":82,"y":736,"width":153,"height":9}},{"id":"488c2009-a3f2-4b53-a7b6-770209bd72ab","block_type":"box","text":"Non-U.S. Securities Risk","page_number":59,"box":{"x":82,"y":754,"width":156,"height":9}},{"id":"17949358-d30e-4982-96de-a2eae5e2dbd2","block_type":"box","text":"Operational and Technology Risks","page_number":59,"box":{"x":82,"y":772,"width":214,"height":11}},{"id":"1acd1814-3bd7-4d22-849a-8dbca3176a14","block_type":"box","text":"Ownership Limitations Risk","page_number":59,"box":{"x":82,"y":790,"width":173,"height":11}},{"id":"d3d95f06-45ab-4bdd-825a-221e1ccba574","block_type":"box","text":"•","page_number":59,"box":{"x":885,"y":791,"width":6,"height":5}},{"id":"c4b2a3de-0372-4534-bcc1-8cc98a21307a","block_type":"box","text":"Real Estate Companies Risk","page_number":59,"box":{"x":82,"y":808,"width":177,"height":11}},{"id":"e27952fd-51d5-455d-8e67-30ac73ce1372","block_type":"box","text":"Reliance on Trading Partners Risk","page_number":59,"box":{"x":82,"y":826,"width":212,"height":11}},{"id":"47737fce-b758-4058-8c82-a4b8a1d771b8","block_type":"box","text":"Risk of Investing in Asia","page_number":59,"box":{"x":82,"y":844,"width":150,"height":11}},{"id":"5b3e1c39-142a-4262-85bb-0136604b9568","block_type":"box","text":"Risk of Investing in China","page_number":59,"box":{"x":82,"y":862,"width":159,"height":11}},{"id":"1c8dfd59-a1bc-4967-85c1-72f663ae7574","block_type":"box","text":"5","page_number":59,"box":{"x":526,"y":921,"width":6,"height":8}},{"id":"e81e1956-c8ab-4317-9f2c-f65ddbdffe08","block_type":"box","text":"iShares Select Dividend","page_number":60,"box":{"x":806,"y":23,"width":164,"height":9}},{"id":"b29e8a71-e875-4546-b7a5-80470a0c001f","block_type":"box","text":"ETF","page_number":60,"box":{"x":877,"y":35,"width":23,"height":8}},{"id":"96cbf47c-a479-4792-badd-7cb5881b3e0d","block_type":"box","text":"Principal Risk |","page_number":60,"box":{"x":102,"y":60,"width":101,"height":12}},{"id":"b846a4fc-91eb-477d-b280-d7b372c74b06","block_type":"box","text":"•","page_number":60,"box":{"x":209,"y":61,"width":6,"height":5}},{"id":"fdc7d4da-bd8e-4c8d-8c87-447ad9b7a157","block_type":"box","text":"Other Risk","page_number":60,"box":{"x":221,"y":61,"width":74,"height":8}},{"id":"3630e241-b5ad-419a-9777-6ba293ed5797","block_type":"box","text":"Risk of Investing in Developed Countries","page_number":60,"box":{"x":82,"y":86,"width":257,"height":11}},{"id":"b3aff9f8-b77c-4ab8-b86d-141598124961","block_type":"box","text":"Risk of Investing in Emerging Markets","page_number":60,"box":{"x":82,"y":104,"width":240,"height":11}},{"id":"65c64f8d-792c-4277-b4f3-d82a88b89062","block_type":"box","text":"Risk of Investing in Frontier Markets","page_number":60,"box":{"x":82,"y":122,"width":230,"height":11}},{"id":"3bb7fb7a-3bad-49c6-8e2d-9499d07539b6","block_type":"box","text":"Risk of Investing in Japan","page_number":60,"box":{"x":82,"y":140,"width":158,"height":11}},{"id":"2af2683b-6a9e-4648-920a-dcffb8d0c045","block_type":"box","text":"Risk of Investing in Saudi Arabia","page_number":60,"box":{"x":82,"y":158,"width":204,"height":11}},{"id":"c285b06d-f10f-456f-bbac-12690b997c2e","block_type":"box","text":"Risk of Investing in the United Kingdom","page_number":60,"box":{"x":82,"y":177,"width":250,"height":10}},{"id":"3a22a9b8-19dc-492c-a218-80ce0fd137a8","block_type":"box","text":"Risk of Investing in the U.S","page_number":60,"box":{"x":82,"y":195,"width":170,"height":10}},{"id":"3181543a-2e1d-4db8-98a7-2d7560a45d86","block_type":"box","text":"Securities Lending Risk","page_number":60,"box":{"x":82,"y":213,"width":148,"height":10}},{"id":"24f4f4d4-6829-400f-8165-929c60587e03","block_type":"box","text":"Semiconductor Companies Risk","page_number":60,"box":{"x":82,"y":231,"width":203,"height":10}},{"id":"1feeb106-3ad1-46de-9cdb-ba4ee1f9a934","block_type":"box","text":"Small-Capitalization Companies Risk","page_number":60,"box":{"x":82,"y":249,"width":233,"height":10}},{"id":"891e9eb0-a0ff-4a2e-9017-121c7047ed46","block_type":"box","text":"Small Fund Risk","page_number":60,"box":{"x":82,"y":267,"width":101,"height":8}},{"id":"21ff2932-6308-48a4-bd7c-3c8f9308dd01","block_type":"box","text":"Sustainability Risk","page_number":60,"box":{"x":82,"y":285,"width":116,"height":11}},{"id":"b61e3d38-e75d-47ec-8ebe-da7a6ec82a60","block_type":"box","text":"•","page_number":60,"box":{"x":885,"y":286,"width":6,"height":4}},{"id":"11edcbf6-7818-4b92-aadb-d7f8c0713a04","block_type":"box","text":"Technology Sector Risk","page_number":60,"box":{"x":81,"y":303,"width":148,"height":11}},{"id":"ba0434b9-a081-4538-b489-9f890cd90f74","block_type":"box","text":"•","page_number":60,"box":{"x":885,"y":304,"width":6,"height":4}},{"id":"ad616901-ff70-4462-8a4a-a81c057dcb61","block_type":"box","text":"Thematic Investing Risk","page_number":60,"box":{"x":81,"y":321,"width":151,"height":11}},{"id":"a3855ff9-3799-410e-b5ba-3fbc9ac022a0","block_type":"box","text":"Threshold/Underinvestment Risk","page_number":60,"box":{"x":81,"y":339,"width":213,"height":10}},{"id":"2cb44245-f28e-4771-80d8-ae33a2e99e2e","block_type":"box","text":"•","page_number":60,"box":{"x":885,"y":340,"width":6,"height":5}},{"id":"15972533-15b3-48ac-a75d-49a2a2af998a","block_type":"box","text":"Tracking Error Risk","page_number":60,"box":{"x":81,"y":357,"width":119,"height":11}},{"id":"2014d271-ab60-4cb7-8d49-03cbb753a761","block_type":"box","text":"U.S. Economic Risk","page_number":60,"box":{"x":82,"y":375,"width":123,"height":9}},{"id":"31e4eaa5-3079-482e-b6aa-64a6c43bf939","block_type":"box","text":"Utility Companies Risk","page_number":60,"box":{"x":82,"y":393,"width":143,"height":11}},{"id":"86615206-96f7-44a6-84ec-7257de45eadb","block_type":"box","text":"Valuation Risk","page_number":60,"box":{"x":81,"y":411,"width":90,"height":9}},{"id":"0420d88a-42be-4380-8e45-ba6569220676","block_type":"box","text":"Asian Economic Risk.","page_number":60,"box":{"x":76,"y":445,"width":147,"height":9}},{"id":"c39ca39c-a6fa-4693-89b7-16e1685a744e","block_type":"box","text":"Certain Asian economies have experienced rapid growth and industrialization in recent years, but there is no","page_number":60,"box":{"x":228,"y":445,"width":694,"height":11}},{"id":"25e71f04-b63c-4d22-b97c-ae9f84b64b1c","block_type":"box","text":"assurance that this growth rate will be maintained. Other Asian economies have experienced high inflation, high unemployment, currency","page_number":60,"box":{"x":76,"y":459,"width":880,"height":11}},{"id":"b2f86db5-2c2a-4496-84cd-eb1be8f7edbd","block_type":"box","text":"devaluations and restrictions, and over-extension of credit. Geopolitical hostility, political instability, and economic or environmental even","page_number":60,"box":{"x":76,"y":473,"width":880,"height":11}},{"id":"3f43a04a-a141-4b1c-b15a-08be96996a75","block_type":"box","text":"ts","page_number":60,"box":{"x":958,"y":474,"width":10,"height":8}},{"id":"40b224cc-4513-4267-bb21-585e446482b3","block_type":"box","text":"in any one Asian country may have a significant economic effect on the entire Asian region, as well as on major trading partners outside Asia.","page_number":60,"box":{"x":76,"y":488,"width":903,"height":10}},{"id":"d6c054e2-d734-45a0-9ef2-d93d270c97c8","block_type":"box","text":"An adverse event in the Asian markets may have a significant adverse effect on some or all of the economies of the countries in which a Fund","page_number":60,"box":{"x":76,"y":502,"width":904,"height":11}},{"id":"9bdbc3c1-cb31-4824-b200-82c8956f3ead","block_type":"box","text":"invests. Because many Asian countries depend significantly on international trade, shifts in relationships with key trading partners, such as","page_number":60,"box":{"x":76,"y":516,"width":888,"height":11}},{"id":"1aa01427-1d7e-44d8-a7e6-d6a978214680","block_type":"box","text":"China and the U.S., may have a region-wide economic impact. Strains in these relations could adversely affect Asian issuers that rely on the","page_number":60,"box":{"x":76,"y":530,"width":894,"height":11}},{"id":"2f1058d4-cfbd-4023-a52f-d09c1b7556b9","block_type":"box","text":"U.S. or China for trade and the region as a whole. A shift towards protectionist policies by these countries or other key trading partners could","page_number":60,"box":{"x":77,"y":544,"width":902,"height":11}},{"id":"51588ec3-9bf2-468b-bdee-48eb58657eae","block_type":"box","text":"suppress Asia’s exports and reduce foreign investment in the region.","page_number":60,"box":{"x":76,"y":558,"width":438,"height":11}},{"id":"d553f745-bf2a-4f1a-b0fd-3d2d1e48f637","block_type":"box","text":"Many Asian countries are subject to political risk, including political instability, corruption and regional conflicts. North Korea and South","page_number":60,"box":{"x":77,"y":582,"width":866,"height":10}},{"id":"7bc7221b-1b1b-43a9-b4df-054a80ab05a0","block_type":"box","text":"Korea each have substantial military capabilities, and historical tensions between the two countries present the risk of war. China has a","page_number":60,"box":{"x":77,"y":596,"width":865,"height":11}},{"id":"81a4bf16-770b-4fb4-ad7e-4afa858cf85e","block_type":"box","text":"complex territorial dispute regarding the sovereignty of Taiwan and has pledged to take control of Taiwan, including by force if necessary.","page_number":60,"box":{"x":76,"y":610,"width":876,"height":11}},{"id":"a1fe9e4c-1db6-49ee-b17d-5e7ae40fb820","block_type":"box","text":"Continuing hostility between China and Taiwan may have an adverse impact on economies throughout the region and on the value of a Fund’s","page_number":60,"box":{"x":76,"y":624,"width":905,"height":11}},{"id":"b7fc6656-35dc-45f2-881d-2770fdcca3d6","block_type":"box","text":"investments, may cause a suspension in a Fund’s ability to trade in certain securities or other assets, or may otherwise make such","page_number":60,"box":{"x":76,"y":638,"width":833,"height":11}},{"id":"32a27f91-16e4-480e-a486-01aab5a202c9","block_type":"box","text":"investments impracticable or impossible. Frictions between China and the Philippines in the South China Sea pose a risk of escalation","page_number":60,"box":{"x":76,"y":653,"width":856,"height":10}},{"id":"761f7f1e-71f0-48d9-b628-575720f5087f","block_type":"box","text":"potentially leading to military conflict. In addition, many Asian countries are subject to social and labor risks associated with demands for","page_number":60,"box":{"x":76,"y":667,"width":879,"height":11}},{"id":"29b9a7ad-f66d-4cf7-9dce-75cd2bbc260c","block_type":"box","text":"improved political, economic and social conditions. These risks, among others, may adversely affect the value of a Fund’s investments with","page_number":60,"box":{"x":76,"y":681,"width":889,"height":11}},{"id":"4c65365f-c8cb-4ef2-81ee-0b07aeba896c","block_type":"box","text":"exposure to Asia.","page_number":60,"box":{"x":76,"y":695,"width":109,"height":11}},{"id":"e56be814-751b-46cd-aa68-aa9f6d7faa69","block_type":"box","text":"Asset Class Risk.","page_number":60,"box":{"x":76,"y":718,"width":117,"height":9}},{"id":"e1e636dd-8885-4cc9-ac61-2802dce0ee07","block_type":"box","text":"The securities and other assets in a Fund’s portfolio or, if applicable, its Underlying Index may underperform in","page_number":60,"box":{"x":198,"y":718,"width":706,"height":11}},{"id":"6eb7ac74-f5eb-487d-95cc-094824b3ce64","block_type":"box","text":"comparison to indexes that track, or assets that represent, other countries or geographic units, industries, markets, market segments, or","page_number":60,"box":{"x":76,"y":733,"width":878,"height":10}},{"id":"d7bcbefa-cb73-4a3d-95ce-a0146e1a2b91","block_type":"box","text":"asset classes. Various types of securities, other assets and indexes may experience cycles of outperformance and underperformance in","page_number":60,"box":{"x":76,"y":747,"width":869,"height":10}},{"id":"940c2e99-0561-44cf-89cf-3afdd29d0884","block_type":"box","text":"comparison to financial markets generally. This divergence may be due to a number of factors including, among other things, inflation,","page_number":60,"box":{"x":76,"y":761,"width":857,"height":11}},{"id":"5ff60663-1a86-49b3-a75f-d37a0ec5c00f","block_type":"box","text":"interest rates, productivity, global demand for local products or resources, and regulation and governmental controls. This may cause a Fund","page_number":60,"box":{"x":76,"y":775,"width":900,"height":11}},{"id":"45feb836-4474-4882-9fdb-24c5a26447f0","block_type":"box","text":"to underperform other investment vehicles that invest in different asset classes.","page_number":60,"box":{"x":76,"y":789,"width":512,"height":11}},{"id":"25eb2dd4-ee0e-4ab5-a0ed-6fa67747a4fa","block_type":"box","text":"Assets Under Management (AUM) Risk.","page_number":60,"box":{"x":76,"y":812,"width":273,"height":11}},{"id":"a4628374-19ee-4fe3-973f-8ae3d8033690","block_type":"box","text":"From time to time, an Authorized Participant, a third-party investor, a Fund’s adviser, an affiliate","page_number":60,"box":{"x":355,"y":812,"width":613,"height":11}},{"id":"c3b7f529-faaa-4064-b58d-1b0784285deb","block_type":"box","text":"of a Fund’s adviser, or another fund may invest in a Fund and hold its investment for a specific period of time to allow the Fund to achieve","page_number":60,"box":{"x":76,"y":827,"width":879,"height":10}},{"id":"ee304b27-3e0a-4f89-a8c2-30ece08872ac","block_type":"box","text":"size or scale. There can be no assurance that any such entity would not redeem its investment or that the size of the Fund would be","page_number":60,"box":{"x":76,"y":841,"width":841,"height":11}},{"id":"a4c52f85-1695-443c-87e0-28a4ffc1c0dc","block_type":"box","text":"maintained at such levels, which could negatively impact the Fund.","page_number":60,"box":{"x":76,"y":855,"width":426,"height":11}},{"id":"805622d7-0499-4d34-bd3a-165dafd49d02","block_type":"box","text":"6","page_number":60,"box":{"x":526,"y":921,"width":6,"height":8}},{"id":"f0379b63-2fa6-4a6c-9eb8-55e5dad22b76","block_type":"box","text":"Australasian Economic Risk.","page_number":61,"box":{"x":76,"y":23,"width":196,"height":9}},{"id":"5bfaece0-9565-47dd-b5d1-91ceca7676c6","block_type":"box","text":"The economies of Australasia, which include Australia and New Zealand, depend on exports from the energy,","page_number":61,"box":{"x":277,"y":23,"width":696,"height":11}},{"id":"b615d181-b1ee-4f10-bb0d-1341e28ffbb1","block_type":"box","text":"agricultural and mining sectors and, as a result, are susceptible to fluctuations in the commodity markets. These economies also increasingly","page_number":61,"box":{"x":76,"y":37,"width":903,"height":11}},{"id":"494b2c5f-a356-413d-8c3e-b91ace5aa358","block_type":"box","text":"depend on their growing service industries. The Australasian economies depend on the economies of their key trading partners, which","page_number":61,"box":{"x":76,"y":51,"width":857,"height":11}},{"id":"862f6747-0d32-49a1-a37e-a2b2f9ce427b","block_type":"box","text":"include China, Japan, South Korea, the U.S. and certain European countries. Reduced spending by any of these trading partners on","page_number":61,"box":{"x":76,"y":66,"width":834,"height":11}},{"id":"fadabc5c-e408-42c9-8db8-21bb38539b1f","block_type":"box","text":"Australasian products and services, or negative changes in any of these economies, may have an adverse impact on some or all of the","page_number":61,"box":{"x":76,"y":80,"width":858,"height":11}},{"id":"3ab93a5d-9280-4229-9db2-7313308197cf","block_type":"box","text":"Australasian economies. Economic events in key trading countries can have a significant effect on the Australasian economies.","page_number":61,"box":{"x":76,"y":94,"width":813,"height":11}},{"id":"4cb95df5-281c-493d-8fd6-aaa6ffc9dd9d","block_type":"box","text":"Other risks to Australasian countries include natural disasters that may occur in the region (e.g., droughts, earthquakes, fires, tsunamis) and","page_number":61,"box":{"x":76,"y":117,"width":898,"height":11}},{"id":"dd39421e-ac14-4b3e-9de0-4602e35cc8d4","block_type":"box","text":"national or regional security concerns (e.g., terrorism, war, strained international relations). Any such event may adversely affect the","page_number":61,"box":{"x":76,"y":131,"width":847,"height":11}},{"id":"30d93f6c-1be0-4748-8c0e-e10509608966","block_type":"box","text":"Australasian economies, financial markets or issuers of securities, causing an adverse impact on the value of a Fund’s investments.","page_number":61,"box":{"x":76,"y":146,"width":840,"height":10}},{"id":"fb9a3a87-9bb4-408f-8ed3-a5a785a316e1","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":61,"box":{"x":76,"y":169,"width":296,"height":11}},{"id":"5ce1e339-c719-4de6-b69f-0333ec4da910","block_type":"box","text":"Only an Authorized Participant may engage in creation or redemption transactions directly","page_number":61,"box":{"x":378,"y":169,"width":578,"height":11}},{"id":"db3c8479-eedb-4353-b366-a7be3bf68385","block_type":"box","text":"with a Fund. There are a limited number of institutions that may act as Authorized Participants for the Fund, including on an agency basis on","page_number":61,"box":{"x":76,"y":183,"width":894,"height":11}},{"id":"59551930-78c1-48bf-9620-4ab8be896a51","block_type":"box","text":"behalf of other market participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent","page_number":61,"box":{"x":76,"y":197,"width":882,"height":11}},{"id":"a049d124-5d04-4d48-ac40-13abbf51059a","block_type":"box","text":"that Authorized Participants exit the business or do not place creation or redemption orders for a Fund and no other Authorized Participant","page_number":61,"box":{"x":76,"y":211,"width":888,"height":11}},{"id":"851a2fc2-7a87-4edf-b3c8-3124b13a3496","block_type":"box","text":"places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting. Authorized","page_number":61,"box":{"x":76,"y":226,"width":889,"height":10}},{"id":"d6f91d84-6b46-4977-9edb-8eef0837a423","block_type":"box","text":"Participant concentration risk may be heightened for a Fund that invests in securities issued by non-U.S. issuers or instruments with lower","page_number":61,"box":{"x":77,"y":240,"width":885,"height":11}},{"id":"d559cc88-4b9b-480a-9422-cbfe4dc38efc","block_type":"box","text":"trading volume. Such assets often entail greater settlement and operational complexity and higher capital costs for Authorized Participants,","page_number":61,"box":{"x":76,"y":254,"width":893,"height":11}},{"id":"6070b785-c338-4ee5-89dd-79ee07b35475","block_type":"box","text":"which may limit the number of Authorized Participants that engage with the Fund.","page_number":61,"box":{"x":76,"y":268,"width":521,"height":11}},{"id":"65b973ff-1792-47b6-9d31-dccfc4ce1710","block_type":"box","text":"Borrowing Risk.","page_number":61,"box":{"x":77,"y":291,"width":108,"height":11}},{"id":"d06f8987-ef1f-41b1-afaf-a0caad6a2ef4","block_type":"box","text":"Borrowing may exaggerate changes in a Fund’s NAV and in the return on its portfolio. A Fund that borrows will incur","page_number":61,"box":{"x":191,"y":291,"width":739,"height":11}},{"id":"3f40a693-cd5e-4e11-b323-f8461edb598a","block_type":"box","text":"interest expenses and other fees, which may reduce the Fund’s return. Borrowing may also cause a Fund to liquidate positions when it may","page_number":61,"box":{"x":76,"y":305,"width":890,"height":11}},{"id":"63035865-8b12-441c-b665-7ae76dc0b443","block_type":"box","text":"not be advantageous to do so to satisfy its obligations.","page_number":61,"box":{"x":76,"y":320,"width":348,"height":10}},{"id":"c585e0e7-4d72-45db-94f8-4424c3db98e2","block_type":"box","text":"Central and South American Economic Risk.","page_number":61,"box":{"x":76,"y":343,"width":305,"height":8}},{"id":"28f7968c-624c-492f-ac5e-08290bbb0f73","block_type":"box","text":"Certain Central and South American countries have experienced high interest rates,","page_number":61,"box":{"x":386,"y":343,"width":537,"height":11}},{"id":"094ac1ab-f0f6-448a-9a83-13f81ae9c9c8","block_type":"box","text":"economic volatility, high levels of inflation, currency devaluations, regime changes, government defaults and high unemployment rates.","page_number":61,"box":{"x":76,"y":357,"width":864,"height":11}},{"id":"62ea679b-039c-43ff-b41e-dca6e600b9f8","block_type":"box","text":"Additionally, commodities such as oil and gas, minerals and metals represent a significant percentage of the region’s exports, and the","page_number":61,"box":{"x":76,"y":371,"width":855,"height":11}},{"id":"3d7e7505-6124-49e0-a15d-939619102052","block_type":"box","text":"economies of countries in the region are particularly sensitive to fluctuations in commodity prices as a result. Central and South American","page_number":61,"box":{"x":76,"y":385,"width":884,"height":11}},{"id":"ba17d46b-cd4b-4d9b-b2fd-3a72086111ef","block_type":"box","text":"countries depend on the economies of their key trading partners, which include China, the U.S., other countries in the region and certain","page_number":61,"box":{"x":76,"y":400,"width":873,"height":10}},{"id":"6f214037-8f8d-4249-ac97-60ceb0e09359","block_type":"box","text":"European countries. Reduced spending by any of these trading partners on products and services, or negative changes in any of these","page_number":61,"box":{"x":77,"y":414,"width":857,"height":11}},{"id":"843938d2-4071-4455-9948-8e9687c03937","block_type":"box","text":"economies, may have an adverse impact on some or all of the economies in the region. The impact of any of the foregoing events in one","page_number":61,"box":{"x":76,"y":428,"width":870,"height":11}},{"id":"df55e7fd-b126-455a-87a0-15277a6d07e3","block_type":"box","text":"country could have a significant effect on the entire region.","page_number":61,"box":{"x":76,"y":442,"width":377,"height":11}},{"id":"fcc0496a-94cc-4c9b-85d7-334a42df0bd1","block_type":"box","text":"Other risks to Central and South American countries include natural disasters that may occur in the region (e.g., floods, hurricanes,","page_number":61,"box":{"x":76,"y":465,"width":839,"height":11}},{"id":"7d10aee8-4c71-4fdb-ad15-dae7719cc53e","block_type":"box","text":"earthquakes) and national or regional security concerns (e.g., terrorism, war, strained international relations). Any such event may adversely","page_number":61,"box":{"x":76,"y":480,"width":898,"height":10}},{"id":"dac33591-8b75-4f2b-ba4d-2c1ca2bceffb","block_type":"box","text":"affect Central and South American economies, financial markets or issuers of securities, causing an adverse impact on the value of a Fund’s","page_number":61,"box":{"x":76,"y":494,"width":896,"height":11}},{"id":"0324b9aa-ca4b-4ca8-9815-098789aaef71","block_type":"box","text":"investments.","page_number":61,"box":{"x":76,"y":508,"width":81,"height":8}},{"id":"499637a5-ba62-47d3-9dc7-603ef2110560","block_type":"box","text":"Clean Energy Companies Risk.","page_number":61,"box":{"x":76,"y":531,"width":209,"height":11}},{"id":"21cbc8b5-1f03-446d-b79f-17d04cd0761b","block_type":"box","text":"Many clean energy companies are involved in the development and commercialization of new technologies,","page_number":61,"box":{"x":291,"y":531,"width":687,"height":11}},{"id":"6ca9350a-33e9-4499-8362-4c1d3ee40b54","block_type":"box","text":"which may be subject to delays due to budget constraints and technological difficulties. Clean energy companies may be highly dependent","page_number":61,"box":{"x":76,"y":545,"width":887,"height":11}},{"id":"dc4fe012-999a-4ac4-8d24-b522e0766928","block_type":"box","text":"on government subsidies and contracts with government entities. Clean energy companies may depend on the successful development of","page_number":61,"box":{"x":76,"y":559,"width":884,"height":11}},{"id":"9833b176-c0b4-4efb-9edb-49148cb938de","block_type":"box","text":"new and proprietary technologies. Seasonal weather conditions, fluctuations in the supply of and demand for clean energy products, changes","page_number":61,"box":{"x":76,"y":574,"width":905,"height":10}},{"id":"ed9ba737-775a-4680-b765-9b75b3d11473","block_type":"box","text":"in energy prices, and political events may cause fluctuations in the performance of clean energy companies and the prices of their securities.","page_number":61,"box":{"x":76,"y":588,"width":902,"height":11}},{"id":"11ad730c-048e-4f63-ba3c-e1c4b6ec02fe","block_type":"box","text":"Close-Out Risk for Qualified Financial Contracts.","page_number":61,"box":{"x":76,"y":611,"width":336,"height":8}},{"id":"b38a1b33-6f86-48e2-828c-bbd86c8775d6","block_type":"box","text":"Regulations adopted by global prudential regulators require counterparties that are part","page_number":61,"box":{"x":418,"y":611,"width":562,"height":11}},{"id":"10529622-8880-4215-99ea-0bcc710fe644","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":61,"box":{"x":76,"y":625,"width":880,"height":11}},{"id":"1c47c997-0cc0-4f76-a2a7-6878a0106df5","block_type":"box","text":"agreements relating to qualified financial contracts. Qualified financial contracts include agreements relating to swaps, currency forwards","page_number":61,"box":{"x":76,"y":639,"width":881,"height":11}},{"id":"f5a1d359-da6a-4422-af54-c134c8388708","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":61,"box":{"x":76,"y":654,"width":896,"height":10}},{"id":"bb3d7b01-79c8-47ba-8ec2-59c6d88c9323","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":61,"box":{"x":76,"y":668,"width":889,"height":11}},{"id":"366fc57f-5043-4d6d-8dc4-4c07c82d1aa5","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":61,"box":{"x":76,"y":682,"width":903,"height":11}},{"id":"81c327ec-1c24-480b-a458-c54d78464153","block_type":"box","text":"credit risk and other risks to a Fund.","page_number":61,"box":{"x":76,"y":696,"width":231,"height":9}},{"id":"9f8b3e93-6898-45df-be41-bcb92bae212d","block_type":"box","text":"Communications Companies Risk.","page_number":61,"box":{"x":76,"y":719,"width":236,"height":11}},{"id":"8e9c0566-630e-48f9-9dd2-a1f22db7fcaf","block_type":"box","text":"Communications companies may face rapid product obsolescence as well as unexpected risks and","page_number":61,"box":{"x":317,"y":719,"width":633,"height":11}},{"id":"1e0a19d7-880b-4b0c-ba0b-99bd9d88b510","block_type":"box","text":"costs related to product compatibility and standardization, new product introduction and technological developments, such as artificial","page_number":61,"box":{"x":76,"y":733,"width":863,"height":11}},{"id":"6028822e-3cc5-43aa-bb14-0cd9f352ddd3","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":61,"box":{"x":76,"y":748,"width":897,"height":10}},{"id":"51e4f5d0-cc7d-439b-ae3d-ed10a4b75284","block_type":"box","text":"products and services. Demographic shifts and changes in consumer preferences and expectations may have negative impacts on their","page_number":61,"box":{"x":76,"y":762,"width":868,"height":11}},{"id":"1ee93d02-4aaf-4c5f-bbeb-b14f7ac5436a","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":61,"box":{"x":76,"y":776,"width":881,"height":11}},{"id":"89d1c022-b3d9-461c-bbd1-defe2e70af4e","block_type":"box","text":"information or disruptions in service could have a material adverse effect on their operations and reputation.","page_number":61,"box":{"x":76,"y":790,"width":694,"height":11}},{"id":"40288f3b-8058-447c-9ef5-9d4ce8205485","block_type":"box","text":"Communications companies are subject to extensive government regulation, including licensing and franchise requirements. The costs of","page_number":61,"box":{"x":76,"y":813,"width":880,"height":11}},{"id":"20447572-63e6-45a0-8619-b7e26fbda903","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":61,"box":{"x":76,"y":828,"width":897,"height":10}},{"id":"85f09e76-4968-4053-9c1e-7e1b2af4728c","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":61,"box":{"x":76,"y":842,"width":898,"height":11}},{"id":"256d5566-5f0d-4dd4-929b-b2a617c7f06a","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":61,"box":{"x":76,"y":856,"width":805,"height":11}},{"id":"f6f343da-3594-469a-b63b-e484ae7c6426","block_type":"box","text":"7","page_number":61,"box":{"x":526,"y":921,"width":6,"height":8}},{"id":"fa308ccc-fc1f-4f3f-9c76-bebd0a6e8eab","block_type":"box","text":"Concentration Risk.","page_number":62,"box":{"x":76,"y":23,"width":136,"height":9}},{"id":"4c3eb488-8b9f-44a1-8b04-679fcda1d715","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":62,"box":{"x":217,"y":23,"width":744,"height":11}},{"id":"245153fb-6416-4234-80fb-0ecf76dc25d9","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":62,"box":{"x":76,"y":37,"width":903,"height":10}},{"id":"76f9fbf9-e019-4098-bfb3-2c80aba4adb8","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":62,"box":{"x":76,"y":52,"width":853,"height":10}},{"id":"d2ab9ce6-762d-4ce5-bf7b-7709056b8db5","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":62,"box":{"x":76,"y":66,"width":897,"height":11}},{"id":"e9f3de3b-8dbb-470d-81a3-c16c6820a34b","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":62,"box":{"x":76,"y":80,"width":905,"height":11}},{"id":"cb8b22f2-2aeb-4141-ab0d-00b0b56d1ef8","block_type":"box","text":"its investments.","page_number":62,"box":{"x":76,"y":94,"width":100,"height":9}},{"id":"4dfeac13-1e11-4a97-b717-c1375c4c04b2","block_type":"box","text":"Consumer Goods and Services Com","page_number":62,"box":{"x":76,"y":117,"width":247,"height":9}},{"id":"213fabb4-3ccc-4e0d-a555-0559b9228dcc","block_type":"box","text":"panies Risk.","page_number":62,"box":{"x":325,"y":117,"width":83,"height":11}},{"id":"e6c879d7-fa02-4ee3-ba22-dd995dfef649","block_type":"box","text":"Many consumer goods and services companies (“consumer companies”) rely heavily on","page_number":62,"box":{"x":414,"y":117,"width":561,"height":11}},{"id":"f944f091-5f5d-4dcc-bf37-3bde358607a9","block_type":"box","text":"disposable household income and consumer spending and may be impacted by social trends, marketing campaigns, demographic shifts and","page_number":62,"box":{"x":76,"y":131,"width":897,"height":11}},{"id":"e94fa6c2-36db-43ab-b4dc-6ae8cd4bd854","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":62,"box":{"x":76,"y":146,"width":860,"height":10}},{"id":"d88bc8d2-f5be-4d88-9f08-613aae2c000d","block_type":"box","text":"adverse impact on consumer companies.","page_number":62,"box":{"x":76,"y":160,"width":262,"height":11}},{"id":"e6b902e0-7d4c-4e22-b2d9-ec7b34259134","block_type":"box","text":"Certain consumer companies, such as those providing discretionary goods or services, may depend more on business cycles, overall","page_number":62,"box":{"x":76,"y":183,"width":849,"height":11}},{"id":"cea96071-307b-4a3d-bdee-51e0004303de","block_type":"box","text":"economic conditions and consumer confidence. Many consumer goods and services are subject to government regulation and the related","page_number":62,"box":{"x":76,"y":197,"width":883,"height":11}},{"id":"6634d657-6e51-4080-9cce-09d799b7d119","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":62,"box":{"x":76,"y":211,"width":856,"height":11}},{"id":"4fbbb575-4ca1-4fd7-aeb0-7005af38a858","block_type":"box","text":"affected by volatility in commodity prices, supply chain disruptions and labor shortages.","page_number":62,"box":{"x":76,"y":226,"width":561,"height":10}},{"id":"25fdc419-bbe0-41fe-bfa2-11e1544571f7","block_type":"box","text":"Currency Risk.","page_number":62,"box":{"x":76,"y":249,"width":100,"height":11}},{"id":"c5643d66-bc30-4bd8-a5c1-b4913eac3c8e","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","page_number":62,"box":{"x":182,"y":249,"width":749,"height":11}},{"id":"2d550fe9-0dd8-4ba8-83fc-7e5c38b05ef5","block_type":"box","text":"non-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":62,"box":{"x":76,"y":263,"width":902,"height":11}},{"id":"f54759dc-673f-419a-b69e-5960a145cd1e","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":62,"box":{"x":76,"y":277,"width":867,"height":11}},{"id":"8d4c0fc8-5e1b-4093-b02c-128bdedf0d17","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":62,"box":{"x":76,"y":291,"width":892,"height":11}},{"id":"9a08a8c9-b28a-402e-a3a2-9f5213c9c1a1","block_type":"box","text":"connection with conversions between U.S. dollars and foreign currencies.","page_number":62,"box":{"x":76,"y":305,"width":470,"height":11}},{"id":"e3aeb96f-41e1-41f2-be68-6a6b317ab6ee","block_type":"box","text":"Custody Risk.","page_number":62,"box":{"x":76,"y":329,"width":94,"height":10}},{"id":"6e210ed1-8f1f-44eb-ac0c-5ea4fe4462ed","block_type":"box","text":"Custody risk refers to the risks in the process of clearing and settling trades, as well as the holding of securities and other","page_number":62,"box":{"x":175,"y":329,"width":780,"height":10}},{"id":"fee1fe5e-f3b3-4ceb-be9f-4b136a33e6c9","block_type":"box","text":"assets by local banks, agents and depositories. These risks are heightened in jurisdictions with less developed markets or less robust","page_number":62,"box":{"x":76,"y":343,"width":853,"height":11}},{"id":"d11c6b85-b2ef-44bd-a366-66a89923a128","block_type":"box","text":"settlement and custody infrastructure and processes, and they may result in losses or delays in payments, delivery or recovery of money or","page_number":62,"box":{"x":76,"y":357,"width":893,"height":11}},{"id":"0783f5df-c046-4e56-8816-4506f4987818","block_type":"box","text":"other assets. Low trading volumes and volatile prices in less developed markets may make trades harder to complete and settle.","page_number":62,"box":{"x":76,"y":371,"width":822,"height":11}},{"id":"670e3c0a-c805-4979-a82a-171c39e5f4f9","block_type":"box","text":"Governments or trade groups may compel local agents to hold securities and other assets in designated depositories that may not be subject","page_number":62,"box":{"x":76,"y":385,"width":905,"height":11}},{"id":"00aed48d-0d8f-4a05-811f-5344d682c7e4","block_type":"box","text":"to independent evaluation. Local agents are held only to the standards of care of their local markets. In general, the less developed a","page_number":62,"box":{"x":76,"y":400,"width":850,"height":10}},{"id":"80abc45e-0d0c-4d32-8b0b-fc013b664dd7","block_type":"box","text":"country’s securities markets are, the higher the degree of custody risk.","page_number":62,"box":{"x":76,"y":414,"width":453,"height":11}},{"id":"897dd8f3-ffb4-4d71-826d-18dcb6d42bf9","block_type":"box","text":"Dividend-Paying Stock Risk.","page_number":62,"box":{"x":77,"y":437,"width":192,"height":11}},{"id":"5443bdb9-8ad2-4c08-a0d3-f33098856ce8","block_type":"box","text":"Investing in dividend-paying stocks involves the risk that such stocks may fall out of favor with investors and","page_number":62,"box":{"x":275,"y":437,"width":692,"height":11}},{"id":"03fec159-0d06-47cd-8746-db8853e2f014","block_type":"box","text":"underperform other types of stocks or the broader market. Companies that issue dividend-paying stocks are not required to pay or continue","page_number":62,"box":{"x":77,"y":451,"width":895,"height":11}},{"id":"93e1d65a-f531-4952-b519-6d45dbf2c5f0","block_type":"box","text":"paying dividends on such stocks. It is possible that issuers of dividend-paying stocks will not declare dividends in the future or will reduce or","page_number":62,"box":{"x":76,"y":465,"width":896,"height":11}},{"id":"7b46b1bf-4c25-4b49-9c2c-5f0e08b4bcd7","block_type":"box","text":"eliminate the payment of dividends (including reducing or eliminating anticipated accelerations or increases in the payment of dividends),","page_number":62,"box":{"x":76,"y":479,"width":879,"height":11}},{"id":"60db2038-1a9d-467a-b4f6-94213f434457","block_type":"box","text":"which may adversely affect a Fund with such holdings. In addition, the value of dividend-paying stocks can decline when interest rates rise,","page_number":62,"box":{"x":76,"y":494,"width":888,"height":11}},{"id":"2d585b82-8691-456d-b73f-a07cbb7ddb02","block_type":"box","text":"as fixed-income investments become more attractive to investors.","page_number":62,"box":{"x":76,"y":508,"width":424,"height":8}},{"id":"60eff6bd-e64d-4804-a162-b40405542a77","block_type":"box","text":"Energy Companies Risk.","page_number":62,"box":{"x":77,"y":531,"width":165,"height":11}},{"id":"1b85cfa0-84b0-4c58-bee7-3e1e6cc8f9fc","block_type":"box","text":"The energy sector tends to be closely tied to the economic cycle and can be significantly affected by","page_number":62,"box":{"x":247,"y":531,"width":644,"height":11}},{"id":"df266a70-021a-4523-b04a-f71cce92f030","block_type":"box","text":"supply-demand dynamics and volatility in commodity prices. Energy companies also may be adversely affected by exchange rate fluctuations,","page_number":62,"box":{"x":76,"y":545,"width":906,"height":11}},{"id":"e30dffdd-f632-46cf-911e-ba287f76ecf3","block_type":"box","text":"war or other conflicts, sanctions, import/export controls, depletion of resources, technological advances and labor relations. This sector","page_number":62,"box":{"x":76,"y":559,"width":874,"height":11}},{"id":"e3c070b0-832f-45e5-84ed-18626bb450b9","block_type":"box","text":"generally is subject to substantial government regulation, and companies may incur significant costs in complying with environmental and","page_number":62,"box":{"x":76,"y":574,"width":882,"height":10}},{"id":"0163e6da-54c2-4be3-a51c-7cf2c2d0e876","block_type":"box","text":"other laws. Policies that promote energy conservation, clean energy or the transition to low carbon alternatives also may affect the","page_number":62,"box":{"x":76,"y":588,"width":838,"height":11}},{"id":"1657e2be-edd1-4ff9-95fb-00dfe000afb1","block_type":"box","text":"performance of energy companies.","page_number":62,"box":{"x":76,"y":602,"width":223,"height":11}},{"id":"0c8f2b59-3ab4-4407-bfc4-1b13f0c646e4","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":62,"box":{"x":77,"y":625,"width":892,"height":11}},{"id":"42e3e468-05f0-4e27-a408-f0e4aff749a3","block_type":"box","text":"production of energy sources and the development of energy infrastructure often require significant capital expenditures, and companies","page_number":62,"box":{"x":76,"y":639,"width":878,"height":11}},{"id":"947d3ab9-48ab-46c1-9bfc-f19ac9dc6439","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":62,"box":{"x":76,"y":654,"width":885,"height":10}},{"id":"9c1cc0ef-a692-489f-b022-42cdeefe615d","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":62,"box":{"x":77,"y":668,"width":866,"height":11}},{"id":"332d48eb-9f09-408e-9374-2a955b404ac4","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":62,"box":{"x":76,"y":682,"width":883,"height":11}},{"id":"1e2f0524-a8c0-41df-aae8-3a62b0293041","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":62,"box":{"x":76,"y":696,"width":800,"height":11}},{"id":"3e6e0973-895d-4108-89df-1cb84a16616c","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":62,"box":{"x":76,"y":719,"width":837,"height":11}},{"id":"ff9cb8cb-ac98-4a5e-80d9-169ad4c74fbc","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":62,"box":{"x":76,"y":733,"width":882,"height":11}},{"id":"98347d0c-0dc0-4a83-b92d-678c77bebc4c","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":62,"box":{"x":76,"y":748,"width":899,"height":10}},{"id":"ca14e151-875e-47c6-a495-d5e3c464daff","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":62,"box":{"x":76,"y":762,"width":860,"height":11}},{"id":"980198c8-720a-4056-a28d-d39a6ad02421","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":62,"box":{"x":76,"y":776,"width":868,"height":11}},{"id":"1275f389-0d4b-4717-8424-bb90d2b91c2f","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":62,"box":{"x":76,"y":790,"width":867,"height":11}},{"id":"8872aecd-39d8-49c4-8be1-6c722494d539","block_type":"box","text":"Environmentally Aware Real Estate Investment Strategy Risk.","page_number":62,"box":{"x":77,"y":813,"width":428,"height":11}},{"id":"e4bbf934-4ff4-4e30-b4b1-8df91917f704","block_type":"box","text":"An investment strategy of tracking an Underlying Index that uses","page_number":62,"box":{"x":510,"y":813,"width":417,"height":11}},{"id":"c632657b-1616-4fd1-840a-10bbe70917fd","block_type":"box","text":"environmental factors related to real estate (","page_number":62,"box":{"x":76,"y":828,"width":286,"height":10}},{"id":"83e8e7ef-b67b-44c4-a927-0b17191c8352","block_type":"box","text":"e.g","page_number":62,"box":{"x":363,"y":830,"width":19,"height":8}},{"id":"38471d0c-b9e5-4525-9879-7772324298b8","block_type":"box","text":"., green certification and energy efficiency) may limit the types and number of investment","page_number":62,"box":{"x":383,"y":828,"width":571,"height":10}},{"id":"8a8f88e1-bd64-4760-93d3-e1e5f353745d","block_type":"box","text":"opportunities available to a Fund and, as a result, the Fund may underperform other funds whose underlying index does not use","page_number":62,"box":{"x":76,"y":842,"width":816,"height":11}},{"id":"8c831951-3378-4dfa-8d16-659595bbbaa6","block_type":"box","text":"environmental factors related to real estate or other funds that use similar criteria. Companies that own or manage real estate assets with","page_number":62,"box":{"x":76,"y":856,"width":884,"height":11}},{"id":"4925fb9a-274b-4b7d-84e3-dcc80b49caa5","block_type":"box","text":"favorable environmental factors are exposed to risks specific to the real estate market as well as the risks that are associated specifically","page_number":62,"box":{"x":76,"y":870,"width":880,"height":11}},{"id":"349b64d9-3af5-4102-a690-a291305214d1","block_type":"box","text":"with the environmental factors related to real estate. These companies may be affected by unique supply and demand factors that do not","page_number":62,"box":{"x":76,"y":884,"width":878,"height":11}},{"id":"eb2de9c8-1819-481e-b3b3-e6e750113845","block_type":"box","text":"8","page_number":62,"box":{"x":526,"y":921,"width":6,"height":8}},{"id":"95eae2a4-9c1f-44c9-b6e8-17acc9b7e792","block_type":"box","text":"apply to other real estate sectors, such as changes in demand for energy efficient technology and materials. Such companies could also face","page_number":63,"box":{"x":76,"y":23,"width":901,"height":11}},{"id":"ea7bf0f6-fba4-484c-9eba-2f190db18776","block_type":"box","text":"risks related to the effort associated with securing and maintaining third-party green certifications. These companies may be concentrated in","page_number":63,"box":{"x":77,"y":37,"width":901,"height":11}},{"id":"c9dcc937-f9f2-4fab-a6fb-709a3ba97d57","block_type":"box","text":"a particular country or region, and any adverse event affecting one of these countries or regions could have a negative impact on the","page_number":63,"box":{"x":76,"y":51,"width":849,"height":11}},{"id":"853989ef-205f-4d7d-b16b-8ac25f4c9496","block_type":"box","text":"environmental performance related to real estate. The value of the securities selected for such an Underlying Index may be affected by legal","page_number":63,"box":{"x":76,"y":66,"width":896,"height":11}},{"id":"d92ada60-1258-4a42-834c-075884efc583","block_type":"box","text":"and regulatory developments applicable to the environmental factors related to real estate. The issuers of securities selected for the","page_number":63,"box":{"x":76,"y":80,"width":847,"height":11}},{"id":"916f5e9f-caa6-4ca0-84d8-efe7f71ac1ed","block_type":"box","text":"Underlying Index may not be the same issuers selected by other index providers that use certain environmental factors with respect to real","page_number":63,"box":{"x":77,"y":94,"width":888,"height":11}},{"id":"2b67f064-8388-4917-be2b-fac1cb715b39","block_type":"box","text":"estate companies. The issuers of securities selected for the Underlying Index may have real estate assets that do not exhibit favorable","page_number":63,"box":{"x":76,"y":108,"width":859,"height":11}},{"id":"4870c616-e66c-422e-a942-bc2a2c08d181","block_type":"box","text":"environmental performance. In addition, issuers selected for the Underlying Index may not later display positive or favorable environmental","page_number":63,"box":{"x":76,"y":122,"width":889,"height":11}},{"id":"1245e7a7-0dc5-44bc-9fc7-23b3ae6a20bc","block_type":"box","text":"performance metrics.","page_number":63,"box":{"x":76,"y":137,"width":137,"height":10}},{"id":"ef1966b0-a356-4508-a4da-a1870e19e3c7","block_type":"box","text":"Equity Securities Risk.","page_number":63,"box":{"x":77,"y":160,"width":154,"height":11}},{"id":"96beac75-87b6-4779-9ba3-2e57dc30df2f","block_type":"box","text":"Equity securities are subject to changes in value due to general market or economic conditions, perceptions about","page_number":63,"box":{"x":237,"y":160,"width":732,"height":11}},{"id":"3a0540ce-f999-40d2-841d-83a972bd4233","block_type":"box","text":"the markets in which issuers participate or a number of factors relating to a specific issuer. Investments in equity securities may be more","page_number":63,"box":{"x":76,"y":174,"width":877,"height":11}},{"id":"542bcf80-7339-48bc-b33c-fed04acb3c31","block_type":"box","text":"volatile than investments in other asset classes. Equity securities (both common and preferred stock) are subordinated to debt securities in a","page_number":63,"box":{"x":76,"y":188,"width":905,"height":11}},{"id":"11fe2f27-c33d-4dc6-bfe4-01900748064b","block_type":"box","text":"company’s capital structure, and so equity holders are generally subject to more risks, particularly in the event of an issuer’s bankruptcy.","page_number":63,"box":{"x":76,"y":202,"width":875,"height":11}},{"id":"a8637b25-b205-4bc2-aa2c-4016f6330757","block_type":"box","text":"Common stock has the lowest priority and the greatest risks, including with respect to dividends and any liquidation payments.","page_number":63,"box":{"x":76,"y":217,"width":812,"height":10}},{"id":"f37a7d88-9cb4-42a7-bffd-810f17cceeab","block_type":"box","text":"ESG Risk.","page_number":63,"box":{"x":77,"y":240,"width":64,"height":8}},{"id":"4263b24c-eb1c-4505-84db-993619c90e69","block_type":"box","text":"To the extent that a Fund’s Underlying Index uses criteria related to the ESG characteristics of issuers, this may limit the types and","page_number":63,"box":{"x":146,"y":240,"width":836,"height":11}},{"id":"62718df5-077f-4041-a791-622058e99de0","block_type":"box","text":"number of investment opportunities available to the Fund and, as a result, the Fund may underperform other funds whose underlying index","page_number":63,"box":{"x":76,"y":254,"width":888,"height":11}},{"id":"c57a5a5f-dba5-4086-b697-5ead8689989c","block_type":"box","text":"does not use ESG criteria. An Underlying Index’s use of ESG criteria may result in a Fund investing in, or allocating greater weight to,","page_number":63,"box":{"x":76,"y":268,"width":846,"height":11}},{"id":"0b5e8b88-7107-4c21-a1cd-50bd81375f94","block_type":"box","text":"securities or market sectors that underperform the market as a whole or underperform other funds that use ESG criteria. In addition, the use","page_number":63,"box":{"x":76,"y":282,"width":901,"height":11}},{"id":"dc064198-57e3-48a9-bc5d-57d00402b012","block_type":"box","text":"of representative sampling may result in the divergence of a Fund’s overall ESG characteristics or ESG risk from those of the Underlying","page_number":63,"box":{"x":76,"y":296,"width":869,"height":11}},{"id":"bc17f91b-1993-425b-a18b-f96bfbf94ede","block_type":"box","text":"Index.","page_number":63,"box":{"x":77,"y":311,"width":36,"height":8}},{"id":"6fc239e4-1626-4852-b220-823df7e388f7","block_type":"box","text":"An Index Provider evaluates securities for inclusion and/or weighting in such an Underlying Index based on ESG criteria and data provided by","page_number":63,"box":{"x":76,"y":334,"width":903,"height":11}},{"id":"9eb4fa86-f787-47d9-8847-5c375cd5d027","block_type":"box","text":"the Index Provider or third parties. The Index Provider’s evaluation of securities’ ESG characteristics depends on these criteria and data,","page_number":63,"box":{"x":76,"y":348,"width":869,"height":11}},{"id":"c94fca1a-8da1-4735-89ad-42de81bf278e","block_type":"box","text":"which may vary by index provider, and no assurance can be given that they will be complete, accurate or current. In addition, an Index","page_number":63,"box":{"x":76,"y":362,"width":857,"height":11}},{"id":"5b90920f-d38f-40dd-b115-ddde15d14379","block_type":"box","text":"Provider may evaluate security-level ESG data (including ratings) and, if applicable, ESG objectives or constraints that are relevant to an","page_number":63,"box":{"x":77,"y":376,"width":867,"height":11}},{"id":"742c22fe-43c8-4b13-b8de-6d0a8e9aa76c","block_type":"box","text":"Underlying Index only at index reviews or rebalances. Securities included in an Underlying Index may cease to meet the relevant ESG criteria","page_number":63,"box":{"x":77,"y":391,"width":898,"height":10}},{"id":"1f29c600-5158-42d2-9cf8-1b430891cbf8","block_type":"box","text":"but may nevertheless remain in the Underlying Index and in the Fund using the Underlying Index until the next review or rebalance by the","page_number":63,"box":{"x":76,"y":405,"width":875,"height":11}},{"id":"863b3f3b-8f49-4c9d-b414-10d5d4b50386","block_type":"box","text":"Index Provider. As a result, certain securities in the Underlying Index, or the Underlying Index as a whole, may not meet the relevant ESG","page_number":63,"box":{"x":77,"y":419,"width":871,"height":11}},{"id":"e0bc7f75-f015-48bd-ad3e-97109711256c","block_type":"box","text":"objectives or constraints at all times. If the ESG assessment of a security in an Underlying Index or a Fund changes, neither the Fund nor BFA","page_number":63,"box":{"x":76,"y":433,"width":903,"height":11}},{"id":"3028adac-7125-407d-8647-37a7913fd904","block_type":"box","text":"accepts any liability in relation to such change. BFA does not monitor securities in an Underlying Index with respect to ESG objectives or","page_number":63,"box":{"x":76,"y":447,"width":872,"height":11}},{"id":"0077fb8c-4656-45ff-b8bb-0d5b516c450f","block_type":"box","text":"constraints applied by the Index Provider and is not responsible for changes to the ESG assessment of a security in an Underlying Index","page_number":63,"box":{"x":76,"y":461,"width":868,"height":11}},{"id":"1c1f3c64-af0e-4af7-992e-69e43270990b","block_type":"box","text":"between rebalances. In addition, BFA does not assess the validity of an Index Provider’s evaluation of the ESG characteristics of securities or","page_number":63,"box":{"x":76,"y":476,"width":900,"height":10}},{"id":"5d4ebb7d-1a86-441a-9bfd-d4e0a94731df","block_type":"box","text":"the criteria and data used in such evaluation.","page_number":63,"box":{"x":76,"y":490,"width":286,"height":8}},{"id":"19fd74be-7dd9-471d-b8f4-b8fe3adf2cb1","block_type":"box","text":"The impacts of risks related to ESG investing are likely to change over time, and new ESG risks may be identified as further data and","page_number":63,"box":{"x":76,"y":513,"width":844,"height":11}},{"id":"3e0fe733-2b72-468f-a656-908b21241cdc","block_type":"box","text":"information regarding ESG factors and impacts become available. In addition, methodologies for ESG investing continue to develop, and the","page_number":63,"box":{"x":76,"y":527,"width":895,"height":11}},{"id":"d7d603e6-ae35-477a-85ef-0c17c487bb0b","block_type":"box","text":"ESG methodology applied by an Index Provider may change over