{"annotation_id":"8bbbcf8c-e497-4fbd-86dd-66116059ae31","file_hash":"79288f9a8900f6f8a63a1dec9a2373a02dcf639c2dcf1bd09c4b9d575039dd24","schema_id":"open/document-extraction","schema_version":"0.5.0","record":{"extraction_type":"boxes","producer":"pdf-extractor-v0.5.0","blocks":[{"id":"62920810-711c-4c50-bd92-fb8a42ddc6e2","block_type":"box","text":"iShares Trust","page_number":1,"box":{"x":450,"y":69,"width":103,"height":10}},{"id":"37e07023-1b03-4d25-a58b-7bae9eda1ee4","block_type":"box","text":"Supplement dated October 5, 2026","page_number":1,"box":{"x":367,"y":85,"width":269,"height":12}},{"id":"d8af6176-65c0-49f6-bb42-a0dec7e1ba6c","block_type":"box","text":"to the currently effective Summary Prospectus, Prospectus,","page_number":1,"box":{"x":273,"y":100,"width":456,"height":13}},{"id":"439ed0c8-c4fe-44d2-8a2a-b316d057a82c","block_type":"box","text":"and Statement of Additional Information (the “SAI”)","page_number":1,"box":{"x":302,"y":116,"width":400,"height":12}},{"id":"f7a20309-d8e4-4a69-8027-9fa48326539d","block_type":"box","text":"for the iShares MSCI EAFE Growth ETF (EFG), iShares MSCI EAFE Value ETF (EFV), iShares MSCI USA","page_number":1,"box":{"x":123,"y":131,"width":757,"height":13}},{"id":"e67bd7ac-e7b5-4de8-95bc-904552a94460","block_type":"box","text":"Momentum Factor ETF (MTUM), iShares MSCI USA Quality Factor ETF (QUAL) and iShares U.S.","page_number":1,"box":{"x":144,"y":147,"width":716,"height":12}},{"id":"6ef0f3ff-2336-4717-9314-203c9b717a30","block_type":"box","text":"Aerospace & Defense ETF (ITA) (each, a “Fund”)","page_number":1,"box":{"x":316,"y":162,"width":370,"height":13}},{"id":"9a2f20ad-c0b3-49c6-b3c5-b1c78df62ae4","block_type":"box","text":"The Board of Trustees of iShares Trust has authorized a forward stock split for each Fund at the ratio set","page_number":1,"box":{"x":116,"y":185,"width":760,"height":13}},{"id":"f35fc545-9b21-49bd-abd2-7c1d8d990b43","block_type":"box","text":"out below. The Creation Unit size for each Fund will remain unchanged, as set out below.","page_number":1,"box":{"x":116,"y":201,"width":649,"height":13}},{"id":"e21fee4a-8649-4a69-a68d-d9e54960fab8","block_type":"box","text":"Fund Name Ticker","page_number":1,"box":{"x":321,"y":228,"width":350,"height":10}},{"id":"3e81c977-0a20-423c-a25d-1c59cd9df5ee","block_type":"box","text":"Forward","page_number":1,"box":{"x":692,"y":222,"width":67,"height":10}},{"id":"c12be2d8-0ec3-472b-9d7a-aa7e201cfd16","block_type":"box","text":"Split Ratio","page_number":1,"box":{"x":684,"y":235,"width":82,"height":12}},{"id":"650c6c26-17d8-4e54-9aa9-b7459cf8b22d","block_type":"box","text":"Shares Per","page_number":1,"box":{"x":786,"y":222,"width":84,"height":10}},{"id":"9e18db0a-8b56-49e5-ad37-7eca2550232d","block_type":"box","text":"Creation Unit","page_number":1,"box":{"x":776,"y":235,"width":104,"height":9}},{"id":"63c8c57a-0305-403e-bf6f-c95168e7571d","block_type":"box","text":"iShares MSCI EAFE Growth ETF EFG 3:1 400,000","page_number":1,"box":{"x":123,"y":255,"width":737,"height":12}},{"id":"a1efc35a-3c7c-403e-b22d-62beba8e0bee","block_type":"box","text":"iShares MSCI EAFE Value ETF EFV 2:1 400,000","page_number":1,"box":{"x":123,"y":278,"width":737,"height":12}},{"id":"2ecc2e16-2f3e-42f6-9d34-fb56260a44ff","block_type":"box","text":"iShares MSCI USA Momentum Factor ETF MTUM 4:1 50,000","page_number":1,"box":{"x":123,"y":302,"width":733,"height":11}},{"id":"3dc40061-1aab-4461-8fd3-33d21ecb803b","block_type":"box","text":"iShares MSCI USA Quality Factor ETF QUAL 4:1 50,000","page_number":1,"box":{"x":123,"y":325,"width":733,"height":13}},{"id":"818ba5d8-7977-4ce6-a3f4-3439efc1cb92","block_type":"box","text":"iShares U.S. Aerospace & Defense ETF ITA 3:1 50,000","page_number":1,"box":{"x":123,"y":348,"width":733,"height":13}},{"id":"cbee884b-be13-487c-b987-223692c607dd","block_type":"box","text":"The record date for the forward stock split will be November 3, 2026 and the stock split will be payable","page_number":1,"box":{"x":116,"y":379,"width":749,"height":13}},{"id":"08ea689e-c268-4d05-ba44-d7aea071891e","block_type":"box","text":"after the close of trading on November 4, 2026, the payable date. Shares of each Fund will begin trading","page_number":1,"box":{"x":116,"y":395,"width":758,"height":12}},{"id":"3991eb72-eb6d-4ec1-a21f-49616f2c0125","block_type":"box","text":"on a split-adjusted basis on November 5, 2026, the ex-date.","page_number":1,"box":{"x":116,"y":410,"width":436,"height":13}},{"id":"2610a7f0-5969-459f-a03b-cf1ae9bc862b","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":433,"width":521,"height":13}},{"id":"7a8b40c9-70ef-4d2a-b9f1-4498735499d1","block_type":"box","text":"iShares","page_number":1,"box":{"x":117,"y":869,"width":40,"height":8}},{"id":"c8078a2f-b710-483d-91ec-44e3f81fbb71","block_type":"box","text":"®","page_number":1,"box":{"x":158,"y":869,"width":8,"height":5}},{"id":"51b9a862-ab88-48a8-b601-67a9cd449f79","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":"16c302a4-015d-4e03-bfc5-52d235b07005","block_type":"box","text":"IS-A-FS-1026","page_number":1,"box":{"x":805,"y":887,"width":78,"height":8}},{"id":"f95a5f02-6650-4eaa-9fc9-c60a5d8b1408","block_type":"box","text":"PLEASE RETAIN THIS SUPPLEMENT","page_number":1,"box":{"x":368,"y":911,"width":265,"height":9}},{"id":"4a074674-223a-4b58-8982-29c7e703e464","block_type":"box","text":"FOR FUTURE REFERENCE","page_number":1,"box":{"x":407,"y":926,"width":186,"height":10}},{"id":"4f579fa5-c438-4e6d-92f7-a9820a290fee","block_type":"box","text":"[THIS PAGE INTENTIONALLY LEFT BLANK]","page_number":2,"box":{"x":390,"y":309,"width":268,"height":11}},{"id":"ea27504a-d6c3-4378-b109-fe6810aed41c","block_type":"box","text":"[THIS PAGE INTENTIONALLY LEFT BLANK]","page_number":3,"box":{"x":390,"y":309,"width":268,"height":11}},{"id":"ef2042d3-7d13-4300-a9d3-694d9e85f7a8","block_type":"box","text":"[THIS PAGE INTENTIONALLY LEFT BLANK]","page_number":4,"box":{"x":390,"y":309,"width":268,"height":11}},{"id":"3cdd63f5-b4d8-472c-84fb-4920e5a949bf","block_type":"box","text":"iShares U.S. Aerospace & Defense ETF","page_number":5,"box":{"x":53,"y":46,"width":528,"height":21}},{"id":"a88d4c39-c2e0-414c-ae1b-b1c10053e592","block_type":"box","text":"ITA | Cboe BZX","page_number":5,"box":{"x":54,"y":70,"width":203,"height":18}},{"id":"6b8cc198-f6cb-492f-a29e-1e9df9a7068f","block_type":"box","text":"Summary