{"annotation_id":"7f3fac5a-00b9-44d6-b580-7a1bedbfa253","file_hash":"e7b81a17738bbbac64578fff18cdf5b6e97e0b4bc9cd90329354b1b44e6491b9","schema_id":"open/document-extraction","schema_version":"0.5.0","record":{"extraction_type":"boxes","producer":"pdf-extractor-v0.5.0","blocks":[{"id":"6b37bd16-2e25-4286-bfb3-3ae89bd02616","block_type":"box","text":"iShares Trust","page_number":1,"box":{"x":450,"y":69,"width":103,"height":10}},{"id":"4577c3df-fa24-4065-8d4a-729a838be5b5","block_type":"box","text":"Supplement dated October 1, 2026","page_number":1,"box":{"x":367,"y":85,"width":269,"height":12}},{"id":"9ac83f38-762b-4a2b-ada9-2d088515035e","block_type":"box","text":"to the currently effective Summary Prospectus, Prospectus,","page_number":1,"box":{"x":273,"y":100,"width":456,"height":13}},{"id":"7c30c75e-e159-4313-8fc6-b1baddd2e554","block_type":"box","text":"and Statement of Additional Information (the “SAI”) for the","page_number":1,"box":{"x":274,"y":116,"width":455,"height":12}},{"id":"97e52db8-9985-4765-aafc-9d62a64f51de","block_type":"box","text":"iShares","page_number":1,"box":{"x":231,"y":131,"width":54,"height":10}},{"id":"e7dfb12e-3a4e-49d5-b193-6f171dedf50c","block_type":"box","text":"®","page_number":1,"box":{"x":286,"y":131,"width":10,"height":7}},{"id":"f6bde41d-254c-4581-8eef-1a2b2e4a0186","block_type":"box","text":"iBonds","page_number":1,"box":{"x":296,"y":131,"width":55,"height":10}},{"id":"2908984b-f634-4797-ae5a-9abd82c05580","block_type":"box","text":"®","page_number":1,"box":{"x":352,"y":131,"width":10,"height":7}},{"id":"3a439c1c-82ad-45ba-ab19-ad030d5adcfb","block_type":"box","text":"Dec 2026 Term Muni Bond ETF* (IBMO) (the “Fund”)","page_number":1,"box":{"x":362,"y":131,"width":411,"height":13}},{"id":"771bb698-0b45-46f9-867d-771c1a510657","block_type":"box","text":"*The iShares iBonds Dec 2026 Term Muni Bond ETF may also conduct business as the iBonds Dec","page_number":1,"box":{"x":118,"y":154,"width":739,"height":13}},{"id":"24d9c242-9e86-4d1b-82d0-7a394efae781","block_type":"box","text":"2026 Term Muni Bond ETF.","page_number":1,"box":{"x":116,"y":170,"width":209,"height":10}},{"id":"8142b350-50a8-4c8a-bc83-374c0d6b7159","block_type":"box","text":"On March 12, 2019, in connection with the establishment of the Fund, the Board of Trustees of the Trust","page_number":1,"box":{"x":116,"y":193,"width":764,"height":12}},{"id":"3cbc07c2-ea17-4d79-a97e-10c3dfa3f643","block_type":"box","text":"approved the planned liquidation, dissolution and termination of the Fund. As a result, the last day of","page_number":1,"box":{"x":116,"y":209,"width":735,"height":12}},{"id":"732fe74e-033b-45c5-be1a-959c87ffc7f0","block_type":"box","text":"trading in the Fund on Cboe BZX Exchange, Inc. (“Cboe BZX”) will be December 1, 2026. Cboe BZX will","page_number":1,"box":{"x":116,"y":224,"width":751,"height":13}},{"id":"aab6b2fa-4ab4-4db6-b816-6fd31944cb59","block_type":"box","text":"suspend trading in the Fund before the open of trading on December 2, 2026, and shares of the Fund will","page_number":1,"box":{"x":116,"y":240,"width":767,"height":12}},{"id":"541df815-0dbe-4927-ac7a-2d7c659bff8e","block_type":"box","text":"no longer be available for new investments as of this date. Proceeds of the liquidation are currently","page_number":1,"box":{"x":117,"y":255,"width":719,"height":13}},{"id":"12343f1a-fe2a-4902-978d-e68456e0b95d","block_type":"box","text":"scheduled to be sent to shareholders on December 4, 2026. The Fund’s final net asset value, as calculated","page_number":1,"box":{"x":116,"y":271,"width":771,"height":11}},{"id":"97f94e1c-68d9-45d2-96fd-1f438d84d48a","block_type":"box","text":"on December 1, 2026, will include any costs associated with the liquidation expected to be borne by the","page_number":1,"box":{"x":116,"y":286,"width":757,"height":13}},{"id":"0303b914-d5fe-489f-8d36-55a0090c34d4","block_type":"box","text":"Fund.","page_number":1,"box":{"x":117,"y":302,"width":44,"height":10}},{"id":"a1fffc0c-2f96-421c-98b4-d497e80e8c6a","block_type":"box","text":"Because shares of the Fund will not be traded on Cboe BZX during the period between December 2, 2026","page_number":1,"box":{"x":117,"y":325,"width":767,"height":13}},{"id":"b1552620-131f-4e7d-93b0-bb6c1b2b4f11","block_type":"box","text":"and December 4, 2026, we cannot assure you that there will be a trading market for your shares. Further,","page_number":1,"box":{"x":116,"y":340,"width":767,"height":13}},{"id":"00ee9170-793f-458d-9fc8-64487b96b1f4","block_type":"box","text":"during this period, the Fund will be in the process of closing down and liquidating its portfolio, which may","page_number":1,"box":{"x":116,"y":356,"width":770,"height":13}},{"id":"02bc3fd4-2404-4858-8419-502e1d57a661","block_type":"box","text":"result in the Fund not being able to track its Underlying Index (by December 2, 2026, the Underlying","page_number":1,"box":{"x":117,"y":371,"width":727,"height":13}},{"id":"719cb124-c6eb-42dc-8ca9-fc344294f91d","block_type":"box","text":"Index value will be represented almost entirely by cash as no securities will remain in the Underlying","page_number":1,"box":{"x":117,"y":387,"width":727,"height":13}},{"id":"2fb516cc-de55-4a7e-bcb8-314564eb95d5","block_type":"box","text":"Index). After December 1, 2026, shareholders that remain invested in the Fund will receive the entire","page_number":1,"box":{"x":117,"y":402,"width":731,"height":13}},{"id":"1a5f265c-6232-4fe5-9f28-b589cd6a5b04","block_type":"box","text":"amount of their pro rata share of the liquidation proceeds on or about December 4, 2026, subject to their","page_number":1,"box":{"x":116,"y":418,"width":766,"height":13}},{"id":"7939ec24-0eaf-49d8-9b4f-855eae9bf434","block_type":"box","text":"brokerage firm’s processes.","page_number":1,"box":{"x":117,"y":433,"width":202,"height":13}},{"id":"a813a216-cbc6-413d-a54f-764be31321e1","block_type":"box","text":"Shareholders may sell their holdings of the Fund prior to December 2, 2026 and may incur the usual and","page_number":1,"box":{"x":116,"y":457,"width":761,"height":12}},{"id":"fc02b85c-81f6-40bc-89ef-463726c3f1e1","block_type":"box","text":"customary brokerage commissions associated with the sale of Fund shares. If you still hold shares of the","page_number":1,"box":{"x":116,"y":472,"width":761,"height":13}},{"id":"2aa4d129-129f-4a1e-85cd-a055b6420216","block_type":"box","text":"Fund on December 4, 2026, the Fund will automatically redeem your shares for cash based on the