time.","page_number":63,"box":{"x":77,"y":541,"width":446,"height":11}},{"id":"69e33e99-4a8f-429a-90e8-101d25e93688","block_type":"box","text":"European Economic Risk.","page_number":63,"box":{"x":77,"y":565,"width":174,"height":10}},{"id":"bb4bb16c-2119-40c8-babc-c1a8e98d355a","block_type":"box","text":"The Economic and Monetary Union (the “eurozone”) of the requires compliance by member states that are","page_number":63,"box":{"x":256,"y":565,"width":682,"height":10}},{"id":"d9f44978-d7f0-4c86-a921-cdafbe1119d7","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":63,"box":{"x":76,"y":579,"width":893,"height":11}},{"id":"aac7a719-2ad2-4232-8494-596fb450cca2","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":63,"box":{"x":76,"y":593,"width":899,"height":11}},{"id":"1b089604-c1e7-4aeb-b5a2-8dbd3611f2d9","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":63,"box":{"x":77,"y":607,"width":888,"height":11}},{"id":"f7bd24f4-5502-4acd-90fb-16bf8e6aa683","block_type":"box","text":"have on them. In particular, the economy may be affected by global economic, industrial and financial shifts. Changes in imports or exports,","page_number":63,"box":{"x":77,"y":621,"width":893,"height":11}},{"id":"71af0925-b261-49c1-b03a-8865521df2f7","block_type":"box","text":"changes in governmental or EU regulations on trade, changes in the exchange rate of the euro (the common currency of eurozone countries),","page_number":63,"box":{"x":76,"y":635,"width":903,"height":11}},{"id":"9d6a4fbd-db55-4dc3-b71d-a8bea4180ca5","block_type":"box","text":"the default or threat of default by an EU member state on its sovereign debt and/or an economic recession in an EU member state may have","page_number":63,"box":{"x":76,"y":650,"width":902,"height":10}},{"id":"09709f04-c7f6-4faf-aa93-f10a98384800","block_type":"box","text":"a significant adverse effect on the economies of other EU member states and their trading partners. The European financial markets have","page_number":63,"box":{"x":76,"y":664,"width":879,"height":11}},{"id":"150c4f64-2a7d-4379-acba-c672b5a3a64e","block_type":"box","text":"historically experienced volatility and adverse trends due to concerns about economic downturns or government debt levels in several","page_number":63,"box":{"x":77,"y":678,"width":857,"height":11}},{"id":"c1e37df8-8c97-4c08-9eec-2a35260cc64e","block_type":"box","text":"European countries, including, but not limited to, Austria, Belgium, Cyprus, France, Greece, Ireland, Italy, Portugal, Spain and Ukraine. These","page_number":63,"box":{"x":77,"y":692,"width":895,"height":11}},{"id":"b14637d0-3e14-4031-b580-d31a289dd6c2","block_type":"box","text":"events have affected and may in the future adversely affect the exchange rate of the euro and may significantly affect European countries.","page_number":63,"box":{"x":76,"y":706,"width":884,"height":11}},{"id":"1d54504a-a0ce-4849-80d8-60bf190ed3a1","block_type":"box","text":"Responses to financial problems by European governments, central banks and others, including austerity measures and reforms, may not","page_number":63,"box":{"x":77,"y":730,"width":878,"height":10}},{"id":"57cf0e5b-7adc-4ad3-80fb-54a60f592cc4","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":63,"box":{"x":76,"y":744,"width":858,"height":11}},{"id":"91d0c8bb-9254-430b-b216-536de80ce023","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":63,"box":{"x":76,"y":758,"width":882,"height":11}},{"id":"31f71369-012a-4ddc-8159-ff295125736f","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":63,"box":{"x":76,"y":772,"width":859,"height":11}},{"id":"064310bb-29d9-457a-9cdb-575747fe8b67","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":63,"box":{"x":76,"y":786,"width":866,"height":11}},{"id":"c379095a-f34b-4da3-abf9-d444fb41b699","block_type":"box","text":"regulatory, economic or market conditions and could contribute to instability in global political institutions, regulatory agencies and financia","page_number":63,"box":{"x":77,"y":800,"width":894,"height":11}},{"id":"54c6a470-87e9-4e45-b033-028f9092a8cb","block_type":"box","text":"l","page_number":63,"box":{"x":973,"y":801,"width":1,"height":8}},{"id":"573e34e5-c2f7-429a-a073-afc16e47ba7d","block_type":"box","text":"markets.","page_number":63,"box":{"x":76,"y":815,"width":55,"height":8}},{"id":"242edce7-15f3-4dcd-a6fe-31c8f4ddca73","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":63,"box":{"x":76,"y":838,"width":880,"height":11}},{"id":"e9e21782-eee5-48c3-b281-f1026ed2d044","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":63,"box":{"x":76,"y":852,"width":896,"height":11}},{"id":"abc49dc2-3dff-45fe-b15c-d39315cae90a","block_type":"box","text":"experience social and political unrest. Unanticipated or sudden political or social developments may result in sudden and significant","page_number":63,"box":{"x":76,"y":866,"width":845,"height":11}},{"id":"b2d0225a-d74f-4ae3-b786-5ae58c908428","block_type":"box","text":"9","page_number":63,"box":{"x":526,"y":921,"width":6,"height":8}},{"id":"372e8482-b2ac-4a9c-ab18-318ce7ce8930","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":64,"box":{"x":76,"y":23,"width":871,"height":11}},{"id":"93804060-60f3-44c4-96d0-f6efd332421c","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":64,"box":{"x":76,"y":37,"width":872,"height":11}},{"id":"0811ea3e-ce15-4b41-944c-a5b871c61847","block_type":"box","text":"investments.","page_number":64,"box":{"x":76,"y":52,"width":81,"height":8}},{"id":"34720fe7-0dc9-449f-ac6e-c379a2e1fbb3","block_type":"box","text":"Russian Invasion of Ukraine","page_number":64,"box":{"x":76,"y":75,"width":172,"height":8}},{"id":"f6b0d769-5ba3-4ffc-9cff-ddc12a8ab0ab","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":64,"box":{"x":250,"y":75,"width":720,"height":11}},{"id":"4d56c9fa-8235-4930-97c2-cbf9ead01998","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":64,"box":{"x":76,"y":89,"width":893,"height":11}},{"id":"1a67d457-515d-415d-8a36-f3fee08fc332","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":64,"box":{"x":76,"y":103,"width":887,"height":11}},{"id":"6c596dd5-bc77-4fc3-aad7-071f0b6164ef","block_type":"box","text":"cyberattacks and espionage) or resulting actual and threatened responses to such activity, including purchasing and financing restrictions,","page_number":64,"box":{"x":76,"y":117,"width":886,"height":11}},{"id":"936bb977-aa0b-4578-8800-5f46401dc735","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":64,"box":{"x":76,"y":131,"width":894,"height":11}},{"id":"8022b536-b597-4a72-bb74-b5aa24323ff8","block_type":"box","text":"government, Russian companies or Russian individuals, including politicians, may impact Russia’s economy, Russian issuers of securities in","page_number":64,"box":{"x":76,"y":146,"width":891,"height":10}},{"id":"3c4b07d1-beec-4e03-ab37-ebe808a9191b","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":64,"box":{"x":76,"y":160,"width":885,"height":11}},{"id":"d7f24c34-5c69-4e58-9d1d-2838b18f6314","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":64,"box":{"x":76,"y":174,"width":892,"height":11}},{"id":"ef3ef6fe-312a-483c-ba37-87a4516af456","block_type":"box","text":"have collateral impacts on such sectors across Europe and globally.","page_number":64,"box":{"x":77,"y":188,"width":431,"height":11}},{"id":"f0c2a918-948a-48a2-b643-90897fa7d7e8","block_type":"box","text":"Financial Companies Risk.","page_number":64,"box":{"x":77,"y":211,"width":180,"height":11}},{"id":"d7a1da8f-65a2-4ccb-8813-38ae22a3a0f7","block_type":"box","text":"Financial services companies are subject to extensive governmental regulation and intervention, which may","page_number":64,"box":{"x":263,"y":211,"width":689,"height":11}},{"id":"f8e92308-7a19-4f32-87a5-6583c6c70da4","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":64,"box":{"x":76,"y":226,"width":892,"height":10}},{"id":"1acca15d-2efa-47cb-863a-5dbc011d6468","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":64,"box":{"x":76,"y":240,"width":891,"height":11}},{"id":"3a0c7f3a-b101-4aac-88f0-3356c5537add","block_type":"box","text":"among other things, interest rates, economic conditions, credit rating downgrades, adverse public perception and exposure concentration.","page_number":64,"box":{"x":76,"y":254,"width":888,"height":11}},{"id":"cfc4e34e-9414-4dd1-88fe-34fdd6d5bc9b","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":64,"box":{"x":77,"y":268,"width":870,"height":11}},{"id":"8e0e57e4-728a-445a-9315-65fb5faf7cf0","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":64,"box":{"x":77,"y":282,"width":766,"height":11}},{"id":"b233c403-fc4d-4a8f-b02c-000807f5d81d","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":64,"box":{"x":77,"y":305,"width":890,"height":11}},{"id":"4566dc36-1970-4b5e-8a9b-0f4029d9be63","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":64,"box":{"x":76,"y":320,"width":848,"height":10}},{"id":"3306bb87-f2bf-4e20-8167-44c83ee9c6e8","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":64,"box":{"x":76,"y":334,"width":884,"height":11}},{"id":"711de259-1c86-4034-9b68-1c98056708c7","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":64,"box":{"x":76,"y":348,"width":889,"height":11}},{"id":"aef25edc-f959-4848-9222-22be591d67e9","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":64,"box":{"x":76,"y":362,"width":856,"height":11}},{"id":"301a76df-1cfa-43f1-a2ee-61c3083568c3","block_type":"box","text":"financial sector generally.","page_number":64,"box":{"x":76,"y":376,"width":162,"height":11}},{"id":"3f850b5e-7d75-4544-b04f-f6ab398a71c6","block_type":"box","text":"Geographic and Security Risks.","page_number":64,"box":{"x":76,"y":400,"width":216,"height":10}},{"id":"94c719c2-c66a-4c7f-a2f4-fe3ab94fd073","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":64,"box":{"x":298,"y":400,"width":668,"height":10}},{"id":"92136327-bf77-4df8-99b0-530739ccef82","block_type":"box","text":"natural disasters, such as severe heat, earthquakes, tornadoes, volcanic eruptions, wildfires, droughts, floods, hurricanes and tsunamis. In","page_number":64,"box":{"x":76,"y":414,"width":885,"height":11}},{"id":"809ec7bf-398b-4fbf-8984-993e8eef750d","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":64,"box":{"x":76,"y":428,"width":840,"height":11}},{"id":"7e96014b-40f2-4bd5-8b0a-576806e8c615","block_type":"box","text":"terrorism, strained international relations and territorial disputes. Any of these events may adversely affect the issuers, markets and","page_number":64,"box":{"x":76,"y":442,"width":845,"height":11}},{"id":"0e111a62-6003-4b96-9dae-fe326d7b8e85","block_type":"box","text":"economies to which a Fund is exposed, which may adversely affect the value of the Fund.","page_number":64,"box":{"x":76,"y":456,"width":570,"height":11}},{"id":"39f0562b-9739-49fd-84bb-d31e0de842d8","block_type":"box","text":"Healthcare Companies Risk.","page_number":64,"box":{"x":77,"y":479,"width":194,"height":11}},{"id":"a061f478-83c8-4fa0-b476-971ef8c424fd","block_type":"box","text":"The profitability of healthcare companies may be adversely affected by the following factors, among others:","page_number":64,"box":{"x":276,"y":479,"width":688,"height":11}},{"id":"6c5d5204-f53c-4126-bd82-210cfe91fdca","block_type":"box","text":"extensive government regulations, restrictions on government reimbursement for medical expenses, rising costs of medical products and","page_number":64,"box":{"x":76,"y":494,"width":879,"height":11}},{"id":"d39e2ba3-3243-496c-8151-9125d7008728","block_type":"box","text":"services, pricing pressure, a limited number of products, labor shortages, supply chain issues and industry innovation. Many new products in","page_number":64,"box":{"x":76,"y":508,"width":899,"height":11}},{"id":"dd55ee0a-5faa-4f4e-a9d3-099a367e2f6b","block_type":"box","text":"the healthcare sector entail significant research and development and require regulatory approval, all of which may be long and costly, and","page_number":64,"box":{"x":76,"y":522,"width":888,"height":11}},{"id":"54e3a1d8-216b-4556-8263-a53a28500a41","block_type":"box","text":"such efforts ultimately may be unsuccessful. Many healthcare companies depend heavily on obtaining and defending patents, which can be","page_number":64,"box":{"x":76,"y":536,"width":891,"height":11}},{"id":"d25f77dc-6de0-41dc-8162-55c07892afcd","block_type":"box","text":"costly, and may be adversely affected by the expiration of patents. Healthcare companies also are subject to extensive litigation based on","page_number":64,"box":{"x":76,"y":550,"width":882,"height":11}},{"id":"d429fabd-fc27-46f8-b9eb-5334a3ee47d4","block_type":"box","text":"product liability and similar claims.","page_number":64,"box":{"x":76,"y":565,"width":221,"height":10}},{"id":"99c1ffc6-5eb2-4e9f-8554-d73d31ce6edd","block_type":"box","text":"Illiquid Investments Risk.","page_number":64,"box":{"x":77,"y":588,"width":174,"height":11}},{"id":"f044d220-a4b7-4898-a345-313ad9e81feb","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":64,"box":{"x":256,"y":588,"width":719,"height":11}},{"id":"0cf814bf-3cc4-4b86-b878-c7d364afe3e0","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":64,"box":{"x":76,"y":602,"width":883,"height":11}},{"id":"f68e7a99-ceb4-4cb1-956a-408c4c499616","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":64,"box":{"x":76,"y":616,"width":885,"height":11}},{"id":"f24b1832-bc32-4224-9d73-1471efe518ed","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":64,"box":{"x":76,"y":630,"width":902,"height":11}},{"id":"4c4db96e-6a3c-4e45-a779-d6acfb104264","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":64,"box":{"x":76,"y":645,"width":890,"height":10}},{"id":"2dfcb4bf-68f9-4e22-80cd-92b289fcc414","block_type":"box","text":"risks associated with illiquid investments. Illiquid investments may be harder to value, especially in changing markets.","page_number":64,"box":{"x":77,"y":659,"width":751,"height":11}},{"id":"d4c4a407-cf5c-42ff-9f05-9345061d8672","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":64,"box":{"x":77,"y":682,"width":884,"height":11}},{"id":"e646607a-72a8-4def-b340-496cc2f94cc9","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":64,"box":{"x":76,"y":696,"width":900,"height":11}},{"id":"57920eda-2e8d-47c3-9d13-a4aba9b8dee8","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":64,"box":{"x":76,"y":710,"width":867,"height":11}},{"id":"13689027-e6ba-4f73-b787-66926a425f9f","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":64,"box":{"x":77,"y":733,"width":900,"height":11}},{"id":"67753986-225b-4125-9e62-30dd4fe35be7","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":64,"box":{"x":76,"y":748,"width":890,"height":10}},{"id":"e8cccff7-86b3-4e73-b5e4-a564c69593aa","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":64,"box":{"x":76,"y":762,"width":828,"height":11}},{"id":"94ba756c-873b-472a-88b0-61924776ad76","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":64,"box":{"x":77,"y":776,"width":873,"height":11}},{"id":"32d800e9-d86d-40db-add5-e8a5e3ab0889","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":64,"box":{"x":77,"y":790,"width":887,"height":11}},{"id":"b728c1c1-25b1-498c-95de-bebd539aa1d0","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":64,"box":{"x":77,"y":804,"width":896,"height":11}},{"id":"c05a0e07-28a0-4436-a71e-d627ad189796","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":64,"box":{"x":76,"y":819,"width":869,"height":10}},{"id":"68d63c04-9ee2-4b0a-8b6f-f8a5254f6ef6","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":64,"box":{"x":77,"y":833,"width":886,"height":11}},{"id":"91fad810-0853-436f-a2b6-00f292601d5c","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":64,"box":{"x":77,"y":847,"width":858,"height":11}},{"id":"8028cc14-1ad0-4ce7-8afb-e945f2b767fd","block_type":"box","text":"premium or discount to the Fund’s NAV.","page_number":64,"box":{"x":76,"y":861,"width":254,"height":11}},{"id":"4bd2632e-5dde-4e49-a9ca-96f49b3138fc","block_type":"box","text":"10","page_number":64,"box":{"x":524,"y":921,"width":12,"height":8}},{"id":"7c8e7824-48d2-44a4-bc44-e7e626f1b07b","block_type":"box","text":"Index-Related Risk.","page_number":65,"box":{"x":77,"y":23,"width":132,"height":9}},{"id":"e8e93d07-b385-4f34-b8b7-ac6aba618b2d","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":65,"box":{"x":214,"y":23,"width":728,"height":11}},{"id":"5848361c-fb2f-4f66-b74d-4226e8b381ef","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":65,"box":{"x":76,"y":37,"width":869,"height":11}},{"id":"7abfb503-302a-4109-9acd-aa071ed2a96a","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":65,"box":{"x":77,"y":52,"width":872,"height":10}},{"id":"7f038040-0fe5-43fe-b5d4-fb72c71577b9","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":65,"box":{"x":77,"y":66,"width":862,"height":11}},{"id":"c6eb1c54-312c-4568-9b9f-d8cec25355c3","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":65,"box":{"x":76,"y":80,"width":897,"height":11}},{"id":"c58b1426-b1ea-47a6-8247-01c2676834e0","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":65,"box":{"x":76,"y":94,"width":881,"height":11}},{"id":"146b1ad9-c9d1-4ee3-b038-a112cf177a14","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":65,"box":{"x":76,"y":117,"width":852,"height":11}},{"id":"3221435c-f9bc-4416-872c-f4bf0e2a48fb","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":65,"box":{"x":76,"y":131,"width":850,"height":11}},{"id":"2c5cb35e-d416-4053-ad9f-d8a40e3913a8","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":65,"box":{"x":76,"y":146,"width":877,"height":10}},{"id":"8cb2d68b-9c62-4f54-9f29-d34879587ca7","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":65,"box":{"x":76,"y":160,"width":906,"height":11}},{"id":"5906c50b-8c9c-4fe5-8784-999bd1fcf3c8","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":65,"box":{"x":76,"y":174,"width":904,"height":11}},{"id":"774f956b-42e7-43e4-93ff-961d54671d02","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":65,"box":{"x":76,"y":188,"width":894,"height":11}},{"id":"eb977d64-c514-4c2b-ba38-36667e11e898","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":65,"box":{"x":76,"y":202,"width":877,"height":11}},{"id":"9fda2d82-7d82-4a58-93bf-5ca67637d555","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":65,"box":{"x":76,"y":216,"width":881,"height":11}},{"id":"830bf6a2-4aa1-48a9-b30e-74a343541652","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":65,"box":{"x":76,"y":231,"width":844,"height":11}},{"id":"eb480361-77a3-4a67-9238-a6c32d7c7787","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":65,"box":{"x":77,"y":245,"width":879,"height":11}},{"id":"a26711f9-1107-40e5-a8b4-820d39a2e4ac","block_type":"box","text":"errors will be borne by the Fund and its shareholders.","page_number":65,"box":{"x":76,"y":259,"width":340,"height":11}},{"id":"8dde39ea-4cbd-4dfc-8566-11d1bf5022e5","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":65,"box":{"x":77,"y":282,"width":857,"height":11}},{"id":"44a82e63-823a-43d0-a95b-178088ced6c5","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":65,"box":{"x":77,"y":296,"width":880,"height":11}},{"id":"bd62b805-4b47-4d2b-9a31-9922508c909e","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":65,"box":{"x":76,"y":311,"width":902,"height":10}},{"id":"800cc37c-8daa-42e5-a9ce-ce1d0bf4d54f","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":65,"box":{"x":76,"y":325,"width":905,"height":11}},{"id":"83b27e6a-5320-44bb-a2dc-6ccc848d5ea6","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":65,"box":{"x":76,"y":339,"width":889,"height":11}},{"id":"7c9211fd-1005-4a95-bb56-f9a9f4353975","block_type":"box","text":"extent circumstances evolve between periodic index reviews and reconstitutions, an Underlying Index may include constituents that do not","page_number":65,"box":{"x":76,"y":353,"width":890,"height":11}},{"id":"2ea75d4b-47fd-40ab-990d-38ebf29ebbe3","block_type":"box","text":"align with its objective or selection criteria, and the Fund tracking the Underlying Index may be similarly affected.","page_number":65,"box":{"x":76,"y":367,"width":723,"height":11}},{"id":"b919e258-6ee9-40ee-a466-fd1edd703802","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":65,"box":{"x":77,"y":391,"width":899,"height":10}},{"id":"8d890105-ecd2-47f4-be08-923dd0518ff9","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":65,"box":{"x":76,"y":405,"width":876,"height":10}},{"id":"2d05e0c9-1a04-41c5-b440-5446daba4551","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":65,"box":{"x":76,"y":419,"width":865,"height":11}},{"id":"ee19372c-582e-4314-a14c-58a894ca7be2","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":65,"box":{"x":76,"y":433,"width":897,"height":11}},{"id":"5f6a54d1-0811-4939-9849-a35743a274b1","block_type":"box","text":"a Fund’s costs and tracking error.","page_number":65,"box":{"x":76,"y":447,"width":213,"height":11}},{"id":"1b5eb224-345d-47f0-9462-c88e7cced62d","block_type":"box","text":"Industrial Companies Risk.","page_number":65,"box":{"x":77,"y":470,"width":184,"height":11}},{"id":"a78b586c-3f0b-42fe-9b87-03633b866db1","block_type":"box","text":"Industrial companies face a number of risks, including supply chain and distribution disruptions, business","page_number":65,"box":{"x":267,"y":470,"width":673,"height":11}},{"id":"384249cd-b3dc-4b85-91d9-d26b1528bc3c","block_type":"box","text":"interruptions, third-party vendor risks, cyber attacks, trade disputes, product recalls, liability and environmental damage claims, scarcity of","page_number":65,"box":{"x":76,"y":485,"width":889,"height":10}},{"id":"46cb302e-fb6d-47c9-ad2a-000ee3f368ff","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":65,"box":{"x":76,"y":499,"width":878,"height":11}},{"id":"7844891c-1e6b-4e36-87e2-daa171d505e6","block_type":"box","text":"industrial companies may face obsolescence due to technological developments and new product introduction. Furthermore, changes in","page_number":65,"box":{"x":76,"y":513,"width":873,"height":11}},{"id":"2b9f52d2-363f-4989-8aff-b7daeca803c1","block_type":"box","text":"trade restrictions and tariffs as well as broader geopolitical developments could adversely affect industrial companies. These companies also","page_number":65,"box":{"x":76,"y":527,"width":902,"height":11}},{"id":"a806dc54-9ffc-42fb-bbd3-720142efab9a","block_type":"box","text":"may be significantly affected by domestic and international economic conditions, legislative and regulatory changes, and labor relations.","page_number":65,"box":{"x":76,"y":541,"width":872,"height":11}},{"id":"a787fc8d-d44b-4387-b51d-6e6e1eb9ef95","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":65,"box":{"x":77,"y":556,"width":881,"height":10}},{"id":"cd87de81-53b3-4d01-90a1-27c49f90913f","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":65,"box":{"x":76,"y":570,"width":892,"height":11}},{"id":"7e5cb5a6-474a-40f7-a301-b7a38a3b2647","block_type":"box","text":"infringing the intellectual property rights of others.","page_number":65,"box":{"x":76,"y":584,"width":322,"height":11}},{"id":"70a70633-e9d3-48e2-82f8-da11c62e2b66","block_type":"box","text":"Issuers with high carbon intensity or high switching costs associated with the transition to low carbon alternatives may be more impacted by","page_number":65,"box":{"x":77,"y":607,"width":899,"height":11}},{"id":"c505c033-5ee2-4285-8edf-f3fc9dcba300","block_type":"box","text":"climate transition risks. There may be increased impact on a Fund’s performance to the extent that its investments are concentrated in","page_number":65,"box":{"x":76,"y":621,"width":864,"height":11}},{"id":"18c8f571-7d4c-4bbd-bebf-65aadf38d43f","block_type":"box","text":"locations that are more susceptible to adverse physical events.","page_number":65,"box":{"x":77,"y":636,"width":402,"height":10}},{"id":"17afd8a2-604f-4e3d-a590-afba20fe9373","block_type":"box","text":"Issuer Risk.","page_number":65,"box":{"x":77,"y":659,"width":79,"height":8}},{"id":"20801c43-760c-43bd-8632-6d2e9c25dfc2","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":65,"box":{"x":161,"y":659,"width":755,"height":10}},{"id":"00c2a2d3-94c2-42b5-ba4b-d6566a32cd53","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":65,"box":{"x":76,"y":673,"width":861,"height":11}},{"id":"a9d6694d-09b8-4700-884d-a3da93ea3b73","block_type":"box","text":"financial condition or credit rating of the issuer or counterparty.","page_number":65,"box":{"x":76,"y":687,"width":406,"height":11}},{"id":"e53b92ec-481a-498e-8a40-8780c5d0a253","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":65,"box":{"x":77,"y":710,"width":256,"height":11}},{"id":"09eec04b-d95b-4b5b-8050-4ff045f3fc97","block_type":"box","text":"Large-capitalization companies may be less able than smaller-capitalization companies to adapt to","page_number":65,"box":{"x":340,"y":710,"width":630,"height":11}},{"id":"33eca291-a345-4d58-9dd4-97d92908ff4e","block_type":"box","text":"changing market conditions and competitive challenges. Large-capitalization companies may be more mature and subject to more limited","page_number":65,"box":{"x":76,"y":724,"width":881,"height":11}},{"id":"02651494-8ad9-4d04-95e0-ae75fcd252d9","block_type":"box","text":"growth potential compared with smaller-capitalization companies. The performance of large-capitalization companies could trail the overall","page_number":65,"box":{"x":76,"y":739,"width":890,"height":10}},{"id":"19435249-8d17-4934-8fb8-ded6e3f955ab","block_type":"box","text":"performance of the broader securities markets.","page_number":65,"box":{"x":76,"y":753,"width":303,"height":11}},{"id":"731ee8ae-435f-4fd0-b95b-257f45774e03","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk.","page_number":65,"box":{"x":77,"y":776,"width":368,"height":11}},{"id":"cb29fd2d-feb0-4fb0-aa7b-7115b0202271","block_type":"box","text":"Certain shareholders of a Fund, including an Authorized Participant, a third-party","page_number":65,"box":{"x":450,"y":776,"width":518,"height":11}},{"id":"ca528023-00c9-4bdb-80ef-439df5535826","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":65,"box":{"x":76,"y":790,"width":875,"height":11}},{"id":"9c099476-3954-40f5-a8c2-884e0068b5b2","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":65,"box":{"x":76,"y":804,"width":899,"height":11}},{"id":"9c7b6e24-d1ca-4143-a62a-e787c02743fe","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":65,"box":{"x":76,"y":819,"width":901,"height":10}},{"id":"57b9ce64-e574-420e-98b5-99bf8c587d02","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":65,"box":{"x":76,"y":833,"width":888,"height":11}},{"id":"37efcf81-23ce-42ca-86c1-a30334df08c2","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":65,"box":{"x":76,"y":847,"width":882,"height":11}},{"id":"bc044a06-9b82-4a24-b79f-8ee0fc530073","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":65,"box":{"x":76,"y":861,"width":889,"height":11}},{"id":"af5de82b-837f-43ab-bb1e-d63a2664ee9c","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":65,"box":{"x":76,"y":875,"width":906,"height":11}},{"id":"85dc8b7e-f515-487b-8080-2c2df588d9a9","block_type":"box","text":"11","page_number":65,"box":{"x":524,"y":921,"width":10,"height":8}},{"id":"f353df81-097c-475b-adfb-5551993e33ed","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":66,"box":{"x":76,"y":23,"width":904,"height":11}},{"id":"21a34db5-3637-4b63-93c1-708469219058","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":66,"box":{"x":76,"y":37,"width":855,"height":11}},{"id":"7e8d1cc2-bbb1-46ee-9837-f981ae4f9ecb","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":66,"box":{"x":77,"y":52,"width":892,"height":10}},{"id":"39b08d15-1088-40dd-aea6-8a9e0fff0e45","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":66,"box":{"x":77,"y":66,"width":901,"height":11}},{"id":"589a4c0e-a4ea-45e3-b1cb-29cd7adda8ee","block_type":"box","text":"to price.","page_number":66,"box":{"x":76,"y":80,"width":52,"height":11}},{"id":"9852da76-7abd-4f2b-b905-7eef60484808","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":66,"box":{"x":76,"y":103,"width":840,"height":11}},{"id":"7550ff4b-c009-40e2-bc51-9089a4d3c179","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":66,"box":{"x":76,"y":117,"width":898,"height":11}},{"id":"f14a1f7b-edc6-4937-a7f3-1ca4b0184352","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":66,"box":{"x":76,"y":131,"width":878,"height":11}},{"id":"13e61469-e2b1-46cc-90fa-97cd31468b46","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":66,"box":{"x":76,"y":146,"width":792,"height":10}},{"id":"c6d8567e-7e6c-42ed-951c-634af7a811a1","block_type":"box","text":"Management Risk.","page_number":66,"box":{"x":77,"y":169,"width":126,"height":11}},{"id":"eb83f72b-eed5-45d3-8449-9796fa68f2e1","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":66,"box":{"x":208,"y":169,"width":757,"height":11}},{"id":"3f4e0da7-9e00-4a27-a8a0-bd09d4d3ce2b","block_type":"box","text":"their investment merits. A Fund does not try to “beat” the Underlying Index it tracks. A Fund may be affected by a general decline in market","page_number":66,"box":{"x":76,"y":183,"width":892,"height":11}},{"id":"aa7950f1-2540-42d4-8415-183167f39647","block_type":"box","text":"segments related to its Underlying Index and does not attempt to take defensive positions under any market conditions, including declining","page_number":66,"box":{"x":76,"y":197,"width":891,"height":11}},{"id":"d5b75ea8-4fde-48b2-98ac-447c93115d5b","block_type":"box","text":"markets. Market disruptions and regulatory restrictions, among other factors, could have an adverse effect on a Fund’s ability to adjust its","page_number":66,"box":{"x":76,"y":211,"width":884,"height":11}},{"id":"644baab2-b066-4f5c-a9bb-c55e2a44f7bf","block_type":"box","text":"exposure to the levels required to closely track its Underlying Index. Because BFA uses a representative sampling indexing strategy to","page_number":66,"box":{"x":76,"y":226,"width":855,"height":10}},{"id":"720b87d2-ffeb-47be-a7ff-50018c1a021c","block_type":"box","text":"manage index Funds, a Fund will not fully replicate its Underlying Index and may purchase and hold instruments not included in the","page_number":66,"box":{"x":76,"y":240,"width":837,"height":11}},{"id":"933121a1-91b6-41ff-bc61-8d7850a1de28","block_type":"box","text":"Underlying Index when BFA believes that such instruments will help the Fund track the performance of the Underlying Index over time. As a","page_number":66,"box":{"x":77,"y":254,"width":889,"height":11}},{"id":"5b3fc1f5-f938-4481-8e28-67c49a9acc30","block_type":"box","text":"result, a Fund is subject to the risk that BFA’s investment strategy, whose implementation is subject to a number of constraints, may not","page_number":66,"box":{"x":77,"y":268,"width":871,"height":11}},{"id":"99a4e3cd-52e3-46f4-be2b-6fdfc1ab3e0f","block_type":"box","text":"produce the intended results. There is no guarantee that a Fund’s investment results will have a high degree of correlation to those of its","page_number":66,"box":{"x":76,"y":282,"width":873,"height":11}},{"id":"009998af-4411-46e1-9972-f95225cebcd1","block_type":"box","text":"Underlying Index or that a Fund will achieve its investment objective.","page_number":66,"box":{"x":77,"y":296,"width":438,"height":11}},{"id":"5becf0f7-ea1b-4462-b058-f9f4cdc10683","block_type":"box","text":"Market Risk.","page_number":66,"box":{"x":77,"y":320,"width":85,"height":8}},{"id":"e55b47a8-3d9d-4fba-a7aa-8732990a7280","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":66,"box":{"x":167,"y":320,"width":764,"height":10}},{"id":"2b5fb55a-4956-464a-82d6-a080b9b09eb4","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":66,"box":{"x":76,"y":334,"width":879,"height":11}},{"id":"ded34dc1-a8ae-46ef-8399-807ab2072edf","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":66,"box":{"x":76,"y":348,"width":884,"height":11}},{"id":"0b49613e-8d89-44d1-8bc8-5e14cbbd3726","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":66,"box":{"x":76,"y":362,"width":904,"height":11}},{"id":"2c1c8233-4dfe-4f9a-801e-50825eea3db3","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":66,"box":{"x":76,"y":376,"width":858,"height":11}},{"id":"ac03319b-5436-4920-b40a-5c1dc2a45ccf","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":66,"box":{"x":76,"y":391,"width":869,"height":10}},{"id":"fa716089-c011-4821-aa85-1ad3cdef4016","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":66,"box":{"x":76,"y":405,"width":885,"height":11}},{"id":"d53f2173-3961-49bd-85eb-67acb4f7f2ab","block_type":"box","text":"and assets.","page_number":66,"box":{"x":76,"y":419,"width":71,"height":8}},{"id":"448282f1-29c3-484a-9bd5-ac22e203c177","block_type":"box","text":"Market Trading Risk.","page_number":66,"box":{"x":77,"y":442,"width":140,"height":11}},{"id":"ebfaf4af-dcd3-4b5d-9a33-c8ac0167bed7","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":66,"box":{"x":222,"y":442,"width":753,"height":11}},{"id":"713740ac-4017-4d87-906e-621cdd0d9bfc","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":66,"box":{"x":76,"y":456,"width":896,"height":11}},{"id":"1c395ddb-8434-40c8-ac41-b123290f2dc1","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":66,"box":{"x":76,"y":470,"width":877,"height":11}},{"id":"bc2e7430-435f-47d3-acb9-ab4ed01fb493","block_type":"box","text":"receive significantly less than the underlying value of the Fund shares.","page_number":66,"box":{"x":77,"y":485,"width":446,"height":10}},{"id":"369a114e-ac07-4cdc-b14b-320b4002b845","block_type":"box","text":"Absence of an Active Primary Market.","page_number":66,"box":{"x":75,"y":508,"width":236,"height":11}},{"id":"128818df-8601-4f16-a9bd-93292aa35b44","block_type":"box","text":"Although Fund shares are listed for trading on one or more stock exchanges, there can be no assurance","page_number":66,"box":{"x":317,"y":508,"width":663,"height":11}},{"id":"87ea941f-1d95-42ad-8319-4a7400f14099","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":66,"box":{"x":76,"y":522,"width":826,"height":11}},{"id":"325fd350-ef17-4393-962e-44557b18de5f","block_type":"box","text":"Secondary Listing Risks.","page_number":66,"box":{"x":76,"y":545,"width":151,"height":11}},{"id":"1cb7aaa3-9a2b-4204-8105-785bf0152c55","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":66,"box":{"x":233,"y":545,"width":732,"height":11}},{"id":"9211132f-dc65-4c60-b05e-4cd120fe367a","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":66,"box":{"x":76,"y":559,"width":841,"height":11}},{"id":"40f1987f-d72c-4087-a1bc-c68bd18dc407","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":66,"box":{"x":76,"y":574,"width":890,"height":10}},{"id":"629dd1e9-d8bf-41c4-9afa-780d87ee1875","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":66,"box":{"x":76,"y":588,"width":880,"height":11}},{"id":"57496751-505d-4924-8fb8-132508d5809b","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":66,"box":{"x":76,"y":602,"width":872,"height":11}},{"id":"ec5b9ac5-54a1-4272-8c3d-bf81d8d73634","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":66,"box":{"x":76,"y":616,"width":897,"height":11}},{"id":"da53e395-f715-4da2-88e8-971323d0f4f9","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":66,"box":{"x":76,"y":630,"width":862,"height":11}},{"id":"8bcb854c-840e-47da-a517-b42049839f00","block_type":"box","text":"markets, which may result in secondary market prices in such markets being less efficient.","page_number":66,"box":{"x":76,"y":644,"width":579,"height":11}},{"id":"cd8608b9-9a07-4024-be87-e0e63b43cc0a","block_type":"box","text":"Secondary Market Trading Risk.","page_number":66,"box":{"x":76,"y":668,"width":196,"height":11}},{"id":"8e0a2c53-42a6-4572-b4ea-fb59d1f55475","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":66,"box":{"x":279,"y":668,"width":703,"height":11}},{"id":"e99bf1e9-cc90-4af8-85dc-7fdfda057114","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":66,"box":{"x":76,"y":682,"width":896,"height":11}},{"id":"fe6317f7-4f88-46be-8d3f-5fe399b48bf0","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":66,"box":{"x":76,"y":696,"width":880,"height":11}},{"id":"5af30091-9298-41b0-a856-af2058963ab0","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":66,"box":{"x":76,"y":710,"width":900,"height":11}},{"id":"f76ae3b2-98cc-4b97-8e50-8616cb36486b","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":66,"box":{"x":76,"y":724,"width":893,"height":11}},{"id":"b96eca97-32c3-4046-8363-79813f9e46ef","block_type":"box","text":"may be wider bid/ask spreads on the exchange and a greater premium or discount to NAV.","page_number":66,"box":{"x":76,"y":739,"width":581,"height":10}},{"id":"1ea49a2a-c013-44ab-bb21-26fa6360ebac","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":66,"box":{"x":77,"y":762,"width":900,"height":11}},{"id":"da5e0b55-8a4a-48dc-84f3-e991c608c26b","block_type":"box","text":"the Fund’s portfolio holdings, and an investor may be unable to sell their Fund shares.","page_number":66,"box":{"x":76,"y":776,"width":547,"height":11}},{"id":"82707997-6b5b-4305-b15a-c33c1ddb116e","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":66,"box":{"x":76,"y":799,"width":894,"height":11}},{"id":"9221e7f7-e5cf-4a16-8810-9115c73ab693","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":66,"box":{"x":76,"y":813,"width":905,"height":11}},{"id":"819d4091-10f5-4ab9-8efc-a2c45207cdf0","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":66,"box":{"x":77,"y":828,"width":874,"height":10}},{"id":"6a0e4484-9b26-442f-abe8-c7948de0352a","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":66,"box":{"x":76,"y":842,"width":890,"height":11}},{"id":"dd3df02d-2524-49aa-8e5a-c811c100465c","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":66,"box":{"x":76,"y":856,"width":857,"height":11}},{"id":"d30867be-0b13-4aee-92f7-b7efe4d61156","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":66,"box":{"x":76,"y":870,"width":891,"height":11}},{"id":"c67ce8f0-48f6-4024-8404-ba9ce3e3c9ad","block_type":"box","text":"substantial trading losses.","page_number":66,"box":{"x":76,"y":884,"width":166,"height":11}},{"id":"60aeba29-9dc0-45b4-a51c-2cfccc33f545","block_type":"box","text":"12","page_number":66,"box":{"x":524,"y":921,"width":11,"height":8}},{"id":"c0381929-957a-4655-9f75-9babe03915af","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":67,"box":{"x":76,"y":23,"width":874,"height":11}},{"id":"3f630f0b-1657-48ee-b45b-57aac4cecc3d","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":67,"box":{"x":76,"y":37,"width":893,"height":11}},{"id":"46f3a6c9-8840-441f-a27e-f6a9047b528d","block_type":"box","text":"may lead to increased trading volume and volatility in the secondary market for the shares of the Fund.","page_number":67,"box":{"x":76,"y":51,"width":658,"height":11}},{"id":"cd52e032-42f6-4c00-b260-f5ad21e7361c","block_type":"box","text":"Fund Shares May Trade at Prices Other Than NAV.","page_number":67,"box":{"x":76,"y":75,"width":310,"height":10}},{"id":"b4ffeeab-5e49-4fc8-a3ba-13b188c9b708","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":67,"box":{"x":385,"y":75,"width":572,"height":11}},{"id":"231964d7-6ebd-4ec2-91ee-066c3b5d740e","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":67,"box":{"x":77,"y":89,"width":852,"height":11}},{"id":"733c69cc-741c-422f-8599-80a4f6c273c6","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":67,"box":{"x":76,"y":103,"width":892,"height":11}},{"id":"caf272f1-fb7d-4309-bb40-fcb34722f287","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":67,"box":{"x":77,"y":117,"width":885,"height":11}},{"id":"82c2a4f3-3cd2-4f0d-9e40-c08d49072e96","block_type":"box","text":"significantly from NAV during times of market volatility, significant redemption requests, or other unusual market conditions.","page_number":67,"box":{"x":76,"y":131,"width":796,"height":11}},{"id":"b06f6be7-fe46-467a-ae7c-56b97446dae9","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":67,"box":{"x":77,"y":155,"width":886,"height":10}},{"id":"d63e9896-08de-46c2-b17f-1c5c9e17942a","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":67,"box":{"x":77,"y":169,"width":891,"height":11}},{"id":"1bfa2d69-2e3a-4b48-b7b5-d3bc166f5741","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":67,"box":{"x":76,"y":183,"width":899,"height":11}},{"id":"f790d62c-9445-4345-a4d0-c273a80ce3f6","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":67,"box":{"x":77,"y":197,"width":899,"height":11}},{"id":"d590f0c3-e0a2-4ba2-9f57-eb8bdc49aafb","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":67,"box":{"x":76,"y":211,"width":878,"height":11}},{"id":"fe417983-9563-487b-809e-27a747959cdb","block_type":"box","text":"creations and redemptions, including disruptions at market makers, Authorized Participants, or other market participants, and during periods","page_number":67,"box":{"x":76,"y":226,"width":902,"height":10}},{"id":"ae988331-1ecb-4557-b338-2a49d37b9bc7","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":67,"box":{"x":76,"y":240,"width":891,"height":11}},{"id":"944def35-b6ad-4675-ab38-a58ab39ddeac","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":67,"box":{"x":76,"y":254,"width":849,"height":11}},{"id":"735aff4c-f5ee-449d-ba03-602644506708","block_type":"box","text":"investments, which may contribute to the Fund’s shares trading at a premium or discount to NAV.","page_number":67,"box":{"x":76,"y":268,"width":622,"height":11}},{"id":"86fe3d8d-8784-4c38-b110-20ea91c17359","block_type":"box","text":"Costs of Buying or Selling Fund Shares.","page_number":67,"box":{"x":76,"y":291,"width":245,"height":11}},{"id":"d54de1f6-7b07-449c-b886-a66c907e7cd8","block_type":"box","text":"Buying or selling Fund shares on an exchange involves two types of costs that apply to all securities","page_number":67,"box":{"x":328,"y":291,"width":636,"height":11}},{"id":"546097d3-fc26-4cf4-b384-a2421241b510","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":67,"box":{"x":76,"y":305,"width":853,"height":11}},{"id":"54338b64-7f5c-4c31-b81a-51bbb9ea9619","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":67,"box":{"x":76,"y":320,"width":895,"height":10}},{"id":"f5408b03-a0b9-4d06-8840-8c97f6d8e186","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":67,"box":{"x":76,"y":334,"width":865,"height":11}},{"id":"f0b06ca9-92c8-4066-a580-8f7c0e589595","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":67,"box":{"x":76,"y":348,"width":885,"height":11}},{"id":"039cf932-ac95-45c6-b469-1ed381750f3a","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":67,"box":{"x":77,"y":362,"width":891,"height":11}},{"id":"61cb5d41-f6fe-47fc-bfe6-9ea050075a65","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":67,"box":{"x":76,"y":376,"width":901,"height":11}},{"id":"3dad884d-5153-48f3-a992-c9e0a8a7e6ce","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":67,"box":{"x":76,"y":391,"width":858,"height":10}},{"id":"b450374e-1e26-413f-97a0-eb51d7e82661","block_type":"box","text":"regularly making small investments through a brokerage account.","page_number":67,"box":{"x":77,"y":405,"width":418,"height":11}},{"id":"dda60faf-8418-4554-b482-2f2449995bd0","block_type":"box","text":"Mid-Capitalization Companies Risk.","page_number":67,"box":{"x":77,"y":428,"width":243,"height":11}},{"id":"e8ad026e-851f-46e0-a9d6-dcdf08792808","block_type":"box","text":"Investments in mid-capitalization companies may be riskier, less liquid, more volatile and more","page_number":67,"box":{"x":326,"y":428,"width":607,"height":11}},{"id":"0c84eb13-5a29-4c49-9e64-8f23b4d2b370","block_type":"box","text":"susceptible to economic, market and industry changes than investments in large-capitalization companies. Mid-capitalization companies","page_number":67,"box":{"x":76,"y":442,"width":875,"height":11}},{"id":"72700222-e747-4949-aff6-22a95dc745f2","block_type":"box","text":"may have more limited product lines, markets, financial resources and management experience. As a result, they generally are more","page_number":67,"box":{"x":76,"y":456,"width":847,"height":11}},{"id":"ca5c62ff-3064-4ff8-a508-c73eb5cd8810","block_type":"box","text":"vulnerable than large-capitalization companies to adverse business and economic developments. Mid-capitalization companies may have a","page_number":67,"box":{"x":76,"y":470,"width":889,"height":11}},{"id":"e5fc38dc-8821-49f4-a854-9fed8adf81c8","block_type":"box","text":"shorter business track record, with relatively less information available to investors. The securities of mid-sized companies may trade less","page_number":67,"box":{"x":76,"y":485,"width":882,"height":10}},{"id":"28635199-3c13-45b4-9f2f-a4487078ad02","block_type":"box","text":"frequently and in smaller volumes than the securities of larger companies.","page_number":67,"box":{"x":76,"y":499,"width":473,"height":11}},{"id":"cedd132a-218d-4382-82e4-e66be5027ad5","block_type":"box","text":"National Closed Market Trading Risk.","page_number":67,"box":{"x":77,"y":522,"width":254,"height":11}},{"id":"18d7d127-52ce-4000-ac54-be08561123a8","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":67,"box":{"x":336,"y":522,"width":637,"height":11}},{"id":"35d8d182-9822-4360-b757-33c3dbae4254","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":67,"box":{"x":76,"y":536,"width":905,"height":11}},{"id":"2d1bc6d4-a8a7-46cd-b939-9eaaafa95ceb","block_type":"box","text":"such asset’s current price and its last quoted price (","page_number":67,"box":{"x":76,"y":550,"width":332,"height":11}},{"id":"c2523f76-9947-42fb-a839-a4ccfcdf0433","block_type":"box","text":"i.e","page_number":67,"box":{"x":408,"y":550,"width":15,"height":9}},{"id":"736a35e2-8a5f-4bf9-92ff-9eb15fbb175e","block_type":"box","text":"., the quote from the closed foreign market to the Fund). The impact of a closed","page_number":67,"box":{"x":425,"y":550,"width":508,"height":11}},{"id":"55531cba-c6a3-4db7-9f57-d019f2a56055","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":67,"box":{"x":76,"y":565,"width":863,"height":10}},{"id":"f179d0ed-ca78-4824-bc56-df7361c82350","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":67,"box":{"x":76,"y":579,"width":862,"height":11}},{"id":"c2d5f5c2-765c-4521-82d6-b651d637a8ff","block_type":"box","text":"greater than those experienced by other funds.","page_number":67,"box":{"x":76,"y":593,"width":300,"height":11}},{"id":"70841802-39ef-4c48-bc2a-2df56f14fff7","block_type":"box","text":"Non-Diversification Risk.","page_number":67,"box":{"x":77,"y":616,"width":170,"height":9}},{"id":"55b989b6-3858-47c4-8892-4553fadb916e","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":67,"box":{"x":252,"y":616,"width":711,"height":11}},{"id":"4902ebf4-0fbf-40a4-81e7-f373705e098c","block_type":"box","text":"instruments representing a small number of issuers or counterparties, compared with funds that are classified as “diversified.” A","page_number":67,"box":{"x":76,"y":630,"width":822,"height":11}},{"id":"d7df3419-1d54-4056-9147-9ac69e1ebf8b","block_type":"box","text":"non-diversified Fund thus may be more susceptible to the risks associated with these particular issuers or counterparties. The gains and","page_number":67,"box":{"x":76,"y":644,"width":871,"height":11}},{"id":"92532bb8-2436-4874-a432-acd0b6d81b3c","block_type":"box","text":"losses on such holdings may have a greater impact on a non-diversified Fund’s performance than they would on the performance of a","page_number":67,"box":{"x":77,"y":659,"width":852,"height":11}},{"id":"0ccdc2e6-c0f7-42f7-a411-b2129006282e","block_type":"box","text":"diversified Fund, and a non-diversified Fund’s NAV may be more volatile.","page_number":67,"box":{"x":76,"y":673,"width":461,"height":11}},{"id":"f8e84970-8929-4a70-9dcd-8efb4d952aff","block_type":"box","text":"Non-U.S. Securities Risk.","page_number":67,"box":{"x":77,"y":696,"width":171,"height":9}},{"id":"ce14a594-47b9-491d-9fd2-a2cc7eb1bac4","block_type":"box","text":"Securities issued by non-U.S. issuers (including depositary receipts) are subject to different legal, regulatory,","page_number":67,"box":{"x":253,"y":696,"width":698,"height":11}},{"id":"5910aafc-fc85-4bc1-83e6-8968a373c9a9","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":67,"box":{"x":76,"y":710,"width":889,"height":11}},{"id":"1b1af3d3-bcba-4ea8-a24b-5854ef42f47c","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":67,"box":{"x":76,"y":724,"width":880,"height":11}},{"id":"95c73c29-ce9c-408e-a2c6-9ebebd001b09","block_type":"box","text":"following, any of which may have an adverse impact on a Fund:","page_number":67,"box":{"x":76,"y":739,"width":402,"height":10}},{"id":"2331eb65-e571-445d-b703-317e04944158","block_type":"box","text":"Less liquid markets, which may make valuing securities more difficult;","page_number":67,"box":{"x":114,"y":757,"width":445,"height":10}},{"id":"30511a40-f631-4bfb-aacb-1c06f802a8b1","block_type":"box","text":"Greater market volatility;","page_number":67,"box":{"x":113,"y":775,"width":158,"height":11}},{"id":"aa6309eb-bdda-4f8d-840a-ebc9b79404cd","block_type":"box","text":"Government intervention in issuers’ operations or structure;","page_number":67,"box":{"x":113,"y":793,"width":383,"height":11}},{"id":"880ff7d7-eb9d-408e-9b26-6be8c2d7c42e","block_type":"box","text":"Government expropriation or nationalization of assets;","page_number":67,"box":{"x":113,"y":811,"width":348,"height":11}},{"id":"ca9e4e1e-359a-4563-88cc-3d863ce3f1dd","block_type":"box","text":"Exchange rate fluctuations and currency controls;","page_number":67,"box":{"x":114,"y":829,"width":316,"height":11}},{"id":"d2beb798-0a3c-4352-b50b-344a985bced0","block_type":"box","text":"Limitations on the foreign ownership of securities;","page_number":67,"box":{"x":114,"y":847,"width":319,"height":11}},{"id":"155de6bb-382f-41e3-b429-96068a022e17","block_type":"box","text":"Imposition of withholding or other taxes;","page_number":67,"box":{"x":114,"y":865,"width":257,"height":11}},{"id":"ec4aef40-58b9-45a2-b4a9-0f068870d383","block_type":"box","text":"Restrictions on the repatriation of capital;","page_number":67,"box":{"x":114,"y":883,"width":265,"height":11}},{"id":"0f837224-5d5f-4140-9e0a-95c917277068","block_type":"box","text":"13","page_number":67,"box":{"x":524,"y":921,"width":12,"height":8}},{"id":"26941260-a2cd-45a6-8fdb-0401881750d1","block_type":"box","text":"Higher transaction and custody costs;","page_number":68,"box":{"x":114,"y":23,"width":241,"height":11}},{"id":"45e172c8-715e-4d45-9372-336ab24597a3","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":68,"box":{"x":114,"y":41,"width":852,"height":11}},{"id":"b1d87826-eb33-4ea8-8409-3f5d04b774d8","block_type":"box","text":"engage in portfolio transactions;","page_number":68,"box":{"x":113,"y":55,"width":206,"height":11}},{"id":"821fe2f9-8cbc-4438-ab89-c7f9e41ff86f","block_type":"box","text":"Less regulation of the securities and other financial markets;","page_number":68,"box":{"x":114,"y":73,"width":386,"height":11}},{"id":"92f8a2a3-157e-4c6a-a65f-ee5f4e63fa71","block_type":"box","text":"Less availability of public information about issuers;","page_number":68,"box":{"x":114,"y":91,"width":329,"height":11}},{"id":"d5e9c13c-9965-4de3-bd67-490a156169d6","block_type":"box","text":"Weaker