Prospectus — July 31, 2026","page_number":5,"box":{"x":52,"y":96,"width":491,"height":20}},{"id":"743aa0dc-7aae-47ef-bfb3-ab08f6094e72","block_type":"box","text":"Before you invest, you may want to review the Fund’s prospectus, which contains more information about the Fund and its","page_number":5,"box":{"x":53,"y":133,"width":861,"height":11}},{"id":"3cd04275-a93f-4503-888c-9d4a1c1254a4","block_type":"box","text":"risks. You can find the Fund’s prospectus and other information about the Fund, including the Fund’s statement of additional","page_number":5,"box":{"x":53,"y":147,"width":883,"height":11}},{"id":"ce4cd2ea-c370-4df8-add9-da6752431d8a","block_type":"box","text":"information and reports to shareholders, online at www.blackrock.com/prospectus. You can also get this information at no","page_number":5,"box":{"x":53,"y":161,"width":863,"height":11}},{"id":"4297d4b5-5a3d-4c32-bb99-07d6df996d89","block_type":"box","text":"cost by calling 1-800-iShares (1-800-474-2737) or by sending an email request to iSharesETFs@blackrock.com, or from your","page_number":5,"box":{"x":53,"y":175,"width":888,"height":11}},{"id":"2ab37d82-d68d-44a4-872c-bca158077fff","block_type":"box","text":"financial professional. The Fund’s prospectus and statement of additional information, both dated July 31, 2026, as amended","page_number":5,"box":{"x":52,"y":189,"width":888,"height":11}},{"id":"9d8de532-1d41-4863-b89b-67a8fe4b03a6","block_type":"box","text":"and supplemented from time to time, are incorporated by reference into this Summary Prospectus.","page_number":5,"box":{"x":53,"y":204,"width":697,"height":11}},{"id":"33fd8a51-0057-40ff-892d-11537e6ca787","block_type":"box","text":"Investment Objective","page_number":5,"box":{"x":54,"y":233,"width":191,"height":13}},{"id":"ac05ee5f-99a5-4767-800b-08472cc1fb1c","block_type":"box","text":"The iShares U.S. Aerospace & Defense ETF (the “Fund”) seeks to track the investment results of an index composed of U.S.","page_number":5,"box":{"x":52,"y":258,"width":861,"height":10}},{"id":"30b47667-9d91-4d2d-a522-7c2466f06670","block_type":"box","text":"equities in the aerospace and defense sector.","page_number":5,"box":{"x":53,"y":272,"width":317,"height":11}},{"id":"9150fe41-bccb-407c-bf31-f18eff2b4e9f","block_type":"box","text":"Fees and Expenses","page_number":5,"box":{"x":54,"y":301,"width":168,"height":13}},{"id":"e0fcf741-2aa7-4cb8-b56f-b113bdb62823","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":5,"box":{"x":52,"y":326,"width":874,"height":11}},{"id":"68721504-3743-4890-97a7-c54d04ba24c7","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":5,"box":{"x":53,"y":340,"width":871,"height":11}},{"id":"5349c19a-be7a-48a8-8d16-82ad09d421dc","block_type":"box","text":"between iShares Trust (the “Trust”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that","page_number":5,"box":{"x":53,"y":354,"width":888,"height":11}},{"id":"55390c12-2dcb-4ddb-bcd0-66964a5c5697","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":5,"box":{"x":53,"y":369,"width":795,"height":11}},{"id":"bc954994-35e7-479e-9dfc-8e4e3ca9152a","block_type":"box","text":"(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio","page_number":5,"box":{"x":53,"y":383,"width":854,"height":10}},{"id":"2bd71948-184c-4a27-9958-7da67888a250","block_type":"box","text":"transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any","page_number":5,"box":{"x":52,"y":397,"width":829,"height":11}},{"id":"42de6bd9-2bf8-489e-bf2e-8b3587f68123","block_type":"box","text":"extraordinary expenses.","page_number":5,"box":{"x":53,"y":411,"width":167,"height":11}},{"id":"e6681034-106c-49da-92d8-98017abd06bb","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not","page_number":5,"box":{"x":52,"y":434,"width":830,"height":11}},{"id":"e5315d24-f0da-42c8-9ad9-b7f5461863e3","block_type":"box","text":"reflected in the table and example below.","page_number":5,"box":{"x":53,"y":448,"width":300,"height":11}},{"id":"347c3cd5-6067-418c-b0cc-ad7ac49c1b1a","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":5,"box":{"x":57,"y":471,"width":761,"height":10}},{"id":"12443287-27b1-4429-ba53-8c6cd46c33f5","block_type":"box","text":"1","page_number":5,"box":{"x":819,"y":470,"width":5,"height":5}},{"id":"3515b91b-9f17-46b7-88ee-24c15473e761","block_type":"box","text":"Management Fee","page_number":5,"box":{"x":58,"y":492,"width":109,"height":9}},{"id":"527c33fe-4991-4701-9f29-4daf2304b7bd","block_type":"box","text":"0.37%","page_number":5,"box":{"x":890,"y":492,"width":41,"height":7}},{"id":"b901921e-199c-4a0e-bf6d-a3b15ee0d97f","block_type":"box","text":"Other Expenses","page_number":5,"box":{"x":58,"y":507,"width":98,"height":9}},{"id":"7b51d1f0-4c1d-457e-bd61-2083bde54df4","block_type":"box","text":"0.00%","page_number":5,"box":{"x":890,"y":507,"width":41,"height":7}},{"id":"d39ad2be-8d20-4ca0-89c8-45839bf3cf28","block_type":"box","text":"Total Annual Fund Operating Expenses","page_number":5,"box":{"x":57,"y":522,"width":246,"height":10}},{"id":"75e91e8f-eabc-4505-a539-f9023258bf71","block_type":"box","text":"0.37%","page_number":5,"box":{"x":890,"y":522,"width":41,"height":8}},{"id":"a036aec6-b741-4700-a7ab-c1126945d1e9","block_type":"box","text":"1","page_number":5,"box":{"x":80,"y":550,"width":5,"height":5}},{"id":"c949325e-8839-49f3-9a5d-fe5be90c0e79","block_type":"box","text":"Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any.","page_number":5,"box":{"x":93,"y":551,"width":779,"height":10}},{"id":"ce7bf55f-2a93-4385-91ae-6580389f2b84","block_type":"box","text":"Example.","page_number":5,"box":{"x":53,"y":571,"width":67,"height":11}},{"id":"14c47cef-e6b0-413b-a4a6-4b9d2b81b9d1","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":5,"box":{"x":124,"y":571,"width":795,"height":11}},{"id":"3c96711b-5251-4963-a3fc-1034ef5e3861","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":5,"box":{"x":53,"y":585,"width":885,"height":11}},{"id":"b67945ef-deb1-4b65-a706-d4aea2bcc81a","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":5,"box":{"x":52,"y":599,"width":871,"height":11}},{"id":"9883db4b-f991-4cb2-91b9-633f91b586a3","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":5,"box":{"x":53,"y":614,"width":887,"height":10}},{"id":"6fee9716-d0bb-4e02-8c0a-6cba281bbee0","block_type":"box","text":"your costs would