net","page_number":1,"box":{"x":117,"y":488,"width":742,"height":12}},{"id":"4c79b496-71ea-4b26-b058-cc98e165e0b0","block_type":"box","text":"asset value as of the close of business on December 1, 2026, which will include any dividends or","page_number":1,"box":{"x":116,"y":503,"width":701,"height":13}},{"id":"a2813192-7987-4af7-8193-62798f1e2955","block_type":"box","text":"distributions calculated as of that date.","page_number":1,"box":{"x":116,"y":519,"width":286,"height":10}},{"id":"47ea555c-baf7-416d-8b91-d5bdd7fd815c","block_type":"box","text":"If you are subject to federal income tax, the liquidation of the Fund will result in one or more taxable","page_number":1,"box":{"x":117,"y":542,"width":727,"height":13}},{"id":"3d14d780-ce9e-49fe-91b0-b7f581d6257e","block_type":"box","text":"events for you. A sale or exchange of Fund shares prior to the liquidation will generally give rise to a","page_number":1,"box":{"x":116,"y":557,"width":726,"height":13}},{"id":"8129dbcf-b23f-4e6e-8752-40acd06d6021","block_type":"box","text":"capital gain or loss to you for federal income tax purposes. In connection with the liquidation, the Fund","page_number":1,"box":{"x":116,"y":573,"width":750,"height":13}},{"id":"f33f0517-5b3b-4e77-9d85-3644cfd90ddb","block_type":"box","text":"may declare tax exempt or taxable distributions of its investment income and/or taxable distributions of","page_number":1,"box":{"x":117,"y":589,"width":758,"height":12}},{"id":"3788207a-04b2-4f5f-9774-72088dae878e","block_type":"box","text":"its net capital gain. Any liquidation proceeds paid to you","page_number":1,"box":{"x":117,"y":604,"width":410,"height":13}},{"id":"57f6487d-ce41-4a39-ad88-f7669163c918","block_type":"box","text":"should generally be treated as received by you in","page_number":1,"box":{"x":528,"y":604,"width":356,"height":13}},{"id":"f83a7a48-0859-4ac1-b052-aa73314d8f10","block_type":"box","text":"exchange for your shares and will therefore generally give rise to a capital gain or loss depending on your","page_number":1,"box":{"x":116,"y":620,"width":766,"height":12}},{"id":"30024224-8fa3-494e-ad7b-055149bf5c67","block_type":"box","text":"tax basis. Please refer to the “Taxes” disclosure beginning on page 73 of the SAI and consult your own","page_number":1,"box":{"x":116,"y":635,"width":746,"height":13}},{"id":"7079a507-9df6-45e3-9331-9760e342f810","block_type":"box","text":"tax advisor about the potential tax consequences of the Fund’s liquidation, including any state, local,","page_number":1,"box":{"x":116,"y":651,"width":732,"height":12}},{"id":"00d5e0bd-5ab6-49b4-901c-ec21444c0dde","block_type":"box","text":"foreign or other tax consequences.","page_number":1,"box":{"x":116,"y":666,"width":252,"height":13}},{"id":"ed149700-54a9-4512-8e95-9e85cda66b6b","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":689,"width":516,"height":13}},{"id":"3ecaf316-b792-4db4-bbe2-1ac50ece9895","block_type":"box","text":"iShares","page_number":1,"box":{"x":117,"y":869,"width":40,"height":8}},{"id":"740d2549-3a67-49b7-b4bd-a18a7eea1b36","block_type":"box","text":"®","page_number":1,"box":{"x":158,"y":869,"width":8,"height":5}},{"id":"292ca79a-07e5-474f-a853-c9bc8feeba67","block_type":"box","text":"is a registered trademark of BlackRock Fund Advisors or its affiliates.","page_number":1,"box":{"x":170,"y":869,"width":396,"height":10}},{"id":"4a4aa987-fcb6-4fc7-838e-ad3a6c1d87f2","block_type":"box","text":"IS-A-IBMO-1026","page_number":1,"box":{"x":786,"y":887,"width":97,"height":8}},{"id":"dd439d83-2623-43f6-9be5-97b415b9a9a2","block_type":"box","text":"PLEASE RETAIN THIS SUPPLEMENT","page_number":1,"box":{"x":368,"y":911,"width":265,"height":9}},{"id":"70f238af-9282-40b9-9184-83dfb3f4bd12","block_type":"box","text":"FOR FUTURE 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Information on the","page_number":4,"box":{"x":81,"y":408,"width":803,"height":12}},{"id":"1197b7e0-9d70-475e-815a-e825c0c1b1c7","block_type":"box","text":"Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at","page_number":4,"box":{"x":81,"y":423,"width":768,"height":12}},{"id":"ee8f4847-8184-461f-a2d9-37b68529c492","block_type":"box","text":"https://www.iShares.com.","page_number":4,"box":{"x":81,"y":439,"width":200,"height":11}},{"id":"9661ba2b-2bd8-4a7d-b45a-8b6b08ed317b","block_type":"box","text":"The Securities and Exchange Commission has not approved or disapproved these securities or passed upon","page_number":4,"box":{"x":81,"y":876,"width":836,"height":12}},{"id":"b085ff29-7c01-4bac-91e8-a5e76c163cfe","block_type":"box","text":"the adequacy of this prospectus. 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The contractual waiver may be terminated prior to the Fund’s termination only upon the written agreement of the Trust","page_number":5,"box":{"x":53,"y":385,"width":887,"height":11}},{"id":"ba35c824-8ccc-4e53-8622-149ec9672306","block_type":"box","text":"and BFA.","page_number":5,"box":{"x":53,"y":400,"width":54,"height":8}},{"id":"25b7f737-d411-4452-b0bd-99753ed91495","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in","page_number":5,"box":{"x":52,"y":423,"width":883,"height":11}},{"id":"2a56175e-300f-438b-b7b8-cefb2d5592e4","block_type":"box","text":"the tables and examples below.","page_number":5,"box":{"x":52,"y":437,"width":221,"height":11}},{"id":"4c934504-e8ac-4d54-82e3-008fe09deefc","block_type":"box","text":"Annual Fund Operating 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In other words, a holder of a “pre","page_number":6,"box":{"x":52,"y":675,"width":418,"height":11}},{"id":"217bbc0f-5128-4a1a-a5e0-7b0936853b2b","block_type":"box","text":"refunded” bond receives all payments of interest and principal","page_number":6,"box":{"x":53,"y":690,"width":397,"height":10}},{"id":"0a34b7f8-ec44-4cba-8d2a-c07464db1894","block_type":"box","text":"back on an earlier date then the stated maturity date of the bond.","page_number":6,"box":{"x":53,"y":704,"width":418,"height":11}},{"id":"570ad631-774b-4dbd-85fc-2cbc21da7776","block_type":"box","text":"All payments related to the maturity or pre-refunding of a bond","page_number":6,"box":{"x":52,"y":718,"width":402,"height":11}},{"id":"dcae6927-5ae0-4b89-bca0-4bda16dce767","block_type":"box","text":"are reinvested in tax-exempt cash or cash equivalents for the","page_number":6,"box":{"x":53,"y":732,"width":390,"height":11}},{"id":"84c841dd-4c0e-40c2-b0bb-594621b4cd49","block_type":"box","text":"duration of each