accounting, audit, disclosure and financial reporting requirements and the risk of being delisted from U.S. exchanges;","page_number":68,"box":{"x":113,"y":109,"width":803,"height":11}},{"id":"76d6f34e-afe1-43c5-bf30-5c9907ed3ef8","block_type":"box","text":"Difficulties in enforcing contractual obligations; and","page_number":68,"box":{"x":114,"y":128,"width":328,"height":10}},{"id":"da447291-7582-43c5-ace2-27bb15b572f1","block_type":"box","text":"Legal principles relating to corporate governance, directors’ fiduciary duties and liabilities, and shareholder rights that are less robust","page_number":68,"box":{"x":114,"y":146,"width":853,"height":10}},{"id":"c8790e9e-752c-4327-ab0a-738fe9d5b7fe","block_type":"box","text":"than those that apply in the U.S.","page_number":68,"box":{"x":113,"y":160,"width":205,"height":11}},{"id":"44d9a924-fee1-452b-bfe8-660832c5ae77","block_type":"box","text":"Withholding Tax Reclaims Risk","page_number":68,"box":{"x":77,"y":183,"width":188,"height":11}},{"id":"13bd9443-2238-41e0-9949-6d54968eac93","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":68,"box":{"x":265,"y":183,"width":674,"height":11}},{"id":"d0c0404e-9948-4924-9c79-54459a23f9e3","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":68,"box":{"x":76,"y":197,"width":905,"height":11}},{"id":"ef0573d8-d810-4e7a-87cd-d602eb941267","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":68,"box":{"x":76,"y":211,"width":898,"height":11}},{"id":"d6659455-4f41-4ef9-bd6b-85fa018bcd5e","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":68,"box":{"x":76,"y":226,"width":892,"height":10}},{"id":"4eefda68-45e1-4b78-b61b-6574f09f6843","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":68,"box":{"x":76,"y":240,"width":840,"height":11}},{"id":"552cf6bb-5fc3-4faf-9a20-0a1f8bde6dd8","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":68,"box":{"x":76,"y":254,"width":901,"height":11}},{"id":"6f6fb32e-7100-42e0-96d0-e108e0358401","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":68,"box":{"x":76,"y":268,"width":897,"height":11}},{"id":"543475c8-56b4-45d2-84f1-9cde785c1708","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":68,"box":{"x":77,"y":282,"width":882,"height":11}},{"id":"febcd2b2-d37e-46ce-9fab-5e9980d2ea34","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":68,"box":{"x":76,"y":296,"width":906,"height":11}},{"id":"7dbdec4d-3693-425d-9594-4f0fa0b3081f","block_type":"box","text":"NAV. Investors who sold their shares prior to such time will not benefit from any such NAV increase.","page_number":68,"box":{"x":77,"y":311,"width":636,"height":10}},{"id":"05e2255c-c855-47c2-9de5-582dd5eadd15","block_type":"box","text":"Operational and Technology Risks.","page_number":68,"box":{"x":76,"y":334,"width":239,"height":11}},{"id":"b57d0464-3d7e-4e12-b88f-9efdbbfa2126","block_type":"box","text":"A Fund and the entities with which it interacts directly or indirectly are susceptible to operational and","page_number":68,"box":{"x":320,"y":334,"width":648,"height":11}},{"id":"ec20acfd-c308-4946-92ab-b4d44cc15db6","block_type":"box","text":"technology risks, including those related to human errors, processing errors, communication errors, systems failures, cybersecurity","page_number":68,"box":{"x":76,"y":348,"width":842,"height":11}},{"id":"0b450442-11e1-4d1c-ae02-5c51f64842b4","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":68,"box":{"x":76,"y":362,"width":877,"height":11}},{"id":"56c88088-92e5-47b9-bf39-541bdb8596ae","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":68,"box":{"x":76,"y":376,"width":844,"height":11}},{"id":"119f2994-e305-4eb2-ac63-5124168c2811","block_type":"box","text":"providers (e.g., index and benchmark providers, accountants, custodians, and transfer agents), financial intermediaries, counterparties,","page_number":68,"box":{"x":76,"y":391,"width":866,"height":10}},{"id":"dcec06a6-a2c2-44ab-9acf-3ef266c8857d","block_type":"box","text":"market makers, Authorized Participants, listing exchanges, other financial market operators, and governmental authorities. Operational and","page_number":68,"box":{"x":76,"y":405,"width":892,"height":11}},{"id":"c18f897d-9e06-46e7-ac87-d41d1bd24317","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":68,"box":{"x":76,"y":419,"width":889,"height":11}},{"id":"49da809c-3f39-4850-bd98-35fbf29a9f2e","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":68,"box":{"x":76,"y":433,"width":870,"height":11}},{"id":"a53a7cc6-c8f0-49d1-8775-639b6b26b32f","block_type":"box","text":"risks.","page_number":68,"box":{"x":77,"y":447,"width":32,"height":9}},{"id":"60c966af-b473-49f9-beae-2f85c8517c72","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":68,"box":{"x":76,"y":470,"width":895,"height":11}},{"id":"eb3b040d-8d27-45ac-8598-3eeeb75b94bb","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":68,"box":{"x":76,"y":485,"width":878,"height":10}},{"id":"25e37a12-8bdb-4704-803c-93e21228da30","block_type":"box","text":"information, corrupting or destroying data, and causing operational disruption. Geopolitical tension may increase the scale and sophistication","page_number":68,"box":{"x":76,"y":499,"width":905,"height":11}},{"id":"058a1ed1-535a-4c0e-aa14-edb058f97d5a","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":68,"box":{"x":76,"y":513,"width":885,"height":11}},{"id":"8fb3dc12-c0ed-4274-92bd-d93ba1f61797","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":68,"box":{"x":76,"y":527,"width":828,"height":11}},{"id":"fea73232-bcec-4061-8f53-4c11e7880aa8","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":68,"box":{"x":76,"y":541,"width":898,"height":11}},{"id":"1774895f-aa02-4255-99b1-b96ecb8395f6","block_type":"box","text":"its service providers to transact business; violations of applicable privacy and other laws; regulatory fines; penalties; reputational damage;","page_number":68,"box":{"x":76,"y":556,"width":884,"height":10}},{"id":"db7ad022-f9b3-483c-9fb4-307321301cbd","block_type":"box","text":"reimbursement or other compensation costs; and other legal and compliance expenses. Furthermore, cybersecurity incidents may render","page_number":68,"box":{"x":77,"y":570,"width":880,"height":11}},{"id":"65c08bab-a930-4c70-a91a-c059c6634b07","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":68,"box":{"x":77,"y":584,"width":898,"height":11}},{"id":"02dfb9c6-a2a4-4ddf-8af4-952ced296e26","block_type":"box","text":"a Fund’s functioning, inaccessible, inaccurate or incomplete. Power outages, natural disasters, equipment malfunctions and processing","page_number":68,"box":{"x":76,"y":598,"width":866,"height":11}},{"id":"0944857e-d18a-4d05-9e50-12f4705a88f8","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":68,"box":{"x":76,"y":612,"width":906,"height":11}},{"id":"e72be74c-ab69-4ad2-a652-735588567a45","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":68,"box":{"x":76,"y":626,"width":904,"height":11}},{"id":"326c5061-9986-4d15-a9ea-0484a0afe32c","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":68,"box":{"x":76,"y":641,"width":885,"height":10}},{"id":"109d33d0-151e-468c-a2b1-a207ca996c55","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":68,"box":{"x":77,"y":655,"width":872,"height":11}},{"id":"cb3f6893-4ae7-4a60-84ec-4a6127d21d7e","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":68,"box":{"x":76,"y":669,"width":855,"height":11}},{"id":"03d99765-7bf3-482d-b336-3c171b562041","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":68,"box":{"x":76,"y":683,"width":857,"height":11}},{"id":"eba6be61-adc9-4ae0-a9ee-c0cc3e0315ff","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":68,"box":{"x":76,"y":697,"width":897,"height":11}},{"id":"294a006a-eb80-4e58-8cc2-a4953adaa56c","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":68,"box":{"x":76,"y":712,"width":886,"height":10}},{"id":"cd8913e9-6550-4395-8285-336599d627fa","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":68,"box":{"x":76,"y":726,"width":876,"height":11}},{"id":"a82f3acc-e616-49b5-947a-93920a4d6c69","block_type":"box","text":"anticipate the full scope of future AI capabilities or rules and the associated risks to a Fund.","page_number":68,"box":{"x":76,"y":740,"width":585,"height":11}},{"id":"283ef71c-52e5-4206-8ca6-75349a441b6b","block_type":"box","text":"While a Fund’s service providers are required to have appropriate operational, information security and cybersecurity risk management","page_number":68,"box":{"x":76,"y":763,"width":864,"height":11}},{"id":"b59b2fdb-8328-4620-8d1f-80b7a93bc9ba","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":68,"box":{"x":76,"y":777,"width":889,"height":11}},{"id":"7fbb7271-dd24-47be-ba50-47ddd542e4de","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":68,"box":{"x":77,"y":791,"width":839,"height":11}},{"id":"82e2f412-5c75-4d34-bc06-1685a4109812","block_type":"box","text":"procedures and oversight, including establishing business continuity plans and risk management systems. However, there are inherent","page_number":68,"box":{"x":76,"y":806,"width":862,"height":10}},{"id":"37e55c9d-bc45-4307-8100-165674fe463d","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":68,"box":{"x":77,"y":820,"width":863,"height":11}},{"id":"0133df68-402a-443a-ba77-69fa00b00a68","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":68,"box":{"x":76,"y":834,"width":871,"height":11}},{"id":"64e78ebc-3e9c-46d0-ac4f-d270e7ffe188","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":68,"box":{"x":76,"y":848,"width":895,"height":11}},{"id":"5c5b9816-89ec-4a8b-8bdd-b2c64fb734ef","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":68,"box":{"x":76,"y":862,"width":882,"height":11}},{"id":"88d269c9-42f6-4787-b9b1-8fc11bcfbc99","block_type":"box","text":"invests or its service providers, counterparties, and other third parties whose activities affect the Fund.","page_number":68,"box":{"x":76,"y":877,"width":659,"height":10}},{"id":"6465a1be-928f-4fed-9bcc-a587d4b16149","block_type":"box","text":"14","page_number":68,"box":{"x":524,"y":921,"width":12,"height":8}},{"id":"4094784f-9a5d-43a7-bb44-3a93ad036de2","block_type":"box","text":"Lastly, the regulatory climate governing cybersecurity and data protection is developing quickly and may vary considerably across","page_number":69,"box":{"x":77,"y":23,"width":830,"height":11}},{"id":"adefe1d6-6da2-4f16-a6f4-ad17af0c0bf4","block_type":"box","text":"jurisdictions. Regulators continue to develop new rules and standards related to cybersecurity and data protection. Compliance with evolving","page_number":69,"box":{"x":75,"y":37,"width":905,"height":11}},{"id":"eb5e0c95-f549-48d1-a53b-e0e29bec0c5d","block_type":"box","text":"regulations can be demanding and costly, requiring substantial resources to monitor and implement required changes.","page_number":69,"box":{"x":77,"y":52,"width":756,"height":10}},{"id":"f596a953-d546-4b5d-a9b3-cb59ce7188a2","block_type":"box","text":"Ownership Limitations Risk.","page_number":69,"box":{"x":76,"y":75,"width":195,"height":10}},{"id":"668a50e9-8752-43f2-93ce-2f4ffb45128a","block_type":"box","text":"If certain aggregate and/or fund-level ownership thresholds are reached through transactions undertaken by","page_number":69,"box":{"x":277,"y":75,"width":697,"height":11}},{"id":"e5a8c2b2-910d-4d20-81b2-614211f451f7","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":69,"box":{"x":77,"y":89,"width":900,"height":11}},{"id":"9621054b-cb43-47aa-a162-aca1a4041f5a","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":69,"box":{"x":76,"y":103,"width":851,"height":11}},{"id":"f4bf27af-29ef-4fbf-b3fa-dfb0bc08c8ca","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":69,"box":{"x":77,"y":117,"width":866,"height":11}},{"id":"526f12ad-1c24-42c3-bcaa-4e950e5d2409","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":69,"box":{"x":76,"y":131,"width":903,"height":11}},{"id":"75821837-e1c3-4fbb-bc98-8f06e4117e8b","block_type":"box","text":"holdings.","page_number":69,"box":{"x":77,"y":146,"width":55,"height":10}},{"id":"6f780d6d-e6f3-4fa8-ac58-9db3719d78ac","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":69,"box":{"x":77,"y":169,"width":851,"height":11}},{"id":"5cf5aa45-5598-49d6-99fc-66202b51f18f","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":69,"box":{"x":76,"y":183,"width":890,"height":11}},{"id":"40b669e7-68a4-4684-8785-12c00b126b0f","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":69,"box":{"x":76,"y":197,"width":870,"height":11}},{"id":"bbd51bc5-8dac-40b7-a02f-4cf38eb2aa4c","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":69,"box":{"x":76,"y":211,"width":884,"height":11}},{"id":"850d737c-92a4-4917-b6e2-b814d3632332","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":69,"box":{"x":76,"y":226,"width":906,"height":10}},{"id":"e323d6c5-7587-4e5f-9383-c4393de95de6","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":69,"box":{"x":76,"y":240,"width":886,"height":11}},{"id":"27913c8a-4ebe-424f-8dfc-4375f2de0b52","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":69,"box":{"x":76,"y":254,"width":896,"height":11}},{"id":"4813a150-f329-42b2-94a7-a044cbe7b470","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":69,"box":{"x":76,"y":277,"width":885,"height":11}},{"id":"d3eec5c0-6bb3-4f4d-8516-2f917b9dd063","block_type":"box","text":"ownership limitations, it may inadvertently breach a limit or violate the corporate or regulatory approval, order, consent, relief or","page_number":69,"box":{"x":76,"y":291,"width":821,"height":11}},{"id":"24b653d5-759e-4782-b1ae-bdf075465b44","block_type":"box","text":"non-disapproval that was obtained.","page_number":69,"box":{"x":76,"y":305,"width":224,"height":11}},{"id":"a0a91ee5-ac54-42f2-b1e3-fc7f62ac44ac","block_type":"box","text":"Real Estate Companies Risk.","page_number":69,"box":{"x":77,"y":329,"width":196,"height":10}},{"id":"f6f6698e-0b0b-4478-90bf-9210a9c369c5","block_type":"box","text":"Real estate companies, which include real estate investment trusts, real estate holding and operating","page_number":69,"box":{"x":279,"y":329,"width":649,"height":10}},{"id":"e025d0c7-d2e2-4e80-a458-040924d2b11a","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":69,"box":{"x":76,"y":343,"width":903,"height":11}},{"id":"ed6d5723-e1fc-4e5e-bd81-b671de1eed66","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":69,"box":{"x":76,"y":357,"width":883,"height":11}},{"id":"6af12369-8156-424c-a38d-cf10c9404199","block_type":"box","text":"and other governmental actions, including tax increases, zoning changes and other usage restrictions, environmental regulations, regulatory","page_number":69,"box":{"x":76,"y":371,"width":897,"height":11}},{"id":"d74f4789-1262-4235-81d7-7d01727449e2","block_type":"box","text":"limitations on rent or eviction, and eminent domain.","page_number":69,"box":{"x":77,"y":385,"width":329,"height":11}},{"id":"6aee6020-3287-435f-98b5-81d61fbbd1fb","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":69,"box":{"x":77,"y":409,"width":897,"height":10}},{"id":"66fee120-33ec-4230-9a9b-79dd6ece4d33","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":69,"box":{"x":77,"y":423,"width":900,"height":11}},{"id":"35e091f6-ef3a-4ed5-b0d8-7cc74d892f11","block_type":"box","text":"or property type. Economic downturns or other adverse events (","page_number":69,"box":{"x":76,"y":437,"width":409,"height":11}},{"id":"810ef1ee-facc-4f25-9668-4a868d74a784","block_type":"box","text":"e.g.","page_number":69,"box":{"x":487,"y":439,"width":20,"height":9}},{"id":"6c419e21-85fd-40cf-9148-45b4f0b5ba56","block_type":"box","text":", natural disasters) that affect a particular region, industry or property","page_number":69,"box":{"x":510,"y":437,"width":446,"height":11}},{"id":"21144b20-cfdc-4d07-a42d-cbec930d26e1","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":69,"box":{"x":76,"y":451,"width":891,"height":11}},{"id":"3fd50172-d8b0-466f-aec5-07bab699ccd1","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":69,"box":{"x":76,"y":465,"width":882,"height":11}},{"id":"a8d6c342-2baf-435a-9e86-b76a90726e0d","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":69,"box":{"x":76,"y":479,"width":858,"height":11}},{"id":"82a1983a-63bf-453a-8d03-d612420d2d7c","block_type":"box","text":"response to economic conditions or other events.","page_number":69,"box":{"x":77,"y":494,"width":316,"height":10}},{"id":"6a21ba7c-c21a-4380-8087-6470b89f2cc9","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":69,"box":{"x":77,"y":517,"width":900,"height":11}},{"id":"2c379d83-b6c8-4d59-b767-fc9fa8712a2e","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":69,"box":{"x":77,"y":531,"width":881,"height":11}},{"id":"eb15d62d-0da0-4162-9a29-0a2c44b7bcf4","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":69,"box":{"x":76,"y":545,"width":867,"height":11}},{"id":"08b7bc00-ba29-4657-a003-e990833d522b","block_type":"box","text":"redeployment of capital in less desirable investments.","page_number":69,"box":{"x":77,"y":559,"width":343,"height":11}},{"id":"762789ee-3a83-40f5-b78e-ada30efc4dcb","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":69,"box":{"x":76,"y":583,"width":875,"height":10}},{"id":"7032d33e-6fcf-4775-b3e0-2b818dcc80b7","block_type":"box","text":"economic consequences for the company and its investors, including a Fund.","page_number":69,"box":{"x":76,"y":597,"width":492,"height":11}},{"id":"972c5834-6aad-4f90-90f6-3c6da4b00b8b","block_type":"box","text":"Reliance on Trading Partners Risk.","page_number":69,"box":{"x":77,"y":620,"width":235,"height":11}},{"id":"45cfaacc-e909-4bc2-9882-d2fd74c99009","block_type":"box","text":"The economies of many countries or regions in which the Funds invest are highly dependent on trade","page_number":69,"box":{"x":317,"y":620,"width":648,"height":11}},{"id":"952c3365-92fc-4df9-b5c8-ca8a08e204ec","block_type":"box","text":"with certain key trading partners. Reduction in spending on products and services by these key trading partners, institution of tariffs or other","page_number":69,"box":{"x":76,"y":634,"width":901,"height":11}},{"id":"af4ac890-9c97-49d5-b8ad-2423744ef908","block_type":"box","text":"trade barriers or a slowdown in the economies of key trading partners may adversely affect the performance of any company in which a Fund","page_number":69,"box":{"x":76,"y":648,"width":902,"height":11}},{"id":"a22b6dc1-52cd-40be-9a37-08a0cabcb336","block_type":"box","text":"invests and have a material adverse effect on a Fund’s performance.","page_number":69,"box":{"x":76,"y":663,"width":437,"height":10}},{"id":"599735e0-7e0f-4f84-bd55-36529d48d7ce","block_type":"box","text":"Risk of Investing in China.","page_number":69,"box":{"x":77,"y":686,"width":178,"height":11}},{"id":"db8033b2-dffa-4109-929b-46b12ebe0bde","block_type":"box","text":"Investments in Chinese securities, including certain Hong Kong-listed and U.S.-listed securities, subject a Fund","page_number":69,"box":{"x":261,"y":686,"width":711,"height":11}},{"id":"04412416-6440-482d-a182-baa1def7f790","block_type":"box","text":"to risks specific to China. China is subject to a considerable degree of economic, political and social instability.","page_number":69,"box":{"x":76,"y":700,"width":708,"height":11}},{"id":"34b6c125-fe0c-414a-8c16-35f986ad2662","block_type":"box","text":"Political and Social Risk.","page_number":69,"box":{"x":76,"y":723,"width":151,"height":9}},{"id":"6749843e-1e32-420f-a4b8-bfd4b8c37024","block_type":"box","text":"The Chinese government is authoritarian and has periodically used force to suppress civil dissent. Disparities of","page_number":69,"box":{"x":233,"y":723,"width":713,"height":11}},{"id":"fab3333d-cb45-4085-b026-af04ce70bacc","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":69,"box":{"x":76,"y":737,"width":839,"height":11}},{"id":"2bfea1ca-3152-4a58-98e8-a9597125c395","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":69,"box":{"x":76,"y":752,"width":888,"height":10}},{"id":"26fa6cc0-053c-48cd-8638-46d2bb18b5be","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":69,"box":{"x":76,"y":766,"width":892,"height":11}},{"id":"dd94a183-d3b0-4dde-810c-58a43b105d50","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":69,"box":{"x":77,"y":780,"width":873,"height":11}},{"id":"aba0695e-33c0-4999-95b0-f900e9a9ba15","block_type":"box","text":"result in sudden and significant investment losses. China’s income inequality, rapidly aging population and significant environmental issues","page_number":69,"box":{"x":77,"y":794,"width":888,"height":11}},{"id":"f41174ea-4cc2-4513-b9e7-d8f709bbd680","block_type":"box","text":"also are factors that may affect the Chinese economy.","page_number":69,"box":{"x":76,"y":808,"width":345,"height":11}},{"id":"b979c256-595b-4f61-bab3-c6ef46261490","block_type":"box","text":"Government Control and Regulations.","page_number":69,"box":{"x":76,"y":831,"width":234,"height":11}},{"id":"e79d62c3-666c-4e48-b341-f4e572591074","block_type":"box","text":"Despite the Chinese government’s implementation of economic and market reforms in recent decades,","page_number":69,"box":{"x":317,"y":831,"width":659,"height":11}},{"id":"5c5164cc-2a6d-45e3-9aed-8740c63095a2","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":69,"box":{"x":76,"y":846,"width":889,"height":10}},{"id":"8b2a257a-afa8-49ef-86cc-e4273deeff38","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":69,"box":{"x":77,"y":860,"width":898,"height":11}},{"id":"d2322ac4-c94f-4ca2-92ea-aa3816e59558","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":69,"box":{"x":76,"y":874,"width":894,"height":11}},{"id":"31f60862-1800-49fc-a883-a43c575ff276","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":69,"box":{"x":76,"y":888,"width":855,"height":11}},{"id":"9b69141d-b572-470a-92a5-55cc08cf3fa6","block_type":"box","text":"15","page_number":69,"box":{"x":524,"y":921,"width":11,"height":8}},{"id":"6c9d4dfb-7374-44d6-8f7e-115e32606940","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":70,"box":{"x":76,"y":23,"width":880,"height":11}},{"id":"cd061e11-040b-4775-baa1-6bf7376abb38","block_type":"box","text":"Chinese economy and a Fund’s investments. Chinese markets generally continue to experience inefficiency, lack of publicly available","page_number":70,"box":{"x":76,"y":37,"width":850,"height":11}},{"id":"91ab4f87-bfa2-4db6-929d-2dd6c0ecebbd","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":70,"box":{"x":76,"y":51,"width":893,"height":11}},{"id":"41eab743-cdb1-4f40-9706-ef0704d41157","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":70,"box":{"x":76,"y":66,"width":905,"height":11}},{"id":"293cf683-ec94-4980-ae66-7a5d4465c3c1","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":70,"box":{"x":76,"y":80,"width":778,"height":11}},{"id":"99c27a53-9e57-481d-b324-adb32e12a740","block_type":"box","text":"Economic Risk.","page_number":70,"box":{"x":76,"y":103,"width":94,"height":9}},{"id":"cf199443-292b-4af8-92d7-1377d5d51cdc","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":70,"box":{"x":176,"y":103,"width":766,"height":11}},{"id":"c3643443-4621-4d4b-9407-183cf0293bcc","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":70,"box":{"x":76,"y":117,"width":887,"height":11}},{"id":"5ccc4aa4-9411-4562-a59e-576bf6ef21a0","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":70,"box":{"x":76,"y":131,"width":869,"height":11}},{"id":"9ebcec6a-b5bf-4638-ad8c-1053fd81ae12","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":70,"box":{"x":76,"y":146,"width":893,"height":10}},{"id":"e61e6195-9010-4eb1-ae11-df76bacbc652","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":70,"box":{"x":76,"y":160,"width":871,"height":11}},{"id":"c3359ea5-c299-4272-a1c2-ff2ce9409805","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":70,"box":{"x":76,"y":174,"width":881,"height":11}},{"id":"c8ab903c-dcd9-4cbd-8f08-700d7fdd7d6b","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":70,"box":{"x":76,"y":188,"width":876,"height":11}},{"id":"11c254f1-7f9b-4d8e-bba6-96a28c681989","block_type":"box","text":"may occur.","page_number":70,"box":{"x":76,"y":205,"width":69,"height":8}},{"id":"4b29ede2-bcaa-4d07-be8f-62ea99d3195d","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":70,"box":{"x":77,"y":226,"width":840,"height":10}},{"id":"538f9d53-8df0-4d2d-9842-0807d142919a","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":70,"box":{"x":77,"y":240,"width":872,"height":11}},{"id":"b7ca23c2-b12a-4133-93f5-bbe4d179e778","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":70,"box":{"x":76,"y":254,"width":848,"height":11}},{"id":"feb1bb46-288b-408f-878b-6a3cdbe289c3","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":70,"box":{"x":76,"y":268,"width":893,"height":11}},{"id":"7bd28cd5-e9e4-4a24-a6f0-3f99d2d8a44c","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":70,"box":{"x":76,"y":282,"width":898,"height":11}},{"id":"436e7186-bb1d-4a23-977b-2975563b8d4b","block_type":"box","text":"Chinese financial markets or securities exchanges could interfere with orderly trading, delay settlement or cause market disruptions. A","page_number":70,"box":{"x":76,"y":296,"width":863,"height":11}},{"id":"d013b108-f380-437e-9b85-8c5d875102e0","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":70,"box":{"x":77,"y":311,"width":897,"height":10}},{"id":"5c5a650e-8318-430e-8d16-a9917e48ce9f","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":70,"box":{"x":76,"y":325,"width":884,"height":11}},{"id":"254605ac-725c-4405-a2a9-e866d00997fb","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":70,"box":{"x":76,"y":339,"width":905,"height":11}},{"id":"7abd0501-c47a-40c5-880f-3df8911a731a","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":70,"box":{"x":76,"y":353,"width":893,"height":11}},{"id":"924d5dcd-fedd-495e-853b-884f84f45e74","block_type":"box","text":"exporting of its excess industrial capacity and overall approach to economic management.","page_number":70,"box":{"x":76,"y":367,"width":578,"height":11}},{"id":"c3331eee-ce93-4555-bc83-b60c8a6a8ad1","block_type":"box","text":"Expropriation Risk.","page_number":70,"box":{"x":76,"y":391,"width":116,"height":10}},{"id":"8fc8c624-0b10-4094-8f5a-8ad9c490eb95","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":70,"box":{"x":198,"y":391,"width":781,"height":10}},{"id":"4f30eba1-aee5-413d-8737-de35bb3150ee","block_type":"box","text":"to expropriation, nationalization, confiscation of assets and property or the imposition of restrictions on foreign investments and on","page_number":70,"box":{"x":76,"y":405,"width":841,"height":11}},{"id":"ed9adf42-83dd-48df-b78e-8d12130b2fa7","block_type":"box","text":"repatriation of capital invested.","page_number":70,"box":{"x":77,"y":419,"width":198,"height":11}},{"id":"e92bf936-6f1e-4ac9-bc7a-1a722cab8cb0","block_type":"box","text":"Security Risk.","page_number":70,"box":{"x":76,"y":442,"width":83,"height":11}},{"id":"b1f2e7b5-33f5-4f61-b093-88bccbda7fba","block_type":"box","text":"China has strained international relations with Taiwan, Japan, the Philippines, India, and other neighbors due to territorial","page_number":70,"box":{"x":166,"y":442,"width":770,"height":11}},{"id":"8766862c-4b05-434f-8608-a49646d5cb68","block_type":"box","text":"disputes, historical animosities, defense concerns and other security concerns. China has a complex territorial dispute regarding the","page_number":70,"box":{"x":76,"y":456,"width":848,"height":11}},{"id":"bde94a49-fe1d-4af2-8a71-c70be158b06f","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":70,"box":{"x":76,"y":470,"width":898,"height":11}},{"id":"804b4fec-4e84-4d60-845a-4176d0cd40d0","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":70,"box":{"x":76,"y":485,"width":886,"height":10}},{"id":"5bb8d26e-6c3c-4091-91e2-acaab61a3450","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":70,"box":{"x":76,"y":499,"width":879,"height":11}},{"id":"08c31fc4-61bc-4d7c-8e61-e43fddc7c47d","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":70,"box":{"x":76,"y":513,"width":887,"height":11}},{"id":"775cd0d2-2018-4132-8478-aa4a679dd34b","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":70,"box":{"x":76,"y":527,"width":883,"height":11}},{"id":"d32308a1-8965-4f9e-a25f-834b0944c177","block_type":"box","text":"risk of escalation potentially leading to military conflict.","page_number":70,"box":{"x":77,"y":541,"width":353,"height":11}},{"id":"e2f06ef8-9af0-4f29-93c7-af9a91648ee9","block_type":"box","text":"Additionally, China is alleged to have participated in state-sponsored cyberattacks against foreign companies and foreign governments.","page_number":70,"box":{"x":76,"y":565,"width":866,"height":10}},{"id":"e490e961-a375-4522-a7d7-795b137c723d","block_type":"box","text":"Actual and threatened responses to such activity and strained international relations, including purchasing restrictions, sanctions, export","page_number":70,"box":{"x":76,"y":579,"width":876,"height":11}},{"id":"7782f342-d6d4-4a9d-8c5d-0d150189346d","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":70,"box":{"x":76,"y":593,"width":871,"height":11}},{"id":"0844913a-e2b3-43d1-9304-350e57db6216","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":70,"box":{"x":76,"y":607,"width":891,"height":11}},{"id":"41b2d2e3-f67d-4af0-bb46-f22ea790038a","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":70,"box":{"x":76,"y":621,"width":863,"height":11}},{"id":"f7a18c68-9254-44cf-9d54-ec2bb79f5bbe","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":70,"box":{"x":76,"y":635,"width":855,"height":11}},{"id":"dadd90a9-0c7e-4bec-ba45-7cdb3931d7ad","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":70,"box":{"x":76,"y":650,"width":893,"height":10}},{"id":"a840f30b-bb3e-4486-a502-81938197b24c","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":70,"box":{"x":77,"y":664,"width":879,"height":11}},{"id":"1eb3c586-bff0-426b-bd3f-a24e4f52a9f2","block_type":"box","text":"Chinese Equity Markets.","page_number":70,"box":{"x":76,"y":687,"width":151,"height":11}},{"id":"42a973ad-0695-4c6c-b0a3-92ea84a2e7a6","block_type":"box","text":"There are several types of Chinese equity securities, including H-shares, A-shares, B-shares, Red-Chips and/or","page_number":70,"box":{"x":233,"y":687,"width":709,"height":11}},{"id":"58552bbc-d52e-4282-b6af-bcba0d1b9558","block_type":"box","text":"P-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","page_number":70,"box":{"x":77,"y":701,"width":885,"height":11}},{"id":"a39e6620-f94d-4ad8-a21d-7754c425a506","block_type":"box","text":"P-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":70,"box":{"x":77,"y":715,"width":899,"height":11}},{"id":"00d15e18-dadc-472a-894d-3beee26290d4","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":70,"box":{"x":76,"y":730,"width":834,"height":10}},{"id":"a9b4acaa-4582-4195-96f3-5eef644e4929","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":70,"box":{"x":76,"y":744,"width":880,"height":11}},{"id":"46f409f0-dc6a-472d-86fd-95ebb99ec847","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":70,"box":{"x":77,"y":758,"width":905,"height":11}},{"id":"a688cbf7-7b7a-48cb-aa4c-cb8de820dc47","block_type":"box","text":"volume and price volatility.","page_number":70,"box":{"x":76,"y":772,"width":170,"height":11}},{"id":"b4cc103c-1d81-4c3c-8a84-323bba669861","block_type":"box","text":"Hong Kong Political Risk.","page_number":70,"box":{"x":76,"y":795,"width":154,"height":11}},{"id":"dca7ae6b-d69f-4aab-bc83-fa673fbb1b6b","block_type":"box","text":"Hong Kong reverted to Chinese sovereignty on July 1, 1997 as a Special Administrative Region (“SAR”) of the","page_number":70,"box":{"x":237,"y":795,"width":692,"height":11}},{"id":"3e81699a-b9af-44e7-888b-b13a661d3760","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":70,"box":{"x":77,"y":809,"width":887,"height":11}},{"id":"1da3204f-b0e7-406c-bd7b-cedd24e8baa6","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":70,"box":{"x":76,"y":824,"width":861,"height":11}},{"id":"e342aa6f-85e0-46dc-97ac-ff332503ace2","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":70,"box":{"x":76,"y":838,"width":895,"height":11}},{"id":"bab17072-67ad-41bc-b9f0-a549f1bb0477","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":70,"box":{"x":76,"y":852,"width":881,"height":11}},{"id":"17d592b1-57a2-4363-b6bf-14c0cc345764","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":70,"box":{"x":76,"y":866,"width":823,"height":11}},{"id":"d10d2d6c-639e-457b-8a87-2e45b5a0053f","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":70,"box":{"x":76,"y":880,"width":853,"height":11}},{"id":"25a0d713-3431-4296-bf0c-fae3df59b924","block_type":"box","text":"16","page_number":70,"box":{"x":524,"y":921,"width":11,"height":8}},{"id":"6811310d-c181-4806-954d-37e171b15ecc","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":71,"box":{"x":76,"y":23,"width":888,"height":11}},{"id":"bb65729f-3cc7-4c37-9087-cc3fd9ed0350","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":71,"box":{"x":76,"y":37,"width":838,"height":11}},{"id":"bc9b27c5-6fb7-4bb8-ad03-397af5e66687","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":71,"box":{"x":76,"y":51,"width":869,"height":11}},{"id":"41df90be-a003-43e7-8305-c57d3e3338aa","block_type":"box","text":"Fund’s NAV because the NAV is denominated in U.S. dollars.","page_number":71,"box":{"x":77,"y":66,"width":384,"height":8}},{"id":"b408c705-e01d-4c8e-b714-15eaf00520cf","block_type":"box","text":"Limited Information, Legal Remedies and VIE Structure Risk.","page_number":71,"box":{"x":76,"y":89,"width":376,"height":11}},{"id":"20c0275a-8e76-4366-bd9b-38678f0098ae","block_type":"box","text":"Chinese companies, including Chinese companies that are listed on U.S.","page_number":71,"box":{"x":459,"y":89,"width":462,"height":11}},{"id":"e4ed5b77-ba91-4fda-91e6-12723d40d602","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":71,"box":{"x":76,"y":103,"width":896,"height":11}},{"id":"045fdbfd-52d6-455b-88c5-0afd71227b29","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":71,"box":{"x":76,"y":117,"width":855,"height":11}},{"id":"0dc7492c-8f88-486d-a022-38b20bd8dea5","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":71,"box":{"x":76,"y":131,"width":864,"height":11}},{"id":"c43c6724-8159-47b3-913a-d30327fa4119","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":71,"box":{"x":76,"y":146,"width":859,"height":10}},{"id":"4e28d40e-aa68-439c-9295-742bf4971d68","block_type":"box","text":"significant obstacles to obtaining information necessary for investigations into or litigation against Chinese companies, and shareholders","page_number":71,"box":{"x":76,"y":160,"width":876,"height":11}},{"id":"5effb13a-2fd5-4a35-b89c-9285f47e221f","block_type":"box","text":"may have limited legal remedies. The Funds do not select investments based on investor protection considerations.","page_number":71,"box":{"x":76,"y":174,"width":738,"height":11}},{"id":"11ff0149-f9b8-460d-9b49-b4b5ef2b5af5","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":71,"box":{"x":77,"y":197,"width":888,"height":11}},{"id":"0eebcdf9-f82d-4559-8fea-ad1c679d9e77","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":71,"box":{"x":77,"y":211,"width":869,"height":11}},{"id":"0aa13643-dcb5-45e6-97d5-095e7505e942","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":71,"box":{"x":76,"y":226,"width":888,"height":10}},{"id":"8d1380cf-e69e-4872-b193-bae27d799609","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":71,"box":{"x":76,"y":240,"width":858,"height":11}},{"id":"6cf1a69b-b98d-44f0-a968-174e62db391c","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":71,"box":{"x":76,"y":254,"width":852,"height":11}},{"id":"35737eec-2377-41c5-b86d-476445c14de0","block_type":"box","text":"represent equity ownership in the operating company.","page_number":71,"box":{"x":77,"y":268,"width":344,"height":11}},{"id":"d256cf66-d8ad-4eba-b63b-7abfaf522026","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":71,"box":{"x":76,"y":291,"width":888,"height":11}},{"id":"60756db1-55da-4df0-8628-f88a99e705d8","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":71,"box":{"x":76,"y":305,"width":906,"height":11}},{"id":"227f399c-ea95-4bd6-85c7-8ba8afdb6c04","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":71,"box":{"x":76,"y":320,"width":849,"height":10}},{"id":"e31a2ac3-e8b1-4a25-84ae-d1c4922d862f","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":71,"box":{"x":76,"y":334,"width":890,"height":11}},{"id":"0347d62a-d8cc-4a6f-b50b-9f245c4bec8f","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":71,"box":{"x":76,"y":348,"width":855,"height":11}},{"id":"dcf9435e-a007-4702-82a0-ed9f7b20182b","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":71,"box":{"x":76,"y":362,"width":898,"height":11}},{"id":"a78a5dcc-0367-4554-8ea1-5d0cc59bd8b2","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":71,"box":{"x":76,"y":376,"width":892,"height":11}},{"id":"0e1b13b3-88fb-4f73-8790-39b5bf0c62a7","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":71,"box":{"x":77,"y":391,"width":879,"height":10}},{"id":"c62a1a17-1f43-4813-81cb-ce18d27ad79d","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":71,"box":{"x":76,"y":405,"width":904,"height":11}},{"id":"9a3de237-083a-4d88-bbe9-e0e3d7f8f809","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":71,"box":{"x":76,"y":419,"width":894,"height":11}},{"id":"a266df4b-8ac9-4ebf-a988-fe7dfe25ac36","block_type":"box","text":"possibly permanent and/or total, losses to a Fund.","page_number":71,"box":{"x":76,"y":433,"width":324,"height":11}},{"id":"ac81de45-ad3a-418b-a960-dcc5df32b5fb","block_type":"box","text":"Risk of Investing in Developed Countries.","page_number":71,"box":{"x":77,"y":456,"width":285,"height":11}},{"id":"ac2199ee-a281-4bc9-a7cb-05aac34215c3","block_type":"box","text":"Investment in developed country issuers will subject a Fund to legal, regulatory, political,","page_number":71,"box":{"x":368,"y":456,"width":568,"height":11}},{"id":"529617c0-a777-4879-b33c-7afb53933845","block_type":"box","text":"currency, security, economic and other risks associated with developed countries. Developed countries generally tend to rely on services","page_number":71,"box":{"x":76,"y":470,"width":878,"height":11}},{"id":"8da5e114-2b61-4c61-8970-00ee4c15bbf0","block_type":"box","text":"sectors (","page_number":71,"box":{"x":76,"y":485,"width":55,"height":10}},{"id":"6b05d1bf-bd43-42e4-8f44-eaf4a7e24a9d","block_type":"box","text":"e.g.,","page_number":71,"box":{"x":132,"y":487,"width":25,"height":8}},{"id":"0e614561-c06a-44c0-be69-8caefcf65508","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":71,"box":{"x":163,"y":485,"width":817,"height":10}},{"id":"c2cc7833-8bd2-4877-8adf-94a232b9289b","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":71,"box":{"x":76,"y":499,"width":887,"height":11}},{"id":"656b814d-639e-487d-aa98-421255cb9f58","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":71,"box":{"x":76,"y":513,"width":884,"height":11}},{"id":"6742e170-0e26-4847-bc0c-25e6dc963ba4","block_type":"box","text":"areas in which a Fund invests have experienced strained international relations due to territorial disputes, historical animosities, defense","page_number":71,"box":{"x":76,"y":527,"width":874,"height":11}},{"id":"cc7aa95a-e364-4f8a-a878-f5f44fc065fa","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":71,"box":{"x":76,"y":541,"width":868,"height":11}},{"id":"ba3d24a7-dfda-4539-9c94-6d97c24691c6","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":71,"box":{"x":76,"y":556,"width":897,"height":10}},{"id":"4cc723a8-1021-4d37-a01e-8d8d177307c8","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":71,"box":{"x":77,"y":570,"width":899,"height":11}},{"id":"b872529a-7748-4e34-a0f5-f0a9d94f7562","block_type":"box","text":"prolonged periods of recession. Many developed countries are heavily indebted and face rising healthcare and retirement expenses. In","page_number":71,"box":{"x":76,"y":584,"width":860,"height":11}},{"id":"75867aaf-ab67-4495-b406-15f2c06dad11","block_type":"box","text":"addition, price fluctuations of certain commodities and regulations impacting the import of commodities may negatively affect developed","page_number":71,"box":{"x":76,"y":598,"width":877,"height":11}},{"id":"56de916f-bd85-42f3-9ad3-d4b92caddc54","block_type":"box","text":"country economies.","page_number":71,"box":{"x":76,"y":612,"width":126,"height":11}},{"id":"5ecc708c-0e5b-4ba1-a973-c6248c1b8da2","block_type":"box","text":"Risk of Investing in Emerging Markets.","page_number":71,"box":{"x":77,"y":635,"width":266,"height":11}},{"id":"f62c5a7b-5608-4d4f-a069-88d14e884d1b","block_type":"box","text":"Investments in emerging market issuers may be subject to a greater risk of loss than investments","page_number":71,"box":{"x":349,"y":635,"width":625,"height":11}},{"id":"5cac82ac-4fc0-4a65-947b-5df2ecc523fe","block_type":"box","text":"in issuers located or operating in more developed markets. This is due to, among other things, the potential for greater market volatility,","page_number":71,"box":{"x":76,"y":650,"width":869,"height":10}},{"id":"85c0cdb2-7469-4459-a0fc-839d724783b9","block_type":"box","text":"lower trading volume, higher levels of inflation, social, political or economic instability, greater risk of a market shutdown and more","page_number":71,"box":{"x":77,"y":664,"width":836,"height":11}},{"id":"7179fb54-04a3-439c-b86b-37bf5ab4facb","block_type":"box","text":"governmental limitations on foreign investments in emerging market countries than are typically found in more developed markets.","page_number":71,"box":{"x":76,"y":678,"width":838,"height":11}},{"id":"e17e069a-aba8-47b7-82f4-178b0bb463dc","block_type":"box","text":"Some emerging market countries may experience economic instability, including instability resulting from substantial rates of inflation or","page_number":71,"box":{"x":76,"y":701,"width":876,"height":11}},{"id":"23a12819-7459-428a-9c9e-e8bc47ae0c64","block_type":"box","text":"significant devaluations of their currency, or economic recessions, which would have a negative effect on the economies and financial","page_number":71,"box":{"x":76,"y":715,"width":856,"height":11}},{"id":"d03936e5-eaf6-4f90-829c-75e24865f7f1","block_type":"box","text":"markets of their economies. Some of these countries may impose restrictions on the exchange or export of currency or adverse currency","page_number":71,"box":{"x":76,"y":730,"width":879,"height":10}},{"id":"d679fbc3-3851-4d49-a79d-c485a8bfc3c5","block_type":"box","text":"exchange rates, and there may be a lack of available currency hedging instruments.","page_number":71,"box":{"x":76,"y":744,"width":533,"height":11}},{"id":"e282a577-3a17-4184-bdf9-3a1e5d49945d","block_type":"box","text":"Disparities of wealth, the pace and success of democratization and ethnic, religious and racial disaffection, among other factors, may","page_number":71,"box":{"x":77,"y":767,"width":852,"height":11}},{"id":"504dace0-dae4-48b7-b515-dd25e64b415e","block_type":"box","text":"exacerbate unrest or violence in certain countries. Unanticipated or sudden political or social developments may result in sudden and","page_number":71,"box":{"x":76,"y":781,"width":854,"height":11}},{"id":"05abe8e2-4ba3-4924-86ec-2390ce99a8a2","block_type":"box","text":"significant investment losses.","page_number":71,"box":{"x":76,"y":795,"width":188,"height":11}},{"id":"3976ca0d-e346-4657-9b33-19c8073e5afe","block_type":"box","text":"Companies in many emerging markets are not subject to the same degree of regulatory requirements, accounting standards or auditor","page_number":71,"box":{"x":76,"y":819,"width":863,"height":10}},{"id":"fd52186c-9411-4857-ae16-be7dc13d1642","block_type":"box","text":"oversight as companies in more developed countries, and as a result, information about the securities in which a Fund invests may be less","page_number":71,"box":{"x":76,"y":833,"width":884,"height":11}},{"id":"c3d1a94b-ce93-47fd-9001-5fd4b4635689","block_type":"box","text":"reliable or complete. Moreover, emerging markets often have less reliable securities valuations and greater risks associated with the custody","page_number":71,"box":{"x":77,"y":847,"width":902,"height":11}},{"id":"9babd1c2-e8eb-4788-8a85-daed11e6f01d","block_type":"box","text":"of securities than developed markets. There may be significant obstacles to obtaining information necessary for investigations into or","page_number":71,"box":{"x":76,"y":861,"width":854,"height":11}},{"id":"e7d49215-31c1-4723-922a-a3e320d72d29","block_type":"box","text":"17","page_number":71,"box":{"x":524,"y":921,"width":11,"height":8}},{"id":"6170e402-21ed-4838-b204-b6910b397cc6","block_type":"box","text":"litigation against companies, and shareholders may have limited legal remedies. A Fund’s investments are not selected based on investor","page_number":72,"box":{"x":77,"y":23,"width":878,"height":11}},{"id":"6c7c19d5-38d6-4a03-8373-0761c351d9c7","block_type":"box","text":"protection considerations.","page_number":72,"box":{"x":76,"y":37,"width":167,"height":11}},{"id":"3d81c1d5-3bd9-4e7c-8df4-75679f20e749","block_type":"box","text":"In addition, emerging markets often have greater risk of capital controls through such measures as taxes or interest rate control than","page_number":72,"box":{"x":77,"y":61,"width":851,"height":10}},{"id":"9928ce4a-6c51-4c4d-82ba-430549b8d0a2","block_type":"box","text":"developed markets. Certain emerging market countries may also lack the infrastructure necessary to attract large amounts of foreign trade","page_number":72,"box":{"x":76,"y":75,"width":892,"height":11}},{"id":"367d7cd3-fb8e-4be9-a259-e132ad20b0c2","block_type":"box","text":"and investment. Chronic structural public sector deficits in some countries may adversely impact a Fund’s investments.","page_number":72,"box":{"x":76,"y":89,"width":765,"height":11}},{"id":"43952aea-4df5-4468-84cb-3f8d884ee8a8","block_type":"box","text":"Local securities markets in emerging market countries may trade a small number of securities and may be unable to respond effectively to","page_number":72,"box":{"x":77,"y":112,"width":885,"height":11}},{"id":"3d364e84-a279-4180-b5ac-d3e860500bf7","block_type":"box","text":"changes in trading volume, potentially making prompt liquidation of holdings difficult or impossible at times. Settlement procedures in","page_number":72,"box":{"x":76,"y":126,"width":857,"height":11}},{"id":"faeeee87-1b5f-4de4-8400-b0b0c3f1fdda","block_type":"box","text":"emerging market countries are frequently less developed and reliable than those in the U.S. (and other developed countries). In addition,","page_number":72,"box":{"x":76,"y":140,"width":875,"height":11}},{"id":"0e400a57-191c-4b02-a57e-23b0a2e05bdb","block_type":"box","text":"significant delays may occur in certain markets in registering the transfer of securities. Settlement or registration problems may make it","page_number":72,"box":{"x":76,"y":155,"width":870,"height":10}},{"id":"16620345-c38c-4a64-8df7-fe5bb0cfd07c","block_type":"box","text":"more difficult for a Fund to value its portfolio securities and could have an adverse effect on a Fund in seeking to achieve its investment","page_number":72,"box":{"x":76,"y":169,"width":867,"height":11}},{"id":"d580847a-38ec-4d59-bfdf-6aaa7dcc01d7","block_type":"box","text":"objective.","page_number":72,"box":{"x":76,"y":183,"width":61,"height":11}},{"id":"49724460-586f-481b-b50a-eb0ceda4db3f","block_type":"box","text":"There could be additional impacts on the value of a Fund as a result of sustainability risks, in particular those caused by environmental","page_number":72,"box":{"x":76,"y":206,"width":858,"height":11}},{"id":"6980b0d2-a4c3-4697-91ac-9acfb46bdb23","block_type":"box","text":"changes, social issues and governance risk. Additionally, disclosures or third-party data coverage associated with sustainability risks is","page_number":72,"box":{"x":76,"y":220,"width":863,"height":11}},{"id":"ed03d2c5-db2a-4c44-adc0-91e215065989","block_type":"box","text":"generally less available or transparent in these markets.","page_number":72,"box":{"x":76,"y":235,"width":357,"height":10}},{"id":"fc61b8d3-ff55-4ef3-ae7a-4e04193dba9c","block_type":"box","text":"Investments in emerging market countries may be subject to loss due to expropriation, nationalization, confiscation of assets and property or","page_number":72,"box":{"x":77,"y":258,"width":904,"height":11}},{"id":"e6468577-2b7f-43b9-be4e-8df6fa7d9c27","block_type":"box","text":"the imposition of restrictions on foreign investments and on repatriation of capital invested in such countries.","page_number":72,"box":{"x":76,"y":272,"width":700,"height":11}},{"id":"c6ee42c6-ac1e-4bb2-b490-52854eecbf5c","block_type":"box","text":"Risk of Investing in Japan.","page_number":72,"box":{"x":77,"y":295,"width":178,"height":11}},{"id":"ccac9508-422b-4da3-aad0-1adfc86fa09d","block_type":"box","text":"Investing in Japanese issuers subjects a Fund to legal, regulatory, political, economic, currency, geographic and","page_number":72,"box":{"x":261,"y":295,"width":713,"height":11}},{"id":"59cb439e-34aa-4e51-acfa-276d06f06800","block_type":"box","text":"security risks that are specific to Japan. Japan’s economic growth rate has generally remained low relative to other advanced economies, and","page_number":72,"box":{"x":76,"y":309,"width":903,"height":11}},{"id":"aba684ee-f718-4596-90fc-9cdef160da78","block_type":"box","text":"it may continue to remain low. Its economy depends heavily on international trade and government policy supporting its export market.","page_number":72,"box":{"x":76,"y":324,"width":864,"height":10}},{"id":"0dda2ebf-4702-4d12-9837-458123215564","block_type":"box","text":"Economic downturns or political instability in its key trading partners, which include the United States and China, could have an adverse","page_number":72,"box":{"x":77,"y":338,"width":868,"height":11}},{"id":"24a0a75a-afb2-4f23-b127-0cf1d440958d","block_type":"box","text":"effect on the Japanese economy. Currency fluctuations also could adversely impact Japan’s export market and its economy. If the Japanese","page_number":72,"box":{"x":76,"y":352,"width":890,"height":11}},{"id":"9ecb5897-26e4-482e-adfe-11fc8fdd4528","block_type":"box","text":"government were to intervene in the currency market, as it has in the past, the yen’s value could fluctuate sharply and unpredictably, which","page_number":72,"box":{"x":76,"y":366,"width":891,"height":11}},{"id":"e4111078-db6f-49d0-a1ab-81d5aa84774f","block_type":"box","text":"could cause losses to investors.","page_number":72,"box":{"x":76,"y":380,"width":203,"height":9}},{"id":"5abf4d09-9d91-40b5-a4b1-7e7f4fec738c","block_type":"box","text":"Other risks to Japan’s economic growth and competitiveness include significant public debt and deficits as well as labor shortages due to an","page_number":72,"box":{"x":76,"y":403,"width":896,"height":11}},{"id":"46448317-4fca-41e4-8bea-a8129623a2ac","block_type":"box","text":"aging and declining population. In addition, Japan lacks many natural resources and relies heavily on imports of oil and other