be:","page_number":5,"box":{"x":52,"y":628,"width":143,"height":11}},{"id":"e36c85da-fecc-43f8-891c-d4e4848bf5f4","block_type":"box","text":"Expense Example","page_number":5,"box":{"x":58,"y":651,"width":115,"height":9}},{"id":"d34c7418-31df-4393-8c42-afa9ee7fb860","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":5,"box":{"x":663,"y":651,"width":280,"height":7}},{"id":"7d6d6e18-8505-4c3c-b352-b8800d9accb4","block_type":"box","text":"Example Fund Costs","page_number":5,"box":{"x":58,"y":666,"width":128,"height":9}},{"id":"b5647be7-e5ef-4c41-83a0-08bf05694860","block_type":"box","text":"$38 $119 $208 $468","page_number":5,"box":{"x":671,"y":666,"width":261,"height":8}},{"id":"3877b0a5-12c3-441a-865a-79c1e02ae785","block_type":"box","text":"Portfolio Turnover.","page_number":5,"box":{"x":53,"y":695,"width":137,"height":9}},{"id":"abbe5263-8182-46f1-bc04-7a5dc101b99d","block_type":"box","text":"The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns","page_number":5,"box":{"x":194,"y":695,"width":722,"height":11}},{"id":"b9e3cfef-f080-4d9b-b1c1-ab4e6b4006db","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":5,"box":{"x":53,"y":710,"width":883,"height":11}},{"id":"322dad2d-b1aa-49b5-885f-da6d1b68c635","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":5,"box":{"x":53,"y":724,"width":876,"height":11}},{"id":"40964352-3546-4467-89d4-56483401b697","block_type":"box","text":"the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 18% of","page_number":5,"box":{"x":52,"y":738,"width":886,"height":11}},{"id":"dde9e40c-2cd5-44fc-8e1f-b4770a5d2809","block_type":"box","text":"the average value of its portfolio.","page_number":5,"box":{"x":52,"y":752,"width":231,"height":11}},{"id":"d922bd2d-cd27-436d-91e7-2ab96f633420","block_type":"box","text":"Principal Investment Strategies","page_number":5,"box":{"x":54,"y":781,"width":284,"height":14}},{"id":"6e584b8a-83f5-4cac-b8c9-7c6ce87cf1bb","block_type":"box","text":"The Fund seeks to track the investment results of the Dow Jones U.S. Select Aerospace & Defense Index (the “Underlying","page_number":5,"box":{"x":52,"y":806,"width":850,"height":11}},{"id":"b81611be-6c92-454a-b95d-634ef8b1c486","block_type":"box","text":"Index”), which measures the performance of the aerospace and defense sector of the U.S. equity market, as defined by S&P","page_number":5,"box":{"x":53,"y":820,"width":867,"height":11}},{"id":"36d2db40-6da3-4652-ad33-2e6a3138a0b3","block_type":"box","text":"Dow Jones Indices LLC (the “Index Provider” or “SPDJI”). Aerospace companies in the Underlying Index include","page_number":5,"box":{"x":53,"y":835,"width":784,"height":11}},{"id":"e0ba2088-6682-4627-b1dd-da59a1a06e87","block_type":"box","text":"manufacturers, assemblers and distributors of aircraft and aircraft parts. Defense companies in the Underlying Index include","page_number":5,"box":{"x":53,"y":849,"width":885,"height":11}},{"id":"49a05ad5-9be5-43cc-b2ff-082b2a9a5596","block_type":"box","text":"producers of components and equipment for the defense industry, such as military aircraft, radar equipment and weapons.","page_number":5,"box":{"x":53,"y":863,"width":869,"height":11}},{"id":"7c50225d-01d2-4f6d-954f-e6533e8cca35","block_type":"box","text":"The Underlying Index may include large-, mid- or small-capitalization companies. As of March 31, 2026, a significant portion","page_number":5,"box":{"x":52,"y":877,"width":884,"height":11}},{"id":"c0a78636-8fe4-47f7-9713-10c14b7b40a2","block_type":"box","text":"of the Underlying Index was represented by securities of companies in the aerospace and defense and industrials industries","page_number":5,"box":{"x":53,"y":891,"width":875,"height":11}},{"id":"508a9ed4-edb3-40fb-95b5-990ee7a9f9ff","block_type":"box","text":"or sectors. The components of the Underlying Index are likely to change over time.","page_number":5,"box":{"x":53,"y":906,"width":578,"height":10}},{"id":"95c2d3fd-6808-4db9-ae1a-5c2d5b970d31","block_type":"box","text":"S-1","page_number":5,"box":{"x":493,"y":944,"width":24,"height":8}},{"id":"e6649c69-7bed-469f-acc9-9c52712b20cd","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":6,"box":{"x":52,"y":46,"width":853,"height":11}},{"id":"50ffef07-22ff-408c-b06d-65601fa5431e","block_type":"box","text":"representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that","page_number":6,"box":{"x":53,"y":60,"width":839,"height":11}},{"id":"8c841bf9-a492-4e4c-ae48-bc97c801ce1b","block_type":"box","text":"involves investing in a representative sample of securities or other instruments intended to collectively have an investment","page_number":6,"box":{"x":53,"y":75,"width":868,"height":11}},{"id":"1783d064-127c-4864-b91c-e33050dc81af","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":6,"box":{"x":53,"y":89,"width":851,"height":11}},{"id":"17bd25d0-daa9-4831-8ecd-16006124f239","block_type":"box","text":"investment characteristics (based on factors such as market capitalization and industry weightings), fundamental","page_number":6,"box":{"x":53,"y":103,"width":806,"height":11}},{"id":"ab73ffdf-daba-4ef8-8dc8-c12894366982","block_type":"box","text":"characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index.","page_number":6,"box":{"x":53,"y":117,"width":884,"height":11}},{"id":"14dba441-da21-40ee-bee3-0ca27f48a596","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":6,"box":{"x":52,"y":131,"width":884,"height":11}},{"id":"d748294e-6e2a-4e3c-9b0d-8a9f105226c2","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":6,"box":{"x":53,"y":146,"width":852,"height":11}},{"id":"c0f7ccfb-61e8-4877-8c7a-ae1af9781ca2","block_type":"box","text":"components. Subject to the limits described herein, the Fund may purchase and hold cash and cash equivalents, including","page_number":6,"box":{"x":53,"y":160,"width":867,"height":11}},{"id":"319778f7-0d1f-42af-9c14-112067517fbe","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":6,"box":{"x":52,"y":174,"width":869,"height":11}},{"id":"1394d2bd-8e13-4a06-8a4d-8905be137be1","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":6,"box":{"x":52,"y":188,"width":863,"height":11}},{"id":"cc3597cd-8abf-4387-bc5c-0a2e9099770c","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":6,"box":{"x":53,"y":202,"width":826,"height":11}},{"id":"9eff6317-b12c-490b-bafc-6d3b297d8188","block_type":"box","text":"Underlying Index, or