month.","page_number":6,"box":{"x":53,"y":746,"width":152,"height":9}},{"id":"983a3606-7533-4e88-acac-192dbaa96544","block_type":"box","text":"Outside of five years prior to the term of the Fund, the Underlying","page_number":6,"box":{"x":53,"y":768,"width":418,"height":11}},{"id":"a5741812-1f91-437e-a95a-42d8640d9f07","block_type":"box","text":"Index will be market value weighted. Five years prior to the term","page_number":6,"box":{"x":53,"y":783,"width":409,"height":10}},{"id":"afba9222-d4ac-47df-8a80-1731c79a1f65","block_type":"box","text":"of the Fund, monthly rebalances occurring in rolling two year","page_number":6,"box":{"x":53,"y":797,"width":388,"height":11}},{"id":"83b18916-54f9-4c93-adfb-8433a4436d65","block_type":"box","text":"periods will remove bonds with a maturity year outside the term of","page_number":6,"box":{"x":53,"y":811,"width":425,"height":11}},{"id":"216f0123-e256-49f9-bf0b-74d37caa2594","block_type":"box","text":"the Fund from the Underlying Index. Such rebalancing will begin","page_number":6,"box":{"x":52,"y":825,"width":408,"height":11}},{"id":"800f4f90-8a06-41b0-abe3-68b2ebfff673","block_type":"box","text":"with those bonds whose effective maturity date is furthest from","page_number":6,"box":{"x":52,"y":839,"width":406,"height":11}},{"id":"461ad255-ee34-4d2b-baeb-adb0409499a8","block_type":"box","text":"that of the Underlying Index. Each two year period will remove","page_number":6,"box":{"x":52,"y":853,"width":397,"height":11}},{"id":"7efdb783-9ac2-4a08-829e-ba2314aac62a","block_type":"box","text":"bonds scheduled to mature in a specific year outside the term of","page_number":6,"box":{"x":53,"y":868,"width":412,"height":10}},{"id":"6a54603d-ad99-44dd-a0ea-b97e1da207a2","block_type":"box","text":"the Fund. As a result, as of January 1, 2026, the Underlying Index","page_number":6,"box":{"x":52,"y":882,"width":416,"height":11}},{"id":"1a2bd984-692a-47bd-99b5-d09724d7d99e","block_type":"box","text":"will not contain bonds with an effective maturity date later than","page_number":6,"box":{"x":518,"y":46,"width":405,"height":11}},{"id":"7b77eef3-2c2a-45d5-b714-28087edb565e","block_type":"box","text":"December 2, 2026.","page_number":6,"box":{"x":519,"y":61,"width":123,"height":10}},{"id":"2b9d352f-0d3e-4a74-84da-4eef0cadc47c","block_type":"box","text":"The Fund is a series of the iShares iBonds","page_number":6,"box":{"x":518,"y":82,"width":266,"height":9}},{"id":"c72d2e23-46b8-4c5e-8b4d-8453d664c35d","block_type":"box","text":"®","page_number":6,"box":{"x":786,"y":82,"width":8,"height":6}},{"id":"9c323766-1b99-4f78-921a-fad61b3cd3c7","block_type":"box","text":"fixed maturity series","page_number":6,"box":{"x":799,"y":82,"width":130,"height":11}},{"id":"8d6ef760-42a4-4424-b264-51bf785273d4","block_type":"box","text":"of bond exchange-traded funds (“ETFs”) sponsored by BlackRock,","page_number":6,"box":{"x":519,"y":97,"width":419,"height":11}},{"id":"c6c20118-eafb-43b9-a0e7-1cb64f73fc4e","block_type":"box","text":"Inc. (“BlackRock”). The iBonds","page_number":6,"box":{"x":519,"y":111,"width":192,"height":11}},{"id":"054888d8-5f41-4217-802b-469b45268061","block_type":"box","text":"®","page_number":6,"box":{"x":713,"y":110,"width":8,"height":7}},{"id":"711282bf-9d99-45c2-9f6a-9b0c1b47e678","block_type":"box","text":"fixed maturity series do not invest","page_number":6,"box":{"x":726,"y":111,"width":217,"height":11}},{"id":"e1caf723-457b-45b8-b902-53191bc875b1","block_type":"box","text":"in U.S. savings bonds or other U.S. government bonds (except to","page_number":6,"box":{"x":519,"y":125,"width":414,"height":11}},{"id":"c9e4d7f7-a24e-43e9-ae02-725901ee3b7c","block_type":"box","text":"the extent the funds hold cash equivalent instruments consistent","page_number":6,"box":{"x":518,"y":139,"width":416,"height":11}},{"id":"d67eb0d4-068e-46e4-873d-0b4db7e96838","block_type":"box","text":"with their investment objectives) and are not designed to provide","page_number":6,"box":{"x":518,"y":153,"width":417,"height":11}},{"id":"77726482-148d-4b75-a307-517175665636","block_type":"box","text":"protection against inflation. The Fund does not invest in U.S.","page_number":6,"box":{"x":519,"y":168,"width":385,"height":10}},{"id":"5f78e2fd-e933-46f8-a207-fe8c881beeb1","block_type":"box","text":"federal government agency bonds.","page_number":6,"box":{"x":518,"y":182,"width":221,"height":11}},{"id":"3e4ff29a-d3df-4561-8bcc-e0f71edf3eb1","block_type":"box","text":"BFA uses an indexing approach to try to achieve the Fund’s","page_number":6,"box":{"x":519,"y":205,"width":377,"height":11}},{"id":"ff8ad39f-1289-414a-beec-532c69c35482","block_type":"box","text":"investment objective. The Fund does not try to “beat” the index it","page_number":6,"box":{"x":519,"y":219,"width":417,"height":11}},{"id":"9e5970ab-2902-4b0a-ac9c-85576eb5bd90","block_type":"box","text":"tracks and does not seek temporary defensive positions when","page_number":6,"box":{"x":518,"y":233,"width":396,"height":11}},{"id":"bf489921-0c78-4d70-9f9f-3fffcbe30476","block_type":"box","text":"markets decline or appear overvalued.","page_number":6,"box":{"x":519,"y":248,"width":244,"height":10}},{"id":"1924e72d-843b-4123-9561-2ad8a8a3e642","block_type":"box","text":"Indexing may eliminate the chance that the Fund will substantially","page_number":6,"box":{"x":519,"y":271,"width":421,"height":11}},{"id":"71a33a27-3d6a-4176-abeb-50928405357b","block_type":"box","text":"outperform the Underlying Index but also may reduce some of the","page_number":6,"box":{"x":519,"y":285,"width":421,"height":11}},{"id":"b06a3708-58dc-486e-ac4e-c9877742b9f9","block_type":"box","text":"risks of active management, such as poor security selection.","page_number":6,"box":{"x":519,"y":299,"width":386,"height":11}},{"id":"d2a18eb1-8d61-4362-8094-e02aa25e86c0","block_type":"box","text":"Indexing seeks to achieve lower costs and better after-tax","page_number":6,"box":{"x":519,"y":313,"width":370,"height":11}},{"id":"1fc3ecb9-5807-4f51-8504-35f55a35a7ff","block_type":"box","text":"performance by aiming to keep portfolio turnover low in","page_number":6,"box":{"x":519,"y":327,"width":355,"height":11}},{"id":"9178527f-8d4e-44a0-8ca0-a0124a371df4","block_type":"box","text":"comparison to actively managed investment companies.","page_number":6,"box":{"x":519,"y":342,"width":359,"height":10}},{"id":"e2220c1f-e255-4d72-b114-8120788dee0b","block_type":"box","text":"BFA uses a representative sampling indexing strategy to manage","page_number":6,"box":{"x":519,"y":365,"width":412,"height":11}},{"id":"d9a1eea0-bde7-4183-850a-2e62f7efe785","block_type":"box","text":"the