commodities.","page_number":72,"box":{"x":76,"y":418,"width":885,"height":10}},{"id":"aac40a15-7ad0-4135-a110-0bccd091e36b","block_type":"box","text":"Price increases, shortages or volatility in commodities markets could have a negative effect on Japan’s economy. Other risks to the Japanese","page_number":72,"box":{"x":77,"y":432,"width":899,"height":11}},{"id":"e77a14bc-f2ca-4f1a-bbb5-409641781b41","block_type":"box","text":"economy and financial markets include natural disasters and Japan’s relations with neighboring countries, which at times have been strained.","page_number":72,"box":{"x":76,"y":446,"width":903,"height":11}},{"id":"7c928559-c40c-4fc4-ab76-44d1b0020213","block_type":"box","text":"Risk of Investing in Saudi Arabia.","page_number":72,"box":{"x":77,"y":469,"width":227,"height":11}},{"id":"4ede88ae-109b-4198-b51c-eaf5a4506792","block_type":"box","text":"Investing in Saudi Arabian issuers involves legal, regulatory, political, currency, security, and economic","page_number":72,"box":{"x":310,"y":469,"width":657,"height":11}},{"id":"de4843ba-e6ae-4b2a-849f-51208ffc18a1","block_type":"box","text":"risks that are specific to Saudi Arabia. Saudi Arabia is highly reliant on income from the sale of petroleum and trade with other countries","page_number":72,"box":{"x":77,"y":483,"width":870,"height":11}},{"id":"c3dcd1d7-5228-4983-9495-1a39469f383c","block_type":"box","text":"involved in the sale of petroleum, and its economy is therefore vulnerable to changes in foreign currency values and the petroleum market. A","page_number":72,"box":{"x":76,"y":498,"width":901,"height":10}},{"id":"02746b41-1350-400a-9d06-e252f78e17db","block_type":"box","text":"sustained decrease in petroleum prices could have a negative impact on all aspects of the economy. In addition, Saudi Arabia’s economy","page_number":72,"box":{"x":76,"y":512,"width":875,"height":11}},{"id":"7907ac17-1e6d-4c6e-af47-8ac09da9215c","block_type":"box","text":"relies heavily on cheap, foreign labor, and changes in the availability of this labor supply could have an adverse effect on the economy.","page_number":72,"box":{"x":77,"y":526,"width":857,"height":11}},{"id":"6fc189df-928d-4acb-9b25-721fbca0c4c2","block_type":"box","text":"Investments in the securities of Saudi Arabian issuers involve risks not typically associated with investments in securities of issuers in more","page_number":72,"box":{"x":77,"y":549,"width":892,"height":11}},{"id":"27f42d2e-9f3d-4794-a322-35fe2cc96269","block_type":"box","text":"developed countries, which may negatively affect the value of a Fund’s investments. Such heightened risks may include, among others, the","page_number":72,"box":{"x":76,"y":563,"width":889,"height":11}},{"id":"49453808-e79d-4079-a2f9-3dff23cbc03c","block_type":"box","text":"expropriation and/or nationalization of assets, restrictions on and government intervention in international trade, confiscatory taxation,","page_number":72,"box":{"x":76,"y":577,"width":869,"height":11}},{"id":"3235cd8f-ef7c-4fed-a866-249c27b87bb4","block_type":"box","text":"political instability, including authoritarian and/or military involvement in governmental decision-making, armed conflict, crime and instabi","page_number":72,"box":{"x":76,"y":592,"width":886,"height":10}},{"id":"e452a3f3-2c54-4abd-99f0-92a79e5da53e","block_type":"box","text":"lity","page_number":72,"box":{"x":964,"y":592,"width":18,"height":10}},{"id":"7f7aafb9-cb81-4305-80d4-2ae5bb00e527","block_type":"box","text":"as a result of religious, ethnic and/or socioeconomic unrest. The government of Saudi Arabia exercises substantial influence over many","page_number":72,"box":{"x":76,"y":606,"width":868,"height":11}},{"id":"08a39175-3f27-4eb5-85a1-71cfdf6dddf6","block_type":"box","text":"aspects of the private sector, and its actions could significantly impact the value of Saudi Arabian securities. Although some economic","page_number":72,"box":{"x":76,"y":620,"width":860,"height":11}},{"id":"6c6f7f13-085a-4599-9774-629c1b5fe53f","block_type":"box","text":"reforms (","page_number":72,"box":{"x":77,"y":634,"width":56,"height":11}},{"id":"23055e2a-c07e-4dfa-b87a-ee25881015fc","block_type":"box","text":"e.g.,","page_number":72,"box":{"x":135,"y":637,"width":24,"height":8}},{"id":"470940ec-9a03-4756-9654-db04b48b5332","block_type":"box","text":"privatization) are underway, restrictions on foreign ownership persist, and the government has an ownership stake in many key","page_number":72,"box":{"x":166,"y":634,"width":812,"height":11}},{"id":"4eac787e-979e-48cf-b394-e93bd1d80aa7","block_type":"box","text":"industries. Saudi Arabia has experienced strained relations with economic partners worldwide, including other countries in the Middle East,","page_number":72,"box":{"x":76,"y":648,"width":891,"height":11}},{"id":"6884ad40-6f15-4e3c-8e7c-7979896f3082","block_type":"box","text":"due to geopolitical events. Economic sanctions (or the threat of them) on Saudi Arabian individuals or Saudi Arabian corporate entities may","page_number":72,"box":{"x":76,"y":663,"width":891,"height":10}},{"id":"d4f18705-01bf-4c76-b370-11a024016247","block_type":"box","text":"have an adverse impact on the Saudi Arabian economy and securities.","page_number":72,"box":{"x":77,"y":677,"width":447,"height":11}},{"id":"0c0bbed0-4887-4dda-bbe7-b1c5beef7578","block_type":"box","text":"The ability of foreign investors to invest in the securities of Saudi Arabian issuers could be restricted by the Saudi Arabian government at any","page_number":72,"box":{"x":76,"y":700,"width":901,"height":11}},{"id":"d3436876-0416-46ac-bbec-68ed37894089","block_type":"box","text":"time, and unforeseen risks could materialize with respect to foreign ownership of such securities. In addition, the Saudi Arabian government","page_number":72,"box":{"x":76,"y":714,"width":896,"height":11}},{"id":"826c52cf-453b-43d3-b87f-87e29f1f35c4","block_type":"box","text":"places investment limitations on the ownership of Saudi Arabian issuers by foreign investors. Such limits may prevent a Fund from investing","page_number":72,"box":{"x":76,"y":728,"width":895,"height":11}},{"id":"edd9c6a3-ae09-4f23-8b69-cefab91178d2","block_type":"box","text":"in accordance with its strategy and result in tracking error for a Fund that tracks an index.","page_number":72,"box":{"x":76,"y":742,"width":574,"height":11}},{"id":"205db512-70f3-47aa-ab60-60eebad4e5d2","block_type":"box","text":"Saudi Arabia Broker Risk","page_number":72,"box":{"x":76,"y":766,"width":155,"height":8}},{"id":"55e20cf3-b732-4345-ba26-a246bd16ad59","block_type":"box","text":". There are a number of ways to conduct transactions in equity securities in the Saudi Arabian market. A Fund","page_number":72,"box":{"x":231,"y":766,"width":699,"height":10}},{"id":"bc70b50d-3794-4653-a25f-80a0c0fd89fa","block_type":"box","text":"generally expects to transact in a manner so that it is not limited by Saudi Arabian regulations to a single broker. However, there may be a","page_number":72,"box":{"x":76,"y":780,"width":882,"height":11}},{"id":"8823ba72-d5ef-4a26-a472-a2561f7ffc12","block_type":"box","text":"limited number of brokers who can provide services to a Fund, which may have an adverse impact on the prices, quantity or timing of Fund","page_number":72,"box":{"x":77,"y":794,"width":886,"height":11}},{"id":"842c916f-1ec3-4128-9ae0-76071ee636fe","block_type":"box","text":"transactions. A limited number of brokers may impact a Fund’s ability to achieve best execution on transactions. In addition, a Fund may be","page_number":72,"box":{"x":76,"y":808,"width":892,"height":11}},{"id":"feb21207-5fbf-487d-b98e-9875b83951c9","block_type":"box","text":"more susceptible to credit loss or trading disruptions in the event of a default or business disruption among the available brokers. If a Fund’s","page_number":72,"box":{"x":76,"y":822,"width":899,"height":11}},{"id":"66a75aa6-5eda-476d-988e-e7649f5965ca","block_type":"box","text":"use of a broker is disrupted, there could be an adverse impact on the Fund’s operations and, if applicable, its ability to track the Underlying","page_number":72,"box":{"x":77,"y":837,"width":888,"height":10}},{"id":"a8a9c781-1d69-4ccf-9923-379f2cb06fad","block_type":"box","text":"Index, and the Fund’s shares could trade at a premium or discount to NAV. A Fund may also incur losses due to the acts or omissions of its","page_number":72,"box":{"x":77,"y":851,"width":885,"height":11}},{"id":"e7ad764b-f536-4b6f-9b06-725ac5c7348b","block_type":"box","text":"brokers in the execution or settlement of transactions or in the transfer of funds or securities.","page_number":72,"box":{"x":76,"y":865,"width":599,"height":8}},{"id":"d362ca4a-9eb2-4546-9968-54b76810d622","block_type":"box","text":"18","page_number":72,"box":{"x":524,"y":921,"width":12,"height":8}},{"id":"36b41b2f-1d4a-4c99-98ab-252395f3a195","block_type":"box","text":"Risk of Investing in the U.K.","page_number":73,"box":{"x":77,"y":23,"width":191,"height":11}},{"id":"a0aff220-a8a1-443d-9231-221c44888066","block_type":"box","text":"Investing in U.K. issuers subjects a Fund to legal, regulatory, political, economic, currency, geographic and","page_number":73,"box":{"x":274,"y":23,"width":682,"height":11}},{"id":"e7ec2811-c895-4410-a329-f4fa5070c974","block_type":"box","text":"security risks that are specific to the U.K. Economic downturns or political instability in its key trading partners, which include the United","page_number":73,"box":{"x":76,"y":37,"width":874,"height":11}},{"id":"934255f0-2db0-4bef-a06f-021a41330480","block_type":"box","text":"States and other European countries, could have an adverse effect on the U.K. economy. Following Brexit, certain trading matters between","page_number":73,"box":{"x":76,"y":51,"width":887,"height":11}},{"id":"4ce85a54-4a85-4be0-aa95-75277a731a4d","block_type":"box","text":"the U.K. and the EU remain unresolved, including with respect to financial services. Continuing uncertainty regarding the U.K.’s relationship","page_number":73,"box":{"x":76,"y":66,"width":893,"height":11}},{"id":"1065ddde-709d-4500-a164-1fd23acb5ceb","block_type":"box","text":"with the EU could have an adverse impact on the economy and currency of the United Kingdom. Other risks to the U.K.’s economic growth","page_number":73,"box":{"x":76,"y":80,"width":886,"height":11}},{"id":"4c536e93-9df6-4ccd-b905-464899156348","block_type":"box","text":"and competitiveness include high public debt and relatively low productivity.","page_number":73,"box":{"x":76,"y":94,"width":487,"height":11}},{"id":"675ca247-a555-4d18-8de4-7ebad947b6f0","block_type":"box","text":"Risk of Investing in the U.S.","page_number":73,"box":{"x":77,"y":117,"width":190,"height":11}},{"id":"198826f6-b657-4087-ae55-d139273d1e9c","block_type":"box","text":"Investing in U.S. issuers involves legal, regulatory, political, currency, security, and economic risks that are","page_number":73,"box":{"x":273,"y":117,"width":683,"height":11}},{"id":"c2c860d4-7efe-4b58-b051-dcd11ede057a","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":73,"box":{"x":76,"y":131,"width":897,"height":11}},{"id":"63fe5263-a83d-424c-9140-f2714ef80f00","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":73,"box":{"x":76,"y":146,"width":902,"height":10}},{"id":"14d73c95-416b-4a27-a48a-0c5fdfd67292","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":73,"box":{"x":76,"y":160,"width":887,"height":11}},{"id":"69da73f8-699e-4aac-87f3-12d8dd27328a","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":73,"box":{"x":76,"y":174,"width":894,"height":11}},{"id":"a3870320-bab7-4707-967e-05878d753a21","block_type":"box","text":"financial markets or issuers.","page_number":73,"box":{"x":76,"y":188,"width":179,"height":9}},{"id":"54ec10c4-de22-4cae-8da6-00d3b8967a7e","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":73,"box":{"x":76,"y":211,"width":868,"height":11}},{"id":"7aff596f-f795-408e-8db4-81fb14ca3e61","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":73,"box":{"x":77,"y":226,"width":867,"height":10}},{"id":"c928b7cf-5f6e-45a6-972c-2ba48bfb8586","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":73,"box":{"x":76,"y":240,"width":868,"height":11}},{"id":"9e5186f4-4a4f-4a6d-a633-a57efbd40234","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":73,"box":{"x":77,"y":254,"width":899,"height":11}},{"id":"ec8a917c-3789-44b0-9892-a20894c08720","block_type":"box","text":"system.","page_number":73,"box":{"x":76,"y":269,"width":49,"height":10}},{"id":"60cbbca2-bb45-44dd-9c15-f0b17795cca2","block_type":"box","text":"Securities Lending Risk.","page_number":73,"box":{"x":76,"y":291,"width":166,"height":11}},{"id":"84c45666-20a6-43c2-ad84-2953d10712ec","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":73,"box":{"x":247,"y":291,"width":730,"height":11}},{"id":"f34c573a-1aa1-4454-9b05-c740e2f86834","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":73,"box":{"x":76,"y":305,"width":898,"height":11}},{"id":"373cec82-d9e2-461e-9e51-3b7106e539df","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":73,"box":{"x":76,"y":320,"width":892,"height":10}},{"id":"3f80a3e4-e6e2-4b75-a211-d7857f5f473c","block_type":"box","text":"events could also trigger adverse tax consequences for a Fund.","page_number":73,"box":{"x":76,"y":334,"width":403,"height":11}},{"id":"4ecf45b4-0ff9-43f6-8955-c88a3c37b1fd","block_type":"box","text":"Semiconductor Companies Risk.","page_number":73,"box":{"x":76,"y":357,"width":224,"height":11}},{"id":"888ce04e-e140-4505-9328-31cdf355eb18","block_type":"box","text":"The semiconductor industry is highly cyclical, and semiconductor companies face risks related to rapid","page_number":73,"box":{"x":305,"y":357,"width":659,"height":11}},{"id":"b0f487da-31ea-48cc-b5ff-d57c8227efba","block_type":"box","text":"technological developments and product obsolescence, frequent new product introduction and unpredictable changes in growth rates.","page_number":73,"box":{"x":76,"y":371,"width":862,"height":11}},{"id":"ba18928f-0cb5-49a1-bcdd-75df6b173dc4","block_type":"box","text":"Growing demand related to AI and other emerging technologies may contribute to increased competition, capacity constraints and customer","page_number":73,"box":{"x":76,"y":385,"width":901,"height":11}},{"id":"2695107d-8654-4883-88e5-c031b651fca2","block_type":"box","text":"concentration. Capital equipment expenditures as well as research and development costs can be substantial. Semiconductor companies","page_number":73,"box":{"x":76,"y":400,"width":881,"height":10}},{"id":"168862dd-bb5c-4dab-a4f5-bb0c51d1d6b3","block_type":"box","text":"depend significantly on patent and intellectual property rights and may be adversely affected by the loss or impairment of these rights.","page_number":73,"box":{"x":76,"y":414,"width":860,"height":11}},{"id":"95d27f79-6b22-4394-b720-911ab3b69933","block_type":"box","text":"Semiconductor manufacturing processes are highly complex and sophisticated, and they are vulnerable to impurities and other disruptions","page_number":73,"box":{"x":76,"y":437,"width":889,"height":11}},{"id":"541f46eb-f263-4545-be7c-6876a26ea5c1","block_type":"box","text":"that can significantly increase costs and delay production. Semiconductor companies may rely on a limited number of suppliers of the","page_number":73,"box":{"x":76,"y":451,"width":857,"height":11}},{"id":"7bfe89da-77e7-4d41-8dc8-c04b56ffcb60","block_type":"box","text":"components and raw materials used in their products. Supply chain disruptions or the lack of raw materials can lead to significant","page_number":73,"box":{"x":76,"y":465,"width":830,"height":11}},{"id":"8e10d0af-894c-4be6-b8e5-71d39e52bd06","block_type":"box","text":"operational challenges, including production halts. Semiconductor companies also face competitive challenges in attracting and retaining","page_number":73,"box":{"x":76,"y":479,"width":880,"height":11}},{"id":"08b46ac4-048b-4992-9ab9-349d0e99c058","block_type":"box","text":"highly skilled personnel.","page_number":73,"box":{"x":77,"y":494,"width":152,"height":11}},{"id":"6934266d-8d09-44db-bfd0-5caaccdf50e7","block_type":"box","text":"Small-Capitalization Companies Risk.","page_number":73,"box":{"x":76,"y":517,"width":257,"height":11}},{"id":"77614497-1153-4254-887c-214d6a554cde","block_type":"box","text":"Investments in small-capitalization companies may be riskier, less liquid, more volatile and more","page_number":73,"box":{"x":339,"y":517,"width":617,"height":11}},{"id":"f566afdc-ae72-429c-8a2f-660c5fb21db6","block_type":"box","text":"susceptible to economic, market and industry changes than investments in large- or mid-capitalization companies. Small-capitalization","page_number":73,"box":{"x":76,"y":531,"width":863,"height":11}},{"id":"6227a92f-8dd6-4f7a-b3b8-ab4c41d31268","block_type":"box","text":"companies may have more limited product lines, markets, financial resources, personnel and management experience. As a result, they","page_number":73,"box":{"x":76,"y":545,"width":868,"height":11}},{"id":"95210467-8928-4b7f-88bd-572a37fc3622","block_type":"box","text":"generally are more vulnerable than larger companies to adverse business and economic developments. Small-capitalization companies may","page_number":73,"box":{"x":76,"y":559,"width":895,"height":11}},{"id":"a4d1e404-39bb-47d5-a5c5-84dc4cd79631","block_type":"box","text":"have a short business track record, with relatively less information available to investors. The securities of smaller companies may trade less","page_number":73,"box":{"x":77,"y":574,"width":898,"height":10}},{"id":"45e2b688-5480-4886-99b5-4cdbb2be779e","block_type":"box","text":"frequently and in lower volumes than the securities of larger companies. Some securities of smaller issuers may be illiquid or restricted as to","page_number":73,"box":{"x":76,"y":588,"width":900,"height":11}},{"id":"d00514e4-47e2-4334-8567-ddc034e4fa37","block_type":"box","text":"resale, and their values may have significant volatility. A Fund may be unable to liquidate its positions in such securities at any time, or at a","page_number":73,"box":{"x":77,"y":602,"width":885,"height":11}},{"id":"762db9f5-c6b5-4d47-9983-f35e70aee58e","block_type":"box","text":"favorable price, in order to meet the Fund’s obligations.","page_number":73,"box":{"x":76,"y":616,"width":354,"height":11}},{"id":"4883bde1-bc8c-4f4c-8ac4-40f308c31af0","block_type":"box","text":"Small Fund Risk.","page_number":73,"box":{"x":76,"y":639,"width":114,"height":9}},{"id":"a9e58f34-ef15-45ba-9fb9-2ce509327baf","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":73,"box":{"x":195,"y":639,"width":704,"height":11}},{"id":"ecc5c1d0-42f9-41a6-abe3-883db58972d4","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. In addition, a Fund","page_number":73,"box":{"x":76,"y":654,"width":904,"height":10}},{"id":"a7eb5ce0-3380-43f5-81fd-9e8348d47b0b","block_type":"box","text":"may face the risk of being delisted if it does not meet certain requirements set by the listing exchange. If a Fund were required to delist from","page_number":73,"box":{"x":76,"y":668,"width":898,"height":11}},{"id":"fbc64798-a682-440f-bc15-6a28fe3a9d39","block_type":"box","text":"the listing exchange, the Fund’s value may rapidly decline and its performance may be negatively impacted. Any resulting liquidation of a","page_number":73,"box":{"x":76,"y":682,"width":873,"height":11}},{"id":"4525ce77-d6e8-49fe-be53-ee88776e5561","block_type":"box","text":"Fund could lead to elevated transaction costs for the Fund and negative tax consequences for its shareholders.","page_number":73,"box":{"x":77,"y":696,"width":710,"height":11}},{"id":"ff39883c-48d4-4c6a-97c6-a6beff5c90fa","block_type":"box","text":"Sustainability Risk.","page_number":73,"box":{"x":76,"y":719,"width":132,"height":11}},{"id":"b243b045-18ce-45e9-bde9-e2fbbd021722","block_type":"box","text":"Sustainability risk is an inclusive term to designate investment risk (probability or uncertainty of occurrence of material","page_number":73,"box":{"x":214,"y":719,"width":762,"height":11}},{"id":"223a720a-2ac2-4389-b241-fe9b6ae81da8","block_type":"box","text":"losses relative to the expected return of an investment) that relates to environmental, social or governance issues.","page_number":73,"box":{"x":77,"y":733,"width":732,"height":11}},{"id":"57fe22d0-3c7e-4d5c-bc75-9adbf88f1318","block_type":"box","text":"Sustainability risk around environmental issues includes, but is not limited to, climate risk, both physical and transition risk. Physical risk","page_number":73,"box":{"x":76,"y":757,"width":874,"height":10}},{"id":"cd34b499-4927-4364-8230-d676b6abfb93","block_type":"box","text":"arises from the physical effects of climate change, acute or chronic. For example, frequent and severe climate-related events can impact","page_number":73,"box":{"x":76,"y":771,"width":875,"height":11}},{"id":"f8e65206-3314-4cbc-a494-eca93f8e54b0","block_type":"box","text":"products and services and supply chains. Transition risk – whether policy, technology, market or reputation risk – arises from the adjustment","page_number":73,"box":{"x":76,"y":785,"width":901,"height":11}},{"id":"cbb66786-682a-4675-9872-88e1e82f0c48","block_type":"box","text":"to a low-carbon economy in order to mitigate climate change. Risks related to social issues can include, but are not limited to, labor rights","page_number":73,"box":{"x":76,"y":799,"width":883,"height":11}},{"id":"7756602b-3802-474c-9ee4-fb5bd94c385d","block_type":"box","text":"and community relations. Governance-related risks can include but are not limited to risks around board independence, ownership and","page_number":73,"box":{"x":76,"y":813,"width":863,"height":11}},{"id":"2523a129-53ba-41f4-a2d6-28c9bc5abc8e","block_type":"box","text":"control, and audit and tax management. These risks can impact an issuer’s operational effectiveness and resilience as well as its public","page_number":73,"box":{"x":76,"y":828,"width":864,"height":10}},{"id":"a0af4c71-eb18-4789-beb8-d99835a9fe6b","block_type":"box","text":"perception and reputation, affecting its profitability and, in turn, its capital growth and ultimately impacting the value of holdings in a Fund.","page_number":73,"box":{"x":76,"y":842,"width":886,"height":11}},{"id":"4d26cd26-c5eb-44a3-853a-e88db33b98a7","block_type":"box","text":"These are only examples of sustainability risk factors, and sustainability risk factors do not solely determine the risk profile of the investment.","page_number":73,"box":{"x":76,"y":865,"width":905,"height":11}},{"id":"f50efe8a-c97e-4437-8c7c-6a7e93bb7f3c","block_type":"box","text":"The relevance, severity, materiality and time horizon of sustainability risk factors and other risks can differ significantly across Funds.","page_number":73,"box":{"x":76,"y":879,"width":851,"height":11}},{"id":"bc398770-b56f-4dcb-9d96-febad5a4ecbb","block_type":"box","text":"19","page_number":73,"box":{"x":524,"y":921,"width":11,"height":8}},{"id":"bef9bbf9-29cf-4d3d-8851-c8b4ebe3da12","block_type":"box","text":"Sustainability risk can manifest itself through different existing risk types including, but not limited to, market, liquidity, concentration, cr","page_number":74,"box":{"x":76,"y":23,"width":875,"height":11}},{"id":"ed0cc68e-fef2-45c4-8696-e664c807790c","block_type":"box","text":"edit","page_number":74,"box":{"x":952,"y":23,"width":24,"height":9}},{"id":"4658e0a3-8f53-47f2-9584-b2e34ba5da5c","block_type":"box","text":"and asset-liability mismatch risk. For example, a Fund may invest in the securities of an issuer that could face potentially reduced revenues","page_number":74,"box":{"x":76,"y":37,"width":890,"height":11}},{"id":"6bb754ed-ca40-4ebb-9e71-877037fd0a75","block_type":"box","text":"or increased expenditures from physical climate risk (","page_number":74,"box":{"x":76,"y":51,"width":343,"height":11}},{"id":"95afb9fa-9a65-4335-a3ba-ca3fccd19caa","block_type":"box","text":"e.g","page_number":74,"box":{"x":420,"y":54,"width":19,"height":8}},{"id":"f2ba3b87-0be5-4650-9c88-65a58f7257ce","block_type":"box","text":"., decreased production capacity due to supply chain perturbations, lower sales due","page_number":74,"box":{"x":440,"y":52,"width":534,"height":10}},{"id":"903b328b-6baf-484d-9dc9-113f14953afc","block_type":"box","text":"to demand shocks or higher operating or capital costs) or transition risk (","page_number":74,"box":{"x":76,"y":66,"width":468,"height":11}},{"id":"bf74d53a-c2d2-41b5-a8d4-e1c8a34e522a","block_type":"box","text":"e.g","page_number":74,"box":{"x":545,"y":68,"width":19,"height":9}},{"id":"2b750e5c-e2b9-41d0-9ed5-b3942433da24","block_type":"box","text":"., decreased demand for carbon-intensive products and services","page_number":74,"box":{"x":565,"y":66,"width":410,"height":10}},{"id":"3d090aed-90d9-4c8c-ace0-40d916b0a1a4","block_type":"box","text":"or increased production costs due to changing input prices). As a result, sustainability risk factors may have a material impact on an","page_number":74,"box":{"x":76,"y":80,"width":845,"height":11}},{"id":"0d4b419f-623a-4f96-aa8b-922f0cac7067","block_type":"box","text":"investment, may increase volatility, may affect liquidity and may have an adverse impact on the value of shares of a Fund.","page_number":74,"box":{"x":76,"y":94,"width":777,"height":11}},{"id":"e1b67372-a477-48b9-b006-5c5f4dcf59ab","block_type":"box","text":"The impact of those risks may be higher for Funds with particular sectoral or geographic concentrations. For example, Funds with geographic","page_number":74,"box":{"x":76,"y":117,"width":903,"height":11}},{"id":"22575216-c605-4301-b5a4-cda8fe1b8230","block_type":"box","text":"concentration in locations susceptible to adverse weather conditions where the value of the investments in the Funds may be more","page_number":74,"box":{"x":76,"y":131,"width":840,"height":11}},{"id":"4fc25955-07cb-4401-8e80-aa9a522fb23c","block_type":"box","text":"susceptible to adverse physical climate events, or Funds with specific sectoral concentrations, such as investing in industries or issuers with","page_number":74,"box":{"x":76,"y":146,"width":898,"height":10}},{"id":"790c6f95-9c81-4a5b-92be-1231c1a47c0b","block_type":"box","text":"high carbon intensity or high switching costs associated with the transition to low carbon alternatives, may be more impacted by climate","page_number":74,"box":{"x":77,"y":160,"width":873,"height":11}},{"id":"55da5967-4876-4fd1-8b9f-667f6c55cfc3","block_type":"box","text":"transition risks.","page_number":74,"box":{"x":76,"y":174,"width":98,"height":8}},{"id":"47c625fe-ce74-4cd4-b55f-6ee7f6a08c62","block_type":"box","text":"All or a combination of these factors may have an unpredictable impact on a Fund’s investments. Under normal market conditions, such","page_number":74,"box":{"x":76,"y":197,"width":869,"height":11}},{"id":"275ffbab-d0fe-4ef6-a23f-8b15754c6535","block_type":"box","text":"events could have a material impact on the value of shares of a Fund.","page_number":74,"box":{"x":76,"y":211,"width":443,"height":11}},{"id":"6d969ae7-d8e8-4e07-919c-c78389386ad7","block_type":"box","text":"Assessments of sustainability risk are specific to the asset class and to a fund’s investment objective. Different asset classes require","page_number":74,"box":{"x":76,"y":235,"width":850,"height":10}},{"id":"98510176-02bc-4631-8b64-d5c9ac09c154","block_type":"box","text":"different data and tools to apply heightened scrutiny, assess materiality, and make meaningful differentiation among issuers and assets. To","page_number":74,"box":{"x":76,"y":249,"width":889,"height":11}},{"id":"f6bf564c-d4a6-42ad-b6a1-0dd2b81c9a38","block_type":"box","text":"the extent consistent with a Fund’s investment objective, risks are considered and risk managed concurrently, by prioritizing in part based on","page_number":74,"box":{"x":76,"y":263,"width":903,"height":11}},{"id":"2b243d71-075a-4c8a-9d7a-ced408d2d408","block_type":"box","text":"materiality and on the Fund’s objective.","page_number":74,"box":{"x":76,"y":277,"width":252,"height":11}},{"id":"1e0a6189-2b85-4ae1-9c01-bc331fa8cdaf","block_type":"box","text":"The impacts of sustainability risk are likely to develop over time, and new sustainability risks may be identified as further data and","page_number":74,"box":{"x":76,"y":300,"width":829,"height":11}},{"id":"c958fb3f-f9fd-4643-a796-0e64ce4fbb6f","block_type":"box","text":"information regarding sustainability factors and impacts become available.","page_number":74,"box":{"x":76,"y":314,"width":477,"height":11}},{"id":"3b151205-cdf6-4e63-9694-77fdd215583c","block_type":"box","text":"Technology Companies Risk.","page_number":74,"box":{"x":76,"y":338,"width":198,"height":10}},{"id":"d2f30d29-e638-4ae9-a156-a77324efb995","block_type":"box","text":"Technology companies and companies that rely heavily on technological advances may have limited product","page_number":74,"box":{"x":278,"y":338,"width":693,"height":11}},{"id":"90e0bf22-4561-4e2e-8076-c4967ab9a4bf","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":74,"box":{"x":77,"y":352,"width":882,"height":11}},{"id":"57ebe624-7187-4283-8c09-5c104b24db1a","block_type":"box","text":"costs related to new product introduction and technological developments, such as artificial intelligence and machine learning. Technology","page_number":74,"box":{"x":76,"y":366,"width":888,"height":11}},{"id":"4cd95d10-b3f4-42f3-9595-fe2261e52ecb","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":74,"box":{"x":76,"y":380,"width":905,"height":11}},{"id":"aae4f0e9-a081-4332-beab-4f55f183816c","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":74,"box":{"x":76,"y":394,"width":891,"height":11}},{"id":"7d1bdff7-7fb8-4809-9fc7-62dc6afa3ca2","block_type":"box","text":"profitability. Technology companies may face increased government scrutiny and may be subject to adverse government or legal action.","page_number":74,"box":{"x":76,"y":409,"width":868,"height":10}},{"id":"dc749803-ec0d-4a18-b836-f425a4766d65","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":74,"box":{"x":76,"y":423,"width":898,"height":11}},{"id":"dea243be-d36d-4df9-a725-e7bff08c87ca","block_type":"box","text":"products and services, which may result in lawsuits, government enforcement actions and other remediation costs.","page_number":74,"box":{"x":76,"y":437,"width":738,"height":11}},{"id":"f086defc-0736-48a4-980e-71f8bb98482d","block_type":"box","text":"Thematic Investing Risk.","page_number":74,"box":{"x":76,"y":460,"width":169,"height":11}},{"id":"a615dbad-a73d-41f7-b8a3-f4cd5cc97bf0","block_type":"box","text":"A Fund relies on the Index Provider to identify securities that reflect the relevant themes and sub-themes for","page_number":74,"box":{"x":250,"y":460,"width":695,"height":11}},{"id":"1e41f990-5f1a-4290-abbd-b28b02e07c04","block_type":"box","text":"inclusion in the Underlying Index. There is no guarantee that the Underlying Index or the Fund will reflect the intended theme and sub-theme","page_number":74,"box":{"x":76,"y":474,"width":897,"height":11}},{"id":"5023f359-52e6-4a37-8407-873039b6d537","block_type":"box","text":"exposures. The Fund’s performance may suffer if such securities are not correctly identified, if a theme or sub-theme develops in an","page_number":74,"box":{"x":76,"y":489,"width":844,"height":10}},{"id":"9e7fc958-598a-41c7-9776-1fb765cf780a","block_type":"box","text":"unexpected manner, or if securities in the Underlying Index do not benefit from the development of a theme or sub-theme. A Fund’s","page_number":74,"box":{"x":77,"y":503,"width":842,"height":11}},{"id":"0ee14bf9-f06e-4400-b5ec-937bfa293fa0","block_type":"box","text":"performance may also be impacted if securities that are not related to the theme or sub-theme are included in the Underlying Index.","page_number":74,"box":{"x":76,"y":517,"width":846,"height":11}},{"id":"1465365d-5ccd-403d-a1bf-baf78c097673","block_type":"box","text":"Tracking Error Risk.","page_number":74,"box":{"x":76,"y":540,"width":135,"height":11}},{"id":"94b2ae0a-96d8-4668-9202-72a2d231e27b","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":74,"box":{"x":216,"y":540,"width":749,"height":11}},{"id":"a41a6fee-020b-4ece-b410-2b86dd9c1296","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":74,"box":{"x":76,"y":554,"width":871,"height":11}},{"id":"bbff74b1-bedb-45f2-97b7-1ba25de3c268","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":74,"box":{"x":76,"y":568,"width":897,"height":11}},{"id":"91da77a9-9abe-4eb0-a713-e4c17ba61f00","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":74,"box":{"x":76,"y":583,"width":868,"height":10}},{"id":"826c8474-1097-4f96-9d27-33a57697f62b","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":74,"box":{"x":77,"y":597,"width":823,"height":11}},{"id":"4fe28d99-ac9b-4bb3-8f12-92157b6ef041","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":74,"box":{"x":76,"y":611,"width":905,"height":11}},{"id":"37e3e4ed-140f-4f5c-9f79-884af3bba324","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","page_number":74,"box":{"x":77,"y":625,"width":862,"height":11}},{"id":"5550530e-fd6d-4f3e-a725-ce26a229af6e","block_type":"box","text":"pass-through tax treatment; portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of","page_number":74,"box":{"x":76,"y":639,"width":904,"height":11}},{"id":"cb078d8f-a855-4db2-9ca9-a1cac25f98b3","block_type":"box","text":"custom baskets; changes to the Underlying Index, such as during a rebalancing or reconstitution, including the ability and timing of a Fund to","page_number":74,"box":{"x":76,"y":654,"width":901,"height":10}},{"id":"b9680d6d-64c0-460d-b9b6-352b53ffdf6c","block_type":"box","text":"adjust its portfolio to reflect changes in the Underlying Index; and impacts to a Fund of complying with certain regulatory requirements or","page_number":74,"box":{"x":76,"y":668,"width":880,"height":11}},{"id":"971526c1-6d4d-4cde-b8db-d8bafcfb30e1","block_type":"box","text":"limits. A Fund that tracks an index composed of a large number of components may experience greater tracking error than a Fund that tracks","page_number":74,"box":{"x":77,"y":682,"width":904,"height":11}},{"id":"e2bd1fc7-1fad-4b22-9b96-c03be5acb743","block_type":"box","text":"a more narrow index. Tracking error risk may be heightened during times of increased market volatility or other unusual market conditions.","page_number":74,"box":{"x":76,"y":696,"width":887,"height":11}},{"id":"123c4f4b-f44b-4c0f-8156-d766e6eb1d36","block_type":"box","text":"U.S. Economic Risk.","page_number":74,"box":{"x":77,"y":719,"width":135,"height":9}},{"id":"40f96208-c384-4f2c-8a47-345b16c83e28","block_type":"box","text":"The U.S. is a significant trading partner of, or foreign investor in, a number of countries. As a result, the economic","page_number":74,"box":{"x":217,"y":719,"width":726,"height":11}},{"id":"a227a264-6e1f-4f8f-bd22-adecb1492f4d","block_type":"box","text":"conditions of such countries may be particularly affected by changes in the U.S. economy, such as a decrease in U.S. imports or exports,","page_number":74,"box":{"x":76,"y":733,"width":875,"height":11}},{"id":"fa59aa86-4937-457e-a778-1ade6a17927f","block_type":"box","text":"changes in trade regulations, changes in the U.S. dollar exchange rate or an economic slowdown in the U.S. Any such event may have an","page_number":74,"box":{"x":76,"y":748,"width":874,"height":10}},{"id":"745ed391-10c0-4751-866a-52a31ac96414","block_type":"box","text":"adverse effect on the economies of U.S. trading partners and the securities issuers in such countries, which in turn could negatively impact a","page_number":74,"box":{"x":76,"y":762,"width":902,"height":11}},{"id":"06f2cb4a-882f-4195-8e52-1dc19077d0a2","block_type":"box","text":"Fund’s investments. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such","page_number":74,"box":{"x":77,"y":776,"width":897,"height":11}},{"id":"2bef7dae-ea58-4a35-b634-4903b5fe0b54","block_type":"box","text":"as reaching the legislative “debt ceiling.” Such non-payment would result in substantial negative consequences for the U.S. economy and the","page_number":74,"box":{"x":76,"y":790,"width":902,"height":11}},{"id":"4ac46759-7232-4df3-bcae-e9a66532ae3a","block_type":"box","text":"global financial system.","page_number":74,"box":{"x":76,"y":804,"width":149,"height":11}},{"id":"dbbfed6b-a422-4d6b-b1ce-b7eedc46e552","block_type":"box","text":"Utility Companies Risk.","page_number":74,"box":{"x":77,"y":828,"width":160,"height":10}},{"id":"0b1f323b-6de5-4699-ab90-d59c7e84932c","block_type":"box","text":"Utility infrastructure often requires significant capital expenditures, and utility companies may face high interest","page_number":74,"box":{"x":243,"y":828,"width":717,"height":10}},{"id":"3213c049-335e-4e6b-b0be-3f12c9352301","block_type":"box","text":"costs and difficulty in raising capital. Technological innovations may render existing equipment or products obsolete, and companies may","page_number":74,"box":{"x":76,"y":842,"width":878,"height":11}},{"id":"36e7892b-2361-4eea-8796-a700a8249f6c","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":74,"box":{"x":76,"y":856,"width":856,"height":11}},{"id":"f06b418d-ef67-4f97-a49d-d0bf95cb4b61","block_type":"box","text":"damage utility infrastructure, including natural disasters and cyber or other attacks. Utilities companies may be adversely affected by","page_number":74,"box":{"x":76,"y":870,"width":853,"height":11}},{"id":"4bfb68b8-bce8-426b-be00-b33fb753e4ed","block_type":"box","text":"volatility in the price of certain energy resources.","page_number":74,"box":{"x":76,"y":884,"width":312,"height":11}},{"id":"2c9e294c-32bc-41f2-87e2-74e2e14c2d61","block_type":"box","text":"20","page_number":74,"box":{"x":522,"y":921,"width":15,"height":8}},{"id":"0e3f1181-4375-40be-9920-7e73ea818a93","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":75,"box":{"x":77,"y":23,"width":886,"height":11}},{"id":"72d9cc99-7830-4158-a353-408a459db18d","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":75,"box":{"x":76,"y":37,"width":842,"height":11}},{"id":"c618063c-27e9-4579-98f3-df68c607a3b8","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":75,"box":{"x":76,"y":51,"width":899,"height":11}},{"id":"8f676148-572b-4589-b009-77b988952df5","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":75,"box":{"x":76,"y":66,"width":894,"height":11}},{"id":"2b92ce1e-5369-4c90-8479-d0b2039b529f","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":75,"box":{"x":76,"y":80,"width":873,"height":11}},{"id":"315bc026-f49c-481d-b95c-987798d22906","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":75,"box":{"x":77,"y":94,"width":891,"height":11}},{"id":"d1fcde81-5abc-4e74-b400-e1fc9340e0ae","block_type":"box","text":"sustainability policies also may impact utility companies. Deregulation may subject companies to greater competition, may adversely affect","page_number":75,"box":{"x":76,"y":108,"width":893,"height":11}},{"id":"d8d92946-3b0a-41dc-8dfe-2c96a2db31b3","block_type":"box","text":"their profitability and may lead them to engage in riskier ventures.","page_number":75,"box":{"x":76,"y":122,"width":421,"height":11}},{"id":"e0e603c0-9590-4b8a-902e-63dd33ba6e8a","block_type":"box","text":"Valuation Risk.","page_number":75,"box":{"x":76,"y":146,"width":102,"height":8}},{"id":"79d16f2e-cc08-43c9-b68e-5e891f982dc2","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":75,"box":{"x":183,"y":146,"width":756,"height":10}},{"id":"b2f1e244-931d-45cb-b543-919e279c8e6f","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":75,"box":{"x":77,"y":160,"width":889,"height":11}},{"id":"2f23891c-dbb5-4452-a727-5cd241616bdd","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":75,"box":{"x":76,"y":174,"width":857,"height":11}},{"id":"f7e5d2f7-61f3-49e9-a40b-8b6772b60835","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":75,"box":{"x":76,"y":188,"width":898,"height":11}},{"id":"1c81b9df-6cf2-4da0-980f-afb879657861","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":75,"box":{"x":76,"y":202,"width":849,"height":11}},{"id":"44a38e0f-045d-4afe-aa6a-ee3702e3b731","block_type":"box","text":"purchase or sell Fund shares.","page_number":75,"box":{"x":76,"y":217,"width":187,"height":10}},{"id":"2b3edbd0-5f42-4a5e-a6d4-c0bee15fc824","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":75,"box":{"x":77,"y":240,"width":886,"height":11}},{"id":"5e1459c0-ecc9-4fee-b474-edd54092c849","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":75,"box":{"x":76,"y":254,"width":890,"height":11}},{"id":"9aa12543-d1c9-46b9-8213-6d5d4dd92e0a","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":75,"box":{"x":76,"y":268,"width":847,"height":11}},{"id":"aa98f788-e176-4ee4-8ba1-b0b9548eb40d","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":75,"box":{"x":76,"y":282,"width":895,"height":11}},{"id":"eac8a58d-2955-44fe-8530-4988858e24b5","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":75,"box":{"x":76,"y":296,"width":892,"height":11}},{"id":"a7b07b0a-ab28-4cae-b0db-f7f25a9f3710","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":75,"box":{"x":77,"y":311,"width":857,"height":10}},{"id":"f3d05c33-a678-4d7d-a962-a2dc86f9e8ad","block_type":"box","text":"investments may be impacted by technological issues or errors by pricing services or other third-party service providers.","page_number":75,"box":{"x":76,"y":325,"width":772,"height":11}},{"id":"48a1a8a1-aeb6-4ba6-a119-623ac3de35f0","block_type":"box","text":"Portfolio Holdings Information","page_number":75,"box":{"x":78,"y":354,"width":296,"height":17}},{"id":"0792785d-4598-44db-b602-316bfaa633a5","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":75,"box":{"x":76,"y":383,"width":896,"height":11}},{"id":"f3c80690-c82d-4b41-8d6a-66671dd81dbc","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":75,"box":{"x":76,"y":397,"width":906,"height":11}},{"id":"9181c337-88b1-401f-972b-a6ba3298b71e","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":75,"box":{"x":77,"y":411,"width":893,"height":11}},{"id":"755edae3-dbbd-4b3c-86f8-3771241dfcdc","block_type":"box","text":"calling 1-800-iShares (1-800-474-2737).","page_number":75,"box":{"x":76,"y":425,"width":256,"height":11}},{"id":"fa8e052d-c592-4ed6-96cb-2251263004e2","block_type":"box","text":"Management of the Funds","page_number":75,"box":{"x":78,"y":454,"width":258,"height":17}},{"id":"961e08b1-00db-438b-a695-908ce7b9f01d","block_type":"box","text":"Investment Adviser","page_number":75,"box":{"x":77,"y":483,"width":135,"height":9}},{"id":"d5ec77cc-1d44-401a-b025-cb0e943561ea","block_type":"box","text":"As investment adviser, BFA has overall responsibility for the general management and administration of the Funds. BFA provides an","page_number":75,"box":{"x":76,"y":507,"width":839,"height":10}},{"id":"4b83da51-2f6e-479c-90ef-2aaf13024538","block_type":"box","text":"investment program for the Funds and manages the investment of the Funds’ assets. In seeking to achieve the Funds’ respective investment","page_number":75,"box":{"x":76,"y":521,"width":899,"height":11}},{"id":"4f59e6c5-1a40-4caf-9153-81899771b0db","block_type":"box","text":"objectives, BFA uses teams of portfolio managers, investment strategists and other investment specialists and may draw upon the trading,","page_number":75,"box":{"x":76,"y":535,"width":886,"height":11}},{"id":"df79a727-ad61-403b-871f-1107a809cb5d","block_type":"box","text":"research and expertise of its affiliates. This team approach brings together many disciplines and leverages BFA’s extensive resources.","page_number":75,"box":{"x":77,"y":549,"width":852,"height":11}},{"id":"9d85ab57-c11f-4e17-9e91-c500266cfa4c","block_type":"box","text":"BFA is a consolidated subsidiary of BlackRock, Inc. (“BlackRock”) and is located at 400 Howard Street, San Francisco, CA 94105. As of","page_number":75,"box":{"x":77,"y":572,"width":860,"height":11}},{"id":"1722f6a3-6395-4681-8c8b-37e9ed166f4b","block_type":"box","text":"June 30, 2026, BFA and its affiliates provided investment advisory services for assets of approximately $15.3 trillion.","page_number":75,"box":{"x":75,"y":586,"width":745,"height":11}},{"id":"aa536102-2fd4-494b-98a0-ef6b237091b5","block_type":"box","text":"From time to time, an employee of BlackRock may express views regarding a particular security or other instrument, asset class, company,","page_number":75,"box":{"x":77,"y":610,"width":887,"height":11}},{"id":"2173858e-5e91-405f-854e-ec9258f15a37","block_type":"box","text":"industry, or market sector. Such views are the views of only that individual as of the time expressed. They do not necessarily represent the","page_number":75,"box":{"x":76,"y":624,"width":885,"height":11}},{"id":"981766cd-f5b5-4c35-8e5e-33d527b3d24c","block_type":"box","text":"views of BlackRock or any other person within the BlackRock organization. Such views may change at any time based upon market or other","page_number":75,"box":{"x":76,"y":638,"width":892,"height":11}},{"id":"be6032e6-d54f-4565-9b81-0f1f228d72b7","block_type":"box","text":"conditions, and BlackRock has no responsibility to update such views. You should not rely on any such views as investment advice or as an","page_number":75,"box":{"x":76,"y":652,"width":886,"height":11}},{"id":"2bb25745-1b60-4ca4-a3d6-25b75cee966f","block_type":"box","text":"indication of trading intent on behalf of a Fund.","page_number":75,"box":{"x":76,"y":666,"width":299,"height":11}},{"id":"ceff67de-1c8f-49b6-a0ba-943c7676bc7b","block_type":"box","text":"Fees and Expenses","page_number":75,"box":{"x":77,"y":690,"width":131,"height":10}},{"id":"fc724ccf-71f8-4473-8320-9ec8065704e4","block_type":"box","text":"Pursuant to the Investment Advisory Agreement between BFA and the Trust (entered into on behalf of the Funds), BFA is responsible for","page_number":75,"box":{"x":77,"y":713,"width":867,"height":11}},{"id":"b0121e7a-b815-4cfe-90d3-d1938b97101d","block_type":"box","text":"substantially all expenses of each Fund, except the management fees, interest expenses, taxes, expenses incurred with respect to the","page_number":75,"box":{"x":76,"y":727,"width":858,"height":11}},{"id":"1808fe08-418e-4386-8fe5-e99682ae01a0","block_type":"box","text":"acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, distribution","page_number":75,"box":{"x":76,"y":741,"width":891,"height":11}},{"id":"0eada8ab-c88f-4953-b40c-120d070937cf","block_type":"box","text":"fees or expenses, and litigation expenses and any extraordinary expenses (as determined by a majority of the Trustees who are not","page_number":75,"box":{"x":76,"y":755,"width":838,"height":11}},{"id":"0cd04ce3-47d4-4a3b-81b7-b83fc79d0aab","block_type":"box","text":"“interested persons” of the Trust). Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and","page_number":75,"box":{"x":76,"y":770,"width":906,"height":10}},{"id":"322fdbdb-3348-4257-86ca-7ddb9912859f","block_type":"box","text":"expenses, if any.","page_number":75,"box":{"x":76,"y":784,"width":105,"height":11}},{"id":"32e6c41a-4c93-4bd4-8fa5-91cfbe14e071","block_type":"box","text":"A discussion regarding the basis for the approval by the Board of the Investment Advisory Agreement with BFA is available in the Funds’ Form","page_number":75,"box":{"x":76,"y":807,"width":904,"height":11}},{"id":"db43e9e8-5210-496d-9477-e7db23e3f849","block_type":"box","text":"N-CSR filed with the SEC for the period ended October 31 and in the applicable financial statements and additional information documents","page_number":75,"box":{"x":77,"y":821,"width":887,"height":11}},{"id":"d43c191a-736a-4779-837a-7c209efc8675","block_type":"box","text":"posted at www.iShares.com.","page_number":75,"box":{"x":76,"y":835,"width":182,"height":11}},{"id":"48c94805-e27c-487e-9dbb-621c44fbc4ab","block_type":"box","text":"For its investment advisory services to each Fund, for the fiscal year ended April 30, 2026, BFA was paid a management fee from each Fund,","page_number":75,"box":{"x":77,"y":858,"width":898,"height":11}},{"id":"391fc267-8b4e-4b39-b51a-4824a9c3d9fd","block_type":"box","text":"as a percentage of the Fund’s average daily net assets, net of any applicable waivers, at the annual rate set forth in the table below. If BFA","page_number":75,"box":{"x":76,"y":873,"width":882,"height":11}},{"id":"46e9c5d4-e71b-49e9-a6b2-cfc0b5d0fc82","block_type":"box","text":"has contractually agreed to waive a portion of its management fees for a Fund, the contractual waiver may be terminated prior to its","page_number":75,"box":{"x":77,"y":887,"width":844,"height":11}},{"id":"3f79ee9d-f423-4ff2-9821-577670d628d1","block_type":"box","text":"21","page_number":75,"box":{"x":522,"y":921,"width":12,"height":8}},{"id":"6fa8a4a0-0fab-4946-89a7-364b1002e0d0","block_type":"box","text":"expiration date only upon written agreement of the Trust and BFA. In addition, BFA may from time to time voluntarily waive and/or reimburse","page_number":76,"box":{"x":76,"y":23,"width":900,"height":11}},{"id":"6143f85b-4a53-4a6c-ba1e-e779078a369f","block_type":"box","text":"fees or expenses to reduce a Fund’s total annual fund operating expenses (excluding acquired fund fees and expenses, if any). Any such","page_number":76,"box":{"x":76,"y":37,"width":869,"height":11}},{"id":"2bc7e62c-7651-4c0a-bac0-cd1f150eb8b5","block_type":"box","text":"voluntary waiver or reimbursement may be eliminated by BFA at any time.","page_number":76,"box":{"x":76,"y":52,"width":471,"height":10}},{"id":"4c4d99c6-4cf5-40d4-8c48-470eb582559d","block_type":"box","text":"Fund Management Fee","page_number":76,"box":{"x":87,"y":83,"width":571,"height":11}},{"id":"cb9cbde3-fe5c-4d54-9ae7-fb41b5005795","block_type":"box","text":"iShares Core High Dividend ETF 0.08%","page_number":76,"box":{"x":87,"y":101,"width":491,"height":11}},{"id":"4fc5f776-900f-4010-b6d5-2e121fd6aca0","block_type":"box","text":"iShares Environmentally Aware Real Estate ETF 0.30%","page_number":76,"box":{"x":87,"y":119,"width":491,"height":11}},{"id":"fb2a1e00-71c1-4030-9ec0-529102ae8885","block_type":"box","text":"iShares Global Clean Energy ETF 0.37%","page_number":76,"box":{"x":87,"y":137,"width":491,"height":11}},{"id":"f3796693-37b1-463c-9841-347a2f22daab","block_type":"box","text":"1","page_number":76,"box":{"x":580,"y":136,"width":3,"height":4}},{"id":"bdd140d0-29f9-4eff-b990-203ab393a7aa","block_type":"box","text":"iShares Global REIT ETF 0.14%","page_number":76,"box":{"x":87,"y":155,"width":487,"height":8}},{"id":"94bf9b91-90fc-4869-bb6f-58d9ef9e1020","block_type":"box","text":"iShares International Developed Real Estate ETF 0.48%","page_number":76,"box":{"x":87,"y":173,"width":491,"height":11}},{"id":"80129459-3cf8-4316-9ed8-e7e30b686d4d","block_type":"box","text":"iShares International Select Dividend ETF 0.49%","page_number":76,"box":{"x":87,"y":191,"width":491,"height":9}},{"id":"39fe18aa-2696-4fd8-b08d-01dd8ca72996","block_type":"box","text":"1,2","page_number":76,"box":{"x":580,"y":190,"width":12,"height":6}},{"id":"b797a04d-83e5-444a-a59b-62be0fb08e8a","block_type":"box","text":"iShares Select Dividend ETF 0.38%","page_number":76,"box":{"x":87,"y":209,"width":491,"height":9}},{"id":"7bd1530d-9735-4908-89a2-c4c46bd4aaaa","block_type":"box","text":"1","page_number":76,"box":{"x":580,"y":208,"width":3,"height":5}},{"id":"84a946b8-a462-416a-abdc-5f9c3a24c021","block_type":"box","text":"1","page_number":76,"box":{"x":77,"y":234,"width":2,"height":4}},{"id":"1fec6758-e14d-4272-8961-5c122f4260bb","block_type":"box","text":"The management fee schedule for the Fund, including its breakpoint pricing arrangements, is described in the Fund’s Statement of Additional Informa","page_number":76,"box":{"x":91,"y":235,"width":850,"height":9}},{"id":"3e274a87-de17-490f-9b0b-dc46d52cab45","block_type":"box","text":"tion.","page_number":76,"box":{"x":942,"y":235,"width":25,"height":7}},{"id":"5cd92478-6a1c-44d3-ac0b-dc074a233cd1","block_type":"box","text":"2","page_number":76,"box":{"x":76,"y":252,"width":4,"height":4}},{"id":"e817b2e0-2949-43cb-b1f6-0bfd3be24203","block_type":"box","text":"BFA has contractually agreed to waive a portion of its management fees in an amount equal to the aggregate Acquired Fund Fees and Expenses, if any,","page_number":76,"box":{"x":92,"y":253,"width":855,"height":10}},{"id":"87a59ecc-33be-4676-b49f-cb458b3055bf","block_type":"box","text":"attributable to investments by the Fund in other funds advised by BFA or its affiliates through August 30, 2030. The contractual waiver may be terminat","page_number":76,"box":{"x":91,"y":266,"width":860,"height":9}},{"id":"a7772d78-a594-46db-ba92-7669a277e1b8","block_type":"box","text":"ed","page_number":76,"box":{"x":952,"y":266,"width":13,"height":7}},{"id":"b5f4037f-b828-4a79-b2c2-bbf6805642d7","block_type":"box","text":"prior to August 30, 2030 only upon written agreement of the Trust and BFA.","page_number":76,"box":{"x":91,"y":279,"width":429,"height":9}},{"id":"e74503cb-4466-4954-9485-7a7c43e9a2bf","block_type":"box","text":"Portfolio Managers","page_number":76,"box":{"x":77,"y":301,"width":131,"height":11}},{"id":"3d6cacda-c9b3-4dc3-8013-9b74deee9c5a","block_type":"box","text":"The Portfolio Managers for each Fund are responsible for various functions related to portfolio management, including, but not limited to,","page_number":76,"box":{"x":76,"y":324,"width":877,"height":11}},{"id":"9e49678f-a99e-4d0b-8bff-23675e8d6a7f","block_type":"box","text":"investing cash inflows, coordinating with members of their respective portfolio management teams to focus on certain asset classes,","page_number":76,"box":{"x":76,"y":338,"width":850,"height":11}},{"id":"f00b20bb-b665-40d0-9539-ec2f1cda8280","block_type":"box","text":"implementing investment strategy, researching and reviewing investment strategy and overseeing members of their respective teams who","page_number":76,"box":{"x":76,"y":353,"width":885,"height":10}},{"id":"f15daba9-c815-4bf9-a8b5-3c652d834f91","block_type":"box","text":"have more limited responsibilities.","page_number":76,"box":{"x":77,"y":367,"width":217,"height":10}},{"id":"bb73aa68-ba97-4c38-9404-ed093f79e076","block_type":"box","text":"Jennifer Hsui, Matt Waldron, Peter Sietsema and Steven White are primarily responsible for the day-to-day management of the Funds.","page_number":76,"box":{"x":75,"y":390,"width":854,"height":11}},{"id":"7b1fa720-f439-44de-afa1-71d733721710","block_type":"box","text":"Jennifer Hsui has been employed by BFA or its affiliates as a senior portfolio manager since 2007. She is a Managing Director of BlackRock,","page_number":76,"box":{"x":75,"y":413,"width":890,"height":11}},{"id":"46c3ffb2-a099-4500-aeb4-85195ccf258d","block_type":"box","text":"Inc.","page_number":76,"box":{"x":77,"y":427,"width":21,"height":9}},{"id":"75fb7dfe-6c68-4c75-9b29-0ca497f36401","block_type":"box","text":"Matt Waldron has been employed by BFA or its affiliates as a portfolio manager since 2003. He is a Managing Director of BlackRock, Inc.","page_number":76,"box":{"x":77,"y":450,"width":872,"height":11}},{"id":"cbeacd10-feb3-438b-94f4-823d9de014d1","block_type":"box","text":"Peter Sietsema has been employed by BFA or its affiliates as a portfolio manager since 2007. He is a Managing Director of BlackRock, Inc.","page_number":76,"box":{"x":77,"y":474,"width":880,"height":11}},{"id":"61733590-cb11-42ff-91f9-66dfcae8c88f","block_type":"box","text":"Steven White has been employed by BFA or its affiliates as a portfolio manager since 2013. He is a Managing Director of BlackRock, Inc.","page_number":76,"box":{"x":76,"y":497,"width":868,"height":11}},{"id":"d803703a-f84c-4542-8fad-ed132d4dae2a","block_type":"box","text":"Each Fund’s SAI provides additional information about the Portfolio Managers’ compensation, other accounts managed by the Portfolio","page_number":76,"box":{"x":77,"y":520,"width":863,"height":11}},{"id":"0368adb9-3ea7-4614-bfee-baab3c10479c","block_type":"box","text":"Managers and the Portfolio Managers’ ownership (if any) of shares of the Funds.","page_number":76,"box":{"x":77,"y":534,"width":511,"height":11}},{"id":"2b50ee87-fc08-42e0-aef5-279c3b6b515a","block_type":"box","text":"Administrator, Custodian and Transfer Agent","page_number":76,"box":{"x":76,"y":557,"width":312,"height":12}},{"id":"5e46bce5-2a73-4bdd-aed3-fba607700f3a","block_type":"box","text":"The administrator, custodian and transfer agent for each Fund is indicated in the table below.","page_number":76,"box":{"x":76,"y":581,"width":594,"height":11}},{"id":"d42ad7d3-28b9-425a-ad33-0c87b1427503","block_type":"box","text":"Fund","page_number":76,"box":{"x":87,"y":635,"width":33,"height":9}},{"id":"c905d6eb-e8f6-4236-a4b1-6a75bae5a222","block_type":"box","text":"The Bank of","page_number":76,"box":{"x":498,"y":612,"width":83,"height":8}},{"id":"a9aeb045-7c7f-4483-9805-55f48805d423","block_type":"box","text":"New York","page_number":76,"box":{"x":500,"y":624,"width":65,"height":8}},{"id":"a9e3858b-c4c4-439e-8364-c460f193d49a","block_type":"box","text":"Mellon Citibank, N.A.","page_number":76,"box":{"x":500,"y":635,"width":214,"height":11}},{"id":"58d778ff-8365-4871-af7e-d8806bfa2239","block_type":"box","text":"JPMorgan","page_number":76,"box":{"x":740,"y":612,"width":66,"height":11}},{"id":"fbd2b798-67e8-42cc-b213-497be49dfe40","block_type":"box","text":"Chase Bank,","page_number":76,"box":{"x":741,"y":624,"width":85,"height":11}},{"id":"31537ede-e340-4229-bc3d-276a92ff865d","block_type":"box","text":"N.A.","page_number":76,"box":{"x":741,"y":635,"width":27,"height":9}},{"id":"ef542994-a133-4b08-8bc4-ca5e50b1ce40","block_type":"box","text":"State Street","page_number":76,"box":{"x":862,"y":612,"width":83,"height":8}},{"id":"d261a277-f113-4339-8a47-7f59bdfbbcf2","block_type":"box","text":"Bank and","page_number":76,"box":{"x":862,"y":624,"width":63,"height":8}},{"id":"327fae6e-afa7-4c70-90b2-49a714bab697","block_type":"box","text":"Trust Company","page_number":76,"box":{"x":861,"y":635,"width":105,"height":11}},{"id":"468bc7fb-1e7c-4bea-a115-a975a27e65a5","block_type":"box","text":"iShares Core High Dividend ETF*","page_number":76,"box":{"x":87,"y":653,"width":208,"height":11}},{"id":"780c7bdb-d5fa-4eba-a75a-1017aac1f406","block_type":"box","text":"iShares Environmentally Aware Real Estate ETF*","page_number":76,"box":{"x":87,"y":671,"width":307,"height":11}},{"id":"33a22c8c-194c-462b-a5a7-704c4caef56c","block_type":"box","text":"iShares Global Clean Energy ETF*","page_number":76,"box":{"x":87,"y":689,"width":213,"height":11}},{"id":"24e30581-8488-41a3-b19a-163a78954d46","block_type":"box","text":"iShares Global REIT ETF*","page_number":76,"box":{"x":87,"y":707,"width":158,"height":9}},{"id":"61f8d369-645a-462d-aa4a-949bf14aa6cf","block_type":"box","text":"iShares International Developed Real Estate ETF*","page_number":76,"box":{"x":87,"y":725,"width":314,"height":11}},{"id":"8c393018-c933-4900-b131-a8ef4adf09a5","block_type":"box","text":"iShares International Select Dividend ETF*","page_number":76,"box":{"x":87,"y":743,"width":270,"height":9}},{"id":"c0221463-c476-4aff-9a15-1f089cc213fb","block_type":"box","text":"iShares Select Dividend ETF*","page_number":76,"box":{"x":87,"y":762,"width":185,"height":8}},{"id":"4e424bcd-5949-469c-b4bf-fbebdf896b10","block_type":"box","text":"* JPMorgan Chase Bank, N.A. serves as custodian for the Fund in connection with certain securities lending activities.","page_number":76,"box":{"x":77,"y":787,"width":673,"height":10}},{"id":"44e12f19-5247-4892-bca5-bde61284b283","block_type":"box","text":"Conflicts of Interest","page_number":76,"box":{"x":76,"y":809,"width":139,"height":9}},{"id":"2741ad9d-5546-4370-8672-9de3c7d6a1ad","block_type":"box","text":"The investment activities of BFA and its affiliates (including BlackRock and its subsidiaries (collectively, the “Affiliates”)), and their respec","page_number":76,"box":{"x":76,"y":833,"width":874,"height":11}},{"id":"18cc93dd-f057-47b3-9c16-f335d019f9df","block_type":"box","text":"tive","page_number":76,"box":{"x":951,"y":833,"width":22,"height":8}},{"id":"780075a8-9952-462b-87be-28b639223dab","block_type":"box","text":"directors, officers or employees, in managing their own accounts and other accounts, may present conflicts of interest that could","page_number":76,"box":{"x":76,"y":847,"width":827,"height":11}},{"id":"084e3d93-ef25-4080-bb9b-d24a90f7c123","block_type":"box","text":"disadvantage a Fund and its shareholders.","page_number":76,"box":{"x":76,"y":861,"width":269,"height":11}},{"id":"76d18a14-d75f-4749-8ed8-de791cf6978f","block_type":"box","text":"22","page_number":76,"box":{"x":522,"y":921,"width":14,"height":8}},{"id":"846c9090-b25e-4bf5-89ba-e23fb93ba4ca","block_type":"box","text":"BFA and its Affiliates are involved worldwide with a broad spectrum of financial services and asset management activities and in the ordinary","page_number":77,"box":{"x":77,"y":23,"width":899,"height":11}},{"id":"e911eb4d-047d-44dd-b0a3-c5bb531ca197","block_type":"box","text":"course of business may engage in activities in which their interests or the interests of other clients may conflict with those of a Fund. BFA","page_number":77,"box":{"x":76,"y":37,"width":879,"height":11}},{"id":"c2a7a8d7-9a95-49f6-951b-45fa27b76d9e","block_type":"box","text":"and its Affiliates act, or may act, as an investor, research provider, investment manager, commodity pool operator, commodity trading","page_number":77,"box":{"x":76,"y":51,"width":858,"height":11}},{"id":"981f9169-0a0e-47ab-a030-c18c605ace1c","block_type":"box","text":"advisor, financier, underwriter, adviser, trader, lender, index provider, agent and/or principal. BFA and its Affiliates may have other direct and","page_number":77,"box":{"x":76,"y":66,"width":903,"height":11}},{"id":"8ac531c9-c8f9-4073-b34b-682b8743a13c","block_type":"box","text":"indirect interests in securities, currencies, commodities, derivatives and other assets in which a Fund may directly or indirectly invest.","page_number":77,"box":{"x":76,"y":80,"width":856,"height":11}},{"id":"6dc87b7d-4b43-45d8-847e-da2e8a9c2fd5","block_type":"box","text":"BFA and its Affiliates may engage in proprietary trading and advise accounts and other funds that have investment objectives similar to those","page_number":77,"box":{"x":77,"y":103,"width":902,"height":11}},{"id":"02638c24-22e2-449e-aa85-a2d8ad041c42","block_type":"box","text":"of a Fund and/or that engage in and compete for transactions in the same or similar types of securities, currencies and other assets as are","page_number":77,"box":{"x":76,"y":117,"width":890,"height":11}},{"id":"9767a6ef-038c-429b-b7d8-96b649134ac0","block_type":"box","text":"held by a Fund. This may include transactions in securities issued by other open-end and closed-end investment companies, including","page_number":77,"box":{"x":77,"y":131,"width":855,"height":11}},{"id":"fcc968b4-3b01-471f-91f1-5cb0820e678b","block_type":"box","text":"investment companies that are affiliated with the Fund and BFA, to the extent permitted under the Investment Company Act of 1940, as","page_number":77,"box":{"x":76,"y":146,"width":868,"height":10}},{"id":"3a618d73-5975-413a-a5fc-defa9bd980ba","block_type":"box","text":"amended (the “1940 Act”). The trading activities of BFA and its Affiliates are carried out without reference to positions held directly or","page_number":77,"box":{"x":76,"y":160,"width":855,"height":11}},{"id":"8d693bcf-39ad-4dd0-b61a-afb35a74a841","block_type":"box","text":"indirectly by a Fund. These activities may result in BFA or an Affiliate having positions in assets that are senior or junior to, or that have","page_number":77,"box":{"x":76,"y":174,"width":861,"height":11}},{"id":"d8b0f445-09e6-4442-a990-bff349348f4b","block_type":"box","text":"interests different from or adverse to, the assets held by a Fund.","page_number":77,"box":{"x":76,"y":188,"width":411,"height":11}},{"id":"7c9d1fbe-8dbf-46ec-84bc-19c9240d24e6","block_type":"box","text":"A Fund may invest in securities issued by, or engage in other transactions with, entities with which an Affiliate has significant debt or equity","page_number":77,"box":{"x":76,"y":211,"width":891,"height":11}},{"id":"8de1eeb8-24f2-489b-a2b8-ad15a0647656","block_type":"box","text":"investments or other interests. A Fund may also invest in issuances (such as debt offerings or structured notes) for which an Affiliate is","page_number":77,"box":{"x":76,"y":226,"width":864,"height":10}},{"id":"fcfde7c0-038f-4772-95dc-272a5be1016b","block_type":"box","text":"compensated for providing advisory, cash management or other services. A Fund also may invest in securities of, or engage in other","page_number":77,"box":{"x":76,"y":240,"width":845,"height":11}},{"id":"a9081d75-e542-4260-a844-fbb0166c7433","block_type":"box","text":"transactions with, entities for which an Affiliate provides or may provide research coverage or other analysis.","page_number":77,"box":{"x":76,"y":254,"width":695,"height":11}},{"id":"c6eaa4aa-7ae4-4d63-80d1-c49876d500ef","block_type":"box","text":"An Affiliate may have business relationships with, and receive compensation from, distributors, consultants or others who recommend a","page_number":77,"box":{"x":76,"y":277,"width":871,"height":11}},{"id":"170ffef4-b779-4d63-9e5a-9ac1556b3ae7","block_type":"box","text":"Fund or who engage in transactions with or for a Fund.","page_number":77,"box":{"x":77,"y":291,"width":347,"height":11}},{"id":"dd80a50e-4547-4c6d-8313-c3e8dc593e41","block_type":"box","text":"Neither BlackRock nor any Affiliate is under any obligation to share any investment opportunity, idea or strategy with a Fund. As a result, an","page_number":77,"box":{"x":77,"y":314,"width":891,"height":11}},{"id":"50eeb445-b0ca-404d-af01-cdda960a1471","block_type":"box","text":"Affiliate may compete with a Fund for appropriate investment opportunities. The results of a Fund’s investment activities, therefore, may","page_number":77,"box":{"x":76,"y":329,"width":873,"height":10}},{"id":"62f7cbc9-8fc5-4d8f-806e-d1459da14ea2","block_type":"box","text":"differ from those of an Affiliate and of other accounts managed by an Affiliate. It is possible that a Fund could sustain losses during periods in","page_number":77,"box":{"x":76,"y":343,"width":903,"height":11}},{"id":"3d78310b-bd09-481a-b1b8-ed35cd87e707","block_type":"box","text":"which one or more Affiliates and other accounts achieve profits on their trading for proprietary or other accounts. The opposite result is also","page_number":77,"box":{"x":76,"y":357,"width":897,"height":11}},{"id":"35522246-df55-44b7-b02f-2628ea37f5cb","block_type":"box","text":"possible.","page_number":77,"box":{"x":76,"y":371,"width":56,"height":11}},{"id":"e70901df-a855-436a-8bf3-56dec6a06d5f","block_type":"box","text":"In addition, a Fund may enter into transactions in which BFA or an Affiliate or their directors, officers, employees or clients have an adverse","page_number":77,"box":{"x":77,"y":394,"width":888,"height":11}},{"id":"c607d856-e878-455c-99b1-80f941baa2c5","block_type":"box","text":"interest. A Fund may be adversely impacted by the effects of transactions undertaken by BFA or an Affiliate or their directors, officers,","page_number":77,"box":{"x":76,"y":409,"width":857,"height":10}},{"id":"7948d631-155b-4afa-8989-10751d6e9a3a","block_type":"box","text":"employees or clients.","page_number":77,"box":{"x":76,"y":423,"width":135,"height":11}},{"id":"34de6a94-6669-412e-bbfb-9e7af47901f8","block_type":"box","text":"From time to time, BlackRock or its advisory clients (including other funds and accounts) may, subject to compliance with applicable law,","page_number":77,"box":{"x":77,"y":446,"width":876,"height":11}},{"id":"af3e625b-064a-453a-a818-0c69dec77b3f","block_type":"box","text":"purchase and hold shares of a Fund. The price, availability, liquidity, and (in some cases) expense ratio of a Fund may be impacted by","page_number":77,"box":{"x":76,"y":460,"width":851,"height":11}},{"id":"8f320253-ce93-44bd-a2f3-8f60cfb2a959","block_type":"box","text":"purchases and sales of the Fund by BlackRock or its advisory clients.","page_number":77,"box":{"x":76,"y":474,"width":440,"height":11}},{"id":"ee62e84a-33bf-40f0-b044-fedc192994ad","block_type":"box","text":"A Fund’s activities may be limited because of regulatory restrictions applicable to BFA or an Affiliate or their policies designed to comply with","page_number":77,"box":{"x":76,"y":498,"width":901,"height":10}},{"id":"36d81a25-2699-466f-a289-bdd938314b0f","block_type":"box","text":"such restrictions.","page_number":77,"box":{"x":76,"y":512,"width":110,"height":8}},{"id":"228cb09e-edcf-46e9-8fcc-d192f6964310","block_type":"box","text":"Under a securities lending program approved by the Board, the Funds have retained BTC, an Affiliate of BFA, to serve as their securities","page_number":77,"box":{"x":77,"y":535,"width":863,"height":11}},{"id":"82e1af20-868e-44d6-8915-97a26f1af215","block_type":"box","text":"lending agent to the extent that they participate in the securities lending program. For these services, the securities lending agent will","page_number":77,"box":{"x":77,"y":549,"width":854,"height":11}},{"id":"3aa71e00-cb4d-4aa7-8e81-2a38573cc294","block_type":"box","text":"receive a fee from the participating Fund based on the returns earned on the Fund’s lending activities, including investment of the cash","page_number":77,"box":{"x":77,"y":563,"width":862,"height":11}},{"id":"6d0a6458-02ec-4a6f-a7bd-9ddfbb3e00f0","block_type":"box","text":"received as collateral for the loaned securities. In addition, one or more Affiliates may be among the entities to which a Fund may lend its","page_number":77,"box":{"x":77,"y":577,"width":876,"height":11}},{"id":"08b2bba1-5f54-4ffd-9b30-9f4e7719571b","block_type":"box","text":"portfolio securities under the securities lending program.","page_number":77,"box":{"x":76,"y":592,"width":363,"height":10}},{"id":"88f16110-d4d2-4513-ae12-e3a934b99d79","block_type":"box","text":"Under an ETF Services Agreement, certain Funds have retained BlackRock Investments, LLC (the “Distributor” or “BRIL”), an Affiliate of BFA,","page_number":77,"box":{"x":77,"y":615,"width":894,"height":11}},{"id":"2b1dd1bf-d7fb-456e-a4fe-a95caa03c1f9","block_type":"box","text":"to perform certain order processing, Authorized Participant communications, and related services in connection with the issuance and","page_number":77,"box":{"x":76,"y":629,"width":860,"height":11}},{"id":"58dbc9ba-c08f-4597-bc0c-f8e984524fae","block_type":"box","text":"redemption of Creation Units (“ETF Services”). BRIL has engaged Citibank, N.A. (“Citibank”) as a subcontractor to provide certain ETF","page_number":77,"box":{"x":77,"y":643,"width":854,"height":11}},{"id":"b62465f6-cbf4-4a0d-a031-b4d574d8c018","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":77,"box":{"x":76,"y":657,"width":894,"height":11}},{"id":"0540de03-2fea-4c17-9e57-71cd319facd7","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":77,"box":{"x":76,"y":672,"width":871,"height":10}},{"id":"9aebe2df-3e4b-4b19-a599-825d793c80f1","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":77,"box":{"x":76,"y":686,"width":848,"height":11}},{"id":"b670b038-0975-448a-b6cb-c6d963037ea8","block_type":"box","text":"BlackRock or funds managed by BFA and its Affiliates.","page_number":77,"box":{"x":77,"y":700,"width":342,"height":11}},{"id":"6ed8c246-98be-43dc-85ff-7c581eb78416","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":77,"box":{"x":77,"y":723,"width":893,"height":11}},{"id":"e0cfba89-9d1d-4b4c-8d5e-4fe7755556ef","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":77,"box":{"x":76,"y":737,"width":885,"height":11}},{"id":"05313e49-df8a-4be9-bf88-b8b31688b127","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":77,"box":{"x":76,"y":751,"width":897,"height":11}},{"id":"b40256ca-31b3-47c5-8a52-2d8978ea3515","block_type":"box","text":"licensees.","page_number":77,"box":{"x":77,"y":766,"width":61,"height":8}},{"id":"b3267632-139b-4b0b-9251-0812640dc28a","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":77,"box":{"x":76,"y":789,"width":875,"height":11}},{"id":"1743a597-8560-42de-a1b6-d1486be82904","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":77,"box":{"x":76,"y":803,"width":886,"height":11}},{"id":"29f39c84-38b0-48be-ae16-32cfbff92680","block_type":"box","text":"interest. Please see the SAI for further information.","page_number":77,"box":{"x":76,"y":817,"width":326,"height":9}},{"id":"238c98db-b695-49e2-aaf8-2a320fe7f487","block_type":"box","text":"23","page_number":77,"box":{"x":522,"y":921,"width":15,"height":8}},{"id":"74ae06d2-c380-4e59-b95f-c5a3a0e09486","block_type":"box","text":"Shareholder Information","page_number":78,"box":{"x":77,"y":22,"width":240,"height":14}},{"id":"9977d7af-6eb1-4a4a-9893-672b18cb05a3","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":78,"box":{"x":75,"y":51,"width":821,"height":11}},{"id":"7ddcc9c5-e42e-4689-bb50-482f6f6d4cc1","block_type":"box","text":"1-800-iShares (1-800-474-2737) or visiting www.iShares.com.","page_number":78,"box":{"x":78,"y":66,"width":383,"height":11}},{"id":"a1e63adb-060c-4f46-bed7-ec54824fb4e4","block_type":"box","text":"Buying and Selling Shares","page_number":78,"box":{"x":77,"y":89,"width":180,"height":11}},{"id":"4a6d7089-b135-478f-8213-706078d2b435","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":78,"box":{"x":76,"y":112,"width":839,"height":11}},{"id":"c620b042-5edb-45f0-8b08-cf2669e13fbc","block_type":"box","text":"“creations” and “redemptions,” occur only between the Funds and Authorized Participants (","page_number":78,"box":{"x":76,"y":126,"width":584,"height":11}},{"id":"df0550cf-097a-462a-a825-72d2e5db44da","block_type":"box","text":"i.e","page_number":78,"box":{"x":661,"y":126,"width":14,"height":9}},{"id":"22c0b9e5-769f-4fe3-9171-2671ce36d8ca","block_type":"box","text":"., financial institutions that are authorized to","page_number":78,"box":{"x":677,"y":126,"width":282,"height":10}},{"id":"a99ce6a0-7a87-4482-8b72-ef2e4569d0e8","block_type":"box","text":"participate in such transactions), as described in the","page_number":78,"box":{"x":76,"y":140,"width":335,"height":11}},{"id":"2e47ae00-57a6-4f06-a3cb-373cf7e7836c","block_type":"box","text":"Creations and Redemptions","page_number":78,"box":{"x":417,"y":140,"width":173,"height":11}},{"id":"d79784b0-f6f6-4af3-8791-be7190172631","block_type":"box","text":"section below.","page_number":78,"box":{"x":595,"y":140,"width":90,"height":9}},{"id":"6188c0dc-b270-4cf1-b2fa-901d3065b414","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":78,"box":{"x":77,"y":164,"width":904,"height":10}},{"id":"47921191-7f65-40cb-9527-f98cf340e7e8","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":78,"box":{"x":77,"y":178,"width":860,"height":11}},{"id":"9e97f93b-0368-4d40-875f-42ff13ca693e","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":78,"box":{"x":76,"y":192,"width":857,"height":11}},{"id":"87152483-1df9-40e1-be50-b168d7988816","block_type":"box","text":"investment for Fund shares purchased on an exchange or otherwise in the secondary market.","page_number":78,"box":{"x":76,"y":206,"width":598,"height":11}},{"id":"8bd00543-9962-4c41-b78f-24f8b6dc2d90","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":78,"box":{"x":77,"y":229,"width":899,"height":11}},{"id":"fda903a9-a50c-442e-8339-6175f061b6eb","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":78,"box":{"x":76,"y":244,"width":869,"height":10}},{"id":"dadb0053-32f8-4c18-98bb-9b3b65f807a1","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":78,"box":{"x":76,"y":258,"width":888,"height":11}},{"id":"e0569969-7de8-4590-9340-add85f7b26ef","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":78,"box":{"x":76,"y":272,"width":884,"height":11}},{"id":"4594cc8d-584d-496c-aa6a-79d71972151a","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":78,"box":{"x":76,"y":286,"width":904,"height":11}},{"id":"def1154e-99e8-4194-8735-c0e4b029eaca","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":78,"box":{"x":76,"y":300,"width":897,"height":11}},{"id":"d6745ec7-bd84-4ca0-8d9f-e22f833263d8","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":78,"box":{"x":76,"y":314,"width":887,"height":11}},{"id":"8fedbe2c-c8cb-40fe-bcbc-7a588d3d1930","block_type":"box","text":"particularly for newly launched or smaller funds, or by instances of significant volatility of the underlying assets.","page_number":78,"box":{"x":76,"y":329,"width":713,"height":10}},{"id":"c118ffa1-73f0-4077-9617-dad9a58cc9db","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":78,"box":{"x":76,"y":352,"width":902,"height":11}},{"id":"8afb7789-6f56-422c-9b4c-2fb249d88d4d","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":78,"box":{"x":76,"y":366,"width":856,"height":11}},{"id":"360e2bba-a945-47cb-9897-7c170cdaa3d8","block_type":"box","text":"Memorial Day, Juneteenth, Independence Day, Labor Day, Thanksgiving Day and Christmas Day.","page_number":78,"box":{"x":77,"y":380,"width":612,"height":11}},{"id":"261afdd3-cf88-44aa-9f65-c1037cb2d0ef","block_type":"box","text":"Investments in Investment Companies","page_number":78,"box":{"x":77,"y":403,"width":268,"height":11}},{"id":"e9c7fe47-3e6f-4a77-96a8-b3b3a3d12203","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":78,"box":{"x":76,"y":427,"width":873,"height":10}},{"id":"8878dc8a-70d1-45d0-9256-952e49797b5e","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":78,"box":{"x":76,"y":441,"width":889,"height":11}},{"id":"22a9c4db-af4d-4c74-9be7-47abec63b540","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":78,"box":{"x":76,"y":455,"width":847,"height":11}},{"id":"86bd3e5f-cbca-46a1-a31a-ea8c461ffb17","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":78,"box":{"x":76,"y":469,"width":897,"height":11}},{"id":"fe423cb2-b387-4cf3-8793-bc46eed65774","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":78,"box":{"x":76,"y":483,"width":890,"height":11}},{"id":"413801c4-f8c6-4144-808d-e2b00ddc7399","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":78,"box":{"x":76,"y":498,"width":904,"height":10}},{"id":"c9050f18-7ce8-472b-a3a1-459dd841e836","block_type":"box","text":"investment companies and companies controlled by them.","page_number":78,"box":{"x":76,"y":512,"width":374,"height":11}},{"id":"5f584db1-2f24-4a6f-bbe7-5b2b51961067","block_type":"box","text":"Notwithstanding the foregoing, registered investment companies are permitted to invest in a Fund beyond the limits set forth in","page_number":78,"box":{"x":77,"y":535,"width":815,"height":11}},{"id":"f525d745-7ad4-418d-8764-732d1b9fd9cd","block_type":"box","text":"Section 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","page_number":78,"box":{"x":76,"y":549,"width":864,"height":11}},{"id":"6021d293-de15-4388-bde6-01ca284a6e28","block_type":"box","text":"Acquired Fund, a registered investment company must, among other things, enter into an agreement with the Trust. If an Acquired Fund","page_number":78,"box":{"x":76,"y":563,"width":868,"height":11}},{"id":"68332990-b23a-4162-adf0-a61efa58f0a9","block_type":"box","text":"invests significantly in other registered investment companies in reliance on Rule 12d1-4, an Acquiring Fund will not be permitted to rely on","page_number":78,"box":{"x":76,"y":577,"width":890,"height":11}},{"id":"39381135-41aa-47d1-8c8d-e3e926b05803","block_type":"box","text":"Rule 12d1-4 and invest in the Fund beyond the Section 12(d)(1) limits. Any investment company interested in purchasing shares of a Fund","page_number":78,"box":{"x":77,"y":592,"width":876,"height":10}},{"id":"892f5c40-d7e1-4a39-9ec6-28ee61b192bb","block_type":"box","text":"beyond the limits set forth in Section 12(d)(1) should contact BFA.","page_number":78,"box":{"x":76,"y":606,"width":418,"height":11}},{"id":"06289b28-be6d-4ab6-b832-06913ffc2926","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":78,"box":{"x":77,"y":629,"width":883,"height":11}},{"id":"7657df63-db4d-473b-94cd-59107761a005","block_type":"box","text":"SEC no-action relief.","page_number":78,"box":{"x":76,"y":643,"width":130,"height":9}},{"id":"80f34c4e-4fe6-46e4-93bf-de6f66765295","block_type":"box","text":"Book Entry","page_number":78,"box":{"x":77,"y":667,"width":76,"height":10}},{"id":"e7783bfa-b8cd-46d3-9364-45c237c33175","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":78,"box":{"x":76,"y":690,"width":892,"height":10}},{"id":"b196109b-2f9b-4cd6-a022-3440d2ddf068","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":78,"box":{"x":76,"y":704,"width":832,"height":11}},{"id":"93d9deb7-3ded-49d5-8082-fec0fdfc8bef","block_type":"box","text":"outstanding shares of the Funds.","page_number":78,"box":{"x":76,"y":718,"width":209,"height":11}},{"id":"07b57ec3-4ea9-4acc-873b-5828b9b8404e","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":78,"box":{"x":77,"y":741,"width":885,"height":11}},{"id":"60866bf5-8197-4c01-a917-b93fac81b0f0","block_type":"box","text":"brokers and dealers, banks, trust companies, clearing corporations and other institutions that directly or indirectly maintain a custodial","page_number":78,"box":{"x":76,"y":755,"width":863,"height":11}},{"id":"30827349-002d-4d7e-b3a1-ce0b235155d1","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":78,"box":{"x":77,"y":770,"width":888,"height":10}},{"id":"d1e2fbed-d823-40e4-b254-a0f452096ed3","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":78,"box":{"x":76,"y":784,"width":874,"height":11}},{"id":"af046aa0-1de4-4284-8a8c-c4cec947b102","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":78,"box":{"x":77,"y":798,"width":899,"height":11}},{"id":"da0d6010-30bb-417d-954f-4857af1601a4","block_type":"box","text":"securities held in book-entry or “street name” form.","page_number":78,"box":{"x":76,"y":812,"width":330,"height":11}},{"id":"f1e6dc52-38bd-4bc7-9537-9ad79a70d828","block_type":"box","text":"Share Prices","page_number":78,"box":{"x":76,"y":835,"width":87,"height":9}},{"id":"1f6dce35-8185-4ec4-a392-c7d8071b6371","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":78,"box":{"x":76,"y":858,"width":894,"height":11}},{"id":"8070ad7d-6482-4e51-a62a-9633e5111287","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":78,"box":{"x":76,"y":873,"width":876,"height":10}},{"id":"9b224929-5eba-4b69-a8b4-40a3c2c02a5c","block_type":"box","text":"conditions.","page_number":78,"box":{"x":76,"y":887,"width":69,"height":8}},{"id":"f2ce6b81-573e-4ae4-a0d7-16586b04890a","block_type":"box","text":"24","page_number":78,"box":{"x":522,"y":921,"width":15,"height":8}},{"id":"a49f3664-1c9b-4986-9063-6bdd63e4d6c1","block_type":"box","text":"Determination of Net Asset Value","page_number":79,"box":{"x":77,"y":23,"width":233,"height":9}},{"id":"288083b1-76fa-4d30-9be1-f50468dbc011","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":79,"box":{"x":76,"y":46,"width":872,"height":11}},{"id":"639b45c2-da30-4c47-a702-fef41d23b681","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":79,"box":{"x":76,"y":61,"width":904,"height":10}},{"id":"8e84245b-2438-4d64-87ec-3da77d85020c","block_type":"box","text":"on prices at the time of closing.","page_number":79,"box":{"x":76,"y":75,"width":201,"height":11}},{"id":"7859f4d4-92b3-430d-903e-f358a21ca0cf","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":79,"box":{"x":76,"y":98,"width":883,"height":11}},{"id":"148ca0d6-f790-4a8a-b249-be25bfd09aa3","block_type":"box","text":"market rates on the date of valuation as quoted by one or more data service providers.","page_number":79,"box":{"x":76,"y":112,"width":554,"height":11}},{"id":"b5cc998f-8614-4c8e-940a-01cc54ae55c1","block_type":"box","text":"The NAV of a Fund is calculated by dividing the value of the Fund’s net assets (","page_number":79,"box":{"x":76,"y":135,"width":501,"height":11}},{"id":"e455b0ec-cc68-490e-8ce9-40eb7b0f0147","block_type":"box","text":"i.e","page_number":79,"box":{"x":578,"y":135,"width":14,"height":9}},{"id":"e419124b-8a29-4a4a-87fd-75ab5334fc21","block_type":"box","text":"., the value of its total assets, including the value of any","page_number":79,"box":{"x":594,"y":135,"width":353,"height":11}},{"id":"c27fde2b-bcb0-4031-b028-3530910d849a","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":79,"box":{"x":77,"y":149,"width":857,"height":11}},{"id":"9dc08de5-3f98-4f6e-bb9e-b0663c07616a","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":79,"box":{"x":77,"y":164,"width":883,"height":10}},{"id":"14033823-2d1d-4d0e-af1c-50735c06da49","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":79,"box":{"x":77,"y":178,"width":881,"height":11}},{"id":"c62279d9-626e-47c5-9466-13f4512c304d","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":79,"box":{"x":77,"y":201,"width":867,"height":11}},{"id":"fc555d4b-fb17-4f45-85b6-666b58874cd9","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":79,"box":{"x":76,"y":215,"width":896,"height":11}},{"id":"f23bc2f7-383a-4a40-b5f3-c905c54f770f","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":79,"box":{"x":77,"y":229,"width":903,"height":11}},{"id":"565802ac-dda4-4bc1-a54a-e5b7bce06a86","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":79,"box":{"x":76,"y":244,"width":897,"height":10}},{"id":"e8c02422-e87f-4c41-b0d7-6060a00ea1c3","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":79,"box":{"x":76,"y":258,"width":887,"height":11}},{"id":"6d105385-3016-4676-9156-c5b655e81ca9","block_type":"box","text":"price.","page_number":79,"box":{"x":76,"y":272,"width":35,"height":11}},{"id":"8a15427d-2eb9-4205-8436-6be67bc9f985","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":79,"box":{"x":77,"y":295,"width":904,"height":11}},{"id":"d23d96ec-b8f9-41e7-a2a0-9fd0cbc98e88","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":79,"box":{"x":76,"y":309,"width":891,"height":11}},{"id":"aa30c57c-4574-4016-800f-9eb4d0c0a05f","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":79,"box":{"x":76,"y":324,"width":861,"height":10}},{"id":"8edccc58-ca4b-4f6b-9248-89241c702816","block_type":"box","text":"assumptions to derive values. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round","page_number":79,"box":{"x":76,"y":338,"width":901,"height":11}},{"id":"d99176fc-4bf7-4830-bc91-edea653cb263","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":79,"box":{"x":77,"y":352,"width":904,"height":11}},{"id":"0fab230b-1527-473a-9ff4-4e07104baf99","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":79,"box":{"x":77,"y":366,"width":899,"height":11}},{"id":"fab1602b-1df0-41e2-a73f-225f465e0ca1","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":79,"box":{"x":77,"y":380,"width":902,"height":11}},{"id":"f177f4e9-e3d8-423e-97e3-885f4131d0df","block_type":"box","text":"BFA determines in good faith that such method does not represent fair value.","page_number":79,"box":{"x":77,"y":394,"width":491,"height":11}},{"id":"ff2e9392-e376-4ab3-948d-a53883e19ca8","block_type":"box","text":"Generally, trading in certain instruments (","page_number":79,"box":{"x":76,"y":418,"width":265,"height":10}},{"id":"0de8ca17-0b4b-4c74-8b87-1d5fa75ccf95","block_type":"box","text":"e.g","page_number":79,"box":{"x":343,"y":420,"width":19,"height":8}},{"id":"1814d93b-4576-4fc9-be14-b9e3c416399b","block_type":"box","text":"., non-U.S. securities, money market instruments, etc.) is substantially completed each day at","page_number":79,"box":{"x":362,"y":418,"width":599,"height":10}},{"id":"c87068f2-dddf-4220-b2d0-5f5d728073e4","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":79,"box":{"x":76,"y":432,"width":869,"height":11}},{"id":"d310a7fd-6d45-4e45-a84c-e373f4e4e672","block_type":"box","text":"determined as of such times.","page_number":79,"box":{"x":76,"y":446,"width":185,"height":8}},{"id":"43dff34a-9ad7-432c-a802-215bac93a90e","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":79,"box":{"x":77,"y":469,"width":885,"height":11}},{"id":"a465ae77-fa14-4ede-b3c3-28065dbbe13e","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":79,"box":{"x":76,"y":483,"width":901,"height":11}},{"id":"0c43950a-b996-4ad0-b3a0-7ec47f4ff09e","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":79,"box":{"x":76,"y":498,"width":904,"height":10}},{"id":"7aa17b2b-a662-4c0b-b1ae-fafe9126803d","block_type":"box","text":"a Fund’s pricing time.","page_number":79,"box":{"x":76,"y":512,"width":136,"height":11}},{"id":"c8c158ba-51b9-4014-8df8-ef0b5ba90124","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":79,"box":{"x":76,"y":535,"width":877,"height":11}},{"id":"6687e3de-027f-4a1c-954d-e5531cf079fc","block_type":"box","text":"model that may incorporate a number of market data factors.","page_number":79,"box":{"x":76,"y":549,"width":392,"height":11}},{"id":"702b347c-b210-4420-8ad9-94b43e0bde5a","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":79,"box":{"x":76,"y":572,"width":837,"height":11}},{"id":"8ebf83ee-98d2-4399-8062-d852bd910d2b","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":79,"box":{"x":76,"y":586,"width":874,"height":11}},{"id":"76e71b17-c482-43d7-b1a1-c0880eeece55","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","page_number":79,"box":{"x":76,"y":601,"width":834,"height":11}},{"id":"e197d426-0527-4464-8983-26efa58908f9","block_type":"box","text":"arm’s-length transaction.","page_number":79,"box":{"x":76,"y":615,"width":160,"height":11}},{"id":"2b00481f-d8a5-4cf6-b376-a641396333e6","block_type":"box","text":"BFA may conclude that a market quotation is not readily available or is unreliable if:","page_number":79,"box":{"x":77,"y":638,"width":531,"height":11}},{"id":"e4917a89-24fd-4c73-9d22-1270bb7f4922","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":79,"box":{"x":113,"y":656,"width":582,"height":11}},{"id":"ea132f3e-253d-4c82-ab4e-a88cac41b389","block_type":"box","text":"A market quotation differs significantly from recent price quotations or otherwise no longer appears to reflect fair value;","page_number":79,"box":{"x":113,"y":674,"width":767,"height":11}},{"id":"90c6ae10-95ba-40b3-be33-8e988a4142a2","block_type":"box","text":"An asset or liability is thinly traded;","page_number":79,"box":{"x":113,"y":692,"width":223,"height":11}},{"id":"fbc3c551-0c85-4e16-afb7-08cdf08766b9","block_type":"box","text":"There is a significant event subsequent to the most recent market quotation; or","page_number":79,"box":{"x":113,"y":710,"width":508,"height":11}},{"id":"65f8942e-d9ae-473e-a7d5-bd3e510c6fdf","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":79,"box":{"x":113,"y":728,"width":853,"height":11}},{"id":"c9c641ae-9fb5-48a6-bced-50168a7b24af","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":79,"box":{"x":76,"y":751,"width":874,"height":11}},{"id":"80100e33-71f6-4507-84c5-837944215a61","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":79,"box":{"x":76,"y":766,"width":876,"height":11}},{"id":"f431e759-a706-43fd-b657-50c4d24885b2","block_type":"box","text":"more of the Fund’s assets or liabilities.","page_number":79,"box":{"x":76,"y":780,"width":246,"height":8}},{"id":"22433979-6641-41a2-a454-48e949d5c03a","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":79,"box":{"x":76,"y":803,"width":890,"height":11}},{"id":"b4879507-395d-45df-bf75-56a29c8ef31b","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":79,"box":{"x":76,"y":817,"width":888,"height":11}},{"id":"3e2bb957-a059-4c7e-855d-64b5066b6de7","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":79,"box":{"x":76,"y":831,"width":896,"height":11}},{"id":"6715ccc4-6d4f-41cf-b540-a2b0cfe7621c","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":79,"box":{"x":77,"y":846,"width":870,"height":10}},{"id":"21e00782-086d-4ae4-bd5c-5073884176ef","block_type":"box","text":"Fund’s performance and the performance of its underlying index.","page_number":79,"box":{"x":77,"y":860,"width":414,"height":11}},{"id":"f5868388-c0ff-4a91-a300-5daf3298119d","block_type":"box","text":"25","page_number":79,"box":{"x":522,"y":921,"width":14,"height":8}},{"id":"930aeff1-9cb1-4779-9fae-c76b4014ed50","block_type":"box","text":"Dividends and Distributions","page_number":80,"box":{"x":77,"y":23,"width":192,"height":9}},{"id":"a4af0db0-8463-4ead-8f14-a260d0765984","block_type":"box","text":"General Policies.","page_number":80,"box":{"x":76,"y":46,"width":103,"height":9}},{"id":"efe4f1fc-e39e-41f1-b61d-cc9da7b8bcdb","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":80,"box":{"x":185,"y":46,"width":782,"height":11}},{"id":"641c5b62-5ec3-40ea-9869-305661e0e50e","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":80,"box":{"x":77,"y":61,"width":887,"height":10}},{"id":"bb1ddd22-0d53-4fc9-90bf-42f890500954","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":80,"box":{"x":76,"y":75,"width":904,"height":11}},{"id":"874c8ddd-c370-4d27-9ca5-4db73b070ed8","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":80,"box":{"x":76,"y":89,"width":893,"height":11}},{"id":"35f89154-af79-4b28-9ad0-8a76b07f353a","block_type":"box","text":"or realized gains.","page_number":80,"box":{"x":76,"y":103,"width":107,"height":11}},{"id":"e188b5c3-7c96-44cc-a203-a99da294b8db","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":80,"box":{"x":77,"y":126,"width":885,"height":11}},{"id":"e59fc321-21a6-4c30-b2a5-bac4049a0b78","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":80,"box":{"x":76,"y":140,"width":856,"height":11}},{"id":"2a70f38d-10c4-4954-858e-e181464298b0","block_type":"box","text":"received from the Funds.","page_number":80,"box":{"x":77,"y":155,"width":157,"height":8}},{"id":"729f30ba-bf8a-437f-8921-650a9857afb4","block_type":"box","text":"Dividend Reinvestment Service.","page_number":80,"box":{"x":76,"y":178,"width":197,"height":8}},{"id":"cb0a05b4-096e-4797-9b70-ab23014d57d0","block_type":"box","text":"No dividend reinvestment service is provided by the Trust. Broker-dealers may make the DTC book-entry","page_number":80,"box":{"x":280,"y":178,"width":667,"height":11}},{"id":"f113527d-a5db-4246-b9c0-63d9fcd259bb","block_type":"box","text":"Dividend Reinvestment Program available to beneficial owners of Fund shares for the reinvestment of distributions. Beneficial owners should","page_number":80,"box":{"x":77,"y":192,"width":899,"height":11}},{"id":"b51b9aa6-e3b9-4e99-b855-f8d078013a99","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":80,"box":{"x":76,"y":206,"width":869,"height":11}},{"id":"cba6d7c1-7012-4518-9077-8962d2b77e3b","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":80,"box":{"x":76,"y":220,"width":895,"height":11}},{"id":"9dc06d05-8148-419d-b159-bbeb37408677","block_type":"box","text":"be automatically reinvested in additional whole Fund shares purchased in the secondary market.","page_number":80,"box":{"x":76,"y":235,"width":617,"height":10}},{"id":"b237d9a2-4553-4cd2-afec-1e3775f5cff4","block_type":"box","text":"Note on Tax Information.","page_number":80,"box":{"x":76,"y":258,"width":167,"height":8}},{"id":"edc4e40f-971e-4024-9125-f9295b274508","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":80,"box":{"x":249,"y":258,"width":723,"height":11}},{"id":"cb8ca87d-db36-4054-93a1-22c3d0192139","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":80,"box":{"x":76,"y":272,"width":905,"height":11}},{"id":"11166397-5ae1-4ef3-916a-f9c2f6e7531b","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":80,"box":{"x":76,"y":286,"width":893,"height":11}},{"id":"33f0461f-727a-4ba6-9a5b-e7030a25cc37","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":80,"box":{"x":76,"y":300,"width":893,"height":11}},{"id":"f0da9a1f-9ad7-4c26-920b-a7e18ea4e57e","block_type":"box","text":"laws.","page_number":80,"box":{"x":76,"y":315,"width":30,"height":8}},{"id":"d3b53eac-cb4a-48ce-a7d2-219514be5ec1","block_type":"box","text":"Taxes","page_number":80,"box":{"x":76,"y":338,"width":38,"height":8}},{"id":"dc7a5de8-2475-4233-9d02-97fdc362987b","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":80,"box":{"x":76,"y":361,"width":874,"height":11}},{"id":"f09742a2-e213-4112-82aa-50e546b0176e","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":80,"box":{"x":76,"y":375,"width":877,"height":11}},{"id":"bce2e735-e555-4e3b-a68c-a9c9c92a13e4","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":80,"box":{"x":76,"y":389,"width":895,"height":11}},{"id":"dc268136-3f87-4c87-8f19-6a08390ebb9a","block_type":"box","text":"is no guarantee that shares of a Fund will receive certain regulatory or accounting treatment.","page_number":80,"box":{"x":76,"y":403,"width":594,"height":11}},{"id":"fc55c7cf-d600-4608-b954-4b4764a6b7bb","block_type":"box","text":"Taxes on Fund Distributions","page_number":80,"box":{"x":76,"y":427,"width":194,"height":8}},{"id":"5d80f1cb-0160-48aa-afe9-c25b6374ca89","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":80,"box":{"x":76,"y":450,"width":863,"height":11}},{"id":"e4cbef9a-58dc-47cb-aeb0-f4e8d8b32fcc","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":80,"box":{"x":76,"y":464,"width":873,"height":11}},{"id":"baf76d7e-242f-4d26-99e5-d8db7ffe25dd","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":80,"box":{"x":76,"y":478,"width":713,"height":11}},{"id":"98362e9a-8aed-48c5-935a-8d3d3f1caf88","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":80,"box":{"x":77,"y":501,"width":902,"height":11}},{"id":"737c9e71-4342-4406-bcd5-99df4d380b25","block_type":"box","text":"may be treated as paid on December 31 of the prior year.","page_number":80,"box":{"x":76,"y":516,"width":365,"height":10}},{"id":"3a4cbd7f-c06c-4d6a-b79c-6aaaa606c847","block_type":"box","text":"Capital Gains.","page_number":80,"box":{"x":76,"y":539,"width":86,"height":10}},{"id":"de56b639-7d54-4522-8fc7-d8fe2fa8ff5f","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":80,"box":{"x":169,"y":539,"width":785,"height":11}},{"id":"6dbe8392-088a-40a1-bdf8-3e185e8b124d","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":80,"box":{"x":76,"y":553,"width":857,"height":11}},{"id":"4637af02-47f9-4d51-8434-4bffbd7f8d25","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":80,"box":{"x":76,"y":567,"width":878,"height":11}},{"id":"336f4447-709b-41d1-88c8-aaffc528f68d","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":80,"box":{"x":77,"y":581,"width":871,"height":11}},{"id":"e3f42b32-3510-43a2-9035-273a1ca8d79b","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":80,"box":{"x":76,"y":596,"width":892,"height":10}},{"id":"d419fae4-61a3-43ac-9c25-775eeff6216b","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":80,"box":{"x":76,"y":610,"width":878,"height":11}},{"id":"d4f20900-fbc6-4407-b364-08759b88da94","block_type":"box","text":"REITs, if any.","page_number":80,"box":{"x":77,"y":624,"width":79,"height":11}},{"id":"423fd5ca-be4c-42f2-a23d-04dc25356291","block_type":"box","text":"Return of Capital.","page_number":80,"box":{"x":76,"y":647,"width":108,"height":11}},{"id":"4210f832-2785-4901-b9f5-053d3881e602","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":80,"box":{"x":191,"y":647,"width":775,"height":11}},{"id":"b9e87262-e306-47cd-afc9-493084ddb0e5","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":80,"box":{"x":76,"y":661,"width":904,"height":11}},{"id":"c0ca03a7-e7ed-463f-a651-0c1bf8ee2cbf","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":80,"box":{"x":76,"y":675,"width":888,"height":11}},{"id":"717051dc-16bc-4f69-929d-3c80137a0035","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":80,"box":{"x":76,"y":690,"width":843,"height":10}},{"id":"d1619f8d-f24c-4925-b279-26dac3ca3bba","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":80,"box":{"x":76,"y":704,"width":874,"height":11}},{"id":"60d3465c-58fc-4c90-9e8d-95be941d5923","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":80,"box":{"x":76,"y":718,"width":803,"height":11}},{"id":"9fd69016-fdbb-4452-bfdb-60f3f633ddc7","block_type":"box","text":"Qualified Dividend Income.","page_number":80,"box":{"x":76,"y":741,"width":167,"height":9}},{"id":"c1169ce4-764d-40cf-9c0e-34ce1570bcb2","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":80,"box":{"x":249,"y":741,"width":702,"height":11}},{"id":"346bb87a-e356-49e6-969e-f701402af98f","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":80,"box":{"x":76,"y":755,"width":848,"height":11}},{"id":"b0fbc6f7-07a4-4565-bb2e-b9c20115ebb7","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":80,"box":{"x":76,"y":770,"width":846,"height":10}},{"id":"85168682-ab3b-4e56-85be-54245553cfe0","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":80,"box":{"x":76,"y":784,"width":872,"height":11}},{"id":"c80f12e9-b65d-41e5-84bc-0d43251dba5a","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":80,"box":{"x":76,"y":798,"width":892,"height":11}},{"id":"b18b76b1-a8f6-4c64-953a-03424f09883c","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":80,"box":{"x":76,"y":812,"width":886,"height":11}},{"id":"23d9a0f1-d245-4717-891c-ea75d51cebb8","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":80,"box":{"x":76,"y":826,"width":854,"height":11}},{"id":"18c091fe-a3d9-4242-beb1-8157dceda0a3","block_type":"box","text":"company.","page_number":80,"box":{"x":76,"y":843,"width":60,"height":8}},{"id":"35ba7e0e-4d63-4d7f-93a1-8f7ab5fc2a41","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":80,"box":{"x":77,"y":864,"width":904,"height":10}},{"id":"6ba822c2-a674-4f05-bf27-4d4a1cca6c39","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":80,"box":{"x":76,"y":878,"width":901,"height":11}},{"id":"25ca9c8a-6a20-40aa-8960-a82c6f3ffda3","block_type":"box","text":"26","page_number":80,"box":{"x":522,"y":921,"width":14,"height":8}},{"id":"c0fce942-bc25-4d85-b92a-3064151724ab","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":81,"box":{"x":76,"y":23,"width":865,"height":11}},{"id":"29578962-016e-4475-bcfa-e4fdbeb2a271","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":81,"box":{"x":76,"y":37,"width":895,"height":11}},{"id":"cc41e632-ab54-43e8-9bc7-66985f70936b","block_type":"box","text":"from ordinary REIT dividends, reduced by allocable Fund