other reasons as determined by BFA.","page_number":6,"box":{"x":53,"y":217,"width":405,"height":10}},{"id":"7bb1bdb3-89be-4ce8-a39a-90e54164eb04","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":6,"box":{"x":53,"y":240,"width":844,"height":11}},{"id":"436a23d8-0c7c-474d-ae99-5dcae13d267e","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":6,"box":{"x":53,"y":254,"width":860,"height":11}},{"id":"745fb889-256b-484f-8529-78f8cdb53f98","block_type":"box","text":"investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be","page_number":6,"box":{"x":53,"y":268,"width":831,"height":11}},{"id":"0adbb97e-d585-4e10-a9cc-8fc1d413e5d7","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":6,"box":{"x":53,"y":282,"width":817,"height":11}},{"id":"6d3a5e9b-89e9-463e-bb80-f3628ca5d61f","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":6,"box":{"x":53,"y":296,"width":818,"height":11}},{"id":"78849aad-5672-4257-92b3-6bf4067a5404","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":6,"box":{"x":53,"y":310,"width":835,"height":12}},{"id":"6dd03cc0-0c7d-427a-a908-88df963508c8","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":6,"box":{"x":52,"y":334,"width":873,"height":11}},{"id":"3820eecf-cb7b-4c77-bf96-df264c6980f2","block_type":"box","text":"collateral received).","page_number":6,"box":{"x":53,"y":348,"width":136,"height":9}},{"id":"c953a3b7-3541-4796-ad6c-fa2a06f56c7a","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":6,"box":{"x":52,"y":371,"width":870,"height":11}},{"id":"0bbed27a-29f0-4bb1-8f08-c70f3a3782a3","block_type":"box","text":"composition and relative weightings of the components of the Underlying Index and publishes information regarding the","page_number":6,"box":{"x":53,"y":385,"width":856,"height":11}},{"id":"31c79ac9-736f-4260-a499-55b6c7c3a0c5","block_type":"box","text":"market value of the Underlying Index.","page_number":6,"box":{"x":53,"y":400,"width":263,"height":10}},{"id":"f1b17009-cded-456d-919e-b731ebe2b11e","block_type":"box","text":"Industry Concentration Policy.","page_number":6,"box":{"x":53,"y":423,"width":224,"height":11}},{"id":"9dae848b-4f36-45cf-b821-1c2f878604be","block_type":"box","text":"The Fund will concentrate its investments (","page_number":6,"box":{"x":281,"y":423,"width":304,"height":9}},{"id":"dca3df3d-d992-4934-ae38-cb6916a6ddf5","block_type":"box","text":"i.e.","page_number":6,"box":{"x":587,"y":423,"width":17,"height":8}},{"id":"19bc00fb-3521-4363-a254-1ba265624591","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":6,"box":{"x":606,"y":423,"width":292,"height":10}},{"id":"bdcc9f4c-8fef-4aba-9ec8-640ec1e251d7","block_type":"box","text":"particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For","page_number":6,"box":{"x":53,"y":437,"width":858,"height":11}},{"id":"1e454245-a558-4b1d-bdeb-e2c8bf2a8c23","block_type":"box","text":"purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase","page_number":6,"box":{"x":53,"y":451,"width":868,"height":11}},{"id":"e140e618-ca9f-4817-90e7-5b1d7a9414e3","block_type":"box","text":"agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.","page_number":6,"box":{"x":53,"y":465,"width":826,"height":11}},{"id":"757a0e5e-5c6b-4d34-90c3-f4dc72bc5b72","block_type":"box","text":"Summary of Principal Risks","page_number":6,"box":{"x":52,"y":494,"width":248,"height":14}},{"id":"571737a4-bbf7-429b-a72b-c2cbed44452b","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":6,"box":{"x":52,"y":520,"width":881,"height":10}},{"id":"25b7cb01-f3f9-4873-a70c-86326545e0e3","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":6,"box":{"x":53,"y":534,"width":824,"height":11}},{"id":"a505c4fe-b645-4c58-a2c0-1aa2a792f436","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":6,"box":{"x":53,"y":548,"width":807,"height":11}},{"id":"bc61d239-d6c6-43fb-be3f-c3d8550725f9","block_type":"box","text":"investment objective. Certain key risks are prioritized below (with others following in alphabetical order), but the relative","page_number":6,"box":{"x":53,"y":562,"width":844,"height":11}},{"id":"c8b93b84-3d41-41ce-8814-1286a8aada0d","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":6,"box":{"x":52,"y":576,"width":815,"height":11}},{"id":"d3a2acf4-693b-4725-9cc9-1f7bfca2df16","block_type":"box","text":"Risk of Investing in the U.S.","page_number":6,"box":{"x":53,"y":599,"width":200,"height":11}},{"id":"eae12f99-28be-4262-a6cf-42b023f3d62d","block_type":"box","text":"Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and","page_number":6,"box":{"x":259,"y":600,"width":663,"height":10}},{"id":"1d65220e-91c0-4379-a7f5-11eadc0e172a","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":6,"box":{"x":53,"y":614,"width":877,"height":10}},{"id":"73546484-d67f-46be-8f90-0be37e7ad768","block_type":"box","text":"in its financial markets, may have an adverse effect on U.S. issuers.","page_number":6,"box":{"x":53,"y":628,"width":470,"height":11}},{"id":"a1f56703-753b-45f2-acd0-3141f39f0081","block_type":"box","text":"Aerospace and Defense Companies Risk.","page_number":6,"box":{"x":52,"y":651,"width":299,"height":10}},{"id":"259d1acf-694b-4111-8014-b26045f2dd83","block_type":"box","text":"Aerospace and defense companies may be adversely affected by changes in","page_number":6,"box":{"x":355,"y":651,"width":536,"height":11}},{"id":"5377e9db-59a9-4607-a7b7-ef9f3e0e7c8a","block_type":"box","text":"government spending policies and regulations. These companies also face risks related to supply chain issues, cybersecurity","page_number":6,"box":{"x":53,"y":665,"width":882,"height":11}},{"id":"ce04a6d0-f26f-44d4-bbca-a8d09f4c83a6","block_type":"box","text":"incidents, technological developments, government contracting processes and geopolitical instability, among other things.","page_number":6,"box":{"x":53,"y":680,"width":870,"height":10}},{"id":"91126d43-1334-41a9-ad20-1526267d92d9","block_type":"box","text":"Equity Securities Risk.","page_number":6,"box":{"x":53,"y":703,"width":164,"height":10}},{"id":"bb568e92-2ecd-4aef-b60e-8609638ceee5","block_type":"box","text":"Equity securities are subject to changes in value, and their values may be more volatile than those