Fund. “Representative sampling” is an indexing strategy that","page_number":6,"box":{"x":518,"y":379,"width":412,"height":11}},{"id":"673e4538-cd4f-4ddd-9e6d-c94446ace1ce","block_type":"box","text":"involves investing in a representative sample of securities or other","page_number":6,"box":{"x":519,"y":393,"width":424,"height":11}},{"id":"11815ec9-2683-4030-a7ef-9b8b4defbc57","block_type":"box","text":"instruments that collectively has an investment profile similar to","page_number":6,"box":{"x":519,"y":407,"width":410,"height":11}},{"id":"4af856f3-8f59-4391-a2b0-b2dc9c41844f","block_type":"box","text":"that of an applicable underlying index. The instruments selected","page_number":6,"box":{"x":518,"y":422,"width":409,"height":10}},{"id":"43213826-d984-415c-913f-7db6a9b1c380","block_type":"box","text":"are expected to have, in the aggregate, investment characteristics","page_number":6,"box":{"x":519,"y":436,"width":423,"height":11}},{"id":"820cd43d-3fbf-44cb-b723-343a69dcc7b4","block_type":"box","text":"(based on factors such as market value and industry weightings),","page_number":6,"box":{"x":519,"y":450,"width":415,"height":11}},{"id":"3a921d7f-ce8e-4e83-a0d3-14c027326e83","block_type":"box","text":"fundamental characteristics (such as return variability, duration","page_number":6,"box":{"x":518,"y":464,"width":406,"height":11}},{"id":"98bd13d5-807d-464c-aa0f-2f85b1817e67","block_type":"box","text":"(","page_number":6,"box":{"x":519,"y":478,"width":3,"height":11}},{"id":"72d7d397-16f4-4b75-9dfc-3c5d988975c3","block_type":"box","text":"i.e.","page_number":6,"box":{"x":523,"y":478,"width":17,"height":9}},{"id":"a765066f-ee14-4388-8220-22d0429d11ce","block_type":"box","text":", an instrument’s price sensitivity to a change in interest","page_number":6,"box":{"x":542,"y":478,"width":358,"height":11}},{"id":"970d199b-ed78-4422-9e6a-761ff5744fdb","block_type":"box","text":"rates), maturity or credit ratings and yield) and liquidity measures","page_number":6,"box":{"x":519,"y":492,"width":418,"height":11}},{"id":"57699a1e-bc95-4554-8ab0-e65defe245c2","block_type":"box","text":"similar to those of an applicable underlying index. The Fund may","page_number":6,"box":{"x":519,"y":507,"width":410,"height":10}},{"id":"cd3dfb54-4524-4bd9-970a-59ed98d8a556","block_type":"box","text":"or may not hold all of the components of the Underlying Index.","page_number":6,"box":{"x":519,"y":521,"width":398,"height":11}},{"id":"845c9f36-ca95-413b-a860-0bb01178cfbc","block_type":"box","text":"The Fund will invest at least 80% of its assets in the component","page_number":6,"box":{"x":518,"y":544,"width":404,"height":11}},{"id":"2a746822-f65e-40f7-a003-b53d336d0dd8","block_type":"box","text":"securities of the Underlying Index, and the Fund will invest at least","page_number":6,"box":{"x":519,"y":558,"width":424,"height":11}},{"id":"ad36d85e-3091-4296-953f-043c37fc27af","block_type":"box","text":"90% of its assets in fixed income securities of the types included","page_number":6,"box":{"x":519,"y":572,"width":411,"height":11}},{"id":"3ca98aaf-ddc3-4828-8985-b4788fd730a6","block_type":"box","text":"in the Underlying Index that BFA believes will help the Fund track","page_number":6,"box":{"x":519,"y":587,"width":414,"height":10}},{"id":"a2894e84-a6aa-4ec2-a814-36e373296822","block_type":"box","text":"the Underlying Index, in each case except during the last months","page_number":6,"box":{"x":518,"y":601,"width":415,"height":11}},{"id":"4bca56fd-6ebd-4dae-8e5c-20b5d826782f","block_type":"box","text":"of the Fund’s operations, as described below. The Fund will invest","page_number":6,"box":{"x":519,"y":615,"width":418,"height":11}},{"id":"6e73d731-1cb2-40b8-88c2-7dac3ec51392","block_type":"box","text":"no more than 10% of its assets in futures, options and swaps","page_number":6,"box":{"x":519,"y":629,"width":386,"height":11}},{"id":"fa48b33a-50d2-4066-b7ee-47d94d0eb978","block_type":"box","text":"contracts that BFA believes will help the Fund track the","page_number":6,"box":{"x":519,"y":643,"width":352,"height":11}},{"id":"9202faad-e36f-4a3e-92c5-3e1011e32b05","block_type":"box","text":"Underlying Index as well as in fixed income securities other than","page_number":6,"box":{"x":519,"y":657,"width":410,"height":11}},{"id":"aca59832-c747-451e-87ed-8df7e26179d9","block_type":"box","text":"the types included in the Underlying Index, but which BFA believes","page_number":6,"box":{"x":518,"y":672,"width":424,"height":10}},{"id":"528d486b-9ea1-451b-b8af-15f165241234","block_type":"box","text":"will help the Fund track the Underlying Index. Cash and cash","page_number":6,"box":{"x":518,"y":686,"width":386,"height":11}},{"id":"4d52a471-4ea4-4aa4-b825-f14b4a95c3ef","block_type":"box","text":"equivalent investments associated with a derivative position will","page_number":6,"box":{"x":519,"y":700,"width":408,"height":11}},{"id":"f98aa948-ef62-4000-a9de-a2b1bcecaee5","block_type":"box","text":"be treated as part of that position for the purposes of calculating","page_number":6,"box":{"x":519,"y":714,"width":414,"height":11}},{"id":"4649a957-ff6b-469b-84e5-ae2cf4e52c43","block_type":"box","text":"the percentage of investments included in the Underlying Index.","page_number":6,"box":{"x":518,"y":728,"width":409,"height":11}},{"id":"bb261e3e-5f7d-408e-b3a9-d1de1fec2d60","block_type":"box","text":"The Fund will generally hold municipal bond securities issued by","page_number":6,"box":{"x":518,"y":743,"width":409,"height":10}},{"id":"2498a19a-cd86-4b91-b921-ed9e0e114a6b","block_type":"box","text":"state and local municipalities whose interest payments are","page_number":6,"box":{"x":519,"y":757,"width":375,"height":11}},{"id":"6d0a01b3-180d-4ef6-bb13-4c2b7efa2903","block_type":"box","text":"exempt from U.S. federal income tax, the federal AMT and the","page_number":6,"box":{"x":519,"y":771,"width":396,"height":11}},{"id":"d84abca9-ab87-4789-8d26-516a4b878db0","block_type":"box","text":"federal Medicare contribution tax of 3.8% on “net investment","page_number":6,"box":{"x":518,"y":785,"width":389,"height":9}},{"id":"04476c38-6c1d-4699-97de-a81d370bf143","block_type":"box","text":"income,” including dividends, interest and capital gains.","page_number":6,"box":{"x":519,"y":799,"width":355,"height":11}},{"id":"7be57b67-6de3-41b9-ab4d-1cb344507706","block_type":"box","text":"In the last months of operation, as the bonds held by the