expenses.","page_number":81,"box":{"x":76,"y":51,"width":428,"height":11}},{"id":"a7bcaac0-5fc0-48f5-9126-a047673fbfce","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":81,"box":{"x":77,"y":75,"width":891,"height":11}},{"id":"11f1f934-ebcb-46ec-a6f8-871c6aa1dc1c","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":81,"box":{"x":77,"y":89,"width":861,"height":11}},{"id":"3a9ec4a6-d53f-46e6-a524-a249baf3716e","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":81,"box":{"x":76,"y":103,"width":883,"height":11}},{"id":"a1eb3daf-11fe-4d86-8d24-eb2f00336d6c","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":81,"box":{"x":76,"y":117,"width":682,"height":11}},{"id":"8680513c-21d7-42ae-abef-5f432d5317b6","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":81,"box":{"x":77,"y":140,"width":872,"height":11}},{"id":"bcfaae9f-962d-40c5-a7c4-0948ec787848","block_type":"box","text":"Fund shareholders that are corporations, subject to certain hedging and holding requirements.","page_number":81,"box":{"x":77,"y":155,"width":603,"height":10}},{"id":"3e8bea2b-eae0-46f6-8b3a-812032cfe251","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":81,"box":{"x":76,"y":178,"width":876,"height":11}},{"id":"511191b5-6ef6-40c0-8e21-bc30675507aa","block_type":"box","text":"Medicare Tax.","page_number":81,"box":{"x":76,"y":201,"width":85,"height":9}},{"id":"efd4db4d-d30a-4ee7-a2cd-8f182355e8b0","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":81,"box":{"x":167,"y":201,"width":791,"height":11}},{"id":"d013157f-4a25-4b56-9af0-d4330266f2cf","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":81,"box":{"x":76,"y":214,"width":876,"height":12}},{"id":"424a9cde-041b-41df-8e11-4d9226db87aa","block_type":"box","text":"trusts.","page_number":81,"box":{"x":76,"y":230,"width":40,"height":8}},{"id":"55b9e93a-b80c-46b4-9116-d83e10d9c779","block_type":"box","text":"Alternative Minimum Tax.","page_number":81,"box":{"x":75,"y":253,"width":157,"height":8}},{"id":"b882e198-a011-4352-b7bc-d7d2de9d2241","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":81,"box":{"x":238,"y":253,"width":738,"height":10}},{"id":"9968f80b-f8e2-471e-97b5-b92da5222c58","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":81,"box":{"x":76,"y":267,"width":833,"height":11}},{"id":"8076bbf2-3a7c-45e6-98f3-42f8df784f5e","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":81,"box":{"x":76,"y":281,"width":877,"height":11}},{"id":"3b9f1514-2a82-41a5-a94a-332c173b2ace","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":81,"box":{"x":77,"y":295,"width":903,"height":11}},{"id":"82517d9e-ffcf-4cb7-90e1-8f725bcc4364","block_type":"box","text":"liability and the regular income tax liability.","page_number":81,"box":{"x":77,"y":309,"width":271,"height":11}},{"id":"f3c8079a-785a-4eaf-b373-0b734b6663c4","block_type":"box","text":"Original Issue Discount and Inflation-Related Adjustments","page_number":81,"box":{"x":76,"y":332,"width":406,"height":11}},{"id":"9311c9cb-4a61-4d30-ac05-f211e6948924","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":81,"box":{"x":76,"y":356,"width":892,"height":11}},{"id":"e3205ef6-040e-47f7-9238-240f41560cca","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":81,"box":{"x":76,"y":370,"width":874,"height":11}},{"id":"8d01c004-66b2-4664-bc38-70d1efadc471","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":81,"box":{"x":76,"y":384,"width":864,"height":11}},{"id":"8efe6312-febb-48a9-aad8-dbf67793522c","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":81,"box":{"x":76,"y":398,"width":895,"height":11}},{"id":"d614c779-488a-43d9-98be-57c3ef56b357","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":81,"box":{"x":77,"y":412,"width":896,"height":11}},{"id":"f7268d9f-00bf-4ab8-9692-53368ab08bf9","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":81,"box":{"x":76,"y":427,"width":905,"height":10}},{"id":"8f88cae5-fac5-43b7-a03b-d17194ba58db","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":81,"box":{"x":76,"y":441,"width":707,"height":11}},{"id":"60e6b62f-a84e-4cec-a5f9-d4179c9679a4","block_type":"box","text":"Market Discount Bonds","page_number":81,"box":{"x":77,"y":464,"width":162,"height":9}},{"id":"48bab8e2-de28-4738-9c71-bf30ef1f60b5","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":81,"box":{"x":76,"y":487,"width":898,"height":11}},{"id":"b5759cd1-873e-493c-9a13-ea818f768ffe","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":81,"box":{"x":76,"y":501,"width":903,"height":11}},{"id":"e82590d7-b4d0-42b7-9dfa-db86c28a142e","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":81,"box":{"x":76,"y":516,"width":898,"height":10}},{"id":"0512f498-c2f2-4fd3-b9bf-6b8f9fdf4f94","block_type":"box","text":"treated as ordinary income rather than capital gains to the extent of the accrued market discount.","page_number":81,"box":{"x":76,"y":530,"width":626,"height":11}},{"id":"ee082f6e-1483-4f4d-b7c2-de94c014d8bd","block_type":"box","text":"Derivatives and Other Complex Instruments","page_number":81,"box":{"x":77,"y":553,"width":307,"height":11}},{"id":"d6fa010d-1bfa-482f-8e75-d6e7f1265999","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":81,"box":{"x":76,"y":576,"width":874,"height":11}},{"id":"376a4b1f-8530-4402-8c71-f32d41398f70","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":81,"box":{"x":76,"y":590,"width":860,"height":11}},{"id":"94769654-f708-4336-9768-dfc0809dfe3e","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":81,"box":{"x":77,"y":605,"width":852,"height":10}},{"id":"4b410bdf-e12e-4320-ada5-3929f65de14a","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":81,"box":{"x":76,"y":619,"width":863,"height":11}},{"id":"230a5bff-a2c4-4485-8cce-8287b8ab36d3","block_type":"box","text":"Non-U.S. Income Taxes","page_number":81,"box":{"x":77,"y":642,"width":158,"height":8}},{"id":"47a943e2-60c6-41ab-8c6d-fae397d570db","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":81,"box":{"x":77,"y":665,"width":837,"height":11}},{"id":"0ad794f8-501a-41ec-87ec-0cb4cacd794b","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":81,"box":{"x":76,"y":679,"width":863,"height":11}},{"id":"b291a8d0-8480-4320-b88a-bb724b9ac3ec","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":81,"box":{"x":77,"y":693,"width":865,"height":11}},{"id":"bb81a347-f939-46c7-8494-ac15e4442c0b","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":81,"box":{"x":77,"y":708,"width":875,"height":11}},{"id":"f082a433-63cc-45f6-9af6-91d0cd8fffd5","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":81,"box":{"x":77,"y":722,"width":895,"height":11}},{"id":"8fb8ef97-cea3-4f97-b4b8-658632349ca4","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":81,"box":{"x":76,"y":736,"width":888,"height":11}},{"id":"b8c7f3a0-a64d-443f-b689-8ffc3122b7fa","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":81,"box":{"x":76,"y":750,"width":875,"height":11}},{"id":"df5cea86-4ab1-4cd2-9909-7ee18b8e564c","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":81,"box":{"x":76,"y":764,"width":896,"height":11}},{"id":"87e4ce2f-01f2-4494-8de9-3519c561b9c0","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":81,"box":{"x":76,"y":779,"width":635,"height":10}},{"id":"382d3e15-66d6-4b8c-984e-66eba92d59ea","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":81,"box":{"x":77,"y":802,"width":896,"height":11}},{"id":"a7ac6326-306a-4b27-8e94-d80e171029b7","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":81,"box":{"x":76,"y":816,"width":903,"height":11}},{"id":"a5a39ad7-fcb9-4194-a9e4-ee940f29e161","block_type":"box","text":"could be reduced.","page_number":81,"box":{"x":76,"y":830,"width":114,"height":9}},{"id":"844588f2-1f23-4c05-b89f-466b373fd881","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":81,"box":{"x":77,"y":853,"width":853,"height":11}},{"id":"3b7e11ff-fe9d-4842-bd5b-63519df51318","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":81,"box":{"x":76,"y":868,"width":900,"height":10}},{"id":"472bc0ab-232a-459e-89f7-a36fd1c10b18","block_type":"box","text":"27","page_number":81,"box":{"x":522,"y":921,"width":14,"height":8}},{"id":"0c213dcb-8908-45bd-82bc-a86b1d7d62c3","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":82,"box":{"x":76,"y":23,"width":876,"height":11}},{"id":"03091975-dbd6-4b37-b841-56ec2d42c197","block_type":"box","text":"paid by the Fund or, if its assets meet these requirements, the Underlying Fund.","page_number":82,"box":{"x":76,"y":37,"width":509,"height":11}},{"id":"9c444f1a-b99e-4f4d-b475-c5f2f237c1bd","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":82,"box":{"x":77,"y":61,"width":879,"height":10}},{"id":"387958ac-cb39-49ed-b985-880521429953","block_type":"box","text":"income, limiting the availability of such credits for U.S. persons.","page_number":82,"box":{"x":76,"y":75,"width":407,"height":11}},{"id":"ba2cb947-b053-4baf-9612-933d119041ae","block_type":"box","text":"Non-U.S. Shareholders","page_number":82,"box":{"x":77,"y":98,"width":156,"height":8}},{"id":"3bdedea9-d0b6-43fd-ae51-3248636f9e1d","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":82,"box":{"x":77,"y":121,"width":888,"height":11}},{"id":"7d689c8f-5972-4978-ab06-4bbd179f02ef","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":82,"box":{"x":77,"y":135,"width":904,"height":11}},{"id":"388a2321-c93c-4999-9ed4-9a032109b635","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":82,"box":{"x":77,"y":149,"width":868,"height":11}},{"id":"cbdb5dfc-c808-4026-ac74-b990ecf8e445","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":82,"box":{"x":76,"y":164,"width":903,"height":10}},{"id":"6b006fe2-9608-4d9e-a2ca-8540b5fccb4b","block_type":"box","text":"dividends, interest-related dividends or short-term capital gain dividends.","page_number":82,"box":{"x":76,"y":178,"width":468,"height":11}},{"id":"e6ca4ad1-9d23-49ed-845f-a6274ce4b933","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":82,"box":{"x":76,"y":201,"width":896,"height":11}},{"id":"17bd1e27-bab2-4ccb-ab13-49e8644a1bf8","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":82,"box":{"x":76,"y":215,"width":894,"height":11}},{"id":"ee9694d6-6f07-4ea6-a2e2-15badebb916f","block_type":"box","text":"U.S.-owned foreign investment accounts.","page_number":82,"box":{"x":77,"y":229,"width":262,"height":11}},{"id":"a8c49e68-0b5d-4d4f-aed0-a71215c6371b","block_type":"box","text":"Real Property Interests","page_number":82,"box":{"x":77,"y":253,"width":161,"height":10}},{"id":"a6fa1765-a9eb-46c0-96ae-d2f6f8725c0c","block_type":"box","text":"If at least 50% of a Fund’s assets consist of U.S. real property interests, including certain REITs and U.S. real property holding corporations","page_number":82,"box":{"x":77,"y":275,"width":886,"height":10}},{"id":"69f8dbab-cf1b-46a1-9327-3d342ec068f5","block_type":"box","text":"(as defined in the Internal Revenue Code and Treasury regulations), special rules may apply to a foreign shareholder receiving a Fund","page_number":82,"box":{"x":77,"y":289,"width":847,"height":11}},{"id":"21855dd8-a6ab-4d55-bdb6-bc3c684aa75d","block_type":"box","text":"distribution. Distributions that are attributable to gains from the disposition of a U.S. real property interest will be taxable as ordinary","page_number":82,"box":{"x":76,"y":303,"width":851,"height":11}},{"id":"1dda435d-162f-4403-ab34-6dc691ad2948","block_type":"box","text":"dividends and subject to withholding at a 30% or lower treaty rate if the foreign shareholder held no more than 5% of the Fund’s shares at any","page_number":82,"box":{"x":76,"y":317,"width":904,"height":11}},{"id":"55905c03-da6e-42a9-bc14-159c6a1834ab","block_type":"box","text":"time during the one-year period ending on the date of the distribution. If the foreign shareholder held more than 5% of the Fund’s shares, the","page_number":82,"box":{"x":76,"y":331,"width":898,"height":11}},{"id":"40e23439-e5ec-475c-ab27-3418a3a3d032","block_type":"box","text":"distribution will be treated as income effectively connected with a trade or business within the U.S. As a result, the foreign shareholder will","page_number":82,"box":{"x":76,"y":345,"width":887,"height":11}},{"id":"703256c7-3e0e-4035-beb7-4cdd54c475d0","block_type":"box","text":"be subject to withholding tax at a rate of 21% and generally will be required to file a U.S. federal income tax return.","page_number":82,"box":{"x":76,"y":360,"width":731,"height":10}},{"id":"338e6e44-9991-4760-ac6e-b9aacbc6ab4c","block_type":"box","text":"Similar consequences generally will apply to a foreign shareholder’s gain on the sale of shares of a Fund with at least 50% of its assets in U.S.","page_number":82,"box":{"x":76,"y":382,"width":904,"height":10}},{"id":"2fc9e6e5-9b1c-4c52-b614-2920f48fcbc8","block_type":"box","text":"real property interests, unless (i) the Fund is domestically controlled (meaning that more than 50% of the value of the Fund’s shares is held","page_number":82,"box":{"x":77,"y":396,"width":886,"height":11}},{"id":"1d3bced8-9780-464c-add5-00d9b988ea3b","block_type":"box","text":"directly or indirectly by U.S. shareholders) or (ii) the foreign shareholder owns no more than 5% of the Fund’s shares at any time during the","page_number":82,"box":{"x":76,"y":410,"width":887,"height":11}},{"id":"e249b2dd-d355-44e2-90df-9e10e6fb4db8","block_type":"box","text":"five-year period ending on the date of the sale.","page_number":82,"box":{"x":76,"y":424,"width":297,"height":11}},{"id":"1f7f1308-b752-4ab0-8091-fbbe9929e19e","block_type":"box","text":"Shareholders that are nonresident aliens or foreign entities are urged to consult their own tax advisor about the potential tax consequences","page_number":82,"box":{"x":76,"y":446,"width":894,"height":11}},{"id":"89411455-4e18-41db-8a75-565a8c069eb8","block_type":"box","text":"to them of an investment in a Fund whose assets include U.S. real property interests.","page_number":82,"box":{"x":76,"y":460,"width":544,"height":11}},{"id":"d4c44f61-b554-42be-8ca5-4e05f3b6fb4d","block_type":"box","text":"Backup Withholding","page_number":82,"box":{"x":77,"y":483,"width":139,"height":11}},{"id":"9997e46e-0c4e-41cd-b97c-fbccea39449b","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":82,"box":{"x":77,"y":507,"width":890,"height":10}},{"id":"40f160c9-d9a1-4a15-a5de-ed140ccd906c","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":82,"box":{"x":76,"y":521,"width":789,"height":11}},{"id":"38b81a79-db31-4353-a92e-18d46ff8e4b8","block_type":"box","text":"Securities Lending","page_number":82,"box":{"x":76,"y":544,"width":129,"height":11}},{"id":"eb6d2f4f-9a6a-4ba1-b127-595f99151a62","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":82,"box":{"x":77,"y":567,"width":901,"height":11}},{"id":"6c179c02-fb92-4626-b288-7deb1b9ba8e7","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":82,"box":{"x":76,"y":581,"width":892,"height":11}},{"id":"39d71ad1-9437-4266-a35a-9e9c1505fded","block_type":"box","text":"through by the Fund.","page_number":82,"box":{"x":76,"y":596,"width":132,"height":10}},{"id":"9d25d50f-5a3f-40d9-ba65-f835bbf62887","block_type":"box","text":"Fund of Funds","page_number":82,"box":{"x":77,"y":619,"width":98,"height":8}},{"id":"9d9c7178-d487-42ea-86cd-1d16d771ac73","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":82,"box":{"x":77,"y":642,"width":844,"height":11}},{"id":"ae7acf6b-bbcd-4144-9eca-fabda2addc8b","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":82,"box":{"x":76,"y":656,"width":870,"height":11}},{"id":"dddf243e-76aa-44ff-b4c4-2be8d01120a4","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":82,"box":{"x":77,"y":670,"width":864,"height":11}},{"id":"ad4faceb-5a10-46e8-ac0a-11eb9ea7d338","block_type":"box","text":"Capital loss carryforwards of the Underlying Fund, if any, will not offset net capital gains of the Fund.","page_number":82,"box":{"x":76,"y":684,"width":643,"height":11}},{"id":"a5b45ec6-e327-407c-b0a4-db62fc235787","block_type":"box","text":"Taxes on the Sale of Exchange-Listed Fund Shares","page_number":82,"box":{"x":76,"y":708,"width":350,"height":10}},{"id":"184f1968-1b2e-4aea-88da-30748556ce7e","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":82,"box":{"x":76,"y":731,"width":876,"height":11}},{"id":"017c9257-8041-4319-b1a4-0b14ecf7683b","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":82,"box":{"x":77,"y":745,"width":896,"height":11}},{"id":"42206c81-1d13-4dd7-b5ac-1f5df8ce1c81","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":82,"box":{"x":76,"y":759,"width":870,"height":11}},{"id":"773d0f8d-2316-4af7-9943-9962d4eed8c4","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":82,"box":{"x":77,"y":773,"width":892,"height":11}},{"id":"5a6bf9ff-418a-482e-922f-07cd7aec2079","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":82,"box":{"x":76,"y":788,"width":892,"height":10}},{"id":"efa03ec2-e100-4496-b2f1-406ebd8d6599","block_type":"box","text":"contribution tax mentioned above.","page_number":82,"box":{"x":76,"y":802,"width":219,"height":8}},{"id":"76890bcf-badb-4238-9525-faf634d579eb","block_type":"box","text":"Creations and Redemptions","page_number":82,"box":{"x":76,"y":825,"width":193,"height":11}},{"id":"d790ea31-c972-4df1-a38c-3c3b8bcdf57c","block_type":"box","text":"Prior to being traded in the secondary market, Fund shares are “created” at NAV by Authorized Participants (","page_number":82,"box":{"x":77,"y":848,"width":693,"height":11}},{"id":"35ded820-094b-4f25-a095-b23620e2e0ec","block_type":"box","text":"i.e.","page_number":82,"box":{"x":771,"y":848,"width":17,"height":9}},{"id":"65d6dc7f-4baa-4758-a5da-4a60a931031a","block_type":"box","text":", market makers, large","page_number":82,"box":{"x":790,"y":848,"width":143,"height":11}},{"id":"09111ee6-285f-4fc3-8362-712ada9bbb72","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":82,"box":{"x":76,"y":862,"width":866,"height":11}},{"id":"2d14bea3-6c7a-4e31-96e6-6c4e67c8a363","block_type":"box","text":"Creation Units, and only Authorized Participants may create or redeem Creation Units with the Funds.","page_number":82,"box":{"x":76,"y":877,"width":650,"height":10}},{"id":"25a0b03a-85df-4039-8077-82a80bb20a43","block_type":"box","text":"28","page_number":82,"box":{"x":522,"y":921,"width":14,"height":8}},{"id":"4b4c74a3-d7bf-4c36-b57d-c86155663073","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":83,"box":{"x":77,"y":23,"width":832,"height":11}},{"id":"96a3bf6f-dfc7-44dc-9fc0-b6d722ad9e50","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":83,"box":{"x":76,"y":37,"width":891,"height":11}},{"id":"cd1e80d0-5645-4927-8489-7575725311cd","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":83,"box":{"x":76,"y":51,"width":874,"height":11}},{"id":"1f5c0bf6-f349-411d-81cb-7694c0499e26","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":83,"box":{"x":76,"y":66,"width":904,"height":11}},{"id":"d34aea13-3630-4954-ae5a-1c6fc2c32666","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":83,"box":{"x":76,"y":89,"width":875,"height":11}},{"id":"a8db9c1c-799b-473a-9089-0ffb5c419086","block_type":"box","text":"cash.","page_number":83,"box":{"x":76,"y":103,"width":33,"height":9}},{"id":"cb72bfd6-5f8d-4485-a09f-9271b5b22591","block_type":"box","text":"In-Kind","page_number":83,"box":{"x":76,"y":126,"width":45,"height":9}},{"id":"7e1363a2-6306-444b-8594-862f0b2a4f8f","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":83,"box":{"x":122,"y":126,"width":860,"height":11}},{"id":"ffa4a5a2-45d1-4d39-b585-15f135fcbc38","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":83,"box":{"x":76,"y":140,"width":898,"height":11}},{"id":"6dd28850-58d6-493e-9ec8-e7b3ac696fc4","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":83,"box":{"x":77,"y":155,"width":851,"height":10}},{"id":"8d902203-15a3-46a2-8f2a-f89c59072eee","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":83,"box":{"x":76,"y":169,"width":686,"height":11}},{"id":"fe63e4f8-bc6b-4676-bf23-e0efaedb7864","block_type":"box","text":"Partial Cash","page_number":83,"box":{"x":76,"y":192,"width":74,"height":9}},{"id":"e4a2264b-289a-418b-ad1d-ef8df50c23c6","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":83,"box":{"x":152,"y":192,"width":806,"height":11}},{"id":"0d658985-3904-4d61-814f-85d7ef100415","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":83,"box":{"x":76,"y":206,"width":870,"height":11}},{"id":"55398566-322a-4dd7-8951-230f0697a263","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":83,"box":{"x":77,"y":220,"width":870,"height":11}},{"id":"20b23459-6be5-49b4-a019-0aca0075a064","block_type":"box","text":"replaces a security or other asset in the redemption basket.","page_number":83,"box":{"x":77,"y":235,"width":380,"height":10}},{"id":"ddbbd91d-4a71-495d-bc27-e6466235adfc","block_type":"box","text":"All Cash","page_number":83,"box":{"x":75,"y":258,"width":51,"height":8}},{"id":"24b25c26-82f5-427f-af7e-1d70be9d3870","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":83,"box":{"x":128,"y":258,"width":833,"height":11}},{"id":"04834e79-7899-421b-8f3c-ecc97ac4836b","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":83,"box":{"x":76,"y":272,"width":869,"height":11}},{"id":"90de4dcf-e033-4790-8cd8-2f5ff194cff9","block_type":"box","text":"specified amount of cash.","page_number":83,"box":{"x":76,"y":286,"width":164,"height":11}},{"id":"75bef02b-4918-40b7-99cb-a4e9dc75e4b9","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":83,"box":{"x":76,"y":309,"width":845,"height":11}},{"id":"1da1f2ee-fca5-4089-a7dc-6735865a5dfc","block_type":"box","text":"information about custom baskets is provided in the Funds’ SAI.","page_number":83,"box":{"x":76,"y":323,"width":408,"height":11}},{"id":"e4dfaf6d-98cf-4754-b2ec-7216f80eb03c","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":83,"box":{"x":77,"y":347,"width":855,"height":11}},{"id":"0942f2dd-4383-4c52-be4e-7f0e8731e1ca","block_type":"box","text":"circumstances, however, a Fund may use another transaction method (","page_number":83,"box":{"x":76,"y":361,"width":455,"height":11}},{"id":"f3365a9d-d3c9-4183-b6a6-1781c308108e","block_type":"box","text":"e.g.","page_number":83,"box":{"x":532,"y":363,"width":21,"height":9}},{"id":"ab8396f4-d3b5-414c-bba3-23fa3998eae7","block_type":"box","text":", an in-kind Fund may transact partially or fully in cash).","page_number":83,"box":{"x":555,"y":361,"width":354,"height":11}},{"id":"a4efaf40-d755-4089-97eb-9296350a541e","block_type":"box","text":"Fund","page_number":83,"box":{"x":87,"y":392,"width":33,"height":9}},{"id":"4a75399f-51c9-4122-b156-62817f0a67cd","block_type":"box","text":"In-Kind Partial Cash All Cash","page_number":83,"box":{"x":621,"y":392,"width":296,"height":9}},{"id":"de08a98d-5958-4638-99ab-fd41cae6768e","block_type":"box","text":"iShares Core High Dividend ETF","page_number":83,"box":{"x":87,"y":410,"width":201,"height":11}},{"id":"57fd22fd-3380-4ff7-942f-61ed38705572","block_type":"box","text":"iShares Environmentally Aware Real Estate ETF","page_number":83,"box":{"x":87,"y":428,"width":300,"height":11}},{"id":"d3cd1412-4835-4c63-82a0-e5aefa59ae93","block_type":"box","text":"iShares Global Clean Energy ETF","page_number":83,"box":{"x":87,"y":446,"width":206,"height":11}},{"id":"3105d714-9d35-444d-be19-3b4f18680232","block_type":"box","text":"iShares Global REIT ETF","page_number":83,"box":{"x":87,"y":464,"width":151,"height":9}},{"id":"402f6423-c734-4da9-9909-80aea7fae2c4","block_type":"box","text":"iShares International Developed Real Estate ETF","page_number":83,"box":{"x":87,"y":482,"width":307,"height":11}},{"id":"75abcd55-57f4-4e47-9394-236777bdae05","block_type":"box","text":"iShares International Select Dividend ETF","page_number":83,"box":{"x":87,"y":500,"width":263,"height":9}},{"id":"d778ab28-a655-40ce-8d5a-09dd67a915d6","block_type":"box","text":"iShares Select Dividend ETF","page_number":83,"box":{"x":87,"y":519,"width":178,"height":8}},{"id":"58b60a90-bf4a-4b31-8da1-96e9fc40bd19","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":83,"box":{"x":76,"y":548,"width":897,"height":11}},{"id":"2089eeb6-f249-4bbc-a5f4-b2ee9ce4b272","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":83,"box":{"x":76,"y":563,"width":905,"height":10}},{"id":"07a8fe97-a8da-4081-b21d-c791aaf4087a","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":83,"box":{"x":76,"y":577,"width":849,"height":11}},{"id":"0ce87674-b10d-46e3-8fd9-74cf3929850d","block_type":"box","text":"instructions or may not be executed at all.","page_number":83,"box":{"x":76,"y":591,"width":269,"height":11}},{"id":"4b891a4a-8905-4aa7-a1eb-fb4fcd63a183","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":83,"box":{"x":76,"y":614,"width":854,"height":11}},{"id":"0375024b-1e7e-437f-972a-8ff7337e1b8b","block_type":"box","text":"redemption orders) is included in the Funds’ SAI.","page_number":83,"box":{"x":77,"y":628,"width":310,"height":11}},{"id":"9f8aca5d-90eb-4607-84ee-ab5349a31db8","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":83,"box":{"x":76,"y":652,"width":848,"height":10}},{"id":"011a2575-de7c-4d8e-a8ba-e724516342ca","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":83,"box":{"x":76,"y":666,"width":876,"height":11}},{"id":"e14a93e8-2551-4a40-908a-e565ef3d692c","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":83,"box":{"x":76,"y":680,"width":894,"height":11}},{"id":"80ce3fc5-e582-4c84-a1d9-918b38c93201","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":83,"box":{"x":76,"y":694,"width":898,"height":11}},{"id":"774bccdf-bfb0-454c-a6e1-dbf52cd0d5db","block_type":"box","text":"taken certain measures (","page_number":83,"box":{"x":76,"y":708,"width":158,"height":11}},{"id":"f0d96961-1e05-4961-889e-18cb1c560593","block_type":"box","text":"e.g.","page_number":83,"box":{"x":235,"y":711,"width":21,"height":8}},{"id":"aa287cb9-73d8-480c-9d11-79bfd5eeef63","block_type":"box","text":", imposing transaction fees on purchases and redemptions of Creation Units and reserving the right to reject","page_number":83,"box":{"x":259,"y":708,"width":694,"height":11}},{"id":"1049a233-cc8d-47c1-85b0-cae5b5b45f13","block_type":"box","text":"purchases of Creation Units under certain circumstances) to minimize the potential consequences of frequent cash purchases and","page_number":83,"box":{"x":76,"y":722,"width":835,"height":11}},{"id":"5b1b8bea-d567-4af4-a24d-4bc7f08ecd67","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":83,"box":{"x":77,"y":737,"width":894,"height":11}},{"id":"58dda60f-712c-4b54-a124-97ce57be75cd","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":83,"box":{"x":76,"y":751,"width":900,"height":11}},{"id":"258a2fc3-e9e5-47fd-b339-f07db9c1f1d0","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":83,"box":{"x":77,"y":765,"width":892,"height":11}},{"id":"47dca66a-3197-4093-abea-038377754fab","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":83,"box":{"x":76,"y":788,"width":898,"height":11}},{"id":"15703708-2e7e-4931-80cc-219133ecfecd","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":83,"box":{"x":76,"y":802,"width":896,"height":11}},{"id":"dcfd9141-81a1-4cb3-b947-46f405a738e8","block_type":"box","text":"and any securities used to satisfy redemption requests will be sold in transactions that would be exempt from registration under the","page_number":83,"box":{"x":76,"y":817,"width":844,"height":10}},{"id":"22dab5c2-801d-4b99-a1f8-b5c4ca9d4796","block_type":"box","text":"Securities Act of 1933, as amended (the “1933 Act”). Further, an Authorized Participant that is not a “qualified institutional buyer,” as such","page_number":83,"box":{"x":76,"y":831,"width":885,"height":11}},{"id":"de90c446-4e0e-4696-913f-5c6f864d3142","block_type":"box","text":"term is defined in Rule 144A under the 1933 Act, will not be able to receive restricted securities eligible for resale under Rule 144A.","page_number":83,"box":{"x":76,"y":845,"width":838,"height":11}},{"id":"f18fee75-1c5e-4522-9a97-523399c02e3f","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":83,"box":{"x":77,"y":868,"width":886,"height":11}},{"id":"91ca475f-af88-4738-ac33-a8e2a72050f5","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":83,"box":{"x":77,"y":882,"width":902,"height":11}},{"id":"8c5e408a-4112-4f8f-804b-7e2f462363be","block_type":"box","text":"29","page_number":83,"box":{"x":522,"y":921,"width":14,"height":8}},{"id":"9fe2751d-8806-49bb-87c4-b84c0fa7f4d3","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":84,"box":{"x":76,"y":23,"width":868,"height":11}},{"id":"54bc3922-e6b8-4b00-8240-6cc0291aca9f","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":84,"box":{"x":76,"y":37,"width":901,"height":11}},{"id":"965a1b84-f9ec-4e57-bc2d-ad0bf291964e","block_type":"box","text":"account all the relevant facts and circumstances of each particular case.","page_number":84,"box":{"x":76,"y":51,"width":464,"height":11}},{"id":"d1277041-98f1-4832-9d22-cc93c2529703","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":84,"box":{"x":77,"y":75,"width":868,"height":11}},{"id":"44a9a9e2-7220-445b-a3b0-456fe22a78c7","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":84,"box":{"x":76,"y":89,"width":889,"height":11}},{"id":"9c6633e2-e7a8-419a-b0dc-b0575ed8d6ac","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":84,"box":{"x":78,"y":103,"width":892,"height":11}},{"id":"e34f1993-8a4e-42bb-a4bc-3bf6cb86f4b3","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":84,"box":{"x":76,"y":117,"width":892,"height":11}},{"id":"e0a03206-560c-4a51-be74-57adef8c74dc","block_type":"box","text":"transactions on a national securities exchange.","page_number":84,"box":{"x":76,"y":131,"width":300,"height":11}},{"id":"244a84da-0f45-430f-a782-ea18b20c2b3b","block_type":"box","text":"Householding","page_number":84,"box":{"x":77,"y":155,"width":95,"height":10}},{"id":"a678870e-378c-45d7-b88f-acf2574b6c19","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":84,"box":{"x":77,"y":178,"width":903,"height":11}},{"id":"4c54acb2-1816-4815-bfcd-fbd7ee495a59","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":84,"box":{"x":76,"y":192,"width":880,"height":11}},{"id":"0c9d5088-f468-472c-8928-568e2fc3d3f3","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":84,"box":{"x":76,"y":206,"width":862,"height":11}},{"id":"268b1646-b220-496a-87e7-af8a237cb2ed","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":84,"box":{"x":77,"y":220,"width":855,"height":11}},{"id":"d768cd80-5895-4c94-99d5-ebdee9eb03fa","block_type":"box","text":"change your householding status.","page_number":84,"box":{"x":76,"y":235,"width":214,"height":10}},{"id":"dd15476d-6238-4a31-8738-0c22a76bf95e","block_type":"box","text":"Distribution","page_number":84,"box":{"x":78,"y":263,"width":113,"height":14}},{"id":"1a5a96aa-86d8-46ac-b421-398d57ef8149","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":84,"box":{"x":76,"y":293,"width":859,"height":10}},{"id":"ba631de0-289b-403f-b2c4-71163f3ee13a","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":84,"box":{"x":76,"y":307,"width":857,"height":11}},{"id":"de9f62d5-daaf-4619-84ff-720c4178ddca","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":84,"box":{"x":76,"y":321,"width":824,"height":11}},{"id":"e94091aa-52a0-4b8e-b3ff-60a3680888e5","block_type":"box","text":"BFA or its affiliates make payments to broker-dealers, registered investment advisers, banks or other intermediaries (together,","page_number":84,"box":{"x":77,"y":344,"width":808,"height":11}},{"id":"55e86691-34a1-4186-895c-b999a666020a","block_type":"box","text":"“intermediaries”) related to marketing activities and presentations, educational training programs, conferences, the development of","page_number":84,"box":{"x":76,"y":358,"width":844,"height":11}},{"id":"db992521-5976-40c4-b050-1f1aa4f93c1a","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":84,"box":{"x":76,"y":372,"width":855,"height":11}},{"id":"86122e7a-f2af-45c6-930c-24f84f247fc1","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":84,"box":{"x":76,"y":387,"width":871,"height":11}},{"id":"f76534cc-2e1c-46d8-99f4-9065a8904161","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":84,"box":{"x":77,"y":401,"width":894,"height":11}},{"id":"2d4e19d8-3b2b-4413-94bd-5f2890294bef","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":84,"box":{"x":76,"y":415,"width":867,"height":11}},{"id":"7bb5bf3b-21ee-4570-9e4e-1850973cbffd","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":84,"box":{"x":76,"y":429,"width":905,"height":11}},{"id":"1f04f75a-058f-40fe-8fcd-73ca23fa7cb8","block_type":"box","text":"or other financial incentives the intermediary is eligible to receive. Therefore, such payments or other financial incentives that are offered or","page_number":84,"box":{"x":76,"y":443,"width":896,"height":11}},{"id":"b515db6e-c699-42a7-9851-00e063146d94","block_type":"box","text":"made to an intermediary create conflicts of interest between the intermediary and its customers and may cause the intermediary to","page_number":84,"box":{"x":76,"y":458,"width":844,"height":10}},{"id":"b8924a03-ae46-46da-a870-dc78125efdee","block_type":"box","text":"recommend the Funds over another investment. More information regarding these payments is contained in the applicable SAI.","page_number":84,"box":{"x":77,"y":472,"width":814,"height":11}},{"id":"5dbe1aa1-d16a-4805-835e-39d7302952ab","block_type":"box","text":"Please","page_number":84,"box":{"x":897,"y":472,"width":44,"height":8}},{"id":"6aa63014-1956-4613-b3d1-1a0fa66c2dd6","block_type":"box","text":"contact your salesperson or other investment professional for more information regarding any such payments that their firm","page_number":84,"box":{"x":76,"y":486,"width":879,"height":11}},{"id":"aa919729-b238-43b1-b49b-303438905e0a","block_type":"box","text":"may receive from BFA or its affiliates.","page_number":84,"box":{"x":76,"y":500,"width":263,"height":11}},{"id":"263ae3c9-fac9-49cb-a5ca-df5fb684dbac","block_type":"box","text":"Financial Highlights","page_number":84,"box":{"x":78,"y":529,"width":191,"height":17}},{"id":"4592bc52-2657-45c3-adba-b4c936dc0a09","block_type":"box","text":"The financial highlights table for each Fund is intended to help you understand the Fund’s financial performance for the past five fiscal years","page_number":84,"box":{"x":76,"y":558,"width":895,"height":11}},{"id":"6c757070-c428-4838-a105-1d2d2422ab52","block_type":"box","text":"or, if shorter, the period since the Fund’s inception. Certain information reflects financial results for a single Fund share. The total return","page_number":84,"box":{"x":76,"y":572,"width":870,"height":11}},{"id":"76f2a09e-198d-44d9-a6ef-3806350f3224","block_type":"box","text":"information represents the rate that an investor would have earned (or lost) on an investment in the Fund, assuming reinvestment of all","page_number":84,"box":{"x":76,"y":586,"width":865,"height":11}},{"id":"8c03ff6d-f698-42cb-a25a-a43c0d0215d7","block_type":"box","text":"dividends and distributions. This information has been audited by PricewaterhouseCoopers LLP, whose report, along with each Fund’s","page_number":84,"box":{"x":76,"y":601,"width":856,"height":11}},{"id":"7ea8425b-5769-49bf-b743-9c230401a73d","block_type":"box","text":"financial statements, is included in each Fund’s Form N-CSR (available upon request).","page_number":84,"box":{"x":76,"y":615,"width":547,"height":11}},{"id":"1ea5f612-dbc5-4eaf-9d31-2f6801b4dd33","block_type":"box","text":"30","page_number":84,"box":{"x":521,"y":921,"width":16,"height":8}},{"id":"5394a694-9f73-4af5-bc66-33050ccc7aab","block_type":"box","text":"For a share outstanding throughout each period:","page_number":85,"box":{"x":77,"y":23,"width":339,"height":11}},{"id":"3598f6f5-05fb-413d-83d1-86f0d475f2c1","block_type":"box","text":"iShares Core High Dividend ETF","page_number":85,"box":{"x":681,"y":53,"width":147,"height":7}},{"id":"49b20ba9-bef8-4773-ad3d-593d907ff147","block_type":"box","text":"Year Ended","page_number":85,"box":{"x":552,"y":66,"width":52,"height":5}},{"id":"976a58b9-07ef-4b4e-9fd5-7a3808f5f83d","block_type":"box","text":"04/30/26","page_number":85,"box":{"x":550,"y":73,"width":48,"height":7}},{"id":"6f3f0c77-5f98-4bda-81e2-54dabd4116be","block_type":"box","text":"(a)","page_number":85,"box":{"x":599,"y":71,"width":8,"height":6}},{"id":"e43fc811-b4bd-45b6-96af-237ebbea60ef","block_type":"box","text":"Year Ended","page_number":85,"box":{"x":640,"y":66,"width":52,"height":5}},{"id":"848032df-9824-4c46-9400-50ddc68620f0","block_type":"box","text":"04/30/25","page_number":85,"box":{"x":638,"y":73,"width":47,"height":7}},{"id":"d9f70eb8-85af-4c94-8e70-64791e11e095","block_type":"box","text":"(a)","page_number":85,"box":{"x":686,"y":71,"width":9,"height":6}},{"id":"856929e6-5ca5-47f8-88d2-ce4f69b72c11","block_type":"box","text":"Year Ended","page_number":85,"box":{"x":728,"y":66,"width":52,"height":5}},{"id":"167b11c3-f930-4d11-b834-29091cb40bde","block_type":"box","text":"04/30/24","page_number":85,"box":{"x":726,"y":73,"width":48,"height":7}},{"id":"72065078-e887-4bd0-b86e-798ca6f8e3ce","block_type":"box","text":"(a)","page_number":85,"box":{"x":774,"y":71,"width":9,"height":6}},{"id":"fb2f14f6-4c47-4354-a728-c8c351709d3f","block_type":"box","text":"Year Ended","page_number":85,"box":{"x":816,"y":66,"width":52,"height":5}},{"id":"a955085e-74da-47b1-9e83-d5d22e6d2851","block_type":"box","text":"04/30/23","page_number":85,"box":{"x":814,"y":73,"width":47,"height":7}},{"id":"34ff4119-683b-4443-9250-2f487b9a21fa","block_type":"box","text":"(a)","page_number":85,"box":{"x":862,"y":71,"width":9,"height":6}},{"id":"7bf679ff-aa77-40ea-a9da-867ffb84968b","block_type":"box","text":"Year Ended","page_number":85,"box":{"x":904,"y":66,"width":52,"height":5}},{"id":"96a6269d-61aa-4823-881a-882a86a88da6","block_type":"box","text":"04/30/22","page_number":85,"box":{"x":902,"y":73,"width":47,"height":7}},{"id":"66145871-d015-428e-b7cd-318768e57e3b","block_type":"box","text":"(a)","page_number":85,"box":{"x":950,"y":71,"width":9,"height":6}},{"id":"2ded210b-cb6f-4b9b-a650-0e92915e9d0f","block_type":"box","text":"Net asset value, beginning of year","page_number":85,"box":{"x":76,"y":86,"width":164,"height":10}},{"id":"d25c217f-42c7-405a-8a8b-ce0df2d03cfe","block_type":"box","text":"$ 23.04 $ 21.57 $ 20.55 $ 20.73 $ 19.12","page_number":85,"box":{"x":551,"y":86,"width":407,"height":9}},{"id":"bc326c0e-9aae-418d-81ce-3ceacf7346f1","block_type":"box","text":"Net investment income","page_number":85,"box":{"x":86,"y":101,"width":102,"height":8}},{"id":"696fe539-21e9-4f21-9fb9-ce8b37c17d0d","block_type":"box","text":"(b)","page_number":85,"box":{"x":189,"y":100,"width":8,"height":6}},{"id":"465d5bea-bca0-489d-9213-16052c7593c6","block_type":"box","text":"0.80 0.81 0.79 0.79 0.74","page_number":85,"box":{"x":587,"y":102,"width":372,"height":7}},{"id":"7d34fa6b-f856-4aa3-8bd1-93a2f5aea468","block_type":"box","text":"Net realized and unrealized gain (loss)","page_number":85,"box":{"x":86,"y":113,"width":167,"height":9}},{"id":"2719c7c5-e5a5-4d80-acf4-524f7da9081c","block_type":"box","text":"(c)","page_number":85,"box":{"x":254,"y":111,"width":8,"height":6}},{"id":"482a297a-1ce1-4b2e-9d35-21b607c3bef5","block_type":"box","text":"4.42 1.47 0.97 (0.17) 1.55","page_number":85,"box":{"x":587,"y":113,"width":371,"height":9}},{"id":"41e92734-91e3-4993-9135-5bbd5a962c4a","block_type":"box","text":"Net increase from investment operations 5.22 2.28 1.76 0.62 2.29","page_number":85,"box":{"x":76,"y":128,"width":882,"height":9}},{"id":"aaf3bfc9-9b96-4b02-bc40-a550829859dc","block_type":"box","text":"Distributions from net investment income","page_number":85,"box":{"x":86,"y":143,"width":183,"height":7}},{"id":"80867cbd-0e7b-408f-96c7-a80e20504385","block_type":"box","text":"(d)","page_number":85,"box":{"x":270,"y":142,"width":8,"height":5}},{"id":"0976ecd0-b0e3-499a-9bef-ec175672f625","block_type":"box","text":"(0.79) (0.81) (0.74) (0.80) (0.68)","page_number":85,"box":{"x":585,"y":143,"width":376,"height":9}},{"id":"b5fa1a5a-4dcd-449a-bfb2-916c4da36f30","block_type":"box","text":"Net asset value, end of year","page_number":85,"box":{"x":76,"y":158,"width":135,"height":10}},{"id":"b84400cc-f9d9-43a5-b0e2-68814c198ba4","block_type":"box","text":"$ 27.47 $ 23.04 $ 21.57 $ 20.55 $ 20.73","page_number":85,"box":{"x":551,"y":157,"width":407,"height":9}},{"id":"692f18f0-39f2-40df-8be6-d6bd283c1397","block_type":"box","text":"Total Return","page_number":85,"box":{"x":76,"y":173,"width":57,"height":7}},{"id":"a303c80c-a257-41af-9eae-6f4ad0476bc1","block_type":"box","text":"(e)","page_number":85,"box":{"x":135,"y":172,"width":8,"height":5}},{"id":"a28dc6b6-1cc4-4f06-ae1c-1ec103f884ff","block_type":"box","text":"Based on net asset value","page_number":85,"box":{"x":76,"y":184,"width":109,"height":8}},{"id":"9ad17275-01c5-449f-82e0-cb026506984d","block_type":"box","text":"23.11% 10.69% 8.82% 3.16% 12.21%","page_number":85,"box":{"x":584,"y":184,"width":381,"height":8}},{"id":"f87c68ea-0376-4c92-a47b-e59123fa7da2","block_type":"box","text":"Ratios to Average Net Assets","page_number":85,"box":{"x":76,"y":199,"width":140,"height":10}},{"id":"25c24fcf-df38-4dc9-bfc0-7012dbafaef2","block_type":"box","text":"(f)","page_number":85,"box":{"x":217,"y":198,"width":7,"height":6}},{"id":"987a5cd8-9731-4017-a8b5-352252d5015e","block_type":"box","text":"Total expenses","page_number":85,"box":{"x":76,"y":211,"width":64,"height":9}},{"id":"a4a4913b-c260-4ceb-8c34-8c47c182ba5b","block_type":"box","text":"0.08% 0.08% 0.08% 0.08% 0.08%","page_number":85,"box":{"x":587,"y":211,"width":378,"height":7}},{"id":"fd144cc0-497a-4af6-9881-ba7d84892d7d","block_type":"box","text":"Net investment income","page_number":85,"box":{"x":76,"y":226,"width":102,"height":7}},{"id":"a18035d6-496a-40c1-bb22-073e7f95191d","block_type":"box","text":"3.22% 3.52% 3.87% 3.86% 3.68%","page_number":85,"box":{"x":588,"y":226,"width":377,"height":7}},{"id":"6554c47b-f707-43f9-aa3b-40b2ae306299","block_type":"box","text":"Supplemental Data","page_number":85,"box":{"x":76,"y":241,"width":91,"height":9}},{"id":"5e5f6f6a-f0d1-4ada-8c89-33bfcbd2b551","block_type":"box","text":"Net assets, end of year (000)","page_number":85,"box":{"x":76,"y":252,"width":127,"height":10}},{"id":"de4738f4-eef3-4197-8f55-55db644b8cc9","block_type":"box","text":"$13,564,565 $11,025,390 $10,191,811 $","page_number":85,"box":{"x":551,"y":252,"width":272,"height":9}},{"id":"269b9679-1607-459f-b8bd-c45036addfa4","block_type":"box","text":"11,137,665 $9,","page_number":85,"box":{"x":825,"y":252,"width":95,"height":9}},{"id":"c10d1ec9-3ef7-43b9-ab37-aff356a4040e","block_type":"box","text":"630,902","page_number":85,"box":{"x":922,"y":253,"width":36,"height":8}},{"id":"e4bb1704-3913-43bc-b8eb-0293783a409e","block_type":"box","text":"Portfolio turnover rate","page_number":85,"box":{"x":76,"y":267,"width":97,"height":8}},{"id":"fdae3a40-f5ee-4e8f-8c58-3093ac8c29fe","block_type":"box","text":"(g)","page_number":85,"box":{"x":174,"y":266,"width":8,"height":6}},{"id":"6034dcb5-4820-4d01-b267-cb96c28e3d11","block_type":"box","text":"65% 82% 67% 74% 74%","page_number":85,"box":{"x":596,"y":267,"width":369,"height":8}},{"id":"ac18c02a-dfb4-4f78-9f56-4e19148e6649","block_type":"box","text":"(a)","page_number":85,"box":{"x":76,"y":286,"width":7,"height":6}},{"id":"c37a696e-5e4a-47a6-98ca-3adc78f544b6","block_type":"box","text":"Per share amounts reflect a five-for-one stock split effective after the close of trading on April 28, 2026.","page_number":85,"box":{"x":107,"y":288,"width":457,"height":9}},{"id":"38c63b98-5fa0-44d7-b25d-795d462edecb","block_type":"box","text":"(b)","page_number":85,"box":{"x":76,"y":295,"width":8,"height":6}},{"id":"eaa8da40-e80d-492f-bd41-b30259a02e61","block_type":"box","text":"Based on average shares outstanding.","page_number":85,"box":{"x":107,"y":299,"width":166,"height":10}},{"id":"4fffae74-3857-4e03-8317-e690bf8aa5f4","block_type":"box","text":"(c)","page_number":85,"box":{"x":76,"y":307,"width":7,"height":5}},{"id":"2ec121a7-9367-47d8-87c1-b2626f727b0e","block_type":"box","text":"The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the t","page_number":85,"box":{"x":106,"y":311,"width":678,"height":9}},{"id":"176e115f-be0b-4803-b927-83b8c7dfc7c4","block_type":"box","text":"iming of capital share transactions in","page_number":85,"box":{"x":785,"y":311,"width":161,"height":9}},{"id":"879680cd-f994-47cd-b508-601496cd8192","block_type":"box","text":"relation to the fluctuating market values of the Fund’s underlying securities.","page_number":85,"box":{"x":106,"y":321,"width":333,"height":9}},{"id":"646d130d-c41f-40f6-ae50-4e0c8a7f3009","block_type":"box","text":"(d)","page_number":85,"box":{"x":76,"y":329,"width":8,"height":5}},{"id":"51b19d38-5ad8-4dfa-99e6-f69cf47df4f7","block_type":"box","text":"Distributions for annual periods determined in accordance with U.S. federal income tax regulations.","page_number":85,"box":{"x":107,"y":332,"width":437,"height":10}},{"id":"66edb7b8-beef-42b0-8d65-b8bd0bcc11d8","block_type":"box","text":"(e)","page_number":85,"box":{"x":76,"y":340,"width":8,"height":5}},{"id":"8de2ff23-5e84-4188-b22b-d72023f73bd3","block_type":"box","text":"Where applicable, assumes the reinvestment of distributions.","page_number":85,"box":{"x":106,"y":344,"width":269,"height":9}},{"id":"2463766b-d471-470e-8e03-0b9b8b96f261","block_type":"box","text":"(f)","page_number":85,"box":{"x":76,"y":351,"width":6,"height":6}},{"id":"8c58a86a-f800-43a1-9844-a0959964e707","block_type":"box","text":"Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.","page_number":85,"box":{"x":107,"y":355,"width":410,"height":10}},{"id":"f86ba0ec-a778-43ce-8658-53497ad3562f","block_type":"box","text":"(g)","page_number":85,"box":{"x":76,"y":363,"width":7,"height":5}},{"id":"0d210ae8-2040-46c4-838a-ec06b3487389","block_type":"box","text":"Portfolio turnover rate excludes in-kind transactions, if any.","page_number":85,"box":{"x":107,"y":367,"width":260,"height":9}},{"id":"1401762f-4c35-4403-9eca-31082fe406e1","block_type":"box","text":"For a share outstanding throughout each period:","page_number":85,"box":{"x":77,"y":390,"width":339,"height":11}},{"id":"324f8575-0d0b-48f9-a894-4614ad8443f1","block_type":"box","text":"iShares Environmentally Aware Real Estate ETF","page_number":85,"box":{"x":694,"y":412,"width":221,"height":8}},{"id":"da31e6c6-1f75-451b-ad6d-6ac1bbcac98d","block_type":"box","text":"Year Ended","page_number":85,"box":{"x":649,"y":433,"width":52,"height":5}},{"id":"f324380f-342f-42f5-8dcd-dd8327e0fd6d","block_type":"box","text":"04/30/26","page_number":85,"box":{"x":652,"y":440,"width":47,"height":7}},{"id":"ce5293fb-d023-41b8-a107-0f6b077b26b0","block_type":"box","text":"Year Ended","page_number":85,"box":{"x":732,"y":433,"width":52,"height":5}},{"id":"69bcee82-183c-4d81-bc79-b2db8a075135","block_type":"box","text":"04/30/25","page_number":85,"box":{"x":735,"y":440,"width":47,"height":7}},{"id":"69ee4ccb-8535-4841-820b-427828fdf7e4","block_type":"box","text":"Year Ended","page_number":85,"box":{"x":815,"y":433,"width":52,"height":5}},{"id":"6cdfdcd8-41e8-4fc3-ac6f-e4f80d9522d9","block_type":"box","text":"04/30/24","page_number":85,"box":{"x":818,"y":440,"width":47,"height":7}},{"id":"7d9d2a60-5332-4f63-8a38-32e0a258db55","block_type":"box","text":"Period From","page_number":85,"box":{"x":901,"y":425,"width":55,"height":6}},{"id":"b7f94fe3-5032-4edb-b9bf-32d9121ccd51","block_type":"box","text":"11/15/22","page_number":85,"box":{"x":903,"y":433,"width":43,"height":7}},{"id":"d52a8262-1b75-4b9b-9065-a47088325f27","block_type":"box","text":"(a)","page_number":85,"box":{"x":947,"y":431,"width":8,"height":5}},{"id":"2b2af0f9-29d7-443a-87d0-2f879ede82bb","block_type":"box","text":"to 04/30/23","page_number":85,"box":{"x":898,"y":440,"width":60,"height":7}},{"id":"38a4f3c2-1520-4a87-a011-4bf10b2485e9","block_type":"box","text":"Net asset value, beginning of period","page_number":85,"box":{"x":76,"y":453,"width":174,"height":10}},{"id":"b7f6c7c6-113d-4eba-bff4-1aea0bf4b6ff","block_type":"box","text":"$ 25.87 $24.00 $ 25.19 $24.94","page_number":85,"box":{"x":665,"y":453,"width":294,"height":9}},{"id":"0b0bd470-01b9-481a-b035-86dbe9a408e9","block_type":"box","text":"Net investment income","page_number":85,"box":{"x":86,"y":469,"width":102,"height":7}},{"id":"ef591b58-e9bf-4b48-9fe3-0d2d0e01a1aa","block_type":"box","text":"(b)","page_number":85,"box":{"x":189,"y":467,"width":8,"height":6}},{"id":"28964ed2-47e6-4f16-8e4a-711731590191","block_type":"box","text":"0.90 0.80 0.82 0.44","page_number":85,"box":{"x":682,"y":469,"width":277,"height":7}},{"id":"569cfe00-2538-474f-8a01-50ed1e7c5269","block_type":"box","text":"Net realized and unrealized gain (loss)","page_number":85,"box":{"x":86,"y":480,"width":167,"height":9}},{"id":"b35d0a96-8c3c-497e-ac55-4fff4eb7c8f3","block_type":"box","text":"(c)","page_number":85,"box":{"x":254,"y":478,"width":8,"height":6}},{"id":"a4b16d2c-41f0-4b8a-97b8-c0fc91060a1d","block_type":"box","text":"3.30 2.14 (1.05) (0.03)","page_number":85,"box":{"x":682,"y":480,"width":279,"height":9}},{"id":"e938f92c-b8f3-4ed9-ac73-9d6e64cab249","block_type":"box","text":"Net increase (decrease) from investment operations","page_number":85,"box":{"x":76,"y":495,"width":230,"height":9}},{"id":"8d4c0450-ba68-4d13-9b50-bf041423a14f","block_type":"box","text":"4.20 2.94 (0.23) 0.41","page_number":85,"box":{"x":682,"y":495,"width":275,"height":9}},{"id":"b434d9b0-8949-45a0-b0a5-867011eec9d9","block_type":"box","text":"Distributions","page_number":85,"box":{"x":76,"y":510,"width":62,"height":7}},{"id":"1de8ef97-c6d9-4609-bfff-d925f4bb195c","block_type":"box","text":"(d)","page_number":85,"box":{"x":139,"y":508,"width":8,"height":6}},{"id":"7c711c8c-ae2b-40d4-822a-bf75755c36bb","block_type":"box","text":"––– –","page_number":85,"box":{"x":697,"y":514,"width":261,"height":1}},{"id":"cbcb604d-23c3-45c0-8172-7a8ecb98a18c","block_type":"box","text":"From net investment income","page_number":85,"box":{"x":86,"y":525,"width":126,"height":7}},{"id":"0d4d49cc-e46a-4997-a303-bbcbc4412c1f","block_type":"box","text":"(1.01) (0.93) (0.96) (0.16)","page_number":85,"box":{"x":682,"y":525,"width":279,"height":9}},{"id":"ce7cdc4a-aab8-448a-8ace-1223106d1dc5","block_type":"box","text":"From net realized gains","page_number":85,"box":{"x":86,"y":540,"width":102,"height":10}},{"id":"afeff416-bf78-4e73-9552-009dc67316d9","block_type":"box","text":"— (0.14) — —","page_number":85,"box":{"x":694,"y":540,"width":264,"height":9}},{"id":"dddcdf08-bd18-4ea2-ae9e-b55925660df0","block_type":"box","text":"Total distributions","page_number":85,"box":{"x":76,"y":555,"width":78,"height":7}},{"id":"f8f4a1da-82a3-46fe-bbee-6e5f778baa80","block_type":"box","text":"(1.01) (1.07) (0.96) (0.16)","page_number":85,"box":{"x":682,"y":555,"width":279,"height":9}},{"id":"87c97e70-961a-451e-b421-0c74c72f2529","block_type":"box","text":"Net asset value, end of period","page_number":85,"box":{"x":76,"y":570,"width":144,"height":10}},{"id":"d4489608-e82a-43bb-9bb9-6007a74baf8e","block_type":"box","text":"$ 29.06 $25.87 $24.00 $ 25.19","page_number":85,"box":{"x":665,"y":569,"width":293,"height":9}},{"id":"48200385-06f5-4702-be1b-8c50a46d152f","block_type":"box","text":"Total Return","page_number":85,"box":{"x":76,"y":587,"width":57,"height":7}},{"id":"ce80db6c-2a0d-4b6a-9fc6-badf578ba746","block_type":"box","text":"(e)","page_number":85,"box":{"x":135,"y":586,"width":8,"height":5}},{"id":"bdaf5b0f-bc5d-45c7-8c62-13f1060b508d","block_type":"box","text":"Based on net asset value","page_number":85,"box":{"x":76,"y":602,"width":109,"height":7}},{"id":"7125e458-bf41-49fb-bb66-154489723e68","block_type":"box","text":"16.71% 