of","page_number":6,"box":{"x":223,"y":703,"width":709,"height":10}},{"id":"60380a87-5f70-4fd6-b346-979d7c7563f5","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":6,"box":{"x":53,"y":717,"width":889,"height":11}},{"id":"4e3b9db4-2131-48e2-9e3a-3be4eaaa2ab1","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":6,"box":{"x":53,"y":731,"width":880,"height":11}},{"id":"5feed801-70d2-4b3b-b92b-d4954820d996","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":6,"box":{"x":53,"y":745,"width":867,"height":11}},{"id":"db47da00-bd41-4a94-8983-6b38e2fe7fca","block_type":"box","text":"payments in the event of an issuer’s bankruptcy.","page_number":6,"box":{"x":53,"y":759,"width":339,"height":11}},{"id":"008d907a-07e6-4984-b313-02f8379a4637","block_type":"box","text":"Market Risk.","page_number":6,"box":{"x":53,"y":782,"width":91,"height":9}},{"id":"3452ce57-228f-4a20-ac4b-a088f5be4c9c","block_type":"box","text":"The Fund could lose money over short periods due to short-term market movements and over longer periods","page_number":6,"box":{"x":148,"y":783,"width":768,"height":10}},{"id":"f96fb5a7-82b7-453f-adf8-377ffbe373c2","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":6,"box":{"x":53,"y":797,"width":882,"height":11}},{"id":"e35329da-a4b2-426e-aaab-2ed172a6f2d3","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":6,"box":{"x":53,"y":811,"width":858,"height":11}},{"id":"92da2461-97f3-4cb0-bf3d-024d723bb3b1","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":6,"box":{"x":53,"y":825,"width":875,"height":11}},{"id":"e8d3ea5d-06c0-4fee-97bf-6db90e662af7","block_type":"box","text":"Fund’s NAV.","page_number":6,"box":{"x":53,"y":839,"width":82,"height":9}},{"id":"8e304fdd-c2d1-486a-80bd-e17fd5e24a74","block_type":"box","text":"Index-Related Risk.","page_number":6,"box":{"x":53,"y":862,"width":143,"height":9}},{"id":"f6728a50-b7c5-4e4c-98ab-f66bba033ace","block_type":"box","text":"The Index Provider may rely on various sources of information to assess the criteria of components of the","page_number":6,"box":{"x":201,"y":862,"width":742,"height":11}},{"id":"474e777c-9278-4d40-8271-922fd80f67e8","block_type":"box","text":"Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can","page_number":6,"box":{"x":53,"y":877,"width":856,"height":10}},{"id":"1eb62eac-afd8-46cd-bc35-fe80b637ef2b","block_type":"box","text":"offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of","page_number":6,"box":{"x":53,"y":891,"width":852,"height":11}},{"id":"667ccf4e-6120-4980-afec-397ea3b77774","block_type":"box","text":"S-2","page_number":6,"box":{"x":493,"y":944,"width":24,"height":8}},{"id":"c571381a-829a-46f2-8bcb-fd6dd554bc32","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":7,"box":{"x":53,"y":47,"width":876,"height":10}},{"id":"f4c13d6e-70eb-4178-9e53-b6ab9796ada3","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":7,"box":{"x":52,"y":61,"width":849,"height":10}},{"id":"8cf5a6f7-1649-4cab-9042-aed353c504fb","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":7,"box":{"x":53,"y":75,"width":849,"height":11}},{"id":"4475d660-fe37-496f-9894-939493cfeed2","block_type":"box","text":"market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index","page_number":7,"box":{"x":53,"y":89,"width":890,"height":11}},{"id":"66795c1b-d1f1-4f4b-967f-06f4159a29be","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":7,"box":{"x":53,"y":103,"width":853,"height":11}},{"id":"d4262bb5-bc6f-4404-8c55-583a5969c705","block_type":"box","text":"cause the Underlying Index to vary from its normal or expected composition.","page_number":7,"box":{"x":53,"y":117,"width":539,"height":11}},{"id":"6e4b5d6a-5270-4dad-acf8-cac20285ee21","block_type":"box","text":"Asset Class Risk.","page_number":7,"box":{"x":52,"y":140,"width":122,"height":9}},{"id":"71a2fd67-60e8-49fe-8a64-c09c4ba7c0fb","block_type":"box","text":"The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in","page_number":7,"box":{"x":179,"y":140,"width":721,"height":11}},{"id":"9cf5b6d9-3dd2-4925-8370-bd3e89402b93","block_type":"box","text":"comparison to financial markets generally, a particular financial market, another index, or other asset classes.","page_number":7,"box":{"x":53,"y":155,"width":774,"height":11}},{"id":"dbf9666a-1550-4283-9ed1-2173cefaef62","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":7,"box":{"x":52,"y":178,"width":318,"height":10}},{"id":"a6c6e740-c94f-4e69-9ace-9380f67a0ecd","block_type":"box","text":"An “Authorized Participant” is a member or participant of a clearing agency","page_number":7,"box":{"x":374,"y":178,"width":531,"height":11}},{"id":"01d6dd68-bdf9-471e-b26a-9d9d5dd1987a","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":7,"box":{"x":53,"y":192,"width":810,"height":11}},{"id":"7a4831fb-83e0-44b2-9915-45e4f5b13bfd","block_type":"box","text":"Authorized Participant to place orders for the purchase and redemption of creation units (“Creation Units”). Only an","page_number":7,"box":{"x":52,"y":206,"width":816,"height":11}},{"id":"b04762a7-6a91-45c7-8335-4902cdfbcaa1","block_type":"box","text":"Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number","page_number":7,"box":{"x":52,"y":221,"width":884,"height":10}},{"id":"8332ff06-7bd3-4b5d-96ce-ee3b4122fcfc","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":7,"box":{"x":53,"y":235,"width":871,"height":10}},{"id":"f6a17f90-29bb-4b47-943d-2fbf6eeac6d7","block_type":"box","text":"participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that","page_number":7,"box":{"x":53,"y":249,"width":846,"height":11}},{"id":"a772c378-c00f-4b49-96b8-6388e25c2d85","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":7,"box":{"x":52,"y":263,"width":881,"height":10}},{"id":"88d25ee2-5c2e-4a64-abb5-e5e346466ef5","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":7,"box":{"x":53,"y":277,"width":853,"height":11}},{"id":"47c8a2fb-2418-45d5-b72d-5d0c4d4fca45","block_type":"box","text":"halts or delisting.","page_number":7,"box":{"x":53,"y":292,"width":121,"height":10}},{"id":"d709090c-6b74-47e1-a963-9b7cffdcbe25","block_type":"box","text":"Concentration Risk.","page_number":7,"box":{"x":53,"y":314,"width":145,"height":9}},{"id":"083ab026-5be8-4c51-91ae-5872ae9e1fe1","block_type":"box","text":"The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that","page_number":7,"box":{"x":202,"y":315,"width":711,"height":10}},{"id":"08728ba7-d139-4894-af75-405d15a8271d","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":7,"box":{"x":53,"y":329,"width":884,"height":10}},{"id":"d64126e8-ba2d-4dd2-9be7-d45ee227427a","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":7,"box":{"x":52,"y":343,"width":887,"height":11}},{"id":"ea30e265-bc19-4081-9271-43e876583d46","block_type":"box","text":"asset