Fund","page_number":6,"box":{"x":519,"y":821,"width":396,"height":11}},{"id":"a9a6a369-50e3-480c-ad0e-cf81dd501f95","block_type":"box","text":"mature, the proceeds will not be reinvested in bonds but instead","page_number":6,"box":{"x":519,"y":835,"width":411,"height":11}},{"id":"f2f26eb3-7dbf-433b-a5dc-7fc43dfe7142","block_type":"box","text":"will be held in cash and cash equivalents, including, without","page_number":6,"box":{"x":518,"y":850,"width":381,"height":10}},{"id":"d622f722-b69d-425e-a249-0c95ef9756cd","block_type":"box","text":"limitation, shares of money market funds advised by BFA or its","page_number":6,"box":{"x":519,"y":864,"width":398,"height":11}},{"id":"5af68fe0-9297-455b-8afe-7c6616433630","block_type":"box","text":"affiliates, AMT-free tax-exempt municipal notes, variable rate","page_number":6,"box":{"x":519,"y":878,"width":389,"height":11}},{"id":"c68800bb-8eb9-4b75-abae-9ed0dd6aa9c2","block_type":"box","text":"demand notes and obligations, tender option bonds and municipal","page_number":6,"box":{"x":519,"y":892,"width":422,"height":11}},{"id":"d8ae47e8-15bd-418d-94d7-836b71042b11","block_type":"box","text":"S-2","page_number":6,"box":{"x":495,"y":944,"width":20,"height":8}},{"id":"ccd77274-f042-4dd3-af31-806dcf9b7a2d","block_type":"box","text":"commercial paper. These cash equivalents may not be included in","page_number":7,"box":{"x":53,"y":46,"width":419,"height":11}},{"id":"b0d54b1d-7f91-485a-b1bc-3e74e75c0bd6","block_type":"box","text":"the Underlying Index. By December 2, 2026, the Underlying Index","page_number":7,"box":{"x":52,"y":61,"width":421,"height":10}},{"id":"6c51e1d8-e1e7-4df5-8184-0cbc227dcc4c","block_type":"box","text":"is expected to consist entirely of cash earned in this manner.","page_number":7,"box":{"x":53,"y":75,"width":388,"height":11}},{"id":"44ed0be4-c4e9-4b25-9641-ffac1b55083d","block_type":"box","text":"Around the same time, the Fund will wind up and terminate. After","page_number":7,"box":{"x":52,"y":89,"width":418,"height":11}},{"id":"a759cb6b-34a4-4129-914c-e7b7e3470ab3","block_type":"box","text":"appropriate provision is made for any Fund liabilities, its net","page_number":7,"box":{"x":53,"y":103,"width":382,"height":11}},{"id":"bb95e338-e743-4f4e-a47d-0845312f970a","block_type":"box","text":"assets will be distributed to then-current shareholders pursuant","page_number":7,"box":{"x":53,"y":117,"width":407,"height":11}},{"id":"96218651-2ab6-4790-9e9b-96cd9ac3fdf2","block_type":"box","text":"to a plan of liquidation. The Fund’s termination was approved by a","page_number":7,"box":{"x":52,"y":131,"width":420,"height":11}},{"id":"46fcf67f-b518-43f3-8a10-ad804e58b12c","block_type":"box","text":"majority of the Trust’s Board of Trustees (the “Board”) and does","page_number":7,"box":{"x":53,"y":146,"width":404,"height":10}},{"id":"9b3b59d9-f03e-4897-a7e4-1dbf78d65368","block_type":"box","text":"not require additional approval by Fund shareholders. The Board","page_number":7,"box":{"x":53,"y":160,"width":409,"height":11}},{"id":"44ca1426-db9a-43c5-a08d-e5c7e30e9213","block_type":"box","text":"may extend the termination date if a majority of the Board","page_number":7,"box":{"x":53,"y":174,"width":370,"height":11}},{"id":"9ce90a78-e8ed-4ce1-a53a-bbb28f2cff9b","block_type":"box","text":"determines the extension to be in the best interest of the Fund.","page_number":7,"box":{"x":53,"y":188,"width":404,"height":9}},{"id":"3572833f-fdb5-4be2-909c-36bd635840d5","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying","page_number":7,"box":{"x":52,"y":210,"width":414,"height":11}},{"id":"2f92aeaa-4f56-455b-ba51-549502cab8d3","block_type":"box","text":"Index before fees and expenses of the Fund.","page_number":7,"box":{"x":53,"y":224,"width":282,"height":11}},{"id":"f189e250-e5f8-4017-b941-007596444b1d","block_type":"box","text":"The Fund should not be confused with a target date fund, which","page_number":7,"box":{"x":52,"y":246,"width":406,"height":11}},{"id":"72434743-aa3f-4bf4-b4c5-997d877e0d1a","block_type":"box","text":"has assets that are managed according to a particular investment","page_number":7,"box":{"x":53,"y":260,"width":419,"height":11}},{"id":"9e92ddc0-d4c4-42f4-8b74-4d98b32d01a0","block_type":"box","text":"strategy that converts fund assets to conservative investments","page_number":7,"box":{"x":53,"y":275,"width":402,"height":10}},{"id":"b45cdc00-d6ab-4601-ad40-365f14fcf5d3","block_type":"box","text":"over time.","page_number":7,"box":{"x":53,"y":289,"width":62,"height":8}},{"id":"8a0343d5-7c85-4c46-abee-6505d90e4657","block_type":"box","text":"The Underlying Index is sponsored by SPDJI, which is independent","page_number":7,"box":{"x":52,"y":312,"width":422,"height":11}},{"id":"e7de1def-7775-4ecf-a9a5-43ac53ec7ad6","block_type":"box","text":"of the Fund and BFA. 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For","page_number":7,"box":{"x":53,"y":434,"width":376,"height":11}},{"id":"14774ef0-94ea-4da2-9818-fb34f2732ff1","block_type":"box","text":"purposes of this limitation, securities of the U.S. government","page_number":7,"box":{"x":53,"y":449,"width":388,"height":10}},{"id":"0762982e-d19e-462b-bb1d-246a193affc5","block_type":"box","text":"(including its agencies and instrumentalities), repurchase","page_number":7,"box":{"x":53,"y":463,"width":365,"height":11}},{"id":"ad2e58d9-c3e6-4ca0-8082-8d84f3a7959e","block_type":"box","text":"agreements collateralized by U.S. government securities, and","page_number":7,"box":{"x":53,"y":477,"width":391,"height":11}},{"id":"3022223f-1a4e-44b9-9c46-76afc51a035d","block_type":"box","text":"securities of state or municipal governments and their political","page_number":7,"box":{"x":53,"y":491,"width":399,"height":11}},{"id":"16713759-5cca-478a-b524-6684f65e3ba8","block_type":"box","text":"subdivisions are not considered to be issued by members of any","page_number":7,"box":{"x":53,"y":505,"width":410,"height":11}},{"id":"e158cb4a-739c-4d05-a410-604ecacb029b","block_type":"box","text":"industry.","page_number":7,"box":{"x":53,"y":520,"width":53,"height":10}},{"id":"e2b45fa5-3d44-4cf5-a75f-c445cb6dcbdf","block_type":"box","text":"Summary of Principal Risks","page_number":7,"box":{"x":52,"y":548,"width":235,"height":14}},{"id":"f490707c-b10e-4b58-afb8-90fc56d58f3b","block_type":"box","text":"As with any investment, you could lose all or part of your","page_number":7,"box":{"x":52,"y":574,"width":362,"height":10}},{"id":"1570865b-5ff0-4a90-b543-fe9c377079e9","block_type":"box","text":"investment