12.34% (1.05)% 1.64%","page_number":85,"box":{"x":679,"y":602,"width":286,"height":9}},{"id":"3c4d2d06-5375-4880-82ae-2266dfe715f5","block_type":"box","text":"(f)","page_number":85,"box":{"x":966,"y":600,"width":6,"height":6}},{"id":"f6d9dbbc-21fa-4c99-ac69-0883c9ac58c8","block_type":"box","text":"Ratios to Average Net Assets","page_number":85,"box":{"x":76,"y":619,"width":140,"height":9}},{"id":"b335e474-10f1-41bf-acce-902949da423a","block_type":"box","text":"(g)","page_number":85,"box":{"x":217,"y":617,"width":9,"height":6}},{"id":"4c723926-249c-40a9-b81d-dd81411bebac","block_type":"box","text":"Total expenses","page_number":85,"box":{"x":76,"y":634,"width":64,"height":9}},{"id":"3165adc4-831f-4619-9eb4-91b94de25fcc","block_type":"box","text":"0.30% 0.30% 0.30% 0.30%","page_number":85,"box":{"x":682,"y":634,"width":283,"height":7}},{"id":"6cfc2558-8672-426a-a212-aeda7a4252d8","block_type":"box","text":"(h)","page_number":85,"box":{"x":966,"y":633,"width":8,"height":5}},{"id":"c062ecc8-8d05-49f4-aa5c-9dabdd8471f5","block_type":"box","text":"Net investment income","page_number":85,"box":{"x":76,"y":651,"width":102,"height":7}},{"id":"ff6c1875-8317-465f-8554-657cb908e97c","block_type":"box","text":"3.33% 3.07% 3.34% 3.82%","page_number":85,"box":{"x":682,"y":651,"width":283,"height":7}},{"id":"db24ce7a-e732-44e7-9cb1-f1acf71a402e","block_type":"box","text":"(h)","page_number":85,"box":{"x":966,"y":649,"width":8,"height":6}},{"id":"5de404b4-42e8-4e08-ae30-b5134a9428ce","block_type":"box","text":"Supplemental Data","page_number":85,"box":{"x":76,"y":668,"width":91,"height":9}},{"id":"03fbd5b6-9cb9-4ced-9677-a24344ab41be","block_type":"box","text":"Net assets, end of period (000)","page_number":85,"box":{"x":76,"y":683,"width":136,"height":9}},{"id":"0a7c5c05-ae0b-48f8-9028-c33b879a07a3","block_type":"box","text":"$13,950 $ 9,313 $8,641 $9,069","page_number":85,"box":{"x":665,"y":682,"width":293,"height":10}},{"id":"a31ae3b2-388c-4277-90df-22437efdd0e0","block_type":"box","text":"Portfolio turnover rate","page_number":85,"box":{"x":76,"y":700,"width":97,"height":7}},{"id":"384496c5-6bb7-4cf0-b33b-1aeee31faa98","block_type":"box","text":"(i)","page_number":85,"box":{"x":174,"y":698,"width":5,"height":6}},{"id":"e99fe063-1f0a-46b3-8138-1ac37e407a48","block_type":"box","text":"11% 28% 13% 4%","page_number":85,"box":{"x":693,"y":700,"width":272,"height":7}},{"id":"a7d008bf-311b-4401-96ce-534a53741735","block_type":"box","text":"(a)","page_number":85,"box":{"x":76,"y":728,"width":10,"height":6}},{"id":"152b5409-7f60-4397-8f6a-e713c976de99","block_type":"box","text":"Commencement of operations.","page_number":85,"box":{"x":106,"y":730,"width":176,"height":9}},{"id":"9824d64c-d56a-413c-96af-c50ec85d6cb5","block_type":"box","text":"(b)","page_number":85,"box":{"x":76,"y":740,"width":10,"height":6}},{"id":"e584f58a-b951-4e1e-837e-93ebf5e89caf","block_type":"box","text":"Based on average shares outstanding.","page_number":85,"box":{"x":107,"y":741,"width":215,"height":10}},{"id":"fcaca3e1-256a-4844-a0c5-c22bbd195fa8","block_type":"box","text":"(c)","page_number":85,"box":{"x":76,"y":752,"width":10,"height":5}},{"id":"b00d0077-e032-4064-94bc-a94a19beb889","block_type":"box","text":"The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the","page_number":85,"box":{"x":106,"y":753,"width":867,"height":10}},{"id":"8e61abdd-d8b2-45b3-8582-c0591ade6556","block_type":"box","text":"timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.","page_number":85,"box":{"x":106,"y":765,"width":648,"height":9}},{"id":"4c5c386f-440f-45be-807c-416227f40e9a","block_type":"box","text":"(d)","page_number":85,"box":{"x":76,"y":775,"width":10,"height":6}},{"id":"5bc402e3-8892-46c5-97f5-be41f2eedcba","block_type":"box","text":"Distributions for annual periods determined in accordance with U.S. federal income tax regulations.","page_number":85,"box":{"x":107,"y":776,"width":565,"height":10}},{"id":"87dc9d1e-4348-449e-86c8-b8ddf78e6a14","block_type":"box","text":"(e)","page_number":85,"box":{"x":76,"y":786,"width":10,"height":6}},{"id":"2e4011e5-07d8-43e7-a26b-5a3923f895b6","block_type":"box","text":"Where applicable, assumes the reinvestment of distributions.","page_number":85,"box":{"x":106,"y":788,"width":347,"height":9}},{"id":"c9025ba8-e60a-4591-9342-e0ff4c29c251","block_type":"box","text":"(f)","page_number":85,"box":{"x":76,"y":798,"width":8,"height":6}},{"id":"c190e610-7b02-49ac-8b68-46d1a1e9b82c","block_type":"box","text":"Not annualized.","page_number":85,"box":{"x":107,"y":799,"width":87,"height":8}},{"id":"cd36172b-8160-47e9-866f-4f7abd8fc3c9","block_type":"box","text":"(g)","page_number":85,"box":{"x":76,"y":810,"width":10,"height":6}},{"id":"cab7f40b-06ae-4479-bda3-04e2c883b3a4","block_type":"box","text":"Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.","page_number":85,"box":{"x":107,"y":811,"width":530,"height":10}},{"id":"1129406c-e926-4d47-88b1-18133ec75738","block_type":"box","text":"(h)","page_number":85,"box":{"x":76,"y":821,"width":10,"height":6}},{"id":"deac3b32-c841-49d8-ab5a-a7091377ebb4","block_type":"box","text":"Annualized.","page_number":85,"box":{"x":106,"y":823,"width":65,"height":7}},{"id":"5ad37a4a-8688-415b-ad3d-e8e02334a3f9","block_type":"box","text":"(i)","page_number":85,"box":{"x":76,"y":833,"width":7,"height":6}},{"id":"610a6990-658d-4c80-9720-d3691310cb77","block_type":"box","text":"Portfolio turnover rate excludes in-kind transactions, if any.","page_number":85,"box":{"x":107,"y":834,"width":335,"height":10}},{"id":"27fec4d1-47d1-4d9a-b7c0-a7297a288130","block_type":"box","text":"31","page_number":85,"box":{"x":522,"y":921,"width":12,"height":8}},{"id":"f0807d04-026a-4dcc-bd9d-e6992b3c2b6f","block_type":"box","text":"For a share outstanding throughout each period:","page_number":86,"box":{"x":77,"y":23,"width":339,"height":11}},{"id":"e872e7ab-7869-494b-a7d9-f60dda9d92fd","block_type":"box","text":"iShares Global Clean Energy ETF","page_number":86,"box":{"x":691,"y":45,"width":151,"height":7}},{"id":"e4a6dc92-e13d-4390-ac13-f508eaf6f691","block_type":"box","text":"Year Ended","page_number":86,"box":{"x":574,"y":58,"width":52,"height":5}},{"id":"32839f1d-9b72-4de2-a16c-c5fd8cb2e43d","block_type":"box","text":"04/30/26","page_number":86,"box":{"x":576,"y":66,"width":48,"height":7}},{"id":"4029be79-4188-4cb6-863c-cdf736934ae3","block_type":"box","text":"Year Ended","page_number":86,"box":{"x":657,"y":58,"width":52,"height":5}},{"id":"fcc7bf45-0373-4ec0-8af5-6113bdd4d2e5","block_type":"box","text":"04/30/25","page_number":86,"box":{"x":659,"y":66,"width":48,"height":7}},{"id":"87283136-755e-460c-a492-013ef793036c","block_type":"box","text":"Year Ended","page_number":86,"box":{"x":740,"y":58,"width":52,"height":5}},{"id":"85e4a998-fb6b-4a09-b7b9-9d06b9514a81","block_type":"box","text":"04/30/24","page_number":86,"box":{"x":743,"y":66,"width":47,"height":7}},{"id":"b1f7002f-2a0b-43a8-a77c-e9bce18f5bc3","block_type":"box","text":"Year Ended","page_number":86,"box":{"x":823,"y":58,"width":52,"height":5}},{"id":"8a8f8333-aa1e-4888-8438-b830a63a5405","block_type":"box","text":"04/30/23","page_number":86,"box":{"x":826,"y":66,"width":47,"height":7}},{"id":"f5bdd03a-5cba-44fa-8380-aef0586b31d3","block_type":"box","text":"Year Ended","page_number":86,"box":{"x":906,"y":58,"width":52,"height":5}},{"id":"49e09344-7537-4945-b76d-05fa19ed252e","block_type":"box","text":"04/30/22","page_number":86,"box":{"x":909,"y":66,"width":47,"height":7}},{"id":"9cf9e184-ce00-4988-909d-8497c575643d","block_type":"box","text":"Net asset value, beginning of year","page_number":86,"box":{"x":76,"y":79,"width":164,"height":9}},{"id":"f44c1356-7b91-40bb-baff-a6bae4c9ad86","block_type":"box","text":"$ 11.78 $ 13.24 $ 18.73 $ 18.88 $ 23.19","page_number":86,"box":{"x":579,"y":78,"width":379,"height":9}},{"id":"fcd00ca8-60a3-4342-a0cd-aefd9b79cdb4","block_type":"box","text":"Net investment income","page_number":86,"box":{"x":86,"y":94,"width":102,"height":7}},{"id":"09e5d3e9-cd7a-4402-a4f4-15ceef616142","block_type":"box","text":"(a)","page_number":86,"box":{"x":189,"y":92,"width":7,"height":6}},{"id":"f7e48ed1-b280-4e8a-9350-9778e63a9265","block_type":"box","text":"0.26","page_number":86,"box":{"x":607,"y":94,"width":19,"height":7}},{"id":"d8e823e9-2be9-4239-9a71-94d3e0125bb1","block_type":"box","text":"(b)","page_number":86,"box":{"x":627,"y":92,"width":8,"height":6}},{"id":"31c6cfc1-ce61-4050-bd0e-0a139dc28c43","block_type":"box","text":"0.24 0.20 0.18 0.23","page_number":86,"box":{"x":690,"y":94,"width":268,"height":7}},{"id":"413d5352-7a40-48ec-81e4-70e5e8126660","block_type":"box","text":"Net realized and unrealized gain (loss)","page_number":86,"box":{"x":86,"y":105,"width":167,"height":10}},{"id":"6a8693e2-e2a7-4f6d-9e32-f87db134b3ac","block_type":"box","text":"(c)","page_number":86,"box":{"x":254,"y":104,"width":8,"height":5}},{"id":"73f8bab4-9a19-40e3-b67a-87db9d21cb83","block_type":"box","text":"8.91 (1.49) (5.44) (0.15) (4.29)","page_number":86,"box":{"x":608,"y":105,"width":353,"height":9}},{"id":"74848174-3687-4583-80ca-c0ae56619d29","block_type":"box","text":"Net increase (decrease) from investment operations 9.17 (1.25) (5.24) 0.03 (4.06)","page_number":86,"box":{"x":76,"y":120,"width":885,"height":10}},{"id":"b896cdcc-8bb7-4350-9cbc-f0491b52d047","block_type":"box","text":"Distributions from net investment income","page_number":86,"box":{"x":76,"y":135,"width":183,"height":7}},{"id":"c0d42c95-822f-4296-9831-7693dc8c5f21","block_type":"box","text":"(d)","page_number":86,"box":{"x":260,"y":134,"width":8,"height":6}},{"id":"c24ce511-e92f-4055-a7e7-9befd2a7b54a","block_type":"box","text":"(0.27) (0.21) (0.25) (0.18) (0.25)","page_number":86,"box":{"x":604,"y":135,"width":357,"height":10}},{"id":"38f9ed6d-1160-42cb-973f-4a0ff46fbe38","block_type":"box","text":"Net asset value, end of year","page_number":86,"box":{"x":76,"y":150,"width":135,"height":10}},{"id":"03c77431-9043-49ee-8e0c-fab981314f0e","block_type":"box","text":"$ 20.68 $ 11.78 $ 13.24 $ 18.73 $ 18.88","page_number":86,"box":{"x":579,"y":149,"width":379,"height":9}},{"id":"16250a6e-0255-459e-8e23-6b80b1f5731e","block_type":"box","text":"Total Return","page_number":86,"box":{"x":76,"y":167,"width":58,"height":7}},{"id":"1c5bac95-c7df-4fd6-b0ab-2eabd87f1d1a","block_type":"box","text":"(e)","page_number":86,"box":{"x":135,"y":166,"width":8,"height":5}},{"id":"fb6b58c3-725c-4edd-b438-90cf94debd37","block_type":"box","text":"Based on net asset value","page_number":86,"box":{"x":76,"y":182,"width":109,"height":7}},{"id":"dbbe648e-9ddd-4c10-b354-d76f135cae8d","block_type":"box","text":"78.76%","page_number":86,"box":{"x":601,"y":182,"width":32,"height":7}},{"id":"2fdd90ca-ec7f-405d-844d-168b63e6ff3b","block_type":"box","text":"(b)","page_number":86,"box":{"x":633,"y":181,"width":8,"height":6}},{"id":"52580f07-95e8-45d6-b0a7-49d4cc63c8b9","block_type":"box","text":"(9.58)% (28.22)% 0.04% (17.64)%","page_number":86,"box":{"x":687,"y":182,"width":281,"height":10}},{"id":"ab4b195c-f35d-4e9c-be79-0b3880c650eb","block_type":"box","text":"Ratios to Average Net Assets","page_number":86,"box":{"x":76,"y":199,"width":140,"height":9}},{"id":"f7e2f446-2b37-4433-9e5b-1672704bb0c3","block_type":"box","text":"(f)","page_number":86,"box":{"x":217,"y":197,"width":7,"height":6}},{"id":"935e3e10-b534-44f0-bc68-84731ea65cc6","block_type":"box","text":"Total expenses","page_number":86,"box":{"x":76,"y":214,"width":64,"height":9}},{"id":"e4761ba1-7be9-42dd-aaad-529a6e906e83","block_type":"box","text":"0.39% 0.39% 0.41% 0.41% 0.40%","page_number":86,"box":{"x":607,"y":214,"width":358,"height":7}},{"id":"c95f6320-0d71-4eb0-9a8a-202b828639a8","block_type":"box","text":"Total expenses excluding professional fees for foreign withholding tax","page_number":86,"box":{"x":76,"y":231,"width":306,"height":9}},{"id":"09de8f29-3410-47aa-9604-4ac3fe6d2c6c","block_type":"box","text":"claims","page_number":86,"box":{"x":86,"y":241,"width":28,"height":8}},{"id":"38ce882c-7736-488b-897f-396b1069aecf","block_type":"box","text":"0.37% N/A N/A N/A N/A","page_number":86,"box":{"x":607,"y":241,"width":352,"height":9}},{"id":"94d9a674-4cb0-4e48-addd-148567ad957c","block_type":"box","text":"Net investment income","page_number":86,"box":{"x":76,"y":258,"width":102,"height":8}},{"id":"f0eccda1-1231-42ca-a7a0-e31a84a2c4f0","block_type":"box","text":"1.64%","page_number":86,"box":{"x":609,"y":258,"width":24,"height":8}},{"id":"cbcdbca0-bd38-40eb-b466-32aec6cb6b5e","block_type":"box","text":"(b)","page_number":86,"box":{"x":633,"y":257,"width":8,"height":6}},{"id":"d3a14de1-d8ad-46ec-af46-38e0eec58aec","block_type":"box","text":"1.83% 1.26% 0.90% 1.07%","page_number":86,"box":{"x":692,"y":258,"width":273,"height":8}},{"id":"fba0db23-de2c-45a4-8812-406859e61643","block_type":"box","text":"Supplemental Data","page_number":86,"box":{"x":76,"y":275,"width":91,"height":10}},{"id":"159ea5f7-c92a-496b-a143-ba37f779fce5","block_type":"box","text":"Net assets, end of year (000)","page_number":86,"box":{"x":76,"y":290,"width":127,"height":10}},{"id":"b0cf1e6b-e0c9-425b-96f9-50a6ecebe1a3","block_type":"box","text":"$2,517,150 $1,313,939 $2,165,453 $4,573,104 $4,983,596","page_number":86,"box":{"x":579,"y":289,"width":379,"height":10}},{"id":"ee2698aa-73e2-4d4b-9f4d-afeb95133c67","block_type":"box","text":"Portfolio turnover rate","page_number":86,"box":{"x":76,"y":307,"width":97,"height":8}},{"id":"744aa81f-9b39-467c-ad1e-eb3d9ff0574f","block_type":"box","text":"(g)","page_number":86,"box":{"x":174,"y":306,"width":8,"height":6}},{"id":"6ca0a08d-68d4-472d-9e03-74d2851361b8","block_type":"box","text":"68% 39% 42% 51% 52%","page_number":86,"box":{"x":615,"y":307,"width":350,"height":8}},{"id":"48bc13fa-0e3d-4fe3-9c8a-3007bfeb5c10","block_type":"box","text":"(a)","page_number":86,"box":{"x":76,"y":336,"width":10,"height":6}},{"id":"0868c8b7-caec-443c-8b8b-b0bab0aafcd2","block_type":"box","text":"Based on average shares outstanding.","page_number":86,"box":{"x":107,"y":337,"width":215,"height":10}},{"id":"14aabc32-2dbd-4755-a2c9-966e771f31a1","block_type":"box","text":"(b)","page_number":86,"box":{"x":76,"y":347,"width":10,"height":6}},{"id":"b446d8a5-d4d1-4bfa-8677-ed7316d31be9","block_type":"box","text":"Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases f","page_number":86,"box":{"x":107,"y":349,"width":813,"height":9}},{"id":"606671a8-a2b8-4a2c-a8ff-723c2c8ee6e6","block_type":"box","text":"or the year","page_number":86,"box":{"x":921,"y":349,"width":61,"height":9}},{"id":"5bbe5053-a9fc-40e9-a894-c9817c09d8cb","block_type":"box","text":"ended April 30, 2026:","page_number":86,"box":{"x":106,"y":360,"width":123,"height":10}},{"id":"a0d04b25-eab7-483c-aad8-6513fd4e93d5","block_type":"box","text":"•","page_number":86,"box":{"x":107,"y":372,"width":5,"height":4}},{"id":"239ce4d7-d251-4bfb-818e-34c0eb4daf3a","block_type":"box","text":"Net investment income per share by $0.02.","page_number":86,"box":{"x":118,"y":371,"width":246,"height":10}},{"id":"cfaf6ef1-d480-4464-b25d-3b0fd561fad8","block_type":"box","text":"•","page_number":86,"box":{"x":107,"y":384,"width":5,"height":4}},{"id":"68d987d7-3ad6-4cc1-abf9-9f1d2d4fc644","block_type":"box","text":"Total return by 0.14%.","page_number":86,"box":{"x":117,"y":384,"width":120,"height":9}},{"id":"54389d94-fd63-414a-813c-a3260d7022f0","block_type":"box","text":"•","page_number":86,"box":{"x":107,"y":395,"width":5,"height":5}},{"id":"d4eace48-b850-4d55-9c64-08744cba80ad","block_type":"box","text":"Ratio of net investment income to average net assets by 0.11%.","page_number":86,"box":{"x":118,"y":395,"width":358,"height":10}},{"id":"8c808891-190c-4a6e-a7ca-026e3f8be78d","block_type":"box","text":"(c)","page_number":86,"box":{"x":76,"y":405,"width":10,"height":6}},{"id":"3b7df263-93e0-4ec7-861d-647f254c734d","block_type":"box","text":"The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the","page_number":86,"box":{"x":106,"y":407,"width":867,"height":9}},{"id":"0f8802fb-1c44-4e0b-b4a0-c8f7a3b4e5dc","block_type":"box","text":"timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.","page_number":86,"box":{"x":106,"y":418,"width":648,"height":10}},{"id":"53bf89ae-60f2-4cf1-bd08-a261861cfc9d","block_type":"box","text":"(d)","page_number":86,"box":{"x":76,"y":428,"width":10,"height":6}},{"id":"9d924a20-2485-4f10-ad42-91a5b2117030","block_type":"box","text":"Distributions for annual periods determined in accordance with U.S. federal income tax regulations.","page_number":86,"box":{"x":107,"y":430,"width":565,"height":9}},{"id":"99deb32c-0804-4e1f-9212-2ac4123c6c63","block_type":"box","text":"(e)","page_number":86,"box":{"x":76,"y":440,"width":10,"height":6}},{"id":"c6a588d9-2de9-404d-914e-fd923c1de317","block_type":"box","text":"Where applicable, assumes the reinvestment of distributions.","page_number":86,"box":{"x":106,"y":441,"width":347,"height":10}},{"id":"84df8205-aa6e-4a17-a4a4-8bc64e2bf6f7","block_type":"box","text":"(f)","page_number":86,"box":{"x":76,"y":452,"width":8,"height":6}},{"id":"73e40bcf-cf0c-4c59-938a-5e7f6bdd861a","block_type":"box","text":"Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.","page_number":86,"box":{"x":107,"y":453,"width":530,"height":10}},{"id":"a7e30dfe-f74a-4847-a960-0a0e60e4b683","block_type":"box","text":"(g)","page_number":86,"box":{"x":76,"y":463,"width":10,"height":6}},{"id":"c4eb6c06-78eb-4f55-af42-5611571ed99d","block_type":"box","text":"Portfolio turnover rate excludes in-kind transactions, if any.","page_number":86,"box":{"x":107,"y":465,"width":335,"height":9}},{"id":"fc4a58d4-a671-4778-86e4-8f9923f97bf6","block_type":"box","text":"For a share outstanding throughout each period:","page_number":86,"box":{"x":77,"y":484,"width":339,"height":11}},{"id":"4a899f7d-0e2f-4278-98f3-6bb694e899c7","block_type":"box","text":"iShares Global REIT ETF","page_number":86,"box":{"x":711,"y":506,"width":111,"height":6}},{"id":"c3c0bd89-ffa0-4ab2-a064-bc581d73de76","block_type":"box","text":"Year Ended","page_number":86,"box":{"x":574,"y":519,"width":52,"height":6}},{"id":"f22ff369-30f5-472b-8f06-0f1cd469c390","block_type":"box","text":"04/30/26","page_number":86,"box":{"x":576,"y":527,"width":48,"height":7}},{"id":"f0fefda4-ea0b-4b17-9eb2-8bef3f6b3fa4","block_type":"box","text":"Year Ended","page_number":86,"box":{"x":657,"y":519,"width":52,"height":6}},{"id":"f1a7f7cf-ea52-434b-b140-c887dafbf028","block_type":"box","text":"04/30/25","page_number":86,"box":{"x":659,"y":527,"width":48,"height":7}},{"id":"f5756dc5-fd0c-4966-859f-6cf15b03e7f9","block_type":"box","text":"Year Ended","page_number":86,"box":{"x":740,"y":519,"width":52,"height":6}},{"id":"eb4709bd-eac7-48f9-9a09-0d5ffbe8d737","block_type":"box","text":"04/30/24","page_number":86,"box":{"x":743,"y":527,"width":47,"height":7}},{"id":"78ebcd4d-ad10-42fc-a254-22403e471ef3","block_type":"box","text":"Year Ended","page_number":86,"box":{"x":823,"y":519,"width":52,"height":6}},{"id":"54feb7de-3a55-4e61-9771-94671ee2d8e6","block_type":"box","text":"04/30/23","page_number":86,"box":{"x":826,"y":527,"width":47,"height":7}},{"id":"a6e84bcd-17f6-4018-bcc4-fce5b5b12387","block_type":"box","text":"Year Ended","page_number":86,"box":{"x":906,"y":519,"width":52,"height":6}},{"id":"55fb08d3-22bc-45e6-8039-c9359ce296f1","block_type":"box","text":"04/30/22","page_number":86,"box":{"x":909,"y":527,"width":47,"height":7}},{"id":"4e178eb5-e801-4ccc-9483-be30fdbae1bc","block_type":"box","text":"Net asset value, beginning of year","page_number":86,"box":{"x":76,"y":540,"width":164,"height":10}},{"id":"2d72ece1-0162-4624-bb41-095558a1dfb7","block_type":"box","text":"$ 24.17 $ 22.13 $ 23.25 $ 27.77 $ 27.22","page_number":86,"box":{"x":576,"y":539,"width":382,"height":9}},{"id":"da094cd4-39b9-470c-a2d6-6c7eabfdbf5c","block_type":"box","text":"Net investment income","page_number":86,"box":{"x":86,"y":555,"width":102,"height":7}},{"id":"c4167227-f33e-4211-badb-d7bc8ce33b80","block_type":"box","text":"(a)","page_number":86,"box":{"x":189,"y":553,"width":7,"height":6}},{"id":"6cf4ea1b-833f-4351-8a3d-40c6ef68d686","block_type":"box","text":"0.92 0.79 0.85 0.94 0.68","page_number":86,"box":{"x":607,"y":555,"width":351,"height":7}},{"id":"4d0ef596-9cd4-4e42-8485-8405015b56c4","block_type":"box","text":"Net realized and unrealized gain (loss)","page_number":86,"box":{"x":86,"y":566,"width":167,"height":10}},{"id":"e607582b-75dd-4352-8e7f-7990fff5f5e9","block_type":"box","text":"(b)","page_number":86,"box":{"x":254,"y":565,"width":8,"height":6}},{"id":"0bf05a08-4cb3-4eec-9921-0e5c4516ec9c","block_type":"box","text":"3.16 2.11 (1.20) (4.89) 0.74","page_number":86,"box":{"x":609,"y":566,"width":350,"height":10}},{"id":"455b1bbd-62bc-4719-9a28-b78626d855c1","block_type":"box","text":"Net increase (decrease) from investment operations 4.08 2.90 (0.35) (3.95) 1.42","page_number":86,"box":{"x":76,"y":581,"width":882,"height":10}},{"id":"bd213947-cdf4-4af2-8593-22ac6065bcb1","block_type":"box","text":"Distributions from net investment income","page_number":86,"box":{"x":76,"y":596,"width":183,"height":8}},{"id":"5b2e6e6d-260d-49fa-bf81-a025e3246c27","block_type":"box","text":"(c)","page_number":86,"box":{"x":260,"y":595,"width":7,"height":6}},{"id":"61c7eb05-6b42-4683-b2f1-75a25a90d78d","block_type":"box","text":"(0.92) (0.86) (0.77) (0.57) (0.87)","page_number":86,"box":{"x":604,"y":596,"width":357,"height":10}},{"id":"d087a525-5f91-4d2a-915a-f5f68d23056a","block_type":"box","text":"Net asset value, end of year","page_number":86,"box":{"x":76,"y":611,"width":135,"height":10}},{"id":"5b471452-2e29-4e8b-9758-bc5242b3567e","block_type":"box","text":"$ 27.33 $ 24.17 $ 22.13 $ 23.25 $ 27.77","page_number":86,"box":{"x":576,"y":610,"width":382,"height":9}},{"id":"afdc3dbf-8915-4db3-9d1a-d58afb689ac2","block_type":"box","text":"Total Return","page_number":86,"box":{"x":76,"y":628,"width":57,"height":8}},{"id":"7bcbcd73-9064-4a25-a2d8-cb1ea5f3f0e7","block_type":"box","text":"(d)","page_number":86,"box":{"x":135,"y":627,"width":8,"height":6}},{"id":"cc7dd090-cf15-4b69-9223-ed02c4952323","block_type":"box","text":"Based on net asset value","page_number":86,"box":{"x":76,"y":643,"width":109,"height":8}},{"id":"f67e40d1-728f-407d-bbdc-7c5198a4bb2a","block_type":"box","text":"17.25% 13.04%","page_number":86,"box":{"x":605,"y":643,"width":111,"height":8}},{"id":"db030a03-f835-4190-9645-2997b8955e2b","block_type":"box","text":"(e)","page_number":86,"box":{"x":717,"y":642,"width":7,"height":6}},{"id":"b3a7530a-29c2-44d0-9784-8059fe280a5b","block_type":"box","text":"(1.50)% (14.12)% 5.14%","page_number":86,"box":{"x":772,"y":643,"width":193,"height":10}},{"id":"ccd33eae-18ff-4a04-8cb6-93df005d5cd9","block_type":"box","text":"Ratios to Average Net Assets","page_number":86,"box":{"x":76,"y":660,"width":140,"height":10}},{"id":"4a5f166e-2b6b-4899-8352-366598605cf2","block_type":"box","text":"(f)","page_number":86,"box":{"x":217,"y":659,"width":7,"height":6}},{"id":"ace70aa8-4011-401e-b66a-f52f253a9ec2","block_type":"box","text":"Total expenses","page_number":86,"box":{"x":76,"y":675,"width":64,"height":10}},{"id":"8d7a2b92-4c1b-487c-b7db-8def33e83b4c","block_type":"box","text":"0.14% 0.14% 0.14% 0.14% 0.14%","page_number":86,"box":{"x":609,"y":675,"width":356,"height":8}},{"id":"f9af9986-39c1-4de8-83f6-f82efd8fb348","block_type":"box","text":"Net investment income","page_number":86,"box":{"x":76,"y":692,"width":102,"height":8}},{"id":"436ee1b3-1f9d-46be-9986-b4c7762a6974","block_type":"box","text":"3.62% 3.23% 3.73% 3.95% 2.36%","page_number":86,"box":{"x":607,"y":692,"width":358,"height":8}},{"id":"0d615a08-fcda-43dd-83da-47568adac16f","block_type":"box","text":"Supplemental Data","page_number":86,"box":{"x":76,"y":709,"width":91,"height":10}},{"id":"5f4f6fed-45fa-4a96-b25f-d011d1f74077","block_type":"box","text":"Net assets, end of year (000)","page_number":86,"box":{"x":76,"y":724,"width":127,"height":10}},{"id":"ab3664c9-e108-4218-9d8a-a10eb2cc92ef","block_type":"box","text":"$4,791,056 $3,825,320 $3,380,703 $2,997,903 $3,461,578","page_number":86,"box":{"x":576,"y":723,"width":382,"height":10}},{"id":"6a15f9e7-6e7d-4f1e-a6e6-1ec5e8b0601e","block_type":"box","text":"Portfolio turnover rate","page_number":86,"box":{"x":76,"y":741,"width":97,"height":8}},{"id":"a809b019-d4b9-4c95-a396-98032425f153","block_type":"box","text":"(g)","page_number":86,"box":{"x":174,"y":740,"width":8,"height":6}},{"id":"634df444-008f-4d26-95d1-bcd595dc33c1","block_type":"box","text":"5% 7% 6% 7% 13%","page_number":86,"box":{"x":621,"y":741,"width":344,"height":7}},{"id":"13e2acdc-b7f9-470b-b487-8e9f79eaad21","block_type":"box","text":"(a)","page_number":86,"box":{"x":76,"y":770,"width":10,"height":6}},{"id":"0b305f18-07e0-431a-aad8-46409a5fa770","block_type":"box","text":"Based on average shares outstanding.","page_number":86,"box":{"x":107,"y":771,"width":215,"height":10}},{"id":"55d0e74a-f51b-4bf2-9252-902928a668e3","block_type":"box","text":"(b)","page_number":86,"box":{"x":76,"y":781,"width":10,"height":6}},{"id":"0ac9a850-8e91-4f36-aef3-61887a3e149e","block_type":"box","text":"The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the","page_number":86,"box":{"x":106,"y":783,"width":867,"height":9}},{"id":"aa73bdb4-eda3-4a43-8ab4-7c8dfdca6a8b","block_type":"box","text":"timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.","page_number":86,"box":{"x":106,"y":794,"width":648,"height":10}},{"id":"7441aa26-dce7-4785-ba52-b32205b43b4d","block_type":"box","text":"(c)","page_number":86,"box":{"x":76,"y":804,"width":10,"height":6}},{"id":"f9b2f186-730a-4a1d-a971-6c257932fc44","block_type":"box","text":"Distributions for annual periods determined in accordance with U.S. federal income tax regulations.","page_number":86,"box":{"x":107,"y":806,"width":565,"height":9}},{"id":"636a5711-791a-43be-9998-295376fff104","block_type":"box","text":"(d)","page_number":86,"box":{"x":76,"y":816,"width":10,"height":6}},{"id":"9441a77e-2a3b-47cd-a6f8-d097cd048cdb","block_type":"box","text":"Where applicable, assumes the reinvestment of distributions.","page_number":86,"box":{"x":106,"y":817,"width":347,"height":10}},{"id":"7383ddce-0975-4917-aad8-0c854be114d7","block_type":"box","text":"(e)","page_number":86,"box":{"x":76,"y":828,"width":10,"height":6}},{"id":"47055cc4-331b-46de-a428-23949394ec8d","block_type":"box","text":"Includes payment from an affiliate, which had no impact on the Fund’s total return.","page_number":86,"box":{"x":107,"y":829,"width":469,"height":10}},{"id":"ec34d0b2-25ec-4516-b87e-45f2adf5d47f","block_type":"box","text":"(f)","page_number":86,"box":{"x":76,"y":839,"width":8,"height":6}},{"id":"11d91244-cbd9-4cd6-aaac-fc480d555ab3","block_type":"box","text":"Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.","page_number":86,"box":{"x":107,"y":841,"width":530,"height":9}},{"id":"9037376a-dd38-4f5e-b40b-9e0db2507645","block_type":"box","text":"(g)","page_number":86,"box":{"x":76,"y":851,"width":10,"height":6}},{"id":"2229126f-9a2b-4aa7-87f7-d1fcc66897ae","block_type":"box","text":"Portfolio turnover rate excludes in-kind transactions, if any.","page_number":86,"box":{"x":107,"y":852,"width":335,"height":10}},{"id":"e159ba08-0e9d-4a0e-9c00-adb380075983","block_type":"box","text":"32","page_number":86,"box":{"x":521,"y":921,"width":15,"height":8}},{"id":"6bf77590-0344-46d4-a4d9-47d05b8e361a","block_type":"box","text":"For a share outstanding throughout each period:","page_number":87,"box":{"x":77,"y":23,"width":339,"height":11}},{"id":"4a3e6a37-5f93-4f0c-b530-da11658bae4f","block_type":"box","text":"iShares International Developed Real Estate ETF","page_number":87,"box":{"x":654,"y":45,"width":225,"height":7}},{"id":"586b73b1-67e5-4b27-805e-70a1eaeb12ff","block_type":"box","text":"Year Ended","page_number":87,"box":{"x":574,"y":58,"width":52,"height":5}},{"id":"4532fa8b-5e82-4406-9260-f766f12cdcb6","block_type":"box","text":"04/30/26","page_number":87,"box":{"x":576,"y":66,"width":48,"height":7}},{"id":"7e7edf01-0689-4732-948d-23e7af81636b","block_type":"box","text":"Year Ended","page_number":87,"box":{"x":657,"y":58,"width":52,"height":5}},{"id":"6da76f0e-9306-4c79-8443-0525abe61439","block_type":"box","text":"04/30/25","page_number":87,"box":{"x":659,"y":66,"width":48,"height":7}},{"id":"bfb9463a-a0b0-4092-b107-eeb5575dac07","block_type":"box","text":"Year Ended","page_number":87,"box":{"x":740,"y":58,"width":52,"height":5}},{"id":"4c6c879e-3fa0-4954-acc1-8ca7f07cdcf3","block_type":"box","text":"04/30/24","page_number":87,"box":{"x":743,"y":66,"width":47,"height":7}},{"id":"04fb9cc7-a4c4-4f74-8988-a5bc49696bf5","block_type":"box","text":"Year Ended","page_number":87,"box":{"x":823,"y":58,"width":52,"height":5}},{"id":"a1217826-e84a-4c06-a14c-8cd6289bf4ea","block_type":"box","text":"04/30/23","page_number":87,"box":{"x":826,"y":66,"width":47,"height":7}},{"id":"40843531-0615-402b-8f49-782b9c88f3b4","block_type":"box","text":"Year Ended","page_number":87,"box":{"x":906,"y":58,"width":52,"height":5}},{"id":"3ec05b82-de84-4fbd-b882-72521521d8ce","block_type":"box","text":"04/30/22","page_number":87,"box":{"x":909,"y":66,"width":47,"height":7}},{"id":"3a0f6af3-f085-4fe3-9d4a-af4e6c53f182","block_type":"box","text":"Net asset value, beginning of year","page_number":87,"box":{"x":76,"y":79,"width":164,"height":9}},{"id":"357c163b-4c68-44c1-a386-4ebc5bac1722","block_type":"box","text":"$ 21.27 $ 20.40 $ 21.52 $ 25.36 $ 28.82","page_number":87,"box":{"x":592,"y":78,"width":366,"height":9}},{"id":"9a42df15-ea36-4610-a9a8-fbf0bddfbf5e","block_type":"box","text":"Net investment income","page_number":87,"box":{"x":86,"y":94,"width":102,"height":7}},{"id":"b67b9c00-936a-4ba0-90e0-2b0cf69f2da8","block_type":"box","text":"(a)","page_number":87,"box":{"x":189,"y":92,"width":7,"height":6}},{"id":"61af6125-1b6e-425d-9a5c-9e6eba0fb05c","block_type":"box","text":"0.79","page_number":87,"box":{"x":607,"y":94,"width":19,"height":7}},{"id":"639d1b0c-ff2a-4d99-bd50-35ff917d38b1","block_type":"box","text":"(b)","page_number":87,"box":{"x":627,"y":92,"width":8,"height":6}},{"id":"60689b78-c686-48f9-b83b-4bb5a2397cac","block_type":"box","text":"0.73 0.83","page_number":87,"box":{"x":690,"y":94,"width":102,"height":7}},{"id":"7b457715-4bdd-469a-adbd-7e4ad0bf21c3","block_type":"box","text":"(b)","page_number":87,"box":{"x":793,"y":92,"width":8,"height":6}},{"id":"8e7f17ca-6402-4821-80b7-43a93799abc7","block_type":"box","text":"0.83 0.79","page_number":87,"box":{"x":856,"y":94,"width":102,"height":7}},{"id":"31c83e1c-f964-48b3-b171-2a1330094ced","block_type":"box","text":"(b)","page_number":87,"box":{"x":960,"y":92,"width":7,"height":6}},{"id":"9b1e4bff-869d-41d4-9de5-faaafeac0cb0","block_type":"box","text":"Net realized and unrealized gain (loss)","page_number":87,"box":{"x":86,"y":105,"width":167,"height":10}},{"id":"389e90b4-e53c-4352-aad1-6c0032213645","block_type":"box","text":"(c)","page_number":87,"box":{"x":254,"y":104,"width":8,"height":5}},{"id":"e354ef32-fac3-4498-a082-0d261794088b","block_type":"box","text":"2.64 1.06 (1.44) (4.25) (3.35)","page_number":87,"box":{"x":607,"y":105,"width":354,"height":9}},{"id":"8be1829a-8e48-4037-bfa2-311dee9ef47f","block_type":"box","text":"Net increase (decrease) from investment operations 3.43 1.79 (0.61) (3.42) (2.56)","page_number":87,"box":{"x":76,"y":120,"width":885,"height":10}},{"id":"3746c9ef-9943-43fe-a01d-bfa157707d4c","block_type":"box","text":"Distributions from net investment income","page_number":87,"box":{"x":76,"y":135,"width":183,"height":7}},{"id":"9eb2b97f-1f6e-4d4a-bddb-c658f1c345ce","block_type":"box","text":"(d)","page_number":87,"box":{"x":260,"y":134,"width":8,"height":6}},{"id":"a0dbe6da-31f8-44a8-8333-689716f7d6c7","block_type":"box","text":"(0.88) (0.92) (0.51) (0.42) (0.90)","page_number":87,"box":{"x":604,"y":135,"width":357,"height":10}},{"id":"70faa240-876d-43c0-8d65-e2046545d04c","block_type":"box","text":"Net asset value, end of year","page_number":87,"box":{"x":76,"y":150,"width":135,"height":10}},{"id":"5c5163c6-4c8b-48a1-b1bb-5398a4a8d4d7","block_type":"box","text":"$ 23.82 $ 21.27 $ 20.40 $ 21.52 $ 25.36","page_number":87,"box":{"x":592,"y":149,"width":366,"height":9}},{"id":"32151006-124d-4519-822f-249133636c69","block_type":"box","text":"Total Return","page_number":87,"box":{"x":76,"y":167,"width":57,"height":7}},{"id":"9278dfb2-119b-4c6c-94b1-7582221725d3","block_type":"box","text":"(e)","page_number":87,"box":{"x":135,"y":166,"width":8,"height":5}},{"id":"77f17519-edca-4658-86d7-c210ba365e77","block_type":"box","text":"Based on net asset value","page_number":87,"box":{"x":76,"y":182,"width":109,"height":7}},{"id":"9c2aa180-adb1-44e2-bcef-45b29933a2e5","block_type":"box","text":"16.39%","page_number":87,"box":{"x":603,"y":182,"width":30,"height":7}},{"id":"0c1b7199-d1df-43df-a99b-88bc0e3f0bcd","block_type":"box","text":"(b)","page_number":87,"box":{"x":633,"y":181,"width":8,"height":6}},{"id":"18be84bf-4be7-44ad-8eb5-9d05a43c00d6","block_type":"box","text":"9.02% (2.77)%","page_number":87,"box":{"x":690,"y":182,"width":112,"height":10}},{"id":"30a2566c-c681-4dac-8e9d-cd273ed5454b","block_type":"box","text":"(b)","page_number":87,"box":{"x":803,"y":181,"width":7,"height":6}},{"id":"58914388-13ae-4064-bdc9-a90952c322c9","block_type":"box","text":"(13.44)% (9.24)%","page_number":87,"box":{"x":849,"y":182,"width":119,"height":10}},{"id":"b6510eca-00bd-47d7-b259-c043c1358d07","block_type":"box","text":"(b)","page_number":87,"box":{"x":969,"y":181,"width":8,"height":6}},{"id":"6e7d749a-6e7e-4b85-8529-fae15a737f92","block_type":"box","text":"Ratios to Average Net Assets","page_number":87,"box":{"x":76,"y":199,"width":140,"height":9}},{"id":"df2c6a68-5838-4fdf-937f-da948514a331","block_type":"box","text":"(f)","page_number":87,"box":{"x":217,"y":197,"width":7,"height":6}},{"id":"6bbaefbb-b3eb-4843-ad25-7efff3f7797a","block_type":"box","text":"Total expenses","page_number":87,"box":{"x":76,"y":214,"width":64,"height":9}},{"id":"df9e6caf-cf08-4351-9dcc-d0e713f6b910","block_type":"box","text":"0.54% 0.48% 0.54% 0.48% 0.50%","page_number":87,"box":{"x":607,"y":214,"width":358,"height":7}},{"id":"ff1784b8-eefb-41e7-af1f-8e609695ffa3","block_type":"box","text":"Total expenses excluding professional fees for foreign withholding tax","page_number":87,"box":{"x":76,"y":231,"width":306,"height":9}},{"id":"14fc84e6-6a64-4d02-aefc-767035cb3a3f","block_type":"box","text":"claims","page_number":87,"box":{"x":86,"y":241,"width":28,"height":8}},{"id":"ba66cd1a-5804-413b-b836-d161cc64dc0a","block_type":"box","text":"0.48% 0.48% 0.48% N/A 0.48%","page_number":87,"box":{"x":607,"y":241,"width":358,"height":9}},{"id":"2265aece-3d21-4db5-ab01-7c67e9371f55","block_type":"box","text":"Net investment income","page_number":87,"box":{"x":76,"y":258,"width":102,"height":8}},{"id":"48c1df70-64f6-4773-b84d-c9a20accf096","block_type":"box","text":"3.41%","page_number":87,"box":{"x":608,"y":258,"width":25,"height":8}},{"id":"d8a3883b-112a-46b2-b5f3-ba5bf8d806e0","block_type":"box","text":"(b)","page_number":87,"box":{"x":633,"y":257,"width":8,"height":6}},{"id":"2fd25427-efb7-4bc1-b2bb-248edf578057","block_type":"box","text":"3.52% 4.11%","page_number":87,"box":{"x":690,"y":258,"width":109,"height":8}},{"id":"ea611c93-3ec4-4dd5-89d4-6bc65c323092","block_type":"box","text":"(b)","page_number":87,"box":{"x":800,"y":257,"width":7,"height":6}},{"id":"1cab5ef0-ded2-44d5-9aa6-bdaf425094f7","block_type":"box","text":"3.82% 2.75%","page_number":87,"box":{"x":856,"y":258,"width":109,"height":8}},{"id":"2bc7e737-fd70-4489-aa64-19fb36003813","block_type":"box","text":"(b)","page_number":87,"box":{"x":966,"y":257,"width":8,"height":6}},{"id":"2311ce15-c624-4d99-87b5-f58c1688e0a7","block_type":"box","text":"Supplemental Data","page_number":87,"box":{"x":76,"y":275,"width":91,"height":10}},{"id":"347d7925-e076-44be-af88-f243a5c68156","block_type":"box","text":"Net assets, end of year (000)","page_number":87,"box":{"x":76,"y":290,"width":127,"height":10}},{"id":"c7b619db-ac27-4ebd-b62d-c20fd1287d24","block_type":"box","text":"$88,147 $95,704 $108,135 $148,509 $212,985","page_number":87,"box":{"x":592,"y":289,"width":366,"height":10}},{"id":"ff33f9c1-264e-4829-b0ce-39aeb863c6b3","block_type":"box","text":"Portfolio turnover rate","page_number":87,"box":{"x":76,"y":307,"width":97,"height":8}},{"id":"4a08f8f7-706b-410b-bf13-3ea45bfc1385","block_type":"box","text":"(g)","page_number":87,"box":{"x":174,"y":306,"width":8,"height":6}},{"id":"a7197bcc-3832-4e8f-9b04-cc02aa479e39","block_type":"box","text":"9% 10% 13% 9% 16%","page_number":87,"box":{"x":621,"y":307,"width":344,"height":8}},{"id":"56174659-db8e-4467-970c-722a5ab7c468","block_type":"box","text":"(a)","page_number":87,"box":{"x":76,"y":336,"width":10,"height":6}},{"id":"1f10ee01-2bf8-4ce0-9e69-85d4e02ad367","block_type":"box","text":"Based on average shares outstanding.","page_number":87,"box":{"x":107,"y":337,"width":215,"height":10}},{"id":"73bee316-4fd7-4ff2-b956-25c428d3c852","block_type":"box","text":"(b)","page_number":87,"box":{"x":76,"y":347,"width":10,"height":6}},{"id":"ae5aeeda-c5aa-4dcf-ad1a-32f163ae2682","block_type":"box","text":"Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases f","page_number":87,"box":{"x":107,"y":349,"width":813,"height":9}},{"id":"6da94d4a-2391-4333-ad91-36c4935c1562","block_type":"box","text":"or the","page_number":87,"box":{"x":921,"y":349,"width":32,"height":7}},{"id":"ea2553a1-b321-411d-9504-3d60d4a26f01","block_type":"box","text":"years ended April 30, 2026, April 30, 2024 and April 30, 2022, respectively:","page_number":87,"box":{"x":106,"y":360,"width":432,"height":10}},{"id":"3c83f2f0-740e-47d5-b170-9dd2b65b7192","block_type":"box","text":"•","page_number":87,"box":{"x":107,"y":372,"width":5,"height":4}},{"id":"d1db083f-d90f-4550-ba46-90a38562810a","block_type":"box","text":"Net investment income per share by $0.05, $0.07,and $0.04.","page_number":87,"box":{"x":118,"y":371,"width":349,"height":10}},{"id":"b6ec2185-4ee5-476a-be07-5f30634bcd7e","block_type":"box","text":"•","page_number":87,"box":{"x":107,"y":384,"width":5,"height":4}},{"id":"2dc3a12e-d3a5-4fa6-be83-bf533b5e0ff8","block_type":"box","text":"Total return by 0.24%, 0.37%,and 0.17%.","page_number":87,"box":{"x":117,"y":384,"width":224,"height":9}},{"id":"a2b51d37-28b5-4d50-95a1-3bcf5aada71f","block_type":"box","text":"•","page_number":87,"box":{"x":107,"y":395,"width":5,"height":5}},{"id":"4b18eb75-e0c6-47fe-8139-08c18d87285b","block_type":"box","text":"Ratio of net investment income to average net assets by 0.20%, 0.33%,and 0.15%.","page_number":87,"box":{"x":118,"y":395,"width":462,"height":10}},{"id":"0a16d47b-582b-439f-8e6a-3f2b7f05ba63","block_type":"box","text":"(c)","page_number":87,"box":{"x":76,"y":405,"width":10,"height":6}},{"id":"5bccab9b-4316-402f-9d56-d96d27f20604","block_type":"box","text":"The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the","page_number":87,"box":{"x":106,"y":407,"width":867,"height":9}},{"id":"04140777-a534-40be-a4fb-b660f12bcb43","block_type":"box","text":"timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.","page_number":87,"box":{"x":106,"y":418,"width":648,"height":10}},{"id":"762cc52d-ef51-48a4-a41d-246bc5a749e5","block_type":"box","text":"(d)","page_number":87,"box":{"x":76,"y":428,"width":10,"height":6}},{"id":"abcf2b19-bd95-4f63-b766-203ea7abe620","block_type":"box","text":"Distributions for annual periods determined in accordance with U.S. federal income tax regulations.","page_number":87,"box":{"x":107,"y":430,"width":565,"height":9}},{"id":"b86eb906-2791-4b82-85a7-e71e6fc6dd98","block_type":"box","text":"(e)","page_number":87,"box":{"x":76,"y":440,"width":10,"height":6}},{"id":"55572e31-380f-4975-afdd-aff35280e9e2","block_type":"box","text":"Where applicable, assumes the reinvestment of distributions.","page_number":87,"box":{"x":106,"y":441,"width":347,"height":10}},{"id":"23fdab17-d192-444d-99c9-0a2966388635","block_type":"box","text":"(f)","page_number":87,"box":{"x":76,"y":452,"width":8,"height":6}},{"id":"aae4a792-e61b-4a01-af5a-6b791deafa9c","block_type":"box","text":"Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.","page_number":87,"box":{"x":107,"y":453,"width":530,"height":10}},{"id":"ebf40e78-e5a7-40e6-b7bf-8aca42a35a99","block_type":"box","text":"(g)","page_number":87,"box":{"x":76,"y":463,"width":10,"height":6}},{"id":"ce421431-94c1-4168-866f-a7c0c7b6bd37","block_type":"box","text":"Portfolio turnover rate excludes in-kind transactions, if any.","page_number":87,"box":{"x":107,"y":465,"width":335,"height":9}},{"id":"3750d2c6-fee7-4e47-8173-adbfba4f9ef0","block_type":"box","text":"For a share outstanding throughout each period:","page_number":87,"box":{"x":77,"y":484,"width":339,"height":11}},{"id":"d41fe851-bb58-4206-95c6-fd5635afe5cb","block_type":"box","text":"iShares International Select Dividend ETF","page_number":87,"box":{"x":670,"y":506,"width":193,"height":6}},{"id":"cb143958-b0da-4b3c-8c2c-908429816a5a","block_type":"box","text":"Year Ended","page_number":87,"box":{"x":574,"y":519,"width":52,"height":6}},{"id":"b9b42bc8-39be-4cd7-90dc-51596d52b854","block_type":"box","text":"04/30/26","page_number":87,"box":{"x":576,"y":527,"width":48,"height":7}},{"id":"82cffa2c-bd79-4cf3-828a-846ec80442cc","block_type":"box","text":"Year Ended","page_number":87,"box":{"x":657,"y":519,"width":52,"height":6}},{"id":"35f22478-da92-4c75-8eba-abf1f7510f91","block_type":"box","text":"04/30/25","page_number":87,"box":{"x":659,"y":527,"width":48,"height":7}},{"id":"6d2491c8-6e96-4e28-8a19-3263e6f10f31","block_type":"box","text":"Year Ended","page_number":87,"box":{"x":740,"y":519,"width":52,"height":6}},{"id":"32ad48c6-8346-4d8a-9d5d-5a880510bc08","block_type":"box","text":"04/30/24","page_number":87,"box":{"x":743,"y":527,"width":47,"height":7}},{"id":"69489d86-fa02-4496-a8a1-709cf5d4a94e","block_type":"box","text":"Year Ended","page_number":87,"box":{"x":823,"y":519,"width":52,"height":6}},{"id":"2fb8979c-ad47-4a07-8a0a-126efbe71641","block_type":"box","text":"04/30/23","page_number":87,"box":{"x":826,"y":527,"width":47,"height":7}},{"id":"b9bb8276-1dab-4c7a-a885-57c2461f82bf","block_type":"box","text":"Year Ended","page_number":87,"box":{"x":906,"y":519,"width":52,"height":6}},{"id":"cf36ea16-3317-4c89-b12a-8f8a17eecc0e","block_type":"box","text":"04/30/22","page_number":87,"box":{"x":909,"y":527,"width":47,"height":7}},{"id":"09c46c60-7b2f-487d-b496-52727f13c01e","block_type":"box","text":"Net asset value, beginning of year","page_number":87,"box":{"x":76,"y":540,"width":164,"height":10}},{"id":"4a36c9fd-28c3-4ae3-be0e-d50f26c23a3d","block_type":"box","text":"$ 32.35 $ 27.83 $ 28.14 $ 30.17 $ 32.41","page_number":87,"box":{"x":574,"y":539,"width":383,"height":9}},{"id":"d2dc6776-c9cc-4216-ad30-eee3e42050f1","block_type":"box","text":"Net investment income","page_number":87,"box":{"x":86,"y":555,"width":102,"height":7}},{"id":"57155602-f7ef-41c7-b82d-86977f43e05d","block_type":"box","text":"(a)","page_number":87,"box":{"x":189,"y":553,"width":7,"height":6}},{"id":"10a7008a-ec8d-411c-ab77-6d2a75d92b73","block_type":"box","text":"2.14","page_number":87,"box":{"x":609,"y":555,"width":17,"height":7}},{"id":"ac935f88-7c0c-4900-9008-a68563162640","block_type":"box","text":"(b)","page_number":87,"box":{"x":627,"y":553,"width":8,"height":6}},{"id":"6657635b-a347-41aa-94a3-9101f3e31b3b","block_type":"box","text":"1.71","page_number":87,"box":{"x":693,"y":555,"width":15,"height":7}},{"id":"8b8fe528-b300-4dd6-8c0c-2c3d3f4ef82d","block_type":"box","text":"(b)","page_number":87,"box":{"x":710,"y":553,"width":8,"height":6}},{"id":"df9e0f75-d764-486e-b6fe-fd122cf2e5ab","block_type":"box","text":"1.66 2.06","page_number":87,"box":{"x":775,"y":555,"width":100,"height":7}},{"id":"eee85ef8-ee8a-48f9-86b6-126011101c90","block_type":"box","text":"(b)","page_number":87,"box":{"x":876,"y":553,"width":8,"height":6}},{"id":"481b32c4-cc81-467a-8497-c9339748cb3a","block_type":"box","text":"1.95","page_number":87,"box":{"x":941,"y":555,"width":17,"height":7}},{"id":"9656e3a8-232d-4038-9a86-7540f4e4f0ef","block_type":"box","text":"(b)","page_number":87,"box":{"x":960,"y":553,"width":7,"height":6}},{"id":"c6b2e288-2fad-4ee0-afe0-a1aaf2d5da6e","block_type":"box","text":"Net realized and unrealized gain (loss)","page_number":87,"box":{"x":86,"y":566,"width":167,"height":10}},{"id":"9415bb36-1f75-4bbe-b51b-18b5e98c36ce","block_type":"box","text":"(c)","page_number":87,"box":{"x":254,"y":565,"width":8,"height":6}},{"id":"97797064-200d-4282-945c-259d1af25e20","block_type":"box","text":"11.80 4.53 (0.13) (2.25) (2.48)","page_number":87,"box":{"x":604,"y":566,"width":357,"height":10}},{"id":"1f11ed5b-0da6-4140-a061-efa7e57b9370","block_type":"box","text":"Net increase (decrease) from investment operations 13.94 6.24 1.53 (0.19) (0.53)","page_number":87,"box":{"x":76,"y":581,"width":885,"height":10}},{"id":"e3330384-8ed7-4612-a3d0-93134b9a18c7","block_type":"box","text":"Distributions from net investment income","page_number":87,"box":{"x":76,"y":596,"width":183,"height":8}},{"id":"080f8a91-a239-4dfa-95b1-a3587ffc8245","block_type":"box","text":"(d)","page_number":87,"box":{"x":260,"y":595,"width":8,"height":6}},{"id":"9d7891b9-fa5c-40ea-b1f4-b7d0af044167","block_type":"box","text":"(1.96) (1.72) (1.84) (1.84) (1.71)","page_number":87,"box":{"x":606,"y":596,"width":354,"height":10}},{"id":"303dbb6a-3fb4-4326-819f-cbe54ec6b58f","block_type":"box","text":"Net asset value, end of year","page_number":87,"box":{"x":76,"y":611,"width":135,"height":10}},{"id":"be59cd6c-5c33-409f-b6a9-a3ffbaa921b7","block_type":"box","text":"$ 44.33 $ 32.35 $ 27.83 $ 28.14 $ 30.17","page_number":87,"box":{"x":574,"y":610,"width":384,"height":9}},{"id":"aabd6c9a-63c5-4eb8-8a56-00efba824605","block_type":"box","text":"Total Return","page_number":87,"box":{"x":76,"y":628,"width":57,"height":8}},{"id":"cb58b6ac-2092-48ad-b74f-682e8a7cefe8","block_type":"box","text":"(e)","page_number":87,"box":{"x":135,"y":627,"width":8,"height":6}},{"id":"60fbc7d4-61a2-4c0c-b013-72cba1f0613a","block_type":"box","text":"Based on net asset value","page_number":87,"box":{"x":76,"y":643,"width":109,"height":8}},{"id":"3c0c7410-e0ee-4a26-8d9b-767334777407","block_type":"box","text":"44.51%","page_number":87,"box":{"x":601,"y":643,"width":32,"height":8}},{"id":"fa3df506-2526-456e-a5d8-17a7abda68c6","block_type":"box","text":"(b)","page_number":87,"box":{"x":633,"y":642,"width":8,"height":6}},{"id":"8911c0ad-dbb9-44ef-a3c5-f94b13400b80","block_type":"box","text":"23.38%","page_number":87,"box":{"x":684,"y":643,"width":32,"height":8}},{"id":"2e501f68-0c52-4a32-a239-19046b8826b3","block_type":"box","text":"(b)","page_number":87,"box":{"x":717,"y":642,"width":7,"height":6}},{"id":"70bf130b-e82d-4c0e-8db7-594f6483fde4","block_type":"box","text":"6.00% (0.06)%","page_number":87,"box":{"x":773,"y":643,"width":112,"height":10}},{"id":"a7bb36e5-5421-4a05-833d-c27fb0d8f225","block_type":"box","text":"(b)","page_number":87,"box":{"x":886,"y":642,"width":8,"height":6}},{"id":"66b40c77-08f7-4ee0-b7e1-8cf8a9f069eb","block_type":"box","text":"(1.76)%","page_number":87,"box":{"x":939,"y":643,"width":29,"height":10}},{"id":"975d9cd9-32cb-46d8-ac1a-0f7494b99879","block_type":"box","text":"(b)","page_number":87,"box":{"x":969,"y":642,"width":8,"height":6}},{"id":"43cb7f3b-1ec5-4d8f-8311-49ff6d93873f","block_type":"box","text":"Ratios to Average Net Assets","page_number":87,"box":{"x":76,"y":660,"width":140,"height":10}},{"id":"50b677f0-cf9a-429e-800b-831151140b9f","block_type":"box","text":"(f)","page_number":87,"box":{"x":217,"y":659,"width":7,"height":6}},{"id":"089802c2-f147-4244-ab58-811fdfcb9132","block_type":"box","text":"Total expenses","page_number":87,"box":{"x":76,"y":675,"width":64,"height":10}},{"id":"4c66ae7b-b54e-439a-a474-34a13da33edd","block_type":"box","text":"0.50% 0.50% 0.49% 0.51% 0.54%","page_number":87,"box":{"x":607,"y":675,"width":358,"height":8}},{"id":"208f26df-ba59-4f62-91d9-2fad84353e3b","block_type":"box","text":"Total expenses after fees waived","page_number":87,"box":{"x":76,"y":692,"width":142,"height":10}},{"id":"2de7fe3c-363b-4ae5-bdb5-0046a1cd44df","block_type":"box","text":"0.50% 0.50% 0.49% 0.51% 0.54%","page_number":87,"box":{"x":607,"y":692,"width":358,"height":8}},{"id":"1ed39c8f-8cba-41fc-ba3b-622ab3223511","block_type":"box","text":"Total expenses excluding professional fees for foreign withholding","page_number":87,"box":{"x":76,"y":709,"width":290,"height":10}},{"id":"2bba44bf-54d1-463b-b4c7-8b7b1e12b0a9","block_type":"box","text":"tax claims","page_number":87,"box":{"x":86,"y":719,"width":44,"height":8}},{"id":"fe16f1d4-c824-4bb9-a01e-25b62d4785e7","block_type":"box","text":"0.49% 0.50% 0.49% 0.49% 0.49%","page_number":87,"box":{"x":607,"y":719,"width":358,"height":8}},{"id":"8e188c68-3d98-43f0-a5ee-cd96d82d3f65","block_type":"box","text":"Net investment income","page_number":87,"box":{"x":76,"y":736,"width":102,"height":8}},{"id":"6bac5893-bf75-4162-b60b-b02a845f4835","block_type":"box","text":"5.58%","page_number":87,"box":{"x":607,"y":736,"width":26,"height":8}},{"id":"f2456d8f-0be7-4e2d-9c84-84de66ea91f1","block_type":"box","text":"(b)","page_number":87,"box":{"x":633,"y":735,"width":8,"height":6}},{"id":"bb9154de-5b07-4e01-97ba-aeb32e231963","block_type":"box","text":"5.87%","page_number":87,"box":{"x":690,"y":736,"width":26,"height":8}},{"id":"6425cd18-7b94-400f-b137-36e623e9585d","block_type":"box","text":"(b)","page_number":87,"box":{"x":717,"y":735,"width":7,"height":6}},{"id":"086ec5f5-07ec-4e1a-a25b-cd045d33ea91","block_type":"box","text":"6.17% 7.58%","page_number":87,"box":{"x":776,"y":736,"width":106,"height":8}},{"id":"f099bae6-59bc-4c9c-a7e9-f2190380553d","block_type":"box","text":"(b)","page_number":87,"box":{"x":883,"y":735,"width":7,"height":6}},{"id":"05bde861-985b-4785-a1cc-2b2fe51cb3a9","block_type":"box","text":"6.12%","page_number":87,"box":{"x":942,"y":736,"width":23,"height":8}},{"id":"ec2385e9-dcd7-4d14-bf7e-3744349b4928","block_type":"box","text":"(b)","page_number":87,"box":{"x":966,"y":735,"width":8,"height":6}},{"id":"c453d1ca-995f-4695-8175-dc226512185b","block_type":"box","text":"Supplemental Data","page_number":87,"box":{"x":76,"y":753,"width":91,"height":10}},{"id":"fd8ce4f5-0db0-44fd-918c-4a87d7e0240a","block_type":"box","text":"Net assets, end of year (000)","page_number":87,"box":{"x":76,"y":768,"width":127,"height":10}},{"id":"ea60e340-21cd-428d-b809-b1621c42c9ae","block_type":"box","text":"$8,460,084 $4,689,229 $4,070,957 $5,022,577 $4,609,687","page_number":87,"box":{"x":574,"y":768,"width":384,"height":9}},{"id":"8e59b40a-b499-4bf1-9683-39050b2e381d","block_type":"box","text":"Portfolio turnover rate","page_number":87,"box":{"x":76,"y":785,"width":97,"height":8}},{"id":"690248b1-6a6b-446e-93c7-4be77ded876a","block_type":"box","text":"(g)","page_number":87,"box":{"x":174,"y":784,"width":8,"height":6}},{"id":"11188935-3901-4425-ac71-cdce62b9bbab","block_type":"box","text":"37% 27% 48% 29% 