classes.","page_number":7,"box":{"x":53,"y":357,"width":95,"height":9}},{"id":"bb0c29a8-b81e-4b01-a1b2-49e89dc93a03","block_type":"box","text":"Industrial Companies Risk.","page_number":7,"box":{"x":53,"y":380,"width":197,"height":11}},{"id":"bb708bbd-64b3-45a2-bae4-8010be06d75b","block_type":"box","text":"Industrial companies face a number of risks, including supply chain and distribution disruptions,","page_number":7,"box":{"x":255,"y":380,"width":685,"height":11}},{"id":"4b63c721-4c35-402b-b23b-d0e99dbc8be5","block_type":"box","text":"business interruptions, product obsolescence, third-party vendor risks, cyber attacks, trade disputes, product recalls, liability","page_number":7,"box":{"x":53,"y":395,"width":881,"height":10}},{"id":"055d6f10-da1f-4684-a75d-c11de76cc7f1","block_type":"box","text":"claims, scarcity of materials or parts, excess capacity, changes in consumer preferences, and volatility in commodity prices","page_number":7,"box":{"x":53,"y":409,"width":867,"height":10}},{"id":"82c16fba-0dbe-4968-9d95-34b99939b2aa","block_type":"box","text":"and currencies. The performance of such companies may also be affected by technological developments, labor relations,","page_number":7,"box":{"x":53,"y":423,"width":860,"height":11}},{"id":"f3fabee6-e735-49f7-baf1-e87cecbda219","block_type":"box","text":"legislative and regulatory changes, government spending policies, and changes in domestic and international economies.","page_number":7,"box":{"x":53,"y":437,"width":862,"height":11}},{"id":"3f360bed-d51e-462a-8cb8-a78f8c65514b","block_type":"box","text":"Issuer Risk.","page_number":7,"box":{"x":53,"y":460,"width":83,"height":9}},{"id":"d4955330-5a46-4b65-a7d2-5fa6f714a3f2","block_type":"box","text":"The performance of the Fund depends on the performance of individual securities or other assets to which the","page_number":7,"box":{"x":140,"y":460,"width":780,"height":11}},{"id":"ab30c68d-0bcf-4a45-a2ca-e42dd3cd1e26","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":7,"box":{"x":53,"y":474,"width":886,"height":11}},{"id":"0d320b17-0681-4754-8eae-82157f71db6e","block_type":"box","text":"to changes in the financial condition or credit rating of the issuer or counterparty.","page_number":7,"box":{"x":52,"y":489,"width":576,"height":10}},{"id":"8e278289-0513-409c-943b-1522e07a445c","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":7,"box":{"x":53,"y":512,"width":278,"height":11}},{"id":"006f2c99-07cf-4c46-b101-a4a0bcdd51ec","block_type":"box","text":"Large-capitalization companies may be less able than smaller-capitalization","page_number":7,"box":{"x":337,"y":512,"width":540,"height":11}},{"id":"cdc5aec6-aac8-40dc-80d2-74c23aed88b8","block_type":"box","text":"companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may be more","page_number":7,"box":{"x":53,"y":526,"width":890,"height":11}},{"id":"bd67f703-2817-4879-8d11-b84205dfd416","block_type":"box","text":"mature and subject to more limited growth potential compared with smaller-capitalization companies. The performance of","page_number":7,"box":{"x":53,"y":540,"width":868,"height":11}},{"id":"4c460117-6fa5-4180-a918-63790b3e78a8","block_type":"box","text":"large-capitalization companies could trail the overall performance of the broader securities markets.","page_number":7,"box":{"x":53,"y":554,"width":709,"height":11}},{"id":"c9c79cd2-e94f-49eb-8135-7ba24d267284","block_type":"box","text":"Management Risk.","page_number":7,"box":{"x":53,"y":577,"width":137,"height":11}},{"id":"e5f1369b-c43d-46cd-b18b-8bf0e7061e55","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":7,"box":{"x":194,"y":577,"width":711,"height":11}},{"id":"a0d0e69b-4b0d-4aef-914b-f0d1ddf3303f","block_type":"box","text":"positions under any market conditions, including declining markets. As the Fund will not fully replicate the Underlying Index","page_number":7,"box":{"x":53,"y":592,"width":877,"height":11}},{"id":"f83c1603-9196-40af-8383-afd85b3e61bd","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":7,"box":{"x":53,"y":606,"width":859,"height":11}},{"id":"c60aa2e5-4ef9-4ea2-a291-e59f136994ac","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":7,"box":{"x":52,"y":620,"width":848,"height":11}},{"id":"57d7a076-9594-477a-a7b7-59188246d30d","block_type":"box","text":"degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective.","page_number":7,"box":{"x":53,"y":634,"width":756,"height":11}},{"id":"8c333ca6-8330-4e67-8768-33afc43e417d","block_type":"box","text":"Market Trading Risk.","page_number":7,"box":{"x":53,"y":657,"width":152,"height":11}},{"id":"d34dbfa2-300a-45c2-9af5-6f60518370de","block_type":"box","text":"The Fund faces numerous market trading risks, including the potential lack of an active market for","page_number":7,"box":{"x":209,"y":657,"width":694,"height":11}},{"id":"9f0e1748-63db-499e-8cf9-7969644f5dd3","block_type":"box","text":"Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and","page_number":7,"box":{"x":53,"y":672,"width":841,"height":10}},{"id":"cbc7a4de-6077-4011-b3d5-0d4f9f49ca0a","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":7,"box":{"x":53,"y":686,"width":887,"height":11}},{"id":"c47b63e2-8bf7-477b-a8b5-3aeca2c8b50d","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":7,"box":{"x":52,"y":700,"width":839,"height":11}},{"id":"71431cbf-42fe-4285-aeed-c8acd321f6af","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":7,"box":{"x":53,"y":714,"width":866,"height":11}},{"id":"fe3efd98-d25c-46f5-a576-e14076083247","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":7,"box":{"x":52,"y":728,"width":885,"height":11}},{"id":"ed8f845a-5285-4e4a-ac54-4972f66329c4","block_type":"box","text":"of the Fund shares.","page_number":7,"box":{"x":53,"y":743,"width":134,"height":8}},{"id":"94124cfa-4492-4774-8e7c-007d9431c61f","block_type":"box","text":"Non-Diversification Risk.","page_number":7,"box":{"x":53,"y":766,"width":184,"height":8}},{"id":"ebeac233-075c-4313-b3ab-0b2eddc8b6bf","block_type":"box","text":"The Fund is classified as “non-diversified.” This means that, compared with funds that