in the Fund, and the Fund’s performance could trail","page_number":7,"box":{"x":53,"y":588,"width":401,"height":11}},{"id":"ed6eefbd-a355-4b7b-9641-a236a60d0cb9","block_type":"box","text":"that of other investments. The Fund is subject to certain risks,","page_number":7,"box":{"x":52,"y":602,"width":397,"height":11}},{"id":"d13f99de-38fe-496e-99a9-853344eee7c6","block_type":"box","text":"including the principal risks noted below, any of which may","page_number":7,"box":{"x":53,"y":616,"width":376,"height":11}},{"id":"6e5b70c5-d3b5-4e00-a93c-97c48dc7de84","block_type":"box","text":"adversely affect the Fund’s net asset value per share (“NAV”),","page_number":7,"box":{"x":53,"y":630,"width":392,"height":11}},{"id":"538d6709-7cce-4817-9139-01369464acc0","block_type":"box","text":"trading price, yield, total return and ability to meet its investment","page_number":7,"box":{"x":52,"y":645,"width":416,"height":10}},{"id":"0150a468-5040-4bbb-a23b-51c56377ee90","block_type":"box","text":"objective. Certain key risks are prioritized below (with others","page_number":7,"box":{"x":53,"y":659,"width":387,"height":11}},{"id":"8a0dff40-2499-46b6-b007-2db19882bd80","block_type":"box","text":"following in alphabetical order), but the relative significance of any","page_number":7,"box":{"x":52,"y":673,"width":425,"height":11}},{"id":"76614e08-995a-476f-b200-8fc4f5df7592","block_type":"box","text":"risk is difficult to predict and may change over time. You should","page_number":7,"box":{"x":53,"y":687,"width":404,"height":11}},{"id":"3fd3143d-ae3a-4ee4-8a75-9c69e658af4f","block_type":"box","text":"review each risk factor carefully.","page_number":7,"box":{"x":53,"y":701,"width":205,"height":11}},{"id":"e46d8523-8f56-4c8d-8438-73feec6af8cc","block_type":"box","text":"Municipal Securities Risk","page_number":7,"box":{"x":52,"y":724,"width":173,"height":11}},{"id":"9c5b758d-1e8c-402f-8d7b-291d90e7f249","block_type":"box","text":".","page_number":7,"box":{"x":225,"y":731,"width":3,"height":2}},{"id":"89e565b2-f1ca-486e-9aaf-777af1fedb70","block_type":"box","text":"Municipal securities are subject to","page_number":7,"box":{"x":234,"y":725,"width":219,"height":10}},{"id":"4fe899b2-d7cc-4461-8209-7a3d01e8b23f","block_type":"box","text":"the risk that the issuer may be unable to pay the instrument’s","page_number":7,"box":{"x":52,"y":739,"width":393,"height":10}},{"id":"770ccfb0-0cbb-4d00-a223-47d2c32b0799","block_type":"box","text":"obligations, which would adversely affect the value of the","page_number":7,"box":{"x":53,"y":753,"width":365,"height":11}},{"id":"a1074257-87e4-4488-b429-f14fdcebe49f","block_type":"box","text":"securities. 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If","page_number":7,"box":{"x":52,"y":852,"width":424,"height":11}},{"id":"5b63af04-9b97-47e6-babb-4ae6c1fa5a00","block_type":"box","text":"a security loses its tax-exempt status, its value may decline","page_number":7,"box":{"x":53,"y":866,"width":379,"height":11}},{"id":"e17bad5c-0317-428d-afca-834e4a9d8086","block_type":"box","text":"significantly.","page_number":7,"box":{"x":53,"y":880,"width":78,"height":11}},{"id":"c56e83f5-61d5-4ce5-9d8b-4b0eab540dcd","block_type":"box","text":"The market for municipal bonds may be less liquid than for other","page_number":7,"box":{"x":518,"y":46,"width":413,"height":11}},{"id":"fdfa1a63-f6da-4b68-92e5-14ef89d35618","block_type":"box","text":"types of debt securities, and it may be harder for the Fund to buy","page_number":7,"box":{"x":518,"y":61,"width":416,"height":10}},{"id":"e7c3ef05-5a27-4499-9eb7-a222673f8b67","block_type":"box","text":"and sell municipal bonds, especially on short notice. There may be","page_number":7,"box":{"x":519,"y":75,"width":423,"height":11}},{"id":"56056fa5-e0e0-4b6c-afe4-58ad57507226","block_type":"box","text":"less publicly available information about the financial condition of","page_number":7,"box":{"x":519,"y":89,"width":419,"height":11}},{"id":"8c3af4b2-2624-48e9-831a-173e274bdd37","block_type":"box","text":"municipal security issuers than for issuers of other types of","page_number":7,"box":{"x":519,"y":103,"width":379,"height":11}},{"id":"d5bb9084-c3f0-4abc-b51c-7b631285a73c","block_type":"box","text":"securities. As a result, municipal securities may be more difficult","page_number":7,"box":{"x":519,"y":117,"width":412,"height":11}},{"id":"c2316451-17b3-4225-a4ff-bbeaa984e12e","block_type":"box","text":"to value accurately. A default or insolvency of certain issuers of","page_number":7,"box":{"x":518,"y":131,"width":405,"height":11}},{"id":"192aa8e9-0435-4116-b66f-647a6ea9ca0b","block_type":"box","text":"municipal bonds may be subject to proceedings that are","page_number":7,"box":{"x":519,"y":146,"width":359,"height":10}},{"id":"0f1a6ad4-d9cf-4e64-a187-69e6870f80c3","block_type":"box","text":"significantly different from corporate bankruptcy proceedings,","page_number":7,"box":{"x":519,"y":160,"width":396,"height":11}},{"id":"926f7485-82db-464d-9f43-f85234da97ed","block_type":"box","text":"and the Fund’s ability to recover assets may be limited.","page_number":7,"box":{"x":519,"y":174,"width":351,"height":11}},{"id":"5cbf0c40-7cb0-4a6c-88b2-cdbf5e3d778f","block_type":"box","text":"Risk of Investing in the U.S","page_number":7,"box":{"x":518,"y":197,"width":183,"height":11}},{"id":"fcd8e1b6-668c-403d-ac48-0b4177700d63","block_type":"box","text":".","page_number":7,"box":{"x":701,"y":204,"width":3,"height":2}},{"id":"97cf9326-072b-4122-a083-f46d943f5128","block_type":"box","text":"Investing in U.S. issuers subjects","page_number":7,"box":{"x":710,"y":197,"width":210,"height":11}},{"id":"f339ca1f-9dd0-4454-9037-b29ec20ee597","block_type":"box","text":"the Fund to legal, regulatory, political, currency, security, and","page_number":7,"box":{"x":518,"y":211,"width":392,"height":11}},{"id":"4fe7f988-2f20-482a-83d5-822f2c6fab4e","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the","page_number":7,"box":{"x":519,"y":226,"width":423,"height":10}},{"id":"b2a84070-22a7-411d-b1b1-acf22aa3b7b5","block_type":"box","text":"U.S., such as a weakening of the U.S. economy or a decline in its","page_number":7,"box":{"x":519,"y":240,"width":413,"height":11}},{"id":"3fad9598-fc81-4679-afc0-5b7c91d135a2","block_type":"box","text":"financial markets, may have an adverse effect on U.S. issuers.","page_number":7,"box":{"x":518,"y":254,"width":397,"height":11}},{"id":"b58f52ed-40cf-4520-b19d-bd5e618bbfa9","block_type":"box","text":"Interest Rate