36%","page_number":87,"box":{"x":615,"y":785,"width":350,"height":8}},{"id":"f5d78bac-9467-466d-af89-b95b97b614e5","block_type":"box","text":"(a)","page_number":87,"box":{"x":76,"y":814,"width":10,"height":6}},{"id":"096f425b-e861-4f38-80a0-90e767404dad","block_type":"box","text":"Based on average shares outstanding.","page_number":87,"box":{"x":107,"y":815,"width":215,"height":10}},{"id":"a2a19ad3-07b2-4d59-a9ee-c8a7bd2db6b9","block_type":"box","text":"(b)","page_number":87,"box":{"x":76,"y":825,"width":10,"height":6}},{"id":"3fe7a88e-3d63-459c-b81b-030eeb6210e2","block_type":"box","text":"Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases f","page_number":87,"box":{"x":107,"y":827,"width":813,"height":9}},{"id":"15b13eeb-fb54-45da-bafe-3f344b2bd556","block_type":"box","text":"or the","page_number":87,"box":{"x":921,"y":827,"width":32,"height":7}},{"id":"c7c95eb9-a9b6-4f22-8a74-1092c7245056","block_type":"box","text":"years ended April 30, 2026, April 30, 2025, April 30, 2023 and April 30, 2022, respectively:","page_number":87,"box":{"x":106,"y":838,"width":521,"height":10}},{"id":"34f272b9-cbdc-43cc-9483-e8355d0cc77d","block_type":"box","text":"•","page_number":87,"box":{"x":107,"y":850,"width":5,"height":4}},{"id":"dfebbfe3-2cea-4ddb-951b-ee595cfa217b","block_type":"box","text":"Net investment income per share by $0.06, $0.00, $0.04 and $0.13.","page_number":87,"box":{"x":118,"y":849,"width":387,"height":11}},{"id":"0b1830d4-4dc7-4784-85b3-5176affc2d68","block_type":"box","text":"•","page_number":87,"box":{"x":107,"y":862,"width":5,"height":4}},{"id":"8f930633-181f-4ef1-9c39-03a9b0823998","block_type":"box","text":"Total return by 0.17%, 0.02%, 0.13% and 0.39%.","page_number":87,"box":{"x":117,"y":862,"width":262,"height":9}},{"id":"401a03e0-ea4d-40f9-9988-c89fd09beeb8","block_type":"box","text":"•","page_number":87,"box":{"x":107,"y":873,"width":5,"height":5}},{"id":"e9a1f5f2-21f2-4bb0-8404-f3cce1359ebb","block_type":"box","text":"Ratio of net investment income to average net assets by 0.15%, 0.01%, 0.15% and 0.41%.","page_number":87,"box":{"x":118,"y":873,"width":498,"height":10}},{"id":"463b279e-11d8-4c76-9ab3-b20fba6028b0","block_type":"box","text":"(c)","page_number":87,"box":{"x":76,"y":883,"width":10,"height":6}},{"id":"b7c7d476-6f35-4558-81e8-b6350f9e44b4","block_type":"box","text":"The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the","page_number":87,"box":{"x":106,"y":885,"width":867,"height":9}},{"id":"b702d3c8-a83e-41c1-8733-9d3bedaa751f","block_type":"box","text":"33","page_number":87,"box":{"x":521,"y":921,"width":16,"height":8}},{"id":"bc834f7a-19dd-4232-848f-5bad75a6de7d","block_type":"box","text":"timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.","page_number":88,"box":{"x":106,"y":23,"width":648,"height":9}},{"id":"556777b6-449d-44f0-9245-9938d7e852ee","block_type":"box","text":"(d)","page_number":88,"box":{"x":76,"y":33,"width":10,"height":6}},{"id":"c838ce78-be6a-4b3f-8b8b-2397c8967342","block_type":"box","text":"Distributions for annual periods determined in accordance with U.S. federal income tax regulations.","page_number":88,"box":{"x":107,"y":34,"width":565,"height":10}},{"id":"c1109f2c-e4ec-417e-bb3a-a08d71574170","block_type":"box","text":"(e)","page_number":88,"box":{"x":76,"y":45,"width":10,"height":6}},{"id":"1543a9bb-1de0-4d78-9d16-43f138e82c3e","block_type":"box","text":"Where applicable, assumes the reinvestment of distributions.","page_number":88,"box":{"x":106,"y":46,"width":347,"height":10}},{"id":"16f5c21f-3ba7-473e-938e-2d04d7fc911c","block_type":"box","text":"(f)","page_number":88,"box":{"x":76,"y":56,"width":8,"height":6}},{"id":"28f1d315-2df0-4176-a5fa-a0617e61c5c9","block_type":"box","text":"Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.","page_number":88,"box":{"x":107,"y":58,"width":530,"height":9}},{"id":"a4610370-d50b-440e-abf8-b113425d6a69","block_type":"box","text":"(g)","page_number":88,"box":{"x":76,"y":68,"width":10,"height":6}},{"id":"4171fc48-eace-4049-9f52-9d3ffd687c3f","block_type":"box","text":"Portfolio turnover rate excludes in-kind transactions, if any.","page_number":88,"box":{"x":107,"y":69,"width":335,"height":10}},{"id":"e697f997-23c2-4f20-af53-93dc122e27d8","block_type":"box","text":"34","page_number":88,"box":{"x":521,"y":921,"width":16,"height":8}},{"id":"beba7b88-4ddb-4560-9cd1-f98db1ab83d0","block_type":"box","text":"For a share outstanding throughout each period:","page_number":89,"box":{"x":77,"y":23,"width":339,"height":11}},{"id":"4e5842e5-63dc-46a1-a5cb-21808635d9bf","block_type":"box","text":"iShares Select Dividend ETF","page_number":89,"box":{"x":693,"y":53,"width":130,"height":6}},{"id":"44d6307c-711f-4693-bef6-724eec5f12a0","block_type":"box","text":"Year Ended","page_number":89,"box":{"x":560,"y":66,"width":52,"height":5}},{"id":"696f6c36-03cd-4d5a-a834-822b4d6244a8","block_type":"box","text":"04/30/26","page_number":89,"box":{"x":563,"y":73,"width":47,"height":7}},{"id":"b1b89db3-c208-48e8-af09-94208da3a4da","block_type":"box","text":"Year Ended","page_number":89,"box":{"x":648,"y":66,"width":52,"height":5}},{"id":"a5f6959e-d9bb-43c5-8468-b2550507e43b","block_type":"box","text":"04/30/25","page_number":89,"box":{"x":650,"y":73,"width":48,"height":7}},{"id":"fd815689-3921-4c89-9a42-18a40f43b800","block_type":"box","text":"Year Ended","page_number":89,"box":{"x":733,"y":66,"width":52,"height":5}},{"id":"d6982839-459b-4c91-a7df-658130fe3d09","block_type":"box","text":"04/30/24","page_number":89,"box":{"x":735,"y":73,"width":48,"height":7}},{"id":"967e27ae-6745-4217-8038-51b1ef9c61b4","block_type":"box","text":"Year Ended","page_number":89,"box":{"x":818,"y":66,"width":52,"height":5}},{"id":"e1b3cc0b-1f8a-4fb8-ab45-9d391e7e4a46","block_type":"box","text":"04/30/23","page_number":89,"box":{"x":820,"y":73,"width":48,"height":7}},{"id":"948fb264-5855-4190-90fd-682a04f4c112","block_type":"box","text":"Year Ended","page_number":89,"box":{"x":904,"y":66,"width":53,"height":5}},{"id":"c24a6968-dd25-4626-bcb7-ae0e0a3ed047","block_type":"box","text":"04/30/22","page_number":89,"box":{"x":907,"y":73,"width":47,"height":7}},{"id":"d82bf390-b9ec-45db-8327-defa4c59512b","block_type":"box","text":"Net asset value, beginning of year","page_number":89,"box":{"x":76,"y":86,"width":164,"height":10}},{"id":"9f8c82c8-7ab9-4d5e-8b72-d338f5dd8ab8","block_type":"box","text":"$ 128.44 $ 119.41 $ 117.61 $ 123.50 $ 118.37","page_number":89,"box":{"x":558,"y":86,"width":400,"height":9}},{"id":"b25cb109-2f66-482f-8278-9ba42aa9a713","block_type":"box","text":"Net investment income","page_number":89,"box":{"x":86,"y":101,"width":102,"height":8}},{"id":"387cba68-2d8b-4895-bb1c-6b6e090b597e","block_type":"box","text":"(a)","page_number":89,"box":{"x":189,"y":100,"width":7,"height":6}},{"id":"bfebc33d-c770-4ceb-a71c-024d14e69090","block_type":"box","text":"5.37 4.92 4.60 4.24 3.91","page_number":89,"box":{"x":596,"y":102,"width":361,"height":7}},{"id":"2b8c54bb-cdbe-4d57-a5cd-dbd9ee473f12","block_type":"box","text":"Net realized and unrealized gain (loss)","page_number":89,"box":{"x":86,"y":113,"width":167,"height":9}},{"id":"fb7f2d3e-d245-420c-9d7c-08c54868b532","block_type":"box","text":"(b)","page_number":89,"box":{"x":254,"y":111,"width":8,"height":6}},{"id":"e2c78a94-3599-4943-b1d7-51ea68ffcf79","block_type":"box","text":"26.82 8.96 1.67 (5.87) 4.97","page_number":89,"box":{"x":590,"y":113,"width":368,"height":9}},{"id":"3cbb855f-4523-4bb4-914b-3ba653ac7a4e","block_type":"box","text":"Net increase (decrease) from investment operations 32.19 13.88 6.27 (1.63) 8.88","page_number":89,"box":{"x":76,"y":128,"width":882,"height":9}},{"id":"789a72d4-1922-4359-89e0-9fc062c5cb3c","block_type":"box","text":"Distributions from net investment income","page_number":89,"box":{"x":86,"y":143,"width":183,"height":7}},{"id":"47d93fd9-1fb3-49fe-a28d-b17aeee00bde","block_type":"box","text":"(c)","page_number":89,"box":{"x":270,"y":142,"width":7,"height":5}},{"id":"2f00b915-b541-4e3a-919e-e8355fbb250f","block_type":"box","text":"(5.25) (4.85) (4.47) (4.26) (3.75)","page_number":89,"box":{"x":593,"y":143,"width":368,"height":9}},{"id":"1b3f6d2b-0457-49c7-a84c-00b58d9ae4df","block_type":"box","text":"Net asset value, end of year","page_number":89,"box":{"x":76,"y":158,"width":135,"height":10}},{"id":"cfecedf9-3d86-4b45-ac48-7e0dfbd23d5d","block_type":"box","text":"$ 155.38 $ 128.44 $ 119.41 $ 117.61 $ 123.50","page_number":89,"box":{"x":558,"y":157,"width":400,"height":9}},{"id":"f6976dcb-eabc-4e81-8559-5cc3d75c0ab8","block_type":"box","text":"Total Return","page_number":89,"box":{"x":76,"y":173,"width":57,"height":7}},{"id":"a9e74d08-e393-4a20-ae8d-5ef3555c05d8","block_type":"box","text":"(d)","page_number":89,"box":{"x":135,"y":172,"width":8,"height":5}},{"id":"cf388ddd-9801-48bf-bbfd-2719d5eea84f","block_type":"box","text":"Based on net asset value","page_number":89,"box":{"x":76,"y":184,"width":109,"height":8}},{"id":"4a12345d-3397-4cc6-8469-8db740e6edaf","block_type":"box","text":"25.57% 11.61%","page_number":89,"box":{"x":590,"y":184,"width":119,"height":8}},{"id":"8a59797a-0056-4bd5-a8ca-c7adbc07f50d","block_type":"box","text":"(e)","page_number":89,"box":{"x":709,"y":183,"width":8,"height":6}},{"id":"b4b1fc5f-3bd0-4b3a-8a7e-f7b0030fe036","block_type":"box","text":"5.58% (1.23)% 7.63%","page_number":89,"box":{"x":766,"y":184,"width":199,"height":10}},{"id":"3fb8be8f-2fac-4033-ad3c-66b6ecd83c15","block_type":"box","text":"Ratios to Average Net Assets","page_number":89,"box":{"x":76,"y":199,"width":140,"height":10}},{"id":"9fe320f6-80c9-44e4-9b3f-f0f2c2175018","block_type":"box","text":"(f)","page_number":89,"box":{"x":217,"y":198,"width":7,"height":6}},{"id":"09e9dc2e-b7a4-45b6-b340-fd2072662f12","block_type":"box","text":"Total expenses","page_number":89,"box":{"x":76,"y":211,"width":64,"height":9}},{"id":"f6dd4feb-6450-41c4-ac39-6b812fb893ba","block_type":"box","text":"0.38% 0.38%","page_number":89,"box":{"x":596,"y":211,"width":113,"height":7}},{"id":"3b747edf-c3c7-4a29-ae46-a860f22aae91","block_type":"box","text":"(g)","page_number":89,"box":{"x":709,"y":210,"width":8,"height":5}},{"id":"b1b26de8-cf4f-45ec-a5e8-2afe80c23bd9","block_type":"box","text":"0.38% 0.38% 0.38%","page_number":89,"box":{"x":766,"y":211,"width":199,"height":7}},{"id":"f36012fb-fc13-4be5-8481-60951765a9b6","block_type":"box","text":"Net investment income","page_number":89,"box":{"x":76,"y":226,"width":102,"height":7}},{"id":"11c4ba85-a549-40cf-80bb-bec6a914fa3a","block_type":"box","text":"3.78% 3.76% 4.04% 3.52% 3.23%","page_number":89,"box":{"x":596,"y":226,"width":369,"height":7}},{"id":"40488969-d4fb-4625-911a-a471a63ffa04","block_type":"box","text":"Supplemental Data","page_number":89,"box":{"x":76,"y":241,"width":91,"height":9}},{"id":"38461b0d-8e12-4e4a-b2f8-3e24f60fb0eb","block_type":"box","text":"Net assets, end of year (000)","page_number":89,"box":{"x":76,"y":252,"width":127,"height":10}},{"id":"99ae5cbc-c315-4f1c-a30b-d6c6346fabbe","block_type":"box","text":"$22,856,483 $19,002,473 $18,126,118 $21,422,388 $21,666,936","page_number":89,"box":{"x":558,"y":252,"width":400,"height":9}},{"id":"a43664bc-06e8-46d7-90eb-887e271bfd50","block_type":"box","text":"Portfolio turnover rate","page_number":89,"box":{"x":76,"y":267,"width":97,"height":8}},{"id":"a775c08f-dafe-47c0-a074-08d0f629a1ca","block_type":"box","text":"(h)","page_number":89,"box":{"x":174,"y":266,"width":8,"height":6}},{"id":"c38f2691-4d8e-4a81-b99b-10a5764276a6","block_type":"box","text":"23% 19% 17% 15% 15%","page_number":89,"box":{"x":605,"y":267,"width":360,"height":8}},{"id":"651a6de8-ff57-475b-a737-6d31efbe4146","block_type":"box","text":"(a)","page_number":89,"box":{"x":76,"y":286,"width":7,"height":6}},{"id":"728ae543-b733-4b17-a414-1256ad76656b","block_type":"box","text":"Based on average shares outstanding.","page_number":89,"box":{"x":107,"y":288,"width":166,"height":9}},{"id":"443bc432-e552-4982-88ad-109e1740e126","block_type":"box","text":"(b)","page_number":89,"box":{"x":76,"y":295,"width":8,"height":6}},{"id":"1cda29f8-3438-47e2-9e0b-dcc0e1ee07e8","block_type":"box","text":"The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the t","page_number":89,"box":{"x":106,"y":299,"width":678,"height":10}},{"id":"bbdd31da-619e-4b8b-9a64-75b57b766f8f","block_type":"box","text":"iming of capital share transactions in","page_number":89,"box":{"x":785,"y":299,"width":161,"height":10}},{"id":"af447bfa-cc10-4fd7-860c-ebff1ee03617","block_type":"box","text":"relation to the fluctuating market values of the Fund’s underlying securities.","page_number":89,"box":{"x":106,"y":309,"width":333,"height":10}},{"id":"64473aa8-c78f-45ad-938b-4fd88040db2d","block_type":"box","text":"(c)","page_number":89,"box":{"x":76,"y":317,"width":7,"height":5}},{"id":"b26d3ddd-27a0-42bb-8eee-ce61f3c9db1f","block_type":"box","text":"Distributions for annual periods determined in accordance with U.S. federal income tax regulations.","page_number":89,"box":{"x":107,"y":321,"width":437,"height":9}},{"id":"df6b90df-a876-4341-a6f2-8a36b89d5c71","block_type":"box","text":"(d)","page_number":89,"box":{"x":76,"y":329,"width":8,"height":5}},{"id":"e87c96fa-4a70-4bb2-88f2-4c063a32f9cc","block_type":"box","text":"Where applicable, assumes the reinvestment of distributions.","page_number":89,"box":{"x":106,"y":332,"width":269,"height":10}},{"id":"225a26ee-0cdc-4bc9-83b8-11c19f782e37","block_type":"box","text":"(e)","page_number":89,"box":{"x":76,"y":340,"width":8,"height":5}},{"id":"bf8d1524-0ab1-4d37-907d-ef866ab11a22","block_type":"box","text":"Includes payment from an affiliate, which had no impact on the Fund’s total return.","page_number":89,"box":{"x":107,"y":344,"width":363,"height":9}},{"id":"72255291-b3c4-4a9e-89ab-ae37cda4f758","block_type":"box","text":"(f)","page_number":89,"box":{"x":76,"y":351,"width":6,"height":6}},{"id":"b29007b8-3b5d-48b3-8e5e-75e71c7eace7","block_type":"box","text":"Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.","page_number":89,"box":{"x":107,"y":355,"width":410,"height":10}},{"id":"60e7fc1d-9c2f-4d58-adb0-01b5714c9580","block_type":"box","text":"(g)","page_number":89,"box":{"x":76,"y":363,"width":7,"height":5}},{"id":"1e56c5c8-c29b-48ad-95aa-adc5b0d33f8f","block_type":"box","text":"Includes payment from an affiliate with no financial impact to the expense ratios.","page_number":89,"box":{"x":107,"y":367,"width":355,"height":9}},{"id":"eac48cc3-b635-4556-97fb-71297afe8967","block_type":"box","text":"(h)","page_number":89,"box":{"x":76,"y":374,"width":8,"height":6}},{"id":"8abaa2b8-08b2-4030-b281-8f23276f2578","block_type":"box","text":"Portfolio turnover rate excludes in-kind transactions, if any.","page_number":89,"box":{"x":107,"y":378,"width":260,"height":10}},{"id":"10880371-1757-4e93-a984-264080aa3f4b","block_type":"box","text":"35","page_number":89,"box":{"x":521,"y":921,"width":15,"height":8}},{"id":"55b5e2a2-ea20-4fed-bc9f-f37645437f30","block_type":"box","text":"Index Providers and Disclaimers","page_number":90,"box":{"x":78,"y":22,"width":316,"height":14}},{"id":"d99670aa-926b-4c54-8c8e-7fce1fe53cb6","block_type":"box","text":"The Index Providers are not affiliated with the Trust, BFA, the Distributor or any of their respective affiliates. BFA or its affiliates have entered","page_number":90,"box":{"x":76,"y":51,"width":896,"height":11}},{"id":"a2a81c18-ae35-449d-8f29-4e3cc1260e2b","block_type":"box","text":"into a license agreement with the Index Providers to use the respective Underlying Indexes. BFA or its affiliates sublicense rights in each","page_number":90,"box":{"x":76,"y":66,"width":870,"height":11}},{"id":"cf3f1816-f4ca-424e-afd7-e856e45e5ed3","block_type":"box","text":"Underlying Index for use by the applicable Fund at no charge.","page_number":90,"box":{"x":77,"y":80,"width":390,"height":11}},{"id":"fb6b825f-d655-4afd-b812-17652bc87836","block_type":"box","text":"The past performance of an Underlying Index is not a guide to future performance. BFA and its affiliates do not guarantee the accuracy or the","page_number":90,"box":{"x":76,"y":103,"width":902,"height":11}},{"id":"e8cebcf3-2ea3-4940-a0f2-d8723f35702b","block_type":"box","text":"completeness of an Underlying Index or any data included therein, and BFA and its affiliates shall have no liability for any errors, omissions or","page_number":90,"box":{"x":76,"y":117,"width":903,"height":11}},{"id":"b75cfa3d-c49e-4e46-9e6b-f012aae4ad30","block_type":"box","text":"interruptions therein. BFA and its affiliates make no warranty, express or implied, to the owners of shares of a Fund or to any other person or","page_number":90,"box":{"x":76,"y":131,"width":900,"height":11}},{"id":"8fcee801-a5b7-4e7d-8158-1c3b923eb488","block_type":"box","text":"entity, as to results to be obtained by a Fund from the use of an Underlying Index or any data included therein. Without limiting any of the","page_number":90,"box":{"x":76,"y":146,"width":877,"height":10}},{"id":"c69adc53-4eaa-4ff1-aea4-2b60fbf0ff5f","block_type":"box","text":"foregoing, in no event shall BFA or its affiliates have any liability for any special, punitive, direct, indirect, consequential or any other damages","page_number":90,"box":{"x":76,"y":160,"width":903,"height":11}},{"id":"1510cb57-c867-428e-915c-fbb9f4a87939","block_type":"box","text":"(including lost profits), even if notified of the possibility of such damages.","page_number":90,"box":{"x":77,"y":174,"width":466,"height":11}},{"id":"9152336e-e62f-4a6f-87b6-048d45c6b5c1","block_type":"box","text":"FTSE International Limited","page_number":90,"box":{"x":77,"y":197,"width":184,"height":9}},{"id":"5b360084-1747-4f8b-83d1-ec40cdfcbfc5","block_type":"box","text":"FTSE International Limited (“FTSE”) is an independent company whose sole business is the creation and management of indexes and","page_number":90,"box":{"x":77,"y":220,"width":849,"height":11}},{"id":"2dfab51e-55ed-4273-b737-94a0139466cf","block_type":"box","text":"associated data services. The company is 100% owned by the London Stock Exchange Plc. FTSE calculates more than 200,000 indexes daily,","page_number":90,"box":{"x":76,"y":235,"width":901,"height":10}},{"id":"80c2febf-f1b0-4fbc-8115-af4755e9b925","block_type":"box","text":"including more than 2,000 real-time indexes. “FTSE","page_number":90,"box":{"x":76,"y":249,"width":329,"height":11}},{"id":"736f7ae9-e22b-48f5-8841-eeeac0c115ae","block_type":"box","text":"®","page_number":90,"box":{"x":407,"y":248,"width":8,"height":7}},{"id":"8029e7c9-d159-4652-9e4f-9d6449b28557","block_type":"box","text":"” is a trademark of the London Stock Exchange Group companies and is used by FTSE","page_number":90,"box":{"x":417,"y":249,"width":548,"height":11}},{"id":"f36c85d0-f130-48d4-9835-077f2dfc83aa","block_type":"box","text":"under license.","page_number":90,"box":{"x":77,"y":263,"width":88,"height":8}},{"id":"82bfbeb3-e122-4bd4-b703-b353418ac24e","block_type":"box","text":"The following applies with respect to each Underlying Index provided by FTSE:","page_number":90,"box":{"x":76,"y":286,"width":498,"height":11}},{"id":"68175d3d-113f-479a-9bc4-b5add06dc53e","block_type":"box","text":"The Fund is not in any way sponsored, endorsed, sold or promoted by FTSE, by the London Stock Exchange Group (“LSEG”) companies,","page_number":90,"box":{"x":76,"y":309,"width":865,"height":11}},{"id":"91e458b1-0714-4b07-a5c0-bc6c43ca9255","block_type":"box","text":"Euronext N.V., FT, European Public Real Estate Association (“EPRA”) or the National Association of Real Estate Investment Trusts (“NAREIT”)","page_number":90,"box":{"x":77,"y":323,"width":894,"height":11}},{"id":"066a9211-c32f-45ef-99a3-ae25245e3d0f","block_type":"box","text":"(together the “Licensor Parties”) and none of the Licensor Parties make any warranty or representation whatsoever, expressly or impliedly,","page_number":90,"box":{"x":77,"y":338,"width":886,"height":11}},{"id":"4b921b84-458a-4f3e-851a-de1e53b24f33","block_type":"box","text":"either as to the results to be obtained from the use of the Underlying Index and/or the figure at which the Underlying Index stands at any","page_number":90,"box":{"x":76,"y":352,"width":877,"height":11}},{"id":"c1ac6a8d-272d-44b6-9df5-3bb8c8a984bc","block_type":"box","text":"particular time on any particular day or otherwise. The Underlying Index is compiled and calculated by FTSE. However, none of the Licensor","page_number":90,"box":{"x":76,"y":366,"width":891,"height":11}},{"id":"3dbd627f-f8f5-40e3-8184-106d7339f853","block_type":"box","text":"Parties shall be liable (whether in negligence or otherwise) to any person for any error in the Underlying Index and none of the Licensor","page_number":90,"box":{"x":77,"y":380,"width":862,"height":11}},{"id":"5c2384c6-3961-4a2b-bfdc-3681d8293718","block_type":"box","text":"Parties shall be under any obligation to advise any person of any error therein. “NAREIT","page_number":90,"box":{"x":77,"y":394,"width":557,"height":11}},{"id":"d74d61af-03f6-4e69-8f34-1c09e06ed8a3","block_type":"box","text":"®","page_number":90,"box":{"x":635,"y":394,"width":8,"height":6}},{"id":"3a52ea51-7e02-4d59-9663-28fda40b3698","block_type":"box","text":"” is a trademark of NAREIT and “EPRA","page_number":90,"box":{"x":644,"y":394,"width":243,"height":9}},{"id":"cea836bf-ffee-4813-939a-b1101b75b197","block_type":"box","text":"®","page_number":90,"box":{"x":888,"y":394,"width":9,"height":6}},{"id":"0a7f14dd-3d77-471d-a673-6640be3e77e5","block_type":"box","text":"” is a","page_number":90,"box":{"x":898,"y":394,"width":30,"height":9}},{"id":"fd8f0fa0-0b67-4844-85bf-c3a006d7b499","block_type":"box","text":"trademark of the European Public Real Estate Association and each is used by FTSE under license.","page_number":90,"box":{"x":76,"y":409,"width":628,"height":10}},{"id":"8ed783d1-5d17-4d3f-9161-2db3da0dffe0","block_type":"box","text":"FTSE makes no warranty, express or implied, as to results to be obtained by BFA or its affiliates, owners of shares of the Fund or any other","page_number":90,"box":{"x":77,"y":432,"width":884,"height":11}},{"id":"ee8c412a-16c3-4109-9373-b4d2ed6ce576","block_type":"box","text":"person or entity from the use of the Underlying Index or any data included therein. FTSE makes no express or implied warranties and","page_number":90,"box":{"x":76,"y":446,"width":848,"height":11}},{"id":"9cdf32ac-f107-4889-9f6f-400566e9b808","block_type":"box","text":"expressly disclaims all warranties of merchantability or fitness for a particular purpose or use with respect to the Underlying Index or any","page_number":90,"box":{"x":76,"y":460,"width":876,"height":11}},{"id":"96f5578a-5540-43ad-8764-6bccd55c6512","block_type":"box","text":"data included therein. Without limiting any of the foregoing, in no event shall FTSE have any liability for any special, punitive, indirect or","page_number":90,"box":{"x":76,"y":474,"width":863,"height":11}},{"id":"0df214c5-1e2d-444a-a2af-5277ae4a5abb","block_type":"box","text":"consequential damages (including lost profits) resulting from the use of the Underlying Index or any data included therein, even if notified of","page_number":90,"box":{"x":76,"y":489,"width":895,"height":10}},{"id":"7584dc26-0144-4dcc-9150-2a6c9b4e9364","block_type":"box","text":"the possibility of such damages.","page_number":90,"box":{"x":76,"y":503,"width":204,"height":11}},{"id":"c8aa00d3-670c-46db-bfbf-1f74d25d42ee","block_type":"box","text":"Morningstar, Inc.","page_number":90,"box":{"x":77,"y":526,"width":117,"height":11}},{"id":"2654ab18-ab2a-492f-808f-92e964692f58","block_type":"box","text":"Morningstar, Inc. (“Morningstar”) is a leading provider of independent investment research in North America, Europe, Australia, and Asia.","page_number":90,"box":{"x":77,"y":549,"width":875,"height":11}},{"id":"872d2b61-a2d9-4258-89e7-d643a12aa218","block_type":"box","text":"Morningstar offers an extensive line of products and services for individual investors, financial advisors, asset managers, retirement plan","page_number":90,"box":{"x":77,"y":563,"width":873,"height":11}},{"id":"ca22bd3b-ecb5-4ffe-bd63-2819803c0361","block_type":"box","text":"providers and sponsors, and institutional investors in the debt and private capital markets. Morningstar provides data and research insights","page_number":90,"box":{"x":76,"y":578,"width":892,"height":10}},{"id":"ce644955-de69-475b-ac72-10fe9e185936","block_type":"box","text":"on a wide range of investment offerings, including managed investment products, publicly listed companies, private capital markets, debt","page_number":90,"box":{"x":76,"y":592,"width":878,"height":10}},{"id":"0a6fa457-0871-49fb-94d6-b088bb0b125b","block_type":"box","text":"securities, and real-time global market data.","page_number":90,"box":{"x":76,"y":606,"width":282,"height":11}},{"id":"e4d94046-0773-480a-8560-98aee7acd128","block_type":"box","text":"The following applies with respect to each Underlying Index provided by Morningstar:","page_number":90,"box":{"x":76,"y":629,"width":543,"height":11}},{"id":"9453589d-e94a-43ec-8912-c7ceac614355","block_type":"box","text":"The Fund is not sponsored, endorsed, sold or promoted by Morningstar. Morningstar makes no representation or warranty, express or","page_number":90,"box":{"x":76,"y":652,"width":857,"height":11}},{"id":"1118c314-8f5e-4243-adfd-9fbc82b74983","block_type":"box","text":"implied, to the owners of shares of the Fund or any member of the public regarding the advisability of investing in securities generally or in","page_number":90,"box":{"x":76,"y":666,"width":884,"height":11}},{"id":"d84aa3c7-5686-4a8a-a93d-3a801971c0db","block_type":"box","text":"the Fund in particular, or the ability of the Underlying Index to track general market performance. Morningstar’s only relationship to the Trust","page_number":90,"box":{"x":76,"y":681,"width":901,"height":10}},{"id":"ba0bb9a0-6adb-45e0-bdb9-d127457ef2ec","block_type":"box","text":"and BFA or its affiliates is the licensing of certain trademarks and trade names of Morningstar and of the Underlying Index which is","page_number":90,"box":{"x":76,"y":695,"width":834,"height":11}},{"id":"8148039f-5c23-48cb-ab61-be518e0afcbd","block_type":"box","text":"determined, composed and calculated by Morningstar without regard to the Trust, BFA or its affiliates or the Fund. Morningstar has no","page_number":90,"box":{"x":76,"y":709,"width":857,"height":11}},{"id":"9d3d6296-6c99-4e58-9144-157de32c3547","block_type":"box","text":"obligation to take the needs of BFA or its affiliates or the owners of shares of the Fund into consideration in determining, composing or","page_number":90,"box":{"x":76,"y":723,"width":862,"height":11}},{"id":"079f254a-77a2-4d6a-acc4-a1cdae6e888b","block_type":"box","text":"calculating the Underlying Index. Morningstar is not responsible for and has not participated in the determination of the prices and amount of","page_number":90,"box":{"x":76,"y":737,"width":905,"height":11}},{"id":"62652339-6fef-4848-aa60-23689a6f2724","block_type":"box","text":"shares of the Fund, or the timing of the issuance or sale of such shares or in the determination or calculation of the equation by which shares","page_number":90,"box":{"x":76,"y":751,"width":903,"height":11}},{"id":"46995760-70b6-4968-a334-58c7784d0b05","block_type":"box","text":"of the Fund are to be converted into cash. Morningstar has no obligation or liability in connection with the administration, marketing or","page_number":90,"box":{"x":76,"y":766,"width":862,"height":11}},{"id":"6c6e7ed3-1d85-4613-9dd8-38dc86e987ec","block_type":"box","text":"trading of shares of the Fund. Morningstar does not guarantee the accuracy or the completeness of the Underlying Index or any data","page_number":90,"box":{"x":76,"y":780,"width":848,"height":11}},{"id":"0e1c5ae4-e4da-48d7-b2c6-3dc05b61ef4c","block_type":"box","text":"included therein and Morningstar shall have no liability for any errors, omissions or interruptions therein.","page_number":90,"box":{"x":76,"y":794,"width":668,"height":11}},{"id":"428e7deb-6b72-4713-8cf7-ca5a1fcb4859","block_type":"box","text":"Morningstar makes no warranty, express or implied, as to results to be obtained by BFA or its affiliates, owners of shares of the Fund or any","page_number":90,"box":{"x":77,"y":817,"width":892,"height":11}},{"id":"609d6474-2d2f-4711-8768-9e68cc14f916","block_type":"box","text":"other person or entity from the use of the Underlying Index or any data included therein. Morningstar makes no express or implied warranties","page_number":90,"box":{"x":76,"y":831,"width":905,"height":11}},{"id":"e31e1c01-542b-4f00-9e27-3296e18ec840","block_type":"box","text":"and expressly disclaims all warranties of merchantability or fitness for a particular purpose or use with respect to the Underlying Index or any","page_number":90,"box":{"x":76,"y":846,"width":903,"height":10}},{"id":"a78c2360-1331-43e5-ba3d-d9c9cdd6a096","block_type":"box","text":"data included therein. Without limiting any of the foregoing, in no event shall Morningstar have any liability for any special, punitive, direct,","page_number":90,"box":{"x":76,"y":860,"width":883,"height":11}},{"id":"62665b75-af97-4e7a-8820-f5d27da4fd6c","block_type":"box","text":"indirect or consequential damages (including lost profits) resulting from the use of the Underlying Index or any data included therein, even if","page_number":90,"box":{"x":76,"y":874,"width":896,"height":11}},{"id":"30b24a04-e2a1-451b-b8f1-8bbd6bf89f68","block_type":"box","text":"notified of the possibility of such damages.","page_number":90,"box":{"x":76,"y":888,"width":273,"height":11}},{"id":"ca8ace55-d1d8-4b29-ae6f-13e35a8fae5f","block_type":"box","text":"36","page_number":90,"box":{"x":521,"y":921,"width":15,"height":8}},{"id":"44977f5e-1110-40e0-874f-373b513bb023","block_type":"box","text":"S&P Dow Jones Indices LLC","page_number":91,"box":{"x":76,"y":23,"width":190,"height":10}},{"id":"9ae0e7c1-be9d-4f37-8d85-81a4049e90e6","block_type":"box","text":"The following applies with respect to each Underlying Index provided by SPDJI:","page_number":91,"box":{"x":76,"y":46,"width":502,"height":11}},{"id":"9f0caef7-d5e7-4e37-b8ba-8c07e4fd195f","block_type":"box","text":"The Underlying Index is a product of S&P Dow Jones Indices LLC or its affiliates (“SPDJI”) and has been licensed for use by BFA or its","page_number":91,"box":{"x":76,"y":70,"width":845,"height":10}},{"id":"85a4d383-9cf8-4063-ac1c-420f6f81fba2","block_type":"box","text":"affiliates. S&P","page_number":91,"box":{"x":76,"y":84,"width":88,"height":8}},{"id":"54db728c-3ff9-4f34-a1db-2b574472a77e","block_type":"box","text":"®","page_number":91,"box":{"x":165,"y":83,"width":9,"height":7}},{"id":"72a2c761-5954-41f7-b13a-271f1d348fe2","block_type":"box","text":", S&P 500","page_number":91,"box":{"x":175,"y":84,"width":62,"height":10}},{"id":"c190db9a-d9be-445a-9fdc-10cfd15024f7","block_type":"box","text":"®","page_number":91,"box":{"x":239,"y":83,"width":8,"height":7}},{"id":"87972505-66f2-4fa1-97e6-d766b2296659","block_type":"box","text":", SPX","page_number":91,"box":{"x":249,"y":84,"width":33,"height":10}},{"id":"a0c3e944-1379-4bc3-a5ce-06a5cc8ff28c","block_type":"box","text":"®","page_number":91,"box":{"x":283,"y":83,"width":8,"height":7}},{"id":"d53efe42-d943-4b05-9797-616360e5bfb5","block_type":"box","text":", SPY","page_number":91,"box":{"x":292,"y":84,"width":33,"height":10}},{"id":"7fd93e61-0517-439f-8514-c86cb5bb59b0","block_type":"box","text":"®","page_number":91,"box":{"x":326,"y":83,"width":8,"height":7}},{"id":"9e02b1db-ae91-4eac-a5ca-f34ad6ff203c","block_type":"box","text":", US 500™, The 500™, iBoxx","page_number":91,"box":{"x":335,"y":84,"width":179,"height":10}},{"id":"b307c2d0-acff-472c-ba4c-346104abdcd6","block_type":"box","text":"®","page_number":91,"box":{"x":515,"y":83,"width":8,"height":7}},{"id":"e3133cc4-15f5-45bf-9f2b-aeef6b1ac6ef","block_type":"box","text":", iTraxx","page_number":91,"box":{"x":525,"y":84,"width":43,"height":10}},{"id":"3e19a733-dddc-4e9d-aaaa-68ddc576a101","block_type":"box","text":"®","page_number":91,"box":{"x":569,"y":83,"width":8,"height":7}},{"id":"f854ade1-ad70-4403-b112-b4539a9ca2d5","block_type":"box","text":"and CDX","page_number":91,"box":{"x":583,"y":84,"width":54,"height":8}},{"id":"40b2954e-c1c0-45b3-b09c-3c7a52bb0ca5","block_type":"box","text":"®","page_number":91,"box":{"x":638,"y":83,"width":9,"height":7}},{"id":"6e044535-60a4-47a4-b7e2-d0a94087fb35","block_type":"box","text":"are trademarks of S&P Global, Inc. or its affiliates","page_number":91,"box":{"x":652,"y":84,"width":314,"height":10}},{"id":"7120e45b-db64-457f-bac4-3cdc7687c930","block_type":"box","text":"(“S&P”); Dow Jones","page_number":91,"box":{"x":77,"y":98,"width":121,"height":11}},{"id":"a0a8d7bd-08bc-4f4e-82f7-37a5ec41e325","block_type":"box","text":"®","page_number":91,"box":{"x":200,"y":97,"width":8,"height":7}},{"id":"3c177b88-58c3-421b-9598-829dbf1f5619","block_type":"box","text":"is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); and these trademarks have been","page_number":91,"box":{"x":214,"y":98,"width":719,"height":11}},{"id":"15d453a2-e397-4ca5-95bf-e00c0b513966","block_type":"box","text":"licensed for use by SPDJI and sublicensed for certain purposes by BFA or its affiliates or the Fund. It is not possible to invest directly in an","page_number":91,"box":{"x":77,"y":112,"width":878,"height":11}},{"id":"6e986e18-cfde-4ac1-a0fe-d3510ff41a5e","block_type":"box","text":"index. The Fund is not sponsored or sold by SPDJI, Dow Jones, S&P, or any of their respective affiliates (collectively, “S&P Dow Jones","page_number":91,"box":{"x":76,"y":126,"width":846,"height":11}},{"id":"ce4be828-70e6-4320-823c-3fb5763df35b","block_type":"box","text":"Indices”). S&P Dow Jones Indices do not make any representation or warranty, express or implied, to the owners of shares of the Fund or any","page_number":91,"box":{"x":77,"y":140,"width":902,"height":11}},{"id":"7cac0774-befd-4aca-ad78-0c506a0883b4","block_type":"box","text":"member of the public regarding the advisability of investing in securities generally or in the Fund particularly or the ability of the Underlying","page_number":91,"box":{"x":76,"y":155,"width":889,"height":10}},{"id":"199f6d7a-9807-4ddc-b5d1-7542036863dd","block_type":"box","text":"Index to track general market performance. Past performance of an index is not an indication or guarantee of future results. S&P Dow Jones","page_number":91,"box":{"x":77,"y":169,"width":894,"height":11}},{"id":"66d7b7f8-06fc-41e0-bd99-89208357bca7","block_type":"box","text":"Indices’ only relationship to BFA, its affiliates and the Fund with respect to the Underlying Index is the licensing of the index and certain","page_number":91,"box":{"x":77,"y":183,"width":863,"height":11}},{"id":"ac76d781-3d67-4107-b0a4-4ba7ca51c9d2","block_type":"box","text":"trademarks, service marks and/or trade names of S&P Dow Jones Indices and/or its licensors. The Underlying Index is determined,","page_number":91,"box":{"x":76,"y":197,"width":841,"height":11}},{"id":"80e8abc8-9c6e-41ee-8676-6a0895f127ac","block_type":"box","text":"composed and calculated by S&P Dow Jones Indices without regard to BFA, its affiliates or the Fund. S&P Dow Jones Indices have no","page_number":91,"box":{"x":76,"y":211,"width":847,"height":11}},{"id":"da50c346-9411-4f91-a06f-7e4a80de26e4","block_type":"box","text":"obligation to take the needs of BFA or its affiliates or the owners of shares of the Fund into consideration in determining, composing or","page_number":91,"box":{"x":76,"y":226,"width":862,"height":10}},{"id":"3b94cebf-ab5d-44a8-bb79-368706f5e1fe","block_type":"box","text":"calculating the Underlying Index. S&P Dow Jones Indices have no obligation or liability in connection with the administration, marketing or","page_number":91,"box":{"x":76,"y":240,"width":881,"height":11}},{"id":"3b7dc4ec-4546-4309-bd61-afa3157d1081","block_type":"box","text":"trading of the Fund. There is no assurance that investment products based on the Underlying Index will accurately track index performance","page_number":91,"box":{"x":76,"y":254,"width":890,"height":11}},{"id":"2a3effa8-2c49-4e39-a1bc-212d7f8cd268","block_type":"box","text":"or provide positive investment returns. S&P Dow Jones Indices LLC is not an investment adviser, commodity trading advisor, commodity pool","page_number":91,"box":{"x":76,"y":268,"width":901,"height":11}},{"id":"e5c0f8b1-56d2-4d5f-a504-412616ee8241","block_type":"box","text":"operator, broker dealer, fiduciary, “promoter” (as defined in the Investment Company Act of 1940, as amended), “expert” (as enumerated","page_number":91,"box":{"x":76,"y":282,"width":878,"height":11}},{"id":"18ba7bd7-d356-46db-b116-c3bbdb1257ac","block_type":"box","text":"within 15 U.S.C. § 77k(a)) or tax advisor. Inclusion of a security, commodity, crypto currency or other asset within an index is not a","page_number":91,"box":{"x":76,"y":296,"width":835,"height":11}},{"id":"f815d61d-c550-4ce9-b9b4-13cc888feb51","block_type":"box","text":"recommendation by S&P Dow Jones Indices to buy, sell, or hold such security, commodity, crypto currency or other asset, nor is it","page_number":91,"box":{"x":77,"y":311,"width":831,"height":10}},{"id":"9fd664dd-4cf2-4af8-9136-8854ba0dacdb","block_type":"box","text":"considered to be investment advice or commodity trading advice. SPDJI provides indices that use environmental, social and/or governance","page_number":91,"box":{"x":76,"y":325,"width":892,"height":11}},{"id":"5998fda8-f4bc-4aa6-a1cd-4648561c5ba3","block_type":"box","text":"(“ESG”) indicators (including, without limit, business involvement screens, conformance to voluntary corporate standards, GHG emissions","page_number":91,"box":{"x":77,"y":339,"width":881,"height":11}},{"id":"1a0864e6-85ce-4ce6-a5d9-aaa6a6d20f34","block_type":"box","text":"data, and ESG scores) to select, weight and/or exclude constituents. ESG indicators seek to measure a company’s or an asset’s","page_number":91,"box":{"x":76,"y":353,"width":821,"height":11}},{"id":"71ffd793-6f69-4f78-b041-d5a100a0c464","block_type":"box","text":"performance with respect to E, S and/or G criteria. ESG indicators are derived from publicly reported data, modelled data, or a combination","page_number":91,"box":{"x":76,"y":367,"width":894,"height":11}},{"id":"d54dd378-81e0-4dbd-8e85-69fb5068309e","block_type":"box","text":"of reported and modelled data. ESG indicators are based on a qualitative assessment due to the absence of well-defined uniform market","page_number":91,"box":{"x":76,"y":382,"width":874,"height":10}},{"id":"98ecf6ad-3af6-4761-8bb4-782400230d6d","block_type":"box","text":"standards and the use of multiple methodologies to assess ESG factors. No single clear, definitive test or framework (legal, regulatory, or","page_number":91,"box":{"x":76,"y":396,"width":878,"height":11}},{"id":"154f631b-5a05-4f9a-8dba-f42ef2799792","block_type":"box","text":"otherwise) exists to determine labels such as “ESG”, “sustainable”, “good governance”, “no adverse environmental, social and/or other","page_number":91,"box":{"x":76,"y":410,"width":867,"height":11}},{"id":"924e2fd0-9f81-4860-b428-78f863fcabe3","block_type":"box","text":"impacts” or other equivalently labelled objectives. Therefore, the exercise of subjective judgment is necessary. Different persons may","page_number":91,"box":{"x":76,"y":424,"width":855,"height":11}},{"id":"d0166065-1104-4e6a-99ab-44a5716d624d","block_type":"box","text":"classify the same investment, products and/or strategy differently regarding the foregoing labels.","page_number":91,"box":{"x":76,"y":438,"width":624,"height":11}},{"id":"1d1394c2-95f1-4b85-bb16-5632e63f843b","block_type":"box","text":"S&P DOW JONES INDICES DO NOT GUARANTEE THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMP","page_number":91,"box":{"x":76,"y":461,"width":726,"height":11}},{"id":"0bebeeec-4730-4d6d-b4b5-d1326478f574","block_type":"box","text":"LETENESS OF THE","page_number":91,"box":{"x":805,"y":461,"width":118,"height":9}},{"id":"2ab3dcb7-6d08-4aa1-9f03-d66c2f4d9f2e","block_type":"box","text":"UNDERLYING INDEX OR ANY DATA RELATED THERETO OR ANY COMMUNICATION, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN","page_number":91,"box":{"x":77,"y":476,"width":886,"height":10}},{"id":"bc3eff72-6561-4ee1-92f9-76fa1866a15f","block_type":"box","text":"COMMUNICATION (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. S&P DOW JONES INDICES SHALL NOT BE","page_number":91,"box":{"x":76,"y":490,"width":877,"height":11}},{"id":"106d91d4-8790-4021-881e-488e75c507b9","block_type":"box","text":"SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. S&P DOW JONES INDICES MAKE NO","page_number":91,"box":{"x":76,"y":504,"width":867,"height":10}},{"id":"7e53122d-eefb-4210-abd9-de4d2f496482","block_type":"box","text":"EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIM ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A","page_number":91,"box":{"x":77,"y":518,"width":823,"height":10}},{"id":"cdbf45c2-cd6a-4f55-b0a4-5e288e473ba5","block_type":"box","text":"PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY BFA OR ITS AFFILIATES, OWNERS OF SHARES OF THE FUND, OR","page_number":91,"box":{"x":77,"y":532,"width":889,"height":10}},{"id":"627ac01b-dfef-4c6c-8262-27a6d16caa27","block_type":"box","text":"ANY OTHER PERSON OR ENTITY FROM THE USE OF THE UNDERLYING INDEX OR WITH RESPECT TO ANY DATA RELATED THERETO.","page_number":91,"box":{"x":76,"y":547,"width":849,"height":8}},{"id":"1ad45f14-746c-474a-af36-c679db17ca56","block_type":"box","text":"WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL S&P DOW JONES INDICES BE LIABLE FOR ANY","page_number":91,"box":{"x":76,"y":561,"width":838,"height":10}},{"id":"a98ab9da-3b7c-43e2-958d-c4a3ed6557e6","block_type":"box","text":"INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS,","page_number":91,"box":{"x":77,"y":575,"width":854,"height":10}},{"id":"46ea727e-80c0-4ea2-b1b4-6713a3acf5fa","block_type":"box","text":"TRADING LOSSES, LOST TIME OR","page_number":91,"box":{"x":76,"y":589,"width":217,"height":10}},{"id":"ff47edf1-fa6a-4930-9d50-ef0da4641fd8","block_type":"box","text":"GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN","page_number":91,"box":{"x":298,"y":589,"width":679,"height":10}},{"id":"53344613-8d2c-4827-9abc-7a6584f59314","block_type":"box","text":"CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE. S&P DOW JONES INDICES HAVE NOT REVIEWED, PREPARED AND/OR CERTIFIED","page_number":91,"box":{"x":76,"y":603,"width":878,"height":10}},{"id":"4b4bc785-e8b1-4137-9240-6d2e12d4636b","block_type":"box","text":"ANY PORTION OF, NOR DOES S&P DOW JONES INDICES HAVE ANY CONTROL OVER, THE LICENSEE PRODUCT REGISTRATION STATEMENT,","page_number":91,"box":{"x":76,"y":617,"width":904,"height":11}},{"id":"575ba5ee-3454-4a60-b180-42bcc9bb1788","block_type":"box","text":"PROSPECTUS OR OTHER OFFERING MATERIALS. THERE ARE NO THIRD-PARTY BENEFICIARIES OF ANY AGREEMENTS OR","page_number":91,"box":{"x":77,"y":632,"width":789,"height":8}},{"id":"4d9776b6-57da-4ea5-ab20-22b492fb9063","block_type":"box","text":"ARRANGEMENTS BETWEEN S&P DOW JONES INDICES AND BFA OR ITS AFFILIATES, OTHER THAN THE LICENSORS OF S&P DOW JONES","page_number":91,"box":{"x":76,"y":646,"width":882,"height":10}},{"id":"50c9e80e-9606-4247-9dad-3e06c78c7c21","block_type":"box","text":"INDICES.","page_number":91,"box":{"x":77,"y":660,"width":57,"height":8}},{"id":"c5713ac8-1f5d-4a4f-9b70-1e6bdb49908c","block_type":"box","text":"37","page_number":91,"box":{"x":521,"y":921,"width":16,"height":8}},{"id":"ecf61892-8f2d-4085-b0c2-40b34daf4ee5","block_type":"box","text":"Want to know more?","page_number":92,"box":{"x":111,"y":392,"width":272,"height":15}},{"id":"37b0b57e-ed93-4350-b529-2c17bf16454b","block_type":"box","text":"iShares.com | 1-800-474-2737 (1-800-iShares)","page_number":92,"box":{"x":112,"y":419,"width":407,"height":11}},{"id":"226a6499-0c32-4fbe-b8b9-d6f893356fd6","block_type":"box","text":"Information on each Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at","page_number":92,"box":{"x":112,"y":461,"width":757,"height":9}},{"id":"a4d39316-c2c5-4e92-a23f-efc5ed01d0b4","block_type":"box","text":"www.iShares.com. Copies of each Fund’s Prospectus, SAI, shareholder reports and other information, as applicable and when","page_number":92,"box":{"x":111,"y":475,"width":785,"height":9}},{"id":"683fde34-8988-4c7c-8f7a-5da51daec371","block_type":"box","text":"available, can be found at www.iShares.com. For more information about a Fund, you may request a copy of the Fund’s SAI. The SAI","page_number":92,"box":{"x":112,"y":488,"width":820,"height":10}},{"id":"4f5719ea-17c4-45ef-86e4-004505a284c4","block_type":"box","text":"provides detailed information about the Fund and is incorporated by reference into the Fund’s Prospectus. This means that the SAI,","page_number":92,"box":{"x":112,"y":502,"width":823,"height":9}},{"id":"d983fa3a-2339-42f0-a167-181fd82aa518","block_type":"box","text":"for legal purposes, is a part of the Fund’s Prospectus.","page_number":92,"box":{"x":111,"y":515,"width":333,"height":10}},{"id":"d621f9d0-4da0-40b7-aec7-3776e4c4119a","block_type":"box","text":"Additional information about each Fund's investments is, or will be, available in the Fund's Annual and Semi-Annual Reports to","page_number":92,"box":{"x":111,"y":531,"width":797,"height":10}},{"id":"b19342ec-cea0-4fbf-8bbb-80ccb06aaf06","block_type":"box","text":"shareholders and in Form N-CSR. In a Fund's Annual Report, you will find a discussion of the market conditions and investment","page_number":92,"box":{"x":111,"y":545,"width":801,"height":10}},{"id":"636b43f9-e8f2-475c-ba19-36be47a80e0e","block_type":"box","text":"strategies that significantly affected the Fund's performance during the last fiscal year. In Form N-CSR, you will find the Fund’s","page_number":92,"box":{"x":111,"y":558,"width":796,"height":10}},{"id":"abeb6130-0604-40e3-84c4-35585f36a083","block_type":"box","text":"annual and semi-annual financial statements.","page_number":92,"box":{"x":112,"y":572,"width":290,"height":7}},{"id":"c0b5a652-b878-40a0-bbfa-df0bec4b2373","block_type":"box","text":"If you have any questions about the Trust or shares of a Fund or you wish to obtain a Fund’s SAI, Semi-Annual or Annual Report free","page_number":92,"box":{"x":112,"y":588,"width":824,"height":10}},{"id":"f215ad2a-88f0-453d-ba36-709ee4d21859","block_type":"box","text":"of charge, please:","page_number":92,"box":{"x":111,"y":602,"width":109,"height":9}},{"id":"874fa8e9-35eb-4f7e-808d-a8baead1742e","block_type":"box","text":"Call: 1-800-iShares or 1-800-474-2737 (toll free)","page_number":92,"box":{"x":314,"y":624,"width":331,"height":8}},{"id":"35be5913-7aa2-4a1a-b14d-e762400dca30","block_type":"box","text":"Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time)","page_number":92,"box":{"x":365,"y":637,"width":381,"height":10}},{"id":"1fe58d81-1c12-45f3-823d-d6a01754418f","block_type":"box","text":"Email: iSharesETFs@blackrock.com","page_number":92,"box":{"x":315,"y":653,"width":229,"height":8}},{"id":"49e4c9bf-c92e-45ec-b694-74e264876208","block_type":"box","text":"Write: c/o BlackRock Investments, LLC","page_number":92,"box":{"x":314,"y":668,"width":252,"height":9}},{"id":"c6baced3-52c8-47a0-b462-8b683bd1f2dd","block_type":"box","text":"1 University Square Drive, Princeton, NJ 08540","page_number":92,"box":{"x":364,"y":681,"width":296,"height":10}},{"id":"2b846a4b-9429-4fbc-aadc-d878c45d63b4","block_type":"box","text":"Reports and other information about each Fund are available on the EDGAR database on the SEC's website at www.sec.gov, and","page_number":92,"box":{"x":112,"y":703,"width":801,"height":9}},{"id":"e745a582-f699-4217-b86f-e588b1660741","block_type":"box","text":"copies of this information may be obtained, after paying a duplicating fee, by electronic request at the following email address:","page_number":92,"box":{"x":111,"y":716,"width":795,"height":10}},{"id":"c1a1e230-9a5e-42e2-9402-803390e3e1a7","block_type":"box","text":"publicinfo@sec.gov.","page_number":92,"box":{"x":112,"y":730,"width":123,"height":10}},{"id":"880dbaa0-bcee-4f19-8b21-d3432ef07f19","block_type":"box","text":"No person is authorized to give any information or to make any representations about a Fund and its shares not contained in this","page_number":92,"box":{"x":112,"y":746,"width":795,"height":10}},{"id":"3534520a-a94c-4af8-b489-0943aa77a80f","block_type":"box","text":"Prospectus and you should not rely on any other information. Read and keep this Prospectus for future reference.","page_number":92,"box":{"x":112,"y":760,"width":698,"height":9}},{"id":"1889d24d-2aa9-455a-8231-e7baef8dbc9d","block_type":"box","text":"©2026 BlackRock, Inc. All rights reserved.","page_number":92,"box":{"x":112,"y":776,"width":261,"height":9}},{"id":"b0deff87-ebce-48f3-8c1f-c3949e314c27","block_type":"box","text":"iSHARES","page_number":92,"box":{"x":378,"y":776,"width":59,"height":7}},{"id":"33146183-48b2-4654-a3b8-da9dd4024e55","block_type":"box","text":"®","page_number":92,"box":{"x":438,"y":775,"width":3,"height":3}},{"id":"bece7954-dd11-4c9a-b87f-c5fcc7078e45","block_type":"box","text":"and","page_number":92,"box":{"x":446,"y":776,"width":22,"height":7}},{"id":"6554a776-01ad-456d-a24f-8a330e1dbadb","block_type":"box","text":"BLACKROCK","page_number":92,"box":{"x":474,"y":776,"width":85,"height":7}},{"id":"24008160-8caa-4601-9606-0f8f73eecb7f","block_type":"box","text":"®","page_number":92,"box":{"x":560,"y":775,"width":4,"height":3}},{"id":"b0e19d30-9e6d-47f9-937d-dba6cb661378","block_type":"box","text":"are registered trademarks of BlackRock Fund Advisors and","page_number":92,"box":{"x":568,"y":776,"width":367,"height":9}},{"id":"ddf8b40c-82ae-4ce6-8c64-0b841b817e46","block_type":"box","text":"its affiliates. All other marks are the property of their respective owners.","page_number":92,"box":{"x":112,"y":789,"width":445,"height":10}},{"id":"1dae3338-0fa7-458c-a254-abda200b6a42","block_type":"box","text":"IS-P- 430A-0826","page_number":92,"box":{"x":90,"y":749,"width":7,"height":62}},{"id":"95bca256-35b1-4880-b7ca-aeb7e0cafc3e","block_type":"box","text":"Investment Company Act File No.: 811-09729","page_number":92,"box":{"x":112,"y":805,"width":290,"height":10}},{"id":"8bcea69a-f1e0-465a-9d13-0a2f312443ec","block_type":"box","text":"Go paperless. . .","page_number":92,"box":{"x":760,"y":864,"width":132,"height":13}},{"id":"67a6e0d5-d9a4-4924-a935-a5bca81efdeb","block_type":"box","text":"It’s Easy, Economical and Green!","page_number":92,"box":{"x":760,"y":879,"width":136,"height":7}},{"id":"0d65062c-f5d6-474e-81bb-e53db05207be","block_type":"box","text":"Go to","page_number":92,"box":{"x":760,"y":890,"width":21,"height":5}},{"id":"9a28c9d6-7f7f-4167-bcf8-5f0261717244","block_type":"box","text":"www.icsdelivery.com","page_number":92,"box":{"x":784,"y":890,"width":97,"height":7}}],"unit":"per_mille","page_width":594,"page_height":774,"attributes":{"chunk_type":"page_range","start_page":1,"end_page":92}},"source":{"type":"Model","id":"github:dorsalhub/pdf-extractor","version":"0.5.0","execution_id":"983a0fe3-b591-4abf-a188-8eefa51f1746"},"user_id":1000002,"date_created":"2026-10-15T22:50:12.452000Z","date_modified":"2026-10-15T22:50:12.452000Z","private":false}