are","page_number":7,"box":{"x":242,"y":766,"width":633,"height":10}},{"id":"82c5abe4-5b28-4f68-a75f-7b4967b31f0b","block_type":"box","text":"classified as “diversified,” the Fund may invest a greater percentage of its assets in securities or other instruments","page_number":7,"box":{"x":53,"y":780,"width":802,"height":11}},{"id":"9e608ab3-3ef7-4070-b46e-7f255ee5b675","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":7,"box":{"x":53,"y":794,"width":888,"height":11}},{"id":"ca91ee1f-7dbf-412c-8286-ab026c07792a","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":7,"box":{"x":53,"y":808,"width":876,"height":11}},{"id":"1751c4f3-3cb0-414e-94c7-abd3ce335179","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":7,"box":{"x":53,"y":822,"width":696,"height":11}},{"id":"af1d2f52-83ae-48ef-8a7f-09ce264ee144","block_type":"box","text":"Operational and Technology Risks.","page_number":7,"box":{"x":53,"y":846,"width":254,"height":11}},{"id":"ef73ba39-0ba5-4b35-9180-71835623d4ad","block_type":"box","text":"The Fund is directly and indirectly susceptible to operational and technology risks,","page_number":7,"box":{"x":312,"y":846,"width":581,"height":11}},{"id":"13e1c659-80e1-4567-af85-50f9aa2d9c61","block_type":"box","text":"including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents,","page_number":7,"box":{"x":53,"y":860,"width":876,"height":11}},{"id":"be52909c-dfd4-4900-84e5-f8553d91afda","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":7,"box":{"x":53,"y":874,"width":879,"height":11}},{"id":"27171e96-425c-40ae-bfcd-ad05564eddae","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":7,"box":{"x":53,"y":888,"width":825,"height":11}},{"id":"69fc9346-f1ae-44ac-9f88-1b9983a5b2c2","block_type":"box","text":"information security and cybersecurity risk management policies and procedures, their methods of risk management may","page_number":7,"box":{"x":53,"y":902,"width":862,"height":11}},{"id":"0ee1d8d1-765a-4dce-a758-da2fcfd9cf42","block_type":"box","text":"S-3","page_number":7,"box":{"x":493,"y":944,"width":24,"height":8}},{"id":"d2767a3e-4b1e-4af0-87c7-15cf061de2ed","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":8,"box":{"x":53,"y":46,"width":872,"height":11}},{"id":"6044809b-0d2a-42fe-a28e-b3abcb9e588a","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":8,"box":{"x":53,"y":61,"width":824,"height":10}},{"id":"8cad14e7-112c-4b60-9cb1-3ff7cad0ea32","block_type":"box","text":"Securities Lending Risk.","page_number":8,"box":{"x":52,"y":84,"width":178,"height":11}},{"id":"805b44c9-01e6-4210-890d-986b89a74659","block_type":"box","text":"The Fund may engage in securities lending. Securities lending involves the risk that the Fund may","page_number":8,"box":{"x":234,"y":84,"width":692,"height":11}},{"id":"a30ef425-9ee5-4cdf-9f9e-66ea203377b3","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":8,"box":{"x":53,"y":98,"width":870,"height":11}},{"id":"9cd99b3b-3abd-4f53-8256-0a3c9d52dc6a","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":8,"box":{"x":53,"y":112,"width":886,"height":11}},{"id":"ce9e5818-3615-4e4d-8749-e8c6a1ae72db","block_type":"box","text":"of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.","page_number":8,"box":{"x":53,"y":126,"width":831,"height":11}},{"id":"4bb543fc-a72c-495f-b82d-ee6ebe1f1fd3","block_type":"box","text":"Tracking Error Risk.","page_number":8,"box":{"x":52,"y":149,"width":145,"height":11}},{"id":"5a13b715-4f08-4933-a4d3-554166de8486","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":8,"box":{"x":201,"y":149,"width":741,"height":11}},{"id":"94cbf1b0-d08c-49bc-8f31-d1c635cc2bfc","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":8,"box":{"x":53,"y":164,"width":861,"height":11}},{"id":"db917417-3e7b-4917-a242-11314c36ff5f","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":8,"box":{"x":53,"y":178,"width":832,"height":11}},{"id":"cce041c6-7abd-4d21-82b4-1a57160d3580","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":8,"box":{"x":53,"y":192,"width":880,"height":11}},{"id":"f2a6c08e-df6a-4e0a-ae5d-c44a1b8a99f3","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":8,"box":{"x":53,"y":206,"width":831,"height":11}},{"id":"075fd82b-767c-4794-90a7-568113e97b82","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":8,"box":{"x":52,"y":220,"width":828,"height":11}},{"id":"9035aee4-4774-460b-aede-6a3c72e695b2","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":8,"box":{"x":53,"y":235,"width":873,"height":10}},{"id":"58c22ba7-f918-4e83-a175-f83bb59ea428","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":8,"box":{"x":53,"y":249,"width":889,"height":11}},{"id":"b1452df9-e8fc-43e5-9463-75b05c7ef836","block_type":"box","text":"portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom","page_number":8,"box":{"x":53,"y":263,"width":852,"height":11}},{"id":"481f5c48-da3d-4de7-a197-a966b23a0c6c","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":8,"box":{"x":53,"y":277,"width":886,"height":11}},{"id":"3d5268a8-db4b-4e18-9cd6-ef5b5e1fbe37","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":8,"box":{"x":53,"y":291,"width":873,"height":11}},{"id":"5e7dce5d-8521-4c2e-b403-c14987119971","block_type":"box","text":"risk may be heightened during times of increased market volatility or other unusual market conditions.","page_number":8,"box":{"x":53,"y":306,"width":724,"height":10}},{"id":"898686d5-8e18-485c-92fa-352577518d64","block_type":"box","text":"Performance Information","page_number":8,"box":{"x":54,"y":334,"width":228,"height":11}},{"id":"517f92b8-146c-40dd-b5bc-b22690badc42","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides","page_number":8,"box":{"x":52,"y":360,"width":864,"height":10}},{"id":"81ec0a25-9358-4672-8392-c2c9864444c6","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":8,"box":{"x":52,"y":374,"width":872,"height":11}},{"id":"81a4f2a6-52d6-499f-8262-d393b6e83d18","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":8,"box":{"x":53,"y":388,"width":868,"height":11}},{"id":"87be41d2-918a-4746-a1a0-09cdb51c9b45","block_type":"box","text":"broad-based securities market index and the Underlying Index. Returns assume the reinvestment of any dividends