Risk","page_number":7,"box":{"x":518,"y":277,"width":122,"height":9}},{"id":"6041dd0d-6f45-456c-b16a-8a9ccaf74933","block_type":"box","text":".","page_number":7,"box":{"x":640,"y":284,"width":2,"height":2}},{"id":"ad852917-ffa4-4df4-9b46-17fc2b9beae4","block_type":"box","text":"Interest rate risk refers to the risk of","page_number":7,"box":{"x":648,"y":277,"width":233,"height":9}},{"id":"8a144425-dd49-43be-afa8-156ac1ec56a7","block_type":"box","text":"fluctuations in the value of a fixed-income security due to changes","page_number":7,"box":{"x":518,"y":291,"width":425,"height":11}},{"id":"512c0b17-a64a-4ff4-8dbc-ffb41bd1a931","block_type":"box","text":"in the general level of interest rates. Interest rate changes can be","page_number":7,"box":{"x":519,"y":305,"width":417,"height":11}},{"id":"80b60824-6ea9-41b7-9ca4-18fbb52019f4","block_type":"box","text":"sudden and unpredictable and are influenced by a number of","page_number":7,"box":{"x":519,"y":320,"width":388,"height":10}},{"id":"b91104f9-5635-4c75-b0ba-8445e6173ffe","block_type":"box","text":"factors, including government policy, monetary policy, inflation","page_number":7,"box":{"x":518,"y":334,"width":402,"height":11}},{"id":"97855a68-b0cd-43af-94e1-620800f1b70c","block_type":"box","text":"expectations, perceptions of risk, and supply and demand for","page_number":7,"box":{"x":519,"y":348,"width":391,"height":11}},{"id":"0826a02b-6991-46fc-be92-255cbf6c636a","block_type":"box","text":"fixed-income securities. 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During periods of very low or negative interest","page_number":7,"box":{"x":519,"y":461,"width":385,"height":11}},{"id":"158e4969-6a44-4dd6-a16f-ddd63cc0b2cf","block_type":"box","text":"rates, a Fund may be unable to maintain positive returns or pay","page_number":7,"box":{"x":519,"y":476,"width":404,"height":10}},{"id":"1d4b4de7-9e61-4ab9-9aaa-c0388663aa72","block_type":"box","text":"dividends to shareholders.","page_number":7,"box":{"x":519,"y":490,"width":167,"height":8}},{"id":"81ccf5a6-1930-4d55-aae3-7c341c947708","block_type":"box","text":"Market Risk","page_number":7,"box":{"x":518,"y":513,"width":83,"height":9}},{"id":"a7db7c01-7d7e-482e-b7c1-134c121468c1","block_type":"box","text":".","page_number":7,"box":{"x":601,"y":520,"width":2,"height":1}},{"id":"324fd8e3-7849-4d65-a731-32ef6f2099ab","block_type":"box","text":"The Fund could lose money over short periods due","page_number":7,"box":{"x":608,"y":513,"width":323,"height":11}},{"id":"d4dea963-983a-459f-aaa4-26971543162f","block_type":"box","text":"to short-term market movements and over longer periods during","page_number":7,"box":{"x":518,"y":527,"width":414,"height":11}},{"id":"a05763db-6e64-4210-90e3-7f99852e141a","block_type":"box","text":"more prolonged market downturns. Local, regional or global","page_number":7,"box":{"x":519,"y":541,"width":382,"height":11}},{"id":"d13a4ed1-4b19-4b93-acad-36477ac8256f","block_type":"box","text":"events such as war, acts of terrorism, pandemics or other public","page_number":7,"box":{"x":519,"y":556,"width":411,"height":10}},{"id":"b518b6e1-6a8c-4b5d-b524-e18af0dfb799","block_type":"box","text":"health issues, recessions, the prospect or occurrence of a","page_number":7,"box":{"x":519,"y":570,"width":370,"height":11}},{"id":"dce219f4-114f-458f-8c6d-84f0ebb49dcc","block_type":"box","text":"sovereign default or other financial crisis, or other events could","page_number":7,"box":{"x":519,"y":584,"width":404,"height":11}},{"id":"489109c5-0bad-4eb4-beb7-1a1f8739d390","block_type":"box","text":"have a significant impact on the Fund and its investments and","page_number":7,"box":{"x":519,"y":598,"width":395,"height":11}},{"id":"2b1c3b37-bf7e-4e34-8db9-fb347c375b09","block_type":"box","text":"could result in increased premiums or discounts to the Fund’s","page_number":7,"box":{"x":519,"y":612,"width":395,"height":11}},{"id":"2825ff00-394a-4a53-8cdc-d4c99894020d","block_type":"box","text":"NAV.","page_number":7,"box":{"x":519,"y":627,"width":28,"height":8}},{"id":"bbc7118b-4950-4e30-b572-0df58fe5591a","block_type":"box","text":"Index-Related Risk.","page_number":7,"box":{"x":518,"y":650,"width":129,"height":8}},{"id":"b32f36ae-31ce-4f15-b029-cc3b1e79a682","block_type":"box","text":"The Index Provider may rely on various","page_number":7,"box":{"x":653,"y":650,"width":247,"height":11}},{"id":"d7ad2339-1d8d-4015-bbf0-a30860d38624","block_type":"box","text":"sources of information to assess the criteria of components of the","page_number":7,"box":{"x":519,"y":664,"width":423,"height":11}},{"id":"05c01f1d-83f4-4e0b-aa34-52114901c33e","block_type":"box","text":"Underlying Index, including information that may be based on","page_number":7,"box":{"x":519,"y":678,"width":391,"height":11}},{"id":"aa6d9a9a-cf38-49a4-89ad-53b51a4ea660","block_type":"box","text":"assumptions and estimates. 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Errors in index data, index computations or the","page_number":7,"box":{"x":519,"y":749,"width":366,"height":11}},{"id":"df37acdc-8843-437c-9fa6-9d4396dbddb4","block_type":"box","text":"construction of the Underlying Index in accordance with its","page_number":7,"box":{"x":519,"y":763,"width":376,"height":11}},{"id":"efd4d535-a9a5-475f-8142-fcd8026e1a47","block_type":"box","text":"methodology may occur, and the Index Provider may not identify","page_number":7,"box":{"x":519,"y":777,"width":412,"height":11}},{"id":"0fb53f02-0996-4bb2-8677-9b2e87068527","block_type":"box","text":"or correct them promptly or at all, which may have an adverse","page_number":7,"box":{"x":519,"y":792,"width":396,"height":10}},{"id":"13a55ee8-5f9d-4bc1-9478-a226fb6d5826","block_type":"box","text":"impact on the Fund and its shareholders. 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Tracking error may occur due to a number of","page_number":9,"box":{"x":518,"y":476,"width":426,"height":10}},{"id":"db83616c-8c92-4509-b0e3-64f0ff25c7c7","block_type":"box","text":"factors, including differences between the securities and other","page_number":9,"box":{"x":518,"y":490,"width":402,"height":11}},{"id":"0f7e8f5a-3307-4777-8009-e0806b7de9e4","block_type":"box","text":"assets held in the Fund’s portfolio and those included in the","page_number":9,"box":{"x":519,"y":504,"width":381,"height":11}},{"id":"6531b575-7f4f-4be1-afdf-5229c2dac31e","block_type":"box","text":"Underlying Index; differences in the timing and methodologies","page_number":9,"box":{"x":519,"y":518,"width":396,"height":11}},{"id":"4e03392e-78fc-4e59-90a3-477eaf1e1847","block_type":"box","text":"used to value securities and other assets; transaction costs and","page_number":9,"box":{"x":519,"y":532,"width":407,"height":11}},{"id":"dc1595b4-1a4c-4c6f-bab6-38ff12d0016c","block_type":"box","text":"other expenses incurred by the Fund that the Underlying Index","page_number":9,"box":{"x":519,"y":547,"width":400,"height":10}},{"id":"39d3705c-912b-44ee-86f9-6545f4af01ee","block_type":"box","text":"does not incur; the Fund’s holding of uninvested cash; differences","page_number":9,"box":{"x":519,"y":561,"width":420,"height":11}},{"id":"a947ae6e-0fda-4d3d-a85a-2bed77bf6e22","block_type":"box","text":"in the timing of the accrual or the valuation of dividends or","page_number":9,"box":{"x":519,"y":575,"width":373,"height":11}},{"id":"693723d8-8015-4773-9c31-620dcec770c2","block_type":"box","text":"interest received by the Fund or distributions paid to Fund","page_number":9,"box":{"x":519,"y":589,"width":370,"height":11}},{"id":"345e9742-5eb5-4707-95db-c89fba23d95f","block_type":"box","text":"shareholders; tax gains or losses; differences between the","page_number":9,"box":{"x":519,"y":603,"width":372,"height":11}},{"id":"a66176f1-689b-4e40-9b0d-3eeaf717be59","block_type":"box","text":"amount and/or timing of withholding taxes on dividends reflected","page_number":9,"box":{"x":519,"y":617,"width":420,"height":11}},{"id":"0d5eb484-beca-4e82-a181-5420118c3a5f","block_type":"box","text":"in the Underlying Index from the Fund’s obligation, if any, for","page_number":9,"box":{"x":519,"y":632,"width":386,"height":10}},{"id":"6fa3540c-8e6a-469d-b421-e105bfb899f8","block_type":"box","text":"foreign withholding taxes; the requirements for the Fund to","page_number":9,"box":{"x":518,"y":646,"width":378,"height":11}},{"id":"e9ddb1c8-4793-4c41-99a2-23c1b9e69197","block_type":"box","text":"maintain pass-through tax treatment; portfolio transactions","page_number":9,"box":{"x":519,"y":660,"width":380,"height":11}},{"id":"1c0f0ced-f55a-4ad7-89f0-780a7f4bcd6f","block_type":"box","text":"carried out to minimize the distribution of capital gains to","page_number":9,"box":{"x":519,"y":674,"width":366,"height":11}},{"id":"9913ccdc-b0bf-4d37-bdaf-967d795678ed","block_type":"box","text":"shareholders; the acceptance of custom baskets; changes to the","page_number":9,"box":{"x":519,"y":688,"width":414,"height":11}},{"id":"57f181f4-6734-49fe-bb13-fee82bf74330","block_type":"box","text":"Underlying Index; and impacts to the Fund of complying with","page_number":9,"box":{"x":519,"y":703,"width":386,"height":10}},{"id":"704a4951-99b7-4907-9441-47500c075f55","block_type":"box","text":"certain regulatory requirements or limits. 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The price received by the Fund also may differ from","page_number":9,"box":{"x":519,"y":868,"width":418,"height":10}},{"id":"e52e1dbe-7686-4761-a41e-6f5f4f505fd9","block_type":"box","text":"the value used by the Underlying Index. In addition, the value of","page_number":9,"box":{"x":518,"y":882,"width":406,"height":11}},{"id":"169632b8-05b1-422c-8f95-4ff630759b02","block_type":"box","text":"the securities or other assets in the Fund’s portfolio may change","page_number":9,"box":{"x":518,"y":896,"width":412,"height":11}},{"id":"92dad4f9-bf19-4396-bc97-f3cf95c1a662","block_type":"box","text":"S-5","page_number":9,"box":{"x":495,"y":944,"width":20,"height":8}},{"id":"3dd8d24c-78cb-40b6-978d-0a24ea6f62ff","block_type":"box","text":"on days or during time periods when investors are not able to","page_number":10,"box":{"x":53,"y":46,"width":391,"height":11}},{"id":"5d593f12-23e1-4062-b176-dd8d5a26b4b5","block_type":"box","text":"purchase or sell Fund shares. Authorized Participants that create","page_number":10,"box":{"x":53,"y":61,"width":414,"height":10}},{"id":"d9878b7e-9155-4ad9-a80d-0a8ee794f815","block_type":"box","text":"or redeem Fund shares on days when the Fund is holding fair","page_number":10,"box":{"x":53,"y":75,"width":394,"height":11}},{"id":"8bbfe140-fbf2-4f26-bab4-b8632263f9d8","block_type":"box","text":"valued securities or other assets may receive fewer or more","page_number":10,"box":{"x":52,"y":89,"width":383,"height":11}},{"id":"933fa355-63c4-46af-aa6e-94031c00ec97","block_type":"box","text":"shares, or lower or higher redemption proceeds, than they would","page_number":10,"box":{"x":53,"y":103,"width":413,"height":11}},{"id":"6f1db0d9-70af-4eca-a0ed-e5cc93a4fd32","block_type":"box","text":"have received had the securities or other assets not been fair","page_number":10,"box":{"x":519,"y":46,"width":392,"height":9}},{"id":"e1a8f44b-60e7-4ae6-b2b7-98b98c5997b6","block_type":"box","text":"valued or been valued using a different methodology. The ability to","page_number":10,"box":{"x":518,"y":61,"width":424,"height":10}},{"id":"350fc291-490e-47dd-b553-88e873c916c0","block_type":"box","text":"value investments may be impacted by technological issues or","page_number":10,"box":{"x":518,"y":75,"width":400,"height":11}},{"id":"e19fcdb1-c9e3-4f5f-9451-60c4b6716ba7","block_type":"box","text":"errors by pricing services or other third-party service providers.","page_number":10,"box":{"x":519,"y":89,"width":405,"height":11}},{"id":"d023c438-c964-4db8-92c0-c096095011ff","block_type":"box","text":"Performance Information","page_number":10,"box":{"x":53,"y":124,"width":214,"height":11}},{"id":"70f6bede-40d6-4375-b90d-b92d6021efa8","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication","page_number":10,"box":{"x":52,"y":150,"width":886,"height":10}},{"id":"619e718d-d1cb-4d81-80cb-760dd55ca93a","block_type":"box","text":"of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another","page_number":10,"box":{"x":53,"y":164,"width":872,"height":11}},{"id":"465266e3-210c-4124-b08a-1d3df8cf1f1b","block_type":"box","text":"over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index and","page_number":10,"box":{"x":53,"y":178,"width":866,"height":11}},{"id":"c054ea62-d230-4504-999a-3f6d9c42acc7","block_type":"box","text":"the Underlying Index. Returns assume the reinvestment of any dividends and distributions. The Fund’s returns reflect the impact of any","page_number":10,"box":{"x":52,"y":192,"width":864,"height":11}},{"id":"b62a52a9-353e-4a9c-a800-d85a79dbefb6","block_type":"box","text":"agreements to waive or reimburse expenses, which would reduce performance if not in effect. 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