and","page_number":8,"box":{"x":53,"y":402,"width":838,"height":11}},{"id":"072044f0-20e0-41f9-ac2e-26352746bfcf","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":8,"box":{"x":53,"y":416,"width":868,"height":11}},{"id":"80000af7-dfd2-4c46-9780-978a84cdef66","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":8,"box":{"x":53,"y":430,"width":832,"height":11}},{"id":"ac1a83e3-c0f0-48e3-a99a-550153bf18a1","block_type":"box","text":"perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting","page_number":8,"box":{"x":53,"y":445,"width":842,"height":11}},{"id":"9d3a1e44-b114-4fb1-923b-dc75d92703c5","block_type":"box","text":"www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":8,"box":{"x":52,"y":459,"width":531,"height":11}},{"id":"54c35d2d-9c81-496d-a847-4d47575d4534","block_type":"box","text":"Calendar Year-by-Year Returns (%)","page_number":8,"box":{"x":135,"y":483,"width":260,"height":11}},{"id":"85d36214-dc74-4aaf-b289-d901826f90fb","block_type":"box","text":"20.40","page_number":8,"box":{"x":85,"y":561,"width":27,"height":6}},{"id":"b6235da2-7ac2-43c2-bb2d-4557973144d4","block_type":"box","text":"35.17","page_number":8,"box":{"x":122,"y":543,"width":27,"height":6}},{"id":"62fbdbb1-9dd6-4464-9d27-cf5f61ca4842","block_type":"box","text":"-7.16","page_number":8,"box":{"x":161,"y":609,"width":23,"height":6}},{"id":"cb365cd5-2d78-4cbf-8ce2-7ce7070ad92c","block_type":"box","text":"30.47","page_number":8,"box":{"x":196,"y":549,"width":27,"height":6}},{"id":"6ce0a21c-3516-4444-8557-e6914bafb2b9","block_type":"box","text":"-13.58","page_number":8,"box":{"x":232,"y":617,"width":29,"height":5}},{"id":"15dbde74-27b0-4f98-a3f0-dc7cebe5f561","block_type":"box","text":"9.35","page_number":8,"box":{"x":274,"y":574,"width":20,"height":6}},{"id":"4c1fa392-c741-4564-bf9b-f463d56c3533","block_type":"box","text":"9.95","page_number":8,"box":{"x":311,"y":573,"width":20,"height":6}},{"id":"7fd974e6-5192-49ea-b2ae-b1817a9ff5e2","block_type":"box","text":"14.27","page_number":8,"box":{"x":346,"y":568,"width":25,"height":6}},{"id":"8d9ab666-1a98-4eae-8131-68e4247b8ff8","block_type":"box","text":"15.80","page_number":8,"box":{"x":383,"y":566,"width":25,"height":6}},{"id":"62e205a3-7968-40b3-9623-b1c8674a9713","block_type":"box","text":"48.66","page_number":8,"box":{"x":418,"y":527,"width":27,"height":6}},{"id":"e5f6f37a-d62f-415b-9e71-b59176e6db43","block_type":"box","text":"2016 2017 2018 2019 2020 2021 2022 2023 2024 2025","page_number":8,"box":{"x":87,"y":638,"width":356,"height":6}},{"id":"652c7b08-3012-483b-972e-9a0b13e13b7f","block_type":"box","text":"Return (%) Period Ended","page_number":8,"box":{"x":760,"y":498,"width":176,"height":9}},{"id":"840a16fa-5162-4342-a983-85dc1b581af9","block_type":"box","text":"Calendar Year-to-Date Return","page_number":8,"box":{"x":520,"y":517,"width":197,"height":7}},{"id":"44e8a2b4-288d-4e65-a910-62630ad18f16","block_type":"box","text":"13.18% June 30, 2026","page_number":8,"box":{"x":774,"y":517,"width":168,"height":8}},{"id":"2aed0da1-0dea-445a-a9e4-66ea2b977756","block_type":"box","text":"During the periods shown in the chart:","page_number":8,"box":{"x":520,"y":529,"width":250,"height":10}},{"id":"d2fe8971-94f1-45ca-bd11-c7800c8f9fe4","block_type":"box","text":"Best Quarter 23.24% June 30, 2025","page_number":8,"box":{"x":534,"y":542,"width":408,"height":9}},{"id":"8842d028-4a04-4514-b49b-bb34a10a245f","block_type":"box","text":"Worst Quarter -34.88% March 31, 2020","page_number":8,"box":{"x":533,"y":555,"width":409,"height":9}},{"id":"7af31682-94fc-4aef-b392-55075701585e","block_type":"box","text":"Average Annual Total Returns (%)","page_number":8,"box":{"x":372,"y":668,"width":251,"height":11}},{"id":"668fdd69-6e97-4846-b6e6-36c24e6237e7","block_type":"box","text":"(for the periods ended December 31, 2025)","page_number":8,"box":{"x":340,"y":682,"width":315,"height":10}},{"id":"660f6ea7-08bc-4eec-95d0-bf6051a99187","block_type":"box","text":"One Year Five Years Ten Years","page_number":8,"box":{"x":670,"y":698,"width":268,"height":8}},{"id":"ad6585c9-4d76-4378-84a2-a4a91bbaa4f0","block_type":"box","text":"Fund Inception: 5/1/2006","page_number":8,"box":{"x":58,"y":714,"width":171,"height":9}},{"id":"45860fd5-143c-4b4d-8b39-da4e5b5b8b8e","block_type":"box","text":"Return Before Taxes","page_number":8,"box":{"x":58,"y":725,"width":125,"height":8}},{"id":"6772b23f-23ea-4e95-bd59-9f95dda0d7d7","block_type":"box","text":"48.66% 18.79% 14.95%","page_number":8,"box":{"x":681,"y":725,"width":258,"height":8}},{"id":"ab634da8-536d-42b0-870a-2cc3d14e98aa","block_type":"box","text":"Return After Taxes on Distributions 48.43% 18.54% 14.67%","page_number":8,"box":{"x":58,"y":737,"width":881,"height":8}},{"id":"17095aac-ffef-433c-b7d3-5b7cc46a4518","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 28.92% 15.24% 12.57%","page_number":8,"box":{"x":58,"y":749,"width":881,"height":7}},{"id":"f1145404-9c86-42f5-952a-72156adc6756","block_type":"box","text":"S&P Total Market Index","page_number":8,"box":{"x":57,"y":760,"width":155,"height":8}},{"id":"2f970cd5-337e-4ccb-821c-3b168d0d99a8","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes) 17.05% 13.07% 14.22%","page_number":8,"box":{"x":215,"y":760,"width":724,"height":10}},{"id":"2249574b-5e11-4227-b662-130348a87884","block_type":"box","text":"Dow Jones U.S. Select Aerospace & Defense Index","page_number":8,"box":{"x":58,"y":772,"width":324,"height":9}},{"id":"2c780e70-8fb0-4384-b6c4-8a78c54f98c2","block_type":"box","text":"(Returns do not reflect deductions for","page_number":8,"box":{"x":386,"y":772,"width":236,"height":8}},{"id":"2aeb94ab-265d-4819-9201-14bc0e6e4233","block_type":"box","text":"fees, expenses or taxes)","page_number":8,"box":{"x":71,"y":785,"width":148,"height":9}},{"id":"5caa9801-d1bf-4456-a12c-67461d0927e7","block_type":"box","text":"49.26% 19.25% 15.43%","page_number":8,"box":{"x":681,"y":785,"width":258,"height":7}},{"id":"9b4dd0d3-ca89-458b-949b-fd03c0d9e064","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":8,"box":{"x":52,"y":814,"width":857,"height":11}},{"id":"2448699b-822e-4b40-ac0b-e76faa2acead","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":8,"box":{"x":53,"y":828,"width":865,"height":11}},{"id":"dc646d5f-3137-4afc-a6a1-54474b1ca1c4","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":8,"box":{"x":53,"y":842,"width":847,"height":11}},{"id":"1048ae57-11b4-46a7-a003-afcdfed808a5","block_type":"box","text":"shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). 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